Document and Entity Information
Document and Entity Information | 12 Months Ended |
Dec. 31, 2021shares | |
Document Information [Line Items] | |
Entity Central Index Key | 0001756708 |
Document Type | 20-F |
Document Registration Statement | false |
Document Annual Report | true |
Document Period End Date | Dec. 31, 2021 |
Document Transition Report | false |
Document Shell Company Report | false |
Entity File Number | 001-38863 |
Entity Registrant Name | JUMIA TECHNOLOGIES AG |
Entity Incorporation, State or Country Code | 2M |
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 |
Entity Well-known Seasoned Issuer | Yes |
ICFR Auditor Attestation Flag | true |
Entity Voluntary Filers | No |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Entity Filer Category | Large Accelerated Filer |
Entity Emerging Growth Company | false |
Document Accounting Standard | International Financial Reporting Standards |
Entity Shell Company | false |
Entity Common Stock, Shares Outstanding | 199,754,122 |
Document Fiscal Year Focus | 2021 |
Document Fiscal Period Focus | FY |
Auditor Name | Ernst & Young S.A. |
Auditor Firm ID | 1367 |
Auditor Location | Luxembourg, Grand Duchy of Luxembourg |
Business Contact [Member] | |
Document Information [Line Items] | |
Entity Address, Address Line One | Skalitzer Strasse 104 |
Entity Address, Postal Zip Code | 10997 |
Entity Address, City or Town | Berlin |
Entity Address, Country | DE |
City Area Code | 30 |
Local Phone Number | 398 20 34 54 |
Contact Personnel Name | Sacha Poignonnec |
American Depository Shares [Member] | |
Document Information [Line Items] | |
Title of 12(b) Security | American Depositary Shares |
Trading Symbol | JMIA |
Security Exchange Name | NYSE |
Ordinary shares [member] | |
Document Information [Line Items] | |
Title of 12(b) Security | Ordinary Shares, no par value |
No Trading Symbol Flag | true |
CONSOLIDATED STATEMENT OF FINAN
CONSOLIDATED STATEMENT OF FINANCIAL POSITION - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Non-current assets | ||||
Property and equipment | $ 21,824 | $ 20,308 | $ 19,551 | $ 5,746 |
Intangible assets | 327 | 542 | 53 | 206 |
Deferred tax assets | 665 | 125 | 122 | 200 |
Other non-current assets | 2,278 | 1,688 | 1,691 | 1,443 |
Total Non-current assets | 25,094 | 22,663 | 21,417 | 7,595 |
Current assets | ||||
Inventories | 10,948 | 8,221 | 11,210 | 10,789 |
Trade and other receivables | 18,350 | 13,146 | 18,995 | 14,899 |
Income tax receivables | 1,468 | 779 | 813 | 831 |
Other taxes receivable | 3,775 | 3,782 | 6,051 | 4,774 |
Prepaid expenses | 5,672 | 12,761 | 14,123 | 8,451 |
Term Deposits and other financial assets | 395,715 | 1,215 | 70,005 | |
Cash and cash equivalents | 117,090 | 373,931 | 190,679 | 115,165 |
Total Current assets | 553,018 | 413,835 | 311,876 | 154,909 |
Total Assets | 578,112 | 436,498 | 333,293 | 162,504 |
Equity | ||||
Share capital | 234,154 | 219,843 | 175,868 | 152 |
Share premium | 1,736,469 | 1,478,230 | 1,141,997 | 967,901 |
Other reserves | 164,675 | 143,871 | 127,449 | 89,348 |
Accumulated losses | (1,722,260) | (1,566,600) | (1,239,991) | (1,000,216) |
Equity attributable to the equity holders of the Company | 413,038 | 275,344 | 205,323 | 57,185 |
Non-controlling interests | (454) | (447) | (574) | (157) |
Total Equity | 412,584 | 274,897 | 204,749 | 57,028 |
Non-current liabilities | ||||
Non-current borrowings | 8,631 | 9,750 | 6,871 | |
Deferred tax liabilities | 61 | |||
Provisions for liabilities and other charges | 676 | 442 | 253 | 445 |
Deferred income | 875 | 1,019 | 1,347 | |
Trade and other payables | 769 | |||
Total non-current liabilities | 10,951 | 11,272 | 8,471 | 445 |
Current liabilities | ||||
Current borrowings | 3,906 | 3,638 | 3,427 | |
Trade and other payables | 76,077 | 75,770 | 63,310 | 54,118 |
Income tax payables | 13,281 | 14,026 | 11,278 | 12,453 |
Other taxes payable | 18,952 | 12,662 | 5,014 | 8,495 |
Provisions for liabilities and other charges | 36,409 | 39,004 | 30,325 | 22,536 |
Deferred income | 5,952 | 5,229 | 6,719 | 7,429 |
Total Current liabilities | 154,577 | 150,329 | 120,073 | 105,031 |
Total Liabilities | 165,528 | 161,601 | 128,544 | 105,476 |
Total Equity and Liabilities | $ 578,112 | $ 436,498 | $ 333,293 | $ 162,504 |
CONSOLIDATED STATEMENT OF OPERA
CONSOLIDATED STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
CONSOLIDATED STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) | |||
Revenue | $ 177,934 | $ 159,366 | $ 179,540 |
Cost of revenue | 67,385 | 53,397 | 94,595 |
Gross profit | 110,549 | 105,969 | 84,945 |
Fulfillment expense | 88,695 | 79,114 | 86,633 |
Sales and advertising expense | 81,924 | 37,063 | 62,707 |
Technology and content expense | 39,197 | 31,781 | 30,528 |
General and administrative expense | 142,765 | 132,021 | 161,783 |
Other operating income | 1,415 | 3,797 | 2,179 |
Other operating expense | 279 | 116 | 554 |
Operating loss | (240,896) | (170,329) | (255,081) |
Finance income | 24,764 | 5,620 | 4,431 |
Finance costs | 10,331 | 16,023 | 2,884 |
Loss before Income tax | (226,463) | (180,732) | (253,534) |
Income tax expense | 442 | 2,986 | 643 |
Loss for the year | (226,905) | (183,718) | (254,177) |
Attributable to: | |||
Equity holders of the Company | (226,865) | (183,682) | (253,755) |
Non-controlling interests | (40) | (36) | (422) |
Loss for the year | (226,905) | (183,718) | (254,177) |
Other comprehensive income/(loss) to be classified to profit or loss in subsequent periods | |||
Exchange differences gain / (loss) on translation of foreign operations | (12,282) | 95,187 | (26,200) |
Other comprehensive income / (loss) on net investment in foreign operations | (3,549) | (84,926) | 22,589 |
Other comprehensive income / (loss) on financial assets at fair value through OCI | (3,941) | ||
Other comprehensive income/(loss) | (19,772) | 10,261 | (3,611) |
Total comprehensive loss for the year | (246,677) | (173,457) | (257,788) |
Attributable to: | |||
Equity holders of the Company | (246,666) | (173,430) | (257,372) |
Non-controlling interests | (11) | (27) | (416) |
Total comprehensive loss for the period | $ (246,677) | $ (173,457) | $ (257,788) |
Earnings per share | |||
Basic, Loss for the period attributable to ordinary equity holders of the parent | $ (1.17) | $ (1.14) | $ (1.80) |
Diluted, Loss for the period attributable to ordinary equity holders of the parent | $ (1.17) | $ (1.14) | $ (1.80) |
CONSOLIDATED STATEMENT OF CHANG
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY - USD ($) $ 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 | $ 57,185 | $ 152 | $ 967,901 | $ (1,000,216) | $ 89,348 | $ (157) | $ 57,028 |
Loss for the year | (253,755) | (253,755) | (422) | (254,177) | |||
Other comprehensive loss | (3,617) | (3,617) | 6 | (3,611) | |||
Total comprehensive loss for the year | (257,372) | (253,755) | (3,617) | (416) | (257,788) | ||
Capital contribution (Note 15) | 372,036 | 176,751 | 195,285 | 372,036 | |||
Effect of change of presentation currency | (1,035) | (21,201) | 22,236 | ||||
Share-based payments (Note 17) | 41,718 | 41,718 | 41,718 | ||||
Equity transaction costs | (8,235) | (8,235) | (8,235) | ||||
Change in Non-controlling interests | (9) | 12 | (21) | (1) | (10) | ||
Equity at end of period at Dec. 31, 2019 | 205,323 | 175,868 | 1,141,997 | (1,239,991) | 127,449 | (574) | 204,749 |
Loss for the year | (183,682) | (183,682) | (36) | (183,718) | |||
Other comprehensive loss | 10,252 | 10,252 | 9 | 10,261 | |||
Total comprehensive loss for the year | (173,430) | (183,682) | 10,252 | (27) | (173,457) | ||
Capital contribution (Note 15) | 243,202 | 19,207 | 223,995 | 243,202 | |||
Capital contribution from exercised stock options | 741 | 7,120 | (6,379) | 741 | |||
Effect of change of presentation currency | (6) | 17,450 | 112,235 | (129,607) | (84) | 6 | |
Share-based payments (Note 17) | 12,681 | 12,681 | 12,681 | ||||
Equity transaction costs | (13,014) | (13,014) | (13,014) | ||||
Change in Non-controlling interests | (153) | 198 | 3 | (306) | (48) | 148 | (5) |
Equity at end of period at Dec. 31, 2020 | 275,344 | 219,843 | 1,478,230 | (1,566,600) | 143,871 | (447) | 274,897 |
Loss for the year | (226,865) | (226,865) | (40) | (226,905) | |||
Other comprehensive loss | (19,801) | (19,801) | 29 | (19,772) | |||
Total comprehensive loss for the year | (246,666) | (226,865) | (19,801) | (11) | (246,677) | ||
Capital contribution (Note 15) | 348,646 | 21,320 | 327,326 | 348,646 | |||
Capital contribution from exercised stock options | 69 | 2,915 | (2,846) | 69 | |||
Effect of change of presentation currency | (9,924) | (69,089) | 79,013 | ||||
Share-based payments (Note 17) | 43,451 | 43,451 | 43,451 | ||||
Equity transaction costs | (7,816) | (7,816) | (7,816) | ||||
Change in Non-controlling interests | 10 | 2 | 8 | 4 | 14 | ||
Equity at end of period at Dec. 31, 2021 | $ 413,038 | $ 234,154 | $ 1,736,469 | $ (1,722,260) | $ 164,675 | $ (454) | $ 412,584 |
CONSOLIDATED STATEMENT OF CASH
CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
CONSOLIDATED STATEMENT OF CASH FLOWS | |||
Loss before Income tax | $ (226,463) | $ (180,732) | $ (253,534) |
Depreciation and amortization of tangible and intangible assets | 9,656 | 9,282 | 8,851 |
Impairment losses on loans, receivables and other assets | 2,011 | 5,028 | 6,611 |
Impairment losses on obsolete inventories | 416 | 539 | 309 |
Share-based payment expense | 34,548 | 24,710 | 41,715 |
Net (gain)/loss from disposal of tangible and intangible assets | 180 | (19) | (166) |
Change in provision for other liabilities and charges | (243) | 6,226 | 7,590 |
Lease modification (income)/expense | (37) | (66) | |
Interest (income)/expenses | (996) | 700 | (764) |
Net foreign exchange (gain)/loss | (7,656) | 12,118 | (1,156) |
Net (gain)/loss on financial instruments at fair value through profit or loss | 998 | ||
Impairment losses on financial assets at fair value through OCI | 88 | ||
Share-based payment expense - settlement | (1,237) | ||
(Increase)/Decrease in trade and other receivables, prepaid expenses and other tax receivables | (3,017) | 6,120 | (17,293) |
(Increase)/Decrease in inventories | (3,751) | 2,007 | (570) |
Increase/(Decrease) in trade and other payables, deferred income and other tax payables | 26,341 | 2,951 | 5,467 |
Income taxes paid | (2,017) | (1,253) | (1,447) |
Net cash flows used in operating activities | (171,179) | (112,389) | (204,387) |
Cash flows from investing activities | |||
Purchase of property and equipment | (7,166) | (2,279) | (6,334) |
Proceeds from sale of property and equipment | 22 | 24 | 57 |
Purchase of intangible assets | (19) | (595) | (122) |
Proceeds from sale of intangible assets | 251 | ||
Interest received | 2,602 | 883 | 944 |
Movement in other non-current assets | (683) | 57 | (375) |
Movement in term deposits and other current assets | (399,566) | 68,862 | (70,002) |
Net cash flows (used in)/from investing activities | (404,810) | 66,952 | (75,581) |
Cash flows from financing activities | |||
Interest settled - financing | (74) | (39) | (25) |
Payment of lease interest | (1,543) | (1,520) | (1,316) |
Repayment of lease liabilities | (5,072) | (4,570) | (4,236) |
Equity transaction costs | (7,779) | (12,776) | (8,235) |
Capital Contributions | 348,646 | 243,202 | 372,036 |
Proceeds from exercise of stock option | 68 | 747 | |
Net cash flows from financing activities | 334,246 | 225,044 | 358,224 |
Net (decrease)/increase in cash and cash equivalents | (241,743) | 179,607 | 78,256 |
Effect of exchange rate changes on cash and cash equivalents | (15,098) | 3,645 | (2,742) |
Cash and cash equivalents at the beginning of the period | 373,931 | 190,679 | 115,165 |
Cash and cash equivalents at the end of the period | $ 117,090 | $ 373,931 | $ 190,679 |
Corporate information
Corporate information | 12 Months Ended |
Dec. 31, 2021 | |
Corporate information | |
Corporate information | JUMIA TECHNOLOGIES AG NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2019, 2020 AND 2021 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 Skalitzer Strasse 104, 10997 Berlin, Germany. The Group operates in e-commerce across the African continent. In April 2019 Jumia Tech became a listed company on New York Stock Exchange (NYSE), with ticker symbol “JMIA”. 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 consolidated financial statements disclose all matters of which the Group is aware, and which are relevant to the Group’s ability to continue as a going concern, including all significant events and mitigating factors. The 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 April 28, 2022 the Supervisory Board authorized these consolidated financial statements for issuance. |
Summary of significant accounti
Summary of significant accounting policies | 12 Months Ended |
Dec. 31, 2021 | |
Summary of significant accounting policies | |
Summary of significant accounting policies | 2 Summary of significant accounting policies The principal accounting policies applied in the preparation of these consolidated financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated. a) Basis of preparation The consolidated financial statements of the Group (“consolidated financial statements”) have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the IASB. The consolidated financial statements have been prepared on a historical cost basis except for any financial assets or liabilities and share based compensation plan, which have been measured at fair value. The consolidated financial statements are presented in US dollars and all values are rounded to the nearest thousand ($000), except when otherwise indicated. The change in the functional currency of certain Group entities and the change in presentation currency from EUR to USD are discussed in Note 4). The Group applied the change to USD presentation currency retrospectively and restated the comparative financial information for the relevant periods as if the new presentation currency had always been the Group’s presentation currency. b) Basis of consolidation The consolidated financial statements comprise the financial statements of the Company and its subsidiaries. The financial statements of the subsidiaries are prepared for the same reporting year as the Company, using consistent accounting policies. Subsidiaries are those investees that the Group controls because the Group (i) has power to direct relevant activities of the investees that significantly affect their returns, (ii) has exposure, or rights, to variable returns from its involvement with the investees, and (iii) has the ability to use its power over the investees to affect the amount of investor’s returns. The existence and effect of substantive rights, including substantive potential voting rights, are considered when assessing whether the Group has power over another entity. For a right to be substantive, the holder must have practical ability to exercise that right when decisions about the direction of the relevant activities of the investee need to be made. The Group may have power over an investee even when it holds less than majority of voting power in an investee. In such a case, the Group assesses the size of its voting rights relative to the size and dispersion of holdings of the other vote holders to determine if it has de-facto power over the investee. Protective rights of other investors, such as those that relate to fundamental changes of investee’s activities or apply only in exceptional circumstances, do not prevent the Group from controlling an investee. The Group re-assesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control. Consolidation of a subsidiary begins when the Group obtains control over the subsidiary and ceases when the Group loses control of the subsidiary. Assets, liabilities, revenue and expense of a subsidiary acquired or disposed of during the year are included in the consolidated financial statements from the date the Group gains control until the date the Group ceases to control the subsidiary. A change in the ownership interest of a subsidiary, without a loss of control, is accounted for as an equity transaction. If the Group loses control over a subsidiary, it derecognizes the related assets, liabilities, non-controlling interest and other components of equity, while any resultant gain or loss is recognized in profit or loss. As of December 31, 2019, 2020 and 2021, the Group consolidated 71, 66 and 66 subsidiaries, respectively. c) Current versus non-current classification The Company presents assets and liabilities in the consolidated statement of financial position based on current/non-current classification. An asset is current when it is expected to be realized or intended to be sold or consumed in the normal operating cycle, held primarily for the purpose of trading or expected to be realized within twelve months after the reporting period. Cash and cash equivalents are presented as current unless restricted from being exchanged or used to settle a liability for at least twelve months after the reporting period. All other assets are classified as non-current. A liability is current when it is expected to be settled in the normal operating cycle, it is held primarily for the purpose of trading, it is due to be settled within twelve months after the reporting period, or there is no unconditional right to defer the settlement of the liability for at least twelve months after the reporting period. All other liabilities as non-current. d) Property and equipment Property and equipment are stated at cost less accumulated depreciation and any impairment losses. Costs of minor repairs and maintenance are expensed when incurred. The cost of replacing major parts or components of property and equipment items are capitalized and the replaced part is written off. Whenever events or changes in market conditions indicate a risk of impairment of property and equipment, management estimates the recoverable amount, which is determined as the higher of an asset’s fair value less costs to sell and its value in use. The carrying amount is reduced to the recoverable amount and the impairment loss is recognized in profit or loss for the year. Depreciation on items of property and equipment is calculated using the straight-line method over their estimated useful lives, as follows: Useful life in years Buildings Up to 40 Transportation equipment 5 to 8 Technical equipment and machinery 3 to 10 Furniture and office equipment 5 to 15 Leasehold improvements Shorter of useful life and the term of the underlying lease The assets’ useful lives are reviewed, and adjusted if appropriate, at the end of each reporting period. A recognized item of property and equipment and any significant part derecognized upon disposal (i.e., at the date the recipient obtains control) or when no future economic benefits are expected from its use or disposal. Any gain or loss arising on derecognition of the asset (calculated as the difference between the net disposal proceeds and the carrying amount of the asset) is included in the statement of operations when the asset is derecognized. e) Leases The Group assesses at contract inception whether a contract is, or contains, a lease. That is, if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. The Group only acts as a lessee. Group as a lessee The Group applies a single recognition and measurement approach for all leases, except for short-term leases and leases of low-value assets. The Group recognizes lease liabilities to make lease payments and right-of-use assets representing the right to use the underlying assets. Right-of-use assets The Group recognizes right-of-use assets at the commencement date of the lease (i.e., the date the underlying asset is available for use). Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities. The cost of right-of-use assets includes the amount of lease liabilities recognized, initial direct costs incurred, and lease payments made at or before the commencement date less any lease incentives received. Right-of-use assets are recognized in the statement of financial position as “Property and equipment” and are depreciated on a straight-line basis over the shorter of the lease term and the estimated useful lives of the assets, as follows: ● Offices and Warehouses - 2 to 10 years ● Motor vehicles and other equipment 2 to 6 years Lease liabilities At the commencement date of the lease, the Group recognizes lease liabilities measured at the present value of lease payments to be made over the lease term. The lease payments include fixed payments (including, in substance fixed payments) less any lease incentives receivable, variable lease payments that depend on an index or a rate, and amounts expected to be paid under residual value guarantees. The lease payments also include the exercise price of a purchase option reasonably certain to be exercised by the Group and payments of penalties for terminating the lease, if the lease term reflects the Group exercising the option to terminate. In calculating the present value of lease payments, the Group uses its incremental borrowing rate at the lease commencement date because the interest rate implicit in the lease is not readily determinable. After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a modification, a change in the lease term, a change in the lease payments (e.g., changes to future payments resulting from a change in an index or rate used to determine such lease payments) or a change in the assessment of an option to purchase the underlying asset. Short-term leases and leases of low-value assets The Group applies the short-term lease recognition exemption to its short-term leases of machinery and equipment (i.e., those leases that have a lease term of 12 months or less from the commencement date and do not contain a purchase option). It also applies the lease of low-value assets recognition exemption to leases of office equipment that are considered to be low value. Lease payments on short-term leases and leases of low value assets are recognized as expense on a straight-line basis over the lease term. Lease expenses are primarily classified as ‘General and administrative expense’. f) Intangible assets The Group’s intangible assets have definite useful lives and primarily include capitalized software licenses. Following initial recognition, intangible assets are carried at cost less any accumulated amortization and impairment losses. Acquired software licenses and patents are capitalized on the basis of the costs incurred to acquire and bring them to use. Intangible assets are amortized using the straight-line method over their useful lives: Useful life in years Acquired software licenses 1 to 3 The amortization expense on intangible assets is recognized in the statement of operations in the expense category that is consistent with the function of the intangible assets. If impaired, the carrying amount of intangible assets is written down to the higher of value-in-use and fair value less costs to sell. g) Financial instruments – initial recognition and subsequent measurement A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity. Financial assets The Group has financial assets in the form of bank deposits, trade notes and accounts receivable and other receivables, and financial investments included in the item “Term deposits and other financial assets”. Initial recognition and subsequent measurement With the exception of trade receivables that do not contain a significant financing component, the Group initially measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss, transaction costs. Trade receivables that do not contain a significant financing component are measured at the transaction price determined under IFRS 15. Trade receivable are subsequently measured at amortized cost using the effective interest rate method. The classification of financial assets that are debt instruments at initial recognition depends on the financial asset’s contractual cash flow characteristics and the Group’s business model for managing them. Contractual cash flows arising from the financial assets are assessed by the Group as to whether they are ‘solely payments of principal and interest (SPPI)’ on the principal amount outstanding. This assessment is referred to as the SPPI test and is performed at an instrument level. The business model for managing financial assets that are debt instruments is either “hold to collect”, “hold to collect and sell” or other (such as when the asset is held for trading or is otherwise managed on a fair value basis). In order for a financial asset that is a debt instrument to be classified and subsequently measured at amortized cost, contractual cash flows need to arise as SPPI and the business model for the financial asset must be to “hold to collect”. Amortized cost is measured according to effective interest rate method and interest income is recognized in “Finance income”. A financial asset that is a debt instrument is classified and subsequently measured at fair value through other comprehensive income, if arising contractual cash flows are SPPI and the business model for the financial asset is “hold to collect and sell”. Interest income is measured according to effective interest rate method and recognized in “Finance income”. Changes in fair value are recognized in other comprehensive income, and the accumulated amount is presented in the statement of financial position in Other reserves. The fair value reserve is reclassified to profit or loss when the investments are derecognized. Gains and losses upon disposal or maturity are recognized in “Finance income” or “Finance costs”. Changes in the allowance for expected credit losses are recognized in the statement of profit or loss in “Finance income” or “Finance costs”, against the fair value reserve. Investments in debt instruments for which cash flows are not SPPI or for which the business model is “hold to sell” are subsequently measured at fair value through profit or loss. Interest and dividend income are recognized on an accrual basis and presented in “Finance income”. Changes in fair value are recognized in the statement of profit or loss in “Finance income” or “Finance costs”. Impairment – expected credit losses model Impairment of investments in debt instruments subsequently measured at amortized cost or fair value through comprehensive income, as well as of contract assets within the scope of IFRS 15, is recognized as an expected credit loss allowance against these assets, according to the IFRS 9 3-stage model based on changes in credit quality since initial recognition. A simplified approach is available for trade receivables that do not contain a significant financing component. Stage 1 includes financial instruments that have not had a significant increase in credit risk since initial recognition or that, under the available practical expedient, have low credit risk at the reporting date. For these assets, 12-month expected credit losses are recognized and interest revenue is calculated on their gross carrying amount. Stage 2 includes financial instruments that have had a significant increase in credit risk since initial recognition (except if they have low credit risk at the reporting date) but that do not have objective evidence of impairment. For these assets, the allowance includes lifetime expected credit losses, and interest revenue is calculated on their gross carrying amount. Stage 3 includes financial assets that have objective evidence of impairment at the reporting date. For these assets, the allowance is for lifetime expected credit losses and interest revenue is calculated on their carrying amount (net of the expected credit loss allowance). Impairment – accounts receivable The Group applies the IFRS 9 simplified approach to measuring expected credit losses (ECL) which uses a lifetime expected loss allowance for all trade receivables. The estimated ECL are calculated based on actual credit loss experience over a period that, per business, countries and type of customers, is considered statistically relevant and representative of the specific characteristics of the underlying credit risk. Using the practical expedient that is allowed by the standard, the Group has established provision matrices that are based on its historical credit loss experience for the previous years, adjusted for non-recurring events and for forward-looking factors per country which incorporated several macroeconomic elements such as the countries’ GDP and unemployment rates. The expected loss rates are reviewed annually, or when there is a significant change in external factors potentially impacting credit risk, and are updated where management’s expectations of credit losses change. Default and write-off of financial assets The Group determines the probability of default upon the initial recognition of the asset. However, in certain cases, the Group may also consider a financial asset to be in default when internal or external information indicates that the Group is unlikely to receive the outstanding contractual amounts in full before taking into account any credit enhancements held by the Group. A financial asset is written off when there is no reasonable expectation of recovering the contractual cash flows. Impairment – other financial assets The Group’s maximum exposure to credit risk for other financial assets of December 31, 2020 and 2021 is the respective carrying amount. As of December 31, 2021, all of the Group’s debt investments measured at fair value through other comprehensive income are considered to have low credit risk, and the loss allowance recognized during the period was therefore limited to the expected credit losses for 12 months. Management considers ‘low credit risk’ for listed bonds to be an investment grade credit rating by a major rating agency. The Group considers that credit risk increases significantly if the credit rating deteriorates to a non-investment grade rating. The probability of default (PD) and loss given default (LGD) are determined for the investments on an individual basis, using available public corporate PD and LGD assessments of the securities performed by credit rating agencies, which incorporate both historical and forward-looking information, according to market standards. Forward-looking information includes credit rating outlooks and economic forecast measured using country GDP and CDS. Financial liabilities The Group has financial liabilities in the form of trade and other payables that are initially recognized at fair value which primarily represents the original invoiced amount. They are subsequently measured at amortized cost using the effective interest method. "Interest expense is recognized in “Finance costs”. Trade and other payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A financial liability is derecognized when the obligation under the liability is discharged, cancelled or expired. Offsetting of financial instruments Financial assets and financial liabilities are offset and the net amount is reported in the consolidated statement of financial position if there is a currently enforceable legal right to offset the recognized amounts and there is an intention to settle on a net basis, to realize the assets and settle the liabilities simultaneously. h) Impairment of non-financial assets The Group assesses, at each reporting date, whether there is an indication that an asset may be impaired. If any indication exists, or when annual impairment testing for an asset is required, the Group estimates the asset’s recoverable amount. An asset’s recoverable amount is the higher of an asset’s or cash-generating-unit’s (CGU) fair value less costs of disposal and its value-in-use. The recoverable amount is determined for an individual asset, unless the asset does not generate cash inflows that are largely independent of those from other assets or groups of assets. When the carrying amount of an asset or CGU exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable amount. i) Inventories Inventories are valued at the lower of cost or net realizable value. Cost of inventory is determined on first-in-first out basis (FIFO) method. The cost of inventory includes purchase costs and costs incurred to bring the inventories to their present location and condition. Net realizable value is the estimated selling price in the ordinary course of business, less estimated costs of completion and the estimated costs necessary to make the sale. Impairment losses, if any, due to obsolete materials and slow inventory movement have been deducted from the carrying amount of the inventories. j) Cash and cash equivalents and term deposits Cash and cash equivalents include cash in hand, deposits held at call with banks, and other short-term highly liquid investments with original maturities of three months or less, for which the risk of changes in value is insignificant. Term deposits are deposits placed with banks with an original maturity of more than three months and, therefore, not included as ‘cash and cash equivalents’ in the statements of financial position and consolidated statement of cash flows. k) Value added tax Output value added tax (“VAT”) related to sales is payable to tax authorities on the earlier of (a) collection of receivables from consumers or (b) delivery of goods or services to consumers. Input VAT is generally recoverable against output VAT upon receipt of the VAT invoice. VAT related to sales and purchases is recognized in the statement of financial position on a gross basis and disclosed separately as an asset and liability. Where a provision has been made for impairment of receivables, the gross amount of the debtor, including VAT, is provided for. l) Provisions Provisions are recognized when the Group has a present obligation (legal or constructive) because of a past event, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. When the Group expects some or all provision to be reimbursed, for example, under an insurance contract, the reimbursement is recognized as a separate asset, but only when the reimbursement is virtually certain. The expense relating to a provision is presented in the consolidated statement of operations and comprehensive income (loss) along with any reimbursement. If the effect of the time value of money is material, provisions are discounted using a current pre-tax rate that reflects, when appropriate, the risks specific to the liability. When discounting is used, the increase in the provision due to the passage of time is recognized as a finance cost. m) Foreign currency translation Functional and presentation currency Amounts included in the financial statements of each of the Group’s entities are measured using the currency of the primary economic environment in which the entity operates (‘the functional currency’). The consolidated financial statements are presented in US dollars (USD), which is the Group’s presentation currency. The change in the functional currency of certain Group entities and the change in presentation currency are discussed in Note 4. Transactions and balances Transactions in foreign currencies are initially recorded by the Group’s entities at the prior month’s closing foreign exchange rate (unless this is not a reasonable approximation of the cumulative effect of the rates prevailing on the transaction dates, in which case income and expenses are translated at the rates on the dates of the transactions). Monetary assets and liabilities denominated in foreign currencies are translated at the functional currency spot rates of exchange at the reporting date. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognized in the statement of operations within finance costs and finance income. The Group considers that monetary long-term receivables from or loans to a foreign operation for which settlement is neither planned nor likely to occur in the foreseeable future is, in substance, a part of the entity’s net investment in that foreign operation. The related foreign exchange differences and income tax effect of the foreign exchange differences are included in the exchange difference on net investment in foreign operations within equity. In case of repayment, the Group has elected to maintain exchange differences in equity until disposal of the foreign operation. On disposal of a foreign operation, the deferred cumulative amount recognized in equity relating to that particular foreign operation is reclassified to the consolidated statement of operations and comprehensive income (loss). The following tables present currency translation rates against the US dollars for the Group’s most significant operations. Year Ended December 31, 2019 Country Currency Average Rate Period-end Rate Algeria Algerian Dinar (DZD) 119.01 118.65 Cameroon CFA Franc BEAC (XAF) 585.99 584.89 Ivory Coast CFA Franc BCEAO (XOF) 585.99 584.89 Egypt Egyptian Pound (EGP) 16.79 16.02 Germany Euro (EUR) 0.89 0.89 Ghana Cedi (Ghana) (GHS) 5.34 5.69 Kenya Kenyan Shilling (KES) 100.96 100.34 Morocco Moroccan Dirham (MAD) 9.55 9.46 Nigeria Naira (NGN) 359.48 361.03 Portugal Euro (EUR) 0.89 0.89 Rwanda Rwanda Franc (RWF) 898.37 929.67 Senegal CFA Franc BCEAO (XOF) 585.99 584.89 South Africa Rand (ZAR) 14.43 14.04 Tunisia Tunisian Dinar (TND) 2.88 2.78 United Republic Of Tanzania Tanzanian Shilling (TZS) 2,299.31 2,281.42 Uganda Uganda Shilling (UGX) 3,676.61 3,637.00 United Arab Emirates UAE Dirham (AED) 3.67 3.67 United States of America US Dollars (USD) 1.00 1.00 Year Ended December 31, 2020 Country Currency Average Rate Period-end Rate Algeria Algerian Dinar (DZD) 126.38 131.70 Cameroon CFA Franc BEAC (XAF) 574.70 534.86 China Yuan Renminbi 6.89 6.53 Ivory Coast CFA Franc BCEAO (XOF) 574.70 534.86 Egypt Egyptian Pound (EGP) 15.77 15.71 Germany Euro (EUR) 0.88 0.82 Ghana Cedi (Ghana) (GHS) 5.72 5.85 Kenya Kenyan Shilling (KES) 105.56 108.14 Morocco Moroccan Dirham (MAD) 9.39 8.80 Nigeria Naira (NGN) 378.28 382.96 Portugal Euro (EUR) 0.88 0.82 Rwanda Rwanda Franc (RWF) 944.47 974.50 Senegal CFA Franc BCEAO (XOF) 574.70 534.86 South Africa Rand (ZAR) 16.44 14.65 Tunisia Tunisian Dinar (TND) 2.78 2.66 United Republic Of Tanzania Tanzanian Shilling (TZS) 2,304.47 2,291.44 Uganda Uganda Shilling (UGX) 3,692.52 3,629.35 United Arab Emirates UAE Dirham (AED) 3.67 3.67 United States of America US Dollars (USD) 1.00 1.00 Year Ended December 31, 2021 Country Currency Average Rate Period-end Rate Algeria Algerian Dinar (DZD) 134.56 138.50 Cameroon CFA Franc BEAC (XAF) 554.72 578.23 China Yuan Renminbi 6.45 6.36 Ivory Coast CFA Franc BCEAO (XOF) 554.72 578.23 Egypt Egyptian Pound (EGP) 15.67 15.68 Ghana Cedi (Ghana) (GHS) 5.90 6.13 Kenya Kenyan Shilling (KES) 108.79 112.25 Morocco Moroccan Dirham (MAD) 8.90 9.16 Nigeria Naira (NGN) 399.35 410.97 Portugal Euro (EUR) 0.85 0.88 Rwanda Rwanda Franc (RWF) 986.02 1,016.15 Senegal CFA Franc BCEAO (XOF) 554.72 578.23 South Africa Rand (ZAR) 14.78 15.92 Tunisia Tunisian Dinar (TND) 2.75 2.87 United Republic Of Tanzania Tanzanian Shilling (TZS) 2,307.88 2,296.51 Uganda Uganda Shilling (UGX) 3,567.41 3,526.41 United Arab Emirates UAE Dirham (AED) 3.67 3.67 United States of America US Dollars (USD) 1.00 1.00 Translation into presentation currency On consolidation, the results and financial position of all the Group entities that have a functional currency different from the presentation currency are translated into the presentation currency as follows: i. Assets and liabilities for each statement of financial position presented are translated at the closing rate at the date of that statement of financial position; ii. Income and expense for each item of the statement of comprehensive income (loss) are translated at average exchange rates; All resulting exchange differences arising on translation for consolidation are recognized in other comprehensive income. n) Revenue from contracts with customers The Group generates revenue primarily from commissions, sale of goods, fulfillment, marketing and advertising and provision of other services. Revenue from contracts with customers is recognized when control of the goods or services are transferred to the customer at an amount that reflects the consideration to which the Group expects to be entitled in exchange for those goods or services. The Group evaluates if it is a principal or an agent in a transaction to determine whether revenue should be recorded on a gross or a net basis, which requires Management judgment. In performing their analysis, the Group considers first whether it controls the goods before they are transferred to the customers and if it has the ability to direct the use of the goods or obtain benefits from them. The Group also considers the following indicators: - - When the Group is primarily obliged in a transaction, subject to inventory risk, has, or has several but not all of the indicators, the Group acts as principal and revenue is recorded on a gross basis. When the Group is not the primary obligor, does not bear the inventory risk and does not have the ability to establish price, the Group acts as agent and revenue is recorded on a net basis. Revenue recognition policies for each type of revenue stream are as follows: (1) Commissions This revenue is related to the online selling platform which provides sellers the ability to sell goods directly to consumers. In this case, Jumia generates a commission fee (normally a percentage of the selling price) which is based on agreements with the sellers. Jumia’s performance obligation with respect to these transactions is to arrange the transaction through the online platform, however the Group does not have any discretion in setting the price of the goods to be sold, nor does it bear any inventory risk for the goods to be shipped to the customer. As such, the Group is considered to be an agent in these transactions and recognizes revenue on a net basis for the agreed upon commission at the point in time when the goods or services are delivered to the end customer. (2) Sales of goods Revenue from sales of goods relates to transactions where Jumia acts directly as the seller, where it enters into an agreement with a consumer to sell goods. These goods are sold for a fixed price as determined by the Group and the Group bears the obligation to deliver those goods to the consumer. As such, the Group is considered to be the principal in these transactions and recognizes sales on a gross basis for the selling price at the point in time when the goods are delivered to the consumer. The delivery of the goods is not a separate performance obligation, as the consumer cannot benefit from the goods without the delivery, which must be performed by Jumia. Therefore, revenue for goods and delivery are recognized at a point in time. (3) Fulfillment The Group provides certain fulfillment services on its marketplace and generally charges a “delivery fee” to consumers. The Group also provides subscription services to end consumers. The price for fulfillment services is defined at the time of purchase through the Jumia platform, and the Group has unilateral power in establishing these fulfillment services. The Group is therefore the principal in these transactions and fulfillment fees are recognized on a gross basis in revenue. The revenue from fulfillment services is recognized when the goods are delivered to the end customers, except for subscription services where it is recognized over a period of time, generally shorter than one year. (4) Marketing and advertising The Group provides advertising services to vendors and non-vendors, such as performance marketing campaigns, placing banners on the Jumia platform or sending newsletters and notifications. The advertising services are contractually agreed with the advertisers. As Jumia establishes pricing and is primarily obliged to deliver these advertising services, revenue is recognized on a gross basis. The campaigns and banners can be run for a short period as well as be spread over a year and are therefore recognized at a point in time or over the period. (5) Value added services The Group provides oth |
Significant accounting estimate
Significant accounting estimates, judgments and assumptions in applying accounting policies | 12 Months Ended |
Dec. 31, 2021 | |
Significant accounting estimates, judgments and assumptions in applying accounting policies | |
Significant accounting estimates, judgments and assumptions in applying accounting policies | 3 Significant accounting estimates, judgments and assumptions in applying accounting policies The preparation of the Group’s consolidated financial statements requires its management to make judgments, estimates and assumptions that affect the reported amounts of revenues, expenses, assets and liabilities, and the accompanying disclosures, including disclosure of contingent liabilities. Uncertainty about these assumptions and estimates could result in outcomes that require a material adjustment to the carrying amount of assets or liabilities affected in future periods. Judgments In the process of applying the Group’s accounting policies, management has made the following judgments, which have the most significant effect on the amounts recognized in the consolidated financial statements: Covid-19 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. Functional currency assessment Certain Group entities have changed functional currency, effective from 1 April 2021. See in Note 4 for more details. Determining the lease term of contracts with renewal and termination options – Group as lessee The Group has several lease contracts that include extension and termination options. The Group applies judgement in evaluating whether it is reasonably certain whether or not to exercise the option to renew or terminate the lease. That is, it considers all relevant factors that create an economic incentive for it to exercise either the renewal or termination. After the commencement date, the Group reassesses the lease term if there is a significant event or change in circumstances that is within its control and affects its ability to exercise or not to exercise the option to renew or to terminate (e.g., construction of significant leasehold improvements or significant customization to the leased asset). Revenue from contracts with customers The Group applied the following judgements that significantly affect the determination of the amount and timing of revenue from contracts with customers: Principal versus agent considerations The Group enters into contracts where it acts as a seller and determines the price and bears the obligation to deliver those goods to the consumer. Under these contracts, the Group determines that it controls the goods before they are transferred to customers and hence is a principal. Additionally, in cases where the group enters into transactions wherein it provides fulfillment and marketing services, it is obliged to deliver the services as well as has the discretion to set the price, and hence is considered as a principal in such transactions. In cases where the Group enters into a contract that provides the selling platform to vendors to sell goods directly to consumers, the Group has no discretion in setting the price and has no inventory risk and hence is considered as the agent in such transactions. Classification and presentation of other financial assets In 2021, the Group acquired investment grade bonds managed via a discretionary fund and in passively managed ETF funds. These investments are included in the statement of financial position as other financial assets. Based on the terms of the discretionary fund agreement, the Group determines itself to be the principal in holding the investments in the bonds, which, as set out in the investment parameters, are held under a “hold to collect and sell” business model. The investments held via the discretionary fund are directly recognized by the Group and classified as financial assets measured at fair value through other comprehensive income. The Group determines the investments in ETF funds meet the definition of investments in debt instruments. As the contractual cash flows arising from these investments are not SPPI (solely payments of principal and interest), the investments are classified as financial assets measured at fair value through profit or loss according to IFRS 9. The amounts of other financial assets are presented as current whenever maturity of the investments is within 12 months of the reporting date or if the Group expects to sell the asset within 12 months. Estimates and assumptions Uncertain tax positions The Group operates in certain countries where the application of tax rules to complex transactions is sometimes open to interpretation, both by the Group and taxation authorities. Tax systems, regulations and enforcement processes also have varying stages of development creating uncertainty regarding application of tax law and interpretation of tax treatments. The Group is also subject to regular tax audits in the countries where it operates. When there is uncertainty over whether the taxation authority will accept a specific tax treatment under the local tax law, that tax treatment is considered uncertain. The resolution of tax positions taken by the Group, through negotiations with relevant tax authorities or through litigation, can take several years to complete and, in some cases, it is difficult to predict the ultimate outcome. Therefore, Management’s estimate is required to determine provisions for taxes. Uncertain tax positions are assessed and reviewed by management at the end of each reporting period. Liabilities are recorded for tax positions that are determined by management as more likely than not to result in additional taxes being levied if the positions were to be challenged by the tax authorities. The assessment relies on estimates and assumptions and may involve a series of judgments about future events. These judgments are based on the interpretation of tax laws that have been enacted or substantively enacted by the end of the reporting period, and any known court or other rulings on such issues. Liabilities for penalties, interest and taxes are recognized based on management’s best estimate of the expenditure required to settle the obligations at the end of the reporting period. Management’s best estimate of the amount to be provided is determined by their judgment and, in some cases, reports from independent experts. Further details can be found in note 21. Share-based compensation For grants prior to May 10, 2019 (grants prior to IPO), the Group measured the fair value of its ordinary shares and of its call options as follows: the fair value of the Group’s ordinary shares was based on the income approach to estimate the equity value of the Group. The future cash flows are discounted using a weighted average cost of capital that takes into consideration the stage of development of the business in each of the countries in which the Group operates. For grants subsequent to May 10, 2019 (grants after IPO), the fair value of the share is based on the value per ADS of Jumia Technologies AG traded on the New York Stock Exchange converted into Euro. The fair value of the Group’s call options is derived from the fair value of the Group’s ordinary shares measured based on the Black-Scholes-Merton formula with the underlying assumptions that: - The options can be exercised only on the expiry date - There are no taxes or transaction costs and no margin requirements - The volatility of the underlying shares is constant and is defined as the standard deviation of the continuously compounded rates of return on the share over a specified period - The risk-free interest rate is relatively constant over time This estimate also requires determination of the most appropriate inputs to the valuation model including the expected life of the share option, volatility and dividend yield. These inputs, and the volatility assumption in particular, are considered to be highly complex and subjective. Because the Group’s shares had not been publicly traded before April 12, 2019, it lacked sufficient company-specific historical and implied volatility information for its shares. Therefore, it estimates expected share price volatility based on the historical volatility of publicly traded peer companies and expects to continue to do so until such time as it has adequate historical data regarding the volatility of its own traded share price. For all awards subject to performance conditions, the probability of achieving the performance condition is derived based on a Monte Carlo simulation. For non-vesting conditions, the probability of achieving the performance condition is included at grant date in the fair value of the option. For vesting condition, the probability of achieving the performance condition is reassessed at least annually. Further details can be found in Note 17. Impairment of trade and other receivables The Group applies the IFRS 9 simplified approach to measuring expected credit losses (ECL) which uses a lifetime expected loss allowance for all trade receivables. The estimated ECL are calculated based on actual credit loss experience over a period that, per business, countries and type of customers, is considered statistically relevant and representative of the specific characteristics of the underlying credit risk. Using the practical expedient that is allowed by the standard, the Group has established provision matrices that are based on its historical credit loss experience for the previous years, adjusted for non-recurring events and for forward-looking factors per country which incorporated several macroeconomic elements such as the countries’ GDP and unemployment rates. The expected loss rates are reviewed annually, or when there is a significant change in external factors potentially impacting credit risk, and are updated where management’s expectations of credit losses change. Generally, trade receivables are written-off if past due for more than one year and are not subject to enforcement activity under credit risk. Impairment of other financial assets Other financial assets include debt instruments held under a business model of “hold to collect and sell”, and are measured at fair value through other comprehensive income. The Group recognizes an allowance for expected credit losses according to the IFRS 9 3-stage model. All of the Group’s debt investments measured at fair value through other comprehensive income are considered to have low credit risk (stage 1 of the 3-stage model), and the loss allowance recognized during the period was therefore limited to expected credit losses for 12 months. Further details can be found in Note 33. |
