Document and Entity Information
Document and Entity Information - shares | 12 Months Ended | |
Dec. 31, 2023 | Apr. 30, 2024 | |
Document Type | 20-F | |
Document Registration Statement | false | |
Document Annual Report | true | |
Document Transition Report | false | |
Document Shell Company Report | false | |
Document Period End Date | Dec. 31, 2023 | |
Entity File Number | 001-42040 | |
Entity Registrant Name | SCHMID Group N.V. | |
Entity Incorporation, State or Country Code | P7 | |
Entity Address, Address Line One | Robert-Bosch-Str. 32-36 | |
Entity Address, City or Town | Freudenstadt | |
Entity Address, Country | DE | |
Entity Address, Postal Zip Code | 72250 | |
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 | |
ICFR Auditor Attestation Flag | false | |
Document Financial Statement Error Correction [Flag] | false | |
Document Accounting Standard | International Financial Reporting Standards | |
Entity Ex Transition Period | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 42,974,862 | |
Entity Central Index Key | 0001987240 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | FY | |
Amendment Flag | false | |
Auditor Name | KPMG AG | |
Auditor Location | Munich, Germany | |
Auditor Firm ID | 1021 | |
Business Contact | ||
Contact Personnel Name | Julia Natterer | |
Contact Personnel Email Address | natterer.ju@schmid-group.com | |
Entity Address, Address Line One | Robert-Bosch-Str. 32-36 | |
Entity Address, City or Town | Freudenstadt | |
Entity Address, Country | DE | |
Entity Address, Postal Zip Code | 72250 | |
City Area Code | +49 | |
Local Phone Number | 7441 538 0 | |
Class A Ordinary Shares, par value €0.01 per share | ||
Title of 12(b) Security | Class A Ordinary Shares, par value €0.01 per share | |
Trading Symbol | SHMD | |
Security Exchange Name | NASDAQ | |
Redeemable Warrants, each exercisable for one Class A Ordinary Share at an exercise price of $11.50 per share | ||
Title of 12(b) Security | Redeemable Warrants, eachexercisable for one Class A OrdinaryShare at an exercise price of $11.50per share | |
Trading Symbol | SHMD.WS | |
Security Exchange Name | NASDAQ |
Combined Statements of Profit o
Combined Statements of Profit or Loss and Other Comprehensive Income (Loss) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Combined Statements of Profit or Loss and Other Comprehensive Income (Loss) | |||
Revenue | € 90,246 | € 95,058 | € 39,481 |
Cost of sales | (63,849) | (61,721) | (30,506) |
Gross profit | 26,397 | 33,337 | 8,975 |
Selling | (12,577) | (11,369) | (7,851) |
General administration | (12,538) | (6,973) | (6,298) |
Research and development | (5,148) | (4,818) | (2,733) |
Other income | 15,985 | 3,375 | 1,924 |
Other expenses | (2,620) | (2,988) | (4,779) |
(Impairment) / Reversal on impairment on financial assets | 22,696 | 3,091 | 3,333 |
Operating profit (loss) | 32,195 | 13,654 | (7,427) |
Finance income | 19,685 | 5,758 | 3,360 |
Finance expenses | (10,091) | (17,746) | (18,014) |
Financial result | 9,594 | (11,988) | (14,654) |
Share of profit (loss) in joint ventures | (1,057) | ||
Income (loss) before income tax | 40,732 | 1,667 | (22,082) |
Income tax benefit (expense) | (2,778) | 1,924 | (5,195) |
Net income (loss) for the period | 37,954 | 3,591 | (27,277) |
Other comprehensive income (loss) that may be reclassified to profit or loss | (1,625) | (503) | 130 |
Exchange differences on translation of foreign business units | (1,625) | (503) | 130 |
Items that will not be subsequently reclassified to profit or loss | 18 | 213 | 20 |
Remeasurement of defined pension benefit obligation | 25 | 300 | 28 |
Income tax on remeasurement of defined pension benefit obligation | (7) | (88) | (8) |
Other comprehensive income (loss) | (1,607) | (290) | 150 |
Total combined comprehensive income (loss) for the reporting period | 36,346 | 3,301 | (27,127) |
Net income (loss) attributable to | |||
Owners of SCHMID | 36,868 | 1,550 | (24,452) |
Non-controlling interests | 1,086 | 2,041 | (2,825) |
Total combined comprehensive income (loss) attributable to | |||
Owners of SCHMID | 35,669 | 1,456 | (24,597) |
Non-controlling interests | € 677 | € 1,845 | € (2,530) |
Combined Statements of Financia
Combined Statements of Financial Position - EUR (€) € in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
ASSETS | ||
Intangible assets | € 14,966 | € 15,828 |
Property, plant and equipment including right-of-use | 14,767 | 14,695 |
Financial assets | 140 | 115 |
Deferred tax assets | 2,543 | 2,594 |
Non-current assets | 32,416 | 33,232 |
Inventories | 16,353 | 25,029 |
Trade receivables and other receivables | 47,032 | 108,838 |
Other current assets | 5,073 | 4,815 |
Cash and cash equivalents | 5,710 | 8,332 |
Current assets | 74,166 | 147,014 |
Total assets | 106,582 | 180,247 |
EQUITY AND LIABILITIES | ||
Owner's net investment | 70,606 | 70,479 |
Other reserves | (95,806) | (131,474) |
Equity attributable to owners of SCHMID | (25,198) | (60,996) |
Non-controlling interest | 7,358 | 6,681 |
Equity | (17,841) | (54,315) |
Non-current financial liabilities | 22,190 | 34,406 |
Provisions for pensions | 894 | 887 |
Non-current provisions | 237 | 330 |
Deferred tax liabilities | 4,388 | 2,504 |
Non-current lease liability | 9,371 | 841 |
Non-current liabilities | 37,081 | 38,968 |
Current financial liabilities | 26,053 | 128,454 |
Current contract liabilities | 17,931 | 30,569 |
Trade payables and other liabilities | 25,899 | 25,400 |
Other current liabilities | 13,113 | 8,706 |
Current lease liability | 1,515 | 491 |
Current provisions | 973 | 360 |
Income tax liabilities | 1,858 | 1,615 |
Current liabilities | 87,343 | 195,594 |
Total equity and liabilities | € 106,582 | € 180,247 |
Combined Statements of Changes
Combined Statements of Changes in Equity - EUR (€) € in Thousands | Equity attributable to owners of SCHMID | Owner's net investment | Accumulated loss | Accumulated other comprehensive income (loss) | Non-controlling interest | Total |
Beginning balance at Dec. 31, 2020 | € (75,129) | € 33,204 | € (108,333) | € (287) | € (75,417) | |
Income (loss) for the period | (24,452) | (24,452) | (2,825) | (27,277) | ||
Other comprehensive income (loss) | (145) | € (145) | 295 | 150 | ||
Total comprehensive income (loss) | (24,597) | (24,452) | (145) | (2,530) | (27,127) | |
Capital increase minority shareholder | 22,776 | 22,776 | 7,653 | 30,429 | ||
Transactions with shareholder | 13,100 | 13,100 | 13,100 | |||
Ending balance at Dec. 31, 2021 | (63,851) | 69,080 | (132,785) | (145) | 4,836 | (59,015) |
Income (loss) for the period | 1,550 | 1,550 | 2,041 | 3,591 | ||
Other comprehensive income (loss) | (94) | (94) | (196) | (290) | ||
Total comprehensive income (loss) | 1,456 | 1,550 | (94) | 1,845 | 3,301 | |
Transactions with shareholder | 1,974 | 1,974 | 1,974 | |||
Ending balance at Dec. 31, 2022 | (60,996) | 70,479 | (131,235) | (239) | 6,681 | (54,315) |
Income (loss) for the period | 36,868 | 36,868 | 1,086 | 37,954 | ||
Other comprehensive income (loss) | (1,199) | (1,199) | (409) | (1,607) | ||
Total comprehensive income (loss) | 35,669 | 36,868 | (1,199) | 677 | 36,346 | |
Transactions with shareholder | 128 | 128 | 128 | |||
Ending balance at Dec. 31, 2023 | € (25,198) | € 70,606 | € (94,367) | € (1,438) | € 7,358 | € (17,841) |
Combined Statements of Cash Flo
Combined Statements of Cash Flows - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Combined Statements of Cash Flows | |||
Net income (loss) from continued operations | € 37,954 | € 3,591 | € (27,277) |
Adjustments to reconcile condensed net profit (loss) to net cash | |||
Income tax expense (benefit) | 2,778 | (1,924) | 5,195 |
Financial result | (8,537) | 11,988 | 14,654 |
Depreciation and amortization | 6,904 | 6,283 | 4,893 |
Net losses from the disposal of intangibles and PP&E | (602) | 228 | 785 |
Reversal of impairments of financial assets, net | (22,696) | (3,091) | (3,333) |
Other non-cash expenses | 182 | 370 | (2,541) |
Working capital adjustments: | |||
Changes in trade and other receivables | (6,729) | (16,610) | 7,698 |
Changes in inventories | 8,244 | (5,821) | (6,678) |
Change in working capital liabilities | (6,823) | 5,674 | (3,706) |
Change in provisions | 382 | (408) | 23 |
Taxes paid | (1,161) | ||
Cash provided by (used in) operating activities | 9,897 | 280 | (10,285) |
Purchases of intangible assets and property, plant and equipment | (6,907) | (4,616) | (5,040) |
Receipts from sale and leasback transaction | 8,926 | ||
Investments in financial assets | (89) | ||
Payment for loan to shareholder | (2,552) | (2,408) | |
Repayment of loan to shareholder | 70,000 | ||
Cash used in investing activities | 72,019 | (7,168) | (7,537) |
Proceeds from debt financing | 4,895 | ||
Proceeds from debt financing | 4,100 | 55 | |
Payments for debt financing | (81,871) | (5,880) | (1,911) |
Proceeds from equity contributions by minority shareholders | 30,429 | ||
Proceeds from shareholder loans | 795 | 2,782 | |
Payment of lease liabilities | (819) | (609) | (451) |
Interest paid | (1,941) | (1,708) | (799) |
Transaction with shareholder | 5,298 | ||
Decrease in restricted cash | 917 | 137 | 270 |
Cash (used in) provided by financing activities | (83,714) | (3,165) | 35,674 |
Net increase (decrease) in cash and cash equivalents | (1,798) | (10,053) | 17,852 |
Effect of foreign exchange rate changes on cash and cash equivalents | (824) | ||
Cash and cash equivalents at the beginning of the period | 8,332 | 18,384 | 533 |
Cash and cash equivalents at the end of the period | € 5,710 | € 8,332 | € 18,384 |
BUSINESS DESCRIPTION
BUSINESS DESCRIPTION | 12 Months Ended |
Dec. 31, 2023 | |
BUSINESS DESCRIPTION | |
BUSINESS DESCRIPTION | 1. Gebr. SCHMID GmbH (“the Company” or “SCHMID”) is a global supplier of equipment and services for various industries such as printed circuit boards (“PCB”), substrate manufacturing, photovoltaics, and glass and energy storage with a focus on the highest end of this market in terms of technology and developing performance including automation, wet processes (horizontal, vertical and single panel) and vacuum processes. This includes production techniques and building machines as well as extensive work with customers on development projects. SCHMID is also providing customer service through which customers are assisted with upgrades, spare parts, logistics, customer training in multiple languages, on-site management, maintenance contracts and project management. SCHMID located in Freudenstadt, Germany, was founded in 1864. SCHMID employs over 700 employees worldwide. Manufacturing sites are located in Germany and China. SCHMID products are distributed worldwide by the SCHMID companies directly and by external trading partners. The customers of SCHMID include well-known companies from the hardware and software sector, the electronics industry and the solar and photovoltaic industry, which are located worldwide. Research and development is a crucial factor for SCHMID’s business success. The majority of research work and the development of SCHMID technologies are conducted in Freundenstadt. On May 31, 2023, Pegasus Digital Mobility Acquisition Corp., a Cayman Islands exempted company (“Pegasus”), entered into a Business Combination Agreement (the “Business Combination Agreement”), by and among Pegasus ,Gebr. SCHMID GmbH, Pegasus Topco B.V., a Dutch private limited liability company and wholly-owned entity of Pegasus (“TopCo”) and Pegasus MergerSub Corp., a Cayman Islands exempted company and wholly-owned entity of TopCo (“Merger Sub”). On April 30, 2024 TopCo was converted into a Dutch public limited liability company and renamed SCHMID Group N.V. concurrent with the closing of the Business Combination. The Company is presenting combined financial statements including Gebr. SCHMID GmbH and certain entities subject to the Business Combination Agreement. Historically, the reporting entity including the legal entities, which are disclosed in note 2. Basis of Presentation, has not prepared consolidated financial information. All such entities were under common control of Gebr. SCHMID GmbH for all periods presented, except for two joint ventures which are accounted for using the equity method. As described in footnote 35. Related Party Disclosures, Gebr. Schmid GmbH is jointly controlled by Christian Schmid and Anette Schmid. |
BASIS OF PREPARATION
BASIS OF PREPARATION | 12 Months Ended |
Dec. 31, 2023 | |
BASIS OF PREPARATION | |
BASIS OF PREPARATION | 2. The financial statements as of and for the years ended December 31, 2023 and 2022 have been prepared on a combined basis. These combined financial statements have been prepared on a going concern basis in conformity with International Financial Reporting Standards (“IFRS”), as issued by the International Accounting Standards Board (“IASB”). The basis of preparation and presentation is aimed at providing users with the most relevant and useful financial information about the reporting entity and by considering the objectives of financial reporting as defined and contemplated by the IASB’s Conceptual Framework and IAS 1, Financial Statements Presentation. The legal entities which comprise the combined financial statements and its certain investments in joint ventures accounted for using the equity method are as follows: Country of Ownership Interest Name incorporation 12/31/2023 12/31/2022 Gebr. Schmid GmbH Germany 100 % 100 % SCHMID Systems, Inc. USA 100 % 100 % SCHMID Singapore Pte. Ltd. Singapore 90 % 90 % SCHMID Korea Co., Ltd South Korea 100 % 100 % SCHMID Asia Ltd. Hong Kong 100 % 100 % SCHMID Technology Guangdong Co., Ltd. China 76 % 76 % SCHMID China Ltd. Hong Kong 100 % 100 % SCHMID Shenzhen Ltd. China 100 % 100 % SCHMID (Kunshan) Co., Ltd. China 100 % 100 % SCHMID Taiwan Ltd. Taiwan 86 % 86 % SCHMID Automation (Zhuhai) Co., Ltd. China 100 % 100 % SCHMID Solar (Shenzhen) Ltd. China 100 % 100 % SCHMID Trading (Zhongshan) Co. Ltd. China 100 % — % Joint ventures Advanced Energy Storage Systems Investment Company Saudi Arabia 51 % 51 % SCHMID Avaco Korea, Co. Ltd. South Korea 50 % 50 % SCHMID presents its combined financial statements in Euros which is the Company’s presentation currency. All amounts are presented in thousands of Euros (“€ thousand”), unless otherwise stated. Due to rounding, numbers presented may not add up precisely to the totals provided and percentages may not precisely reflect the absolute figures. The combined financial statements of SCHMID were authorized for issuance by the management board on May 15, 2024. Intra-reporting entity transactions and balances Intra-SCHMID balances and transactions, and any unrealized income and expenses (except for foreign currency transaction gains or losses) arising from intra-SCHMID transactions, are eliminated. Unrealized gains arising from transactions with equity-accounted investees are eliminated against the investment to the extent of SCHMID’s interest in the investee. Unrealized losses are eliminated in the same way as unrealized gains, but only to the extent that there is no evidence of impairment. The legal entities comprising the reporting entity historically have been recognizing overhead costs in their books and records. There have not been any other corporate functions outside of these group of legal entities providing central services. As such no additional allocations of expenses were necessary during the preparation of these combined financial statements. Foreign Currency The combined financial statements are presented in Euro. The Company’s foreign entities identified that the local currency is their functional currency and therefore the financial statements of these entities are translated to Euro using year-end exchange rates for assets and liabilities, and average exchange rates for income and expenses. Adjustments resulting from translating foreign functional currency financial statements into Euro are recorded as a separate component in the combined statements of comprehensive income. Monetary assets and liabilities that are denominated in currencies other than the respective functional currencies are remeasured at the foreign currency rates as of the reporting date. Foreign currency transaction gains and losses from the remeasurement are included in other income and other expenses, as appropriate, in the combined statements of profit and loss for the period. |
MATERIAL ACCOUNTING POLICIES
MATERIAL ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2023 | |
MATERIAL ACCOUNTING POLICIES | |
MATERIAL ACCOUNTING POLICIES | 3. Business combination The acquisition method of accounting is used to account for all business combinations, regardless of whether equity instruments or other assets are acquired. The consideration transferred for the acquisition of a subsidiary comprises the: ● fair values of the assets transferred ● liabilities incurred to the former owners of the acquired business ● equity interests issued by the group, and ● fair value of any asset or liability resulting from a contingent consideration arrangement, Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are, with limited exceptions, measured initially at their fair values at the acquisition date. The Company recognises any non-controlling interest in the acquired entity on an acquisition-by-acquisition basis either at fair value or at the non-controlling interest’s proportionate share of the acquired entity’s net identifiable assets. Acquisition-related costs are expensed as incurred. The excess of the: ● consideration transferred ● amount of any non-controlling interest in the acquired entity, and ● acquisition-date fair value of any previous equity interest in the acquired entity over the fair value of the net identifiable assets acquired is recorded as goodwill. If those amounts are less than the fair value of the net identifiable assets of the business acquired, the difference is recognised directly in profit or loss as a bargain purchase. If the business combination is achieved in stages, the acquisition date carrying value of the acquirer’s previously held equity interest in the acquiree is remeasured to fair value at the acquisition date. Any gains or losses arising from such remeasurement are recognised in profit or loss. Intangible assets General Intangible assets are measured at cost upon initial recognition. In subsequent periods, intangible assets are recognized at cost less any accumulated amortization and impairment losses. Intangible assets with finite useful lives are amortized on a straight-line basis. The estimated (remaining) useful lives as well as the amortization method are subject to annual reviews. If necessary, adjustments due to changes of the expected useful life or of the amortization method are accounted for prospectively as changes in accounting estimates. Amortization expenses for intangible assets are included in cost of sales. Research and development (R&D) costs In accordance with IAS 38 (Intangible Assets), expenses incurred during the R&D phase must be accounted for separately. Research is defined as original and planned investigation undertaken with the prospect of gaining new scientific or technical knowledge and understanding. Such costs are expensed in the period incurred. Development is defined as the technical and commercial implementation of research findings. In accordance with IAS 38, development costs must be capitalized if the criteria set out in IAS 38.57 are fulfilled. The Company starts to capitalize costs when management board approval is obtained. The approval is only provided when it is ensured that adequate technical, financial and other resources are available to complete the project and that the Company intends to complete and use the intangible asset. Furthermore, prior to approval, the development project leader provides the management board with an overview of the future economic benefits based on external market studies and internal analysis, as well as the documentation of technical feasibility. The Company has an R&D controlling system in place which enables management to determine expenditures attributable to specific technologies during their development. The Company capitalizes costs for the development of a technology until the time that development of such technology is completed. The capitalized development costs are amortized on a straight-line basis over the economic useful life of 4–10 years based on the expected useful life of such technology. Amortization of capitalized development costs commences upon completion of the development project (technology). Intangible assets with indefinite useful lives or intangible assets not yet available for use are not amortized; however, they are tested for impairment annually and whenever there is an indication that the intangible asset may be impaired based on the individual asset or on the level of the related cash-generating unit. Patents and licenses Intangible assets acquired separately are measured on initial recognition at cost. Following initial recognition, intangible assets are carried at cost less any accumulated straight-line amortization and accumulated impairment losses. The useful life for patents and licenses is 5–8 years. Borrowing costs General and specific borrowing costs that are directly attributable to the acquisition, construction or production of a qualifying asset are capitalized during the period of time that is required to complete and prepare the asset for its intended use or sale. Qualifying assets are assets that necessarily take a substantial period of time (> 12 months) to get ready for their intended use or sale. Other borrowing costs are expensed in the period in which they are incurred. Impairment tests At the end of each reporting period, SCHMID assesses whether there is an indication that an asset may be impaired. If any indication exists, or when annual impairment testing for an asset is required, SCHMID estimates the asset’s recoverable amount. The recoverable amount is determined for an individual asset, unless the asset does not generate cash inflows that are largely independent of those from other assets or groups of assets. An asset’s recoverable amount is the higher of an asset’s or cash generating unit (“CGU”)’s fair value less costs of disposal and its value in use. When the carrying amount of an asset or CGU exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable amount. 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. In determining fair value less costs of disposal, recent market transactions are taken into account. If no such transactions can be identified, an appropriate valuation model is used. Property, Plant and Equipment Property, plant and equipment are measured at cost, net of accumulated depreciation and any accumulated impairment losses. Costs of construction capitalized include all attributable direct costs including material and production overheads , Subsequent expenditures on assets are capitalized only when it is probable that future economic benefits associated with the expenditure will flow to SCHMID. Repairs and maintenance are expensed in profit or loss in the period the costs are incurred. If items of property, plant and equipment are sold or disposed of, the gain or loss arising from the disposal is recognized as other operating income or expense in the combined statement of profit or loss and other comprehensive income (loss). Depreciation is calculated on a straight-line basis based on the following useful lives: Useful life Buildings and building improvements 10 - 50 years Technical equipment and machinery 2 - 21 years Office and other equipment 3 - 13 years The residual values, useful lives and methods of depreciation of property, plant and equipment are reviewed at each financial year end and adjusted prospectively, if appropriate. Leases SCHMID’s lease obligations primarily relate to rights to buildings mainly for its office, R&D and production premises as well as to leased vehicles. As lease contracts are negotiated on an individual basis, lease terms contain a range of different terms and conditions. Lease contracts are typically entered for a period of 1–10 years. As a lessee, at the inception of a contract, SCHMID assesses whether the contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period in exchange for consideration. SCHMID recognizes right of use assets which represent a right to use the underlying leased assets and corresponding lease liabilities which represent the present value of future lease payments, excluding short-term leases (lease term of 12 months or less from commencement date and do not contain a purchase options) and leases of low value assets acquisition costs less than €6 thousand), in the combined statement of financial position at the date at which the leased asset is available for use. Liabilities arising from a lease are initially measured at present value of lease payments discounted using interest rate implicit in the lease or incremental borrowing rate in case interest rate implicit in the lease is not readily determinable. Main components of the lease payments included in the measurement of the lease liability comprise the following: ● fixed lease payments; ● variable lease payments that depend on an index or rate, initially measured using the index or rate as at the commencement date; ● lease payments in an optional renewal period if SCHMID is reasonably certain to exercise an extension option; ● non-lease components are not separated from lease components but accounted for as a single lease components. Lease payments contain principal elements and interest. Interest is presented as part of finance costs in the combined statements of profit and loss and other comprehensive income using the effective interest method. Principal and interest portion of lease payments have been presented within financing activities in the statement of cash flow. The carrying amount of lease liabilities is remeasured if there is change in the future lease payments due to change in index or rate. Right of use assets at the lease commencement date are measured at cost less any accumulated depreciation and impairment losses and adjusted for any remeasurement of lease liabilities recognized. Cost of right of use assets includes lease liabilities, initial direct costs, prepayments made on or before the commencement date and less any lease incentives received. The right of use asset is subsequently depreciated using the straight-line method from the commencement date to the end of the lease term, unless the lease transfers ownership of the underlying asset to SCHMID by the end of the lease term or the cost of the right of use asset reflects that SCHMID will exercise a purchase option. In that case the right of use asset will be depreciated over the useful life of the underlying asset, which is determined on the same basis as those of property and equipment. The right of use asset is assessed for impairment in case of a triggering event. Assets related to retirement obligations for leased buildings are included in the cost of right of use assets for the respective underlying building lease. If SCHMID acts as a lessor and the contract is classified as a finance lease, it is accounted for as a financing transaction. A receivable is valued at the amount of the net investment in the lease and the resulting interest income is recognized as income. The classification of a contract as an operating lease with SCHMID acting as the lessor means that the asset remains on SCHMID`s balance sheet. The income from it is recognized in the income statement over the term of the lease. The asset is amortized in accordance with the applicable IFRS standard, if necessary. Sale and Leaseback Transaction When SCHMID sells its assets and leases them back, it needs to be determined whether the sales part of the transaction qualifies as a true sale according to IFRS 15. If the transfer of an asset does not meet the requirements of IFRS 15 to be recognized as a sale, the asset remains on the balance sheet, and a financial liability is recognized equal to the transfer proceeds in accordance with IFRS 9. In the case of a qualified sale, SCHMID measures the right of use asset arising from the leaseback at the proportion of the previous carrying amount of the asset that relates to the right of use retained. Consequently, SCHMID only recognizes any gain or loss that pertains to the rights transferred to the buyer-lessor. If the amount received for selling an asset is not the same as the value of the asset, or if the lease payments are not in line with market rates, SCHMID will make adjustments to ensure that the sale proceeds are measured at a fair value. If the lease terms are below market rates, the difference will be treated as a prepayment of future lease payments. Conversely, if the lease terms are above market rates, the excess amount will be considered as additional financing provided by the buyer-lessor to the seller-lessee (IFRS 16.101). Cash and Cash Equivalents Cash and cash equivalents in the statement of financial position and statement of cash flows comprise cash at banks and short-term highly liquid deposits with original maturities of three months or less, that are readily convertible to a known amount of cash and subject to an insignificant risk of changes in value. Financial Instruments Financial instruments are contracts that give rise to a financial asset for one entity and to a financial liability or equity instrument for another entity. SCHMID recognizes a financial instrument when it becomes a party to its contractual provisions. Purchases or sales of financial assets that require delivery of assets within a time frame established by regulation or convention in the marketplace (regular way trades) are recognized on the settlement date. Financial assets and financial liabilities are offset, and the net amount is reported in the combined statement of financial position if there is a currently enforceable legal right to set off the recognized amounts and there is an intention to settle on a net basis or to realize the assets and settle the liabilities simultaneously. SCHMID currently has no such assets and liabilities. Financial assets SCHMID’s financial assets include cash and cash equivalents, trade and other receivables as well as other financial assets. Other financial assets consist of a loan to one shareholder and other loans. Financial assets are initially measured at fair value plus, in the case of a financial asset not measured at fair value through profit or loss, transaction costs. As an exception of this general rule, trade receivables are measured at their transaction price. Financial assets are classified at initial recognition as either measured at amortized cost (“AC”), fair value through other comprehensive income (“FVOCI”), or fair value through profit or loss (“FVTPL”) depending on the contractual cash flows and SCHMID’s business model for managing them. For all financial assets SCHMID has the objective to hold financial assets in order to collect the contractual cash flows. If the contractual terms of the financial assets give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding, SCHMID will measure these financial assets at amortized cost under consideration of impairment (see following section). If the contractually agreed cash flows of a financial asset are not solely payments of principal and interest on principal amount outstanding, the respective financial asset has to be classified as measured at FVTPL. Currently all financial assets are measured at amortized cost that are determined by applying the effective interest rate (EIR) method. Effects resulting from impairment of financial assets that are not classified as FVTPL (including reversals of impairment losses on financial assets) are presented in a separate line item in profit or loss in accordance with IAS 1.82(ba), while changes in amortized cost due to the application of the EIR method are presented in finance income / expense. A financial asset is derecognized (i.e., removed from SCHMID’s combined statement of financial position) when the rights to receive cash flows from the financial asset have expired or have been transferred and SCHMID has transferred substantially all risks and rewards of ownership. Impairment of financial assets – expected credit losses (“ECLs”) All financial assets subsequently measured at amortized cost are required to be impaired at initial recognition in the amount of their expected credit loss (“ECL”). ECLs are based on the difference between the cash flows due in accordance with the contract and all the cash flows that SCHMID expects to receive. ECLs are a probability-weighted estimate of credit losses. For trade receivables with no significant financing component SCHMID applies the simplified approach as required by IFRS 9, which requires lifetime ECLs to be recognized from initial recognition of the receivables instead of monitoring the development of the customers’ credit risk. As a result, trade receivables are clustered into stage 2. In case of objective evidence of impairment, trade receivables have to be clustered into stage 3. The ECL for the uninsured proportion of the trade receivables is based on the probability of default of its customers provided by an external source. For cash and cash equivalents advantage is taken of the simplification available for financial instruments with a low credit risk (“low credit risk exemption”) as of the reporting date. Factors that can contribute to a low credit risk assessment are debtor-specific rating information and related outlooks. The requirement for classification with a low credit risk is regarded to be fulfilled for counterparties that have at least an investment grade rating; in this case there is no need to monitor credit risks for financial instruments with a low credit risk. The default probabilities applied to determine the expected credit losses for cash and cash equivalents are based on credit default swap spreads that are quoted on markets, which take future-oriented macroeconomic data into account. For the other financial assets, primarily the loan granted to one of SCHMID’s shareholder, the low credit risk exemption is not applied. Instead, it was considered credit-impaired as there was no repayment. The loan was repaid during 2023. For the determination of the ECL allowance the term-specific rating-based probability of default rates and historical recovery rates were applied. In general, SCHMID defines a default event as a situation in which the debt is no longer recoverable. If the financial instrument is perceived to be unrecoverable, then the expectation is that future contractual cash flows will not occur. At this point in time, the balance is written off after giving consideration to any possible security that is available. Financial liabilities SCHMID’s financial liabilities include trade payables and other liabilities, lease liabilities (see note 20. Leases), a share option and borrowings. Borrowings consist of loans from financial institutions and other third parties, debt funds and related parties (including bifurcated embedded derivatives). Financial liabilities are classified as measured at amortized cost ("FLAC") or fair value through profit or loss (“FVTPL”). All financial liabilities are recognized initially at fair value less, in the case of a financial liability not measured at FVTPL, directly attributable transaction costs. Financial liabilities at FVTPL are measured at fair value and gains and losses are recognized in finance income / expense. Currently, SCHMID only accounts for a share option as well as separated embedded derivatives of loans as a financial liability at FVTPL. All other financial liabilities are subsequently measured at amortized cost using the Effective Interest (“EIR”) method. When applying the EIR method, SCHMID generally amortizes any fees, transaction costs and other premiums or discounts that are included in the calculation of the effective interest rate over the expected life of the financial instrument. Gains and losses are recognized in interest expense when the liabilities are derecognized as well as through the EIR amortization process. If SCHMID revises its estimates of the cash flows used for the initial EIR method of a financial liability, the carrying amount of the financial liability is being adjusted to reflect that fact. An embedded derivative in a hybrid contract, with a financial liability or non-financial host, is separated from the host and accounted for as a separate derivative if: the economic characteristics and risks are not closely related to the host; a separate instrument with the same terms as the embedded derivative would meet the definition of a derivative; and the hybrid contract is not measured at fair value through profit or loss. The assessment whether to separate an embedded derivative is done only once at initial recognition of the hybrid contract. Reassessment only occurs if there is a change in the terms of the contract that significantly modifies the cash flows. If there are multiple embedded derivatives in a single hybrid contract that share the same risk exposure and are interdependent, they have to be treated as a combined embedded derivative. The (combined) embedded derivative is measured at fair value with changes in fair value recognized in profit or loss. The remaining host contract is measured at amortized cost. A financial liability is derecognized when the obligation under the liability is discharged or cancelled or expires. