Document and Entity Information
Document and Entity Information | 9 Months Ended |
Sep. 30, 2020 | |
Document Information [Line Items] | |
Entity Central Index Key | 0001756708 |
Document Type | 6-K |
Document Period End Date | Sep. 30, 2020 |
Entity File Number | 001-38863 |
Entity Registrant Name | Jumia Technologies AG |
Entity Address, Address Line One | Skalitzer Straße 104 |
Entity Address, Postal Zip Code | 10997 |
Entity Address, City or Town | Berlin |
Entity Address, Country | DE |
Amendment Flag | false |
Current Fiscal Year End Date | --12-31 |
CONSOLIDATED STATEMENT OF FINAN
CONSOLIDATED STATEMENT OF FINANCIAL POSITION - EUR (€) € in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Non-current assets | ||
Property and equipment | € 15,509 | € 17,434 |
Intangible assets | 507 | 47 |
Deferred tax assets | 102 | 109 |
Other non-current assets | 1,352 | 1,508 |
Total Non-current assets | 17,470 | 19,098 |
Current assets | ||
Inventories | 7,688 | 9,996 |
Trade and other receivables | 10,070 | 16,936 |
Income tax receivable | 938 | 725 |
Other taxes receivable | 5,255 | 5,395 |
Prepaid expenses | 5,995 | 12,593 |
Term deposits | 1,039 | 62,418 |
Cash and cash equivalents | 147,149 | 170,021 |
Total Current assets | 178,134 | 278,084 |
Total Assets | 195,604 | 297,182 |
Equity | ||
Share capital | 162,162 | 156,816 |
Share premium | 1,018,276 | 1,018,276 |
Other reserves | 108,776 | 104,114 |
Accumulated losses | (1,210,421) | (1,096,134) |
Equity attributable to the equity holders of the Company | 78,793 | 183,072 |
Non-controlling interests | (675) | (498) |
Total Equity | 78,118 | 182,574 |
Non-current liabilities [abstract] | ||
Non-current borrowings | 6,786 | 6,127 |
Provisions for liabilities and other charges, noncurrent | 308 | 226 |
Deferred income | 923 | 1,201 |
Total non-current liabilities | 8,017 | 7,554 |
Current liabilities | ||
Borrowings | 2,573 | 3,056 |
Trade and other payables | 52,405 | 56,438 |
Total income tax payables | 10,245 | 10,056 |
Other taxes payable | 9,058 | 4,473 |
Provisions for liabilities and other charges, current | 30,630 | 27,040 |
Deferred income | 4,558 | 5,991 |
Total Current liabilities | 109,469 | 107,054 |
Total Liabilities | 117,486 | 114,608 |
Total Equity and Liabilities | € 195,604 | € 297,182 |
CONSOLIDATED STATEMENT OF OPERA
CONSOLIDATED STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) - EUR (€) € in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Statement of comprehensive income [abstract] | ||||
Revenue | € 33,672 | € 40,916 | € 97,863 | € 111,132 |
Cost of revenue | 10,425 | 21,937 | 32,952 | 60,066 |
Gross profit | 23,247 | 18,979 | 64,911 | 51,066 |
Fulfillment expense | 16,623 | 20,707 | 49,818 | 53,512 |
Sales and advertising expense | 6,190 | 13,775 | 22,284 | 40,529 |
Technology and content expense | 6,312 | 6,984 | 20,540 | 19,544 |
General and administrative expense | 22,724 | 32,660 | 84,186 | 105,325 |
Other operating income | 648 | 713 | 2,801 | 1,392 |
Other operating expense | 1 | 177 | 154 | 308 |
Operating loss | (27,955) | (54,611) | (109,270) | (166,760) |
Finance income | 1,036 | 4,390 | 2,969 | 4,912 |
Finance costs, net | 4,674 | (103) | 6,339 | 1,573 |
Loss before Income tax | (31,593) | (50,118) | (112,640) | (163,421) |
Income tax (benefit)/expense | 793 | (208) | 1,387 | 53 |
Loss for the period | (32,386) | (49,910) | (114,027) | (163,474) |
Attributable to: | ||||
Equity holders of the Company | (32,323) | (49,817) | (113,845) | (163,228) |
Non-controlling interests | (63) | (93) | (182) | (246) |
Loss for the period | (32,386) | (49,910) | (114,027) | (163,474) |
Other comprehensive income/(loss) to be classified to profit or loss in subsequent periods | ||||
Exchange differences (gain/loss) on translation of foreign operations - net of tax | 18,197 | (19,772) | 48,049 | (30,279) |
Other comprehensive income / (loss) on net investment in foreign operations - net of tax | (18,665) | 20,525 | (49,154) | 31,310 |
Other comprehensive income/(loss) | (468) | 753 | (1,105) | 1,031 |
Total comprehensive loss for the period | (32,854) | (49,157) | (115,132) | (162,443) |
Attributable to: | ||||
Equity holders of the Company | (32,794) | (49,064) | (114,950) | (162,197) |
Non-controlling interests | (60) | (93) | (182) | (246) |
Total comprehensive loss for the period | € (32,854) | € (49,157) | € (115,132) | € (162,443) |
Earnings per share [abstract] | ||||
Basic and Diluted, Loss for the period attributable to ordinary equity holders of the parent | € (0.20) | € (0.32) | € (0.72) | € (1.21) |
CONSOLIDATED STATEMENT OF CHANG
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY - EUR (€) € in Thousands | Equity attributable to the Equity holders of the Company | Share Capital | Share premium | Accumulated losses | Total other reserves | Non-controlling interests [member] | Total |
Equity at beginning of period at Dec. 31, 2018 | € 49,965 | € 133 | € 845,787 | € (862,048) | € 66,093 | € (117) | € 49,848 |
Loss for the period | (163,228) | (163,228) | (246) | (163,474) | |||
Other comprehensive income/(loss) | 1,031 | (1) | 1,032 | 1,031 | |||
Total comprehensive loss for the period | (162,197) | (163,229) | 1,032 | (246) | (162,443) | ||
Capital contribution (Note 11) | 329,172 | 156,683 | 172,489 | 329,172 | |||
Share-based payments (Note 13) | 31,934 | 31,934 | 31,934 | ||||
Equity transaction cost | (7,356) | (7,356) | (7,356) | ||||
Change in Non-controlling interests | (25) | (49) | 24 | (4) | (29) | ||
Equity at end of period at Sep. 30, 2019 | 241,493 | 156,816 | 1,018,276 | (1,032,682) | 99,083 | (367) | 241,126 |
Equity at beginning of period at Dec. 31, 2019 | 183,072 | 156,816 | 1,018,276 | (1,096,134) | 104,114 | (498) | 182,574 |
Loss for the period | (113,845) | (113,845) | (182) | (114,027) | |||
Other comprehensive income/(loss) | (1,105) | (1,105) | 0 | (1,105) | |||
Total comprehensive loss for the period | (114,950) | (113,845) | (1,105) | (182) | (115,132) | ||
Exercise of options (Note 11) | 571 | 5,346 | (4,775) | 571 | |||
Share-based payments (Note 13) | 10,542 | 10,542 | 10,542 | ||||
Equity transaction cost | (440) | (440) | (440) | ||||
Change in Non-controlling interests | (2) | (2) | 5 | 3 | |||
Equity at end of period at Sep. 30, 2020 | € 78,793 | € 162,162 | € 1,018,276 | € (1,210,421) | € 108,776 | € (675) | € 78,118 |
CONSOLIDATED STATEMENT OF CASH
CONSOLIDATED STATEMENT OF CASH FLOWS - EUR (€) € in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Statement of cash flows [abstract] | ||||
Loss before Income tax | € (31,593) | € (50,118) | € (112,640) | € (163,421) |
Depreciation and amortization of tangible and intangible assets | 1,893 | 2,054 | 6,106 | 5,528 |
Impairment losses on loans, receivables and other assets | 288 | 559 | 3,538 | 2,607 |
Impairment losses on obsolete inventories | 208 | 374 | 600 | 727 |
Share-based payment expense | 3,418 | 7,100 | 11,998 | 31,934 |
Net (gain) loss from disposal of tangible and intangible assets | 1 | (5) | 11 | (170) |
Net (gain) loss from disposal of financial assets at amortised cost | 6 | |||
Impairment losses on investment in subsidiaries | 28 | 28 | ||
Change in provision for other liabilities and charges | (2,957) | 1,493 | 4,027 | 3,039 |
Lease modification (income)/expense | (57) | (57) | ||
Interest (income)/expenses | 222 | (498) | 374 | (302) |
Net unrealized foreign exchange (gain)/loss | 4,292 | (3,910) | 4,361 | (3,022) |
(Increase)/Decrease in trade and other receivables, prepaid expenses and other tax receivables | 2,801 | 6,248 | 9,460 | (6,188) |
(Increase)/Decrease in inventories | 1,120 | 3,275 | 327 | (1,516) |
Increase/(Decrease) in trade and other payables, deferred income and other tax payables | 179 | (9,136) | 1,396 | 390 |
Income taxes paid | (449) | (145) | (1,396) | (1,271) |
Net cash flows used in operating activities | (20,634) | (42,681) | (71,895) | (131,631) |
Cash flows from investing activities | ||||
Purchase of property and equipment | (436) | (1,481) | (1,348) | (3,608) |
Proceeds from sale of property and equipment | 3 | 3 | 12 | |
Purchase of intangible assets | (487) | (30) | (496) | (31) |
Proceeds from sale of intangible assets | 3 | 222 | ||
Payment for acquisition of subsidiary, net of cash acquired | 9 | 7 | ||
Interest received | 524 | 45 | 651 | 533 |
Movement in other non-current assets | (6) | 78 | (184) | |
Movement in term deposits and other current assets | (392) | 61,675 | (62,715) | |
Net cash flows (used in)/from investing activities | (791) | (1,457) | 60,563 | (65,764) |
Cash flows from financing activities | ||||
Repayment of borrowings | (5) | (5) | ||
Interest settled, net - financing | 20 | (78) | (27) | (78) |
Repayment of lease interest | (323) | 67 | (985) | (700) |
Repayment of lease liabilities | (518) | (1,210) | (3,046) | (2,547) |
Equity transaction costs | (118) | (1,109) | (426) | (4,856) |
Capital Contributions | (5) | (329,178) | ||
Proceeds from exercise of share option | 260 | 571 | ||
Net cash flows (used in)/from financing activities | (679) | (2,330) | (3,913) | 320,992 |
Net increase/(decrease) in cash and cash equivalents | (22,104) | (46,468) | (15,245) | 123,597 |
Effect of exchange rate changes on cash and cash equivalents | (5,073) | 2,145 | (7,627) | 2,841 |
Cash and cash equivalents at the beginning of the period | 174,326 | 271,396 | 170,021 | 100,635 |
Cash and cash equivalents at the end of the period | € 147,149 | € 227,073 | € 147,149 | € 227,073 |
Corporate information
Corporate information | 9 Months Ended |
Sep. 30, 2020 | |
Corporate information | |
Basis of consolidation | 1 Corporate information The accompanying consolidated financial statements and notes present the operations of Jumia Technologies AG (the “Company” or “Jumia Tech”) and its subsidiaries (the “Group” or “Jumia”). The Company was incorporated as Africa Internet Holding GmbH on June 26, 2012, and was transformed into Jumia Technologies AG, a German stock corporation on January 31, 2019. The Company is domiciled in Germany and has its registered office located at Charlottenstraße 4, 10969 Berlin. In April 2019 Jumia Tech became a listed company on New York Stock Exchange (NYSE), under the symbol JMIA, where 19.80% of total shares were listed, with initial value per share of 14.50 USD. Jumia is the leading pan-African e-commerce platform. Jumia’s platform consists of a marketplace, which connects sellers with consumers, a logistics service, which enables the shipping and delivery of packages from sellers to consumers, and a payment service, which facilitates transactions among participants active on Jumia’s platform. The Group has incurred significant losses since its incorporation. The Group expects to continue generating losses as it makes the necessary investments to grow and/or rebalance its business. The Group will therefore continue to require additional funding either from existing or new shareholders. The interim condensed consolidated financial statements have been prepared on a basis which assumes that the Group will continue as a going concern, and which contemplates the recoverability of assets and the satisfaction of the liabilities and commitments in the normal course of business. The Group has sufficient resources to operate as a going concern for the next 12 months. On November 8, 2020 the Supervisory Board authorized these interim condensed consolidated financial statements for issuance. |
Basis of Preparation
Basis of Preparation | 9 Months Ended |
Sep. 30, 2020 | |
Summary of significant accounting policies | |