Change in functional and presen
Change in functional and presentation currency | 12 Months Ended |
Dec. 31, 2021 | |
Change in functional and presentation currency | |
Change in functional and presentation currency | 4 Change in functional and presentation currency Prior to April 1, 2021 the functional currency of Jumia Technologies AG and all its German subsidiaries, was the Euro (EUR). Jumia Technologies AG and its German holding subsidiaries centralize the financing and treasury management activities of the Group. Jumia Services GmbH is a German subsidiary that provides services for the Group. Functional currency is determined by the primary economic environment in which the entity operates. Management considers cash flow, financing activities, and the currency in which the majority of the expenses are denominated, as the relevant indicators to describe Jumia Technologies AG’s and all the German subsidiaries’ primary economic environment. Following the increase of our cash balances in USD as a result of our successive equity fund raisings and the increased use of USD for the payment of certain suppliers, USD and USD denominated assets represents a larger portion of these companies’ total assets and a larger portion of these companies’ expenses are denominated in USD, and this constitutes a significant change in economic conditions. Jumia, therefore determined that, as of April 1, 2021, the functional currency of these entities changed from Euro to USD. The change in functional currency was accounted for prospectively from April 1, 2021. All items were translated into the new functional currency using the exchange rate at the date of the change. The resulting translated amounts for non-monetary items are treated as their historical cost. Exchange differences arising from the translation of a foreign operation previously recognized in other comprehensive income as net investment in a foreign operation are not reclassified from equity to profit or loss until the disposal of the operation. Jumia Technologies AG German subsidiaries Company name Country of incorporation AIH Subholding Nr. 11 UG (haftungsbeschränkt) & Co. KG GERMANY Juwel 193. V V UG (haftungsbeschränkt) & Co. Vierte Verwaltungs KG GERMANY AIH General Merchandise UG (haftungsbeschränkt) & Co. KG GERMANY AIH General Merchandise Nigeria UG (haftungsbeschränkt) & Co. KG GERMANY AIH General Merchandise Kenya UG (haftungsbeschränkt) & Co. KG GERMANY AIH General Merchandise Ivory Coast UG (haftungsbeschränkt) & Co. KG GERMANY AIH General Merchandise Morocco UG (haftungsbeschränkt) & Co. KG GERMANY AIH General Merchandise Algeria UG (haftungsbeschränkt) & Co. KG GERMANY AIH General Merchandise Egypt UG (haftungsbeschränkt) & Co. KG GERMANY AIH General Merchandise Cameroon UG (haftungsbeschränkt) & Co. KG GERMANY AIH Subholding Nr. 8 UG (haftungsbeschränkt) & Co. KG GERMANY Juwel 193. V V UG (haftungsbeschränkt) & Co. Fünfte Verwaltungs KG GERMANY Juwel 193. V V UG (haftungsbeschränkt) & Co. 23. Verwaltungs KG GERMANY Juwel 193. V V UG (haftungsbeschränkt) & Co. 24. Verwaltungs KG GERMANY AIH Subholding Nr. 10 UG (haftungsbeschränkt) & Co. KG GERMANY Juwel 193 V V UG (haftungsbeschränkt) & Co. Zwölfte Verwaltungs KG GERMANY Juwel 193. V V UG (haftungsbeschränkt) GERMANY Juwel 194. V V UG (haftungsbeschränkt) GERMANY Jumia UG (haftungsbeschränkt) & Co. KG GERMANY Juwel 194. V V UG (haftungsbeschränkt) & Co. Erste Verwaltungs KG GERMANY Juwel 193. V V UG (haftungsbeschränkt) & Co. 132. Verwaltungs KG GERMANY AIH General Merchandise Tanzania UG (haftungsbeschränkt) & Co. KG GERMANY Jumia Services GmbH GERMANY Bambino 162. V V UG (haftungsbeschränkt) GERMANY Effective April 1, 2021, in line with the change in functional currency in Jumia Technologies AG and all its German subsidiaries, to reduce the potential for foreign exchange volatility in our reported earnings, the Group decided to change its presentation currency from EUR to USD. The Group applied the change to USD presentation currency retrospectively and restated the comparative financial information for the relevant periods as if the new presentation currency had always been the Group’s presentation currency. The translation procedure is outlined below: 1. 2. 3. 4. 5. Below is the opening statement of financial position as of January 1, 2019 and December 31, 2019, as a change in presentation currency represents a change in accounting policy under IAS 8: As of January 1, 2019 As of December 31, 2019 In thousands Restated (USD) Restated (USD) Assets Non-current assets Property and equipment 5,746 19,551 Intangible assets 206 53 Deferred tax assets 200 122 Other non-current assets 1,443 1,691 Total Non-current assets 7,595 21,417 Current assets Inventories 10,789 11,210 Trade and other receivables 14,899 18,995 Income tax receivables 831 813 Other taxes receivable 4,774 6,051 Prepaid expenses 8,451 14,123 Term deposits and other financial assets — 70,005 Cash and cash equivalents 115,165 190,679 Total Current assets 154,909 311,876 Total Assets 162,504 333,293 Equity and Liabilities Equity Share capital 152 175,868 Share premium 967,901 1,141,997 Other reserves 89,348 127,449 Accumulated losses (1,000,216) (1,239,991) Equity attributable to the equity holders of the Company 57,185 205,323 Non-controlling interests (157) (574) Total Equity 57,028 204,749 Liabilities Non-current liabilities Non-current borrowings — 6,871 Provisions for liabilities and other charges 445 253 Deferred income — 1,347 Total Non-current liabilities 445 8,471 Current liabilities Current borrowings — 3,427 Trade and other payables 54,118 63,310 Income tax payables 12,453 11,278 Other taxes payable 8,495 5,014 Provisions for liabilities and other charges 22,536 30,325 Deferred income 7,429 6,719 Total Current liabilities 105,031 120,073 Total Liabilities 105,476 128,544 Total Equity and Liabilities 162,504 333,293 |
New accounting pronouncements
New accounting pronouncements | 12 Months Ended |
Dec. 31, 2021 | |
New accounting pronouncements | |
New accounting pronouncements | 5 New accounting pronouncements a) New standards, interpretations and amendments adopted by the Group The impact of the adoption of the new standards and amendments to standards that became effective as of January 1, 2021 is as follows: Amendment to IFRS 16 On May 28, 2020, the IASB published 'Covid-19-Related Rent Concessions (Amendment to IFRS 16). This amendment introduces a practical expedient for lessees (but not for lessors), which exempts them 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. Lessees that choose to apply this practical expedient, recognize the change in rent payments, as variable rents in the period(s) in which the event or condition leading to the payment reduction occurs. This amendment is applicable for annual reporting periods beginning on or after June 1, 2020, with early application permitted. It’s applied retrospectively with the impacts reflected as an adjustment to retained earnings (or another equity component, as appropriate) at the beginning of the annual reporting period in which the lessee applies this amendment for the first time. There is no material impact of the adoption of this amendment in the financial statements. IBOR reform Phase 2 amendments On August 27, 2020, the IASB issued 'Interest Rate Benchmark Reform — Phase 2 (Amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16)' with amendments that address issues that arise during the reform of an interest rate benchmark, including the replacement of one benchmark with an alternative one, providing exemptions like: i) changes to designations and hedging documentation; ii) amounts accumulated in the cash flow hedge reserve; iii) assessment of retrospective effectiveness on a hedge relationship under IAS 39; iv) amendments to hedge relationships for groups of items; v) presumption that an alternative benchmark rate designated as a non-contractually specified risk component is separately identifiable and qualifies as a hedged risk; and vi) update the effective interest rate, with no gain or loss recognized, for financial instruments measured at amortized cost with changes in the contractual cash flows as a result of IBOR reform, including leases that are indexed to an IBOR. There is no material impact of the adoption of this amendment in the financial statements. b) Standards issued but not yet effective The Group has not early adopted any other standard, interpretation or amendment that has been issued but is not yet effective. The new and amended standards and interpretations that are issued, but not yet effective, up to the date of issuance of the Group’s financial statements are disclosed below. IFRS 3 amendments updating a reference to the Conceptual Framework On May 14, 2020, the IASB issued 'Reference to the Conceptual Framework (Amendments to IFRS 3)' with amendments to IFRS 3 'Business Combinations' that update an outdated reference in IFRS 3 without significantly changing its requirements. This amendment also clarifies the accounting treatment to be given to contingent liabilities and liabilities under IAS 37 and IFRIC 21, incurred separately versus within a business combination. This amendment is applied prospectively. The amendments are effective for annual reporting periods beginning on or after January 1, 2022. IAS 37 amendments regarding onerous contracts On May 14, 2020, the IASB issued 'Onerous Contracts — Cost of Fulfilling a Contract (Amendments to IAS 37)'. This amendment specifies that when assessing whether a contract is onerous or not, only expenses directly related to the performance of the contract, such as incremental costs related to direct labor and materials and the allocation of other expenses directly related to the allocation of depreciation expenses of tangible assets used to carry out the contract, can be considered. This amendment must be applied to contracts that, at the beginning of the first annual reporting period to which the amendment is applied, still include contractual obligations to be satisfied, without restating comparatives. The amendments are effective for annual reporting periods beginning on or after January 1, 2022. Annual Improvements 2018 - 2020 On May 14, 2020, the IASB issued 'Annual Improvements to IFRS Standards 2018–2020'. The pronouncement contains amendments to four International Financial Reporting Standards (IFRSs) as result of the IASB's annual improvements project. The 2018-2020 annual improvements impact: IFRS 1, IFRS 9, IFRS 16 and IAS 41. The amendments are effective for annual reporting periods beginning on or after January 1, 2022. IAS 16 amendments regarding proceeds before intended use On May 14, 2020, the IASB issued 'Property, Plant and Equipment — Proceeds before Intended Use (Amendments to IAS 16)'. This amendment changes the accounting treatment of the proceeds obtained from the sale of products that resulted from the production test phase of property, plant and equipment, prohibiting their deduction to the acquisition cost of assets. The entity shall recognize the cumulative effect of initially applying the amendments as an adjustment to the opening balance of retained earnings (or other component of equity, as appropriate) at the beginning of that earliest period presented. The amendments are effective for annual reporting periods beginning on or after January 1, 2022. IFRS 17 – Insurance contracts (new) On 18 May 2017, the IASB issued 'IFRS 17 – Insurance contracts’. This new standard replaces IFRS 4 and applies to all entities issuing insurance contracts, reinsurance contracts and investment contracts with discretionary participation characteristics. IFRS 17 is based on the current measurement of technical liabilities at each reporting date. The current measurement can be based on a general model "building block approach" or a simplified one "premium allocation approach". The "building block approach" is based on discounted, probability-weighted cash flows, a risk adjustment and a contractual service margin ('CSM'), which represents the unearned profit of the contract. Subsequent changes in estimated cash flows are adjusted against the contractual service margin, unless it becomes negative. IFRS 17 is applied retrospectively. The standard is effective for annual reporting periods beginning on or after January 1, 2023. IFRS 17 – Insurance contracts (amendment) On 25 June 2020, the IASB issued 'Amendments to IFRS 17' that includes specific changes in eight areas of IFRS 17, such as: i) scope; ii) level of aggregation of insurance contracts; iii) recognition; iv) measurement; v) modification and derecognition; vi) presentation of the Statement of Financial Position; vii) recognition and measurement of the Income statement; and viii) disclosures. This amendment also includes clarifications, which aim to simplify some of the requirements of this standard and ease transition. IFRS 17 is applied retrospectively. On the issue this amended the end date for applying IFRS 9 (temporary exemption or overlay approach) under the IFRS 4 standard, was extended to 1 January 2023, aligned with the effective date of IFRS 17. IFRS 17 and IFRS 9 – Comparative Information (Amendment to IFRS 17) On 9 December 2021, the IASB issued ' Initial Application of IFRS 17 and IFRS 9' that relates only to insurers’ transitioning to the IFRS 17 and allows the adoption of a classification overlay to a financial asset for which the entity does not restate IFRS 9 comparative information. This amendment seeks to avoid temporary accounting mismatches between financial assets and insurance contract liabilities in the comparative information presented, when applying IFRS 17 for the first time, providing for (i) the application on a financial asset-by-financial asset basis; (ii) the presentation of comparative information as if the classification and measurement requirements of IFRS 9 had been applied to that financial asset, but without requiring an entity to apply the impairment requirements of IFRS 9; and (iii) the obligation to use reasonable and supported information available at the transition date, to determine how the entity expects that financial asset to be classified in accordance with IFRS 9. This amendment is effective for annual periods beginning on or after 1 January 2023. IAS 1 amendments on classification On January 23, 2020 and July 15, 2020, the IASB issued 'Classification of Liabilities as Current or Non-current (Amendments to IAS 1). This amendment intends to clarify that liabilities are classified as either current or non-current balances depending on the rights that an entity has to defer its payment, at the end of each reporting period. The classification of liabilities is not affected by the entity's expectations (the assessment should determine whether a right exists, but should not consider whether or not the entity will exercise that right), or by events occurring after the reporting date, such as the non-compliance of a given “covenant”. Accordingly, covenant compliance will need to be also tested as at year end date regardless of whether the lender tests for compliance at that date or at a later date. This amendment also introduces a new definition of “settlement” of a liability. This amendment is applicable retrospectively. The amendments are effective for annual reporting periods beginning on or after January 1, 2023. IAS 1 amendments on Disclosure of accounting policies On 12 February 2021, the IASB issued 'Disclosure of Accounting Policies (Amendments to IAS 1 and IFRS Practice Statement 2)'. Amendment to the requirement to disclose the accounting policies based on “material” instead of “significant”. The amendment specifies that an accounting policy information is expected to be material if, in its absence, the users of the financial statements would be unable to understand other material information in those same financial statements. Immaterial accounting policy information need not be disclosed. The IFRS Practice Statement 2 was also amended to provide guidance for the application of the concept of material” to accounting policy disclosures. The amendments are effective for annual reporting periods beginning on or after January 1, 2023. IAS 8 amendment on Definition of accounting estimates On 12 February 2021, the IASB issued 'Definition of Accounting Estimates (Amendments to IAS 8)' to help entities to distinguish between accounting policies and accounting estimates. Introduction of the concept of accounting estimate and the way it is distinct from changes to accounting policies. The accounting estimates are defined as corresponding to monetary amounts that are subject to measurement uncertainty, used to achieve an accounting policy’s objective(s). The amendments are effective for annual reporting periods beginning on or after January 1, 2023. IFRS 16 amendment to Leases – COVID-19 related rent concessions beyond 30 June 2021 On 31 March 2021, the IASB published 'Covid-19-Related Rent Concessions beyond 30 June 2021 (Amendment to IFRS 16)' that extends, by one year, the May 2020 amendment that provides lessees with an exemption from assessing whether a COVID-19-related rent concession is a lease modification. The amendment is effective for annual reporting periods beginning on or after 1 April 2021. IAS 12 amendment to Deferred tax related to assets and liabilities arising from a single transaction On 7 May 2021, the IASB issued 'Deferred Tax related to Assets and Liabilities arising from a Single Transaction (Amendments to IAS 12)' that clarify how companies account for deferred tax on transactions such as leases and decommissioning obligations. IAS 12 will require entities to recognize deferred tax on specific transactions that, on initial recognition, give rise to equal amounts of taxable and deductible temporary differences. These applies to the recognition of: i) right-of-use assets and lease liabilities; and ii) decommissioning, restoration and similar liabilities, and the corresponding amounts recognized as part of the cost of the related asset, when not relevant for tax purposes. Such temporary differences are no longer subject to the initial recognition exemption for deferred taxes. The cumulative effect of initially applying the amendment is recognized as an adjustment to the opening balance of retained earnings (or other component of equity, as appropriate) at the earliest comparative period presented. The amendments are effective for annual reporting periods beginning on or after January 1, 2023. The Group has estimated the impact of the future adoption of this amendment in the financial statements, considering the retrospective application. As of January 1, 2021, the estimated impact amounts to a USD 338 thousand of retained earnings (“Accumulated losses”) increase, a USD 3,548 thousand increase in total liabilities and a USD 3,210 thousand increase in total assets. As of December 31, 2021, the estimated impact amounts to a loss of USD 78 thousand and the total balance of deferred tax assets and deferred tax liabilities related to this amendment amounts to USD 2,762 thousand and to USD 3,178 thousand, respectively. The group does not expect a material impact upon adoption of any of these standards, except for IAS 12 amendment as disclosed above, and is not planning early adoption. |