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as the derecognition of the original liability and the recognition of a new liability. The resulting gain or loss is recognized in the Combined Statements of Profit or Loss and Other Comprehensive Income (Loss). Income Taxes Current income taxes Current income tax assets and liabilities are measured at the amount expected to be recovered from or paid to the taxation authorities. This includes liabilities and/or receivables for the current period as well as for prior periods. The tax rates and tax laws used to compute the amount are those that are enacted or substantively enacted at the reporting date in the countries where the reporting entity SCHMID operates and generates taxable income. Management periodically evaluates positions taken in the tax returns with respect to situations in which applicable tax regulations are subject to interpretation and establishes provisions where appropriate. Deferred taxes SCHMID uses the liability method of accounting for income taxes. Deferred income tax assets and liabilities represent temporary differences between the carrying amounts of assets and liabilities in the combined financial statements and their corresponding tax basis used in the computation of taxable income. Deferred tax however is not recognized on the initial recognition of goodwill, or the initial recognition of an asset or liability (other than in a business combination) in a transaction that affects neither tax nor accounting income. Deferred tax assets are recognized for all deductible temporary differences, carry forward of unused tax credits and any unused tax losses to the extent it is probable that taxable profit will be available against which the deductible temporary differences, the carry forward of unused tax credits and the unused tax losses can be utilized. Deferred tax liabilities are recognized for all taxable temporary differences associated with investments in entities and associates, except where SCHMID is able to control the reversal of the temporary differences and it is probable that the temporary difference will not reverse in the foreseeable future. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the year in which the asset is realized, or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted at the reporting date. Deferred tax liabilities and assets 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 SCHMID intends to settle its current tax assets and liabilities on a net basis. Current and deferred tax items are recognized similar to the underlying transaction either in profit or loss, other comprehensive income or directly in equity. Changes in deferred tax assets or liabilities are recognized as a component of tax expense (income) in the combined statement of profit or loss, except where they relate to items that are recognized in other comprehensive income or directly in equity, in which case the related deferred tax is also recognized in other comprehensive income or equity, respectively. Deferred tax assets and deferred tax liabilities are not discounted and are always classified as non-current asset or liabilities in the balance-sheet. SCHMID’s business activities are complex, and the related domestic and foreign tax interpretations, regulations, laws and case law are constantly changing. These issues can lead to uncertain tax positions. In accordance with IFRIC 23, uncertain tax positions are accounted for if it is probable that the tax authorities will not accept the income tax treatment applied. The better forecast of the "most likely amount" and the "expected value" has to be recognized. Provisions Provisions are recognized when SCHMID has a present obligation (legal or constructive) as a result of a past event, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. Fair Values of Assets and Liabilities Fair value is a market-based measurement. For some assets and liabilities, observable market transactions or market information is available. For other assets and liabilities, observable market transactions or market information might not be available. When a price for an identical asset or liability is not observable, another valuation technique is used. To increase consistency and comparability in fair value measurements, there are three levels of the fair value hierarchy: ● Level 1: contains the use of unadjusted quoted prices in active markets for identical assets or liabilities ● Level 2: inputs are other than quoted prices included within Level 1 that are observable for the asset or liability either directly or indirectly ● Level 3: inputs are based on unobservable market data If the inputs used to measure the fair value of an asset or a liability fall into different levels of the fair value hierarchy, then the fair value measurement is categorized in its entirety in the same level of the fair value hierarchy as the lowest level input that is significant to the entire measurement. SCHMID recognizes transfers between levels of the fair value hierarchy at the end of the reporting period during which the change has occurred. Pension benefits SCHMID operates one defined benefit pension plan relating to one person. The cost of providing benefits under the defined benefit plan is determined using the projected unit credit method. The defined benefit obligation is recognized within non-current provisions for pensions. Remeasurements, comprising of actuarial gains and losses, are recognized immediately in the statement of financial position with a corresponding debit or credit in Other comprehensive income ("OCI") in the period in which they occur. Remeasurements are not reclassified to profit or loss in subsequent periods. Net interest is calculated by applying the discount rate to the net defined benefit liability. SCHMID recognizes the changes in the net defined benefit obligation under OCI. Revenue Recognition The Company records revenue in accordance with IFRS 15 “Revenue from Contracts with Customers". The core principle of the guidance requires that an entity recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the Company expects to be entitled in exchange for those goods or services. This guidance defines a five-step process to achieve this core principle and, in doing so, judgment and estimates are required within the revenue recognition process including identifying performance obligations in the contract, estimating the amount of variable consideration to include in the transaction price and allocating the transaction price to each separate performance obligation. Revenue amounts are presented net of discounts. Revenue from sales of machines and spare parts is recognized when the customer obtains control over the products sold upon delivery. Sales of machines sometimes include installation services and extended warranty services which, when requested, are priced as a bundle. However, when sold together, these promises qualify as separate performance obligations as they are capable of being distinct and distinct within the context of the contract. The Company allocates transaction prices to these performance obligations based on their relative standalone selling price using a cost-plus margin approach. The respective revenue is recognized after the installation is complete, which is usually after a period of two three The Company offers repair services, inspections and installations of modifications (“Services”), which are optional for customers and priced separately. When these promises are included in a contract with others, the Company considers these to be distinct performance obligations and allocates transaction prices based on their relative standalone selling price. Service revenue is recognized after the Company has satisfied the performance obligation by transferring the promised service to the customer which is usually not more than a period of two three Certain of the Company’s contracts include the provision of development services over an extended period of up to three years (long-term development contracts). The Company develops machinery according to specific requirements provided by the Customer in exchange for nonrefundable consideration provided at fixed points throughout the contract and additional consideration based on the achievement of milestones. In case of these long-term development contracts, revenue is recognized over time as these contracts meet the criteria of IFRS 15.35. Revenue resulting from fixed payments that the Company receives — which is not connected to certainly defined results — is recognized on a straight-line basis over the term of the contract as the Company efforts and inputs needed are expected to be relatively consistent overtime. Moreover, the Company receives variable consideration at the completion of certain milestones. Due to the high degree of uncertainty with respect to such payments, these are not included in the transaction price recognized overtime and instead are recorded as revenue upon completion of the relevant milestone. If the advance payments invoiced/received exceed the services already provided, the overpayment will be recognized and disclosed under contract liabilities. A contract asset is recognized if the services rendered exceed the advance payments invoiced/received. If the right to consideration is unconditional, a contract asset becomes a trade receivable. This is the case if the due date of the consideration is only dependent on the passage of time. Impairment of contract assets is measured, recognized and disclosed on the same basis as for financial assets within the scope of IFRS 9. SCHMID applies industry-standard payment terms when invoicing. Inventories SCHMID capitalizes and measures existing inventory at the lower of cost or net realizable value. The average cost method is used as the measurement standard for acquisition and production costs. The production costs include not only the direct unit costs but also an appropriate share of material and production overheads. Where necessary, impairments to reflect lower net realizable values as well as other inventory risks are recorded. An impairment loss is reversed, if the reasons for the write-down in the past no longer exist. Government Grants The Company has received various government grants related to innovation projects encouraged by governmental authorities which generally reimburse a specified amount or proportion of the costs related to such projects. As these grants are not received in the course of the n |
SIGNIFICANT ACCOUNTING JUDGMENT
SIGNIFICANT ACCOUNTING JUDGMENTS, ESTIMATES AND ASSUMPTIONS | 12 Months Ended |
Dec. 31, 2023 | |
SIGNIFICANT ACCOUNTING JUDGMENTS, ESTIMATES AND ASSUMPTIONS | |
SIGNIFICANT ACCOUNTING JUDGMENTS, ESTIMATES AND ASSUMPTIONS | 4. The preparation of SCHMID’s combined financial statements requires management to make judgements, estimates and assumptions that affect the reported amounts. Management exercises its best judgment based upon its experience and the circumstances prevailing at that time. The estimates and assumptions are based on available information and conditions at the end of the financial period presented and are reviewed on an ongoing basis. Actual results may differ from these estimates under different assumptions and conditions and may materially affect the financial results or the financial position reported in future periods. Accounting Judgments R&D Costs The area of R&D is of crucial importance for the sustainable and long-term success of SCHMID. For each project, management assesses whether the capitalization criteria for an internally generated intangible asset is fulfilled. Especially the distinction between research and development phase includes accounting judgement by the management. Leasing In the area of leasing, judgment is required when assessing renewal options. Especially if the options have to be executed over several years. The development of the business, the market and the macroeconomic situation are taken into account by management. Sale and Leaseback In evaluating a sale and leaseback transaction, the initial step is to verify if a sale has occurred according to the definition provided by IFRS 15. Accounting judgment is applied by management when reviewing the transfer of control. Accounting Estimates Impairment test An impairment test on R&D costs capitalized on assets that are not yet ready for use is performed at each reporting date. For detailed information on key assumptions underlying recoverable amounts please refer to note 18. Intangible Assets. Inventories Inventories are recognized at the lower of historical cost and net realizable value. Net realizable value is the estimated selling price less estimated costs of completion and estimated costs necessary to finalize the sale. Reserves for inventories, e.g. slow moving items are calculated based on experience in the past. Management estimates are used in determining the expected selling price as well as estimations about slow moving items. Deferred tax assets Deferred tax assets are recognized if sufficient future taxable profit is available, including income from forecasted operating earnings and the reversal of existing taxable temporary differences. At each period-end, management evaluates the recoverability of deferred tax assets. As future developments are uncertain and partly beyond management’s control, assumptions are necessary to estimate future taxable profits as well as the period in which deferred tax assets will be recovered. Estimates are revised in the period in which there is sufficient evidence to revise assumptions. |
SIGNIFICANT EVENTS IN THE PERIO
SIGNIFICANT EVENTS IN THE PERIOD ENDED DECEMBER 31, 2023 | 12 Months Ended |
Dec. 31, 2023 | |
SIGNIFICANT EVENTS IN THE PERIOD ENDED DECEMBER 31, 2023 | |
SIGNIFICANT EVENTS IN THE PERIOD ENDED DECEMBER 31, 2023 | 5. Transactions related to the sale of Schmid Silicon Technology Group In March 2023, a Stock Purchase Agreement (hereinafter referred to as "SPA") was entered into to sell Schmid Silicon Technology Holding GmbH and subsidiaries (hereinafter referred to as "the Silicon Group") to the Group 14 Technologies Group (hereinafter referred to as "G14"). Prior to the closing of the SPA on June 29, 2023, the Silicon Group was a related party of SCHMID and controlled by Christian Schmid (hereinafter referred to as "CS"), one of the owners of SCHMID. The proceeds from the sale of the Silicon Group were, among other things, used to repay the shareholder loan between CS and SCHMID. The proceeds from the shareholder loan were used to repay certain borrowings of SCHMID. (a) Additionally, receivables from the Silicon Group which had been impaired in 2017 by SCHMID became recoverable as a result of the SPA resulting in an impairment reversal of €21,375 thousand. (b) Also, as part of the SPA, certain liabilities of the Silicon Group due to SCHMID were settled with the transfer of shares of G14 to SCHMID valued at €17,664 thousand. (c) Based on an agreement reached between CS, the Silicon Group and SCHMID in 2021, SCHMID was granted a bonus payment (hereinafter referred to as “Silicon exit bonus”) to be paid upon a successful sale of the Silicon Group to a third party. The Silicon exit bonus of €4,700 thousand was determined based on 5% of the net proceeds (after repayment of third party debt) received from a sale. (d) In June 2023, CS repaid the shareholder loan to SCHMID with a total cash amount of €70,000 thousand. (e) The expected credit loss of €1,418 thousand was therefore reversed. Debt funds During the year ended December 31, 2023, SCHMID signed agreements with both of the debt funds to repay the loans during 2023. (f) The parties have agreed to modify certain terms of the loan, including amount and nature of repayments and interest rates resulting in loan extinguishment gains of €15,852 thousand. The extinguishment gains have been recorded in finance income. (g) In addition, SCHMID and one of debt funds have agreed upon an additional payment of € 2,800 thousand to be paid by the Company, which resulted in finance expense at the same amount. (h) One of the two loans was repaid in cash in June 2023. (i) The second loan was repaid in September 2023 by transferring G14 shares amounting to €17,664 thousand to the debt fund by SCHMID. In addition, Schmid Verwaltungs GmbH transferred G14 shares to the debt fund to settle the complete loan liability of SCHMID. Schmid Verwaltungs GmbH (related party to SCHMID), by transferring G14 shares, repaid a loan receivable from SCHMID towards Schmid Verwaltungs GmbH. The following table shows the significant impacts of the transactions described above on the financial statements as of and for the year ended December 31, 2023: Shareholder Receivable Silicon receivable Silicon exit Group14 Debt in € thousand receivables CS bonus shares funds 01/01/2023 — 65,589 — — (104,166) Other income — 4,700 (c) — — Reversal of impairment 21,375 (a) 1,418 (e) — — — Finance income — 3,173 — — 15,852 (f) Finance expense — — — — (4,302) Cash payments — (70,000) (d) — — 70,000 (h) Non-cash settlement of receivables (17,664) (b) — — 17,664 — Non-cash settlement of loans (2,800) (g) — — (17,664) (i) 22,616 Other (911) (73) — — — 12/31/2023 — 107 4,700 — — |
SEGMENT AND GEOGRAPHIC INFORMAT
SEGMENT AND GEOGRAPHIC INFORMATION | 12 Months Ended |
Dec. 31, 2023 | |
SEGMENT AND GEOGRAPHIC INFORMATION | |
SEGMENT AND GEOGRAPHIC INFORMATION | 6. In accordance with IFRS 8, Operating Segments, the Company’s operating segments are based on the management approach. Accordingly, segments must be classified and disclosed based on the criteria used internally by the chief operating decision maker (CODM) for the allocation of resources and the evaluation of performance of the components of SCHMID. The Chief Executive Officer, who allocates resources and evaluates segment performance based on the reports regularly submitted to him is the CODM. During the first half of 2023, in connection with the planned Business Combination transaction, management established a new management reporting and governance structure. The segment reporting of the historical combined financial statements as of and for the years ended December 31, 2023, 2022 and 2021 reflects the current management reporting structure. As the CODM examines the Company’s performance from a product perspective and has therefore identified two operating segments: (1) Technical equipment and processes includes mainly the sale of machines including installation and extended warranties. (2) Spare parts and services includes the sale of spare parts as well as services including repairs, modifications of machines and inspections. The operating segments are also the reporting segments of the Company. The performance of the operating segments is measured on the basis of revenue and segment adjusted EBITDA, as measured for management reporting purposes. The measure is defined as net profit (loss) calculated in accordance with IFRS before financial result, including result from at equity investments, taxes, depreciation and amortization. Assets are neither allocated to the operating segments nor regularly provided to the CODM. SCHMID’s key financial metrics by segment are as follows: 2023 Technical Total equipment Spare parts management in € thousand and processes and services Other reporting Revenues 78,743 11,503 — 90,246 Segment adjusted EBITDA 12,872 3,787 22,440 39,099 2022 Technical Total equipment Spare parts management in € thousand and processes and services Other reporting Revenues 78,778 16,280 — 95,058 Segment adjusted EBITDA 14,155 9,329 (3,546) 19,937 2021 Technical Total equipment Spare parts management in € thousand and processes and services Other reporting Revenues 27,587 11,894 — 39,481 Segment adjusted EBITDA 1,868 6,873 (11,276) (2,534) The column “Other” includes costs related to head office and group services as well as certain effects not directly attributable to the operating segments. In the financial year ended December 31, 2023 the increase in “Other” is mainly due to the reversal of the impairment of the Silicon receivables (see notes 5. Significant Events in the Period ended December 31, 2023 and 13. Reversal of Impairment of Financial Assets, net) and the gain resulting from bonus payments relating to disposals of several entities (see note 5. Significant Events in the Period ended December 31, 2023 ). Reconciliation from total segment adjusted EBITDA to income (loss) for the period according to IFRS: in € thousand 2023 2022 2021 Total segment adjusted EBITDA 39,099 19,937 (2,534) Financial result 9,594 (11,988) (14,654) Amortization and depreciation (6,904) (6,283) (4,893) Share of profit (loss) in joint ventures (1,057) — — Income tax benefit (expense) (2,778) 1,924 (5,195) Net income (loss) for the period 37,953 3,591 (27,277) Revenue can be split into the following geographical areas: in € thousand 2023 2022 2021 China 15,308 39,424 17,652 Taiwan 1,634 12,846 3,814 USA 17,522 11,478 3,375 Germany 9,577 10,743 5,390 Malaysia 16,681 7,915 — Austria 17,810 3,928 3,793 Other 11,714 8,724 5,457 Total 90,246 95,058 39,481 The revenues are allocated based on the country of the customer receiving the service or goods. There are three customers in 2023 with a revenue share of more than 10 % individually of the total revenues. The revenue with the first customer amounts to €17,649 thousand (2022: €25,092 thousand, 2021: €9,931 thousand), €16,361 thousand for the second customer (2022: €11,876 thousand, 2021: €— thousand) and €12,280 thousand for the third customer (2022: €— thousand, 2021:€— thousand). Revenue for these three customers is recognized within both the “Technical equipment and processes” and “Spare parts and services” operating segments. Non-current assets are distributed among geographical areas as follows: in € thousand 12/31/2023 12/31/2022 Germany 26,853 28,334 China 2,504 1,922 Other 376 266 Total 29,733 30,523 The non-current assets include property, plant and equipment as well as intangible assets. |
REVENUE FROM CONTRACTS WITH CUS
REVENUE FROM CONTRACTS WITH CUSTOMERS AND COST OF SALES | 12 Months Ended |
Dec. 31, 2023 | |
REVENUE FROM CONTRACTS WITH CUSTOMERS AND COST OF SALES | |
REVENUE FROM CONTRACTS WITH CUSTOMERS AND COST OF SALES | 7. The split of SCHMID revenues according to types of sales categories is as follows: in € thousand 2023 2022 2021 Machines 1 77,554 73,151 25,626 Spare Parts 9,722 14,302 8,081 Service 2 1,781 1,978 3,802 Other 1,189 5,627 1,971 Total 90,246 95,058 39,481 (1) Included within the “Machines” category is revenue from the sale and installation of machines, long-term development and extended warranties. (2) Included within the “Services” category is revenue from repair services, installations of modifications and inspections. Revenue recognized at a point in time was €81,761 thousand, €89,316 thousand and €36,832 thousand for the fiscal years ended December 31, 2023, 2022 and 2021, respectively. Revenue recognized over time was €8,485 thousand, €5,742 thousand and €2,649 thousand for the fiscal years ended December 31, 2023, 2022 and 2021, respectively. At the end of fiscal year 2023, SCHMID had contract liabilities in connection with the sale of machines, spare parts and installations resulting from prepayments made by customers of €17,931 (December 31, 2022: €30,569 thousand, December 31, 2021: €25,682 thousand). The decrease in 2023 mainly results from a long-term development contract for which revenue is recognized over time in 2022. The services provided by SCHMID and the timing of payments made by the customer during the contract term may differ. In those cases, the contract is recognized in the Combined Statements of Financial Position as either a contract asset or a contract liability. Apart from contract liabilities in connection with customer prepayments, SCHMID recognizes long-term development contracts over time, which leads to a recognition of contract liabilities. Changes to contract liabilities for years ended December 31, 2023, 2022 and 2021 are as follows: in € thousand 2023 2022 2021 Balance at January 1 30,569 25,682 17,378 Sales revenues included in contractual liabilities at the beginning of the period (30,406) (25,682) (17,378) Increase due to customer payments received 17,769 30,569 25,682 Balance at December 31 17,931 30,569 25,682 At the end of fiscal year 2023, the Order Backlog for the machine sales amounts to €48,651 thousand (December 31, 2022: €79,571 thousand, December 31, 2021: €60,982 thousand). The Order Backlog for spare parts and services amounts to €6,380 thousand (December 31, 2022: €6,535 thousand, December 31, 2021: €7,239 thousand). All Order Backlog is expected to be realized within 1 to 3 years. Order Backlog represents the goods or services ordered by customers but not delivered/provided as of the date of the statement of financial position. SCHMID’s cost of sales include the following cost types: in € thousand 2023 2022 2021 Personnel expenses (16,690) (16,221) (14,094) Material expenses (35,767) (34,274) (9,519) Depreciation/amortization (4,904) (4,147) (2,746) Other expenses (6,488) (7,079) (4,147) Total cost of sales (63,849) (61,721) (30,506) Other expenses include a variety of positions such as cost for outward freight, production related short-term leases and facility costs. |
SELLING
SELLING | 12 Months Ended |
Dec. 31, 2023 | |
SELLING | |
SELLING | 8. Selling expenses consist of the following: in € thousand 2023 2022 2021 Personnel expenses (8,295) (8,017) (5,535) Legal and consulting fees (834) (873) (581) Sales Commission (241) (475) (95) Distribution related external administration (1,537) (582) (801) Advertisement (649) (428) (294) Other expenses (1,021) (995) (545) Total selling expenses (12,577) (11,369) (7,851) Distribution-related external administration comprises costs including utilities, insurance, travel expenses or expenses for short-term leases. Other expenses include mainly depreciation. |
GENERAL ADMINISTRATION
GENERAL ADMINISTRATION | 12 Months Ended |
Dec. 31, 2023 | |
RESEARCH AND DEVELOPMENT EXPENSES | |
GENERAL ADMINISTRATION | 9. General administrative expenses consist of the following: in € thousand 2023 2022 2021 Personnel expenses (4,131) (3,992) (3,692) Legal and consulting fees (4,401) (1,681) (1,584) External administrative expenses (965) (692) (529) Other administrative expenses (3,042) (607) (493) Total administrative expenses (12,538) (6,973) (6,298) External administrative expenses comprises allocated cost such as utilities, insurances, travel expenses or expenses for short-term leases. Other administrative expenses mainly include legal and consulting fees which increased significantly in 2023 due to the planned SPAC transaction. |
RESEARCH AND DEVELOPMENT EXPENS
RESEARCH AND DEVELOPMENT EXPENSES | 12 Months Ended |
Dec. 31, 2023 | |
RESEARCH AND DEVELOPMENT EXPENSES | |
RESEARCH AND DEVELOPMENT EXPENSES | 10. R&D expenses that do not fulfill the recognition criteria according to IAS 38 consist of the following: in € thousand 2023 2022 2021 Personnel expenses (2,261) (1,888) (1,319) Depreciation/amortization (877) (910) (627) Legal and consulting fees (587) (614) (422) R&D related external administration (906) (856) (282) Other research and development expenses (517) (549) (83) Total research and development expenses (5,148) (4,818) (2,733) R&D related administration comprises allocated cost such as utilities, insurance, travel expenses or expenses for short-term leases. |
OTHER INCOME
OTHER INCOME | 12 Months Ended |
Dec. 31, 2023 | |
OTHER INCOME | |
OTHER INCOME | 11. Other income consists of the following: in € thousand 2023 2022 2021 Foreign currency gains 2,969 1,503 538 Bonus payments 9,200 — — Other miscellaneous income 3,815 1,871 1,387 Total other income 15,985 3,375 1,924 The bonus payments are comprised of the Silicon exit bonus of €4,700 thousand (see note 5. Significant Events in the Period ended December 31, 2023) as well as an exit bonus related to Montratec. In 2018, the Company sold one of its subsidiaries, Montratec GmbH, to Montratec Sarl. The underlying stock purchase agreement included a clause on potential exit events, which requires Montratec Sarl to pay SCHMID up to €4,500 thousand (hereinafter referred to as “Montratec exit bonus”) upon a future exit of Montratec Sarl from Montractec GmbH. Additionally, SCHMID entered into a guarantee agreement with Schmid Grundstücke GmbH & Co. KG (referred to as “SGG”), an entity jointly controlled by shareholders of SCHMID, wherein SGG would reimburse the difference between the exit sale consideration actually received from Montratec Sarl and €4,500 thousand (hereinafter referred to as “Montratec guarantee”) in the event that the exit sale consideration is below €4,500 thousand. As a remuneration for this guarantee, SCHMID was required to pay SGG an amount equal to 1.5% p.a. of the €4,500 thousand per year until an exit event would occur. SCHMID was informed in April 2023 about this exit event, i.e. that Montratec GmbH was sold by Montratec Sarl in April 2023 which resulted in an exit bonus of €3,954 thousand being owed by Montratec Sarl to SCHMID and €546 thousand being owed by SGG. The bonus from Montratec has been received in cash during 2023, the payment from SGG as been netted with payables of SCHMID against SGG. Other miscellaneous income includes a gain resulting from a cancelled sale and leaseback agreement with a third party (€1,875 thousand for the fiscal year ended December 31, 2023) as well as government grants related to income in an amount of €356 thousand for the fiscal year ended December 31, 2023 (2022: €519 thousand, 2021: €123 thousand). The grants are received in cash to compensate for expenses incurred in relation to research projects. In addition, other miscellaneous income includes income from asset disposals, mainly from the sale and leasback transaction (€508 thousand). |
OTHER EXPENSES
OTHER EXPENSES | 12 Months Ended |
Dec. 31, 2023 | |
OTHER EXPENSES | |
OTHER EXPENSES | 12. Other expenses consist of the following: in € thousand 2023 2022 2021 Foreign currency losses (2,388) (2,399) (2,942) Other taxes (166) (122) (776) Disposal of assets — (231) (154) Miscellaneous other items (65) (236) (908) Total other expenses (2,620) (2,988) (4,779) Miscellaneous other items mainly include banking fees and other service charges. |
REVERSAL OF IMPAIRMENT OF FINAN
REVERSAL OF IMPAIRMENT OF FINANCIAL ASSETS, NET | 12 Months Ended |
Dec. 31, 2023 | |
REVERSAL OF IMPAIRMENT OF FINANCIAL ASSETS, NET | |
REVERSAL OF IMPAIRMENT OF FINANCIAL ASSETS, NET | 13. The reversal of impairments of financial assets includes the following amounts: In € thousand 12/31/2023 12/31/2022 12/31/2021 Reversal of receivables from the Silicon Group 21,375 — — Reversal of impairment of shareholder loan (included in trade and other receivables) 1,418 3,091 3,284 Other (97) — 49 Total 22,696 3,091 3,333 For additional information on the Silicon Group impairment reversal refer to note 5. Significant Events in the Period ended December 31, 2023. The reversals of impairment of the shareholder loan in prior years are due to the fact that the estimated repayment date is getting closer every year. The shareholder loan was repaid during the financial year ended December 31, 2023. Therefore, the expected credit loss that was previously recognized on the shareholder loan was reversed during the financial year ended December 31, 2023. |
FINANCIAL RESULT
FINANCIAL RESULT | 12 Months Ended |
Dec. 31, 2023 | |
FINANCIAL RESULT | |
FINANCIAL RESULT | 14. Financial result includes the following: in € thousand 2023 2022 2021 Finance income 19,685 5,758 3,360 thereof fair value changes — 1,669 124 thereof interest income and similar proceeds 3,883 4,089 3,236 thereof gain from loan extinguishment 15,802 — — Finance expenses (10,091) (17,746) (18,014) thereof interest portion of lease payments (103) (68) (49) thereof interest expense (9,988) (17,678) (17,965) Financial result 9,594 (11,988) (14,654) Interest income includes in 2023 the interest received on loans, mainly the shareholder loan. For further information on the extinguishment, see note 28. Financial Liabilities. Fair value changes in 2022 result from the fair value measurement of the share option (see note 28. Financial Liabilities) and the embedded derivatives that were bifurcated from certain borrowings. For further information on the interest on of lease liabilities please see note 20. Leases. Interest expenses are mainly resulting from changes in the book value of the loans by using the effective interest method. Interest expenses are mainly resulting from financial liabilities and is recognized based on the effective interest method and the additional payment for the debt fund during 2023, see note 5. Significant Events in the Period ended December 31, 2023. |
SHARE OF PROFIT (LOSS) IN JOINT
SHARE OF PROFIT (LOSS) IN JOINT VENTURES | 12 Months Ended |
Dec. 31, 2023 | |
SHARE OF PROFIT (LOSS) IN JOINT VENTURES | |