Basis of preparation | 2 Basis of preparation This interim financial report for the quarterly reporting period ended September 30, 2020 has been prepared in accordance with IAS 34 Interim Financial Reporting. Our business is seasonal and, consequently, our results tend to fluctuate from quarter to quarter. However, the comparability of the Group's results and financial position of the interim period, is not significantly affected by the level of seasonality. The interim report does not include all the notes of the type normally included in an annual financial report. Accordingly, this report is to be read in conjunction with the consolidated financial statements for the year ended December 31, 2019. The accounting policies adopted are consistent with those of the previous financial year and corresponding interim reporting period, except for the adoption of the new standards effective as of January 1, 2020 (Note 4 a)). The interim condensed consolidated financial statements are presented in euros and all values are rounded to the nearest thousand (€000), except when otherwise indicated. |
Significant changes in the curr
Significant changes in the current reporting period | 9 Months Ended |
Sep. 30, 2020 | |
Significant accounting estimates, judgments and assumptions in applying accounting policies | |
Significant changes in the current reporting period | 3 Significant changes in the current reporting period The financial position and performance of the Group was particularly affected by the following events and transactions during the nine months ended September 30, 2020: ● The Group agreed to pay a settlement for several class action lawsuits, in the amount of $5 million, $1 million of which will be funded by insurance coverage. In result, the Group recorded in the current period an expense in the amount of €4.5 million. (see Notes 14 and 21). ● The World Health Organization declared coronavirus and COVID-19 a global health emergency on 30 January 2020. As an e-commerce company operating in Africa, we experienced effects that varied in nature and intensity by country and evolved over time. o In the early part of the first quarter of 2020, factory shutdowns in China affected our cross-border business where we facilitate orders from international sellers in general and Chinese ones in particular. It also impacted some of our local sellers who rely on product imports from China. As work resumed in Chinese factories these disruptions eased gradually and their impact on the first quarter 2020 performance was not significant. o With the virus reaching Africa starting in March 2020, we started seeing local effects of the pandemic. In terms of business impact, the main effect was localized logistic and supply disruption that persisted throughout the second quarter of 2020 with limited tailwinds from a demand standpoint at group level. ◾ Across the majority of our addressable market, we experienced no meaningful change in consumer behavior, aside from increased demand for essential and every-day products and reduced appetite for higher ticket size, discretionary purchases. We experienced a temporary surge in volumes in some markets, such as Morocco and Tunisia, while in Nigeria and South Africa, we faced significant disruption as a result of movement restriction that only started easing towards the end of the second quarter 2020. ◾ We have seen increased demand from brands and sellers, across all geographies, to join and expand their business on our platform as the COVID-19 crisis further established e-commerce as an important route to market. o While we encountered less supply and logistics disruption in the third quarter vs the first half of 2020, the effects of the COVID-19 pandemic continued playing out, negatively impacting consumer sentiment in our countries of operation. o Due to the complexity of the overall factors, which cannot be reliably separated from unrelated drivers of changes in the Group’s financial performance, the several impacts could not be quantified. Changes in accounting policies, estimates and assumptions There have been no material revisions to the nature and amount of estimates reported in prior periods, except for the effect of the settlement of the lawsuit. However, as presented above, the effects of COVID-19 have required assessment of significant judgments and estimates to be made, including but not limited to: ● Determining the net realizable value of inventory that has become slow moving due to the effects of COVID-19; and, ● Estimates of expected credit losses attributable to accounts receivable arising from sales to customers on credit terms, including the incorporation of forward-looking information to supplement historical credit loss rates. |
New accounting pronouncements
New accounting pronouncements | 9 Months Ended |
Sep. 30, 2020 | |
New accounting pronouncements | |
New accounting pronouncements | 4 New accounting pronouncements a) New standards, interpretations and amendments adopted by the Group During the current period the Group has adopted the following amendments, which have no material impacts on the Group’s interim consolidated financial statements. ● Amendments to IFRS 3: Definition of a business ● Amendments to IAS 1 and IAS 8: Definition of Material. ● Amendments to IFRS 9, IAS 39 and IFRS 7: Interest Rate Benchmark Reform (Phase 1) ● Amendments to References to the Conceptual Framework in IFRS Standards b) Standards issued during the interim period but not yet effective in the interim condensed consolidated financial statements Amendment to IFRS 16: Covid 19-related rent concessions. In May 2020, the IASB issued an amendment to IFRS 16 Leases which exempts lessees from assessing whether the rent concessions granted by lessors under COVID-19 are a modification to the lease contract, when three criteria are cumulatively met: i) the change in lease payments results in a revised fee for the lease that is substantially equal to, or less than, the fee immediately prior to the change; ii) any reduction in lease payments only affects payments due on or before June 30, 2021; and iii) there are no substantive changes to other lease terms and conditions. This amendment is applicable for annual reporting periods beginning on or after June 1, 2020, with early application permitted. The Group chose not to perform early application and does not expect to apply this practical expedient. |
Property and equipment
Property and equipment | 9 Months Ended |
Sep. 30, 2020 | |
Property and Equipment | |
Property and Equipment | 5 Movements in the carrying amount of property and equipment were as follows: Transportation equipment, office Technical equipment Right of use equipment and and other assets - Office In thousands of EUR Buildings machinery equipment and Warehouse Total Cost Balance as of December 31, 2019 2,626 2,412 11,949 14,060 31,047 Additions 241 195 912 4,081 5,429 Disposals (15) (17) (74) — (106) Reclassification 72 (95) 23 — — Effect of translation (204) (136) (788) (1,132) (2,260) Balance as of September 30, 2020 2,720 2,359 12,022 17,009 34,110 Accumulated depreciation Balance as of December 31, 2019 (1,329) (1,108) (6,887) (4,289) (13,613) Depreciation charge (482) (376) (1,849) (3,399) (6,106) Accumulated depreciation on disposals 15 17 74 — 106 Effect of translation 105 85 507 315 1,012 Balance as of September 30, 2020 (1,691) (1,382) (8,155) (7,373) (18,601) Carrying amount as of December 31, 2019 1,297 1,304 5,062 9,771 17,434 Carrying amount as of September 30, 2020 1,029 977 3,867 9,636 15,509 During the nine months ended on September 30, 2020, the Group’s main additions on Right of use assets include new lease contracts for an office in Egypt, Nigeria and Portugal and a warehouse facility in Egypt. |
Inventories
Inventories | 9 Months Ended |
Sep. 30, 2020 | |
Inventories | |
Inventories | 6 Inventories Inventories are comprised of the following: As of In thousands of EUR September 30, 2020 December 31, 2019 Merchandise available for sale 9,103 11,176 Less: Provision for slow moving and obsolete inventories (1,415) (1,180) Total Inventories 7,688 9,996 The total cost of inventory recognized as an expense, under the caption cost of revenue, in the interim consolidated profit or loss for the three months ended September 30, 2020 was EUR 10,425 thousand (September 30, 2019: 21,937). The total cost of inventory recognized as an expense in the interim consolidated profit or loss for the nine months ended September 30, 2020 was EUR 32,952 thousand (September 30, 2019: 60,066). Provision for slow moving and obsolete inventories The total net provision for slow moving and obsolete inventories recognized as an expense in the interim consolidated profit or loss for the three months ended September 30, 2020 was EUR 208 thousand (September 30, 2019: 374). The total net provision for slow moving and obsolete inventories recognized as an expense, under the caption cost of revenue, in the interim consolidated profit or loss for the nine months ended September 30, 2020 was EUR 600 thousand (September 30, 2019: 727). |
Cash and cash equivalents
Cash and cash equivalents | 9 Months Ended |
Sep. 30, 2020 | |
Cash and cash equivalents [abstract] | |
Disclosure of cash and cash equivalents [text block] | 7 Cash and cash equivalents Cash and cash equivalents comprised the following: As of In thousands of EUR September 30, 2020 December 31, 2019 Cash at bank and in hand 147,149 52,729 Short-term deposits — 117,292 Total Cash and cash equivalents 147,149 170,021 Cash at banks earns interest at floating rates based on daily bank deposit rates. Short-term deposits are made for varying periods, depending on the immediate cash requirements of the Group, and earn interest at the respective short-term deposit rates. Cash and cash equivalents are also subject to the impairment requirements of IFRS 9, the identified expected credit loss as of September 30, 2020 was EUR 223 thousand (December 31, 2019: nil). |
Term Deposits
Term Deposits | 9 Months Ended |
Sep. 30, 2020 | |
Deposit Asset [Abstract] | |
Term Deposits | 8 Term Term deposits comprised the following: As of September 30, 2020 December 31, 2019 Short term deposits - banks 653 62,418 Short term deposits - others 386 — Term Deposits 1,039 62,418 Short-term deposits in banks represent interest bearing deposit with a commercial bank for a fixed period of more than 3 months. The Group has pledged short-term guarantee deposits with its commercial vendors. At September 30, 2020, the fair value of the short-term guarantee deposits pledged were EUR 386 thousand (December 31, 2019: nil). |
Trade and other receivables
Trade and other receivables | 9 Months Ended |
Sep. 30, 2020 | |
Trade and other receivables | |
Trade and other receivables | 9 Trade and other receivables Trade and other receivables were comprised of the following: As of In thousands of EUR Note September 30, 2020 December 31, 2019 Advances to suppliers 1,096 2,356 Trade notes and accounts receivable 13,133 17,780 Less: Allowance for impairment of trade notes and accounts receivable (7,506) (8,283) Unbilled revenues 1,164 858 Other receivables 2,865 4,728 Less: Allowance for impairment of other receivables (682) (503) Trade and other receivables 10,070 16,936 Allowance for expected credit losses The movement of allowance for expected credit losses (“ECL”) of trade notes and accounts receivables and other receivables (including related parties) is as follows: ECL of trade notes and accounts ECL of other In thousands of EUR receivable receivables Balance as of December 31, 2019 8,283 503 Additions 3,589 268 Reversal (279) (40) Use of provision (3,515) — Effect of translation (572) (49) Balance as of September 30, 2020 7,506 682 The ageing analysis of trade notes and accounts receivables is as follows: Past due but not impaired Total Neither past Total expected due nor < 30 30 - 90 >90 In thousands of EUR Total net gross credit losses impaired days days days As of September 30, 2020 5,627 13,133 (7,506) 795 2,789 722 1,321 As of December 31, 2019 9,497 17,780 (8,283) 3,291 1,554 2,515 2,137 |
Prepaid expenses
Prepaid expenses | 9 Months Ended |
Sep. 30, 2020 | |
Prepaid expense and other current assets | |