Group Information
Group Information | 12 Months Ended |
Dec. 31, 2021 | |
Group Information | |
Group Information | 6 At December 31, 2021, Jumia consolidated the Parent entity (Jumia Technologies AG) and the following subsidiaries: Country of % control Company name incorporation December 31, 2020 December 31, 2021 Principal activities (1) Africa Internet General Trading LLC UAE 100.00 100.00 Services Africa Internet Services SAS FRANCE 100.00 100.00 Not active African Internet Services S.A. ANGOLA 100.00 100.00 Not active AIH General Merchandise Algeria UG (haftungsbeschränkt) & Co. KG GERMANY 100.00 100.00 Holding AIH General Merchandise Cameroon UG (haftungsbeschränkt) & Co. KG GERMANY 100.00 100.00 Holding AIH General Merchandise Egypt UG (haftungsbeschränkt) & Co. KG GERMANY 100.00 100.00 Holding AIH General Merchandise Ivory Coast UG (haftungsbeschränkt) & Co. KG GERMANY 100.00 100.00 Holding AIH General Merchandise Kenya UG (haftungsbeschränkt) & Co. KG GERMANY 100.00 100.00 Holding AIH General Merchandise Morocco UG (haftungsbeschränkt) & Co. KG GERMANY 100.00 100.00 Holding AIH General Merchandise Nigeria UG (haftungsbeschränkt) & Co. KG GERMANY 99.89 99.89 Holding AIH General Merchandise Tanzania UG (haftungsbeschränkt) & Co. KG GERMANY 100.00 100.00 Holding AIH General Merchandise UG (haftungsbeschränkt) & Co. KG GERMANY 100.00 100.00 Holding AIH Subholding Nr. 10 UG (haftungsbeschränkt) & Co. KG GERMANY 100.00 100.00 Holding AIH Subholding Nr. 11 UG (haftungsbeschränkt) & Co. KG GERMANY 100.00 100.00 Holding AIH Subholding Nr. 8 UG (haftungsbeschränkt) & Co. KG GERMANY 100.00 100.00 Holding Atol Internet Services Ltd. MAURITIUS 100.00 - - Atol Internet Serviçes Mozambique Ltd. MOZAMBIQUE 100.00 - - Atol Internet Services Rwanda Ltd. RWANDA 100.00 100.00 JumiaPay Atol Internet Services S.a.r.l. Tunisia TUNISIA 100.00 100.00 Not active Atol Ivory Coast SARL IVORY COAST 100.00 100.00 Not active Atol Services Congo Ltd. CONGO 100.00 - - Atol Services Gabon SARL GABON 100.00 100.00 Not active Atol Technology PLC ETHIOPIA 100.00 100.00 Not active Bambino 162. V V UG (haftungsbeschränkt) GERMANY 100.00 100.00 General Partner Digital Services XLV (GP) S.à r.l. LUXEMBURG 100.00 - - EasyTaxi Egypt EGYPT 100.00 100.00 Not active Ecart Internet Services Nigeria Ltd. NIGERIA 99.89 99.89 Online retailer Ecart Services Algeria SARL ALGERIA 100.00 100.00 Not active Ecart Services Cameroon Ltd. CAMEROON 100.00 100.00 Not active Ecart Services Ghana Ltd. GHANA 100.00 100.00 Not active Ecart Services Ivory Coast SARL IVORY COAST 100.00 100.00 Online retailer Ecart Services Kenya Ltd. KENYA 100.00 100.00 Online retailer Ecart Services Morocco Sarlau MOROCCO 100.00 100.00 Online retailer Ecart Services Tanzania Ltd. TANZANIA 100.00 100.00 Not active Country of % control Company name incorporation December 31, 2020 December 31, 2021 Principal activities (1) Hellopay Africa Integrated Services Ltd. NIGERIA 100.00 100.00 Jumia Pay Jade E-Services Algeria SARL ALGERIA 100.00 100.00 Marketplace Jade E-Services Ghana Ltd. GHANA 100.00 100.00 Online retailer Jade E-Services Kenya Ltd. KENYA 100.00 100.00 Not active Jade E-Services Senegal SARL SENEGAL 100.00 100.00 Online retailer Jade E-Services South Africa Proprietary Ltd. SOUTH AFRICA 100.00 100.00 Online retailer Jade E-Services Tunisia SARL TUNISIA 100.00 100.00 Not active Jade E-Services Uganda Ltd. UGANDA 100.00 100.00 Online retailer Jolali Global Resources Ltd. NIGERIA 99.89 99.89 Not active Jumia Egypt LLC EGYPT 100.00 100.00 Online retailer Jumia Electronic Payment Services S.A.E EGYPT - 100.00 JumiaPay Jumia Eservices SARL TUNISIA 100.00 100.00 Online retailer Jumia for Trading LLC EGYPT 100.00 100.00 Not active Jumia Services FZ-LLC UAE 100.00 100.00 Services Jumia Services GmbH GERMANY 100.00 100.00 Services Jumia Technology Services (Shenzhen) Co., Ltd CHINA 100.00 100.00 Services Jumia Technologies Spain SLU SPAIN - 100.00 Services Jumia Technologies Cote D’Ivoire SARLU IVORY COAST - 100.00 Marketing Services Jumia UG (haftungsbeschränkt) & Co. KG GERMANY 100.00 100.00 Holding Jumia USA LLC USA 100.00 100.00 Services Juwel 193 V V UG (haftungsbeschränkt) & Co. Zwölfte Verwaltungs KG GERMANY 100.00 100.00 Holding Juwel 193. V V UG (haftungsbeschränkt) GERMANY 100.00 100.00 General Partner Juwel 193. V V UG (haftungsbeschränkt) & Co. 132. Verwaltungs KG GERMANY 100.00 100.00 Holding Juwel 193. V V UG (haftungsbeschränkt) & Co. 23. Verwaltungs KG GERMANY 100.00 100.00 Holding Juwel 193. V V UG (haftungsbeschränkt) & Co. 24. Verwaltungs KG GERMANY 100.00 100.00 Holding Juwel 193. V V UG (haftungsbeschränkt) & Co. Fünfte Verwaltungs KG GERMANY 100.00 100.00 Holding Juwel 193. V V UG (haftungsbeschränkt) & Co. Vierte Verwaltungs KG GERMANY 100.00 100.00 Holding Juwel 194. V V UG (haftungsbeschränkt) GERMANY 100.00 100.00 General Partner Juwel 194. V V UG (haftungsbeschränkt) & Co. Erste Verwaltungs KG GERMANY 100.00 100.00 Holding Juwel E-Services Tanzania Ltd. TANZANIA 100.00 100.00 Not active Lendico S.A (PTY) Ltd. SOUTH AFRICA 100.00 100.00 Not active Lipco Internet Services Zimbabwe Ltd. ZIMBABWE 100.00 100.00 Not active Silveroak Internet Services Portugal, Unipessoal Lda PORTUGAL 100.00 100.00 IT Services Jumia Technologies SUARL TUNISIA - 100.00 Services Vamido Global Resources Ltd. NIGERIA 99.89 99.89 Not active (1) Principal activities as of December 31, 2021 The changes in scope during 2021 result from creation of new entities, mergers and liquidations. Newly created entities in 2021 are Jumia Electronic Payment Services S.A.E, Jumia Technologies Spain SLU, Jumia Technologies SUARL and Jumia Technologies Cote D’Ivoire SARLU. Atol Services Congo Ltd was dissolved by merger with AIH Subholding Nr. 8 UG (haftungsbeschränkt) & Co. KG in Germany. Atol Internet Serviçes Mozambique Ltd., Digital Services XLV (GP) S.à r.l. and Atol Internet Services Ltd. were liquidated in 2021. |
Material partly-owned subsidiar
Material partly-owned subsidiaries | 12 Months Ended |
Dec. 31, 2021 | |
Material Partly-Owned Subsidiaries | |
Material partly-owned subsidiaries | 7 Material partly-owned subsidiaries Financial information of subsidiaries that have material non-controlling interests is provided below. The proportion of equity interest held by non-controlling interests is as follows: Country of incorporation As of December 31, Name and operation 2020 2021 ECART Internet Services Nigeria NIGERIA 0.11 % 0.11 % Net equity attributed to non-controlling interests of these subsidiaries is as follows: As of December 31, Name 2020 2021 ECART Internet Services Nigeria (430) (439) Other subsidiaries (17) (15) Total (447) (454) The statutory financial position and comprehensive income of these subsidiaries attributed to non-controlling interests are shown below: For the year ended December 31, 2019 Total Comprehensive In thousands of USD Revenue Loss for the year loss of the year ECART Internet Services Nigeria 108 (141) (126) Jumia Egypt LLC 53 (70) (67) ECART services Morocco Sarl 53 (44) (41) ECART services Kenya Limited 23 (38) (36) ECART services Ivory Coast SRL 51 (32) (30) Jade E-Services South Africa PTY Ltd 36 (12) (10) Total 324 (337) (310) Considering the immateriality of the assets, liabilities, profit/(loss) for the year, other comprehensive income (loss) and cash flows attributed to non-controlling interests, this information has not further been disclosed. |
Property and equipment
Property and equipment | 12 Months Ended |
Dec. 31, 2021 | |
Property and Equipment | |
Property and Equipment | 8 Property and Equipment 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 USD Buildings machinery equipment and Warehouse Total Balance as of January 1, 2020 2,947 2,707 13,347 15,817 34,818 Additions and modifications 215 508 1,556 5,730 8,009 Disposals (257) (151) (715) — (1,123) Reclassification 82 (109) 34 — 7 Effect of translation — 36 (30) 210 216 Balance as of December 31, 2020 2,987 2,991 14,192 21,757 41,927 Additions and modifications 381 829 5,957 4,092 11,259 Disposals (540) (344) (1,591) — (2,475) Reclassification (336) 459 (123) — — Effect of translation (103) (202) (819) (1,173) (2,297) Balance as of December 31, 2021 2,389 3,733 17,616 24,676 48,414 Accumulated depreciation Balance as of January 1, 2020 (1,488) (1,242) (7,716) (4,821) (15,267) Depreciation charge (720) (601) (2,722) (5,138) (9,181) Accumulated depreciation on disposals 257 151 712 — 1,120 Lease modifications — — — 1,894 1,894 Reclassification — 12 7 — 19 Effect of translation (18) (21) 32 (197) (204) Balance as of December 31, 2020 (1,969) (1,701) (9,687) (8,262) (21,619) Depreciation charge (402) (834) (2,804) (5,405) (9,445) Accumulated depreciation on disposals 372 457 1,442 — 2,271 Lease modifications — — — 861 861 Reclassification 152 (174) 40 — 18 Effect of translation 77 117 549 581 1,324 Balance as of December 31, 2021 (1,770) (2,135) (10,460) (12,225) (26,590) Carrying amount as of December 31, 2020 1,018 1,290 4,505 13,495 20,308 Carrying amount as of December 31, 2021 619 1,598 7,156 12,451 21,824 Set out below, are the carrying amounts of the Group’s right-of-use assets and lease liabilities and the movements during the period: In thousands of USD Right of use assets Lease Liabilities As at January 1, 2020 10,996 10,298 Additions 5,786 5,821 Depreciation (5,138) — Interest expense — 1,516 Lease modifications 1,838 1,765 Payments — (6,084) Effect of translation 13 72 As at January 1, 2021 13,495 13,388 Additions 3,485 3,427 Depreciation (5,405) — Interest expense — 1,527 Lease modifications 1,468 1,388 Payments — (6,615) Effect of translation (592) (578) As at December 31, 2021 12,451 12,537 During 2021, the Group’s main additions on Right of use assets include renewal lease contract for an office in Portugal, new lease contract for an office in Egypt, Tunisia and China and a warehouse facility in Egypt. During 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. The Group recognized rent expense from short-term leases of USD 1,740 thousand in the year ended December 31, 2021 (2020: USD 1,549 thousand and 2019: USD 1,883 thousand). The following are the amounts recognized in profit or loss: In thousands of USD 2019 2020 2021 Depreciation expense of right-of-use assets (5,057) (5,138) (5,405) Interest expense on lease liabilities (1,447) (1,516) (1,527) Expense relating to short-term leases (1,883) (1,549) (1,740) Total amount recognized in profit or loss (8,387) (8,203) (8,672) The Group had total cash outflows for leases of USD 6,615 thousand in 2021 (2020: USD 6,084 thousand and 2019: USD 5,331 thousand). The Group also had non-cash additions to right-of-use assets and lease liabilities of USD 3,485 thousand and USD 3,427 thousand in 2021, respectively (2020: USD 5,786 thousand and USD 5,821 thousand, respectively and 2019: USD 4,735 thousand and USD 4,679 thousand, respectively). |
Deferred Tax Assets And Liabili
Deferred Tax Assets And Liabilities | 12 Months Ended |
Dec. 31, 2021 | |
Net deferred tax assets and liabilities [abstract] | |
Deferred Tax Assets and Liabilities | 9 Deferred Tax Assets and Liabilities The Group records the tax effect resulting from temporary differences between the assets and liabilities determined on an accounting basis and on a tax basis. As of December 31, 2021, on a consolidated basis, the movement by nature of Net Deferred Tax Assets and Liabilities are as follows: As of December 31, In thousands of USD 2020 Profit / (Loss) Effect of translation 2021 JTAG Investments - Fair Value UBS Loss - P&L — 517 — 517 Tax Losses — 5,791 (8) 5,783 Tax Benefits 125 572 (33) 665 Others — 81 (1) 80 Deferred tax assets offsetting — (6,389) 9 (6,380) Total Deferred tax assets 125 572 (33) 665 As of December 31, In thousands of USD 2020 Profit / (Loss) Effect of translation 2021 Assets depreciation and amortization (61) (415) 18 (458) Unrealized foreign exchange gains - P&L — (5,384) (4) (5,388) Others — (534) 0 (534) Deferred tax liabilities offsetting — 6,421 (40) 6,380 Total Deferred tax liabilities (61) 88 (27) — As referred under accounting policies, Note 2 u), the offset between deferred tax assets and liabilities is performed at each subsidiary level. |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2021 | |
Inventories | |
Inventories | 10 Inventories Inventories are comprised of the following: As of December 31, In thousands of USD 2020 2021 Merchandise available for sale 9,744 12,379 Less: Provision for slow moving and obsolete inventories (1,523) (1,431) Total Inventories 8,221 10,948 The total cost of revenue, which consists primarily of the purchase price of consumer products, recognized as an expense in the consolidated profit or loss was USD 67,385 thousand (2020: USD 53,397 thousand and 2019: USD 94,595 thousand). Provision for slow moving and obsolete inventories The movement in the provision for inventories is as follows: In thousands of USD Inventories Provision Balance as of January 1, 2020 1,324 Additions 969 Reversal (432) Use of provision (391) Effect of translation 53 Balance as of December 31, 2020 1,523 Additions 765 Reversal (349) Use of provision (436) Effect of translation (72) Balance as of December 31, 2021 1,431 The provisions are reversed whenever correspondent items are either sold or returned to the vendors. The decrease in the provisions relates to a faster movement of stock due to the increasing investment in campaigns. |
Cash and cash equivalents
Cash and cash equivalents | 12 Months Ended |
Dec. 31, 2021 | |
Cash and cash equivalents | |
Cash and cash equivalents | 11 Cash and cash equivalents Cash and cash equivalents comprised the following: As of December 31, In thousands of USD 2020 2021 Cash at bank and in hand 292,139 96,094 Short-term deposits 81,792 20,996 Total Cash and cash equivalents 373,931 117,090 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. The Group has no restricted cash on cash and cash equivalents at December 31, 2021 (December 31, 2020: nil). While cash and cash equivalents are also subject to the impairment requirements of IFRS 9, the identified expected credit loss was immaterial. |
Term deposits and other financi
Term deposits and other financial assets | 12 Months Ended |
Dec. 31, 2021 | |
Term Deposits | |
Term Deposits | 12 Term deposits and other financial assets Term deposits comprised the following: As of December 31, In thousands of USD 2020 2021 Financial assets at fair value through profit or loss — 198,998 Financial assets at fair value through OCI — 195,722 Short term deposits - banks 1,215 995 Term Deposits and other financial assets 1,215 395,715 Deposits represent interest bearing deposits with a commercial bank for a fixed period of more than 3 months. Other financial assets comprised the following: As of December 31, In thousands of USD 2020 2021 Current financial assets measured at fair value through profit or loss — 198,998 Current financial assets measured at fair value through other comprehensive income — 195,722 Other financial assets – current — 394,720 Financial assets measured at fair value through other comprehensive income comprise investments in listed investment grade bonds, via a discretionary account managed by Citi Private Bank, with the objective of maintaining capital and obtaining benchmark yields. The Group holds these investments under a “hold to collect and sell” business model as defined under IFRS 9. Interest income from financial assets at fair value through OCI are disclosed in Note 28. Financial assets measured at fair value through profit or loss comprise investments in Exchange Traded Funds (ETF), namely ETF shares held by the Group in passively managed subfunds of UBS (Lux) Fund Solutions, which track particular indexed, with the objective of obtaining returns in line with specific market benchmarks. Fair value variances are disclosed in Note 28. Other financial assets are presented as current whenever maturity of the investments is within 12 months of the reporting date or if management expects to sell the asset within 12 months. Fair value reserve The movement in the fair value reserve for financial assets at fair value through other comprehensive income (“FVOCI”), including the allowance for expected credit losses (“ECL”), is as follows: In thousands of USD OCI on financial assets at fair value Balance as of December 31, 2020 — Changes in fair value of financial assets (4,029) Changes in allowance for expected credit losses 88 Changes recognized in other comprehensive income of the period (Note 16) (3,941) Balance as of December 31, 2021 (3,941) Allowance for expected credit losses The movement of allowance for expected credit losses (“ECL”) of other financial assets measured at fair value through other comprehensive income is as follows: In thousands of USD ECL of other financial assets Balance as of December 31, 2020 — Changes recognized in profit or loss as net impairment gains/losses on financial assets at fair value through other comprehensive income (Note 28) 88 Total changes in allowance for expected credit losses 88 Balance as of December 31, 2021 88 |
Trade and other receivables
Trade and other receivables | 12 Months Ended |
Dec. 31, 2021 | |