SHARE OF PROFIT (LOSS) IN JOINT VENTURES | 15. The share of profit (loss) in joint ventures is relating to a capital injection in the Saudi Arabian joint venture in 2023 that was immediately expensed due to the book value of €0 thousand. |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Dec. 31, 2023 | |
INCOME TAXES | |
INCOME TAXES | 16. Income Tax Benefit (Expense) Income taxes recognized in the Combined Statement of Profit or Loss and Other Comprehensive Income are as follows: in € thousand 2023 2022 2021 Current income tax (expense) / income (1,044) (2,908) (1,839) thereof prior years 168 (6) (35) Deferred tax (expense) / income (1,735) 4,832 (3,357) thereof temporary differences (1,853) 12,693 (12,367) thereof tax loss/interest carryforwards 118 (7,861) 9,010 Income tax as per statement of profit or loss (2,778) 1,924 (5,195) For entities domiciled within Germany a corporation tax rate of 15% was used for the calculation of deferred taxes. In addition, a solidarity surcharge of 5.5% on corporation tax and a trade tax rate of 13.3% were taken into account. This resulted in an overall tax rate of 29.125% (2022: 29.125%, 2021: 29.125%) for German companies, which is also SCHMID’s tax rate. At international SCHMID companies, the respective country-specific tax rates were used for the calculation of current and deferred taxes. Tax Rate Reconciliation The following table presents the reconciliation of expected tax expense and reported tax expense. Expected tax expense is determined by multiplying combined profit before tax from continuing operations by the total SCHMID tax rate of 29.125%: in € thousand 2023 2022 2021 Income (loss) before income tax 40,732 1,667 (22,082) Income tax rate 29.125 % 29.125 % 29.125 % Expected income tax income (expense) (11,863) (485) 6,431 Tax rate differences 891 911 (2,270) Non-deductible expenses (79) (573) (1,204) Tax -free income 1,263 495 2,755 Trade tax modifications (116) (269) (417) Tax effects from withholding tax (166) (370) (1,485) Tax effects from prior years 488 642 634 Permanent differences resulting from the statement of financial position 2,912 (8) (2,486) Loss utilisation of previously not recognized tax loss carryforwards 0 1,152 556 Change in valuation allowance from temporary differences and tax loss carryforwards 3,598 927 (4,904) Change from interest carryforwards 333 (957) (2,827) Other reconciling items (38) 460 21 Income tax benefit (expense) (2,778) 1,924 (5,195) Effective tax rate in % 6.82 % (115.46) % (23.53) % Deferred Taxes The deferred tax assets ("DTA") and deferred tax liabilities ("DTL") recognition on the financial statement line items in the Statement of Financial Position are summarized below: Deferred taxes Deferred taxes in in statement of other comprehensive Currency translation profit or loss income adjustments DTA DTL in € thousand 2023 2023 Non-current assets (13,373) — (116) 3,628 (6,970) Intangible assets 239 — (126) 1,843 (4,193) Property, plant and equipment (2,167) — 9 155 (2,542) Financial assets (11,444) — 1 1,630 (235) Current assets 14,109 — 49 382 (5,584) Inventories (487) — (6) 220 (598) Receivables and other assets 15,526 — 52 149 (3,985) Other current assets (899) — 3 — (956) Cash and cash equivalents (31) — 1 13 (44) Non-current liabilities 3,288 (7) (8) 2,813 (7,757) Non-current borrowings 868 — 4 17 (7,433) Provisions for pensions 52 (7) (7) 140 (67) Non-current provisions (161) — — 60 (257) Non-current lease liability 2,529 — (5) 2,596 — Current liabilities (8,820) — (124) 8,472 (2,998) Current borrowings (7,995) — — 3,803 (575) Current contract liabilities (929) — (10) 1,525 — Trade payables and other liabilities 520 — (109) 1,600 (665) Other current liabilities 629 — (20) 1,104 (30) Current lease liability 121 — (4) 210 — Current provisions (1,166) — 19 230 (1,727) Tax loss/interest carryforward 3,061 — (2) 6,167 — Tax Loss Carryforward (CIT) 1,693 — (2) 3,408 — Tax Loss Carryforward (Trade Tax) 1,368 — — 2,759 — Interest Carryforward — — — — — Gross value (1,735) (7) (194) 21,463 (23,308) Netting (18,920) 18,920 Recognition in the statement of financial position 2,543 (4,388) Deferred taxes Deferred taxes in in statement of other comprehensive Currency translation profit or loss income adjustments DTA DTL in € thousand 2022 2022 Non-current assets 9,460 — (44) 15,085 (4,937) Intangible assets (28) — 45 2,084 (4,547) Property, plant and equipment (78) — 1 153 (381) Financial assets 9,566 — — 12,848 (9) Current assets (18,238) — 70 1,801 (21,161) Inventories 51 — (3) 246 (131) Trade receivables and other receivables (18,193) — 70 1,554 (20,969) Other current assets (96) — 2 — (60) Cash and cash equivalents — — — — — Non-current liabilities 8,138 (88) (577) 348 (8,571) Non-current financial liabilities 7,334 — — — (8,287) Provisions for pensions 513 (88) (575) 93 (65) Non-current provisions 256 — (1) 120 (155) Non-current lease liability 35 — (1) 136 (64) Current liabilities 13,333 — (67) 15,871 (1,453) Current financial liabilites 8,367 — — 11,223 — Current contract liabilities 2,351 — (4) 2,464 — Trade payables and other liabilities 1,209 — (51) 1,281 (757) Other current liabilities 676 — (5) 545 (80) Current lease liability 27 — (1) 93 — Current provisions 704 — (5) 266 (616) Tax loss/interest carryforward (7,861) — 12 3,108 — Tax Loss Carryforward (CIT) (4,535) — 12 1,717 — Tax Loss Carryforward (Trade Tax) (3,326) — — 1,392 — Interest Carryforward — — — — — Gross value 4,832 (88) (606) 36,213 (36,122) Netting (33,619) 33,619 Recognition in the statement of financial position 2,594 (2,504) No deferred tax assets were recognized for the following tax attributes (gross): 2023 2022 2021 in € thousand Tax base DTA Tax base DTA Tax base DTA Deductible temporary differences 41,498 10,805 34,149 8,984 65,199 18,070 Tax loss carryforward (CIT) 91,405 14,701 108,229 17,415 75,903 12,641 Tax loss carryforward (trade tax) 49,147 6,536 65,308 8,686 45,834 6,096 Interest carryforward 35,229 9,089 36,956 9,535 33,209 8,568 The maturities of the tax loss carryforwards for which no deferred tax assets were recognized are as follows: in € thousand 2023 2022 2021 Up to 5 years 2,685 5,107 3,310 Up to 10 years 1,772 1,064 927 Up to 15 years 4,508 5,187 3,943 Up to 20 years — — 340 unlimited 131,586 162,177 113,216 The reported tax loss and interest carryforwards mainly relate to the German SCHMID entities and can be carried forward indefinitely (German minimum taxation rules and interest stripping rules apply), however, they may be subject to restrictions of the German change in ownership rules (Sec. 8c Körperschaftsteuergesetz The tax loss and interest carryforwards mainly relate to entities that have a history of losses which have been accumulated in the previous years. The respective entities neither have any taxable temporary difference exceeding the deductible temporary differences nor any tax planning opportunities and documentation available that could partly support the recognition of these tax attributes as deferred tax assets. On this basis, SCHMID has determined that it cannot recognize deferred tax assets on the majority of tax attributes carried forward. Taxable temporary differences associated with investments in entities, branches and associates and interests in joint arrangements in the amount of €931 thousand as of December 31, 2023 (December 31, 2022: €937 thousand) have not been recognized. Deferred tax assets exceeding deferred tax liabilities in the amount of €522 thousand as of December 31, 2023 (December 31, 2022: €2,594 thousand) for companies that generated a loss in the current or previous period were recognized as these are considered to be recoverable. On 27 March 2024, the German Growth Opportunities Act (Wachstumschancengesetz) was substantively enacted. As part of this act, the German minimum taxation rule has been temporarily changed for the fiscal years 2024-2027. As a result, the loss deduction has been increased from 60% to 70%. As a result SCHMID Group could benefit by a maximum amount of €522 thousand. |
EARNINGS PER SHARE
EARNINGS PER SHARE | 12 Months Ended |
Dec. 31, 2023 | |
EARNINGS PER SHARE | |
EARNINGS PER SHARE | 17. The information on earnings per share pursuant to IAS 33 has not been presented, as the combined entities have not formed a statutory group and, as such, SCHMID has no historical capital structure. |
INTANGIBLE ASSETS
INTANGIBLE ASSETS | 12 Months Ended |
Dec. 31, 2023 | |
INTANGIBLE ASSETS | |
INTANGIBLE ASSETS | 18. Intangible assets comprise the following: Development Patents and in € thousand Costs licenses Total Costs of acquisition 1/1/2023 22,832 1,042 23,874 Additions 2,915 359 3,274 Disposals/Retirements — — — Foreign exchange differences (17) (28) (46) 12/31/2023 25,729 1,372 27,102 Accumulated amortization/write downs 1/1/2023 7,495 552 8,046 Amortization 3,975 158 4,133 Disposals/Retirements — — — Foreign exchange differences (17) (26) (44) 12/31/2023 11,452 684 12,136 Carrying amount: 1/1/2023 15,337 490 15,828 12/31/2023 14,278 689 14,966 Development Patents and in € thousand Costs licenses Total Costs of acquisition 1/1/2022 22,968 6,461 29,429 Additions 3,219 389 3,607 Disposals/Retirements (3,355) (5,807) (9,162) Foreign exchange differences — (1) (1) 12/31/2022 22,832 1,042 23,874 Accumulated amortization/write downs 1/1/2022 7,174 6,280 13,454 Amortization 3,529 80 3,609 Disposals/Retirements (3,208) (5,807) (9,015) Foreign exchange differences — (2) (2) 12/31/2022 7,495 552 8,046 Carrying amount: 1/1/2022 15,794 181 15,976 12/31/2022 15,337 490 15,828 Retirements relate to intangibles assets with a net book value of zero that are no longer in use by SCHMID and have therefore been eliminated from the asset register. Development costs represent internally generated intangible assets related to process and manufacturing technologies for various industries such as printed circuit board ("PCB"), substrate manufacturing, photovoltaics, and glass and energy storage, wet processes (horizontal, vertical and single panel) and vacuum processes. Patents and licenses include software licenses, licenses for the use of know-how and acquired patents. The amount of borrowing costs capitalised during the period 2023 is €494 thousand (December 31, 2022: €640 thousand) with a capitalisation rate of 10% (December 31, 2022: 10%). SCHMID receives government grants that are related to self-developed technology and processes recognized as intangible assets. The grants are received to compensate for incurred expenses that are capitalized as intangible assets and therefore SCHMID reduces the asset value by the amount of the grant. An amount of €159 thousand was deducted from the capitalized book value during 2023, €268 thousand during 2022 and €723 thousand during 2021. Impairment test on development cost At each balance sheet date SCHMID performs an impairment test on development costs that are capitalized but not yet ready for use. The impairment test is performed on a CGU level. The recoverable amount of the CGU that includes these development costs (the entity using those technologies) was estimated based on the present value of the future cashflows expected to be derived from the CGU (fair value less cost to sell), using a pre-tax discount rate of 12.89% (December 31, 2022: 11.17%). The recoverable amount of the CGU was estimated to be higher than its carrying amount and no impairment was required. |
PROPERTY, PLANT AND EQUIPMENT
PROPERTY, PLANT AND EQUIPMENT | 12 Months Ended |
Dec. 31, 2023 | |
PROPERTY, PLANT AND EQUIPMENT | |
PROPERTY, PLANT AND EQUIPMENT | 19. Property, plant and equipment is comprised of the following: Land, buildings and Technical Office and leasehold equipment and other Assets under in € thousand improvements machinery equipment construction Total Costs of acquisition or construction: 1/1/2023 21,303 18,263 14,561 — 54,127 Additions — 1,679 1,410 513 3,602 Disposals/Retirements (21,085) (3,448) (458) — (24,991) Foreign exchange differences 1 (164) (126) — (289) 12/31/2023 220 16,330 15,386 513 32,449 Accumulated depreciation: 1/1/2023 11,581 15,892 13,293 — 40,766 Depreciation 483 982 583 — 2,048 Disposals/Retirements (11,995) (3,447) (414) — (15,856) Foreign exchange differences 1 (114) (101) — (214) 12/31/2023 71 13,314 13,359 — 26,744 Carrying amount: 1/1/2023 9,722 2,371 1,268 — 13,361 12/31/2023 149 3,016 2,027 513 5,704 Land, buildings and Technical Office and leasehold equipment and other Assets under in € thousand improvements machinery equipment construction Total Costs of acquisition or construction: 1/1/2022 21,143 18,692 15,139 345 55,318 Additions 161 940 323 — 1,423 Disposals/Retirements — (1,638) (858) (12) (2,507) Transfers — 333 — (333) — Foreign exchange differences — (64) (43) — (107) 12/31/2022 21,303 18,263 14,561 — 54,127 Accumulated depreciation: 1/1/2022 11,097 16,566 13,756 — 41,419 Depreciation 484 964 417 — 1,865 Disposals/Retirements — (1,585) (842) — (2,426) Foreign exchange differences — (53) (38) — (92) 12/31/2022 11,581 15,892 13,293 — 40,766 Carrying amount: 1/1/2022 10,046 2,126 1,383 345 13,899 12/31/2022 9,722 2,371 1,268 — 13,361 Property, plant and equipment includes right-of-use assets amounting to €9,063 thousand as of December 31, 2023 (December 31, 2022: €1,334 thousand). For further information refer to note 20. Leases. Security pledges have been released in 2023 as the respective property has been sold. |
LEASES
LEASES | 12 Months Ended |
Dec. 31, 2023 | |
LEASES | |
LEASES | 20. Lessee accounting SCHMID’s lease obligations primarily relate to rights to buildings mainly for its office, R&D and production premises as well as to leased vehicles. The carrying amounts of right-of-use assets recognized and the movements during the period were as follows: in € thousand Real Estate Vehicles Total 1/1/2022 1,207 306 1,513 Additions to right-of-use assets 144 336 480 Depreciation (430) (211) (642) Foreign exchange differences (15) (2) (17) 12/31/2022 906 428 1,334 Additions to right-of-use assets 8,402 178 8,581 Depreciation (543) (236) (779) Foreign exchange differences (68) (5) (73) 12/31/2023 8,697 365 9,063 In December 2023, SCHMID signed a sale and leaseback contract with Schmid Grundstücke GmbH Co. KG, an entity controlled by Mrs. Schmid, for production facility and office buildings in Freudenstadt. The purchase price is €11,400 thousand. The lease term is 10 years. There is an extension option that can be exercised by the lessee 12 months before the end of the term. SCHMID can extend the lease term three times by 5 years each time. A lease payment of €100 thousand (excl. VAT) is due in advance each month. This resulted in an increase in the right-of-use asset in the amount of €7,092 thousand and a lease liability in the amount of €8,895 thousand. The gain on sale equals €507 thousand. As the sale and leaseback was concluded with a related party the rate implicit to the lease was used. For other leases SCHMID cannot readily determine the interest rate implicit in the leases, therefore, it uses its incremental borrowing rate (“IBR”) to measure lease liabilities. The IBR is the rate of interest that SCHMID would have to pay to borrow over a similar term, and with a similar security, the funds necessary to obtain an asset of a similar value to the right-of-use asset in a similar economic environment. The IBRs used by SCHMID are calculated based on the risk-free rate, individual country risk premiums of underlying country and credit spread. The weighted average IBR on December 31, 2023 is 6.03% (December 31, 2022: 5.49%). There are no variable lease payments resulting from indexed rental payments or other variable rental components. The carrying amounts of lease liabilities and the movements during the period were as follows: in € thousand Lease Liability 1/1/2022 1,528 Additions 433 Interest 68 Payments (676) Foreign exchange difference (19) 12/31/2022 1,333 Additions 10,347 Interest 102 Payments (819) Foreign exchange difference (77) 12/31/2023 10,886 The combined statement of profit or loss and other comprehensive income (loss) included the following amounts of lease related expense: in € thousand 2023 2022 2021 Depreciation of right of-use-assets (779) (642) (487) Interest expense on lease liabilities (103) (68) (49) Short-term lease expenses (383) (523) (341) Lease expenses for low-value assets (7) (28) (68) Total amount recognized in expense (1,273) (1,260) (945) The below table provides information on the total cash outflow from all leases during the year: in € thousand 2023 2022 2021 Principal paid (715) (609) (451) Interest paid (103) (68) (49) Short term and low value leases (391) (551) (409) Total amount paid (1,209) (1,227) (908) The below table shows a maturity analysis of undiscounted lease payments for which a right-of-use asset and lease liability were recognized: in € thousand 12/31/2023 12/31/2022 ≤ 1 year 2,108 564 > 1 ≤ 2 years 1,928 465 > 2 ≤ 5 years 4,081 446 > 5 years 6,014 — Gross lease liabilities – minimum lease payments 14,130 1,476 Discount and foreign currency effects (3,244) 143 Present value of the lease liabilities 10,886 1,333 Lessor accounting A part of the office and laboratories buildings located at the headquarter are leased to a related party under an operating lease with rent payable on a monthly basis. Lease income from the operating lease where SCHMID is a lessor is recognized in other income on a straight-line basis over the lease term. The lease income per month amounts to €10 thousand and does not include variable lease payments that depend on an index or rate. The lease contract was fixed until March 31, 2022 and is automatically renewed each year for another 12 months if none of the parties terminates the agreement. As a result, the minimum lease payments to be received are €115 thousand in 2023 (2022: €115 thousand, 2021: €115 thousand). The asset underlying the lease contract is included in property, plant and equipment. In addition, SCHMID is party to a sublease contract for an office building. SCHMID leases the office from a third party and subleases it to a related party. The lease-out is categorized as operating lease and has an indefinite lease term with a termination option for both parties of six months. The lease income per month amounts to €3 thousand and does not include variable lease payments that depend on an index or rate. |
FINANCIAL ASSETS
FINANCIAL ASSETS | 12 Months Ended |
Dec. 31, 2023 | |
FINANCIAL ASSETS | |
FINANCIAL ASSETS | 21. Non-current financial assets mainly comprise deposits for leased buildings. |
INVENTORIES
INVENTORIES | 12 Months Ended |
Dec. 31, 2023 | |
INVENTORIES | |
INVENTORIES | 22. in € thousand 12/31/2023 12/31/2022 Raw materials and supplies 4,386 5,513 Work in progress 6,038 11,098 Finished goods 5,928 8,419 Inventories 16,353 25,029 In fiscal year 2023, write-downs of €1,052 thousand (2022: €833 thousand, 2021: €69 thousand) were recognized. Total reversals of impairment losses amounted to €83 thousand in the fiscal year 2023 (2022: €23 thousand, 2021: €1 thousand). The amount of inventories recognised as an expense during 2023 is €25,026 thousand (2022: €28,954 thousand, 2021: €9,293 thousand). |
TRADE RECEIVABLES AND OTHER REC
TRADE RECEIVABLES AND OTHER RECEIVABLES | 12 Months Ended |
Dec. 31, 2023 | |
TRADE RECEIVABLES AND OTHER RECEIVABLES | |
TRADE RECEIVABLES AND OTHER RECEIVABLES | 23. in € thousand 12/31/2023 12/31/2022 Trade receivables 40,626 40,593 Receivables from joint ventures 1,599 2,656 Other receivables 4,807 65,589 Total trade and other receivables 47,032 108,838 Trade receivables have a residual term of less than one year. Receivables from joint ventures refer to SCHMID Avaco Korea, Co. Ltd and Schmid Energy Systems GmbH, an entity of the Arabian joint venture. The main driver for the decrease in the other receivables is the repayment of a shareholder loan receivable (remaining balance as of December 31, 2023: €107 thousand; December 31, 2022: €65,158 thousand). Other receivables as of year end 2023 include the receivable against Christian Schmid for the Silicon bonus payment (€ 4,700 thousand). |
OTHER CURRENT ASSETS
OTHER CURRENT ASSETS | 12 Months Ended |
Dec. 31, 2023 | |
OTHER CURRENT ASSETS | |
OTHER CURRENT ASSETS | 24. Other current non-financial assets are as follows: in € thousand 12/31/2023 12/31/2022 Advance payments on inventories 1,317 2,635 Restricted cash 89 1,049 Prepaid expenses 3,667 730 Contract assets — 401 Total other current non-financial assets 5,073 4,815 Restricted cash refers to bank accounts that are used as securities for customer prepayments, mainly in China. In addition, the increase in prepaid expenses is due to the planned business combination with Pegasus. |
CASH & CASH EQUIVALENTS
CASH & CASH EQUIVALENTS | 12 Months Ended |
Dec. 31, 2023 | |
CASH & CASH EQUIVALENTS | |
CASH & CASH EQUIVALENTS | 25. Cash and cash equivalents include cash as well as deposits on bank accounts amounting of €5,710 thousand as of December 31, 2023 (December 31, 2022: €8,332 thousand). |
EQUITY
EQUITY | 12 Months Ended |
Dec. 31, 2023 | |
EQUITY | |
EQUITY | 26. Owners net investment represents the aggregation of the net assets of all entities that form the reporting entity of SCHMID. Other reserves comprise loss carried forward, net profit/loss for the year, remeasurement of defined benefit obligation and currency translation differences. Non-controlling interest contains the equity, profit/loss carried forward and currency translation differences relating to the minority shareholders of the Group. For details on the share option please refer to note 28. Financial Liabilities. |
NON-CONTROLLING INTEREST
NON-CONTROLLING INTEREST | 12 Months Ended |
Dec. 31, 2023 | |
NON-CONTROLLING INTEREST | |
NON-CONTROLLING INTEREST | 27. Non-controlling interests relate to SCHMID Singapore Pte. Ltd. (10.0%), SCHMID Technology Guangdong Co., Ltd. (STG) (24.1 %) and SCHMID Taiwan Ltd. (STL) (14.0 %). STG was founded by SCHMID in 2020 and is a manufacturer of printed circuit boards (“PCB”) and photovoltaics (“PV”) production equipment in China. In June 2021 SCHMID concluded an investor agreement with XJ Harbour HK Limited (“XJ”). By way of a unilateral capital increase XJ obtained 20.9% of the registered capital of STG. In 2021 a further capital increase was executed. For further information on potential capital increases please refer to note 28. Financial Liabilities. The following tables summarizes the information relating to each entity that has material NCI, before any intra-SCHMID eliminations. SCHMID Technology SCHMID Guangdong Co., SCHMID Taiwan 12/31/2023 Singapore Pte. Ltd. Ltd Ltd. NCI percentage 10.0 % 24.1 % 14.0 % Non-current assets — 5,118 185 Current assets 2,797 42,569 11,827 Non-current liabilities — 847 605 Current liabilities 2,062 22,288 5,182 Net assets 736 24,552 6,224 Net assets attributable to NCI 74 5,917 868 Revenue — 27,750 1,672 Profit 6,188 2,298 (402) OCI — (1,550) (252) Total comprehensive income 6,188 748 (654) Total comprehensive income allocated to NCI 619 180 (91) Accumulated NCI end of period 77 6,487 794 SCHMID Technology SCHMID Guangdong Co., SCHMID Taiwan 12/31/2022 Singapore Pte. Ltd. Ltd Ltd. NCI percentage 10.0 % 24.1 % 14.0 % Non-current assets — 4,575 71 Current assets 1,651 46,040 12,704 Non-current liabilities — 568 694 Current liabilities 7,104 26,244 5,203 Net assets (5,453) 23,804 6,879 Net assets attributable to NCI (545) 5,737 960 Revenue — 38,753 12,873 Profit (7) 6,068 4,152 OCI — (639) (303) Total comprehensive income (7) 5,429 3,849 Total comprehensive income allocated to NCI (1) 1,308 537 Accumulated NCI end of period (543) 6,335 889 SCHMID Technology SCHMID Guangdong Co., SCHMID Taiwan 12/31/2021 Singapore Pte. Ltd. Ltd Ltd. NCI percentage 10.0 % 24.1 % * 14.0 % Non-current assets — 4,876 197 Current assets 1,698 23,857 4,993 Non-current liabilities — 841 66 Current liabilities 7,144 9,518 2,095 Net assets (5,445) 18,374 3,030 Net assets attributable to NCI (545) 4,428 423 Revenue — 9,762 3,954 Profit (33) (13,359) 424 OCI — 753 297 Total comprehensive income (33) (12,606) 721 Total comprehensive income allocated to NCI (3) (2,627) 101 Accumulated NCI end of period (542) 5,026 352 Cash flow statement SCHMID Technology Guangdong Co., Ltd in € thousand 2023 2022 2021 Cash flow from operating activities 666 (1,688) (11,650) Cash flow from investing activities (472) (502) (16,449) Cash flow from financing activities (21) (452) 32,313 Effect of foreign exchange rate changes on cash and cash equivalents (119) 116 93 Net increase (decrease) in cash and cash equivalents 262 (2,525) 4,307 |
FINANCIAL LIABILITIES
FINANCIAL LIABILITIES | 12 Months Ended |
Dec. 31, 2023 | |
FINANCIAL LIABILITIES | |
FINANCIAL LIABILITIES | 28. The following table shows an overview of the financial liabilities of SCHMID: in € thousand 12/31/2023 12/31/2022 Non-current financial liabilities 22,190 34,406 Current financial liabilities 26,053 128,454 Total financial liabilities 48,244 162,860 The following table presents details on SCHMID’s borrowings. in € thousand 12/31/2023 12/31/2022 Non-current borrowings 22,190 34,406 Loans from debt funds — 24,393 Loans from other third parties 2,336 — Loans from shareholders 19,854 10,013 Current borrowings 26,053 128,454 Loans from banks 1,225 12,003 Loans from debt funds — 79,773 Loans from other third parties — 3,540 Loans from shareholders 8,102 16,493 Loans from other related parties 16,726 16,646 Total borrowings 48,244 162,860 Loans from debt funds The loans from debt funds line item consisted of five loans received from two private debt funds. In 2023, SCHMID repaid all loans from debt funds. For further details see note 5. Significant Events in the Period ended December 31, 2023 Loans from banks During 2023, three loans from banks have been repaid. As of December 31, 2023, SCHMID has two loans from banks. Loans from other third parties Loans from other third parties mainly consist of loans from two individuals that are not related to SCHMID. In August 2023, one of the third party loans amounting to €1,234 thousand has been repaid. The other loan carries a floating interest rate of EURIBOR plus 3 % margin and had initial term of two years Loans from shareholders The shareholders provided loan facilities of €15 million and €11 million in 2016. At the end of 2016, both shareholders waived part of their claims (€5 million). As the waivers are with debtor warrants, the claims will revive once a certain equity ratio is reached. As of December 31, 2023, SCHMID did not reach the equity ratio, but is expecting to reach the equity ratio within the next year. As a result, for both events the carrying amount was adjusted by recording the change in carrying amount in interest expense. The new carrying amount reflects the new estimated cash flows discounted with the original effective interest rate. For the remaining €19,854 million the shareholders declared their claims as subordinated to all other liabilities of SCHMID to ensure that the satisfaction of their claims will not lead to an over-indebtedness. Interest is floating at EURIBOR plus 1% margin, whereby EURIBOR is floored at 0.25%. Loans from other related parties The loans from related parties are provided by key management personnel and Schmid Grundstücke GmbH & Co. KG, which is an entity controlled by a related party. For further details please refer to note 35. Related Party Disclosures. Share option In 2021 SCHMID entered into an agreement with an Investor to obtain a shareholding in the entity SCHMID Technology (Guangdong) Co. Ltd. (STG). In the investment agreement, it was agreed that the investor acquire 20.9% of the ownership in STG for €25.0 million in a first step and at the same time SCHMID grants the investor the right to acquire further shares at two occasions. In December 2021 the investor acquired a further 3.2% of the shares in STG for a predetermined price of €5.0 million. In addition, the investor had the right to increase its ownership in STG by a further 5.6% after June 30, 2022. The price of those shares is dependent on the achievement of a certain revenue target and will be adjusted if the target is not met. As not all capital increases had been executed as of the year-ended 2021 an embedded derivative was recognized under IFRS 9. Given the positive development of the entity a derivative liability was recognized as of year-end 2021 and during 2022. At year-end 2022 the pre-defined time frame for the revenue target ended at which time the price for the shares was fixed. As the fixed-for-fixed criteria for classification as equity was fulfilled at this time, the derivative liability was reclassified to Owners Net Investment at its fair value. Despite the fact that the price became fixed at the end of 2022 the Investor has not transferred the additional required investment. In 2024 a new agreement was signed. For further details please refer to note 36. Events after the Reporting Period. For the years ended 2023 and 2022 the minority investment was treated as non-controlling interest according to IFRS 10.26 |
OTHER PROVISIONS
OTHER PROVISIONS | 12 Months Ended |
Dec. 31, 2023 | |
OTHER PROVISIONS | |
OTHER PROVISIONS | 29. Movement in provisions during the year is as follows: Reversal of unused In € thousand 12/31/2022 Additions Utilization amounts 12/31/2023 Warranty provision 211 211 (184) — 238 Jubilee provision 119 482 (603) — (2) Total non-current provisions 330 693 (787) — 237 Warranty provision 139 152 (66) — 225 Provision for legal claims 67 44 — (58) 53 Other provisions 153 2,308 (1,454) (312) 695 Total current provisions 360 2,504 (1,520) (370) 973 Reversal of unused In € thousand 12/31/2021 Additions Utilization amounts 12/31/2022 Warranty provision 203 99 (91) — 211 Jubilee provision 163 (30) (14) — 119 Total non-current provisions 366 70 (106) — 330 Warranty provision 228 25 (114) — 139 Provision for legal claims 32 123 (88) — 67 Other provisions 191 7 (45) — 153 Total current provisions 451 155 (247) — 360 |
POST-EMPLOYMENT BENEFITS
POST-EMPLOYMENT BENEFITS | 12 Months Ended |
Dec. 31, 2023 | |
POST-EMPLOYMENT BENEFITS | |
POST-EMPLOYMENT BENEFITS | 30. Defined contribution plans SCHMID’s expenses for defined contribution plans were €1,677 thousand for the year ended 2023 (2022: €1,552 thousand, 2021: €1,528 thousand). No assets or liabilities are recognized in SCHMID’s balance sheet in respect of such plans, apart from regular prepayments and accruals of the contributions withheld from employees’ wages and salaries and of SCHMID’s contributions. Defined benefit plan Corporate post-retirement benefits are provided by SCHMID in Germany through a defined benefit plan with one beneficiary who is also a related party (please refer to 35. Related Party Disclosures). The beneficiary was granted a fixed pension commitment in 2012 as part of a deferred compensation agreement in form of a lump-sum payment in the event of invalidity or reaching the age of 67. The Company has no plan assets in connection with the pension obligation. The present value of the defined benefit obligation at the end of the fiscal year 2023 amounted to €894 thousand (December 31, 2022: €887 thousand, December 31, 2021: €1,173 thousand) Reconciliation of the net defined benefit liability: In € thousand 2023 2022 2021 Net defined liability at January 1 887 1,173 1,189 Defined benefit income recognized in combined statement of profit or loss 33 14 12 Defined benefit cost recognized in other comprehensive income — 300 28 Net defined liability at December 31 894 887 1,173 Reconciliation of the amount recognized in the combined statement of financial position: In € thousand 2023 2022 2021 Employee benefit obligations recognized as of January 1 887 1,173 1,189 Actuarial adjustments (26) (300) (28) thereof: experience adjustments (2) 2 2 thereof: adjustments for financial assumptions (24) (302) (30) Interest expense 33 14 12 Employee benefit obligations recognized as of December 31 894 887 1,173 The expense recognized in the combined statements of profit and loss and other comprehensive income is as follows: In € thousand 2023 2022 2021 Actuarial gains (-) / losses (+) deriving from changes in financial assumptions (24) (302) (30) Actuarial gains (-) / losses (+) deriving from experience adjustments (2) 2 2 Included in other comprehensive income (26) (300) (28) Interest income 33 14 12 Included in the combined statements of profit or loss 33 14 12 Total included in the combined statements of profit or loss and other comprehensive income (loss) 7 (286) (16) The interest cost relating to the obligation is a component of the result from financing activities. The following were the principal actuarial assumptions as of: 12/31/2023 12/31/2022 Discount rate 4.00 % 3.75 % Sensitivity Analysis The main actuarial assumption is used to calculate the provisions for post-employment benefits the discount rate. A reasonably possible increase, or respectively decrease, in the significant actuarial assumptions would have had the following impact on the present value of the post-employment benefit obligation as of the respective reporting dates: 12/31/2023 12/31/2022 Discount rate (+0.25%) 4.25 % 4.00 % Present value of the post-employment benefit obligations (in € thousand) 872 862 Discount rate (-0.25%) 3.75 % 3.50 % Present value of the post-employment benefit obligations (in € thousand) 918 912 Duration The duration of the obligation is 12 years as of December 31,2023 (December 31, 2022: 13 years). |
OTHER CURRENT LIABILITIES
OTHER CURRENT LIABILITIES | 12 Months Ended |
Dec. 31, 2023 | |
OTHER CURRENT LIABILITIES | |
OTHER CURRENT LIABILITIES | 31. Other non-financial liabilities are as followed: in € thousand 12/31/2023 12/31/2022 Personnel related accruals 3,175 2,700 Tax related accruals 1,348 1,481 Audit related accruals 1,297 286 Miscellaneous other current liabilities 7,294 4,239 Total other current liabilities 13,113 8,706 In 2023 miscellaneous other non-financial liabilities include outstanding invoices for legal and consulting fees amounting to €2,707 thousand, installation and transportation costs amounting to €1,344 thousand as well as various smaller items. |
FINANCIAL INSTRUMENTS AND FINAN
FINANCIAL INSTRUMENTS AND FINANCIAL RISK MANAGEMENT | 12 Months Ended |
Dec. 31, 2023 | |
FINANCIAL INSTRUMENTS AND FINANCIAL RISK MANAGEMENT | |