Prepaid expenses | 10 Prepaid expenses As of September 30, 2020, prepaid expenses were comprised of prepaid server hosting fees and software licenses amounting to EUR 2,353 thousand (December 31, 2019: 7,788), prepaid insurance amounting to EUR 1,814 thousand (December 31, 2019: 843), advance payments to the Group’s online payment services amounting to EUR 734 thousand (December 31, 2019: 2,168) and prepaid short-term leases and other goods and services amounting to EUR 1,094 thousand (December 31, 2019: 1,794). |
Share capital and share premium
Share capital and share premium | 9 Months Ended |
Sep. 30, 2020 | |
Share capital and share premium | |
Share capital and share premium | 11 Share capital and share premium Ordinary shares issued and fully paid as at September 30, 2020 Number of shares Class Par value (EUR) Share capital (in thousands of EUR) Share premium (in thousands of EUR) Total 162,161,928 Ordinary 1 162,162 1,018,276 1,180,438 Total 1 162,162 1,018,276 1,180,438 Ordinary shares issued and fully paid as at December 31, 2019 Number of shares Class Par value (EUR) Share capital (in thousands of EUR) Share premium (in thousands of EUR) Total 156,816,494 Ordinary 1 156,816 1,018,276 1,175,092 Total 1 156,816 1,018,276 1,175,092 The total authorized number of ordinary shares is 162,161,928 shares as at September 30, 2020 (December 31, 2019: 156,816,494 shares) with a par value of EUR 1.00 per share. All issued ordinary shares are fully paid. Each ordinary share carries one vote. During the nine months ended September 30, 2020, 5,345,434 shares were issued, with nominal value of EUR 1 each. Share capital was issued to the beneficiaries of the virtual participation program for exercise of their stock options. For the nine months ended September 30, 2020, the total settlement of claims related to the share-based payment compensation amounts to EUR 4,775 thousand and it is presented as a decrease to other reserves in the interim consolidated statement of changes in equity (Note 12). Out of the share capital increase 4,759,452 shares were issued with an exercise price of 0.12 EUR per share representing the net capital contribution received of EUR 571 thousand, during the period. Related transaction costs of EUR 201 thousand were recognized directly in the accumulated losses. |
Other Reserves
Other Reserves | 9 Months Ended |
Sep. 30, 2020 | |
Other reserves [abstract] | |
Other Reserves | 12 Other Reserves Exchange difference on net investment Currency Total Capital in foreign translation other In thousands of EUR reserves operations adjustment reserves As of December 31, 2019 113,395 (69,464) 60,183 104,114 Other comprehensive loss (49,041) 47,936 (1,105) Total comprehensive loss for the period — (49,041) 47,936 (1,105) Share-based payments (Note 13) 10,542 10,542 Exercise of options (Note 11) (4,775) (4,775) Change in Non-controlling interests — As of September 30, 2020 119,162 (118,505) 108,119 108,776 Exercise of options corresponds to the total settlement of claims related to the share-based payment options, for the nine months ended September 30, 2020, as described in Note 11. |
Share based compensation
Share based compensation | 9 Months Ended |
Sep. 30, 2020 | |
Share-based compensation | |
Share-based compensation | 13 Share-based compensation New share-based payment plans granted during 2020 Stock Option Program 2020 Our shareholders approved the Stock Option Program 2020 (the “2020 Plan”) at our 2020 Annual General Meeting. Jumia granted an individual number of stock options to beneficiaries under the terms and conditions of the SOP 2020. Each stock option entitles the holder to receive one share of Jumia (or 0.5 ADS as 1 ADS represent 2 Jumia is entitled to elect, at its sole discretion, a cash payment for each vested stock option instead of issuing one share. The stock options can only be exercised, if the average annual growth rate of the Gross Merchandise Volume amounts to at least 10% during the four years waiting period. If this performance target is not met, all options will lapse. Moreover, there is a second condition (only) for a part of the stock options granted to certain members of senior management: The Adjusted EBITDA must be positive for two consecutive quarters by 31 March 2023. If this condition is met for one or more Big Countries (Egypt, Ivory Coast, Kenya, Morocco and Nigeria) or Small Countries (Algeria, Ghana, Senegal, South Africa, Tunisia and Uganda), an individual number of options will vest (if and to the extent of the satisfaction of the other vesting requirements set out in the terms and conditions) for each country for that the condition is met. A satisfaction of the condition for a Big Country will result in a vesting of a greater number of stock options than a satisfaction of the condition for a Small Country. The stock options are subject to vesting requirements. The stock options shall generally vest in two tranches. Two one Beneficiaries who are members of the management board will forfeit the right to exercise their options if they resign and start working for a competitor within the next 6 months Other beneficiaries will keep all stock options that are vested. If Jumia pays dividends during the waiting period or exercise period, the beneficiaries are entitled to receive a dividend payment for each vested but not yet exercised stock option. However, Jumia does not expect to pay dividends during the next years. The company is accounting for the stock options of the SOP 2020 as an equity settled plan. For equity-settled awards, the expenses to be recognized are determined based on the grant date fair value of the awards. The fair values of the SOP 2020 are derived from the Black-Scholes-Merton model with the following inputs: SOP 2020 Fair value per ADS (1) USD 6.48 Exercise price per ADS USD 3.67 Risk-free interest rate (2) 0.26 % Expected dividend yield (3) 0 % Expected life (years) (4) 4 years Expected volatility (5) 50 % Weighted average of Fair value of Options EUR 1.26 (1) The Fair value per ADS is derived based on the value per ADS of Jumia traded on the New York Stock Exchange converted into Euro. (2) Risk-free interest rate is based on US government bond yields consistent to the expected life of options. (3) Expected dividend yield is assumed to be 0% based on the fact that the Group has no history or expectation of paying a dividend (4) Expected life of share options is based on the waiting period of four years . (5) Expected volatility is assumed based on the historical volatility of the Group’s comparable companies in the period equal to the expected life of each grant. Non-vesting conditions were considered in the determination of the fair value of the options. As each stock option entitles the holder to receive one share of Jumia, the Fair value per ADS and the exercise price per ADS have to be divided by 2 For the 2020 Plan, Jumia recognized expenses of EUR 534 thousand for the three months ended September 30, 2020 and EUR 637 thousand for the nine months ended September 30, 2020. Virtual Restricted Stock Unit Program 2020 Our shareholders also approved the Virtual Restricted Stock Unit Program 2020 (the “2020 VRSUP”) at our 2020 Annual General Meeting. Jumia granted an individual number of virtual restricted stock units (“VRSUs”) to beneficiaries under the terms and conditions of the 2020 VRSUP. Grants are based on individual grant agreements. Each beneficiary received an individual grant agreement that includes the individual number of VRSUs. Each VRSU entitles the holder to receive a cash payment equal to the ten trading day average share price after the publication by the Company of the later of its last half year report or its last annual financial statements. For selected employees of the company (i.e. Group 2) and selected employees of affiliated companies (i.e. Group 4), Jumia is entitled to elect, at its sole discretion, to issue one share for each vested VRSU instead of a settlement in cash. In general, the VRSUs shall vest one year after the grant and will be paid out as soon as reasonably practicable following the expiration of a period of twelve The RSUs for all beneficiaries are not subject to any performance conditions or a maximum payout amount (Cap). The VRSUP 2020 is recognized as a cash-settled plan for certain beneficiaries (e.g. members of the management board) and as an equity-settled plan for all other beneficiaries. For cash-settled awards, the expenses are determined on the fair value of the awards at each reporting date. For equity-settled awards, the expenses to be recognized are determined based on the grant date fair value of the awards. The fair value per VRSU was derived based on the observable stock price of Jumia as at the grant date or the reporting date depending on the cash- or equity-settled classification. The weighted average fair value per VRSU amounts to EUR 3.20. For the cash-settled part of the 2020 VRSUP, Jumia recognized expenses of EUR 979 thousand for the three months ended September 30, 2020 and EUR 1,286 thousand for the nine months ended September 30, 2020. For the equity-settled part of the 2020 VRSUP, Jumia recognized expenses of EUR 532 thousand for the three months ended September 30, 2020 and EUR 682 thousand for the nine months ended September 30, 2020. Other existing plans For the other existing plans, Jumia recognized expenses of EUR 1,373 thousand for the three months ended September 30, 2020 and EUR 9,392 thousand for the nine months ended September 30, 2020 (For the three months ended September 30, 2019: 7,100; For the nine months ended September 30, 2019: 31,934). |
Trade and other payables
Trade and other payables | 9 Months Ended |
Sep. 30, 2020 | |
Trade and other payables | |
Trade and other payables | 14 Trade and other payables Trade and other payables comprise the following: As of In thousands of EUR Note September 30, 2020 December 31, 2019 Trade payables 16,924 15,762 Invoices not yet received 19,509 19,292 Accrued employee benefit costs 8,159 7,943 Sundry accruals 7,813 13,441 Trade and Other Payables 52,405 56,438 Invoices not yet received include a litigation settlement accrual of EUR 4,265 thousand (USD 5,000 thousand). As previously disclosed, several putative class action lawsuits were filed in the U.S. District Court for the Southern District of New York and the New York County Supreme Court against us and other defendants, including current and former members of our supervisory and management boards. The cases assert claims under federal securities laws based on alleged misstatements and omissions in connection with, and following, our initial public offering. On August 11, 2020, we reached an agreement to fully resolve all of the actions, subject to standard conditions including court approval. Under this agreement, in which the defendants do not admit any liability or wrongdoing, Jumia will make a settlement payment of USD 5,000 thousand, USD 1,000 thousand of which will be funded by insurance coverage. Sundry accruals relate principally to consultancy, legal, marketing, IT and logistics services payables. |
Borrowings
Borrowings | 9 Months Ended |
Sep. 30, 2020 | |
Borrowings. | |
Borrowings | 15 Borrowings Lease liabilities are presented in the statement of financial position as follows: As of In thousands of EUR September 30, 2020 December 31, 2019 Current 2,573 3,056 Non-current 6,786 6,127 Total Lease liabilities 9,359 9,183 Set out below is the maturity of the lease liabilities classified as non-current as of September 30, 2020: In thousands of EUR One to five years More than five years Total Lease liability future payments 6,501 285 6,786 The Group has several lease contracts that include extension and termination options. Whenever the contracts do not include a mutual agreement clause, the extension options attributed to the Group are assumed to be exercised and, therefore, are included in the lease terms considered when measuring our lease liabilities. Changes in liabilities arising from financing activities In thousands of EUR December 31, 2019 Additions Payments Reclassification Effect of translation September 30, 2020 Current lease liabilities 3,056 2,453 (4,031) 1,256 (161) 2,573 Non-current lease liabilities 6,127 2,584 (1,256) (669) 6,786 Total liabilities from financing activities 9,183 5,037 (4,031) — (830) 9,359 Additions include EUR 1,026 thousand of accrued interest. |