Trade and other receivables | |
Trade and other receivables | 13 Trade and other receivables Trade and other receivables were comprised of the following: As of December 31, In thousands of USD 2020 2021 Advances to suppliers 782 1,529 Trade notes and accounts receivable 18,043 20,974 Less: Allowance for impairment of trade notes and accounts receivable (9,885) (8,980) Unbilled revenues 756 1,160 Other receivables 4,173 4,042 Less: Allowance for impairment of other receivables (723) (375) Trade and other receivables 13,146 18,350 Allowance for expected credit losses The movement of allowance for expected credit losses (“ECL”) of trade notes and accounts receivable and other receivables is as follows: ECL of trade notes and accounts ECL of other In thousands of USD receivable receivables Balance as of January 1, 2019 9,289 565 Additions 4,965 245 Reversal (147) (35) Use of provision (4,060) (86) Effect of translation (162) 34 Balance as of December 31, 2020 9,885 723 Additions 2,359 107 Reversal (237) (218) Use of provision (2,583) (130) Effect of translation (444) (107) Balance as of December 31, 2021 8,980 375 The ageing analysis of trade notes and accounts receivable is as follows: Past due but not impaired Total Neither past Total expected due nor < 30 30 - 90 >90 In thousands of USD Total net gross credit losses impaired days days days As of December 31, 2020 8,158 18,043 (9,885) 3,031 3,198 1,218 711 As of December 31, 2021 11,994 20,974 (8,980) 4,102 4,703 502 2,687 See Note 33 for disclosure of how the Group manages and measures credit quality of trade and other receivables that are neither past due nor impaired. |
Prepaid expenses and other curr
Prepaid expenses and other current assets | 12 Months Ended |
Dec. 31, 2021 | |
Prepaid expense and other current assets | |
Prepaid expense and other current assets | 14 Prepaid expense and other current assets As of December 31, 2021, prepaid expense and other current assets were comprised of prepaid server hosting fees and software licenses USD 1,652 thousand (2020: USD 9,429 thousand), advance payments to the Group’s partners for online payment services amounting to USD 1,183 thousand (2020: USD 968 thousand) and prepaid rent represents USD 594 thousand (2020: USD 1,177 thousand). The remaining amount of USD 2,243 thousand is related to insurance and other goods and services (2020: USD 1,187 thousand). |
Share capital and share premium
Share capital and share premium | 12 Months Ended |
Dec. 31, 2021 | |
Share capital and share premium | |
Share capital and share premium | 15 Share capital and share premium Ordinary shares issued and fully paid as at December 31, 2021 Number of shares Class Par value (EUR) Share capital (in thousands of USD) Share premium (in thousands of USD) Total 199,754,122 Ordinary 1 234,154 1,736,469 1,970,623 Total 1 234,154 1,736,469 1,970,623 The total authorized number of ordinary shares is 199,754,122 shares as at December 31, 2021 (2020: 179,259,246 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 2021, 2,568,954 shares were issued, all fully paid, relating to the settlement of different equity programs of the company. Related transaction costs of USD 179 thousand are recognized directly in the accumulated losses. Furthermore, during March 2021, we completed an equity offering for which 17,925,922 shares were issued, all fully paid. Proceeds from the offering, net of commissions and expenses, were approximately USD 341 million. Transaction costs of USD 7,638 thousand related to the offering are recognized directly in the accumulated losses. Ordinary shares issued and fully paid as at December 31, 2020 Number of shares Class Par value (EUR) Share capital (in thousands of USD) Share premium (in thousands of USD) Total 179,259,246 Ordinary 1 219,843 1,478,230 1,698,073 Total 1 219,843 1,478,230 1,698,073 The total authorized number of ordinary shares is 179,259,246 shares as at December 31, 2020 with a par value of EUR 1.00 per share. All issued ordinary shares are fully paid. Each ordinary share carries one vote. During 2020, 6,502,784 shares were issued, all fully paid, relating to the settlement of different equity programs of the company. Related transaction costs of USD 631 thousand are recognized directly in the accumulated losses. Furthermore, in December 2020, we completed an equity offering for which 15,939,968 shares were issued, all fully paid. Proceeds from the offering, net of commissions and expenses, were approximately USD 231 million. Transaction costs of USD 12,383 thousand related to the offering are recognized directly in the accumulated losses. |
Other Reserves
Other Reserves | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of reserves within equity [abstract] | |
Other Reserves | 16 Other Reserves Exchange Share-based difference on payment net investment Fair value reserve Currency Total capital in foreign of financial assets translation other In thousands of USD reserves operations at FVOCI adjustment reserves As of January 1, 2019 87,735 (99,485) — 101,098 89,348 Other comprehensive loss — 22,543 — (26,160) (3,617) Total comprehensive loss for the year — 22,543 — (26,160) (3,617) Share-based payments 41,718 — — — 41,718 As of December 31, 2019 129,453 (76,942) — 74,938 127,449 Other comprehensive loss — (84,884) — 95,136 10,252 Total comprehensive loss for the year — (84,884) — 95,136 10,252 Share-based payments 12,681 — — — 12,681 Exercise of options (6,379) — — — (6,379) Capital revaluation (71) (13) — — (84) Change in Non-controlling interests — (63) — 15 (48) As of December 31, 2020 135,684 (161,902) — 170,089 143,871 Other comprehensive loss — (3,554) (3,941) (12,306) (19,801) Total comprehensive loss for the period — (3,554) (3,941) (12,306) (19,801) Share-based payments (Note 17) 43,451 — — — 43,451 Exercise of options (2,846) — — — (2,846) As of December 31, 2021 176,289 (165,456) (3,941) 157,783 164,675 The share-based payment reserve represents the Group’s cumulative equity settled share option expense. The foreign exchange reserve represents the cumulative amount of the exchange differences related to a foreign operation that is consolidated. The fair value reserve of financial assets at FVOCI represents the fair value changes on financial assets at fair value through other comprehensive income. The Currency translation adjustment reserve represents the cumulative exchange differences on the translation of the Group’s overseas subsidiaries into the Group’s presentation currency. |
Share based compensation
Share based compensation | 12 Months Ended |
Dec. 31, 2021 | |
Share-based compensation | |
Share-based compensation | 17 Share-based compensation Stock Option Program 2016 (JSOP 2016) As at December 31, 2021, all options granted under the JSOP 2016 have been fully vested. Jumia Technologies AG is authorized to opt to make payments in cash or settle in equity at the time of settlement of the awards. In some cases, the company is aware of restrictions, that generally relate to country-specific limitations on individual investment in foreign assets, that may require it to settle awards in cash. For the beneficiaries impacted by these restrictions, the Company’s intention is to cash settle all outstanding awards in the future and they are recognized as cash-settled. The remaining awards are recognized as equity-settled. During the year 2021, 489,586 options of the JSOP 2016 have been exercised. In total, 571,688 outstanding vested options exist as at December 31, 2021. In connection with the JSOP 2016, Jumia recognized expenses of USD – 0.6 million for the twelve months ended December 31, 2021. (December 31, 2020: USD 4.0 million). Equity Programs 2019 Stock Option Program 2019 In 2019, Jumia Technologies AG established a new stock option plan, the SOP 2019, under which stock options were granted to beneficiaries. On May 15, 2020 additional stock options were granted under the SOP 2019. Each stock option entitles the holder to receive one share of Jumia Technologies AG upon exercise and payment of an exercise price of EUR 1.00 per share. The stock options may be exercised after a waiting period of four years from the grant date and expire following seven years after the end of the waiting period. The exercise of stock options is not possible during defined blackout periods. Jumia may, at its sole discretion, settle vested stock options in cash instead of issuing shares in Jumia Technologies AG. The stock options can only be exercised, if the average annual growth rate of the Gross Merchandise Value amounts to at least 10% during the four-year waiting period. If this target is not met, all options will lapse. This condition is classified under IFRS 2 as a non-market performance condition and thus, the probability of achievement has to be reassessed at each reporting date. Only for certain grants in 2020 this condition has been classified as a non-vesting condition, as the vesting period is shorter than the performance period. In this case, the probability of achievement has been derived as at the grant date and is reflected in the fair value and is not reassessed subsequently. Moreover, the stock options are subject to vesting requirements. The stock options shall generally vest in one or more tranches. The SOP 2019 plan sets out several criteria of bad leaver and good leaver cases. For beneficiaries, who are members of the management board, the total vesting period shall be at least four years and all unexercised options will be forfeited, if the employee resigns and start working for a competitor within six months after resignation. If other beneficiaries (i.e. not members of the management board) resign before the vesting date as specified in the individual grant agreements and are classified as good leaver, all vested stock options will be retained. However, all unexercised stock options will be forfeited, if a beneficiary terminates the employment within four years after the IPO on April 12, 2019. The stock options granted in 2020 will vest either 3 or 4 years after the IPO according to the individual grant agreements. If Jumia Technologies AG 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 Technologies AG does not expect to pay dividends during the next years. Jumia Technologies AG is entitled, at its sole discretion, to settle any claims under the SOP 2019 either in cash or in equity. As specified above, for JSOP 2016, the SOP 2019 was recognized as a cash-settled plan for certain beneficiaries and as an equity-settled plan for all other beneficiaries. The fair values of the cash-settled stock options as of December 31, 2021 are derived from the Black-Scholes-Merton model with the following inputs: December 31, 2021 Fair value per share (1) USD 5.70 Exercise price per share EUR 1.00 Risk-free interest rate (2) 0% Expected dividend yield (3) 0% Expected life (years) (4) 1.4 years Expected volatility (5) 55% Fair value of options USD 4.57 (1) The Fair value per share is derived from the value of an ADS of Jumia Technologies AG traded on the New York Stock Exchange divided by the conversion ratio of 2 (1 ADS represents 2 shares of Jumia Technologies AG). (2) Risk-free interest rate is based on German government bond yields consistent to the expected life of options, A risk free rate of 0% is considered as a floor (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 minimum waiting period. (5) Expected volatility is assumed based on the historical volatility of comparable companies in the period equal to the expected life of each grant. For the SOP 2019, Jumia recognized expenses of USD 3.6 million for the twelve months ended December 31, 2021 (December 31, 2020 USD 0.1 million) Weighted Weighted average average Weighted remaining exercise average fair Number of life price value SOP 2019 awards (years) (EUR) (USD) Unvested awards outstanding at January 1, 2021 1,448,877 2.4 1.00 7.04 Granted during the period — — — — Exercised during the period — — — — Forfeited during the period (144,073) — — — Cancelled during the period — — — — Vested during the period — — — — Unvested awards outstanding at December 31, 2021 1,304,804 1.4 1.00 6.65 Virtual Restricted Stock Unit Program 2019 In 2019, Jumia Technologies AG established a new Virtual Restricted Stock Unit Program (VRSUP 2019), under which Restricted Stock Units (RSU) were granted to beneficiaries. In 2020, additional RSUs were granted under the VRSUP 2019. Jumia Technologies AG is entitled, at its sole discretion, to settle any claims under the VRSUP 2019 either in cash or in equity. As specified above, for JSOP 2016, the VSRUP 2019 was recognized as a cash-settled plan for certain beneficiaries and as an equity-settled plan for all other beneficiaries. No RSUs are subject to any performance conditions or a maximum payout amount (cap). All RSUs will be forfeited if a beneficiary, who is a member of the board of management, resigns and starts working for a competitor within twelve months after the resignation. Other beneficiaries need to remain employed with Jumia Technologies AG until the vesting date as specified in the individual grant agreement in order to avoid any forfeiture. At December 31, 2021, all RSUs granted under VRSUP 2019 have vested. For the VRSUP 2019, Jumia recognized expenses of USD 1.3 million for the twelve months ended December 31, 2021 (December 31, 2020 USD 6.4 million) Equity Programs 2020 Stock Option Program 2020 In 2020, with the approval of the annual general meeting of shareholders, Jumia Technologies AG established a new stock option plan, the SOP 2020, under which 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 in Jumia Technologies AG (or 0.5 ADS as 1 ADS represents 2 shares of Jumia). The option can be exercised after a waiting period of four years at a price which is determined based on the average share price of the last 60 trading days prior to the contract date of the individual grant agreements. The exercise period starts directly after the waiting period and ends two years following the expiry of the waiting period. The exercise of stock options is prohibited during defined blackout periods. Jumia may, at its sole discretion, settle each vested stock option in cash instead of issuing a share in Jumia Technologies AG. The stock options can only be exercised, if the average annual growth rate of the Gross Merchandise Value amounts to at least 10% during the four years waiting period. If this performance target is not met, all options will lapse. For specific grants under the 2020 Plan this condition is classified under IFRS 2 as a non-market performance condition and thus, the probability of achievement has to be reassessed at each reporting date. For all other grants this condition has been classified as a non-vesting condition. In this case, the probability of achievement has been derived as at the grant date and is reflected in the fair value and is not reassessed subsequently. Moreover, there are stock options granted to certain beneficiaries with an additional criteria which relates to reaching certain profitability targets. This second condition is as well either classified as a non-market performance condition or as a non-vesting condition depending on the vesting period of the grants and the respective period in which the condition has to be met. 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 six months after resignation. Other beneficiaries will keep all vested stock options. 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. Jumia Technologies AG is entitled, at its sole discretion, to settle any claims under the SOP 2020 either in cash or in equity. As specified above, for JSOP 2016 and others, the SOP 2020 was recognized as a cash-settled plan for certain beneficiaries and as an equity-settled plan for all other beneficiaries. The fair values of the cash-settled SOPs are derived from the Black-Scholes-Merton model with the following inputs: December 31, 2021 Fair value per share (1) USD 5.70 Exercise price per share USD 1.84 Risk-free interest rate (2) 0.4 % Expected dividend yield (3) 0 % Expected life (years) (4) 1.4 Expected volatility (5) 55 % Weighted average of Fair value of Options USD 3.90 (1) The Fair value per share is derived from the value of an ADS of Jumia Technologies AG traded on the New York Stock Exchange divided by the conversion ratio of 2 (1 ADS represents 2 shares of Jumia Technologies AG). (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 minimum waiting period. (5) Expected volatility is assumed based on the historical volatility of comparable companies in the period equal to the expected life of each grant. As each stock option entitles the holder to receive one share of Jumia, the fair value per ADS and the exercise price per ADS must be divided by 2 in order to derive the value per option. For the SOP 2020, Jumia recognized expenses USD 1.9 million for the twelve months ended December 31, 2021 (December 31, 2020 USD 1.1 million). Weighted Weighted average average Weighted remaining exercise average fair Number of life price value awards (years) (USD) (USD) Unvested awards outstanding at January 1, 2021 2,405,833 2.4 1.84 1.72 Granted during the period Granted as a replacement during the period Replaced during the period Forfeited during the period (145,000) Cancelled during the period Vested during the period Unvested awards outstanding at December 31, 2021 (1) 2,260,833 1.4 1.84 2.08 (1) Up to 1,708,907 additional options can be granted under the SOP 2020, if certain profitability conditions are fulfilled. Virtual Restricted Stock Unit Program 2020 The 2020 annual general meeting of shareholders also approved the Virtual Restricted Stock Unit Program 2020 (VRSUP 2020). Jumia granted an individual number of restricted stock units (RSU) to beneficiaries under the terms and conditions of the 2020 VRSUP. On April 1, 2021, additional RSUs were granted under the VRSUP 2020. Grants are based on individual grant agreements. Each beneficiary received an individual grant agreement that includes the individual number of RSUs. Each RSU entitles the holder to receive a cash payment equal to the ten For selected employees of the Company and selected employees of affiliated companies, Jumia is entitled to elect, at its sole discretion, to issue one share for each vested RSU instead of a settlement in cash. In general, the RSUs 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 No RSUs are subject to any performance conditions or a maximum payout amount (cap). The specific RSUs granted in 2021 are not subject to any performance conditions or a maximum payout amount (cap). Jumia Technologies AG is entitled, at its sole discretion, to settle any claims under the VRSUP 2020 either in cash or in equity. As specified above, for JSOP 2016, the VSRUP 2020 was recognized as a cash-settled plan for certain beneficiaries and as an equity-settled plan for all other beneficiaries. The fair value per RSU was derived from Jumia’s stock price at the grant date and at the reporting date for the equity settled awards and cash settled awards, respectively. The fair value per cash-settled RSU amounts to USD 5.70. The average fair value per equity-settled RSU amounts to USD 19.01. For the VRSUP 2020, Jumia recognized expenses of USD 7.1 million for the twelve months ended December 31, 2021 (December 31, 2020 USD 13.1 million). Equity Programs 2021 Stock Option Program 2021 By resolution of the Company’s General Meeting, dated June 9, 2021, the Stock Option Program 2021 (SOP 2021) was approved. Jumia granted a specific number of stock options to beneficiaries under the terms and conditions of the SOP 2021. Each stock option entitles the holder to receive one share of Jumia (or 0.5 ADS as 1 ADS represents 2 shares of Jumia). The option can be exercised after a four-year waiting period, commencing on the grant date, at a price which is determined based on the average share price of the last 30 trading days prior to the grant date. The exercise period starts directly after the waiting period and ends two years following the expiration of the waiting period. The exercise of stock options is prohibited during defined black-out periods. 