FINANCIAL INSTRUMENTS AND FINANCIAL RISK MANAGEMENT | 32. Carrying Amounts and Fair Values The following tables disclose the carrying amounts of each class of financial instruments together with its corresponding fair value and the aggregated carrying amount per category. 12/31/2023 Financial instruments, analyzed by classes and categories Carrying Fair value in € thousand Category amount Fair value hierarchy Non-current assets Financial assets Other loans and other investments AC 28 28 n/a Other non-current financial assets AC 112 n/a n/a Current assets Trade receivables and other receivables Trade receivables AC 40,673 n/a n/a Receivables from joint ventures AC 1,599 n/a n/a Other receivables Exit bonus AC 4,700 4,700 n/a Receivables from shareholder AC 107 n/a n/a Other current assets Restricted cash AC 89 n/a n/a Other AC 1,317 n/a n/a Cash and cash equivalents AC 5,710 n/a n/a Non-current liabilities Non-current borrowings Loans from other third parties FLAC 2,336 2,063 Level 3 Loans from shareholders FLAC 19,854 17,630 Level 3 Current liabilities Current borrowings Loans from banks FLAC 1,225 n/a Level 3 Loans from shareholders FLAC 8,102 n/a n/a Loans from other related parties FLAC 16,726 n/a Level 3 Trade payables and other liabilities FLAC 25,899 n/a n/a Carrying Thereof aggregated by categories Category amount Financial assets measured at amortized cost AC 54,335 Financial liabilities measured at fair value FVTPL — Financial liabilities measured at amortized cost FLAC 74,142 Financial instruments, analyzed by classes and categories 12/31/2022 Carrying Fair value in € thousand Category amount Fair value hierarchy Non-current assets Financial assets Other non-current financial assets AC 115 n/a n/a Current assets Trade receivables and other receivables Trade receivables AC 40,593 n/a n/a Receivables from joint ventures AC 2,656 n/a n/a Other receivables Receivables from shareholder AC 65,158 64,028 Level 3 Miscellaneous receivables AC 431 n/a n/a Other current assets Restricted cash AC 1,049 n/a n/a Other AC 2,637 n/a n/a Cash and cash equivalents AC 8,332 n/a n/a Non-current liabilities Non-current borrowings Loans from debt funds FLAC 24,393 23,072 Level 3 Loans from shareholders FLAC 10,013 9,307 Level 3 Current liabilities Current borrowings Loans from banks FLAC 12,003 11,508 Level 3 Loans from debt funds FLAC 79,773 51,678 Level 3 Loans from other third parties FLAC 3,540 3,483 Level 3 Loans from shareholders FLAC 16,493 n/a n/a Loans from other related parties FLAC 16,646 14,688 Level 3 Trade payables and other liabilities FLAC 25,400 n/a n/a Carrying Thereof aggregated by categories Category amount Financial assets measured at amortized cost AC 120,971 Financial liabilities measured at fair value FVTPL — Financial liabilities measured at amortized cost FLAC 188,260 The carrying amounts of cash and cash equivalents, trade and other receivables, loans from banks and of trade payables, are considered reasonable estimates of their fair values because of the short maturities of these items. The fair value of the loan granted to a shareholder was calculated by discounting future cash flows with a risk-adjusted interest rate curve. As the credit risk of the shareholder is unobservable and assumed to be equivalent to the Standard&Poor’s rating class of CCC, the credit risk is considered to have a material impact on the fair value. Therefore, the fair values of the shareholder loan are categorized in level 3 of the fair value hierarchy. Items of income, expenses, gains or losses resulting from financial instruments The net gains or losses for each of the financial instrument measurement categories differentiated by the respective sources were as follows: 2023 Subsequent measurement in € thousand Interest Fair value Total Financial assets - AC 9,499 n/a 9,499 Financial liabilities - FLAC (9,988) n/a (9,988) Financial assets and liabilities - FVTPL n/a — — Total (488) — (488) 2022 Subsequent measurement in € thousand Interest Fair value Total Financial assets - AC 4,089 n/a 4,089 Financial liabilities - FLAC (17,650) n/a (17,650) Financial assets and liabilities - FVTPL n/a (1,669) (1,669) Total (13,561) (1,669) (15,230) The total interest income for financial assets that are not measured at FVTPL is €9,499 thousand as of the year ended December 31, 2023 (2022: €4,089 thousand). The total interest expense for financial liabilities that are not measured at FVTPL is €9,988 thousand as of the year ended December 31, 2023 (2022: €17,650 thousand). Financial Instrument Risk Management Objectives and Policies Due to its international operational businesses, SCHMID is exposed to market risk (especially foreign currency risk) and credit risk. In the area of financing, liquidity risks and interest rate risks play a major role. SCHMID’s senior management oversees the management of these risks. In prior years no formalized risk management system existed, but financial risks as far as identified were handled case-by-case. In connection with the US DE-SPAC SCHMID is currently implementing a standardized risk management process. Equity price risk is considered insignificant for SCHMID. Credit Risk Credit risk is the risk that SCHMID might incur a financial loss as a consequence of the non-payment or partial payment of outstanding receivables by counterparties and from replacement risks for open transactions. SCHMID is exposed to credit risks associated with its operating activities, the loan granted to one of its shareholders, trade receivables as well as cash and cash equivalents. SCHMID applies appropriate measures to manage credit risks inherent to its trade receivables. SCHMID requests customer ratings from well-known rating agencies and responds to higher probabilities of default with modified payment terms. Loss rates are based on actual credit loss experience over the past seven years. These rates are multiplied by scalar factors to reflect differences between economic conditions during the period over which the historical data has been collected, current conditions and SCHMID’s view of economic conditions over the expected lives of the receivables. Until January 1, 2023, to limit the credit risk resulting from its trade receivables, SCHMID has entered into a credit risk insurance that covered all trade receivables besides a small deductible. For the resulting credit risk of the insurance company SCHMID applied the credit default swap spread to the insured trade receivables amount. For the remaining credit risk of the uninsured part of the trade receivables a probability of default for the industry is applied to the exposure and multiplied with the loss given default. The allowances for ECL determined for the different classes of financial assets developed as follows: Trade receivables Shareholder and - not credit Trade receivables other loans - in € thousand impaired - credit impaired credit impaired Opening Balance 01/01/2022 (8) 1,952 (4,394) Additions (11) — — Utilization — 1,148 — Reversal — 153 2,949 Closing Balance 31/12/2022 (19) 652 (1,445) Additions (118) (198) — Utilization — (11,425) — Reversal — 11,706 1,445 Closing Balance 31/12/2023 (137) (569) — With regards to cash and cash equivalents SCHMID allocates the credit risk by using several banks. Furthermore, it is SCHMID policy to hold cash and cash equivalents only with financial institutions that have at least an investment grade rating. SCHMID regularly monitors its cash and cash equivalents and takes corrective actions should it identify any possible changes in creditworthiness of these financial institutions. Therefore and due to its short-term character, no significant credit risk arises from cash and cash equivalents, and no ECL allowance has been recorded for 2023 and 2022 respectively. The following tables provide information about the gross carrying amounts by credit-risk rating classes for the several types of financial assets that are not measured at FVTPL and therefore generally subject to the impairment regulations of IFRS 9. Gross Carrying Amounts by Rating Class 12/31/2023 in € thousand Stage 1 Stage 2 Stage 3 General approach Cash and cash equivalents AAA to BBB (Investment grade) 5,710 — — Receivables from shareholders BBB- to CCC (Below investment grade) — 4,807 — Simplified approach Trade receivables and other receivables Current (not past due) — 27,148 (69) 1-30 days past due — 1,423 (11) 31-60 days past due — 597 (6) 61-90 days past due — 651 (7) More than 90 days past due — 3,039 (45) Total 5,710 37,665 (138) Gross Carrying Amounts by Rating Class 12/31/2022 in € thousand Stage 1 Stage 2 Stage 3 General approach Cash and cash equivalents AAA to BBB (Investment grade) 8,332 — — Receivables from shareholders BBB- to CCC (Below investment grade) — 65,158 — Simplified approach Trade receivables and other receivables insured receivables (90%) — 39,312 — non-insured receivables (10%) — 4,368 — Total 8,332 108,838 — Liquidity Risk Liquidity risk is the risk that a company will encounter difficulty in meeting its obligations associated with its financial liabilities as they fall due. SCHMID is constantly working to ensure that the supply of liquidity is mainly sufficient to settle financial liabilities that are due for payment. Liquidity is evaluated and maintained using forecasts based on fixed planning horizons covering several months and through the cash and cash equivalent balances that are available. During 2023, the majority of financial liabilities has been repaid. For more detail on the financial situation, please refer to the explanation on Going Concern (included in note 2. Basis of Presentation). The following table provides details of the (undiscounted) cash outflows of financial liabilities (including interest payments). 12/31/2023 Cash outflows within Total cash in € thousand ≤ 1 year > 1 ≤ 2 years > 2 ≤ 5 years > 5 years flows Lease liabilities 2,073 1,822 3,372 3,758 11,025 Borrowings (including embedded derivatives) 26,053 26,781 — — 52,835 Loans from banks 1,225 — — — 1,225 Loans from debt funds — — — — — Loans from other third parties — 2,778 — — 2,778 Loans from shareholders 8,102 24,004 — — 32,106 Loans from other related parties 16,726 — — — 16,726 Trade payables and other liabilities 25,899 — — — 25,899 12/31/2022 Cash outflows within Total cash in € thousand ≤ 1 year > 1 ≤ 2 years > 2 ≤ 5 years > 5 years flows Lease liabilities 564 465 446 — 1,476 Borrowings (including embedded derivatives) 111,517 49,914 — — 161,432 Loans from banks 12,221 — — — 12,221 Loans from debt funds 73,262 26,521 — — 99,783 Loans from other third parties 3,702 — — — 3,702 Loans from shareholders 5,000 23,394 — — 28,394 Loans from other related parties 17,332 — — — 17,332 Trade payables and other liabilities 25,400 — — — 25,400 Foreign Currency Risk SCHMID operates globally and is exposed to foreign exchange risk arising from exposure to various currencies in the ordinary course of business. SCHMID’s exposures primarily consist of the Euro (“EUR”), US Dollar (“USD”), Chinese Yen (“CNY”), Hong Kong Dollar (“HKD”), Korean Won (“KRW”) and Canadian Dollar (“CAD”). Foreign exchange risk mainly arises from commercial transactions that resulted in recognized financial assets and liabilities denominated in a currency other than the local functional currency. The following table demonstrates the material net exposures SCHMID entities have due to trade receivables and payables, cash and cash equivalents as well as other financial assets in a currency different their local functional currency. Due to consolidation these exposures would also have an impact to SCHMID’s profit or loss. currency of exposure ("+" = asset / "()" = liability) - in € thousand functional currency entity 12/31/2023 12/31/2022 EUR CNY USD HKD EUR CNY USD HKD EUR 5,010 3,597 — 5,500 4,669 — CNY 27,217 (1,077) (424) 25,519 (1,139) — USD 17 — — (5,030) — — TWD 1,481 (238) — — 1,378 — — — HKD 2,026 (2,209) — — — — KRW (4,276) — — — (1,838) — — — Total 26,464 2,563 2,520 (424) 20,029 5,500 3,530 — The following table demonstrates the impact that a reasonably possible change in each material currency pair would have on SCHMID’s profit or loss before tax. Therefore for each currency exchange rate the foreign currency is shifted against the respective local entity’s functional currency. The resulting impact in local currency is then translated into EUR. in € thousand 12/31/2023 12/31/2022 +10% -10% +10% -10% CNY/EUR 2,019 (2,467) 1,820 (2,224) USD/EUR (325) 398 (882) 1,078 TWD/EUR 135 (165) 130 (159) HKD/EUR 184 (225) KRW/EUR (389) 475 (167) 204 CNY/TWD 22 (26) CNY/HKD 158 (203) USD/CNY 98 (120) 104 (127) Interest Rate Risk Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. Interest rate risks from financial instruments can in general arise in connection with financial liabilities including borrowings under SCHMID existing working capital and equipment financing facilities. Profit or loss is sensitive to higher/ lower interest income/ expense from loans granted and borrowed as a result of changes in interest rates. Considering existing thresholds, a hypothetical reasonable increase or decrease of 100 basis points in interest rates would have the following effect shown in the table on SCHMID financial statements. Impact to P/L in € thousand (income (+)/ expense (-)) 12/31/2023 Change in interest rate +1% (296) Change in interest rate -1% 296 12/31/2022 Change in interest rate +1% (1,164) Change in interest rate -1% 1,162 Capital Management For the purpose of SCHMID’s capital management, capital includes all share capital and other equity reserves attributable to the equity holders. The primary objectives of capital management are to support operating activities and maximize the shareholder value through investment in the development activities of SCHMID. SCHMID’s finance department reviews the total amount of cash of SCHMID on a monthly basis. As part of this review, management considers the total cash and cash equivalents, the cash outflow, currency translation differences and funding activities. The Company is not anymore subject to externally imposed capital requirements as all relevant loans have been repaid during 2023, refer to note 28. Financial Liabilities for further details. No changes were made in the objectives, policies or processes for managing cash during the years ended December 31, 2023 and 2022. Reconciliation of changes in liabilities arising from financing activities Lease In € thousand Loans liabilities Total Balance at January 1, 2023 167,111 1,333 168,444 Cash flow from financing activities (excluding changes from restricted cash) (83,812) (819) (84,631) Proceeds from loans — — — Repayments of loans (81,871) — (81,871) Principal elements of lease payment — (715) (715) Interest paid (1,941) (103) (2,044) Changes in the cash flow from financing activities (35,055) 10,372 (24,683) Foreign currency effects — (77) (77) New leases — 10,347 10,347 Accrued interest (35,024) 102 (34,922) Fair value measurement (32) — (32) Balance at December 31, 2023 48,244 10,886 59,130 Lease In € thousand Loans liabilities Total Balance at January 1, 2022 153,090 1,528 154,618 Cash flow from financing activities (excluding changes from restricted cash) (2,625) (676) (3,301) Proceeds from loans 4,895 — 4,895 Repayments of loans (5,880) — (5,880) Principal elements of lease payment — (609) (609) Interest paid (1,640) (68) (1,708) Changes in the cash flow from financing activities 16,645 482 17,127 Foreign currency effects — (19) (19) New leases — 433 433 Accrued interest 14,609 68 14,677 Fair value measurement 2,036 — 2,036 Balance at December 31, 2022 167,111 1,333 168,444 |
EQUITY-ACCOUNTED INVESTEES
EQUITY-ACCOUNTED INVESTEES | 12 Months Ended |
Dec. 31, 2023 | |
EQUITY-ACCOUNTED INVESTEES | |
EQUITY-ACCOUNTED INVESTEES | 33. Set out below are the investments of SCHMID classified as joint ventures as at December 31, 2023 and 2022. The entities listed below have share capital consisting solely of ordinary shares, which are held directly by SCHMID. The proportion of ownership interest is the same as the proportion of voting rights held. All the entities are private, no quoted prices are available. % of ownership interest Carrying amount (in € thousand) Name of the entity Country of incorporation 12/31/2023 12/31/2022 12/31/2023 12/31/2022 Advanced Energy Storage Systems Investment Company (AES) Kingdom of Saudi Arabia 51 % 51 % — — SCHMID AVACO Korea Co. Ltd. (SAK) South Korea 50 % 50 % — — Total equity-accounted investments — — The two entities are joint ventures and both are accounted for applying the equity method. (1) Advanced Energy Storage Systems Investment Company (AES), Saudi Arabia is a joint venture of Nusaned Investment (an investment company owned by SABIC) and SCHMID manufacturing and focuses on technology development in the field of vanadium redox flow batteries (VRFB). (2) SCHMID AVACO Korea Co. Ltd. (SAK), South Korea is a company that specializes in the manufacture of electrical and electronic components. The company produces a wide range of products such as printed circuit boards, connectors, and wiring harness systems for various industries including automotive, electronics, telecommunications, and medical technology. The following tables provide financial information on the joint venture Advanced Energy Storage Systems Investment Company (AES) which is material to SCHMID. The information disclosed reflects the amounts presented in the financial statements of the joint venture and not SCHMID’s share of those amounts. in € thousand 12/31/2023 12/31/2022 % ownership interest 51.3 % 51.3 % Current Assets Cash and cash equivalents 16 1,144 Other current assets 22 342 Total current assets 38 1,486 Non-current assets 3,871 6,134 Current liabilities Current financial liabilities 2,935 2,015 Other current liabilities 216 4,214 Total current liabilities 3,151 6,229 Non-current liabilities Non-current financial liabilities — 9,177 Other non-current liabilities 3,894 957 Total non-current liabilities 3,894 10,134 Net assets (100%) (3,136) (8,742) Book value — — in € thousand 2023 2022 % ownership interest 51.3 % 51.3 % Revenue — — Interest income — — Administration expense (221) — R&D and Other expense (351) — Depreciation and amortization (561) (1,106) Interest expense — (292) Tax income 61 236 Loss from continuing operations (1,025) (3,750) Other comprehensive income — 181 Total comprehensive loss (1,025) (3,932) Dividends received — — |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended |
Dec. 31, 2023 | |
COMMITMENTS AND CONTINGENCIES | |
COMMITMENTS AND CONTINGENCIES | 34. As of December 31, 2023, the Company has commitments of €62 thousand (December 31, 2022: €1,086 thousand) to acquire items of property, plant & equipment. |
RELATED PARTY DISCLOSURES
RELATED PARTY DISCLOSURES | 12 Months Ended |
Dec. 31, 2023 | |
RELATED PARTY DISCLOSURES | |
RELATED PARTY DISCLOSURES | 35. SCHMID is jointly controlled by Christian Schmid and Anette Schmid via direct shareholding and a community of heirs. Christian Schmid is also the CEO of the Company. For further information on the sale and leaseback contract, signed in December 2023 with Schmid Grundstücke GmbH Co. KG, an entity controlled by Mrs. Schmid, for production facility and office buildings in Freudenstadt, refer to note 20. Leases. Transactions with Key Management Key management personnel are defined as those persons who are responsible for SCHMID´s worldwide operating business, based on their function within SCHMID or the interests of SCHMID. The following individuals belong or belonged to SCHMID´s key management: Name Function Member of key management since/until Markus Fröhlich CRO since summer 2021 Julia Natterer CFO since December 2021 Laurent Nicolet Executive Asia Region since May 2006 Helmut Rauch COO since August 1994 Ulrich Wein Vice president Finance until January 2022 The annual remuneration and related compensation costs recognized as expense during the reporting period only includes short-term employee benefits and amounts to €1,562 thousand in 2023 (2022: €1,262 thousand, 2021: €1,332 thousand). Short-term benefits include salaries, bonus, and other benefits such as medical, death and disability coverage, Company car and other usual facilities as applicable. The outstanding balances also include the liability in connection with the defined benefit obligation. Transactions with related parties In addition to the entities included in the combined financial statements (see note 2. Basis of Presentation), SCHMID maintains relationships with other related parties. Related parties comprise the following entities (not individuals): Company Relationship Schmid Grundstücke GmbH & Co. KG Jointly controlled by shareholders Schmid Verwaltungs GmbH, Freudenstadt Controlled by one shareholder Schmid Silicon Technology Holding GmbH , Freudenstadt Controlled by one shareholder (until June 2023) Schmid Silicon Technology GmbH, Freudenstadt Controlled by one shareholder (until June 2023) SILIQN GmbH, Freudenstadt Controlled by one shareholder Schmid Polysilicon Production GmbH, Spreetal Controlled by one shareholder Schmid Energy Systems GmbH, Freudenstadt Entity of Joint venture Advanced Energy Storage Systems Investment Company, Saudi Arabia Joint venture SCHMID Avaco Korea, Co. Ltd., Korea Joint venture The following transactions are proceeded with related parties. in € thousand 2023 2022 2021 Interest income on loans granted to Shareholder 1,077 526 159 Interest expense on loans received from Key management personnel 12 88 88 Other related parties 558 409 400 Shareholder 737 165 53 Purchases of goods or services Joint ventures 3 2,511 20 Other related parties 236 663 618 Sale of goods or services Joint ventures 427 505 817 Other related parties 11,801 592 797 Salary and Bonus Shareholder 1,149 988 910 Key management personnel 1,562 1,262 1,332 in € thousand 12/31/2023 12/31/2022 Outstanding balances - Liabilities Shareholder 24,102 24,064 Key management personnel 280 2,528 Joint ventures 358 358 Other related parties 25,359 15,345 in € thousand 12/31/2023 12/31/2022 Outstanding balances - Receivables Shareholder 107 67,926 Joint ventures 2,655 951 Other related parties 221 23,062 The significant increase in Sale of goods or services as well as in Outstanding balances - Liabilities in 2023 are mainly due to the sale and leaseback transaction (for further information please refer to 20. Leases) |
EVENTS AFTER THE REPORTING PERI
EVENTS AFTER THE REPORTING PERIOD | 12 Months Ended |
Dec. 31, 2023 | |
EVENTS AFTER THE REPORTING PERIOD | |
EVENTS AFTER THE REPORTING PERIOD | 36. Business combination Saudi Arabia In October 2023, the shareholders, Nusaned Investment (an investment company owned by SABIC) and SCHMID, mutually agreed to terminate the joint venture Advanced Energy Storage Systems Investment Company (Saudi Arabia) via share exchange. After closing of the transaction on January 1 2024, SCHMID owns 100% of the shares of Schmid Energy Systems GmbH (SES), the only subsidiary owned by the joint venture entity. SCHMID transferred its shares in AES to SABIC and in exchange AES transferred its shares in SES to SCHMID. The transaction falls under the scope of IFRS 3. As SCHMID obtains control over SES through an increase in it´s equity shareholdings in SES the transaction is treated as as step acquisition in accordance with IFRS 3.41. As the closing of the transaction occurred only recently, the Company has not yet completed the evaluation of the final consideration transferred and performed the detailed purchase price allocation analysis necessary to derive the required estimates of the fair value of the acquired assets and liabilities assumed. Signing of the XJ repurchase agreement SCHMID concluded an agreement with XJ Harbour HK Limited to exchange XJ Harbour HK Limited’s minority interest in SCHMID’s Chinese subsidiary for TopCo shares and €30 million in cash payments over a 455 day period after the closing of the Business Combination. The first €10 million payment will come due at the closing of the Business Combination. Closing Business Combination SCHMID Group and Pegasus Digital Mobility Acquisition Corp. announced the completion of their business combination. As a result, starting April 30, 2024 the existing company’s legal name is SCHMID Group N.V. SCHMID Group N.V. shares started trading on the Nasdaq Global Select Market under the ticker symbol “SHMD”. SCHMID signed non-redemption and investment agreement for approximately USD 26 million in committed capital with the business combination (before costs). |
MATERIAL ACCOUNTING POLICIES (P
MATERIAL ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
MATERIAL ACCOUNTING POLICIES | |
Business combination | Business combination The acquisition method of accounting is used to account for all business combinations, regardless of whether equity instruments or other assets are acquired. The consideration transferred for the acquisition of a subsidiary comprises the: ● fair values of the assets transferred ● liabilities incurred to the former owners of the acquired business ● equity interests issued by the group, and ● fair value of any asset or liability resulting from a contingent consideration arrangement, Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are, with limited exceptions, measured initially at their fair values at the acquisition date. The Company recognises any non-controlling interest in the acquired entity on an acquisition-by-acquisition basis either at fair value or at the non-controlling interest’s proportionate share of the acquired entity’s net identifiable assets. Acquisition-related costs are expensed as incurred. The excess of the: ● consideration transferred ● amount of any non-controlling interest in the acquired entity, and ● acquisition-date fair value of any previous equity interest in the acquired entity over the fair value of the net identifiable assets acquired is recorded as goodwill. If those amounts are less than the fair value of the net identifiable assets of the business acquired, the difference is recognised directly in profit or loss as a bargain purchase. If the business combination is achieved in stages, the acquisition date carrying value of the acquirer’s previously held equity interest in the acquiree is remeasured to fair value at the acquisition date. Any gains or losses arising from such remeasurement are recognised in profit or loss. |
Intangible assets | Intangible assets General Intangible assets are measured at cost upon initial recognition. In subsequent periods, intangible assets are recognized at cost less any accumulated amortization and impairment losses. Intangible assets with finite useful lives are amortized on a straight-line basis. The estimated (remaining) useful lives as well as the amortization method are subject to annual reviews. If necessary, adjustments due to changes of the expected useful life or of the amortization method are accounted for prospectively as changes in accounting estimates. Amortization expenses for intangible assets are included in cost of sales. Research and development (R&D) costs In accordance with IAS 38 (Intangible Assets), expenses incurred during the R&D phase must be accounted for separately. Research is defined as original and planned investigation undertaken with the prospect of gaining new scientific or technical knowledge and understanding. Such costs are expensed in the period incurred. Development is defined as the technical and commercial implementation of research findings. In accordance with IAS 38, development costs must be capitalized if the criteria set out in IAS 38.57 are fulfilled. The Company starts to capitalize costs when management board approval is obtained. The approval is only provided when it is ensured that adequate technical, financial and other resources are available to complete the project and that the Company intends to complete and use the intangible asset. Furthermore, prior to approval, the development project leader provides the management board with an overview of the future economic benefits based on external market studies and internal analysis, as well as the documentation of technical feasibility. The Company has an R&D controlling system in place which enables management to determine expenditures attributable to specific technologies during their development. The Company capitalizes costs for the development of a technology until the time that development of such technology is completed. The capitalized development costs are amortized on a straight-line basis over the economic useful life of 4–10 years based on the expected useful life of such technology. Amortization of capitalized development costs commences upon completion of the development project (technology). Intangible assets with indefinite useful lives or intangible assets not yet available for use are not amortized; however, they are tested for impairment annually and whenever there is an indication that the intangible asset may be impaired based on the individual asset or on the level of the related cash-generating unit. Patents and licenses Intangible assets acquired separately are measured on initial recognition at cost. Following initial recognition, intangible assets are carried at cost less any accumulated straight-line amortization and accumulated impairment losses. The useful life for patents and licenses is 5–8 years. |
Borrowing costs | Borrowing costs General and specific borrowing costs that are directly attributable to the acquisition, construction or production of a qualifying asset are capitalized during the period of time that is required to complete and prepare the asset for its intended use or sale. Qualifying assets are assets that necessarily take a substantial period of time (> 12 months) to get ready for their intended use or sale. Other borrowing costs are expensed in the period in which they are incurred. |
Impairment tests | Impairment tests At the end of each reporting period, SCHMID assesses whether there is an indication that an asset may be impaired. If any indication exists, or when annual impairment testing for an asset is required, SCHMID estimates the asset’s recoverable amount. The recoverable amount is determined for an individual asset, unless the asset does not generate cash inflows that are largely independent of those from other assets or groups of assets. An asset’s recoverable amount is the higher of an asset’s or cash generating unit (“CGU”)’s fair value less costs of disposal and its value in use. When the carrying amount of an asset or CGU exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable amount. 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. In determining fair value less costs of disposal, recent market transactions are taken into account. If no such transactions can be identified, an appropriate valuation model is used. |
Property, Plant and Equipment | Property, Plant and Equipment Property, plant and equipment are measured at cost, net of accumulated depreciation and any accumulated impairment losses. Costs of construction capitalized include all attributable direct costs including material and production overheads , Subsequent expenditures on assets are capitalized only when it is probable that future economic benefits associated with the expenditure will flow to SCHMID. Repairs and maintenance are expensed in profit or loss in the period the costs are incurred. If items of property, plant and equipment are sold or disposed of, the gain or loss arising from the disposal is recognized as other operating income or expense in the combined statement of profit or loss and other comprehensive income (loss). Depreciation is calculated on a straight-line basis based on the following useful lives: Useful life Buildings and building improvements 10 - 50 years Technical equipment and machinery 2 - 21 years Office and other equipment 3 - 13 years The residual values, useful lives and methods of depreciation of property, plant and equipment are reviewed at each financial year end and adjusted prospectively, if appropriate. |
Leases | Leases SCHMID’s lease obligations primarily relate to rights to buildings mainly for its office, R&D and production premises as well as to leased vehicles. As lease contracts are negotiated on an individual basis, lease terms contain a range of different terms and conditions. Lease contracts are typically entered for a period of 1–10 years. As a lessee, at the inception of a contract, SCHMID assesses whether the contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period in exchange for consideration. SCHMID recognizes right of use assets which represent a right to use the underlying leased assets and corresponding lease liabilities which represent the present value of future lease payments, excluding short-term leases (lease term of 12 months or less from commencement date and do not contain a purchase options) and leases of low value assets acquisition costs less than €6 thousand), in the combined statement of financial position at the date at which the leased asset is available for use. Liabilities arising from a lease are initially measured at present value of lease payments discounted using interest rate implicit in the lease or incremental borrowing rate in case interest rate implicit in the lease is not readily determinable. Main components of the lease payments included in the measurement of the lease liability comprise the following: ● fixed lease payments; ● variable lease payments that depend on an index or rate, initially measured using the index or rate as at the commencement date; ● lease payments in an optional renewal period if SCHMID is reasonably certain to exercise an extension option; ● non-lease components are not separated from lease components but accounted for as a single lease components. Lease payments contain principal elements and interest. Interest is presented as part of finance costs in the combined statements of profit and loss and other comprehensive income using the effective interest method. Principal and interest portion of lease payments have been presented within financing activities in the statement of cash flow. The carrying amount of lease liabilities is remeasured if there is change in the future lease payments due to change in index or rate. Right of use assets at the lease commencement date are measured at cost less any accumulated depreciation and impairment losses and adjusted for any remeasurement of lease liabilities recognized. Cost of right of use assets includes lease liabilities, initial direct costs, prepayments made on or before the commencement date and less any lease incentives received. The right of use asset is subsequently depreciated using the straight-line method from the commencement date to the end of the lease term, unless the lease transfers ownership of the underlying asset to SCHMID by the end of the lease term or the cost of the right of use asset reflects that SCHMID will exercise a purchase option. In that case the right of use asset will be depreciated over the useful life of the underlying asset, which is determined on the same basis as those of property and equipment. The right of use asset is assessed for impairment in case of a triggering event. Assets related to retirement obligations for leased buildings are included in the cost of right of use assets for the respective underlying building lease. If SCHMID acts as a lessor and the contract is classified as a finance lease, it is accounted for as a financing transaction. A receivable is valued at the amount of the net investment in the lease and the resulting interest income is recognized as income. The classification of a contract as an operating lease with SCHMID acting as the lessor means that the asset remains on SCHMID`s balance sheet. The income from it is recognized in the income statement over the term of the lease. The asset is amortized in accordance with the applicable IFRS standard, if necessary. |