Provisions for liabilities and
Provisions for liabilities and other charges | 9 Months Ended |
Sep. 30, 2020 | |
Provisions for liabilities and other charges | |
Provisions for liabilities and other charges | 16 Provisions for liabilities and other charges Movements in provisions for liabilities and other charges are as follows: Marketplace and consignment Provision for In thousands of EUR Tax risks goods other expenses Total Balance as of December 31, 2019 25,840 549 877 27,266 Additions 3,169 497 928 4,594 Reversals (170) (219) (178) (567) Use of provision — — — — Effect of translation (256) (29) (70) (355) Balance as of September 30, 2020 28,583 798 1,557 30,938 Current 28,583 798 1,249 30,630 Non-current — — 308 308 Tax risks As of September 30, 2020, tax risk provision includes provisions related to VAT for EUR 10,398 thousand (December 31, 2019: 10,344), provisions related to Withholding Tax (WHT) for EUR 18,091 thousand (December 31, 2019: 15,399) and provisions related to other taxes for EUR 95 thousand (December 31, 2019: 97). Provision is calculated based on the detailed review of uncertain tax positions completed by management across the group and in consideration of the probability of a liability arising, within the applicable statute of limitations. Marketplace and consignment goods The provision for marketplace and consignment goods relates to the lost and damaged items, to be reimbursed to the vendors. Provision is calculated based on the detailed review of these items, and it is expected to be utilized during the next 12 months. Provision for other expenses Provision for other expenses comprise of litigations and provisions related to employees, vendors, customers and other parties. The provisions are calculated based on our best estimate considering past experience. |
Revenue
Revenue | 9 Months Ended |
Sep. 30, 2020 | |
Revenue | |
Revenue | 17 Revenue Revenue is comprised of the following: For the three months ended For the nine months ended September 30, September 30, In thousands of EUR 2020 2019 2020 2019 Sales of goods 9,792 20,981 30,683 58,121 Commissions 8,706 6,080 24,687 16,617 Fulfillment 8,267 7,313 22,348 18,001 Value added services 4,901 4,729 14,367 14,042 Marketing and Advertising 1,521 1,556 4,698 3,771 Other revenue 485 258 1,080 580 Revenue 33,672 40,916 97,863 111,132 As previously disclosed in the annual consolidated financial statements, the Group had one operating and reportable For the nine months ended September 30, 2020, no customer amounted for more than 5% of Group revenues (September 30, 2019: nil). The Group’s geographical distribution of revenue was as follows: For the three months ended For the nine months ended Revenue September 30, September 30, in thousands of EUR 2020 2019 2020 2019 West Africa (1) 15,138 17,467 44,589 47,310 North Africa (2) 11,398 13,887 34,092 40,214 East and South Africa (3) 6,853 8,571 18,489 22,610 Europe 177 991 579 998 United Arab Emirates 106 — 114 — Total 33,672 40,916 97,863 111,132 (1) West Africa covers Nigeria, Ivory Coast, Senegal, Cameroon and Ghana. (2) North Africa covers Egypt, Tunisia, Morocco and Algeria. (3) East and South Africa covers Kenya, Tanzania, Uganda, Rwanda and South Africa. The variation registered in the Group’s revenue for the three and nine months ended on September 30, 2020 was mainly driven by our marketplace gaining more depth, which positioned us to undertake fewer sales on a first party basis. |
Fulfillment expense
Fulfillment expense | 9 Months Ended |
Sep. 30, 2020 | |
Fulfillment expense | |
Fulfillment expense | 18 Fulfillment expense Fulfillment expense is comprised of the following: For the three months ended For the nine months ended September 30, September 30, In thousands of EUR 2020 2019 2020 2019 Fulfillment staff costs 4,109 5,234 12,977 14,957 Fulfillment centers expense 731 1,168 2,564 3,366 Freight and shipping expense 11,783 14,305 34,277 35,189 Fulfillment expense 16,623 20,707 49,818 53,512 For the three and nine months ended on September 30, 2020, the Group’s fulfillment expense has decreased primarily due to a number of operational enhancements across our logistics operations. These enhancements included a change in our volume pricing model from cost per package to cost per stop, improvements in our cross-border shipping matrix alongside staff costs savings in our fulfillment centers. |
Sales and advertising expense
Sales and advertising expense | 9 Months Ended |
Sep. 30, 2020 | |
Sales and advertising expense | |
Sales and advertising expense | 19 Sales and advertising expense Sales and advertising expense is comprised of the following: For the three months ended For the nine months ended September 30, September 30, In thousands of EUR 2020 2019 2020 2019 Sales and advertising staff costs 1,955 1,950 6,548 5,763 Sales and advertising campaigns 4,235 11,825 15,736 34,766 Sales and advertising expense 6,190 13,775 22,284 40,529 The reduction registered in the Sales and advertising expense for the three and nine months ended on September 30, 2020, is primarily due to continued enhancements to our performance marketing strategy across search and social media channels, including through more granular segmentation of our target market with differentiated campaigns and content for each segment. |
Technology and content expense
Technology and content expense | 9 Months Ended |
Sep. 30, 2020 | |
Technology and content expense | |
Technology and content expense | 20 Technology and content expense Technology and content expense is comprised of the following: For the three months ended For the nine months ended September 30, September 30, In thousands of EUR 2020 2019 2020 2019 Staff Costs - Technology and content 3,197 3,157 10,018 9,562 Technology license and maintenance expenses 3,115 3,827 10,522 9,982 Technology and content expense 6,312 6,984 20,540 19,544 |
General and administrative expe
General and administrative expense | 9 Months Ended |
Sep. 30, 2020 | |
General and administrative expense | |
General and administrative expense | 21 General and administrative expense General and administrative expense is comprised of the following: For the three months ended For the nine months ended September 30, September 30, In thousands of EUR 2020 2019 2020 2019 Staff Costs 12,057 16,870 40,366 63,941 Occupancy Costs 409 406 1,062 1,219 Professional fees 2,546 4,559 9,027 9,035 Travel and entertainment 210 1,306 1,244 3,784 Office and related expenses 1,491 1,877 4,775 5,258 General sub-contracts 76 1,261 1,267 3,174 Bank fees & payment costs 437 327 1,249 2,009 Bad debt expense / reversal 508 586 3,761 2,635 Tax expenses 1,737 1,344 5,485 4,409 Tax provisions 946 1,703 3,169 3,009 Provisions for liabilities and other charges 107 (210) 558 29 Depreciation and amortization 1,878 2,095 6,106 5,568 Other general and administrative expense 322 536 6,117 1,255 General and administrative expense 22,724 32,660 84,186 105,325 For the nine months ended September 30, 2020, staff costs expense includes share options granted to eligible employees of EUR 11,998 thousand (September 30, 2019: 31,934). For the nine months ended September 30, 2020 Other general and administrative expense includes EUR 4,265 thousand for the class action settlement described in Note 14, and EUR 2,021 thousand (September 30, 2019: 1,091) for insurance premiums. |
Income tax
Income tax | 9 Months Ended |
Sep. 30, 2020 | |
Income tax | |
Income tax | 22 Income tax Income tax expense is comprised of the following: For the three months ended For the nine months ended September 30, September 30, In thousands of EUR 2020 2019 2020 2019 Current tax 793 (208) 1,387 53 Total Income tax (benefit) / expense 793 (208) 1,387 53 In Nigeria, the Finance law of 2019 came into effect resulting, for the nine months ended September 30, 2020, in a minimum income tax expense of EUR 285 thousand (September 30, 2019: nil). Income tax payables comprise the following: As of As of September 30, 2020 December 31, 2019 Income Tax Payables 355 400 Provision for Income Tax 9,890 9,656 Total 10,245 10,056 |
Earnings per share
Earnings per share | 9 Months Ended |
Sep. 30, 2020 | |
Earnings per share [abstract] | |
Earnings per share | 23 Earnings The following table reflects the loss and share data used in the basic and diluted EPS calculations: For the three months ended For the nine months ended September 30, September 30, In thousands of EUR 2020 2019 2020 2019 Numerator Loss for the period (32,386) (49,910) (114,027) (163,474) Less: net loss attributable to non-controlling interest (63) (93) (182) (246) Loss attributable to Equity of the Company (32,323) (49,817) (113,845) (163,228) Denominator Weighted average number of shares for basic and diluted EPS 161,038,010 156,816,494 158,281,076 135,209,568 Loss per share - basic and diluted (0.20) (0.32) (0.72) (1.21) The weighted average of potential shares for the year to date that would arise from securities that were not included in the diluted earnings per share calculation, as they would be anti-dilutive, are as follows: For the three months ended For the nine months ended September 30, September 30, 2020 2019 2020 2019 Share Options 7,921,745 8,824,566 5,433,252 7,834,683 In August 2020, 54,724 stock options were exercised, which will increase the share capital of the Company by 54,724 shares. The capital increase is conducted in October 2020. Additionally, 236,658 shares are issued in October 2020 to settle beneficiaries of legacy participation programs of the Company. There have been no other transactions involving ordinary shares or potential ordinary shares between the reporting date and the date of authorization of these financial statements. |
Transactions and balances with
Transactions and balances with related parties | 9 Months Ended |
Sep. 30, 2020 | |
Transactions and balances with related parties | |
Transactions and balances with related parties | 24 Transactions and balances with related parties Transactions with MTN Our shareholder Mobile Telephone Networks Holdings (Pty) Ltd sold a significant number of shares in Jumia, during the third quarter of 2020, and no longer qualifies as a related party, as of September 30, 2020. The Group engages in several initiatives with affiliates of MTN. For example, consumers may pay for transactions on Jumia’s platform with MTN’s mobile money. The Group has also set up dedicated MTN branded online stores on our platform. For the nine months ended September 30, 2020, the expenses incurred with MTN amounted to EUR 220 thousand (September 30, 2019: 438). For the three months ended September 30, 2020, the expenses incurred with MTN amounted to EUR 84 thousand (September 30, 2019: 159). In 2020, the Group also entered into an agreement in which MTN prepaid for corporate and gift purchases in Jumia’s platform through vouchers, which amounted for the nine months ended September 30, 2020 to EUR 961 thousand (for the three months ended September 30, 2020: 221), from which EUR 864 thousand have been converted into revenue during the period. In 2019, MTN prepaid for their employees purchases in Jumia’s platform through the wallet top-ups which amounted for the nine months ended September 30, 2019 to EUR 524 thousand (for the three months ended September 30, 2019: 35), which have all been converted into revenue during the period. Transactions with Key management Key management includes the senior executives. The compensation paid or payable to key management for employee services is shown below: For the three months ended For the nine months ended In thousands of EUR September 30, 2020 September 30, 2019 September 30, 2020 September 30, 2019 Short-term employee benefits 714 4,576 2,447 6,035 Other benefits 7 (25) 15 24 Share-based compensation 1,222 2,113 4,316 9,305 Total 1,943 6,664 6,778 15,364 |