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 are subject to vesting requirements. The awards are (i) divided in tranches of options vesting upon defined years of service and (ii) can only be exercised if a non-market performance condition, related to reaching a certain growth target of the Gross Merchandise Value during a defined period, is met. The probability of achievement of this performance target has been derived based on a Monte Carlo simulation and it has to be reassessed at each reporting date. Beneficiaries who are members of the management board will forfeit the right to exercise their options if they resign (before the term of office) and start working for a competitor within the 6 months following the resignation. 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 fair values of the SOP 2021 granted during the year are derived from the Black-Scholes-Merton model with the following inputs: June 10, 2021 Fair value per share (1) USD 14.77 Exercise price per share USD 14.21 Risk-free interest rate (2) 0.46 % Expected dividend yield (3) 0 % Expected life (years) (4) 4 years Expected volatility (5) 50 % Weighted average of Fair value of Options USD 5.91 (1) The Fair value per share is derived from the value of an ADS of Jumia Technologies AG traded on the New York Stock Exchange divided by the conversion ratio of 2 (1 ADS represent 2 shares of Jumia Technologies AG). (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 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 in order to derive the value per option. For the SOP 2021, Jumia recognized expenses of USD 0.7 million for the twelve months ended December 31, 2021. Number of awards Weighted average remaining life (years) Weighted average exercise price (USD) Weighted average fair value (USD) Unvested awards outstanding at January 1, 2021 - - - - Granted during the period 823,458 4.00 14.21 5.91 Granted as a replacement during the period - - - - Replaced during the period - - - - Forfeited during the period - - - - Cancelled during the period - - - - Vested during the period - - - - Unvested awards outstanding at December 31, 2021 823,458 3.40 14.21 5.91 Virtual Restricted Stock Unit Program 2021 The 2021 annual general meeting of shareholders also approved the Virtual Restricted Stock Unit Program 2021 (the “2021 VRSUP”). Jumia granted a specific number of virtual restricted stock units (“VRSUs”) to beneficiaries under the terms and conditions of the 2021 VRSUP. Grants are based on individual grant agreements. Each beneficiary received an individual grant agreement that includes the specific number of VRSUs. Each VRSU entitles the holder to receive a cash payment equal to the average of the Relevant Closing Price on the first five Jumia Technologies AG is entitled, at its sole discretion, to settle any claims under the VRSUP 2021 either in cash or in equity. As specified above, for JSOP 2016 and others, the VSRUP 2021 was recognized as a cash-settled plan for certain beneficiaries and as an equity-settled plan for all other beneficiaries. The vesting period and conditions may vary according to participants seniority. The awards are divided in tranches which vest upon determined years of service. Moreover, certain awards are subject to additional criteria which includes reaching certain growth target, profitability and share price targets. These conditions are either classified as non-market performance conditions or as non-vesting conditions depending on the vesting period of the grants and the respective period in which the condition has to be met. In the event the Participant’s office term as member of the Management Board or the Participant’s service or employment relationship with the Company ends before settlement and the Participant qualifies as a “Bad Leaver”, all VRSUs will be forfeited. If the Participant does not qualify as a “Bad Leaver”, it shall retain all VRSUs already vested and not yet settled. The fair value per VRSU was derived based on the observable stock price of Jumia as at the reporting date or at the grant date depending on the cash- or equity-settled classification. The fair value per cash-settled VRSU amounts to USD 5.70. The average fair value per equity-settled RSU amounts to USD 14.35. For the VRSUP 2021, Jumia recognized expenses of USD 20.5 million for the twelve months ended December 31, 2021. In total, Jumia recognized share-based compensation expenses of USD 34.5 million for the twelve months ended December 31, 2021. For certain geographies, equity awards are settled on a net basis, i.e., the group withhold shares for settlement of tax obligations plan on behalf of employees under share-based compensation plans. During 2021, Jumia modified the classification of certain awards from equity-settled to cash-settled, driven by a change in expectations regarding the method of settlement. At the date of modification, a liability was recognized based on the fair value of the cash-settled award as at that date and to the extent to which the vesting period has expired. |
Trade and other payables
Trade and other payables | 12 Months Ended |
Dec. 31, 2021 | |
Trade and other payables [Abstract] | |
Trade and other payables | 18 Trade and other payables Trade and other payables comprise the following: As of December 31, In thousands of USD 2020 2021 Trade payables 20,390 23,792 Invoices not yet received 17,315 25,824 Accrued employee benefit costs 10,873 12,698 Trade Deposits 502 1,510 Sundry accruals 26,690 13,022 Trade and Other Payables 75,770 76,846 Current 75,770 76,077 Non-current — 769 Terms and conditions of the above financial liabilities: ● Trade payables are non-interest bearing and are normally settled on 0 - 90 day terms ● Other payables are non-interest bearing and have an average term of 1 - 2 months ● For terms and conditions with related parties, refer to Note 31. For explanations on the Group’s credit risk management processes, refer to Note 33. As of December 31, 2020, sundry accruals included a litigation settlement accrual of 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 certain current and former members of our management and supervisory boards, in 2019. The cases asserted 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 conditions including court approval. Under this agreement, in which the defendants did not admit any liability or wrongdoing, Jumia made a settlement payment of $5 million on January 18, 2021, $1 million of which was funded by insurance coverage proceeds received on January 13, 2021. The U.S. District Court for the Southern District of New York and the New York County Supreme Court approved the settlement agreement in March 2021. No shareholders had filed objections to the settlements. Additionally, sundry accruals also relate principally to cash-settled awards, consultancy, legal, marketing, IT and logistics services payables. The current cash-settled awards amount to USD 1,241 thousand as of December 31, 2021 (2020: USD 12,706 thousand). There are additional USD 769 thousand recognized as non-current cash-settled awards. |
Borrowings
Borrowings | 12 Months Ended |
Dec. 31, 2021 | |
Borrowings. | |
Borrowings | 19 Borrowings Lease liabilities are presented in the statement of financial position as follows: As of December 31, In thousands of USD 2020 2021 Current 3,638 3,906 Non-current 9,750 8,631 Total Lease liabilities 13,388 12,537 Set out below is the maturity of the lease liabilities classified as non-current: In thousands of USD One to five years More than five years Total Lease liability future payments 8,620 11 8,631 The Group has several lease contracts that include extension and termination options. Whenever the contracts do not include a mutual agreement clause, the Group applies judgement in evaluating whether it is reasonably certain whether or not to exercise the option to renew or terminate the lease. Future cash outflows as of December 31, 2021 to which the Group is potentially exposed that are not reflected in the measurement of lease liabilities amounts to USD 3.1 million and relates to new contracts signed in 2022 and potential renewals. Changes in liabilities arising from financing activities In thousands of USD January 1, 2020 Additions Payments Reclassification Effect of translation December 31, 2020 Current lease liabilities 3,427 4,090 (6,084) 2,116 89 3,638 Non-current lease liabilities 6,871 5,012 — (2,116) (17) 9,750 Total liabilities from financing activities 10,298 9,102 (6,084) — 72 13,388 In thousands of USD January 1, 2021 Additions Payments Reclassification Effect of translation December 31, 2021 Current lease liabilities 3,638 4,173 (6,615) 2,905 (195) 3,906 Non-current lease liabilities 9,750 2,169 — (2,905) (383) 8,631 Total liabilities from financing activities 13,388 6,342 (6,615) — (578) 12,537 Additions include USD 1,527 thousand of accrued interest as of December 31, 2021 (December 31, 2020: USD 1,516 thousand) as described in Note 8. Lease payments not recognized as a liability The group has elected not to recognize a lease liability for short term leases (leases of expected term of 12 months or less) or for leases of low value assets. Payments made under such leases are expensed on a straight-line basis. In addition, certain variable lease payments are not permitted to be recognized as lease liabilities and are expensed as incurred. The expense relating to payments not included in the measurement of the lease liability is as follows: As of December 31, In thousands of USD 2020 2021 Short-term leases 1,549 1,740 Variable lease payments 131 133 Total expense 1,680 1,873 At December 31, 2021 the Group was committed to short-term leases and the total commitment at that date was USD 1,044 thousand (December 31, 2020: USD 759 thousand). |
Other taxes payable & Other tax
Other taxes payable & Other taxes receivable | 12 Months Ended |
Dec. 31, 2021 | |
Other taxes payable & Other taxes receivable | |
Other taxes payable & Other taxes receivable | 20 Other taxes payable & Other taxes receivable Other taxes payable relates to Value added taxes amounting to USD 6,085 thousand (2020: USD 3,408 thousand), to Withholding Tax amounting to USD 11,785 thousand (2020: USD 8,479 thousand) and other taxes amounting to USD 1,082 thousand (2020: USD 775 thousand). Other taxes receivable relates to Value added taxes amounting to USD 2,678 thousand (2020: USD 2,561 thousand) and to other taxes amounting to USD 1,097 thousand (2020: USD 1,221 thousand). |
Provisions for liabilities and
Provisions for liabilities and other charges | 12 Months Ended |
Dec. 31, 2021 | |
Provisions for liabilities and other charges | |
Provisions for liabilities and other charges | 21 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 USD Tax risks goods other expenses Total Balance as of January 1, 2020 28,979 616 983 30,578 Additions 5,406 573 1,039 7,018 Reversals (191) (237) (215) (643) Use of provision — — (149) (149) Reclassification — — — — Effect of translation 2,633 25 (16) 2,642 Balance as of December 31, 2020 36,827 977 1,642 39,446 Additions 3,010 313 730 4,053 Reversals (3,278) (483) (141) (3,902) Use of provision (319) — (75) (394) Reclassification — 53 (53) — Effect of translation (2,019) (43) (56) (2,118) Balance as of December 31, 2021 34,221 817 2,047 37,085 Current 34,221 817 1,371 36,409 Non-current — — 676 676 Tax risks Tax risk provision includes provisions related to VAT for USD 9,904 thousand (2020: USD 13,111 thousand), provisions related to Withholding Tax (WHT) for USD 23,562 thousand (2020: USD 23,318 thousand) and provisions related to other taxes for USD 755 thousand (2020: USD 398 thousand). 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 exercise period of 2022. Provision for other expenses Provision for other expense includes end of service provision of USD 676 thousand (2020: USD 443 thousand), various litigation and penalty provisions of USD 1,360 thousand (2020: USD 1,166 thousand) and restructuring provision of USD 11 thousand (2020: USD 33 thousand). The provisions are calculated based on our best estimate considering past experience. |
Deferred income
Deferred income | 12 Months Ended |
Dec. 31, 2021 | |
Accruals and deferred income including contract liabilities [abstract] | |
Deferred income | 22 Deferred income Deferred income consists of USD 1,415 thousand (2020: USD 1,473 thousand) related to a depositary fee from BNY Mellon, deferred over the course of 5 years and thus, USD 875 thousand (2020: USD 1,019 thousand) classified as non-current in the consolidated statement of financial position. Other amounts include individual payments received from end customers in advance for goods that have been ordered but are not yet delivered. |
Revenue
Revenue | 12 Months Ended |
Dec. 31, 2021 | |
Revenue | |
Revenue | 23 Revenue Revenue is comprised of the following: For the year ended December 31, In thousands of USD 2019 2020 2021 Sales of goods 90,855 50,426 65,126 Commissions 27,997 39,540 35,345 Fulfillment 30,061 36,992 36,392 Value added services 22,939 21,754 25,665 Marketing and Advertising 6,816 8,799 10,778 Other revenue 872 1,855 4,628 Revenue 179,540 159,366 177,934 No single customer amounted for more than 5% of Group revenues (2020: none, 2019: none). The breakdown of the Group’s revenue from contracts with customers by region is disclosed in the Note 2 v) Segments. |
Fulfillment expense
Fulfillment expense | 12 Months Ended |
Dec. 31, 2021 | |
Fulfillment expense | |
Fulfillment expense | 24 Fulfillment expense Fulfillment expense is comprised of the following: For the year ended December 31, In thousands of USD 2019 2020 2021 Fulfillment staff costs 23,365 20,041 20,233 Fulfillment centers expense 5,507 4,136 4,978 Freight and shipping expense 57,761 54,937 63,484 Fulfillment expense 86,633 79,114 88,695 Fulfillment expense increased by 12.1% from USD 79.1 million in 2020 to USD 88.7 million in 2021, due to a 22% increase in orders, as the Group is continued generating fulfillment efficiencies leveraging our increased scale. |
Sales and advertising expense
Sales and advertising expense | 12 Months Ended |
Dec. 31, 2021 | |
Sales and advertising expense | |
Sales and advertising expense | 25 Sales and advertising expense Sales and advertising expense is comprised of the following: For the year ended December 31, In thousands of USD 2019 2020 2021 Staff costs 9,160 9,717 9,815 Advertising campaigns 48,309 24,765 69,521 Selling expenses 5,238 2,581 2,588 Sales and advertising expense 62,707 37,063 81,924 Sales and advertising expense increased by 121.0% from USD 37.1 million in 2020 to USD 81.9 million in 2021, primarily due to a step-up in marketing investments across marketing channels. The marketing mix was rebalanced with an increased share of offline media and video advertising to drive awareness and activation. |
Technology and content expense
Technology and content expense | 12 Months Ended |
Dec. 31, 2021 | |
Technology and content expense | |
Technology and content expense | 26 Technology and content expense Technology and content expense is comprised of the following: For the year ended December 31, In thousands of USD 2019 2020 2021 Staff Costs - Technology and content 14,704 15,125 16,355 Technology license and maintenance expenses 15,824 16,656 22,842 Technology and content expense 30,528 31,781 39,197 |
General and administrative expe
General and administrative expense | 12 Months Ended |
Dec. 31, 2021 | |
General and administrative expense | |
General and administrative expense | 27 General and administrative expense General and administrative expense is comprised of the following: For the year ended December 31, In thousands of USD 2019 2020 2021 Staff Costs 90,105 66,976 83,549 Occupancy Costs 1,770 1,589 1,740 Professional fees 16,007 12,899 18,250 Travel and entertainment 5,857 1,735 1,910 Office and related expenses 8,388 7,361 7,332 General sub-contracts 5,786 1,611 1,212 Bank fees & payment costs 3,238 1,945 1,691 Bad debt expense / reversal 6,579 5,582 1,711 Tax expenses 12,991 14,747 11,125 Depreciation and amortization 8,851 9,282 9,656 Other general and administrative expense 2,211 8,294 4,589 General and administrative expense 161,783 132,021 142,765 Staff costs expense includes share options granted to eligible employees of USD 34,548 thousand (2020: USD 24,708 thousand and 2019: USD 41,717 thousand). As of December 31, 2021 Tax expenses, that refers to other taxes expenses than income tax, includes mainly USD 7,064 thousand (December 31, 2020: USD 9,426 thousand and 2019: USD 7,307 thousand) for expenses related to withholding taxes and USD 994 thousand (December 31, 2020: USD 2,729 thousand and 2019: USD 3,330 thousand) related to VAT. As of December 31, 2021 Other general and administrative expense includes USD 4,238 thousand (2020: USD 3,139 thousand and 2019: USD 1,769 thousand) for insurance premiums. As of December 31, 2020 Other general and administrative expense also included the expense related to the class action settlement described in Note 18. |