Sale and Leaseback Transaction | Sale and Leaseback Transaction When SCHMID sells its assets and leases them back, it needs to be determined whether the sales part of the transaction qualifies as a true sale according to IFRS 15. If the transfer of an asset does not meet the requirements of IFRS 15 to be recognized as a sale, the asset remains on the balance sheet, and a financial liability is recognized equal to the transfer proceeds in accordance with IFRS 9. In the case of a qualified sale, SCHMID measures the right of use asset arising from the leaseback at the proportion of the previous carrying amount of the asset that relates to the right of use retained. Consequently, SCHMID only recognizes any gain or loss that pertains to the rights transferred to the buyer-lessor. If the amount received for selling an asset is not the same as the value of the asset, or if the lease payments are not in line with market rates, SCHMID will make adjustments to ensure that the sale proceeds are measured at a fair value. If the lease terms are below market rates, the difference will be treated as a prepayment of future lease payments. Conversely, if the lease terms are above market rates, the excess amount will be considered as additional financing provided by the buyer-lessor to the seller-lessee (IFRS 16.101). |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents in the statement of financial position and statement of cash flows comprise cash at banks and short-term highly liquid deposits with original maturities of three months or less, that are readily convertible to a known amount of cash and subject to an insignificant risk of changes in value. |
Financial Instruments | Financial Instruments Financial instruments are contracts that give rise to a financial asset for one entity and to a financial liability or equity instrument for another entity. SCHMID recognizes a financial instrument when it becomes a party to its contractual provisions. Purchases or sales of financial assets that require delivery of assets within a time frame established by regulation or convention in the marketplace (regular way trades) are recognized on the settlement date. Financial assets and financial liabilities are offset, and the net amount is reported in the combined statement of financial position if there is a currently enforceable legal right to set off the recognized amounts and there is an intention to settle on a net basis or to realize the assets and settle the liabilities simultaneously. SCHMID currently has no such assets and liabilities. Financial assets SCHMID’s financial assets include cash and cash equivalents, trade and other receivables as well as other financial assets. Other financial assets consist of a loan to one shareholder and other loans. Financial assets are initially measured at fair value plus, in the case of a financial asset not measured at fair value through profit or loss, transaction costs. As an exception of this general rule, trade receivables are measured at their transaction price. Financial assets are classified at initial recognition as either measured at amortized cost (“AC”), fair value through other comprehensive income (“FVOCI”), or fair value through profit or loss (“FVTPL”) depending on the contractual cash flows and SCHMID’s business model for managing them. For all financial assets SCHMID has the objective to hold financial assets in order to collect the contractual cash flows. If the contractual terms of the financial assets give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding, SCHMID will measure these financial assets at amortized cost under consideration of impairment (see following section). If the contractually agreed cash flows of a financial asset are not solely payments of principal and interest on principal amount outstanding, the respective financial asset has to be classified as measured at FVTPL. Currently all financial assets are measured at amortized cost that are determined by applying the effective interest rate (EIR) method. Effects resulting from impairment of financial assets that are not classified as FVTPL (including reversals of impairment losses on financial assets) are presented in a separate line item in profit or loss in accordance with IAS 1.82(ba), while changes in amortized cost due to the application of the EIR method are presented in finance income / expense. A financial asset is derecognized (i.e., removed from SCHMID’s combined statement of financial position) when the rights to receive cash flows from the financial asset have expired or have been transferred and SCHMID has transferred substantially all risks and rewards of ownership. Impairment of financial assets – expected credit losses (“ECLs”) All financial assets subsequently measured at amortized cost are required to be impaired at initial recognition in the amount of their expected credit loss (“ECL”). ECLs are based on the difference between the cash flows due in accordance with the contract and all the cash flows that SCHMID expects to receive. ECLs are a probability-weighted estimate of credit losses. For trade receivables with no significant financing component SCHMID applies the simplified approach as required by IFRS 9, which requires lifetime ECLs to be recognized from initial recognition of the receivables instead of monitoring the development of the customers’ credit risk. As a result, trade receivables are clustered into stage 2. In case of objective evidence of impairment, trade receivables have to be clustered into stage 3. The ECL for the uninsured proportion of the trade receivables is based on the probability of default of its customers provided by an external source. For cash and cash equivalents advantage is taken of the simplification available for financial instruments with a low credit risk (“low credit risk exemption”) as of the reporting date. Factors that can contribute to a low credit risk assessment are debtor-specific rating information and related outlooks. The requirement for classification with a low credit risk is regarded to be fulfilled for counterparties that have at least an investment grade rating; in this case there is no need to monitor credit risks for financial instruments with a low credit risk. The default probabilities applied to determine the expected credit losses for cash and cash equivalents are based on credit default swap spreads that are quoted on markets, which take future-oriented macroeconomic data into account. For the other financial assets, primarily the loan granted to one of SCHMID’s shareholder, the low credit risk exemption is not applied. Instead, it was considered credit-impaired as there was no repayment. The loan was repaid during 2023. For the determination of the ECL allowance the term-specific rating-based probability of default rates and historical recovery rates were applied. In general, SCHMID defines a default event as a situation in which the debt is no longer recoverable. If the financial instrument is perceived to be unrecoverable, then the expectation is that future contractual cash flows will not occur. At this point in time, the balance is written off after giving consideration to any possible security that is available. Financial liabilities SCHMID’s financial liabilities include trade payables and other liabilities, lease liabilities (see note 20. Leases), a share option and borrowings. Borrowings consist of loans from financial institutions and other third parties, debt funds and related parties (including bifurcated embedded derivatives). Financial liabilities are classified as measured at amortized cost ("FLAC") or fair value through profit or loss (“FVTPL”). All financial liabilities are recognized initially at fair value less, in the case of a financial liability not measured at FVTPL, directly attributable transaction costs. Financial liabilities at FVTPL are measured at fair value and gains and losses are recognized in finance income / expense. Currently, SCHMID only accounts for a share option as well as separated embedded derivatives of loans as a financial liability at FVTPL. All other financial liabilities are subsequently measured at amortized cost using the Effective Interest (“EIR”) method. When applying the EIR method, SCHMID generally amortizes any fees, transaction costs and other premiums or discounts that are included in the calculation of the effective interest rate over the expected life of the financial instrument. Gains and losses are recognized in interest expense when the liabilities are derecognized as well as through the EIR amortization process. If SCHMID revises its estimates of the cash flows used for the initial EIR method of a financial liability, the carrying amount of the financial liability is being adjusted to reflect that fact. An embedded derivative in a hybrid contract, with a financial liability or non-financial host, is separated from the host and accounted for as a separate derivative if: the economic characteristics and risks are not closely related to the host; a separate instrument with the same terms as the embedded derivative would meet the definition of a derivative; and the hybrid contract is not measured at fair value through profit or loss. The assessment whether to separate an embedded derivative is done only once at initial recognition of the hybrid contract. Reassessment only occurs if there is a change in the terms of the contract that significantly modifies the cash flows. If there are multiple embedded derivatives in a single hybrid contract that share the same risk exposure and are interdependent, they have to be treated as a combined embedded derivative. The (combined) embedded derivative is measured at fair value with changes in fair value recognized in profit or loss. The remaining host contract is measured at amortized cost. A financial liability is derecognized when the obligation under the liability is discharged or cancelled or expires. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as the derecognition of the original liability and the recognition of a new liability. The resulting gain or loss is recognized in the Combined Statements of Profit or Loss and Other Comprehensive Income (Loss). |
Income Taxes | Income Taxes Current income taxes Current income tax assets and liabilities are measured at the amount expected to be recovered from or paid to the taxation authorities. This includes liabilities and/or receivables for the current period as well as for prior periods. The tax rates and tax laws used to compute the amount are those that are enacted or substantively enacted at the reporting date in the countries where the reporting entity SCHMID operates and generates taxable income. Management periodically evaluates positions taken in the tax returns with respect to situations in which applicable tax regulations are subject to interpretation and establishes provisions where appropriate. Deferred taxes SCHMID uses the liability method of accounting for income taxes. Deferred income tax assets and liabilities represent temporary differences between the carrying amounts of assets and liabilities in the combined financial statements and their corresponding tax basis used in the computation of taxable income. Deferred tax however is not recognized on the initial recognition of goodwill, or the initial recognition of an asset or liability (other than in a business combination) in a transaction that affects neither tax nor accounting income. Deferred tax assets are recognized for all deductible temporary differences, carry forward of unused tax credits and any unused tax losses to the extent it is probable that taxable profit will be available against which the deductible temporary differences, the carry forward of unused tax credits and the unused tax losses can be utilized. Deferred tax liabilities are recognized for all taxable temporary differences associated with investments in entities and associates, except where SCHMID is able to control the reversal of the temporary differences and it is probable that the temporary difference will not reverse in the foreseeable future. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the year in which the asset is realized, or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted at the reporting date. Deferred tax liabilities and assets 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 SCHMID intends to settle its current tax assets and liabilities on a net basis. Current and deferred tax items are recognized similar to the underlying transaction either in profit or loss, other comprehensive income or directly in equity. Changes in deferred tax assets or liabilities are recognized as a component of tax expense (income) in the combined statement of profit or loss, except where they relate to items that are recognized in other comprehensive income or directly in equity, in which case the related deferred tax is also recognized in other comprehensive income or equity, respectively. Deferred tax assets and deferred tax liabilities are not discounted and are always classified as non-current asset or liabilities in the balance-sheet. SCHMID’s business activities are complex, and the related domestic and foreign tax interpretations, regulations, laws and case law are constantly changing. These issues can lead to uncertain tax positions. In accordance with IFRIC 23, uncertain tax positions are accounted for if it is probable that the tax authorities will not accept the income tax treatment applied. The better forecast of the "most likely amount" and the "expected value" has to be recognized. |
Provisions | Provisions Provisions are recognized when SCHMID has a present obligation (legal or constructive) as a result of a past event, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. |
Fair Values of Assets and Liabilities | Fair Values of Assets and Liabilities Fair value is a market-based measurement. For some assets and liabilities, observable market transactions or market information is available. For other assets and liabilities, observable market transactions or market information might not be available. When a price for an identical asset or liability is not observable, another valuation technique is used. To increase consistency and comparability in fair value measurements, there are three levels of the fair value hierarchy: ● Level 1: contains the use of unadjusted quoted prices in active markets for identical assets or liabilities ● Level 2: inputs are other than quoted prices included within Level 1 that are observable for the asset or liability either directly or indirectly ● Level 3: inputs are based on unobservable market data If the inputs used to measure the fair value of an asset or a liability fall into different levels of the fair value hierarchy, then the fair value measurement is categorized in its entirety in the same level of the fair value hierarchy as the lowest level input that is significant to the entire measurement. SCHMID recognizes transfers between levels of the fair value hierarchy at the end of the reporting period during which the change has occurred. |
Pension benefits | Pension benefits SCHMID operates one defined benefit pension plan relating to one person. The cost of providing benefits under the defined benefit plan is determined using the projected unit credit method. The defined benefit obligation is recognized within non-current provisions for pensions. Remeasurements, comprising of actuarial gains and losses, are recognized immediately in the statement of financial position with a corresponding debit or credit in Other comprehensive income ("OCI") in the period in which they occur. Remeasurements are not reclassified to profit or loss in subsequent periods. Net interest is calculated by applying the discount rate to the net defined benefit liability. SCHMID recognizes the changes in the net defined benefit obligation under OCI. |
Revenue Recognition | Revenue Recognition The Company records revenue in accordance with IFRS 15 “Revenue from Contracts with Customers". The core principle of the guidance requires that an entity recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the Company expects to be entitled in exchange for those goods or services. This guidance defines a five-step process to achieve this core principle and, in doing so, judgment and estimates are required within the revenue recognition process including identifying performance obligations in the contract, estimating the amount of variable consideration to include in the transaction price and allocating the transaction price to each separate performance obligation. Revenue amounts are presented net of discounts. Revenue from sales of machines and spare parts is recognized when the customer obtains control over the products sold upon delivery. Sales of machines sometimes include installation services and extended warranty services which, when requested, are priced as a bundle. However, when sold together, these promises qualify as separate performance obligations as they are capable of being distinct and distinct within the context of the contract. The Company allocates transaction prices to these performance obligations based on their relative standalone selling price using a cost-plus margin approach. The respective revenue is recognized after the installation is complete, which is usually after a period of two three The Company offers repair services, inspections and installations of modifications (“Services”), which are optional for customers and priced separately. When these promises are included in a contract with others, the Company considers these to be distinct performance obligations and allocates transaction prices based on their relative standalone selling price. Service revenue is recognized after the Company has satisfied the performance obligation by transferring the promised service to the customer which is usually not more than a period of two three Certain of the Company’s contracts include the provision of development services over an extended period of up to three years (long-term development contracts). The Company develops machinery according to specific requirements provided by the Customer in exchange for nonrefundable consideration provided at fixed points throughout the contract and additional consideration based on the achievement of milestones. In case of these long-term development contracts, revenue is recognized over time as these contracts meet the criteria of IFRS 15.35. Revenue resulting from fixed payments that the Company receives — which is not connected to certainly defined results — is recognized on a straight-line basis over the term of the contract as the Company efforts and inputs needed are expected to be relatively consistent overtime. Moreover, the Company receives variable consideration at the completion of certain milestones. Due to the high degree of uncertainty with respect to such payments, these are not included in the transaction price recognized overtime and instead are recorded as revenue upon completion of the relevant milestone. If the advance payments invoiced/received exceed the services already provided, the overpayment will be recognized and disclosed under contract liabilities. A contract asset is recognized if the services rendered exceed the advance payments invoiced/received. If the right to consideration is unconditional, a contract asset becomes a trade receivable. This is the case if the due date of the consideration is only dependent on the passage of time. Impairment of contract assets is measured, recognized and disclosed on the same basis as for financial assets within the scope of IFRS 9. SCHMID applies industry-standard payment terms when invoicing. |
Inventories | Inventories SCHMID capitalizes and measures existing inventory at the lower of cost or net realizable value. The average cost method is used as the measurement standard for acquisition and production costs. The production costs include not only the direct unit costs but also an appropriate share of material and production overheads. Where necessary, impairments to reflect lower net realizable values as well as other inventory risks are recorded. An impairment loss is reversed, if the reasons for the write-down in the past no longer exist. |
Government Grants | Government Grants The Company has received various government grants related to innovation projects encouraged by governmental authorities which generally reimburse a specified amount or proportion of the costs related to such projects. As these grants are not received in the course of the normal trading transactions, these grants are treated as government grants in accordance with IAS 20. Government grants related to assets are recognized on the date on which the conditions for receipt of the grant are met and are deducted from the carrying amount of the asset; they are recognized in profit or loss over the life of a depreciable asset as a reduced depreciation expense. Government grants related to costs incurred by SCHMID are recognized in profit or loss as other operating income in the period in which the Company recognizes as expenses the related costs to be compensated by the grants. |
Joint Arrangements | Joint Arrangements Under IFRS 11 Joint Arrangements investments in joint arrangements are classified as either joint operations or joint ventures. The classification depends on the contractual rights and obligations of each investor, rather than the legal structure of the joint arrangement. SCHMID only has investments in joint ventures. These are accounted for using the equity method, after initially being recognized at cost in the combined balance sheet. Under the equity method of accounting, the investments are initially recognized at cost and adjusted thereafter to recognize SCHMID’s share of the post-acquisition profits or losses of the investee in profit or loss, and SCHMID’s share of movements in other comprehensive income of the investee in other comprehensive income. Where SCHMID’s share of losses in an equity-accounted investment equals or exceeds its interest in the entity, including any other unsecured long-term receivables, SCHMID does not recognize further losses, unless it has incurred obligations or made payments on behalf of the other entity. Unrealized gains on transactions between SCHMID and its associates and joint ventures are eliminated to the extent of SCHMID’s interest in these entities. Unrealized losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. Accounting policies of equity-accounted investees have been changed where necessary to ensure consistency with the policies adopted by SCHMID. The carrying amount of equity-accounted investments are tested for impairment in accordance with the policy described above. |
New and amended standards adopted by SCHMID | New and amended standards adopted by SCHMID The Company has applied the following standards and amendments for the first time for its annual reporting period commencing 1 January 2023: ● IFRS 17 Insurance Contracts ● Definition of Accounting Estimates – amendments to IAS 8 ● International Tax Reform – Pillar Two Model Rules – amendments to IAS 12 ● Deferred Tax related to Assets and Liabilities arising from a Single Transaction – amendments to IAS 12 ● Disclosure of Accounting Policies – Amendments to IAS 1 and IFRS Practice Statement 2 The amendments listed above did not have any impact on the amounts recognised in prior periods and are not expected to significantly affect the current or future periods. |
New Standards and Interpretations not yet adopted by SCHMID | New Standards and Interpretations not yet adopted by SCHMID A number of new standards and amendments to standards and interpretations are effective for annual periods beginning on or after January 1, 2023 and have not been applied in preparing these combined financial statements. None of these standards are expected to have a significant effect on the combined financial statements of SCHMID. Standard Effective date Amendment to IFRS 16 – Leases on sale and leaseback 1/1/2024 Amendments to IAS 1: - Classification of liabilities as current or non-current - Non-current liabilities with covenants 1/1/2024 Amendment to IAS 7 and IFRS 7 – Supplier finance 1/1/2024 Amendment to IAS 21 – Lack of Exchangeability 1/1/2025 |
BASIS OF PREPARATION (Tables)
BASIS OF PREPARATION (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
BASIS OF PREPARATION | |
Schedule of legal entities which comprise combined financial statements and certain investments in joint ventures accounted for using equity method | Country of Ownership Interest Name incorporation 12/31/2023 12/31/2022 Gebr. Schmid GmbH Germany 100 % 100 % SCHMID Systems, Inc. USA 100 % 100 % SCHMID Singapore Pte. Ltd. Singapore 90 % 90 % SCHMID Korea Co., Ltd South Korea 100 % 100 % SCHMID Asia Ltd. Hong Kong 100 % 100 % SCHMID Technology Guangdong Co., Ltd. China 76 % 76 % SCHMID China Ltd. Hong Kong 100 % 100 % SCHMID Shenzhen Ltd. China 100 % 100 % SCHMID (Kunshan) Co., Ltd. China 100 % 100 % SCHMID Taiwan Ltd. Taiwan 86 % 86 % SCHMID Automation (Zhuhai) Co., Ltd. China 100 % 100 % SCHMID Solar (Shenzhen) Ltd. China 100 % 100 % SCHMID Trading (Zhongshan) Co. Ltd. China 100 % — % Joint ventures Advanced Energy Storage Systems Investment Company Saudi Arabia 51 % 51 % SCHMID Avaco Korea, Co. Ltd. South Korea 50 % 50 % |
MATERIAL ACCOUNTING POLICIES (T
MATERIAL ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
MATERIAL ACCOUNTING POLICIES | |
Schedule of useful lives of property, plant and equipment | Useful life Buildings and building improvements 10 - 50 years Technical equipment and machinery 2 - 21 years Office and other equipment 3 - 13 years |
SIGNIFICANT EVENTS IN THE PER_2
SIGNIFICANT EVENTS IN THE PERIOD ENDED DECEMBER 31, 2023 (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
SIGNIFICANT EVENTS IN THE PERIOD ENDED DECEMBER 31, 2023 | |
Summary of significant impacts of the significant events on the financial statements | Shareholder Receivable Silicon receivable Silicon exit Group14 Debt in € thousand receivables CS bonus shares funds 01/01/2023 — 65,589 — — (104,166) Other income — 4,700 (c) — — Reversal of impairment 21,375 (a) 1,418 (e) — — — Finance income — 3,173 — — 15,852 (f) Finance expense — — — — (4,302) Cash payments — (70,000) (d) — — 70,000 (h) Non-cash settlement of receivables (17,664) (b) — — 17,664 — Non-cash settlement of loans (2,800) (g) — — (17,664) (i) 22,616 Other (911) (73) — — — 12/31/2023 — 107 4,700 — — |
SEGMENT AND GEOGRAPHIC INFORM_2
SEGMENT AND GEOGRAPHIC INFORMATION (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
SEGMENT AND GEOGRAPHIC INFORMATION | |
Summary of key financial metrics by segment and reconciliation from total segment adjusted EBITDA to loss before income tax | 2023 Technical Total equipment Spare parts management in € thousand and processes and services Other reporting Revenues 78,743 11,503 — 90,246 Segment adjusted EBITDA 12,872 3,787 22,440 39,099 2022 Technical Total equipment Spare parts management in € thousand and processes and services Other reporting Revenues 78,778 16,280 — 95,058 Segment adjusted EBITDA 14,155 9,329 (3,546) 19,937 2021 Technical Total equipment Spare parts management in € thousand and processes and services Other reporting Revenues 27,587 11,894 — 39,481 Segment adjusted EBITDA 1,868 6,873 (11,276) (2,534) in € thousand 2023 2022 2021 Total segment adjusted EBITDA 39,099 19,937 (2,534) Financial result 9,594 (11,988) (14,654) Amortization and depreciation (6,904) (6,283) (4,893) Share of profit (loss) in joint ventures (1,057) — — Income tax benefit (expense) (2,778) 1,924 (5,195) Net income (loss) for the period 37,953 3,591 (27,277) |
Summary of revenue and non-current assets that can be split into geographical areas | in € thousand 2023 2022 2021 China 15,308 39,424 17,652 Taiwan 1,634 12,846 3,814 USA 17,522 11,478 3,375 Germany 9,577 10,743 5,390 Malaysia 16,681 7,915 — Austria 17,810 3,928 3,793 Other 11,714 8,724 5,457 Total 90,246 95,058 39,481 in € thousand 12/31/2023 12/31/2022 Germany 26,853 28,334 China 2,504 1,922 Other 376 266 Total 29,733 30,523 |
REVENUE FROM CONTRACTS WITH C_2
REVENUE FROM CONTRACTS WITH CUSTOMERS AND COST OF SALES (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
REVENUE FROM CONTRACTS WITH CUSTOMERS AND COST OF SALES | |
Schedule of revenues by types of sales | in € thousand 2023 2022 2021 Machines 1 77,554 73,151 25,626 Spare Parts 9,722 14,302 8,081 Service 2 1,781 1,978 3,802 Other 1,189 5,627 1,971 Total 90,246 95,058 39,481 (1) Included within the “Machines” category is revenue from the sale and installation of machines, long-term development and extended warranties. (2) Included within the “Services” category is revenue from repair services, installations of modifications and inspections. |
Schedule of changes to contract liabilities | in € thousand 2023 2022 2021 Balance at January 1 30,569 25,682 17,378 Sales revenues included in contractual liabilities at the beginning of the period (30,406) (25,682) (17,378) Increase due to customer payments received 17,769 30,569 25,682 Balance at December 31 17,931 30,569 25,682 |
Summary of cost of sales included in cost types | in € thousand 2023 2022 2021 Personnel expenses (16,690) (16,221) (14,094) Material expenses (35,767) (34,274) (9,519) Depreciation/amortization (4,904) (4,147) (2,746) Other expenses (6,488) (7,079) (4,147) Total cost of sales (63,849) (61,721) (30,506) |
SELLING (Tables)
SELLING (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
SELLING | |
Schedule of selling expenses | in € thousand 2023 2022 2021 Personnel expenses (8,295) (8,017) (5,535) Legal and consulting fees (834) (873) (581) Sales Commission (241) (475) (95) Distribution related external administration (1,537) (582) (801) Advertisement (649) (428) (294) Other expenses (1,021) (995) (545) Total selling expenses (12,577) (11,369) (7,851) |
GENERAL ADMINISTRATION (Tables)
GENERAL ADMINISTRATION (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
RESEARCH AND DEVELOPMENT EXPENSES | |
Schedule of general administrative expenses | in € thousand 2023 2022 2021 Personnel expenses (4,131) (3,992) (3,692) Legal and consulting fees (4,401) (1,681) (1,584) External administrative expenses (965) (692) (529) Other administrative expenses (3,042) (607) (493) Total administrative expenses (12,538) (6,973) (6,298) |
RESEARCH AND DEVELOPMENT EXPE_2
RESEARCH AND DEVELOPMENT EXPENSES (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
RESEARCH AND DEVELOPMENT EXPENSES | |
Schedule of research and development expenses | in € thousand 2023 2022 2021 Personnel expenses (2,261) (1,888) (1,319) Depreciation/amortization (877) (910) (627) Legal and consulting fees (587) (614) (422) R&D related external administration (906) (856) (282) Other research and development expenses (517) (549) (83) Total research and development expenses (5,148) (4,818) (2,733) |
OTHER INCOME (Tables)
OTHER INCOME (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
OTHER INCOME | |
Schedule of other income | in € thousand 2023 2022 2021 Foreign currency gains 2,969 1,503 538 Bonus payments 9,200 — — Other miscellaneous income 3,815 1,871 1,387 Total other income 15,985 3,375 1,924 |
OTHER EXPENSES (Tables)
OTHER EXPENSES (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
OTHER EXPENSES | |
Schedule of other expenses | in € thousand 2023 2022 2021 Foreign currency losses (2,388) (2,399) (2,942) Other taxes (166) (122) (776) Disposal of assets — (231) (154) Miscellaneous other items (65) (236) (908) Total other expenses (2,620) (2,988) (4,779) |
REVERSAL OF IMPAIRMENT OF FIN_2
REVERSAL OF IMPAIRMENT OF FINANCIAL ASSETS, NET (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
REVERSAL OF IMPAIRMENT OF FINANCIAL ASSETS, NET | |
Schedule of reversal of impairments of financial assets | In € thousand 12/31/2023 12/31/2022 12/31/2021 Reversal of receivables from the Silicon Group 21,375 — — Reversal of impairment of shareholder loan (included in trade and other receivables) 1,418 3,091 3,284 Other (97) — 49 Total 22,696 3,091 3,333 |
FINANCIAL RESULT (Tables)
FINANCIAL RESULT (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
FINANCIAL RESULT | |
Schedule of financial results | in € thousand 2023 2022 2021 Finance income 19,685 5,758 3,360 thereof fair value changes — 1,669 124 thereof interest income and similar proceeds 3,883 4,089 3,236 thereof gain from loan extinguishment 15,802 — — Finance expenses (10,091) (17,746) (18,014) thereof interest portion of lease payments (103) (68) (49) thereof interest expense (9,988) (17,678) (17,965) Financial result 9,594 (11,988) (14,654) |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
INCOME TAXES | |
Summary of income taxes recognized in the Combined Statement of Profit or Loss and Other Comprehensive Income | in € thousand 2023 2022 2021 Current income tax (expense) / income (1,044) (2,908) (1,839) thereof prior years 168 (6) (35) Deferred tax (expense) / income (1,735) 4,832 (3,357) thereof temporary differences (1,853) 12,693 (12,367) thereof tax loss/interest carryforwards 118 (7,861) 9,010 Income tax as per statement of profit or loss (2,778) 1,924 (5,195) |
Summary of reconciliation of expected tax expense and reported tax expense | in € thousand 2023 2022 2021 Income (loss) before income tax 40,732 1,667 (22,082) Income tax rate 29.125 % 29.125 % 29.125 % Expected income tax income (expense) (11,863) (485) 6,431 Tax rate differences 891 911 (2,270) Non-deductible expenses (79) (573) (1,204) Tax -free income 1,263 495 2,755 Trade tax modifications (116) (269) (417) Tax effects from withholding tax (166) (370) (1,485) Tax effects from prior years 488 642 634 Permanent differences resulting from the statement of financial position 2,912 (8) (2,486) Loss utilisation of previously not recognized tax loss carryforwards 0 1,152 556 Change in valuation allowance from temporary differences and tax loss carryforwards 3,598 927 (4,904) Change from interest carryforwards 333 (957) (2,827) Other reconciling items (38) 460 21 Income tax benefit (expense) (2,778) 1,924 (5,195) Effective tax rate in % 6.82 % (115.46) % (23.53) % |