Fair Values of Financial Instru
Fair Values of Financial Instruments | 9 Months Ended |
Sep. 30, 2020 | |
Disclosure of detailed information about financial instruments [abstract] | |
Fair Values of Financial Instruments | 25 Fair Values of Financial Instruments Management considers that the carrying amounts of financial assets and financial liabilities in the financial statements approximate their fair values. As of September 30, 2020 and December 31, 2019, the Group does not own assets and liabilities measured at fair value through profit or loss or assets at fair value through comprehensive income in accordance with IFRS 9. |
Financial risk management objec
Financial risk management objectives and policies | 9 Months Ended |
Sep. 30, 2020 | |
Financial risk management objectives and policies | |
Financial risk management objectives and policies | 26 Financial risk management Market risk Foreign currency risk Intercompany loans bear the majority of the Group’s foreign currency risk as they are issued and are repayable in Euro or US dollars. Fluctuation of various exchange rates in Africa and the resulting related foreign exchange gains or losses are recognized in other comprehensive income. Credit risk Trade receivables As of September 30, 2020, the Group has as an allowance for uncollectible receivables of EUR 7,506 thousand (December 31, 2019: 8,283) as set out in the Note 9. Additionally, the Group has as an allowance for uncollectible other receivables of EUR 682 thousand (December 31, 2019: 503). The ECL provision for uncollectible receivables represents 57% (December 31, 2019: 47%) of the total trade and other receivables. Cash deposits As of September 30, 2020, the impact of measuring ECL for cash and cash equivalents remains immaterial in the consolidated financial statements. The majority of the Group’s cash deposit balances are maintained in Germany. German bank accounts are secured via the deposit protection fund, which secures all bank deposits up to 20% of the liable equity of the bank. Liquidity risk As all funds come exclusively from the shareholders and there are no external borrowings, the Group mitigates the risk of interest. Based on the cash flow forecast for 2021, the Group has sufficient liquidity as of September 30, 2020 for the next twelve months. |
Commitments and contingencies
Commitments and contingencies | 9 Months Ended |
Sep. 30, 2020 | |
Commitments and contingencies | |
Commitments and contingencies | 27 Commitments and contingencies Tax contingencies The Group has contingent liabilities related to potential tax claims arising in the ordinary course of business. As of September 30, 2020, there are ongoing tax audits in various countries. Some of these tax enquiries have resulted in re-assessments, whilst others are still at an early stage and no re-assessment has yet been raised. Management is required to make estimates and judgments about the ultimate outcome of these investigations or litigations in determining legal provisions. Final claims or court rulings may differ from management estimates. As of September 30, 2020, the Group has accrued for net tax provisions (excluding Uncertainty over Income Tax reported within Income Tax payables in accordance with IFRC 23 interpretation) in the amount of EUR 28,583 thousand (2019: 25,840) as a result of the assessment of potential exposures due to uncertain non income tax positions as well as pending and resolved matters with the relevant tax authorities (Note 16). In addition to the above tax risks, in common with other international groups, the conflict between the Group’s international operating model, the jurisdictional approach of tax authorities and some domestic tax requirements in relation to withholding tax and VAT compliance and recoverability rules, could lead to a further EUR 8,925 thousand in additional uncertainty on tax positions. The likelihood of future economic outflows with regard to these potential tax claims is however considered as only possible, but not probable. Accordingly, no provision for a liability has been made in these consolidated financial statements. The Group may also be subject to other tax claims for which the risk of future economic outflows is currently evaluated to be remote Legal Proceedings with shareholders Since May 2019, several putative class action lawsuits have been filed against the company, certain of its management and supervisory board members, the underwriters of its IPO, and its U.S. representative in the U.S. District Court for the Southern District of New York and the New York County Supreme Court. The cases assert claims under federal securities laws based on alleged misstatements and omissions in connection with, and following, the company’s initial public offering. On August 11, 2020, the parties reached an agreement to fully resolve all of the actions, subject to court approval. Under the agreement, in which the defendants do not admit any liability or wrongdoing, the company will make a settlement payment of $5 million, $1 million of which will be funded by insurance coverage. On October 9, 2020, the plaintiffs moved for preliminary court approval of the proposed settlements. |
Subsequent events
Subsequent events | 9 Months Ended |
Sep. 30, 2020 | |
Subsequent events | |
Subsequent events | 28 Subsequent events Management has not identified events occurred after September 30, 2020, for which, due to their materiality, additional disclosure in the Notes to the unaudited interim condensed financial statements is required. |
Property and equipment (Tables)
Property and equipment (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Property and Equipment | |
Schedule of movements in the carrying amount of property and equipment | Transportation equipment, office Technical equipment Right of use equipment and and other assets - Office In thousands of EUR Buildings machinery equipment and Warehouse Total Cost Balance as of December 31, 2019 2,626 2,412 11,949 14,060 31,047 Additions 241 195 912 4,081 5,429 Disposals (15) (17) (74) — (106) Reclassification 72 (95) 23 — — Effect of translation (204) (136) (788) (1,132) (2,260) Balance as of September 30, 2020 2,720 2,359 12,022 17,009 34,110 Accumulated depreciation Balance as of December 31, 2019 (1,329) (1,108) (6,887) (4,289) (13,613) Depreciation charge (482) (376) (1,849) (3,399) (6,106) Accumulated depreciation on disposals 15 17 74 — 106 Effect of translation 105 85 507 315 1,012 Balance as of September 30, 2020 (1,691) (1,382) (8,155) (7,373) (18,601) Carrying amount as of December 31, 2019 1,297 1,304 5,062 9,771 17,434 Carrying amount as of September 30, 2020 1,029 977 3,867 9,636 15,509 |
Inventories (Tables)
Inventories (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Inventories | |
Schedule of Inventory Components | As of In thousands of EUR September 30, 2020 December 31, 2019 Merchandise available for sale 9,103 11,176 Less: Provision for slow moving and obsolete inventories (1,415) (1,180) Total Inventories 7,688 9,996 |
Cash and cash equivalents (Tabl
Cash and cash equivalents (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Cash and cash equivalents [abstract] | |
Schedule of cash and cash equivalents | As of In thousands of EUR September 30, 2020 December 31, 2019 Cash at bank and in hand 147,149 52,729 Short-term deposits — 117,292 Total Cash and cash equivalents 147,149 170,021 |
Term Deposits (Tables)
Term Deposits (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Deposit Asset [Abstract] | |
Schedule of term deposits | As of September 30, 2020 December 31, 2019 Short term deposits - banks 653 62,418 Short term deposits - others 386 — Term Deposits 1,039 62,418 |
Trade and other receivables (Ta
Trade and other receivables (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Trade and other receivables | |
Schedule of trade and other receivables | As of In thousands of EUR Note September 30, 2020 December 31, 2019 Advances to suppliers 1,096 2,356 Trade notes and accounts receivable 13,133 17,780 Less: Allowance for impairment of trade notes and accounts receivable (7,506) (8,283) Unbilled revenues 1,164 858 Other receivables 2,865 4,728 Less: Allowance for impairment of other receivables (682) (503) Trade and other receivables 10,070 16,936 |
Schedule of movement of allowance for expected credit losses of trade notes and accounts receivables and other receivables | ECL of trade notes and accounts ECL of other In thousands of EUR receivable receivables Balance as of December 31, 2019 8,283 503 Additions 3,589 268 Reversal (279) (40) Use of provision (3,515) — Effect of translation (572) (49) Balance as of September 30, 2020 7,506 682 |
Schedule of ageing analysis of trade notes and accounts receivables | Past due but not impaired Total Neither past Total expected due nor < 30 30 - 90 >90 In thousands of EUR Total net gross credit losses impaired days days days As of September 30, 2020 5,627 13,133 (7,506) 795 2,789 722 1,321 As of December 31, 2019 9,497 17,780 (8,283) 3,291 1,554 2,515 2,137 |
Share capital and share premi_2
Share capital and share premium (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Share capital and share premium | |
Schedule of share capital structure | Number of shares Class Par value (EUR) Share capital (in thousands of EUR) Share premium (in thousands of EUR) Total 162,161,928 Ordinary 1 162,162 1,018,276 1,180,438 Total 1 162,162 1,018,276 1,180,438 Number of shares Class Par value (EUR) Share capital (in thousands of EUR) Share premium (in thousands of EUR) Total 156,816,494 Ordinary 1 156,816 1,018,276 1,175,092 Total 1 156,816 1,018,276 1,175,092 |
Other Reserves (Tables)
Other Reserves (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Other reserves [abstract] | |
Schedule of other reserves | Exchange difference on net investment Currency Total Capital in foreign translation other In thousands of EUR reserves operations adjustment reserves As of December 31, 2019 113,395 (69,464) 60,183 104,114 Other comprehensive loss (49,041) 47,936 (1,105) Total comprehensive loss for the period — (49,041) 47,936 (1,105) Share-based payments (Note 13) 10,542 10,542 Exercise of options (Note 11) (4,775) (4,775) Change in Non-controlling interests — As of September 30, 2020 119,162 (118,505) 108,119 108,776 |
Share-based compensation (Table
Share-based compensation (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Summary of option valuation models | SOP 2020 Fair value per ADS (1) USD 6.48 Exercise price per ADS USD 3.67 Risk-free interest rate (2) 0.26 % Expected dividend yield (3) 0 % Expected life (years) (4) 4 years Expected volatility (5) 50 % Weighted average of Fair value of Options EUR 1.26 |
Trade and other payables (Table
Trade and other payables (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Trade and other payables | |
Trade and other payables | As of In thousands of EUR Note September 30, 2020 December 31, 2019 Trade payables 16,924 15,762 Invoices not yet received 19,509 19,292 Accrued employee benefit costs 8,159 7,943 Sundry accruals 7,813 13,441 Trade and Other Payables 52,405 56,438 |
Borrowings (Tables)
Borrowings (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Borrowings. | |
Schedule of lease liabilities | As of In thousands of EUR September 30, 2020 December 31, 2019 Current 2,573 3,056 Non-current 6,786 6,127 Total Lease liabilities 9,359 9,183 |