Summary of deferred tax assets ("DTA") and deferred tax liabilities ("DTL") recognition on the financial statement line items and deferred tax assets not recognized | Deferred taxes Deferred taxes in in statement of other comprehensive Currency translation profit or loss income adjustments DTA DTL in € thousand 2023 2023 Non-current assets (13,373) — (116) 3,628 (6,970) Intangible assets 239 — (126) 1,843 (4,193) Property, plant and equipment (2,167) — 9 155 (2,542) Financial assets (11,444) — 1 1,630 (235) Current assets 14,109 — 49 382 (5,584) Inventories (487) — (6) 220 (598) Receivables and other assets 15,526 — 52 149 (3,985) Other current assets (899) — 3 — (956) Cash and cash equivalents (31) — 1 13 (44) Non-current liabilities 3,288 (7) (8) 2,813 (7,757) Non-current borrowings 868 — 4 17 (7,433) Provisions for pensions 52 (7) (7) 140 (67) Non-current provisions (161) — — 60 (257) Non-current lease liability 2,529 — (5) 2,596 — Current liabilities (8,820) — (124) 8,472 (2,998) Current borrowings (7,995) — — 3,803 (575) Current contract liabilities (929) — (10) 1,525 — Trade payables and other liabilities 520 — (109) 1,600 (665) Other current liabilities 629 — (20) 1,104 (30) Current lease liability 121 — (4) 210 — Current provisions (1,166) — 19 230 (1,727) Tax loss/interest carryforward 3,061 — (2) 6,167 — Tax Loss Carryforward (CIT) 1,693 — (2) 3,408 — Tax Loss Carryforward (Trade Tax) 1,368 — — 2,759 — Interest Carryforward — — — — — Gross value (1,735) (7) (194) 21,463 (23,308) Netting (18,920) 18,920 Recognition in the statement of financial position 2,543 (4,388) Deferred taxes Deferred taxes in in statement of other comprehensive Currency translation profit or loss income adjustments DTA DTL in € thousand 2022 2022 Non-current assets 9,460 — (44) 15,085 (4,937) Intangible assets (28) — 45 2,084 (4,547) Property, plant and equipment (78) — 1 153 (381) Financial assets 9,566 — — 12,848 (9) Current assets (18,238) — 70 1,801 (21,161) Inventories 51 — (3) 246 (131) Trade receivables and other receivables (18,193) — 70 1,554 (20,969) Other current assets (96) — 2 — (60) Cash and cash equivalents — — — — — Non-current liabilities 8,138 (88) (577) 348 (8,571) Non-current financial liabilities 7,334 — — — (8,287) Provisions for pensions 513 (88) (575) 93 (65) Non-current provisions 256 — (1) 120 (155) Non-current lease liability 35 — (1) 136 (64) Current liabilities 13,333 — (67) 15,871 (1,453) Current financial liabilites 8,367 — — 11,223 — Current contract liabilities 2,351 — (4) 2,464 — Trade payables and other liabilities 1,209 — (51) 1,281 (757) Other current liabilities 676 — (5) 545 (80) Current lease liability 27 — (1) 93 — Current provisions 704 — (5) 266 (616) Tax loss/interest carryforward (7,861) — 12 3,108 — Tax Loss Carryforward (CIT) (4,535) — 12 1,717 — Tax Loss Carryforward (Trade Tax) (3,326) — — 1,392 — Interest Carryforward — — — — — Gross value 4,832 (88) (606) 36,213 (36,122) Netting (33,619) 33,619 Recognition in the statement of financial position 2,594 (2,504) 2023 2022 2021 in € thousand Tax base DTA Tax base DTA Tax base DTA Deductible temporary differences 41,498 10,805 34,149 8,984 65,199 18,070 Tax loss carryforward (CIT) 91,405 14,701 108,229 17,415 75,903 12,641 Tax loss carryforward (trade tax) 49,147 6,536 65,308 8,686 45,834 6,096 Interest carryforward 35,229 9,089 36,956 9,535 33,209 8,568 |
Summary of maturities of the tax loss carryforwards for which no deferred tax assets were recognized | in € thousand 2023 2022 2021 Up to 5 years 2,685 5,107 3,310 Up to 10 years 1,772 1,064 927 Up to 15 years 4,508 5,187 3,943 Up to 20 years — — 340 unlimited 131,586 162,177 113,216 |
INTANGIBLE ASSETS (Tables)
INTANGIBLE ASSETS (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
INTANGIBLE ASSETS | |
Schedule of intangible assets | Development Patents and in € thousand Costs licenses Total Costs of acquisition 1/1/2023 22,832 1,042 23,874 Additions 2,915 359 3,274 Disposals/Retirements — — — Foreign exchange differences (17) (28) (46) 12/31/2023 25,729 1,372 27,102 Accumulated amortization/write downs 1/1/2023 7,495 552 8,046 Amortization 3,975 158 4,133 Disposals/Retirements — — — Foreign exchange differences (17) (26) (44) 12/31/2023 11,452 684 12,136 Carrying amount: 1/1/2023 15,337 490 15,828 12/31/2023 14,278 689 14,966 Development Patents and in € thousand Costs licenses Total Costs of acquisition 1/1/2022 22,968 6,461 29,429 Additions 3,219 389 3,607 Disposals/Retirements (3,355) (5,807) (9,162) Foreign exchange differences — (1) (1) 12/31/2022 22,832 1,042 23,874 Accumulated amortization/write downs 1/1/2022 7,174 6,280 13,454 Amortization 3,529 80 3,609 Disposals/Retirements (3,208) (5,807) (9,015) Foreign exchange differences — (2) (2) 12/31/2022 7,495 552 8,046 Carrying amount: 1/1/2022 15,794 181 15,976 12/31/2022 15,337 490 15,828 |
PROPERTY, PLANT AND EQUIPMENT (
PROPERTY, PLANT AND EQUIPMENT (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
PROPERTY, PLANT AND EQUIPMENT | |
Schedule of property, plant and equipment | Land, buildings and Technical Office and leasehold equipment and other Assets under in € thousand improvements machinery equipment construction Total Costs of acquisition or construction: 1/1/2023 21,303 18,263 14,561 — 54,127 Additions — 1,679 1,410 513 3,602 Disposals/Retirements (21,085) (3,448) (458) — (24,991) Foreign exchange differences 1 (164) (126) — (289) 12/31/2023 220 16,330 15,386 513 32,449 Accumulated depreciation: 1/1/2023 11,581 15,892 13,293 — 40,766 Depreciation 483 982 583 — 2,048 Disposals/Retirements (11,995) (3,447) (414) — (15,856) Foreign exchange differences 1 (114) (101) — (214) 12/31/2023 71 13,314 13,359 — 26,744 Carrying amount: 1/1/2023 9,722 2,371 1,268 — 13,361 12/31/2023 149 3,016 2,027 513 5,704 Land, buildings and Technical Office and leasehold equipment and other Assets under in € thousand improvements machinery equipment construction Total Costs of acquisition or construction: 1/1/2022 21,143 18,692 15,139 345 55,318 Additions 161 940 323 — 1,423 Disposals/Retirements — (1,638) (858) (12) (2,507) Transfers — 333 — (333) — Foreign exchange differences — (64) (43) — (107) 12/31/2022 21,303 18,263 14,561 — 54,127 Accumulated depreciation: 1/1/2022 11,097 16,566 13,756 — 41,419 Depreciation 484 964 417 — 1,865 Disposals/Retirements — (1,585) (842) — (2,426) Foreign exchange differences — (53) (38) — (92) 12/31/2022 11,581 15,892 13,293 — 40,766 Carrying amount: 1/1/2022 10,046 2,126 1,383 345 13,899 12/31/2022 9,722 2,371 1,268 — 13,361 |
LEASES (Tables)
LEASES (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
LEASES | |
Schedule of carrying amounts of right-of-use assets recognized and movements during period | in € thousand Real Estate Vehicles Total 1/1/2022 1,207 306 1,513 Additions to right-of-use assets 144 336 480 Depreciation (430) (211) (642) Foreign exchange differences (15) (2) (17) 12/31/2022 906 428 1,334 Additions to right-of-use assets 8,402 178 8,581 Depreciation (543) (236) (779) Foreign exchange differences (68) (5) (73) 12/31/2023 8,697 365 9,063 |
Schedule of carrying amounts of lease liabilities and movements during period | in € thousand Lease Liability 1/1/2022 1,528 Additions 433 Interest 68 Payments (676) Foreign exchange difference (19) 12/31/2022 1,333 Additions 10,347 Interest 102 Payments (819) Foreign exchange difference (77) 12/31/2023 10,886 |
Schedule of combined statement of profit or loss and other comprehensive income (loss) included amounts of lease related expense | in € thousand 2023 2022 2021 Depreciation of right of-use-assets (779) (642) (487) Interest expense on lease liabilities (103) (68) (49) Short-term lease expenses (383) (523) (341) Lease expenses for low-value assets (7) (28) (68) Total amount recognized in expense (1,273) (1,260) (945) |
Schedule of information on total cash outflow from all leases | in € thousand 2023 2022 2021 Principal paid (715) (609) (451) Interest paid (103) (68) (49) Short term and low value leases (391) (551) (409) Total amount paid (1,209) (1,227) (908) |
Schedule of maturity analysis of undiscounted lease payments for which right-of-use asset and lease liability | in € thousand 12/31/2023 12/31/2022 ≤ 1 year 2,108 564 > 1 ≤ 2 years 1,928 465 > 2 ≤ 5 years 4,081 446 > 5 years 6,014 — Gross lease liabilities – minimum lease payments 14,130 1,476 Discount and foreign currency effects (3,244) 143 Present value of the lease liabilities 10,886 1,333 |
INVENTORIES (Tables)
INVENTORIES (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
INVENTORIES | |
Schedule of inventories | in € thousand 12/31/2023 12/31/2022 Raw materials and supplies 4,386 5,513 Work in progress 6,038 11,098 Finished goods 5,928 8,419 Inventories 16,353 25,029 |
TRADE RECEIVABLES AND OTHER R_2
TRADE RECEIVABLES AND OTHER RECEIVABLES (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
TRADE RECEIVABLES AND OTHER RECEIVABLES | |
Schedule of trade receivables and other receivables | in € thousand 12/31/2023 12/31/2022 Trade receivables 40,626 40,593 Receivables from joint ventures 1,599 2,656 Other receivables 4,807 65,589 Total trade and other receivables 47,032 108,838 |
OTHER CURRENT ASSETS (Tables)
OTHER CURRENT ASSETS (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
OTHER CURRENT ASSETS | |
Schedule of other current assets | in € thousand 12/31/2023 12/31/2022 Advance payments on inventories 1,317 2,635 Restricted cash 89 1,049 Prepaid expenses 3,667 730 Contract assets — 401 Total other current non-financial assets 5,073 4,815 |
NON-CONTROLLING INTEREST (Table
NON-CONTROLLING INTEREST (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
NON-CONTROLLING INTEREST | |
Schedule of the information relating to each entity that has material NCI, before any intra-SCHMID eliminations | SCHMID Technology SCHMID Guangdong Co., SCHMID Taiwan 12/31/2023 Singapore Pte. Ltd. Ltd Ltd. NCI percentage 10.0 % 24.1 % 14.0 % Non-current assets — 5,118 185 Current assets 2,797 42,569 11,827 Non-current liabilities — 847 605 Current liabilities 2,062 22,288 5,182 Net assets 736 24,552 6,224 Net assets attributable to NCI 74 5,917 868 Revenue — 27,750 1,672 Profit 6,188 2,298 (402) OCI — (1,550) (252) Total comprehensive income 6,188 748 (654) Total comprehensive income allocated to NCI 619 180 (91) Accumulated NCI end of period 77 6,487 794 SCHMID Technology SCHMID Guangdong Co., SCHMID Taiwan 12/31/2022 Singapore Pte. Ltd. Ltd Ltd. NCI percentage 10.0 % 24.1 % 14.0 % Non-current assets — 4,575 71 Current assets 1,651 46,040 12,704 Non-current liabilities — 568 694 Current liabilities 7,104 26,244 5,203 Net assets (5,453) 23,804 6,879 Net assets attributable to NCI (545) 5,737 960 Revenue — 38,753 12,873 Profit (7) 6,068 4,152 OCI — (639) (303) Total comprehensive income (7) 5,429 3,849 Total comprehensive income allocated to NCI (1) 1,308 537 Accumulated NCI end of period (543) 6,335 889 SCHMID Technology SCHMID Guangdong Co., SCHMID Taiwan 12/31/2021 Singapore Pte. Ltd. Ltd Ltd. NCI percentage 10.0 % 24.1 % * 14.0 % Non-current assets — 4,876 197 Current assets 1,698 23,857 4,993 Non-current liabilities — 841 66 Current liabilities 7,144 9,518 2,095 Net assets (5,445) 18,374 3,030 Net assets attributable to NCI (545) 4,428 423 Revenue — 9,762 3,954 Profit (33) (13,359) 424 OCI — 753 297 Total comprehensive income (33) (12,606) 721 Total comprehensive income allocated to NCI (3) (2,627) 101 Accumulated NCI end of period (542) 5,026 352 Cash flow statement SCHMID Technology Guangdong Co., Ltd in € thousand 2023 2022 2021 Cash flow from operating activities 666 (1,688) (11,650) Cash flow from investing activities (472) (502) (16,449) Cash flow from financing activities (21) (452) 32,313 Effect of foreign exchange rate changes on cash and cash equivalents (119) 116 93 Net increase (decrease) in cash and cash equivalents 262 (2,525) 4,307 |
FINANCIAL LIABILITIES (Tables)
FINANCIAL LIABILITIES (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
FINANCIAL LIABILITIES | |
Schedule of overview of the financial liabilities | in € thousand 12/31/2023 12/31/2022 Non-current financial liabilities 22,190 34,406 Current financial liabilities 26,053 128,454 Total financial liabilities 48,244 162,860 |
Schedule of borrowings | in € thousand 12/31/2023 12/31/2022 Non-current borrowings 22,190 34,406 Loans from debt funds — 24,393 Loans from other third parties 2,336 — Loans from shareholders 19,854 10,013 Current borrowings 26,053 128,454 Loans from banks 1,225 12,003 Loans from debt funds — 79,773 Loans from other third parties — 3,540 Loans from shareholders 8,102 16,493 Loans from other related parties 16,726 16,646 Total borrowings 48,244 162,860 |
OTHER PROVISIONS (Tables)
OTHER PROVISIONS (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
OTHER PROVISIONS | |
Schedule of movement in provisions | Reversal of unused In € thousand 12/31/2022 Additions Utilization amounts 12/31/2023 Warranty provision 211 211 (184) — 238 Jubilee provision 119 482 (603) — (2) Total non-current provisions 330 693 (787) — 237 Warranty provision 139 152 (66) — 225 Provision for legal claims 67 44 — (58) 53 Other provisions 153 2,308 (1,454) (312) 695 Total current provisions 360 2,504 (1,520) (370) 973 Reversal of unused In € thousand 12/31/2021 Additions Utilization amounts 12/31/2022 Warranty provision 203 99 (91) — 211 Jubilee provision 163 (30) (14) — 119 Total non-current provisions 366 70 (106) — 330 Warranty provision 228 25 (114) — 139 Provision for legal claims 32 123 (88) — 67 Other provisions 191 7 (45) — 153 Total current provisions 451 155 (247) — 360 |
POST-EMPLOYMENT BENEFITS (Table
POST-EMPLOYMENT BENEFITS (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
POST-EMPLOYMENT BENEFITS | |
Schedule of reconciliation of the net defined benefit liability | In € thousand 2023 2022 2021 Net defined liability at January 1 887 1,173 1,189 Defined benefit income recognized in combined statement of profit or loss 33 14 12 Defined benefit cost recognized in other comprehensive income — 300 28 Net defined liability at December 31 894 887 1,173 |
Schedule of reconciliation of the amount recognized in the combined statement of financial position | In € thousand 2023 2022 2021 Employee benefit obligations recognized as of January 1 887 1,173 1,189 Actuarial adjustments (26) (300) (28) thereof: experience adjustments (2) 2 2 thereof: adjustments for financial assumptions (24) (302) (30) Interest expense 33 14 12 Employee benefit obligations recognized as of December 31 894 887 1,173 |
Schedule of expense recognized in the combined statements of profit and loss and other comprehensive income | In € thousand 2023 2022 2021 Actuarial gains (-) / losses (+) deriving from changes in financial assumptions (24) (302) (30) Actuarial gains (-) / losses (+) deriving from experience adjustments (2) 2 2 Included in other comprehensive income (26) (300) (28) Interest income 33 14 12 Included in the combined statements of profit or loss 33 14 12 Total included in the combined statements of profit or loss and other comprehensive income (loss) 7 (286) (16) |
Schedule of principal actuarial assumptions | 12/31/2023 12/31/2022 Discount rate 4.00 % 3.75 % |
Schedule of sensitivity analysis for actuarial assumptions | 12/31/2023 12/31/2022 Discount rate (+0.25%) 4.25 % 4.00 % Present value of the post-employment benefit obligations (in € thousand) 872 862 Discount rate (-0.25%) 3.75 % 3.50 % Present value of the post-employment benefit obligations (in € thousand) 918 912 |
OTHER CURRENT LIABILITIES (Tabl
OTHER CURRENT LIABILITIES (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
OTHER CURRENT LIABILITIES | |
Schedule of other non-financial liabilities | in € thousand 12/31/2023 12/31/2022 Personnel related accruals 3,175 2,700 Tax related accruals 1,348 1,481 Audit related accruals 1,297 286 Miscellaneous other current liabilities 7,294 4,239 Total other current liabilities 13,113 8,706 |
FINANCIAL INSTRUMENTS AND FIN_2
FINANCIAL INSTRUMENTS AND FINANCIAL RISK MANAGEMENT (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
FINANCIAL INSTRUMENTS AND FINANCIAL RISK MANAGEMENT | |
Summary of carrying amounts of each class of financial instruments together with its corresponding fair value and the aggregated carrying amount | 12/31/2023 Financial instruments, analyzed by classes and categories Carrying Fair value in € thousand Category amount Fair value hierarchy Non-current assets Financial assets Other loans and other investments AC 28 28 n/a Other non-current financial assets AC 112 n/a n/a Current assets Trade receivables and other receivables Trade receivables AC 40,673 n/a n/a Receivables from joint ventures AC 1,599 n/a n/a Other receivables Exit bonus AC 4,700 4,700 n/a Receivables from shareholder AC 107 n/a n/a Other current assets Restricted cash AC 89 n/a n/a Other AC 1,317 n/a n/a Cash and cash equivalents AC 5,710 n/a n/a Non-current liabilities Non-current borrowings Loans from other third parties FLAC 2,336 2,063 Level 3 Loans from shareholders FLAC 19,854 17,630 Level 3 Current liabilities Current borrowings Loans from banks FLAC 1,225 n/a Level 3 Loans from shareholders FLAC 8,102 n/a n/a Loans from other related parties FLAC 16,726 n/a Level 3 Trade payables and other liabilities FLAC 25,899 n/a n/a Carrying Thereof aggregated by categories Category amount Financial assets measured at amortized cost AC 54,335 Financial liabilities measured at fair value FVTPL — Financial liabilities measured at amortized cost FLAC 74,142 Financial instruments, analyzed by classes and categories 12/31/2022 Carrying Fair value in € thousand Category amount Fair value hierarchy Non-current assets Financial assets Other non-current financial assets AC 115 n/a n/a Current assets Trade receivables and other receivables Trade receivables AC 40,593 n/a n/a Receivables from joint ventures AC 2,656 n/a n/a Other receivables Receivables from shareholder AC 65,158 64,028 Level 3 Miscellaneous receivables AC 431 n/a n/a Other current assets Restricted cash AC 1,049 n/a n/a Other AC 2,637 n/a n/a Cash and cash equivalents AC 8,332 n/a n/a Non-current liabilities Non-current borrowings Loans from debt funds FLAC 24,393 23,072 Level 3 Loans from shareholders FLAC 10,013 9,307 Level 3 Current liabilities Current borrowings Loans from banks FLAC 12,003 11,508 Level 3 Loans from debt funds FLAC 79,773 51,678 Level 3 Loans from other third parties FLAC 3,540 3,483 Level 3 Loans from shareholders FLAC 16,493 n/a n/a Loans from other related parties FLAC 16,646 14,688 Level 3 Trade payables and other liabilities FLAC 25,400 n/a n/a Carrying Thereof aggregated by categories Category amount Financial assets measured at amortized cost AC 120,971 Financial liabilities measured at fair value FVTPL — Financial liabilities measured at amortized cost FLAC 188,260 |
Summary of net gains or losses for each of the financial instrument measurement categories differentiated by the respective sources | 2023 Subsequent measurement in € thousand Interest Fair value Total Financial assets - AC 9,499 n/a 9,499 Financial liabilities - FLAC (9,988) n/a (9,988) Financial assets and liabilities - FVTPL n/a — — Total (488) — (488) 2022 Subsequent measurement in € thousand Interest Fair value Total Financial assets - AC 4,089 n/a 4,089 Financial liabilities - FLAC (17,650) n/a (17,650) Financial assets and liabilities - FVTPL n/a (1,669) (1,669) Total (13,561) (1,669) (15,230) |
Summary of allowances for ECL determined for the different classes of financial assets developed | Trade receivables Shareholder and - not credit Trade receivables other loans - in € thousand impaired - credit impaired credit impaired Opening Balance 01/01/2022 (8) 1,952 (4,394) Additions (11) — — Utilization — 1,148 — Reversal — 153 2,949 Closing Balance 31/12/2022 (19) 652 (1,445) Additions (118) (198) — Utilization — (11,425) — Reversal — 11,706 1,445 Closing Balance 31/12/2023 (137) (569) — |
Summary of the gross carrying amounts by credit-risk rating classes for the several types of financial assets that are not measured at FVTPL | Gross Carrying Amounts by Rating Class 12/31/2023 in € thousand Stage 1 Stage 2 Stage 3 General approach Cash and cash equivalents AAA to BBB (Investment grade) 5,710 — — Receivables from shareholders BBB- to CCC (Below investment grade) — 4,807 — Simplified approach Trade receivables and other receivables Current (not past due) — 27,148 (69) 1-30 days past due — 1,423 (11) 31-60 days past due — 597 (6) 61-90 days past due — 651 (7) More than 90 days past due — 3,039 (45) Total 5,710 37,665 (138) Gross Carrying Amounts by Rating Class 12/31/2022 in € thousand Stage 1 Stage 2 Stage 3 General approach Cash and cash equivalents AAA to BBB (Investment grade) 8,332 — — Receivables from shareholders BBB- to CCC (Below investment grade) — 65,158 — Simplified approach Trade receivables and other receivables insured receivables (90%) — 39,312 — non-insured receivables (10%) — 4,368 — Total 8,332 108,838 — |
Summary of reconciliation of changes in liabilities arising from financing activities | Lease In € thousand Loans liabilities Total Balance at January 1, 2023 167,111 1,333 168,444 Cash flow from financing activities (excluding changes from restricted cash) (83,812) (819) (84,631) Proceeds from loans — — — Repayments of loans (81,871) — (81,871) Principal elements of lease payment — (715) (715) Interest paid (1,941) (103) (2,044) Changes in the cash flow from financing activities (35,055) 10,372 (24,683) Foreign currency effects — (77) (77) New leases — 10,347 10,347 Accrued interest (35,024) 102 (34,922) Fair value measurement (32) — (32) Balance at December 31, 2023 48,244 10,886 59,130 Lease In € thousand Loans liabilities Total Balance at January 1, 2022 153,090 1,528 154,618 Cash flow from financing activities (excluding changes from restricted cash) (2,625) (676) (3,301) Proceeds from loans 4,895 — 4,895 Repayments of loans (5,880) — (5,880) Principal elements of lease payment — (609) (609) Interest paid (1,640) (68) (1,708) Changes in the cash flow from financing activities 16,645 482 17,127 Foreign currency effects — (19) (19) New leases — 433 433 Accrued interest 14,609 68 14,677 Fair value measurement 2,036 — 2,036 Balance at December 31, 2022 167,111 1,333 168,444 |
Liquidity Risk | |
FINANCIAL INSTRUMENTS AND FINANCIAL RISK MANAGEMENT | |
Summary of undiscounted cash outflows of financial liabilities | 12/31/2023 Cash outflows within Total cash in € thousand ≤ 1 year > 1 ≤ 2 years > 2 ≤ 5 years > 5 years flows Lease liabilities 2,073 1,822 3,372 3,758 11,025 Borrowings (including embedded derivatives) 26,053 26,781 — — 52,835 Loans from banks 1,225 — — — 1,225 Loans from debt funds — — — — — Loans from other third parties — 2,778 — — 2,778 Loans from shareholders 8,102 24,004 — — 32,106 Loans from other related parties 16,726 — — — 16,726 Trade payables and other liabilities 25,899 — — — 25,899 12/31/2022 Cash outflows within Total cash in € thousand ≤ 1 year > 1 ≤ 2 years > 2 ≤ 5 years > 5 years flows Lease liabilities 564 465 446 — 1,476 Borrowings (including embedded derivatives) 111,517 49,914 — — 161,432 Loans from banks 12,221 — — — 12,221 Loans from debt funds 73,262 26,521 — — 99,783 Loans from other third parties 3,702 — — — 3,702 Loans from shareholders 5,000 23,394 — — 28,394 Loans from other related parties 17,332 — — — 17,332 Trade payables and other liabilities 25,400 — — — 25,400 |
Foreign Currency Risk | |
FINANCIAL INSTRUMENTS AND FINANCIAL RISK MANAGEMENT | |
Summary of net exposure | currency of exposure ("+" = asset / "()" = liability) - in € thousand functional currency entity 12/31/2023 12/31/2022 EUR CNY USD HKD EUR CNY USD HKD EUR 5,010 3,597 — 5,500 4,669 — CNY 27,217 (1,077) (424) 25,519 (1,139) — USD 17 — — (5,030) — — TWD 1,481 (238) — — 1,378 — — — HKD 2,026 (2,209) — — — — KRW (4,276) — — — (1,838) — — — Total 26,464 2,563 2,520 (424) 20,029 5,500 3,530 — |
Summary of impact on profit or loss before tax due to reasonably possible change in each material currency | in € thousand 12/31/2023 12/31/2022 +10% -10% +10% -10% CNY/EUR 2,019 (2,467) 1,820 (2,224) USD/EUR (325) 398 (882) 1,078 TWD/EUR 135 (165) 130 (159) HKD/EUR 184 (225) KRW/EUR (389) 475 (167) 204 CNY/TWD 22 (26) CNY/HKD 158 (203) USD/CNY 98 (120) 104 (127) |
Interest Rate Risk | |
FINANCIAL INSTRUMENTS AND FINANCIAL RISK MANAGEMENT | |
Summary of impact on profit or loss before tax due to reasonably possible change in each material currency | Impact to P/L in € thousand (income (+)/ expense (-)) 12/31/2023 Change in interest rate +1% (296) Change in interest rate -1% 296 12/31/2022 Change in interest rate +1% (1,164) Change in interest rate -1% 1,162 |
EQUITY-ACCOUNTED INVESTEES (Tab
EQUITY-ACCOUNTED INVESTEES (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
EQUITY-ACCOUNTED INVESTEES | |
Summary of investments classified as joint ventures | % of ownership interest Carrying amount (in € thousand) Name of the entity Country of incorporation 12/31/2023 12/31/2022 12/31/2023 12/31/2022 Advanced Energy Storage Systems Investment Company (AES) Kingdom of Saudi Arabia 51 % 51 % — — SCHMID AVACO Korea Co. Ltd. (SAK) South Korea 50 % 50 % — — Total equity-accounted investments — — |
Summary of financial information on the joint venture which is material to the entity | in € thousand 12/31/2023 12/31/2022 % ownership interest 51.3 % 51.3 % Current Assets Cash and cash equivalents 16 1,144 Other current assets 22 342 Total current assets 38 1,486 Non-current assets 3,871 6,134 Current liabilities Current financial liabilities 2,935 2,015 Other current liabilities 216 4,214 Total current liabilities 3,151 6,229 Non-current liabilities Non-current financial liabilities — 9,177 Other non-current liabilities 3,894 957 Total non-current liabilities 3,894 10,134 Net assets (100%) (3,136) (8,742) Book value — — in € thousand 2023 2022 % ownership interest 51.3 % 51.3 % Revenue — — Interest income — — Administration expense (221) — R&D and Other expense (351) — Depreciation and amortization (561) (1,106) Interest expense — (292) Tax income 61 236 Loss from continuing operations (1,025) (3,750) Other comprehensive income — 181 Total comprehensive loss (1,025) (3,932) Dividends received — — |
RELATED PARTY DISCLOSURES (Tabl
RELATED PARTY DISCLOSURES (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
RELATED PARTY DISCLOSURES | |
Summary of transactions are proceeded with related parties | in € thousand 2023 2022 2021 Interest income on loans granted to Shareholder 1,077 526 159 Interest expense on loans received from Key management personnel 12 88 88 Other related parties 558 409 400 Shareholder 737 165 53 Purchases of goods or services Joint ventures 3 2,511 20 Other related parties 236 663 618 Sale of goods or services Joint ventures 427 505 817 Other related parties 11,801 592 797 Salary and Bonus Shareholder 1,149 988 910 Key management personnel 1,562 1,262 1,332 in € thousand 12/31/2023 12/31/2022 Outstanding balances - Liabilities Shareholder 24,102 24,064 Key management personnel 280 2,528 Joint ventures 358 358 Other related parties 25,359 15,345 in € thousand 12/31/2023 12/31/2022 Outstanding balances - Receivables Shareholder 107 67,926 Joint ventures 2,655 951 Other related parties 221 23,062 |
BUSINESS DESCRIPTION (Details)
BUSINESS DESCRIPTION (Details) | Dec. 31, 2023 employee |
BUSINESS DESCRIPTION | |
Number of employees worldwide | 700 |
BASIS OF PREPARATION (Details)
BASIS OF PREPARATION (Details) | 12 Months Ended | 24 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2023 | |
Advanced Energy Storage Systems Investment Company | |||
Legal entities which comprise combined financial statements and its certain investments in joint ventures accounted for using equity method | |||
Name of joint ventures | Advanced Energy Storage Systems Investment Company | ||
Country of incorporation, joint ventures | Saudi Arabia | ||
Percent of ownership interest in joint ventures | 51% | 51% | |
SCHMID Avaco Korea, Co. Ltd | |||
Legal entities which comprise combined financial statements and its certain investments in joint ventures accounted for using equity method | |||
Name of joint ventures | SCHMID Avaco Korea, Co. Ltd. | ||
Country of incorporation, joint ventures | South Korea | ||
Percent of ownership interest in joint ventures | 50% | 50% | |
Gebr. Schmid GmbH | |||
Legal entities which comprise combined financial statements and its certain investments in joint ventures accounted for using equity method | |||
Name of subsidiaries | Gebr. Schmid GmbH | ||
Country of incorporation, subsidiaries | Germany | ||
Percent of ownership interest in subsidiaries | 100% | 100% | |
SCHMID Systems. Inc. | |||
Legal entities which comprise combined financial statements and its certain investments in joint ventures accounted for using equity method | |||
Name of subsidiaries | SCHMID Systems, Inc. | ||
Country of incorporation, subsidiaries | USA | ||
Percent of ownership interest in subsidiaries | 100% | 100% | |
SCHMID Singapore Pte. Ltd. | |||
Legal entities which comprise combined financial statements and its certain investments in joint ventures accounted for using equity method | |||
Name of subsidiaries | SCHMID Singapore Pte. Ltd. | ||
Country of incorporation, subsidiaries | Singapore | ||
Percent of ownership interest in subsidiaries | 90% | 90% | |
SCHMID Korea Co. Ltd | |||
Legal entities which comprise combined financial statements and its certain investments in joint ventures accounted for using equity method | |||
Name of subsidiaries | SCHMID Korea Co., Ltd | ||
Country of incorporation, subsidiaries | South Korea | ||
Percent of ownership interest in subsidiaries | 100% | 100% | |
SCHMID Asia Ltd. [Member] | |||
Legal entities which comprise combined financial statements and its certain investments in joint ventures accounted for using equity method | |||
Name of subsidiaries | SCHMID Asia Ltd. | ||
Country of incorporation, subsidiaries | Hong Kong | ||
Percent of ownership interest in subsidiaries | 100% | 100% | |
SCHMID Technology Guangdong Co. Ltd. | |||
Legal entities which comprise combined financial statements and its certain investments in joint ventures accounted for using equity method | |||
Name of subsidiaries | SCHMID Technology Guangdong Co., Ltd. | ||
Country of incorporation, subsidiaries | China | ||
Percent of ownership interest in subsidiaries | 76% | 76% | |
SCHMID China Ltd. | |||
Legal entities which comprise combined financial statements and its certain investments in joint ventures accounted for using equity method | |||
Name of subsidiaries | SCHMID China Ltd. | ||
Country of incorporation, subsidiaries | Hong Kong | ||
Percent of ownership interest in subsidiaries | 100% | 100% | |
SCHMID Shenzhen Ltd. | |||
Legal entities which comprise combined financial statements and its certain investments in joint ventures accounted for using equity method | |||
Name of subsidiaries | SCHMID Shenzhen Ltd. | ||
Country of incorporation, subsidiaries | China | ||
Percent of ownership interest in subsidiaries | 100% | 100% | |
SCHMID (Kunshan) Co., Ltd | |||
Legal entities which comprise combined financial statements and its certain investments in joint ventures accounted for using equity method | |||
Name of subsidiaries | SCHMID (Kunshan) Co., Ltd. | ||
Country of incorporation, subsidiaries | China | ||
Percent of ownership interest in subsidiaries | 100% | 100% | |
SCHMID Taiwan Ltd. | |||
Legal entities which comprise combined financial statements and its certain investments in joint ventures accounted for using equity method | |||
Name of subsidiaries | SCHMID Taiwan Ltd. | ||
Country of incorporation, subsidiaries | Taiwan | ||
Percent of ownership interest in subsidiaries | 86% | 86% | |
SCHMID Automation (Zhuhai) Co. Ltd. | |||
Legal entities which comprise combined financial statements and its certain investments in joint ventures accounted for using equity method | |||
Name of subsidiaries | SCHMID Automation (Zhuhai) Co., Ltd. | ||
Country of incorporation, subsidiaries | China | ||
Percent of ownership interest in subsidiaries | 100% | 100% | |
SCHMID Solar (Shenzhen) Ltd. | |||
Legal entities which comprise combined financial statements and its certain investments in joint ventures accounted for using equity method | |||
Name of subsidiaries | SCHMID Solar (Shenzhen) Ltd. | ||
Country of incorporation, subsidiaries | China | ||
Percent of ownership interest in subsidiaries | 100% | 100% | |
SCHMID Trading (Zhongshan) Co. Ltd. | |||
Legal entities which comprise combined financial statements and its certain investments in joint ventures accounted for using equity method | |||
Name of subsidiaries | SCHMID Trading (Zhongshan) Co. Ltd. | ||
Country of incorporation, subsidiaries | China | ||
Percent of ownership interest in subsidiaries | 100% |
BASIS OF PREPARATION - Addition
BASIS OF PREPARATION - Additional Information (Details) - EUR (€) € in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
BASIS OF PREPARATION | ||
Borrowings remaining amount | € 48,244 | € 162,860 |
Outstanding borrowings | € 26,053 | € 128,454 |
MATERIAL ACCOUNTING POLICIES (D
MATERIAL ACCOUNTING POLICIES (Details) | 12 Months Ended |
Dec. 31, 2023 | |
Research and development (R&D) costs | Minimum | |
MATERIAL ACCOUNTING POLICIES | |
Intangible assets, useful life | 4 years |
Research and development (R&D) costs | Maximum | |
MATERIAL ACCOUNTING POLICIES | |
Intangible assets, useful life | 10 years |
Patents and licenses | Minimum | |
MATERIAL ACCOUNTING POLICIES | |
Intangible assets, useful life | 5 years |
Patents and licenses | Maximum | |
MATERIAL ACCOUNTING POLICIES | |
Intangible assets, useful life | 8 years |
MATERIAL ACCOUNTING POLICIES -
MATERIAL ACCOUNTING POLICIES - Property, Plant and Equipment (Details) | 12 Months Ended |
Dec. 31, 2023 | |
Buildings and building improvements | Minimum | |
MATERIAL ACCOUNTING POLICIES | |
Useful lives of property, plant and equipment | 10 years |
Buildings and building improvements | Maximum | |
MATERIAL ACCOUNTING POLICIES | |
Useful lives of property, plant and equipment | 50 years |
Technical equipment and machinery | Minimum | |
MATERIAL ACCOUNTING POLICIES | |
Useful lives of property, plant and equipment | 2 years |
Technical equipment and machinery | Maximum | |
MATERIAL ACCOUNTING POLICIES | |
Useful lives of property, plant and equipment | 21 years |
Office and other equipment | Minimum | |
MATERIAL ACCOUNTING POLICIES | |
Useful lives of property, plant and equipment | 3 years |
Office and other equipment | Maximum | |
MATERIAL ACCOUNTING POLICIES | |
Useful lives of property, plant and equipment | 13 years |
MATERIAL ACCOUNTING POLICIES _2
MATERIAL ACCOUNTING POLICIES - Leases (Details) | Dec. 31, 2023 |
Minimum | |
MATERIAL ACCOUNTING POLICIES | |
Term of lease contracts | 1 year |
Maximum | |
MATERIAL ACCOUNTING POLICIES | |
Term of lease contracts | 10 years |
MATERIAL ACCOUNTING POLICIES _3
MATERIAL ACCOUNTING POLICIES - Revenue Recognition (Details) | 12 Months Ended |
Dec. 31, 2023 | |
REVENUE FROM CONTRACTS WITH CUSTOMERS AND COST OF SALES | |
Long term development contract term | 3 years |
Sales of machines and spare parts | Minimum | |
REVENUE FROM CONTRACTS WITH CUSTOMERS AND COST OF SALES | |
Revenue recognition term | 14 days |
Invoice payable, contractual terms | 30 days |
Sales of machines and spare parts | Maximum | |
REVENUE FROM CONTRACTS WITH CUSTOMERS AND COST OF SALES | |
Revenue recognition term | 21 days |
Invoice payable, contractual terms | 90 days |
Repair services | |
REVENUE FROM CONTRACTS WITH CUSTOMERS AND COST OF SALES | |
Invoice payable, contractual terms | 30 days |
Repair services | Minimum | |
REVENUE FROM CONTRACTS WITH CUSTOMERS AND COST OF SALES | |
Revenue recognition term | 14 days |
Repair services | Maximum | |
REVENUE FROM CONTRACTS WITH CUSTOMERS AND COST OF SALES | |
Revenue recognition term | 21 days |
SIGNIFICANT EVENTS IN THE PER_3
SIGNIFICANT EVENTS IN THE PERIOD ENDED DECEMBER 31, 2023 (Details) - EUR (€) € in Thousands | 1 Months Ended | 12 Months Ended | ||
Jun. 30, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Financial instruments | ||||
Other income | € 15,985 | € 3,375 | € 1,924 | |
Finance income | 19,685 | 5,758 | 3,360 | |
Finance expenses | 10,091 | 17,746 | 18,014 | |
Cash payments | 81,871 | 5,880 | € 1,911 | |
Debt funds | ||||
Financial instruments | ||||
Beginning balance | (104,166) | |||
Finance income | 15,852 | |||
Finance expenses | (4,302) | |||
Cash payments | 70,000 | |||
Non-cash settlement of loans | 22,616 | |||
Ending balance | (104,166) | |||
Silicon receivables | ||||
Financial instruments | ||||
Reversal of impairment | 21,375 | |||
Non-cash settlement of receivables | (17,664) | |||
Non-cash settlement of loans | (2,800) | |||