Schedule of Future minimum lease payments under non-cancellable operating leases | In thousands of EUR One to five years More than five years Total Lease liability future payments 6,501 285 6,786 |
Schedule of changes in liabilities arising from financing activities | In thousands of EUR December 31, 2019 Additions Payments Reclassification Effect of translation September 30, 2020 Current lease liabilities 3,056 2,453 (4,031) 1,256 (161) 2,573 Non-current lease liabilities 6,127 2,584 (1,256) (669) 6,786 Total liabilities from financing activities 9,183 5,037 (4,031) — (830) 9,359 |
Provision for liabilities and o
Provision for liabilities and other charges (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Provisions for liabilities and other charges | |
Schedule of Movements in provisions for liabilities and other charges | Marketplace and consignment Provision for In thousands of EUR Tax risks goods other expenses Total Balance as of December 31, 2019 25,840 549 877 27,266 Additions 3,169 497 928 4,594 Reversals (170) (219) (178) (567) Use of provision — — — — Effect of translation (256) (29) (70) (355) Balance as of September 30, 2020 28,583 798 1,557 30,938 Current 28,583 798 1,249 30,630 Non-current — — 308 308 |
Revenue (Tables)
Revenue (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Revenue | |
Summary of revenue | For the three months ended For the nine months ended September 30, September 30, In thousands of EUR 2020 2019 2020 2019 Sales of goods 9,792 20,981 30,683 58,121 Commissions 8,706 6,080 24,687 16,617 Fulfillment 8,267 7,313 22,348 18,001 Value added services 4,901 4,729 14,367 14,042 Marketing and Advertising 1,521 1,556 4,698 3,771 Other revenue 485 258 1,080 580 Revenue 33,672 40,916 97,863 111,132 |
Disclosure of geographical areas [text block] | For the three months ended For the nine months ended Revenue September 30, September 30, in thousands of EUR 2020 2019 2020 2019 West Africa (1) 15,138 17,467 44,589 47,310 North Africa (2) 11,398 13,887 34,092 40,214 East and South Africa (3) 6,853 8,571 18,489 22,610 Europe 177 991 579 998 United Arab Emirates 106 — 114 — Total 33,672 40,916 97,863 111,132 (1) West Africa covers Nigeria, Ivory Coast, Senegal, Cameroon and Ghana. (2) North Africa covers Egypt, Tunisia, Morocco and Algeria. (3) East and South Africa covers Kenya, Tanzania, Uganda, Rwanda and South Africa. |
Fulfillment expense (Tables)
Fulfillment expense (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Fulfillment expense | |
Schedule of fulfillment expense | For the three months ended For the nine months ended September 30, September 30, In thousands of EUR 2020 2019 2020 2019 Fulfillment staff costs 4,109 5,234 12,977 14,957 Fulfillment centers expense 731 1,168 2,564 3,366 Freight and shipping expense 11,783 14,305 34,277 35,189 Fulfillment expense 16,623 20,707 49,818 53,512 |
Sales and advertising expense (
Sales and advertising expense (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Sales and advertising expense | |
Schedule of sales and advertisement expenses | For the three months ended For the nine months ended September 30, September 30, In thousands of EUR 2020 2019 2020 2019 Sales and advertising staff costs 1,955 1,950 6,548 5,763 Sales and advertising campaigns 4,235 11,825 15,736 34,766 Sales and advertising expense 6,190 13,775 22,284 40,529 |
Technology and content expense
Technology and content expense (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Technology and content expense | |
Schedule of Technology and content expense | For the three months ended For the nine months ended September 30, September 30, In thousands of EUR 2020 2019 2020 2019 Staff Costs - Technology and content 3,197 3,157 10,018 9,562 Technology license and maintenance expenses 3,115 3,827 10,522 9,982 Technology and content expense 6,312 6,984 20,540 19,544 |
General and administrative ex_2
General and administrative expense (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
General and administrative expense | |
Schedule of General and administrative expense | For the three months ended For the nine months ended September 30, September 30, In thousands of EUR 2020 2019 2020 2019 Staff Costs 12,057 16,870 40,366 63,941 Occupancy Costs 409 406 1,062 1,219 Professional fees 2,546 4,559 9,027 9,035 Travel and entertainment 210 1,306 1,244 3,784 Office and related expenses 1,491 1,877 4,775 5,258 General sub-contracts 76 1,261 1,267 3,174 Bank fees & payment costs 437 327 1,249 2,009 Bad debt expense / reversal 508 586 3,761 2,635 Tax expenses 1,737 1,344 5,485 4,409 Tax provisions 946 1,703 3,169 3,009 Provisions for liabilities and other charges 107 (210) 558 29 Depreciation and amortization 1,878 2,095 6,106 5,568 Other general and administrative expense 322 536 6,117 1,255 General and administrative expense 22,724 32,660 84,186 105,325 |
Income tax (Tables)
Income tax (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Income tax | |
Schedule of components of income tax expense | For the three months ended For the nine months ended September 30, September 30, In thousands of EUR 2020 2019 2020 2019 Current tax 793 (208) 1,387 53 Total Income tax (benefit) / expense 793 (208) 1,387 53 |
Schedule of income tax payables | As of As of September 30, 2020 December 31, 2019 Income Tax Payables 355 400 Provision for Income Tax 9,890 9,656 Total 10,245 10,056 |
Earnings per share (Tables)
Earnings per share (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Earnings per share [abstract] | |
Schedule of income and share data used in the EPS calculations | For the three months ended For the nine months ended September 30, September 30, In thousands of EUR 2020 2019 2020 2019 Numerator Loss for the period (32,386) (49,910) (114,027) (163,474) Less: net loss attributable to non-controlling interest (63) (93) (182) (246) Loss attributable to Equity of the Company (32,323) (49,817) (113,845) (163,228) Denominator Weighted average number of shares for basic and diluted EPS 161,038,010 156,816,494 158,281,076 135,209,568 Loss per share - basic and diluted (0.20) (0.32) (0.72) (1.21) |
Schedule of potential dilutive securities | For the three months ended For the nine months ended September 30, September 30, 2020 2019 2020 2019 Share Options 7,921,745 8,824,566 5,433,252 7,834,683 |
Transactions and balances wit_2
Transactions and balances with related parties (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Transactions and balances with related parties | |
Schedule of outstanding balances with related parties and income and expense amounts with related parties | For the three months ended For the nine months ended In thousands of EUR September 30, 2020 September 30, 2019 September 30, 2020 September 30, 2019 Short-term employee benefits 714 4,576 2,447 6,035 Other benefits 7 (25) 15 24 Share-based compensation 1,222 2,113 4,316 9,305 Total 1,943 6,664 6,778 15,364 |
Corporate information (Details)
Corporate information (Details) | 1 Months Ended |
Apr. 30, 2019$ / shares | |
Percent of total shares listed | 19.80% |
Initial value per share | $ 14.50 |
Significant changes in the cu_2
Significant changes in the current reporting period (Details) € in Thousands, $ in Thousands | Aug. 11, 2020USD ($) | Sep. 30, 2020USD ($) | Sep. 30, 2020EUR (€) |
Disclosure of detailed information about financial instruments [line items] | |||
Settlement loss | € | € 4,265 | ||
Amount expected to be funded by insurance | $ | $ 1,000 | ||
Legal proceedings provision [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Settlement amount, before insurance | $ 5,000 | $ 5,000 | 4,265 |
Settlement loss | € | € 4,500 | ||
Amount expected to be funded by insurance | $ | $ 1,000 |
Property and equipment (Details
Property and equipment (Details) € in Thousands | 9 Months Ended |
Sep. 30, 2020EUR (€) | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Balance | € 17,434 |
Balance | 15,509 |
Cost | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Balance | 31,047 |
Additions | 5,429 |
Disposals | (106) |
Effect of translation | (2,260) |
Balance | 34,110 |
Accumulated depreciation | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Balance | (13,613) |
Disposals | 106 |
Depreciation, property, plant and equipment | (6,106) |
Effect of translation | 1,012 |
Balance | (18,601) |
Buildings | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Balance | 1,297 |
Balance | 1,029 |
Buildings | Cost | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Balance | 2,626 |
Additions | 241 |
Disposals | (15) |
Reclassification | 72 |
Effect of translation | (204) |
Balance | 2,720 |
Buildings | Accumulated depreciation | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Balance | (1,329) |
Disposals | 15 |
Depreciation, property, plant and equipment | (482) |
Effect of translation | 105 |
Balance | (1,691) |
Technical equipment and machinery | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Balance | 1,304 |
Balance | 977 |
Technical equipment and machinery | Cost | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Balance | 2,412 |
Additions | 195 |
Disposals | (17) |
Reclassification | (95) |
Effect of translation | (136) |
Balance | 2,359 |
Technical equipment and machinery | Accumulated depreciation | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Balance | (1,108) |
Disposals | 17 |
Depreciation, property, plant and equipment | (376) |
Effect of translation | 85 |
Balance | (1,382) |
Transportation equipment, office equipment and other equipment | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Balance | 5,062 |
Balance | 3,867 |
Transportation equipment, office equipment and other equipment | Cost | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Balance | 11,949 |
Additions | 912 |
Disposals | (74) |
Reclassification | 23 |
Effect of translation | (788) |
Balance | 12,022 |
Transportation equipment, office equipment and other equipment | Accumulated depreciation | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Balance | (6,887) |
Disposals | 74 |
Depreciation, property, plant and equipment | (1,849) |
Effect of translation | 507 |
Balance | (8,155) |
Right-of-use assets - Office and Warehouse | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Balance | 9,771 |
Balance | 9,636 |
Right-of-use assets - Office and Warehouse | Cost | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Balance | 14,060 |
Additions | 4,081 |
Effect of translation | (1,132) |
Balance | 17,009 |
Right-of-use assets - Office and Warehouse | Accumulated depreciation | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Balance | (4,289) |
Depreciation, property, plant and equipment | (3,399) |
Effect of translation | 315 |
Balance | € (7,373) |
Inventories - Components (Detai
Inventories - Components (Details) - EUR (€) € in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | |
Disclosure Of Inventory [Line Items] | |||||
Inventories | € 7,688 | € 7,688 | € 9,996 | ||
Cost of inventories recognised as expense during period | 10,425 | € 21,937 | 32,952 | € 60,066 | |
Impairment losses on obsolete inventories | 208 | € 374 | 600 | € 727 | |
Cost | |||||
Disclosure Of Inventory [Line Items] | |||||
Inventories | 9,103 | 9,103 | 11,176 | ||
Accumulated impairment | |||||
Disclosure Of Inventory [Line Items] | |||||
Inventories | € (1,415) | € (1,415) | € (1,180) |
Cash and cash equivalents (Deta
Cash and cash equivalents (Details) - EUR (€) € in Thousands | Sep. 30, 2020 | Jun. 30, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Dec. 31, 2018 |
Disclosure of financial assets [line items] | ||||||
Cash | € 147,149 | € 52,729 | ||||
Short-term deposits | 117,292 | |||||
Total cash and cash equivalents | 147,149 | € 174,326 | 170,021 | € 227,073 | € 271,396 | € 100,635 |
Expected credit loss, cash and cash equivalents | € 223 | € 0 |
Term Deposits (Details)
Term Deposits (Details) - EUR (€) € in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Disclosure of financial assets [line items] | ||
Short-term deposits in banks | € 653 | € 62,418 |
Short-term deposits - others | 386 | 0 |
Term deposits | € 1,039 | € 62,418 |
Trade and other receivables - C
Trade and other receivables - Components (Details) - EUR (€) € in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Disclosure of detailed information about financial instruments [line items] | ||
Advances to suppliers | € 1,096 | € 2,356 |
Unbilled revenues | 1,164 | 858 |
Trade and other receivables | 10,070 | 16,936 |
Trade notes and accounts receivable | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial assets | 5,627 | 9,497 |
Trade notes and accounts receivable | Cost | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial assets | 13,133 | 17,780 |
Trade notes and accounts receivable | Accumulated impairment | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial assets | (7,506) | (8,283) |
Other receivables | Cost | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial assets | 2,865 | 4,728 |
Other receivables | Accumulated impairment | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial assets | € (682) | € (503) |
Trade and other receivables - E
Trade and other receivables - ECL (Details) € in Thousands | 9 Months Ended |
Sep. 30, 2020EUR (€) | |
Trade notes and accounts receivable | |
Trade and other receivables | |
Financial assets at beginning of period | € 9,497 |
Financial assets at end of period | 5,627 |
Trade notes and accounts receivable | Accumulated impairment | |
Trade and other receivables | |
Financial assets at beginning of period | (8,283) |
Additions | (3,589) |
Reversal | 279 |
Use of provision | (3,515) |
Effect of translation | 572 |
Financial assets at end of period | (7,506) |
Other receivables | Accumulated impairment | |
Trade and other receivables | |
Financial assets at beginning of period | (503) |
Additions | (268) |
Reversal | 40 |
Effect of translation | 49 |
Financial assets at end of period | € (682) |
Trade and other receivables - A
Trade and other receivables - Ageing (Details) - EUR (€) € in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Disclosure of financial assets that are either past due or impaired [line items] | ||
Expected loss rate (%) | 57.00% | 47.00% |
Trade notes and accounts receivable | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Financial assets | € 5,627 | € 9,497 |
Trade notes and accounts receivable | Neither past due nor impaired | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Financial assets | 795 | 3,291 |
Trade notes and accounts receivable | Past due but not impaired | Less than 30 days | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Financial assets | 2,789 | 1,554 |
Trade notes and accounts receivable | Past due but not impaired | 30 - 90 days | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Financial assets | 722 | 2,515 |
Trade notes and accounts receivable | Past due but not impaired | Greater than 90 days | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Financial assets | 1,321 | 2,137 |
Trade notes and accounts receivable | Cost | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Financial assets | 13,133 | 17,780 |
Trade notes and accounts receivable | Accumulated impairment | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Financial assets | € (7,506) | € (8,283) |
Prepaid expenses (Details)
Prepaid expenses (Details) - EUR (€) € in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Prepaid expense and other current assets | ||
Prepaid hosting fees and software licenses | € 2,353 | € 7,788 |
Prepaid insurance | 1,814 | 843 |
Advance payments to the Group's partners for online payment services | 734 | 2,168 |
Prepaid short-term leases and other goods and services | € 1,094 | € 1,794 |
Share capital and share premi_3
Share capital and share premium (Details) € / shares in Units, € in Thousands | 1 Months Ended | 9 Months Ended | ||
Aug. 31, 2020item | Sep. 30, 2020EUR (€)item€ / sharesshares | Sep. 30, 2019EUR (€) | Dec. 31, 2019EUR (€)€ / sharesshares | |
Disclosure of classes of share capital [line items] | ||||
Par value per share | € / shares | € 1 | € 1 | ||
Share capital | € 162,162 | € 156,816 | ||
Share premium | 1,018,276 | 1,018,276 | ||
Total share capital and share premium | € 1,180,438 | € 1,175,092 | ||
Number of instruments granted in share-based payment arrangement | item | 5,345,434 | |||
Settlement of share-based claims | € (329,172) | |||
Exercise of options | € (571) | |||
Stock options exercised | item | 54,724 | 4,759,452 | ||
Exercise price | € / shares | € 0.12 | |||
Shares issued, transaction costs | € 201 | |||
Ordinary shares [member] | ||||
Disclosure of classes of share capital [line items] | ||||
Ordinary shares issued | shares | 162,161,928 | 156,816,494 | ||
Par value per share | € / shares | € 1 | € 1 | ||
Share capital | € 162,162 | € 156,816 | ||
Share premium | 1,018,276 | 1,018,276 | ||
Total share capital and share premium | € 1,180,438 | € 1,175,092 | ||
Number of votes per share | item | 1 | |||
Equity attributable to the Equity holders of the Company | ||||
Disclosure of classes of share capital [line items] | ||||
Settlement of share-based claims | € (329,172) | |||
Exercise of options | € (571) | |||
Total other reserves | ||||
Disclosure of classes of share capital [line items] | ||||
Exercise of options | € 4,775 |
Other Reserves (Details)
Other Reserves (Details) - EUR (€) € in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Disclosure of reserves within equity [line items] | ||||
Other reserves at beginning of period | € 104,114 | |||
Other comprehensive income | € (468) | € 753 | (1,105) | € 1,031 |
Comprehensive income | (32,854) | € (49,157) | (115,132) | (162,443) |
Share-based payments (Note 13) | 10,542 | 31,934 | ||
Exercise of options (Note 11) | 571 | |||
Change in Non-controlling interests | 3 | (29) | ||
Other reserves at end of period | 108,776 | 108,776 | ||
Total other reserves | ||||
Disclosure of reserves within equity [line items] | ||||
Other reserves at beginning of period | 104,114 | |||
Other comprehensive income | (1,105) | 1,032 | ||
Comprehensive income | (1,105) | 1,032 | ||
Share-based payments (Note 13) | 10,542 | 31,934 | ||
Exercise of options (Note 11) | (4,775) | |||
Change in Non-controlling interests | € 24 | |||
Other reserves at end of period | 108,776 | 108,776 | ||
Capital reserves | ||||
Disclosure of reserves within equity [line items] | ||||
Other reserves at beginning of period | 113,395 | |||
Share-based payments (Note 13) | 10,542 | |||
Exercise of options (Note 11) | (4,775) | |||
Other reserves at end of period | 119,162 | 119,162 | ||
Exchange difference on net investment in foreign operations | ||||
Disclosure of reserves within equity [line items] | ||||
Other reserves at beginning of period | (69,464) | |||
Other comprehensive income | (49,041) | |||
Comprehensive income | (49,041) | |||
Other reserves at end of period | (118,505) | (118,505) | ||
Currency translation adjustment | ||||
Disclosure of reserves within equity [line items] | ||||
Other reserves at beginning of period | 60,183 | |||
Other comprehensive income | 47,936 | |||
Comprehensive income | 47,936 | |||
Other reserves at end of period | € 108,119 | € 108,119 |
Share based compensation - Opti
Share based compensation - Options Narrative (Details) € / shares in Units, € in Thousands | May 15, 2020itemshares | Sep. 30, 2020EUR (€)€ / shares | Sep. 30, 2020EUR (€)€ / sharesshares | Dec. 31, 2019€ / shares |
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Number of shares per option | shares | 1 | 1 | ||
Number of ADS per option | shares | 0.5 | |||
Options waiting period | 4 years | 4 years | ||
Options exercise period | 2 years | |||
Minimum growth to exercise options (as a percent) | 10.00% | |||
Number of quarters for vesting of some options | item | 2 | |||
Number of trading days | 60 days | |||
Number of tranches | item | 2 | |||
1st tranche, percentage vesting | 66.70% | |||
2nd tranche, percentage vesting | 33.30% | |||
Period of vesting of first tranche | 2 years | |||
Period of vesting of second tranche | 3 years | |||
Option forfeiture period | 6 months | |||
Par value per share | € / shares | € 1 | € 1 | € 1 | |
Options | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Total share-based payment expense recognized | € | € 534 | € 637 |
Share based compensation - Op_2
Share based compensation - Option valuation (Details) | May 15, 2020shares | Sep. 30, 2020EUR (€) | Sep. 30, 2020EUR (€)$ / shares | Sep. 30, 2020EUR (€)shares |
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Expected dividend yield | 0.00% | |||
Options waiting period | 4 years | 4 years | ||
Number of shares per option | shares | 1 | 1 | ||
Number of ADS per option | shares | 0.5 | |||
Options | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Risk-free interest rate | 0.26% | |||
Expected dividend yield | 0.00% | |||
Expected volatility | 50.00% | |||
Granted, fair value | € | € 1.26 | € 1.26 | € 1.26 | |
Total share-based payment expense recognized | € | € 534,000 | € 637,000 | ||
American Depository Shares [Member] | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Fair value of share | $ / shares | € 6.48 | |||
Exercise price | $ / shares | € 3.67 |
Share-based compensation - RSUs
Share-based compensation - RSUs Narrative (Details) - shares | May 15, 2020 | Sep. 30, 2020 |
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Number of trading days | 60 days | |
Number of shares per option | 1 | 1 |
Restricted Stock Units [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Number of trading days | 12 days | |
Number of shares per option | 1 | |
Vesting period | 1 year |
Share-based compensation - RS_2
Share-based compensation - RSUs valuation (Details) - EUR (€) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Cash-settled Restricted Stock Units [Member] | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Fair value, RSUs | € 3.20 | € 3.20 | ||
Expense from share-based payment transactions with employees | 979,000 | 1,286,000 | ||
Equity-settled Restricted Stock Units [Member] | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Expense from share-based payment transactions with employees | 532,000 | 682,000 | ||
Other Existing Awards [Member] | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Expense from share-based payment transactions with employees | € 1,373,000 | € 7,100,000 | € 9,392,000 | € 31,934,000 |
Trade and other payables (Detai
Trade and other payables (Details) € in Thousands, $ in Thousands | Aug. 11, 2020USD ($) | Sep. 30, 2020EUR (€) | Sep. 30, 2020USD ($) | Sep. 30, 2020USD ($) | Dec. 31, 2019EUR (€) |
Disclosure of detailed information about borrowings [line items] | |||||
Trade payables | € 16,924 | € 15,762 | |||
Invoices not yet received | 19,509 | 19,292 | |||
Accrued employee benefit costs | 8,159 | 7,943 | |||
Sundry accruals | 7,813 | 13,441 | |||
Trade and Other Payables | 52,405 | € 56,438 | |||
Expected reimbursement, other provisions | $ | $ 1,000 | ||||
Legal proceedings provision [member] | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Settlement amount, before insurance | $ 5,000 | € 4,265 | $ 5,000 | ||
Expected reimbursement, other provisions | $ | $ 1,000 |
Borrowings - Lease liabilities
Borrowings - Lease liabilities (Details) - EUR (€) € in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Lease liabilities | ||
Current | € 2,573 | € 3,056 |
Non-current | 6,786 | 6,127 |
Total lease liabilities | 9,359 | € 9,183 |
1 to 5 years | ||
Lease liabilities | ||
Non-current | 6,501 | |
Greater than 5 years | ||
Lease liabilities | ||
Non-current | € 285 |
Borrowings - Lease liabilitie_2
Borrowings - Lease liabilities rollforward (Details) € in Thousands | 9 Months Ended |
Sep. 30, 2020EUR (€) | |
Disclosure of quantitative information about leases for lessee [abstract] | |