Other | (911) | |||
Shareholder receivable | ||||
Financial instruments | ||||
Beginning balance | 65,589 | |||
Reversal of impairment | 1,418 | |||
Finance income | 3,173 | |||
Cash payments | € 70,000 | 70,000 | ||
Other | (73) | |||
Ending balance | 107 | € 65,589 | ||
Receivable Silicon exit bonus | ||||
Financial instruments | ||||
Other income | 4,700 | |||
Ending balance | 4,700 | |||
Group14 shares | ||||
Financial instruments | ||||
Non-cash settlement of receivables | 17,664 | |||
Non-cash settlement of loans | € (17,664) |
SEGMENT AND GEOGRAPHIC INFORM_3
SEGMENT AND GEOGRAPHIC INFORMATION (Details) | 12 Months Ended |
Dec. 31, 2023 segment | |
SEGMENT AND GEOGRAPHIC INFORMATION | |
Number of operating segments | 2 |
SEGMENT AND GEOGRAPHIC INFORM_4
SEGMENT AND GEOGRAPHIC INFORMATION - Key financial metrics by segment (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
BASIS OF PREPARATION | |||
Revenue | € 90,246 | € 95,058 | € 39,481 |
Segment adjusted EBITDA | 39,099 | 19,937 | (2,534) |
Technical equipment and processes | |||
BASIS OF PREPARATION | |||
Revenue | 78,743 | 78,778 | 27,587 |
Segment adjusted EBITDA | 12,872 | 14,155 | 1,868 |
Spare parts and services | |||
BASIS OF PREPARATION | |||
Revenue | 11,503 | 16,280 | 11,894 |
Segment adjusted EBITDA | 3,787 | 9,329 | 6,873 |
Total management reporting | |||
BASIS OF PREPARATION | |||
Revenue | 90,246 | 95,058 | 39,481 |
Segment adjusted EBITDA | 39,099 | 19,937 | (2,534) |
Other | |||
BASIS OF PREPARATION | |||
Segment adjusted EBITDA | € 22,440 | € (3,546) | € (11,276) |
SEGMENT AND GEOGRAPHIC INFORM_5
SEGMENT AND GEOGRAPHIC INFORMATION - Reconciliation from total segment adjusted EBITDA to loss before income tax (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
SEGMENT AND GEOGRAPHIC INFORMATION | |||
Total segment adjusted EBITDA | € 39,099 | € 19,937 | € (2,534) |
Financial result | 9,594 | (11,988) | (14,654) |
Depreciation and amortization | (6,904) | (6,283) | (4,893) |
Share of profit (loss) in joint ventures | (1,057) | ||
Income tax benefit (expense) | (2,778) | 1,924 | (5,195) |
Income (loss) before income tax | 40,732 | 1,667 | (22,082) |
Net income (loss) for the period | € 37,954 | € 3,591 | € (27,277) |
SEGMENT AND GEOGRAPHIC INFORM_6
SEGMENT AND GEOGRAPHIC INFORMATION - Revenue can be split into the following geographical areas (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
SEGMENT AND GEOGRAPHIC INFORMATION | |||
Revenue | € 90,246 | € 95,058 | € 39,481 |
China | |||
SEGMENT AND GEOGRAPHIC INFORMATION | |||
Revenue | 15,308 | 39,424 | 17,652 |
Taiwan | |||
SEGMENT AND GEOGRAPHIC INFORMATION | |||
Revenue | 1,634 | 12,846 | 3,814 |
USA | |||
SEGMENT AND GEOGRAPHIC INFORMATION | |||
Revenue | 17,522 | 11,478 | 3,375 |
Germany | |||
SEGMENT AND GEOGRAPHIC INFORMATION | |||
Revenue | 9,577 | 10,743 | 5,390 |
Malaysia | |||
SEGMENT AND GEOGRAPHIC INFORMATION | |||
Revenue | 16,681 | 7,915 | |
Austria | |||
SEGMENT AND GEOGRAPHIC INFORMATION | |||
Revenue | 17,810 | 3,928 | 3,793 |
Other | |||
SEGMENT AND GEOGRAPHIC INFORMATION | |||
Revenue | € 11,714 | € 8,724 | € 5,457 |
SEGMENT AND GEOGRAPHIC INFORM_7
SEGMENT AND GEOGRAPHIC INFORMATION - Major customers (Details) € in Thousands | 12 Months Ended | ||
Dec. 31, 2023 EUR (€) customer | Dec. 31, 2022 EUR (€) | Dec. 31, 2021 EUR (€) | |
Major customers | |||
Number of major customers | customer | 3 | ||
Revenue | € 90,246 | € 95,058 | € 39,481 |
First customer | |||
Major customers | |||
Revenue | 17,649 | 25,092 | € 9,931 |
Second customer | |||
Major customers | |||
Revenue | 16,361 | € 11,876 | |
Third customer | |||
Major customers | |||
Revenue | € 12,280 |
SEGMENT AND GEOGRAPHIC INFORM_8
SEGMENT AND GEOGRAPHIC INFORMATION - Non-current assets (Details) - EUR (€) € in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
SEGMENT AND GEOGRAPHIC INFORMATION | ||
Non-current assets | € 29,733 | € 30,523 |
Germany | ||
SEGMENT AND GEOGRAPHIC INFORMATION | ||
Non-current assets | 26,853 | 28,334 |
China | ||
SEGMENT AND GEOGRAPHIC INFORMATION | ||
Non-current assets | 2,504 | 1,922 |
Other | ||
SEGMENT AND GEOGRAPHIC INFORMATION | ||
Non-current assets | € 376 | € 266 |
REVENUE FROM CONTRACTS WITH C_3
REVENUE FROM CONTRACTS WITH CUSTOMERS AND COST OF SALES - Disaggregation of Revenues (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
REVENUE FROM CONTRACTS WITH CUSTOMERS AND COST OF SALES | |||
Revenue | € 90,246 | € 95,058 | € 39,481 |
Revenue recognized at a point in time | |||
REVENUE FROM CONTRACTS WITH CUSTOMERS AND COST OF SALES | |||
Revenue | 81,761 | 89,316 | 36,832 |
Revenue recognized over time | |||
REVENUE FROM CONTRACTS WITH CUSTOMERS AND COST OF SALES | |||
Revenue | 8,485 | 5,742 | 2,649 |
Machines | |||
REVENUE FROM CONTRACTS WITH CUSTOMERS AND COST OF SALES | |||
Revenue | 77,554 | 73,151 | 25,626 |
Spare Parts | |||
REVENUE FROM CONTRACTS WITH CUSTOMERS AND COST OF SALES | |||
Revenue | 9,722 | 14,302 | 8,081 |
Service | |||
REVENUE FROM CONTRACTS WITH CUSTOMERS AND COST OF SALES | |||
Revenue | 1,781 | 1,978 | 3,802 |
Other | |||
REVENUE FROM CONTRACTS WITH CUSTOMERS AND COST OF SALES | |||
Revenue | € 1,189 | € 5,627 | € 1,971 |
REVENUE FROM CONTRACTS WITH C_4
REVENUE FROM CONTRACTS WITH CUSTOMERS AND COST OF SALES - Changes to contract liabilities (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Changes to contract liabilities | |||
Beginning balance | € 30,569 | € 25,682 | € 17,378 |
Decrease in Contract Liabilities Attributable to Sales Revenues Included in Contractual Liabilities at the Beginning of the Period | (30,406) | (25,682) | (17,378) |
Increase in Contract Liabilities Attributable to Customer Payments Received | 17,769 | 30,569 | 25,682 |
Ending balance | € 17,931 | € 30,569 | € 25,682 |
REVENUE FROM CONTRACTS WITH C_5
REVENUE FROM CONTRACTS WITH CUSTOMERS AND COST OF SALES - Order backlog (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Minimum | |||
REVENUE FROM CONTRACTS WITH CUSTOMERS AND COST OF SALES | |||
Order backlog revenue recognition period | 1 year | ||
Maximum | |||
REVENUE FROM CONTRACTS WITH CUSTOMERS AND COST OF SALES | |||
Order backlog revenue recognition period | 3 years | ||
Machines | |||
REVENUE FROM CONTRACTS WITH CUSTOMERS AND COST OF SALES | |||
Amount of goods or services ordered by customers but not delivered or provided | € 48,651 | € 79,571 | € 60,982 |
Spare Parts and Service | |||
REVENUE FROM CONTRACTS WITH CUSTOMERS AND COST OF SALES | |||
Amount of goods or services ordered by customers but not delivered or provided | € 6,380 | € 6,535 | € 7,239 |
REVENUE FROM CONTRACTS WITH C_6
REVENUE FROM CONTRACTS WITH CUSTOMERS AND COST OF SALES - Cost of sales (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
REVENUE FROM CONTRACTS WITH CUSTOMERS AND COST OF SALES | |||
Personnel expenses | € (16,690) | € (16,221) | € (14,094) |
Material expenses | (35,767) | (34,274) | (9,519) |
Depreciation/amortization | (4,904) | (4,147) | (2,746) |
Other expenses | (6,488) | (7,079) | (4,147) |
Total cost of sales | € (63,849) | € (61,721) | € (30,506) |
SELLING (Details)
SELLING (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
SELLING | |||
Personnel expenses | € (8,295) | € (8,017) | € (5,535) |
Legal and consulting fees | (834) | (873) | (581) |
Sales Commission | (241) | (475) | (95) |
Distribution related external administration | (1,537) | (582) | (801) |
Advertisement | (649) | (428) | (294) |
Other expenses | (1,021) | (995) | (545) |
Total selling expenses | € (12,577) | € (11,369) | € (7,851) |
GENERAL ADMINISTRATION (Details
GENERAL ADMINISTRATION (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
RESEARCH AND DEVELOPMENT EXPENSES | |||
Personnel expenses | € (4,131) | € (3,992) | € (3,692) |
Legal and consulting fees | (4,401) | (1,681) | (1,584) |
External administrative expenses | (965) | (692) | (529) |
Other administrative expenses | (3,042) | (607) | (493) |
Total administrative expenses | € (12,538) | € (6,973) | € (6,298) |
RESEARCH AND DEVELOPMENT EXPE_3
RESEARCH AND DEVELOPMENT EXPENSES (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
RESEARCH AND DEVELOPMENT EXPENSES | |||
Personnel expenses | € (2,261) | € (1,888) | € (1,319) |
Depreciation/amortization | (877) | (910) | (627) |
Legal and consulting fees | (587) | (614) | (422) |
R&D related external administration | (906) | (856) | (282) |
Other research and development expenses | (517) | (549) | (83) |
Total research and development expenses | € (5,148) | € (4,818) | € (2,733) |
OTHER INCOME (Details)
OTHER INCOME (Details) - EUR (€) € in Thousands | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Apr. 30, 2023 | |
OTHER INCOME | ||||
Foreign currency gains | € 2,969 | € 1,503 | € 538 | |
Bonus payments | 9,200 | |||
Other miscellaneous income | 3,815 | 1,871 | 1,387 | |
Total other income | € 15,985 | 3,375 | 1,924 | |
Annual percentage to be paid | 1.50% | |||
Exit bonus receivable | € 4,500 | |||
Sale leaseback cancellation gain | 1,875 | |||
Government grant income | 356 | € 519 | € 123 | |
Income from asset disposals | 508 | |||
Silicon | ||||
OTHER INCOME | ||||
Exit bonus income | 4,700 | |||
Exit bonus receivable | 4,700 | |||
Montratec GmbH | ||||
OTHER INCOME | ||||
Exit bonus income | 4,500 | |||
Exit bonus receivable | € 3,954 | |||
Montratec Sarl | ||||
OTHER INCOME | ||||
Exit bonus income | 4,500 | |||
Securities purchase agreement guarantee | € 4,500 | |||
Schmid Grundstcke GmbH & Co. KG | ||||
OTHER INCOME | ||||
Exit bonus receivable | € 546 |
OTHER EXPENSES (Details)
OTHER EXPENSES (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
OTHER EXPENSES | |||
Foreign currency losses | € (2,388) | € (2,399) | € (2,942) |
Other taxes | (166) | (122) | (776) |
Disposal of assets | (231) | (154) | |
Miscellaneous other items | (65) | (236) | (908) |
Total other expenses | € (2,620) | € (2,988) | € (4,779) |
REVERSAL OF IMPAIRMENT OF FIN_3
REVERSAL OF IMPAIRMENT OF FINANCIAL ASSETS, NET (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
REVERSAL OF IMPAIRMENT OF FINANCIAL ASSETS, NET | |||
(Impairment) / Reversal on impairment on financial assets | € 22,696 | € 3,091 | € 3,333 |
Reversal of receivables from the Silicon Group | |||
REVERSAL OF IMPAIRMENT OF FINANCIAL ASSETS, NET | |||
(Impairment) / Reversal on impairment on financial assets | 21,375 | ||
Shareholder loan (included in trade and other receivables) | |||
REVERSAL OF IMPAIRMENT OF FINANCIAL ASSETS, NET | |||
(Impairment) / Reversal on impairment on financial assets | 1,418 | € 3,091 | 3,284 |
Other | |||
REVERSAL OF IMPAIRMENT OF FINANCIAL ASSETS, NET | |||
(Impairment) / Reversal on impairment on financial assets | € (97) | € 49 |
FINANCIAL RESULT (Details)
FINANCIAL RESULT (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
FINANCIAL RESULT | |||
Finance income | € 19,685 | € 5,758 | € 3,360 |
thereof fair value changes | 1,669 | 124 | |
thereof interest income and similar proceeds | 3,883 | 4,089 | 3,236 |
thereof gain from loan extinguishment | 15,802 | ||
Finance expenses | (10,091) | (17,746) | (18,014) |
thereof interest portion of lease payments | (103) | (68) | (49) |
thereof interest expense | (9,988) | (17,678) | (17,965) |
Financial result | € 9,594 | € (11,988) | € (14,654) |
SHARE OF PROFIT (LOSS) IN JOI_2
SHARE OF PROFIT (LOSS) IN JOINT VENTURES (Details) € in Thousands | Dec. 31, 2023 EUR (€) |
SHARE OF PROFIT (LOSS) IN JOINT VENTURES | |
Investment in joint venture | € 0 |
INCOME TAXES - Income Tax Benef
INCOME TAXES - Income Tax Benefit (Expense) (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
INCOME TAXES | |||
Current income tax (expense) / income | € (1,044) | € (2,908) | € (1,839) |
thereof prior years | 168 | (6) | (35) |
Deferred tax (expense) / income | (1,735) | 4,832 | (3,357) |
thereof temporary differences | (1,853) | 12,693 | (12,367) |
thereof tax loss/interest carryforwards | 118 | (7,861) | 9,010 |
Income tax as per statement of profit or loss | € (2,778) | € 1,924 | € (5,195) |
INCOME TAXES - (Details)
INCOME TAXES - (Details) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
INCOME TAXES | |||
Corporation tax rate | 15% | ||
Solidarity surcharge | 5.50% | ||
Trade tax rate | 13.30% | ||
Overall tax rate | 29.125% | 29.125% | 29.125% |
INCOME TAXES - Tax Rate Reconci
INCOME TAXES - Tax Rate Reconciliation (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
INCOME TAXES | |||
Income (loss) before income tax | € 40,732 | € 1,667 | € (22,082) |
Income tax rate | 29.125% | 29.125% | 29.125% |
Corporation tax rate | 15% | ||
Expected income tax income (expense) | € (11,863) | € (485) | € 6,431 |
Tax rate differences | 891 | 911 | (2,270) |
Non-deductible expenses | (79) | (573) | (1,204) |
Tax -free income | 1,263 | 495 | 2,755 |
Trade tax modifications | (116) | (269) | (417) |
Tax effects from withholding tax | (166) | (370) | (1,485) |
Tax effects from prior years | 488 | 642 | 634 |
Permanent differences resulting from the statement of financial position | 2,912 | (8) | (2,486) |
Loss utilisation of previously not recognized tax loss carryforwards | 0 | 1,152 | 556 |
Change in valuation allowance from temporary differences and tax loss carryforwards | 3,598 | 927 | (4,904) |
Change from interest carryforwards | 333 | (957) | (2,827) |
Other reconciling items | (38) | 460 | 21 |
Income tax as per statement of profit or loss | € (2,778) | € 1,924 | € (5,195) |
Effective tax rate in % | 6.82% | (115.46%) | (23.53%) |
INCOME TAXES - Deferred tax ass
INCOME TAXES - Deferred tax assets ("DTA") and deferred tax liabilities ("DTL") recognition (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
INCOME TAXES | |||
Deferred tax (expense) / income | € (1,735) | € 4,832 | € (3,357) |
Deferred tax assets | 2,543 | 2,594 | |
Deferred tax liabilities | (4,388) | (2,504) | |
DTA, Netting | (18,920) | (33,619) | |
DTL, Netting | 18,920 | 33,619 | |
DTA, Recognition in the statement of financial position | 2,543 | 2,594 | |
DTL, Recognition in the statement of financial position | (4,388) | (2,504) | |
Non-current assets | |||
INCOME TAXES | |||
Deferred tax (expense) / income | (13,373) | 9,460 | |
Currency translation adjustments | (116) | (44) | |
Deferred tax assets | 3,628 | 15,085 | |
Deferred tax liabilities | (6,970) | (4,937) | |
Intangible assets | |||
INCOME TAXES | |||
Deferred tax (expense) / income | 239 | (28) | |
Currency translation adjustments | (126) | 45 | |
Deferred tax assets | 1,843 | 2,084 | |
Deferred tax liabilities | (4,193) | (4,547) | |
Property, plant and equipment | |||
INCOME TAXES | |||
Deferred tax (expense) / income | (2,167) | (78) | |
Currency translation adjustments | 9 | 1 | |
Deferred tax assets | 155 | 153 | |
Deferred tax liabilities | (2,542) | (381) | |
Financial assets | |||
INCOME TAXES | |||
Deferred tax (expense) / income | (11,444) | 9,566 | |
Currency translation adjustments | 1 | ||
Deferred tax assets | 1,630 | 12,848 | |
Deferred tax liabilities | (235) | (9) | |
Inventories | |||
INCOME TAXES | |||
Deferred tax (expense) / income | (487) | 51 | |
Currency translation adjustments | (6) | (3) | |
Deferred tax assets | 220 | 246 | |
Deferred tax liabilities | (598) | (131) | |
Trade receivables and other receivables | |||
INCOME TAXES | |||
Deferred tax (expense) / income | 15,526 | (18,193) | |
Currency translation adjustments | 52 | 70 | |
Deferred tax assets | 149 | 1,554 | |
Deferred tax liabilities | (3,985) | (20,969) | |
Other current assets | |||
INCOME TAXES | |||
Deferred tax (expense) / income | (899) | (96) | |
Currency translation adjustments | 3 | 2 | |
Deferred tax liabilities | (956) | (60) | |
Cash and cash equivalents | |||
INCOME TAXES | |||
Deferred tax (expense) / income | (31) | ||
Currency translation adjustments | 1 | ||
Deferred tax assets | 13 | ||
Deferred tax liabilities | (44) | ||
Current assets | |||
INCOME TAXES | |||
Deferred tax (expense) / income | 14,109 | (18,238) | |
Currency translation adjustments | 49 | 70 | |
Deferred tax assets | 382 | 1,801 | |
Deferred tax liabilities | (5,584) | (21,161) | |
Non-current liabilities | |||
INCOME TAXES | |||
Deferred tax (expense) / income | 3,288 | 8,138 | |
Deferred taxes in other comprehensive income | (7) | (88) | |
Currency translation adjustments | (8) | (577) | |
Deferred tax assets | 2,813 | 348 | |
Deferred tax liabilities | (7,757) | (8,571) | |
Non-current financial liabilities | |||
INCOME TAXES | |||
Deferred tax (expense) / income | 7,334 | ||
Deferred tax liabilities | (8,287) | ||
Non-current borrowings | |||
INCOME TAXES | |||
Deferred tax (expense) / income | 868 | ||
Currency translation adjustments | 4 | ||
Deferred tax assets | 17 | ||
Deferred tax liabilities | (7,433) | ||
Provisions for pensions | |||
INCOME TAXES | |||
Deferred tax (expense) / income | 52 | 513 | |
Deferred taxes in other comprehensive income | (7) | (88) | |
Currency translation adjustments | (7) | (575) | |
Deferred tax assets | 140 | 93 | |
Deferred tax liabilities | (67) | (65) | |
Non-current provisions | |||
INCOME TAXES | |||
Deferred tax (expense) / income | (161) | 256 | |
Currency translation adjustments | (1) | ||
Deferred tax assets | 60 | 120 | |
Deferred tax liabilities | (257) | (155) | |
Non-current lease liability | |||
INCOME TAXES | |||
Deferred tax (expense) / income | 2,529 | 35 | |
Currency translation adjustments | (5) | (1) | |
Deferred tax assets | 2,596 | 136 | |
Deferred tax liabilities | (64) | ||
Current liabilities | |||
INCOME TAXES | |||
Deferred tax (expense) / income | (8,820) | 13,333 | |
Currency translation adjustments | (124) | (67) | |
Deferred tax assets | 8,472 | 15,871 | |
Deferred tax liabilities | (2,998) | (1,453) | |
Current financial liabilites | |||
INCOME TAXES | |||
Deferred tax (expense) / income | 8,367 | ||
Deferred tax assets | 11,223 | ||
Current borrowings | |||
INCOME TAXES | |||
Deferred tax (expense) / income | (7,995) | ||
Deferred tax assets | 3,803 | ||
Deferred tax liabilities | (575) | ||
Current contract liabilities | |||
INCOME TAXES | |||
Deferred tax (expense) / income | (929) | 2,351 | |
Currency translation adjustments | (10) | (4) | |
Deferred tax assets | 1,525 | 2,464 | |
Trade payables and other liabilities | |||
INCOME TAXES | |||
Deferred tax (expense) / income | 520 | 1,209 | |
Currency translation adjustments | (109) | (51) | |
Deferred tax assets | 1,600 | 1,281 | |
Deferred tax liabilities | (665) | (757) | |
Other current liabilities | |||
INCOME TAXES | |||
Deferred tax (expense) / income | 629 | 676 | |
Currency translation adjustments | (20) | (5) | |
Deferred tax assets | 1,104 | 545 | |
Deferred tax liabilities | (30) | (80) | |
Current lease liability | |||
INCOME TAXES | |||
Deferred tax (expense) / income | 121 | 27 | |
Currency translation adjustments | (4) | (1) | |
Deferred tax assets | 210 | 93 | |
Current provisions | |||
INCOME TAXES | |||
Deferred tax (expense) / income | (1,166) | 704 | |
Currency translation adjustments | 19 | (5) | |
Deferred tax assets | 230 | 266 | |
Deferred tax liabilities | (1,727) | (616) | |
Tax loss/interest carryforward | |||
INCOME TAXES | |||
Deferred tax (expense) / income | 3,061 | (7,861) | |
Currency translation adjustments | (2) | 12 | |
Deferred tax assets | 6,167 | 3,108 | |
Tax Loss Carryforward (CIT) | |||
INCOME TAXES | |||
Deferred tax (expense) / income | 1,693 | (4,535) | |
Currency translation adjustments | (2) | 12 | |
Deferred tax assets | 3,408 | 1,717 | |
Tax Loss Carryforward (Trade Tax) | |||
INCOME TAXES | |||
Deferred tax (expense) / income | 1,368 | (3,326) | |
Deferred tax assets | 2,759 | 1,392 | |
Gross value | |||
INCOME TAXES | |||
Deferred tax (expense) / income | (1,735) | 4,832 | |
Deferred taxes in other comprehensive income | (7) | (88) | |
Currency translation adjustments | (194) | (606) | |
Deferred tax assets | 21,463 | 36,213 | |
Deferred tax liabilities | € (23,308) | € (36,122) |
INCOME TAXES - Deferred tax a_2
INCOME TAXES - Deferred tax assets not recognized (Details) - EUR (€) € in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
INCOME TAXES | |||
Deductible temporary differences, Tax base | € 41,498 | € 34,149 | € 65,199 |
Tax loss carryforward (CIT), Tax base | 91,405 | 108,229 | 75,903 |
Tax loss carryforward (trade tax), Tax base | 49,147 | 65,308 | 45,834 |
Interest carryforward, Tax base | 35,229 | 36,956 | 33,209 |
Deductible temporary differences, DTA | 10,805 | 8,984 | 18,070 |
Tax loss carryforward (CIT), DTA | 14,701 | 17,415 | 12,641 |
Tax loss carryforward (trade tax), DTA | 6,536 | 8,686 | 6,096 |
Interest carryforward, DTA | € 9,089 | € 9,535 | € 8,568 |
INCOME TAXES - Maturities of th
INCOME TAXES - Maturities of the tax loss carryforwards (Details) - EUR (€) € in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
INCOME TAXES | |||
Tax loss carryforwards for which no deferred tax assets, subject to expiration | € 0 | ||
Unlimited tax loss carryforwards for which no deferred tax assets | 131,586 | € 162,177 | € 113,216 |
Up to 5 years | |||
INCOME TAXES | |||
Unlimited tax loss carryforwards for which no deferred tax assets | 2,685 | 5,107 | 3,310 |
Up to 10 years | |||
INCOME TAXES | |||
Unlimited tax loss carryforwards for which no deferred tax assets | 1,772 | 1,064 | 927 |
Up to 15 years | |||
INCOME TAXES | |||
Unlimited tax loss carryforwards for which no deferred tax assets | € 4,508 | € 5,187 | 3,943 |
Up to 20 years | |||
INCOME TAXES | |||
Unlimited tax loss carryforwards for which no deferred tax assets | € 340 |
INCOME TAXES - Additional infor
INCOME TAXES - Additional information (Details) - EUR (€) € in Thousands | Mar. 27, 2024 | Dec. 31, 2023 | Dec. 31, 2022 |
Income Tax Disclosure [Line Items] | |||
Taxable temporary differences associated with investments in entities, branches and associates and interests in joint arrangements not been recognized | € 931 | € 937 | |
Deferred tax assets exceeding deferred tax liabilities for companies that generated a loss in the current or previous period recognized | € 522 | € 2,594 | |
Maximum amount of benefit that could be recognized due to change in loss deduction rate | € 522 | ||
Minimum | |||
Income Tax Disclosure [Line Items] | |||
Loss deduction rate | 60% | ||
Maximum | |||
Income Tax Disclosure [Line Items] | |||
Loss deduction rate | 70% |
INTANGIBLE ASSETS (Details)
INTANGIBLE ASSETS (Details) - EUR (€) € in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
MATERIAL ACCOUNTING POLICIES | ||
Beginning balance | € 15,828 | € 15,976 |
Ending balance | 14,966 | 15,828 |
Costs of acquisition | ||
MATERIAL ACCOUNTING POLICIES | ||
Beginning balance | 23,874 | 29,429 |
Additions | 3,274 | 3,607 |
Disposals/Retirements | (9,162) | |
Foreign exchange differences | (46) | (1) |
Ending balance | 27,102 | 23,874 |
Accumulated amortization/write downs | ||
MATERIAL ACCOUNTING POLICIES | ||
Beginning balance | (8,046) | (13,454) |
Amortization | 4,133 | 3,609 |
Disposals/Retirements | 9,015 | |
Foreign exchange differences | (44) | (2) |
Ending balance | (12,136) | (8,046) |
Development Costs | ||
MATERIAL ACCOUNTING POLICIES | ||
Beginning balance | 15,337 | 15,794 |
Ending balance | 14,278 | 15,337 |
Development Costs | Costs of acquisition | ||
MATERIAL ACCOUNTING POLICIES | ||
Beginning balance | 22,832 | 22,968 |
Additions | 2,915 | 3,219 |
Disposals/Retirements | (3,355) | |
Foreign exchange differences | (17) | |
Ending balance | 25,729 | 22,832 |
Development Costs | Accumulated amortization/write downs | ||
MATERIAL ACCOUNTING POLICIES | ||
Beginning balance | (7,495) | (7,174) |
Amortization | 3,975 | 3,529 |
Disposals/Retirements | 3,208 | |
Foreign exchange differences | (17) | |
Ending balance | (11,452) | (7,495) |
Patents and licenses | ||
MATERIAL ACCOUNTING POLICIES | ||
Beginning balance | 490 | 181 |
Ending balance | 689 | 490 |
Patents and licenses | Costs of acquisition | ||
MATERIAL ACCOUNTING POLICIES | ||
Beginning balance | 1,042 | 6,461 |
Additions | 359 | 389 |
Disposals/Retirements | (5,807) | |
Foreign exchange differences | (28) | (1) |
Ending balance | 1,372 | 1,042 |
Patents and licenses | Accumulated amortization/write downs | ||
MATERIAL ACCOUNTING POLICIES | ||
Beginning balance | (552) | (6,280) |
Amortization | 158 | 80 |
Disposals/Retirements | 5,807 | |
Foreign exchange differences | (26) | (2) |
Ending balance | € (684) | € (552) |
INTANGIBLE ASSETS - Additional
INTANGIBLE ASSETS - Additional Information (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
INTANGIBLE ASSETS | |||
Retirements relate to intangibles assets with a net book value | € 0 | ||
Amount of borrowing costs capitalised | € 494 | € 640 | |
Capitalisation rate | 10% | 10% | |
Amount deducted from the capitalized book value | € 159 | € 268 | € 723 |
Pre-tax discount rate | 12.89% | 11.17% |
PROPERTY, PLANT AND EQUIPMENT_2
PROPERTY, PLANT AND EQUIPMENT (Details) - EUR (€) € in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
MATERIAL ACCOUNTING POLICIES | ||
Beginning balance | € 13,361 | € 13,899 |
Ending balance | 5,704 | 13,361 |
Gross carrying amounts | ||
MATERIAL ACCOUNTING POLICIES | ||
Beginning balance | 54,127 | 55,318 |
Additions | 3,602 | 1,423 |
Disposals/Retirements | 24,991 | 2,507 |
Foreign exchange differences | (289) | (107) |
Ending balance | 32,449 | 54,127 |
Accumulated depreciation | ||
MATERIAL ACCOUNTING POLICIES | ||
Beginning balance | (40,766) | (41,419) |
Depreciation | 2,048 | 1,865 |
Disposals/Retirements | (15,856) | (2,426) |
Foreign exchange differences | (214) | (92) |
Ending balance | (26,744) | (40,766) |
Land, buildings and leasehold improvements | ||
MATERIAL ACCOUNTING POLICIES | ||
Beginning balance | 9,722 | 10,046 |
Ending balance | 149 | 9,722 |
Land, buildings and leasehold improvements | Gross carrying amounts | ||
MATERIAL ACCOUNTING POLICIES | ||
Beginning balance | 21,303 | 21,143 |
Additions | 161 | |
Disposals/Retirements | 21,085 | |
Foreign exchange differences | 1 | |
Ending balance | 220 | 21,303 |
Land, buildings and leasehold improvements | Accumulated depreciation | ||
MATERIAL ACCOUNTING POLICIES | ||
Beginning balance | (11,581) | (11,097) |
Depreciation | 483 | 484 |
Disposals/Retirements | (11,995) | |
Foreign exchange differences | 1 | |
Ending balance | (71) | (11,581) |
Technical equipment and machinery | ||
MATERIAL ACCOUNTING POLICIES | ||
Beginning balance | 2,371 | 2,126 |
Ending balance | 3,016 | 2,371 |
Technical equipment and machinery | Gross carrying amounts | ||
MATERIAL ACCOUNTING POLICIES | ||
Beginning balance | 18,263 | 18,692 |
Additions | 1,679 | 940 |
Disposals/Retirements | 3,448 | 1,638 |
Transfers | 333 | |
Foreign exchange differences | (164) | (64) |
Ending balance | 16,330 | 18,263 |
Technical equipment and machinery | Accumulated depreciation | ||
MATERIAL ACCOUNTING POLICIES | ||
Beginning balance | (15,892) | (16,566) |
Depreciation | 982 | 964 |
Disposals/Retirements | (3,447) | (1,585) |
Foreign exchange differences | (114) | (53) |
Ending balance | (13,314) | (15,892) |
Office and other equipment | ||
MATERIAL ACCOUNTING POLICIES | ||
Beginning balance | 1,268 | 1,383 |
Ending balance | 2,027 | 1,268 |
Office and other equipment | Gross carrying amounts | ||
MATERIAL ACCOUNTING POLICIES | ||
Beginning balance | 14,561 | 15,139 |
Additions | 1,410 | 323 |
Disposals/Retirements | 458 | 858 |
Foreign exchange differences | (126) | (43) |
Ending balance | 15,386 | 14,561 |
Office and other equipment | Accumulated depreciation | ||
MATERIAL ACCOUNTING POLICIES | ||
Beginning balance | (13,293) | (13,756) |
Depreciation | 583 | 417 |
Disposals/Retirements | (414) | (842) |
Foreign exchange differences | (101) | (38) |
Ending balance | (13,359) | (13,293) |
Assets under construction | ||
MATERIAL ACCOUNTING POLICIES | ||
Beginning balance | 345 | |
Ending balance | 513 | |
Assets under construction | Gross carrying amounts | ||
MATERIAL ACCOUNTING POLICIES | ||
Beginning balance | 345 | |
Additions | 513 | |
Disposals/Retirements | 12 | |
Transfers | € (333) | |
Ending balance | € 513 |
PROPERTY, PLANT AND EQUIPMENT -
PROPERTY, PLANT AND EQUIPMENT - Additional Information (Details) - EUR (€) € in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
PROPERTY, PLANT AND EQUIPMENT | |||
Right-of-use assets | € 9,063 | € 1,334 | € 1,513 |
LEASES - Carrying amounts of ri
LEASES - Carrying amounts of right-of-use assets recognized and the movements during period (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
MATERIAL ACCOUNTING POLICIES | |||
Beginning balance | € 1,334 | € 1,513 | |
Additions to right-of-use assets | 8,581 | 480 | |
Depreciation | (779) | (642) | € (487) |
Foreign exchange differences | (73) | (17) | |
Ending balance | 9,063 | 1,334 | 1,513 |
Real Estate | |||
MATERIAL ACCOUNTING POLICIES | |||
Beginning balance | 906 | 1,207 | |
Additions to right-of-use assets | 8,402 | 144 | |
Depreciation | (543) | (430) | |
Foreign exchange differences | (68) | (15) | |
Ending balance | 8,697 | 906 | 1,207 |
Vehicles | |||
MATERIAL ACCOUNTING POLICIES | |||
Beginning balance | 428 | 306 | |
Additions to right-of-use assets | 178 | 336 | |
Depreciation | (236) | (211) | |
Foreign exchange differences | (5) | (2) | |
Ending balance | € 365 | € 428 | € 306 |
LEASES - Additional Information
LEASES - Additional Information (Details) | 1 Months Ended | 12 Months Ended | ||
Dec. 31, 2023 EUR (€) lease | Dec. 31, 2023 EUR (€) lease | Dec. 31, 2022 EUR (€) | Dec. 31, 2021 EUR (€) | |
LEASES | ||||
Purchase price | € 11,400,000 | € 11,400,000 | ||
Lease term | 10 years | |||
Number of times that lease term can be extended by 5 years each time | lease | 3 | 3 | ||
Lease payment | € 100,000 | € 100,000 | ||
Increase in right-of-use asset | 7,092,000 | 7,092,000 | ||
Lease liability | 8,895,000 | € 8,895,000 | ||
Gain on sale | € 507,000 | |||
Weighted average IBR (Percentage) | 6.03% | 6.03% | 5.49% | |
Variable lease payments | € 0 | |||
Lease income per month | 10,000 | |||
Minimum lease payments to be received | € 115,000 | 115,000 | € 115,000 | € 115,000 |
Sublease income per month | € 3,000 |
LEASES - Lease Liabilities (Det
LEASES - Lease Liabilities (Details) - EUR (€) € in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
LEASES | ||
Beginning balance | € 1,333 | € 1,528 |
Additions | 10,347 | 433 |
Interest | 102 | 68 |
Payment of lease liabilities | (819) | (676) |
Foreign exchange difference | (77) | (19) |
Ending balance | € 10,886 | € 1,333 |
LEASES - Lease related expense
LEASES - Lease related expense (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
LEASES | |||
Depreciation | € (779) | € (642) | € (487) |
Interest expense on lease liabilities | (103) | (68) | (49) |
Short-term lease expenses | (383) | (523) | (341) |
Lease expenses for low-value assets | (7) | (28) | (68) |
Total amount recognized in expense | € (1,273) | € (1,260) | € (945) |
LEASES - Information on total c
LEASES - Information on total cash outflow from all leases (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
LEASES | |||
Principal paid | € (715) | € (609) | € (451) |
Interest paid | (103) | (68) | (49) |
Short term and low value leases | (391) | (551) | (409) |
Total amount paid | € (1,209) | € (1,227) | € (908) |
LEASES - Maturity analysis (Det
LEASES - Maturity analysis (Details) - EUR (€) € in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of Maturity Analysis of Lease Payments [Line Items] | |||
Gross lease liabilities - minimum lease payments | € 14,130 | € 1,476 | |
Discount and foreign currency effects | (3,244) | 143 | |
Present value of the lease liabilities | 10,886 | 1,333 | € 1,528 |
Not later than 1 year | |||
Disclosure of Maturity Analysis of Lease Payments [Line Items] | |||
Gross lease liabilities - minimum lease payments | 2,108 | 564 | |
Later than 1 year and not later than 2 years | |||
Disclosure of Maturity Analysis of Lease Payments [Line Items] | |||
Gross lease liabilities - minimum lease payments | 1,928 | 465 | |
Later than 2 year and not later than five years | |||
Disclosure of Maturity Analysis of Lease Payments [Line Items] | |||
Gross lease liabilities - minimum lease payments | 4,081 | € 446 | |
Later than 5 years | |||
Disclosure of Maturity Analysis of Lease Payments [Line Items] | |||
Gross lease liabilities - minimum lease payments | € 6,014 |
INVENTORIES (Details)
INVENTORIES (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
INVENTORIES | |||
Raw materials and supplies | € 4,386 | € 5,513 | |
Work in progress | 6,038 | 11,098 | |
Finished goods | 5,928 | 8,419 | |
Inventories | 16,353 | 25,029 | |
Inventory write-downs | 1,052 | 833 | € 69 |
Reversals of impairment, inventories | 83 | 23 | 1 |
Inventories recognized as expense | € 25,026 | € 28,954 | € 9,293 |
TRADE RECEIVABLES AND OTHER R_3
TRADE RECEIVABLES AND OTHER RECEIVABLES (Details) - EUR (€) € in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
TRADE RECEIVABLES AND OTHER RECEIVABLES | ||
Trade receivables | € 40,626 | € 40,593 |
Receivables from joint ventures | 1,599 | 2,656 |
Other receivables | 4,807 | 65,589 |
Total trade and other receivables | 47,032 | 108,838 |
Decrease in other receivables attributable to repayment of shareholder loan receivable | 107 | € 65,158 |
Receivable for Silicon bonus payment | € 4,500 |
TRADE RECEIVABLES AND OTHER R_4
TRADE RECEIVABLES AND OTHER RECEIVABLES - Additional Information (Details) € in Thousands | Dec. 31, 2023 EUR (€) |
TRADE RECEIVABLES AND OTHER RECEIVABLES | |
Exit bonus receivable | € 4,500 |
Silicon | |
TRADE RECEIVABLES AND OTHER RECEIVABLES | |
Exit bonus receivable | € 4,700 |
OTHER CURRENT ASSETS (Details)
OTHER CURRENT ASSETS (Details) - EUR (€) € in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
OTHER CURRENT ASSETS | ||
Advance payments on inventories | € 1,317 | € 2,635 |
Restricted cash | 89 | 1,049 |
Prepaid expenses | 3,667 | 730 |
Contract assets | 401 | |
Total other current non-financial assets | € 5,073 | € 4,815 |
CASH & CASH EQUIVALENTS (Detail
CASH & CASH EQUIVALENTS (Details) - EUR (€) € in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
CASH & CASH EQUIVALENTS | ||
Deposits on bank accounts | € 5,710 | € 8,332 |
NON-CONTROLLING INTEREST (Detai
NON-CONTROLLING INTEREST (Details) | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Jun. 30, 2021 |
XJ Harbour HK Limited | ||||
NON-CONTROLLING INTEREST | ||||
NCI percentage | 20.90% | |||
SCHMID Singapore Pte. Ltd. | ||||
NON-CONTROLLING INTEREST | ||||
NCI percentage | 10% | 10% | 10% | |
SCHMID Technology Guangdong Co. Ltd. | ||||
NON-CONTROLLING INTEREST | ||||
NCI percentage | 24.10% | 24.10% | 24.10% | |
SCHMID Taiwan Ltd. | ||||
NON-CONTROLLING INTEREST | ||||
NCI percentage | 14% | 14% | 14% |
NON-CONTROLLING INTEREST - Enti
NON-CONTROLLING INTEREST - Entity that has material NCI (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
NON-CONTROLLING INTEREST | |||
Non-current assets | € 32,416 | € 33,232 | |
Current assets | 74,166 | 147,014 | |
Non-current liabilities | 37,081 | 38,968 | |
Current liabilities | 87,343 | 195,594 | |
Revenue | 90,246 | 95,058 | € 39,481 |
Income (loss) for the period | 37,954 | 3,591 | (27,277) |
Other comprehensive income (loss) | (1,607) | (290) | 150 |
Total comprehensive income (loss) | 36,346 | 3,301 | (27,127) |
Total comprehensive income allocated to NCI | 677 | 1,845 | € (2,530) |
Accumulated NCI end of period | € 7,358 | € 6,681 | |