Current lease liabilities at beginning of period | € 3,056 |
New Leases, current | 2,453 |
Cash flows, current | (4,031) |
Reclassifications, current | 1,256 |
Effect of translation, current | (161) |
Current lease liabilities at end of period | 2,573 |
Non-current lease liabilities at beginning of period | 6,127 |
New leases, non-current | 2,584 |
Reclassifications, non-current | (1,256) |
Effect of translation, non-current | (669) |
Non-current lease liabilities at end of period | 6,786 |
Lease liabilities, beginning of period | 9,183 |
New leases, total | 5,037 |
Cash flows, total | (4,031) |
Effect of translation, total | (830) |
Lease liabilities, end of period | 9,359 |
Interest expense on lease liabilities | € 1,026 |
Provisions for liabilities an_2
Provisions for liabilities and other charges - Movements in provisions (Details) - EUR (€) € in Thousands | 9 Months Ended | |
Sep. 30, 2020 | Dec. 31, 2019 | |
Movements in provisions for liabilities and other charges | ||
Balance at beginning | € 27,266 | |
Additions | 4,594 | |
Reversal | (567) | |
Effect of translation | (355) | |
Balance at ending | 30,938 | |
Current provisions | 30,630 | € 27,040 |
Non-current provisions | 308 | € 226 |
Tax risks | ||
Movements in provisions for liabilities and other charges | ||
Balance at beginning | 25,840 | |
Additions | 3,169 | |
Reversal | (170) | |
Effect of translation | (256) | |
Balance at ending | 28,583 | |
Current provisions | 28,583 | |
Provision For Value-Added Tax [Member] | ||
Movements in provisions for liabilities and other charges | ||
Balance at beginning | 10,344 | |
Balance at ending | 10,398 | |
Provision For Withholding Tax [Member] | ||
Movements in provisions for liabilities and other charges | ||
Balance at beginning | 15,399 | |
Balance at ending | 18,091 | |
Provisions Related To Other Taxes [Member] | ||
Movements in provisions for liabilities and other charges | ||
Balance at beginning | 97 | |
Balance at ending | 95 | |
Marketplace and consignment goods | ||
Movements in provisions for liabilities and other charges | ||
Balance at beginning | 549 | |
Additions | 497 | |
Reversal | (219) | |
Effect of translation | (29) | |
Balance at ending | 798 | |
Current provisions | 798 | |
Provision for other expenses | ||
Movements in provisions for liabilities and other charges | ||
Balance at beginning | 877 | |
Additions | 928 | |
Reversal | (178) | |
Effect of translation | (70) | |
Balance at ending | 1,557 | |
Current provisions | 1,249 | |
Non-current provisions | € 308 |
Revenue (Details)
Revenue (Details) € in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020EUR (€) | Sep. 30, 2019EUR (€) | Sep. 30, 2020EUR (€)item | Sep. 30, 2019EUR (€) | |
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Revenue | € 33,672 | € 40,916 | € 97,863 | € 111,132 |
Number of reportable segments | item | 1 | |||
Number of operating segments | item | 1 | |||
Number of Co-CEOs | item | 2 | |||
Sales of goods | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Revenue | 9,792 | 20,981 | € 30,683 | 58,121 |
Commissions | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Revenue | 8,706 | 6,080 | 24,687 | 16,617 |
Fulfillment | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Revenue | 8,267 | 7,313 | 22,348 | 18,001 |
Value Added Services [Member] | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Revenue | 4,901 | 4,729 | 14,367 | 14,042 |
Marketing and Advertising | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Revenue | 1,521 | 1,556 | 4,698 | 3,771 |
Other revenue | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Revenue | € 485 | € 258 | € 1,080 | € 580 |
Revenue - Geographical distribu
Revenue - Geographical distribution (Details) - EUR (€) € in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Disclosure of geographical areas [line items] | ||||
Revenue | € 33,672 | € 40,916 | € 97,863 | € 111,132 |
West Africa | ||||
Disclosure of geographical areas [line items] | ||||
Revenue | 15,138 | 17,467 | 44,589 | 47,310 |
North Africa | ||||
Disclosure of geographical areas [line items] | ||||
Revenue | 11,398 | 13,887 | 34,092 | 40,214 |
East Africa And South Africa [Member] | ||||
Disclosure of geographical areas [line items] | ||||
Revenue | 6,853 | 8,571 | 18,489 | 22,610 |
Europe | ||||
Disclosure of geographical areas [line items] | ||||
Revenue | 177 | € 991 | 579 | € 998 |
United Arab Emirates | ||||
Disclosure of geographical areas [line items] | ||||
Revenue | € 106 | € 114 |
Fulfillment expense (Details)
Fulfillment expense (Details) - EUR (€) € in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Fulfillment expense | ||||
Employee benefits expense - Fulfillment | € 4,109 | € 5,234 | € 12,977 | € 14,957 |
Fulfillment centers expense | 731 | 1,168 | 2,564 | 3,366 |
Freight and shipping expense | 11,783 | 14,305 | 34,277 | 35,189 |
Fulfillment expense | € 16,623 | € 20,707 | € 49,818 | € 53,512 |
Sales and advertising expense_2
Sales and advertising expense (Details) - EUR (€) € in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Sales and advertising expense | ||||
Employee benefits expense - Sales and advertising | € 1,955 | € 1,950 | € 6,548 | € 5,763 |
Sales and advertising campaigns | 4,235 | 11,825 | 15,736 | 34,766 |
Sales and advertising expense | € 6,190 | € 13,775 | € 22,284 | € 40,529 |
Technology and content expens_2
Technology and content expense (Details) - EUR (€) € in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Technology and content expense | ||||
Employee benefits expense - Technology and content | € 3,197 | € 3,157 | € 10,018 | € 9,562 |
IT maintenance and infrastructure expense | 3,115 | 3,827 | 10,522 | 9,982 |
Technology and content expense | € 6,312 | € 6,984 | € 20,540 | € 19,544 |
General and administrative ex_3
General and administrative expense (Details) - EUR (€) € in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
General and administrative expense | ||||
Staff costs - General and administrative | € 12,057 | € 16,870 | € 40,366 | € 63,941 |
Occupancy costs | 409 | 406 | 1,062 | 1,219 |
Professional fees | 2,546 | 4,559 | 9,027 | 9,035 |
Travel and entertainment | 210 | 1,306 | 1,244 | 3,784 |
Office and related expenses | 1,491 | 1,877 | 4,775 | 5,258 |
General sub-contracts | 76 | 1,261 | 1,267 | 3,174 |
Bank fees & payment cost | 437 | 327 | 1,249 | 2,009 |
Bad debt expense, net | 508 | 586 | 3,761 | 2,635 |
Tax expenses | 1,737 | 1,344 | 5,485 | 4,409 |
Tax provisions | 946 | 1,703 | 3,169 | 3,009 |
Provisions for liabilities and other charges - general and administrative | 107 | (210) | 558 | 29 |
Depreciation and amortization | 1,878 | 2,095 | 6,106 | 5,568 |
Other general and administrative expense | 322 | 536 | 6,117 | 1,255 |
General and administrative expense | € 22,724 | € 32,660 | 84,186 | 105,325 |
Share options granted to employees | 11,998 | 31,934 | ||
Settlement loss | 4,265 | |||
Insurance expense | € 2,021 | € 1,091 |
Income tax (Details)
Income tax (Details) - EUR (€) € in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | |
Disclosure of other provisions [line items] | |||||
Current tax | € 793 | € (208) | € 1,387 | € 53 | |
Total tax expense (income) | 793 | € (208) | 1,387 | € 53 | |
Other provisions | 30,938 | 30,938 | € 27,266 | ||
Income tax payables | 355 | 355 | 400 | ||
Provision for income tax | 9,890 | 9,890 | 9,656 | ||
Total income tax payables | 10,245 | 10,245 | 10,056 | ||
Minimum [Member] | |||||
Disclosure of other provisions [line items] | |||||
Current tax | 285 | ||||
Tax risks | |||||
Disclosure of other provisions [line items] | |||||
Other provisions | 28,583 | 28,583 | 25,840 | ||
Provision for other expenses | |||||
Disclosure of other provisions [line items] | |||||
Other provisions | € 1,557 | € 1,557 | € 877 |
Earnings per share (Details)
Earnings per share (Details) € / shares in Units, € in Thousands | 1 Months Ended | 3 Months Ended | 9 Months Ended | |||
Oct. 31, 2020item | Aug. 31, 2020item | Sep. 30, 2020EUR (€)€ / sharesshares | Sep. 30, 2019EUR (€)€ / sharesshares | Sep. 30, 2020EUR (€)item€ / sharesshares | Sep. 30, 2019EUR (€)€ / sharesshares | |
Earnings per share [line items] | ||||||
Profit (loss) | € | € (32,386) | € (49,910) | € (114,027) | € (163,474) | ||
Profit (loss), attributable to non-controlling interests | € | (63) | (93) | (182) | (246) | ||
Profit (loss), attributable to ordinary equity holders of parent entity | € | € (32,323) | € (49,817) | € (113,845) | € (163,228) | ||
Weighted average ordinary shares and adjusted weighted average ordinary shares [abstract] | ||||||
Weighted average number of shares for basic and diluted EPS | shares | 161,038,010 | 156,816,494 | 158,281,076 | 135,209,568 | ||
Basic and diluted earnings (loss) per share | € / shares | € (0.20) | € (0.32) | € (0.72) | € (1.21) | ||
Share options | shares | 7,921,745 | 8,824,566 | 5,433,252 | 7,834,683 | ||
Exercised during the period (shares) | item | 54,724 | 4,759,452 | ||||
Shares issued in share-based arrangement | item | 5,345,434 | |||||
Subsequent Event [Member] | ||||||
Weighted average ordinary shares and adjusted weighted average ordinary shares [abstract] | ||||||
Shares issued in share-based arrangement | item | 236,658 |
Transactions and balances wit_3
Transactions and balances with related parties - balances (Details) - EUR (€) € in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | |
Outstanding balances with related parties | |||||
Borrowings | € 2,573 | € 2,573 | € 3,056 | ||
MTN | |||||
Disclosure of transactions between related parties [line items] | |||||
Expenses | 84 | € 159 | 220 | € 438 | |
Prepayments by related party for employee purchases | € 221 | € 35 | 961 | € 524 | |
Revenue | € 864 |
Transactions and balances wit_4
Transactions and balances with related parties - key management and other (Details) - Key Management - EUR (€) € in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Disclosure of transactions between related parties [line items] | ||||
Short-term employee benefits | € 714 | € 4,576 | € 2,447 | € 6,035 |
Other benefits | 7 | (25) | 15 | 24 |
Equity-settled share-based compensation | 1,222 | 2,113 | 4,316 | 9,305 |
Total | € 1,943 | € 6,664 | € 6,778 | € 15,364 |
Financial risk management obj_2
Financial risk management objectives and policies (Details) - EUR (€) € in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Disclosure of detailed information about financial instruments [line items] | ||
ECL provision of trade and other receivables (as a percent) | 57.00% | 47.00% |
Trade notes and accounts receivable | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial assets | € 5,627 | € 9,497 |
Trade notes and accounts receivable | Cost | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial assets | 13,133 | 17,780 |
Trade notes and accounts receivable | Accumulated impairment | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial assets | (7,506) | (8,283) |
Other receivables | Cost | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial assets | 2,865 | 4,728 |
Other receivables | Accumulated impairment | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial assets | € (682) | € (503) |
Commitments and contingencies (
Commitments and contingencies (Details) € in Thousands, $ in Thousands | Aug. 11, 2020USD ($) | Sep. 30, 2020EUR (€) | Sep. 30, 2020USD ($) | Sep. 30, 2020USD ($) | Dec. 31, 2019EUR (€) | Sep. 30, 2019EUR (€) |
Tax contingencies | ||||||
Tax provisions | € 30,630 | € 27,040 | ||||
Uncertain tax positions for which no provision has been made | 8,925 | |||||
Expected reimbursement, other provisions | $ | $ 1,000 | |||||
Legal proceedings provision [member] | ||||||
Tax contingencies | ||||||
Litigation Settlement, Gross | $ 5,000 | 4,265 | $ 5,000 | |||
Expected reimbursement, other provisions | $ | $ 1,000 | |||||
Tax provisions | ||||||
Tax contingencies | ||||||
Tax provisions | € 28,583 | € 25,840 |