SCHMID Singapore Pte. Ltd. | |||
NON-CONTROLLING INTEREST | |||
NCI percentage | 10% | 10% | 10% |
Current assets | € 2,797 | € 1,651 | € 1,698 |
Current liabilities | 2,062 | 7,104 | 7,144 |
Net assets | 736 | (5,453) | (5,445) |
Net assets attributable to NCI | 74 | (545) | (545) |
Income (loss) for the period | 6,188 | (7) | (33) |
Total comprehensive income (loss) | 6,188 | (7) | (33) |
Total comprehensive income allocated to NCI | 619 | (1) | (3) |
Accumulated NCI end of period | € 77 | € (543) | € (542) |
SCHMID Technology Guangdong Co. Ltd. | |||
NON-CONTROLLING INTEREST | |||
NCI percentage | 24.10% | 24.10% | 24.10% |
Non-current assets | € 5,118 | € 4,575 | € 4,876 |
Current assets | 42,569 | 46,040 | 23,857 |
Non-current liabilities | 847 | 568 | 841 |
Current liabilities | 22,288 | 26,244 | 9,518 |
Net assets | 24,552 | 23,804 | 18,374 |
Net assets attributable to NCI | 5,917 | 5,737 | 4,428 |
Revenue | 27,750 | 38,753 | 9,762 |
Income (loss) for the period | 2,298 | 6,068 | (13,359) |
Other comprehensive income (loss) | (1,550) | (639) | 753 |
Total comprehensive income (loss) | 748 | 5,429 | (12,606) |
Total comprehensive income allocated to NCI | 180 | 1,308 | (2,627) |
Accumulated NCI end of period | € 6,487 | € 6,335 | € 5,026 |
SCHMID Taiwan Ltd. | |||
NON-CONTROLLING INTEREST | |||
NCI percentage | 14% | 14% | 14% |
Non-current assets | € 185 | € 71 | € 197 |
Current assets | 11,827 | 12,704 | 4,993 |
Non-current liabilities | 605 | 694 | 66 |
Current liabilities | 5,182 | 5,203 | 2,095 |
Net assets | 6,224 | 6,879 | 3,030 |
Net assets attributable to NCI | 868 | 960 | 423 |
Revenue | 1,672 | 12,873 | 3,954 |
Income (loss) for the period | (402) | 4,152 | 424 |
Other comprehensive income (loss) | (252) | (303) | 297 |
Total comprehensive income (loss) | (654) | 3,849 | 721 |
Total comprehensive income allocated to NCI | (91) | 537 | 101 |
Accumulated NCI end of period | € 794 | € 889 | € 352 |
NON-CONTROLLING INTEREST - Cash
NON-CONTROLLING INTEREST - Cash flow statement (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
NON-CONTROLLING INTEREST | |||
Cash flow from operating activities | € 9,897 | € 280 | € (10,285) |
Cash flow from investing activities | 72,019 | (7,168) | (7,537) |
Cash flow from financing activities | (83,714) | (3,165) | 35,674 |
Effect of foreign exchange rate changes on cash and cash equivalents | (824) | ||
SCHMID Technology Guangdong Co. Ltd. | |||
NON-CONTROLLING INTEREST | |||
Cash flow from operating activities | 666 | (1,688) | (11,650) |
Cash flow from investing activities | (472) | (502) | (16,449) |
Cash flow from financing activities | (21) | (452) | 32,313 |
Effect of foreign exchange rate changes on cash and cash equivalents | (119) | 116 | 93 |
Net increase (decrease) in cash and cash equivalents | € 262 | € (2,525) | € 4,307 |
FINANCIAL LIABILITIES (Details)
FINANCIAL LIABILITIES (Details) - EUR (€) € in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
FINANCIAL LIABILITIES | ||
Non-current financial liabilities | € 22,190 | € 34,406 |
Current financial liabilities | 26,053 | 128,454 |
Total financial liabilities | € 48,244 | € 162,860 |
FINANCIAL LIABILITIES - Borrowi
FINANCIAL LIABILITIES - Borrowings (Details) - EUR (€) € in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Non-current borrowings | ||
Non-current borrowings | € 22,190 | € 34,406 |
Current borrowings | ||
Current borrowings | 26,053 | 128,454 |
Total borrowings | 48,244 | 162,860 |
Loans from banks | ||
Current borrowings | ||
Current borrowings | 1,225 | 12,003 |
Loans from debt funds | ||
Non-current borrowings | ||
Non-current borrowings | 24,393 | |
Current borrowings | ||
Current borrowings | 79,773 | |
Loans from other third parties | ||
Non-current borrowings | ||
Non-current borrowings | 2,336 | |
Current borrowings | ||
Current borrowings | 3,540 | |
Loans from shareholders | ||
Non-current borrowings | ||
Non-current borrowings | 19,854 | 10,013 |
Current borrowings | ||
Current borrowings | 8,102 | 16,493 |
Total borrowings | 19,854,000 | |
Loans from other related parties | ||
Current borrowings | ||
Current borrowings | € 16,726 | € 16,646 |
FINANCIAL LIABILITIES - Narrati
FINANCIAL LIABILITIES - Narratives (Details) € in Thousands | 1 Months Ended | 12 Months Ended | |||
Aug. 31, 2023 EUR (€) | Dec. 31, 2023 EUR (€) loan item | Dec. 31, 2022 EUR (€) | Dec. 31, 2021 EUR (€) | Dec. 31, 2016 EUR (€) | |
FINANCIAL LIABILITIES | |||||
Cash payments | € 81,871 | € 5,880 | € 1,911 | ||
Borrowings remaining amount | € 48,244 | € 162,860 | |||
Loans from debt funds | |||||
FINANCIAL LIABILITIES | |||||
Number of loans | loan | 5 | ||||
Number of loan providers | item | 2 | ||||
Loans from banks | |||||
FINANCIAL LIABILITIES | |||||
Number of loans | loan | 2 | ||||
Number of loans repaid | loan | 3 | ||||
Loans from other third parties | |||||
FINANCIAL LIABILITIES | |||||
Cash payments | € 1,234 | ||||
Interest rate margin | 3% | ||||
Debt term | 2 years | ||||
Loans from shareholders | |||||
FINANCIAL LIABILITIES | |||||
Interest rate margin | 1% | ||||
Loans waived | € 5,000 | ||||
Borrowings remaining amount | € 19,854,000 | ||||
Borrowing floor rate | 0.25% | ||||
Loans from Shareholder One | |||||
FINANCIAL LIABILITIES | |||||
Loan facilities | 15,000 | ||||
Loans from Shareholder Two | |||||
FINANCIAL LIABILITIES | |||||
Loan facilities | € 11,000 |
FINANCIAL LIABILITIES - Share o
FINANCIAL LIABILITIES - Share option (Details) - SCHMID Technology Guangdong Co. Ltd. - EUR (€) € in Millions | Jul. 01, 2022 | Dec. 31, 2021 |
FINANCIAL LIABILITIES | ||
Percentage of interest acquired | 20.90% | |
Consideration transferred | € 25 | |
Investor | ||
FINANCIAL LIABILITIES | ||
Percentage of interest acquired | 5.60% | 3.20% |
Consideration transferred | € 5 |
OTHER PROVISIONS (Details)
OTHER PROVISIONS (Details) - EUR (€) € in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Non-current provisions | ||
Beginning balance, non-current | € 330 | € 366 |
Additions, non-current | 693 | 70 |
Utilization, non-current | (787) | (106) |
Ending balance, non-current | 237 | 330 |
Current provisions | ||
Beginning balance, current | 360 | 451 |
Additions, current | 2,504 | 155 |
Utilization, current | (1,520) | (247) |
Reversal of unused amount, current | (370) | |
Ending balance, current | 973 | 360 |
Warranty provision | ||
Non-current provisions | ||
Beginning balance, non-current | 211 | 203 |
Additions, non-current | 211 | 99 |
Utilization, non-current | (184) | (91) |
Ending balance, non-current | 238 | 211 |
Current provisions | ||
Beginning balance, current | 139 | 228 |
Additions, current | 152 | 25 |
Utilization, current | (66) | (114) |
Ending balance, current | 225 | 139 |
Jubilee provision | ||
Non-current provisions | ||
Beginning balance, non-current | 119 | 163 |
Additions, non-current | 482 | (30) |
Utilization, non-current | (603) | (14) |
Ending balance, non-current | 2 | 119 |
Provision for legal claims | ||
Current provisions | ||
Beginning balance, current | 67 | 32 |
Additions, current | 44 | 123 |
Utilization, current | (88) | |
Reversal of unused amount, current | (58) | |
Ending balance, current | 53 | 67 |
Other provisions | ||
Current provisions | ||
Beginning balance, current | 153 | 191 |
Additions, current | 2,308 | 7 |
Utilization, current | (1,454) | (45) |
Reversal of unused amount, current | (312) | |
Ending balance, current | € 695 | € 153 |
POST-EMPLOYMENT BENEFITS (Detai
POST-EMPLOYMENT BENEFITS (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
POST-EMPLOYMENT BENEFITS | |||
Expenses for defined contribution plans | € 1,677 | € 1,552 | € 1,528 |
POST-EMPLOYMENT BENEFITS - Defi
POST-EMPLOYMENT BENEFITS - Defined benefit plan (Details) € in Thousands | 12 Months Ended |
Dec. 31, 2023 EUR (€) | |
POST-EMPLOYMENT BENEFITS | |
Eligible age | 67 years |
Plan assets | € 0 |
POST-EMPLOYMENT BENEFITS - Reco
POST-EMPLOYMENT BENEFITS - Reconciliation of the net defined benefit liability (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
POST-EMPLOYMENT BENEFITS | |||
Net defined liability at January 1 | € 887 | € 1,173 | € 1,189 |
Defined benefit income recognized in combined statement of profit or loss | 33 | 14 | 12 |
Defined benefit cost recognized in other comprehensive income | 300 | 28 | |
Net defined liability at December 31 | 894 | 887 | 1,173 |
Present value of the defined benefit obligation | |||
POST-EMPLOYMENT BENEFITS | |||
Net defined liability at January 1 | 887 | 1,173 | |
Net defined liability at December 31 | € 894 | € 887 | € 1,173 |
POST-EMPLOYMENT BENEFITS - Re_2
POST-EMPLOYMENT BENEFITS - Reconciliation of the amount recognized in the combined statement of financial position (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
POST-EMPLOYMENT BENEFITS | |||
Net defined liability at January 1 | € 887 | € 1,173 | € 1,189 |
Actuarial adjustments | 25 | 300 | 28 |
thereof: experience adjustments | (2) | 2 | 2 |
thereof: adjustments for financial assumptions | (24) | (302) | (30) |
Interest expense | 33 | 14 | 12 |
Net defined liability at December 31 | 894 | 887 | 1,173 |
Present value of the defined benefit obligation | |||
POST-EMPLOYMENT BENEFITS | |||
Net defined liability at January 1 | 887 | 1,173 | |
Net defined liability at December 31 | € 894 | € 887 | € 1,173 |
POST-EMPLOYMENT BENEFITS - Expe
POST-EMPLOYMENT BENEFITS - Expenses (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
POST-EMPLOYMENT BENEFITS | |||
Actuarial gains (-) / losses (+) deriving from changes in financial assumptions | € (24) | € (302) | € (30) |
Actuarial gains (-) / losses (+) deriving from experience adjustments | (2) | 2 | 2 |
Included in other comprehensive income | 25 | 300 | 28 |
Interest income | 33 | 14 | 12 |
Included in the combined statements of profit or loss | 33 | 14 | 12 |
Total included in the combined statements of profit or loss and other comprehensive income (loss) | € 7 | € (286) | € (16) |
POST-EMPLOYMENT BENEFITS - Actu
POST-EMPLOYMENT BENEFITS - Actuarial assumptions (Details) | Dec. 31, 2023 | Dec. 31, 2022 |
POST-EMPLOYMENT BENEFITS | ||
Discount rate | 4% | 3.75% |
POST-EMPLOYMENT BENEFITS - Sens
POST-EMPLOYMENT BENEFITS - Sensitivity Analysis (Details) - EUR (€) € in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
POST-EMPLOYMENT BENEFITS | ||
Discount rate (+0.25%) | 4.25% | 4% |
Present value of the post-employment benefit obligations (in € thousand) | € 872 | € 862 |
Discount rate (-0.25%) | 3.75% | 3.50% |
Present value of the post-employment benefit obligations (in € thousand) | € 918 | € 912 |
Actuarial assumption of discount rates | ||
POST-EMPLOYMENT BENEFITS | ||
Discount rate increase | 0.25% | 0.25% |
Discount rate decrease | (0.25%) | (0.25%) |
POST-EMPLOYMENT BENEFITS - Dura
POST-EMPLOYMENT BENEFITS - Duration (Details) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
POST-EMPLOYMENT BENEFITS | ||
Duration of the obligation | 12 years | 13 years |
OTHER CURRENT LIABILITIES (Deta
OTHER CURRENT LIABILITIES (Details) - EUR (€) € in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
OTHER CURRENT LIABILITIES | ||
Personnel related accruals | € 3,175 | € 2,700 |
Tax related accruals | 1,348 | 1,481 |
Audit related accruals | 1,297 | 286 |
Miscellaneous other current liabilities | 7,294 | 4,239 |
Total other current liabilities | 13,113 | € 8,706 |
Legal and consulting fees | 2,707 | |
Installation and transportation costs | € 1,344 |
FINANCIAL INSTRUMENTS AND FIN_3
FINANCIAL INSTRUMENTS AND FINANCIAL RISK MANAGEMENT - Carrying Amounts and Fair Values (Details) - EUR (€) € in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Financial instruments | ||
Carrying amount, financial liabilities | € 48,244 | € 162,860 |
FLAC | ||
Financial instruments | ||
Carrying amount, financial liabilities | 74,142 | 188,260 |
FLAC | Loans from debt funds | Level 3 | ||
Financial instruments | ||
Carrying amount, financial liabilities | 24,393 | |
Fair value, financial liabilities | 23,072 | |
FLAC | Loans from other third parties | Level 3 | ||
Financial instruments | ||
Carrying amount, financial liabilities | 2,336 | |
Fair value, financial liabilities | 2,063 | |
FLAC | Loans from shareholders | Level 3 | ||
Financial instruments | ||
Carrying amount, financial liabilities | 19,854 | 10,013 |
Fair value, financial liabilities | 17,630 | 9,307 |
FLAC | Loans from banks | Level 3 | ||
Financial instruments | ||
Carrying amount, financial liabilities | 1,225 | 12,003 |
Fair value, financial liabilities | 11,508 | |
FLAC | Loans from debt funds | Level 3 | ||
Financial instruments | ||
Carrying amount, financial liabilities | 79,773 | |
Fair value, financial liabilities | 51,678 | |
FLAC | Loans from other third parties | Level 3 | ||
Financial instruments | ||
Carrying amount, financial liabilities | 3,540 | |
Fair value, financial liabilities | 3,483 | |
FLAC | Loans from shareholders | ||
Financial instruments | ||
Carrying amount, financial liabilities | 8,102 | 16,493 |
FLAC | Loans from other related parties | Level 3 | ||
Financial instruments | ||
Carrying amount, financial liabilities | 16,726 | 16,646 |
Fair value, financial liabilities | 14,688 | |
FLAC | Trade payables and other liabilities | ||
Financial instruments | ||
Carrying amount, financial liabilities | 25,899 | 25,400 |
AC | ||
Financial instruments | ||
Carrying amount, financial assets | 54,335 | 120,971 |
AC | Other loans and other investments | ||
Financial instruments | ||
Carrying amount, financial assets | 28 | |
Fair value, financial assets | 28 | |
AC | Other non-current financial assets | ||
Financial instruments | ||
Carrying amount, financial assets | 112 | 115 |
AC | Trade receivables | ||
Financial instruments | ||
Carrying amount, financial assets | 40,673 | 40,593 |
AC | Receivables from joint ventures | ||
Financial instruments | ||
Carrying amount, financial assets | 1,599 | 2,656 |
AC | Exit bonus | ||
Financial instruments | ||
Carrying amount, financial assets | 4,700 | |
Fair value, financial assets | 4,700 | |
AC | Receivables from shareholder | ||
Financial instruments | ||
Carrying amount, financial assets | 107 | |
AC | Receivables from shareholder | Level 3 | ||
Financial instruments | ||
Carrying amount, financial assets | 65,158 | |
Fair value, financial assets | 64,028 | |
AC | Miscellaneous receivables | ||
Financial instruments | ||
Carrying amount, financial assets | 431 | |
AC | Restricted cash | ||
Financial instruments | ||
Carrying amount, financial assets | 89 | 1,049 |
AC | Other | ||
Financial instruments | ||
Carrying amount, financial assets | 1,317 | 2,637 |
AC | Cash and cash equivalents | ||
Financial instruments | ||
Carrying amount, financial assets | € 5,710 | € 8,332 |
FINANCIAL INSTRUMENTS AND FIN_4
FINANCIAL INSTRUMENTS AND FINANCIAL RISK MANAGEMENT - Items of income, expenses, gains or losses resulting from financial instruments (Details) - EUR (€) € in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Items of income, expenses, gains or losses resulting from financial instruments | ||
Financial assets - AC, Interest | € 9,499 | € 4,089 |
Financial liabilities - FLAC, Interest | (9,988) | (17,650) |
Financial assets and liabilities - FVTPL, Fair value | (1,669) | |
Total income, expenses, gains or losses resulting from financial instruments | (488) | (15,230) |
Financial instruments that are not measured at FVTPL | ||
Total interest income for financial assets that are not measured at FVTPL | 9,499 | 4,089 |
Total interest expense for financial liabilities that are not measured at FVTPL | 9,988 | 17,650 |
Interest [Member] | ||
Items of income, expenses, gains or losses resulting from financial instruments | ||
Financial assets - AC, Interest | 9,499 | 4,089 |
Financial liabilities - FLAC, Interest | (9,988) | (17,650) |
Total income, expenses, gains or losses resulting from financial instruments | € (488) | (13,561) |
Fair value[Member] | ||
Items of income, expenses, gains or losses resulting from financial instruments | ||
Financial assets and liabilities - FVTPL, Fair value | (1,669) | |
Total income, expenses, gains or losses resulting from financial instruments | € (1,669) |
FINANCIAL INSTRUMENTS AND FIN_5
FINANCIAL INSTRUMENTS AND FINANCIAL RISK MANAGEMENT - Allowances for ECL determined for the different classes of financial assets developed (Details) - Allowances - EUR (€) € in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Trade receivables | - not credit impaired | ||
FINANCIAL INSTRUMENTS AND FINANCIAL RISK MANAGEMENT | ||
Opening Balance | € (19) | € (8) |
Additions | (118) | (11) |
Closing Balance | (137) | (19) |
Trade receivables | - credit impaired | ||
FINANCIAL INSTRUMENTS AND FINANCIAL RISK MANAGEMENT | ||
Opening Balance | (652) | (1,952) |
Additions | (198) | |
Utilization | (11,425) | 1,148 |
Reversal | 11,706 | 153 |
Closing Balance | (569) | (652) |
Shareholder and other loans | ||
FINANCIAL INSTRUMENTS AND FINANCIAL RISK MANAGEMENT | ||
Opening Balance | (1,445) | (4,394) |
Reversal | € 1,445 | 2,949 |
Closing Balance | € (1,445) |
FINANCIAL INSTRUMENTS AND FIN_6
FINANCIAL INSTRUMENTS AND FINANCIAL RISK MANAGEMENT - Gross Carrying Amounts by Rating Class (Details) - Gross carrying amounts - EUR (€) € in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Stage 3 | ||
Credit-risk rating | ||
Carrying amount, financial assets | € (138) | |
Stage 1 | ||
Credit-risk rating | ||
Carrying amount, financial assets | 5,710 | € 8,332 |
Stage 2/ Stage 3 | ||
Credit-risk rating | ||
Carrying amount, financial assets | 37,665 | 108,838 |
Cash and cash equivalents | AAA to BBB (Investment grade) | Stage 1 | ||
Credit-risk rating | ||
Carrying amount, financial assets | 5,710 | 8,332 |
Shareholder receivable | BBB- to CCC (Below investment grade) | Stage 2/ Stage 3 | ||
Credit-risk rating | ||
Carrying amount, financial assets | 4,807 | 65,158 |
Trade receivables and other receivables | insured receivables (90%) | Stage 2/ Stage 3 | ||
Credit-risk rating | ||
Carrying amount, financial assets | 39,312 | |
Trade receivables and other receivables | non-insured receivables (10%) | Stage 2/ Stage 3 | ||
Credit-risk rating | ||
Carrying amount, financial assets | € 4,368 | |
Trade receivables and other receivables | Current (not past due) | Stage 3 | ||
Credit-risk rating | ||
Carrying amount, financial assets | (69) | |
Trade receivables and other receivables | Current (not past due) | Stage 2/ Stage 3 | ||
Credit-risk rating | ||
Carrying amount, financial assets | 27,148 | |
Trade receivables and other receivables | 1-30 days past due | Stage 3 | ||
Credit-risk rating | ||
Carrying amount, financial assets | (11) | |
Trade receivables and other receivables | 1-30 days past due | Stage 2/ Stage 3 | ||
Credit-risk rating | ||
Carrying amount, financial assets | 1,423 | |
Trade receivables and other receivables | 31-60 days past due | Stage 3 | ||
Credit-risk rating | ||
Carrying amount, financial assets | (6) | |
Trade receivables and other receivables | 31-60 days past due | Stage 2/ Stage 3 | ||
Credit-risk rating | ||
Carrying amount, financial assets | 597 | |
Trade receivables and other receivables | 61-90 days past due | Stage 3 | ||
Credit-risk rating | ||
Carrying amount, financial assets | (7) | |
Trade receivables and other receivables | 61-90 days past due | Stage 2/ Stage 3 | ||
Credit-risk rating | ||
Carrying amount, financial assets | 651 | |
Trade receivables and other receivables | More than 90 days past due | Stage 3 | ||
Credit-risk rating | ||
Carrying amount, financial assets | (45) | |
Trade receivables and other receivables | More than 90 days past due | Stage 2/ Stage 3 | ||
Credit-risk rating | ||
Carrying amount, financial assets | € 3,039 |
FINANCIAL INSTRUMENTS AND FIN_7
FINANCIAL INSTRUMENTS AND FINANCIAL RISK MANAGEMENT - Liquidity Risk (Details) - EUR (€) € in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Credit-risk rating | ||
Carrying amount, financial liabilities | € 48,244 | € 162,860 |
Liquidity Risk | Lease liabilities | ||
Credit-risk rating | ||
Carrying amount, financial liabilities | 11,025 | 1,476 |
Liquidity Risk | Borrowings (including embedded derivatives) | ||
Credit-risk rating | ||
Carrying amount, financial liabilities | 52,835 | 161,432 |
Liquidity Risk | Loans from banks | ||
Credit-risk rating | ||
Carrying amount, financial liabilities | 1,225 | 12,221 |
Liquidity Risk | Loans from debt funds | ||
Credit-risk rating | ||
Carrying amount, financial liabilities | 99,783 | |
Liquidity Risk | Loans from other third parties | ||
Credit-risk rating | ||
Carrying amount, financial liabilities | 2,778 | 3,702 |
Liquidity Risk | Loans from shareholders | ||
Credit-risk rating | ||
Carrying amount, financial liabilities | 32,106 | 28,394 |
Liquidity Risk | Loans from other related parties | ||
Credit-risk rating | ||
Carrying amount, financial liabilities | 16,726 | 17,332 |
Liquidity Risk | Trade payables and other liabilities | ||
Credit-risk rating | ||
Carrying amount, financial liabilities | 25,899 | 25,400 |
Liquidity Risk | Not later than 1 year | Lease liabilities | ||
Credit-risk rating | ||
Carrying amount, financial liabilities | 2,073 | 564 |
Liquidity Risk | Not later than 1 year | Borrowings (including embedded derivatives) | ||
Credit-risk rating | ||
Carrying amount, financial liabilities | 26,053 | 111,517 |
Liquidity Risk | Not later than 1 year | Loans from banks | ||
Credit-risk rating | ||
Carrying amount, financial liabilities | 1,225 | 12,221 |
Liquidity Risk | Not later than 1 year | Loans from debt funds | ||
Credit-risk rating | ||
Carrying amount, financial liabilities | 73,262 | |
Liquidity Risk | Not later than 1 year | Loans from other third parties | ||
Credit-risk rating | ||
Carrying amount, financial liabilities | 3,702 | |
Liquidity Risk | Not later than 1 year | Loans from shareholders | ||
Credit-risk rating | ||
Carrying amount, financial liabilities | 8,102 | 5,000 |
Liquidity Risk | Not later than 1 year | Loans from other related parties | ||
Credit-risk rating | ||
Carrying amount, financial liabilities | 16,726 | 17,332 |
Liquidity Risk | Not later than 1 year | Trade payables and other liabilities | ||
Credit-risk rating | ||
Carrying amount, financial liabilities | 25,899 | 25,400 |
Liquidity Risk | Later than 1 year and not later than 2 years | Lease liabilities | ||
Credit-risk rating | ||
Carrying amount, financial liabilities | 1,822 | 465 |
Liquidity Risk | Later than 1 year and not later than 2 years | Borrowings (including embedded derivatives) | ||
Credit-risk rating | ||
Carrying amount, financial liabilities | 26,781 | 49,914 |
Liquidity Risk | Later than 1 year and not later than 2 years | Loans from debt funds | ||
Credit-risk rating | ||
Carrying amount, financial liabilities | 26,521 | |
Liquidity Risk | Later than 1 year and not later than 2 years | Loans from other third parties | ||
Credit-risk rating | ||
Carrying amount, financial liabilities | 2,778 | |
Liquidity Risk | Later than 1 year and not later than 2 years | Loans from shareholders | ||
Credit-risk rating | ||
Carrying amount, financial liabilities | 24,004 | 23,394 |
Liquidity Risk | Later than 2 year and not later than five years | Lease liabilities | ||
Credit-risk rating | ||
Carrying amount, financial liabilities | 3,372 | € 446 |
Liquidity Risk | Later than 5 years | Lease liabilities | ||
Credit-risk rating | ||
Carrying amount, financial liabilities | € 3,758 |
FINANCIAL INSTRUMENTS AND FIN_8
FINANCIAL INSTRUMENTS AND FINANCIAL RISK MANAGEMENT - Foreign Currency Risk (Details) - Foreign Currency Risk € in Thousands, ¥ in Thousands, $ in Thousands, $ in Thousands | Dec. 31, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2023 EUR (€) | Dec. 31, 2023 HKD ($) | Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2022 EUR (€) |
Credit-risk rating | |||||||
Impact on profit or loss from change in functional currency | ¥ 2,563 | $ 2,520 | € 26,464 | $ (424) | ¥ 5,500 | $ 3,530 | € 20,029 |
EUR | |||||||
Credit-risk rating | |||||||
Impact on profit or loss from change in functional currency | 5,010 | 3,597 | ¥ 5,500 | 4,669 | |||
CNY | |||||||
Credit-risk rating | |||||||
Impact on profit or loss from change in functional currency | $ (1,077) | 27,217 | $ (424) | $ (1,139) | 25,519 | ||
USD | |||||||
Credit-risk rating | |||||||
Impact on profit or loss from change in functional currency | 17 | (5,030) | |||||
TWD | |||||||
Credit-risk rating | |||||||
Impact on profit or loss from change in functional currency | (238) | 1,481 | 1,378 | ||||
HKD | |||||||
Credit-risk rating | |||||||
Impact on profit or loss from change in functional currency | ¥ (2,209) | 2,026 | |||||
KRW | |||||||
Credit-risk rating | |||||||
Impact on profit or loss from change in functional currency | € (4,276) | € (1,838) |
FINANCIAL INSTRUMENTS AND FIN_9
FINANCIAL INSTRUMENTS AND FINANCIAL RISK MANAGEMENT - Impact on profit or loss before tax (Details) - Foreign Currency Risk - EUR (€) € in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Credit-risk rating | ||
Percentage of reasonable increase | 10% | 10% |
Percentage of reasonable decrease | (10.00%) | (10.00%) |
CNY/EUR | ||
Credit-risk rating | ||
Impact on profit or loss before tax due to reasonable increase in material currency pair | € 2,019 | € 1,820 |
Impact on profit or loss before tax due to reasonable decrease in material currency pair | (2,467) | (2,224) |
USD/EUR | ||
Credit-risk rating | ||
Impact on profit or loss before tax due to reasonable increase in material currency pair | (325) | (882) |
Impact on profit or loss before tax due to reasonable decrease in material currency pair | 398 | 1,078 |
TWD/EUR | ||
Credit-risk rating | ||
Impact on profit or loss before tax due to reasonable increase in material currency pair | 135 | 130 |
Impact on profit or loss before tax due to reasonable decrease in material currency pair | (165) | (159) |
HKD/EUR | ||
Credit-risk rating | ||
Impact on profit or loss before tax due to reasonable increase in material currency pair | 184 | |
Impact on profit or loss before tax due to reasonable decrease in material currency pair | (225) | |
KRW/EUR | ||
Credit-risk rating | ||
Impact on profit or loss before tax due to reasonable increase in material currency pair | (389) | (167) |
Impact on profit or loss before tax due to reasonable decrease in material currency pair | 475 | 204 |
CNY/TWD | ||
Credit-risk rating | ||
Impact on profit or loss before tax due to reasonable increase in material currency pair | 22 | |
Impact on profit or loss before tax due to reasonable decrease in material currency pair | (26) | |
CNY/HKD | ||
Credit-risk rating | ||
Impact on profit or loss before tax due to reasonable increase in material currency pair | 158 | |
Impact on profit or loss before tax due to reasonable decrease in material currency pair | (203) | |
USD/CNY | ||
Credit-risk rating | ||
Impact on profit or loss before tax due to reasonable increase in material currency pair | 98 | 104 |
Impact on profit or loss before tax due to reasonable decrease in material currency pair | € (120) | € (127) |
FINANCIAL INSTRUMENTS AND FI_10
FINANCIAL INSTRUMENTS AND FINANCIAL RISK MANAGEMENT - Interest Rate Risk (Details) - Interest Rate Risk - EUR (€) € in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
FINANCIAL INSTRUMENTS AND FINANCIAL RISK MANAGEMENT | ||
Increase in interest rate (as a percent) | 1% | 1% |
Decrease in interest rate (as a percent) | 1% | 1% |
Impact to P&L due to increase in interest rate | € (296) | € (1,164) |
Impact to P&L due to decrease in interest rate | € 296 | € 1,162 |
FINANCIAL INSTRUMENTS AND FI_11
FINANCIAL INSTRUMENTS AND FINANCIAL RISK MANAGEMENT - Reconciliation of changes in liabilities arising from financing activities (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Reconciliation of changes in liabilities arising from financing activities | |||
Balance at the beginning | € 59,130 | € 168,444 | € 154,618 |
Cash flow from financing activities | (84,631) | (3,301) | |
Proceeds from loans | 4,895 | ||
Repayments of loans | (81,871) | (5,880) | (1,911) |
Principal elements of lease payment | (715) | (609) | |
Interest paid | (2,044) | (1,708) | |
Changes in the cash flow from financing activities | (24,683) | 17,127 | |
Foreign currency effects | (77) | (19) | |
New leases | 10,347 | 433 | |
Accrued interest | (34,922) | 14,677 | |
Fair value measurement | (32) | 2,036 | |
Balance at the ending | 59,130 | 168,444 | 154,618 |
Loans | |||
Reconciliation of changes in liabilities arising from financing activities | |||
Balance at the beginning | 48,244 | 167,111 | 153,090 |
Cash flow from financing activities | (83,812) | (2,625) | |
Proceeds from loans | 4,895 | ||
Repayments of loans | (81,871) | (5,880) | |
Interest paid | (1,941) | (1,640) | |
Changes in the cash flow from financing activities | (35,055) | 16,645 | |
Accrued interest | (35,024) | 14,609 | |
Fair value measurement | (32) | 2,036 | |
Balance at the ending | 48,244 | 167,111 | 153,090 |
Lease liabilities | |||
Reconciliation of changes in liabilities arising from financing activities | |||
Balance at the beginning | 10,886 | 1,333 | 1,528 |
Cash flow from financing activities | (819) | (676) | |
Principal elements of lease payment | (715) | (609) | |
Interest paid | (103) | (68) | |
Changes in the cash flow from financing activities | 10,372 | 482 | |
Foreign currency effects | (77) | (19) | |
New leases | 10,347 | 433 | |
Accrued interest | 102 | 68 | |
Balance at the ending | € 10,886 | € 1,333 | € 1,528 |
EQUITY-ACCOUNTED INVESTEES (Det
EQUITY-ACCOUNTED INVESTEES (Details) - EUR (€) € in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
EQUITY-ACCOUNTED INVESTEES | ||
Investment in joint venture | € 0 | |
Advanced Energy Storage Systems Investment Company (AES) | ||
EQUITY-ACCOUNTED INVESTEES | ||
Percent of ownership interest in joint ventures | 51.30% | 51.30% |
SCHMID AVACO Korea Co. Ltd. (SAK) | ||
EQUITY-ACCOUNTED INVESTEES | ||
Percent of ownership interest in joint ventures | 50% | 50% |
EQUITY-ACCOUNTED INVESTEES - Fi
EQUITY-ACCOUNTED INVESTEES - Financial information on the joint venture (Details) - EUR (€) € in Thousands | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Current Assets | ||||
Cash and cash equivalents | € 5,710 | € 8,332 | € 18,384 | € 533 |
Current assets | 74,166 | 147,014 | ||
Non-current assets | 32,416 | 33,232 | ||
Current liabilities | ||||
Current financial liabilities | 26,053 | 128,454 | ||
Other current liabilities | 13,113 | 8,706 | ||
Current liabilities | 87,343 | 195,594 | ||
Non-current liabilities | ||||
Non-current financial liabilities | 22,190 | 34,406 | ||
Non-current liabilities | 37,081 | € 38,968 | ||
Investment in joint venture | € 0 | |||
Advanced Energy Storage Systems Investment Company (AES) | ||||
EQUITY-ACCOUNTED INVESTEES | ||||
Percent of ownership interest in joint ventures | 51.30% | 51.30% | ||
Current Assets | ||||
Cash and cash equivalents | € 16 | € 1,144 | ||
Other current assets | 22 | 342 | ||
Current assets | 38 | 1,486 | ||
Non-current assets | 3,871 | 6,134 | ||
Current liabilities | ||||
Current financial liabilities | 2,935 | 2,015 | ||
Other current liabilities | 216 | 4,214 | ||
Current liabilities | 3,151 | 6,229 | ||
Non-current liabilities | ||||
Non-current financial liabilities | 9,177 | |||
Other non-current liabilities | 3,894 | 957 | ||
Non-current liabilities | 3,894 | 10,134 | ||
Net assets (100%) | € (3,136) | € (8,742) |
EQUITY-ACCOUNTED INVESTEES - Jo
EQUITY-ACCOUNTED INVESTEES - Joint venture (Details) - EUR (€) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of joint ventures [line items] | |||
Revenue | € 90,246,000 | € 95,058,000 | € 39,481,000 |
Interest income | 3,883,000 | 4,089,000 | 3,236,000 |
Depreciation and amortization | (6,904,000) | (6,283,000) | (4,893,000) |
Tax income | (2,778,000) | 1,924,000 | (5,195,000) |
Other comprehensive income | (1,607,000) | (290,000) | 150,000 |
Total combined comprehensive income (loss) for the reporting period | € 36,346,000 | € 3,301,000 | € (27,127,000) |
Advanced Energy Storage Systems Investment Company (AES) [Member] | |||
Disclosure of joint ventures [line items] | |||
Percent of ownership interest in joint ventures | 51.30% | 51.30% | |
Administration expense | € (221,000) | ||
R&D and Other expense | (351,000) | ||
Depreciation and amortization | (561,000) | € (1,106,000) | |
Interest expense | (292,000) | ||
Tax income | 61,000 | 236,000 | |
Loss from continuing operations | (1,025,000) | (3,750,000) | |
Other comprehensive income | 181,000 | ||
Total combined comprehensive income (loss) for the reporting period | € (1,025,000) | € (3,932,000) |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Details) - EUR (€) € in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
COMMITMENTS AND CONTINGENCIES | ||
Commitments to acquire items of property, plant and equipment | € 62 | € 1,086 |
RELATED PARTY DISCLOSURES - Tra
RELATED PARTY DISCLOSURES - Transactions with Key Management (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
RELATED PARTY DISCLOSURES | |||
Short-term employee benefits | € 1,562 | € 1,262 | € 1,332 |
RELATED PARTY DISCLOSURES - T_2
RELATED PARTY DISCLOSURES - Transactions are proceeded with related parties (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Shareholder | |||
RELATED PARTY DISCLOSURES | |||
Interest income on loans granted to | € 1,077 | € 526 | € 159 |
Interest expense on loans received from | 737 | 165 | 53 |
Salary and Bonus | 1,149 | 988 | 910 |
Outstanding balances - Liabilities | 24,102 | 24,064 | |
Outstanding balances - Receivables | 107 | 67,926 | |
Key management personnel | |||
RELATED PARTY DISCLOSURES | |||
Interest expense on loans received from | 12 | 88 | 88 |
Salary and Bonus | 1,562 | 1,262 | 1,332 |
Outstanding balances - Liabilities | 280 | 2,528 | |
Joint ventures | |||
RELATED PARTY DISCLOSURES | |||
Purchases of goods or services | 3 | 2,511 | 20 |
Sale of goods or services | 427 | 505 | 817 |
Outstanding balances - Liabilities | 358 | 358 | |
Outstanding balances - Receivables | 2,655 | 951 | |
Other related parties | |||
RELATED PARTY DISCLOSURES | |||
Interest expense on loans received from | 558 | 409 | 400 |
Purchases of goods or services | 236 | 663 | 618 |
Sale of goods or services | 11,801 | 592 | € 797 |
Outstanding balances - Liabilities | 25,359 | 15,345 | |
Outstanding balances - Receivables | € 221 | € 23,062 |
EVENTS AFTER THE REPORTING PE_2
EVENTS AFTER THE REPORTING PERIOD (Details) | Jan. 01, 2024 |
Major business | Schmid Energy Systems GmbH | |
EVENTS AFTER THE REPORTING PERIOD | |
Percent of ownership interest in subsidiaries | 100% |
EVENTS AFTER THE REPORTING PE_3
EVENTS AFTER THE REPORTING PERIOD - Signing of the XJ repurchase agreement (Details) € in Millions, $ in Millions | 12 Months Ended | |
Dec. 31, 2023 EUR (€) | Apr. 30, 2024 USD ($) | |
Signing of repurchase agreement | XJ Harbour HK Limited | SCHMID Technology Guangdong Co. Ltd. | ||
EVENTS AFTER THE REPORTING PERIOD | ||
Cash payments agreed for acquiring non-controlling interest | € 30 | |
Payments term after the closing of business combination | 455 days | |
Cash due at the closing of business combination | € 10 | |
Major business | ||
EVENTS AFTER THE REPORTING PERIOD | ||
Committed Capital Before Costs | $ | $ 26 |