Finance income and finance cost
Finance income and finance costs | 12 Months Ended |
Dec. 31, 2021 | |
Finance income and finance costs | |
Finance income and finance costs | 28 Finance income and finance costs Finance income and finance costs comprise of the following: For the year ended December 31, In thousands of USD 2019 2020 2021 Foreign exchange gain 2,199 4,736 22,162 Interest and similar income 2,232 884 258 Interest income from financial assets at fair value through OCI — — 2,344 Finance income 4,431 5,620 24,764 Foreign exchange loss 1,415 14,440 7,485 Interest and similar expense 1,469 1,583 1,606 Fair value loss on financial assets at fair value through profit and loss — — 998 Impairment loss on financial assets at fair value through OCI — — 88 Other charges — — 154 Finance costs 2,884 16,023 10,331 Fair value on financial assets corresponds to fair value losses on financial assets at fair value through profit or loss and amounts to USD 998 thousand (2020: nil and 2019: nil). Interest income from financial assets at fair value through OCI includes the interest measured and recognized according to effective interest rate method and amounts to USD 2,344 thousand (2020: nil and 2019: nil). Impairment loss on financial assets at fair value through other comprehensive income amounts to USD 88 thousand (2020: nil and 2019: nil). |
Income tax
Income tax | 12 Months Ended |
Dec. 31, 2021 | |
Income tax | |
Income tax | 29 Income tax Income tax payables as of December 31, 2020 and December 31, 2021 comprise the following: As of December 31, In thousands of USD 2020 2021 Income Tax Payables 344 448 Provision for Income Tax 13,682 12,833 Total 14,026 13,281 The reconciliation of tax expense and the effective tax rate was as follows: For the year ended December 31, In thousands of USD 2019 2020 2021 Loss before income tax (253,534) (180,732) (226,463) Statutory tax rate (1) 27.39 % 27.85 % 24.02 % Expected income tax benefit 69,443 50,342 54,406 Tax effects of: Sundry permanent differences (1,203) 44 632 Equity Transaction costs 1,944 3,549 1,878 Share based payments (11,426) (3,584) (7,520) Tax Expenses (2,141) (2,338) (1,605) Bad debt expense (1,879) (1,379) (439) Management fees (7,414) (5,563) (6,167) Interest expense (296) (439) (1,324) Unrecognized deferred tax asset arising from timing differences relating to: FX unrealized gain/loss (4,816) (1,241) (1,575) Share based payments — (3,403) (443) Tax Expenses (1,252) (751) 277 Sundry temporary differences (3,786) (1,885) (308) Minimum tax (428) (417) (395) Deferred tax not recognized (mainly tax losses carried forward) (37,212) (35,874) (38,707) Deferred tax: relating to origination and reversal of temporary differences and tax losses (177) (47) 848 Income tax expense (643) (2,986) (442) Effective tax rate 0.25 % 1.65 % 0.20 % (1) The Statutory tax rate consists of an average tax rate weighted in proportion to accounting profit(loss) in each geographical territory. Income tax expense is comprised of the following: For the year ended December 31, In thousands of USD 2019 2020 2021 Current tax (466) (2,939) (1,102) Deferred tax (177) (47) 660 Total Income tax expense (643) (2,986) (442) Tax losses available for offsetting against future taxable profits were as follows: As of December 31, 2019 2020 2021 In thousands of USD Accumulated tax Accumulated tax Accumulated tax Country Duration Rate loss [gross] loss [gross] loss [gross] Germany ** Indefinite 30.2 % * (10,050) (32,175) (37,933) Morocco 4 years 31.0 % (28,421) (34,512) (29,580) Egypt 5 years 22.5 % (101,101) (132,244) (151,823) Nigeria Indefinite 30.0 % (228,205) (248,166) (269,961) South Africa Indefinite 28.0 % (38,498) (46,853) (49,591) Kenya 10 Years 30.0 % (72,687) (78,780) (87,785) Ivory Coast 5 years 25.0 % (30,286) (34,309) (34,784) Ghana 3 years 25.0 % (11,045) (10,124) (9,560) Other N/A N/A (71,584) (57,191) (67,864) Total (591,877) (674,354) (738,881) * In Germany, the calculation of current tax is based on a combined tax rate of 30.2%, consisting of a corporate income tax rate of 15.8% and a trade tax rate of 14.4%. ** Accumulated tax losses related to Trade Tax amount to USD 64,276 thousand as of December 31, 2021, not included in the table above. Various tax rules may limit the use of the tax losses above. No deferred tax asset has generally been recognized in respect of the tax losses as the latter may either be time barred at the time when they could have otherwise offset taxable profits, may be subject to limitations as to their use, or there is no tax opportunity or other evidence of recoverability within a short timeline. This general principle is subject to a few exceptions disclosed in Note 9. |
Earnings per share
Earnings per share | 12 Months Ended |
Dec. 31, 2021 | |
Earnings per share | |
Earnings per share | 30 Earnings Basic EPS is calculated by dividing the loss for the year attributable to ordinary equity holders of the parent by the weighted average number of ordinary shares outstanding during the year. Diluted EPS is calculated by dividing the loss attributable to ordinary equity holders of the parent by the weighted average number of ordinary shares and excludes all potential shares outstanding during the year, as their inclusion would be anti-dilutive. The Group potential shares consist of incremental shares issuable upon the assumed exercise of share options and the incremental shares issuable upon the assumed vesting of unvested share awards. The following table reflects the loss and share data used in the basic and diluted EPS calculations: For the year ended December 31, In thousands of USD 2019 2020 2021 Numerator Loss for the period (254,177) (183,718) (226,905) Less: net loss attributable to non-controlling interest (422) (36) (40) Loss attributable to Equity of the Company (253,755) (183,682) (226,865) Denominator Weighted average number of shares for basic and diluted EPS 140,655,697 160,697,588 193,835,475 Loss per share - basic and diluted (1.80) (1.14) (1.17) Potential dilutive securities that are not included in the diluted per share calculations because they would be anti-dilutive are as follows: For the year ended December 31, 2019 2020 2021 Share Options 8,004,121 5,252,152 2,070,033 |
Transactions and balances with
Transactions and balances with related parties | 12 Months Ended |
Dec. 31, 2021 | |
Transactions and balances with related parties | |
Transactions and balances with related parties | 31 Transactions and balances with related parties Terms and conditions of transactions with related parties The following is a description of related party transactions the Group has entered into since January 1, 2019, with members of our supervisory or management board, executive officers or holders of more than 10% of any class of our voting securities. 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 December 31, 2020 and December 31, 2021. 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 year ended December 31, 2020, the expenses incurred with MTN amounted to USD 251 thousand (December 31, 2019: USD 535 thousand). 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 year ended December 31, 2020 to USD 1,097 thousand, which have all 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 twelve months ended December 31, 2019 to USD 996 thousand, 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 year ended December 31, In thousands of USD 2019 2020 2021 Short-term employee benefits 8,995 3,634 4,236 Other benefits 53 53 81 Share-based compensation 15,415 15,445 9,299 Total 24,463 19,132 13,616 See Note 17 for additional information regarding the share-based compensation plans. |
Fair Values of Financial Instru
Fair Values of Financial Instruments | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of detailed information about financial instruments [abstract] | |
Fair Values of Financial Instruments | 32 Fair Values of Financial Instruments Financial instruments comprise of financial assets and financial liabilities. Financial assets consist of bank balances and cash, other financial investments, trade receivables and receivables due from related parties. Financial liabilities consist of trade payables and payables due to related parties. Management considers that the carrying amounts of financial assets measured at amortized cost, and financial liabilities in the financial statements approximate their fair values. Financial investments measured at fair value As of December 31, 2021 other financial assets were measured using as inputs quoted prices in an active market, corresponding to the Level 1 of the fair value hierarchy of IFRS 13. When transfers into and out of fair value hierarchy levels are required, it is the Group's policy to transfer the amounts at the end of the reporting period. Amounts of other financial assets corresponding to the Level 1 of the fair value hierarchy are transferred to Level 2 when quoted prices cease to be available. Level 2 measurements of fair value are determined by maximizing the use of market data other than the quoted price, such as interest rate yield curves and publicly available credit ratings. Conversely, amounts of other financial assets corresponding to the Level 2 are transferred to Level 1 when quoted prices become available. |
Financial risk management objec
Financial risk management objectives and policies | 12 Months Ended |
Dec. 31, 2021 | |
Financial risk management objectives and policies | |
Financial risk management objectives and policies | 33 Financial risk management objectives and policies The Group is exposed to market risk, credit risk and liquidity risk. The risks are monitored by appropriate management at each level. The Group’s financial risk activities are governed by appropriate policies and procedures, and financial risks are identified, measured and managed in accordance with the Group’s policies. The Supervisory Board reviews and approves the policies for managing each of these risks, which are summarized below. Market risk Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market prices. The Group’s market risk relates to foreign currency risks. Financial instruments affected by foreign currency risk include cash and cash equivalents, trade and other receivables and trade and other payables. The Group does not hedge its foreign currency risk. Foreign currency risk Currency risk is the risk that the fair value of financial assets or financial liabilities held in foreign currency or future cash flows of a financial instrument will fluctuate because of changes in foreign exchange rates. Due to its international business activities, the Group is exposed to the risk of changes in foreign exchange rates in connection with trade payables and trade receivables resulting from purchase and sales transactions denominated in a different currency from the functional currency of the respective operation as well as intercompany financing. However, the Group maintains an effective natural hedge across most of the Group’s cash flows as the Group’s revenue streams are generated in local currencies matched by Group’s costs mostly incurred in the respective local currencies. In respect of currency risk, management sets limits on the level of exposure by currency and in total. The positions are monitored monthly. The Group does not use derivatives as hedging instruments to limit its exposure from foreign currency risks. Foreign currency sensitivity As of December 31, 2021, if the EUR or USD had strengthened/ weakened or The following tables demonstrate the sensitivity to a reasonably possible change in Euros and US dollars and major currencies to which the Group is exposed (EUR, XOF, KES, MAD, NGN, DZD, GHS, UGX, ZAR, EGP, TND), with all other variables held constant. The Group’s exposure to foreign currency changes for all other currencies is not material. The Group assessed a possible change change change change Effect on Effect on In thousands of USD pre-tax equity profit before tax Change in EUR/USD 10 % 97,785 1,528 (10) % (97,785) (1,528) Change in EUR/KES 5 % (5,375) 37 (5) % 5,375 (37) Change in EUR/MAD 5 % (5,923) (117) (5) % 5,923 117 Change in EUR/NGN 5 % (14,007) (191) (5) % 14,007 191 Change in EUR/DZD 5 % (1,377) (4) (5) % 1,377 4 Change in EUR/GHS 5 % (993) (6) (5) % 993 6 Change in EUR/UGX 10 % (3,098) (51) (10) % 3,098 51 Change in EUR/ZAR 5 % (835) (2) (5) % 835 2 Change in EUR/EGP 10 % (17,136) 26 (10) % 17,136 (26) Change in EUR/TND 5 % (671) (12) (5) % 671 12 Effect on Effect on In thousands of USD pre-tax equity profit before tax Change in USD/XOF 10 % (818) 4 (10) % 818 (4) Change in USD/KES 5 % (528) 71 (5) % 528 (71) Change in USD/MAD 5 % (498) (43) (5) % 498 43 Change in USD/NGN 10 % (2,167) (315) (10) % 2,167 315 Change in USD/DZD 5 % (213) — (5) % 213 — Change in USD/GHS 5 % (141) 9 (5) % 141 (9) Change in USD/UGX 5 % (297) (6) (5) % 297 6 Change in USD/ZAR 10 % (251) 8 (10) % 251 (8) Change in USD/EGP 5 % (987) 137 (5) % 987 (137) Change in USD/TND 10 % (359) 1 (10) % 359 (1) Credit risk Credit risk is the risk that a counterparty will not meet its obligations under a financial instrument or customer contract, leading to a financial loss. The Group is exposed to credit risk from its operating activities (primarily trade receivables) and from its financing activities, including deposits with banks and financial institutions, financial investments in bonds and ETF funds, and foreign exchange transactions. Trade receivables As of December 31, 2021, the Group has as an allowance for uncollectible receivables of USD 8,980 thousand (2020: USD 9,885 thousand) as set out in the Note 13. Additionally, the Group has as an allowance for uncollectible other receivables of USD 375 thousand (2020: USD 723 thousand). The Group evaluates this risk based on known troubled accounts, historical experience of losses incurred and also detailed analysis of the credit worthiness of the consumers at each reporting date. The Group follows risk control procedures to assess the credit quality of the customers taking into account their financial position, past experience and other factors. The compliance with credit limits by corporate customers is regularly monitored by management. Sales to retail consumers are required to be settled in cash or using major credit cards, mitigating credit risk. There are no significant concentrations of credit risk, whether through exposure to Individual consumers, specific industry sectors and/or regions. The Group applies the IFRS 9 simplified approach to measuring expected credit losses (ECL) which uses a lifetime expected loss allowance for all trade receivables. The estimated ECL are calculated based on actual credit loss experience over a period that, per business, countries and type of customers, is considered statistically relevant and representative of the specific characteristics of the underlying credit risk. Using the practical expedient that is allowed by the standard, the Group has established provision matrices that are based on its historical credit loss experience for the previous years, adjusted for non-recurring events and for forward-looking factors per country which incorporated several macroeconomic elements such as the countries’ GDP and unemployment rates. The expected loss rates are reviewed annually, or when there is a significant change in external factors potentially impacting credit risk, and are updated where management’s expectations of credit losses change. During 2021, certain Group entities (namely, among others, Ecart Internet Services Nigeria Limited, Ecart Services Morocco, Jade E-Services Senegal SARL and Jade E-Services Ghana Ltd.) entered into account compensation and settlement agreements with certain international marketplace vendors. Therefore, the Group has offset associated trade receivables and payables for an amount of USD 317 thousand as of December 31, 2021. (2020: USD 1,106 thousand). The Group does not hold collateral as security. The Group evaluates the concentration of risk with respect to trade receivables and contract assets as low, as its customers are located in several jurisdictions and industries and operate in largely independent markets. Cash deposits Credit risk from balances with banks and financial institutions is managed by the Group’s treasury department in accordance with the Group’s policy. The Group’s maximum exposure to credit risk for the components of the statement of financial position as of December 31, 2020 and 2021 is the carrying amount as illustrated in cash and cash equivalents in the consolidated statement of financial position. The expected credit losses (“ECL”) from cash and cash equivalents, are estimated by the Group as immaterial as of December 31, 2019, 2020 and 2021. The Group considers cash deposits are in default when contractual payments are 90 days past due. However, in certain cases, the Group may also consider a financial asset to be in default when internal or external information indicates that the Group is unlikely to receive the outstanding contractual amounts in full before taking into account any credit enhancements held by the Group. Cash deposits are written off when there is no reasonable expectation of recovering the contractual cash flows. A substantial part of the Group’s cash deposit balances is 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. Other financial assets The Group’s maximum exposure to credit risk for other financial assets of December 31, 2021 is the respective carrying amount. As of December 31, 2021, all of the Group’s debt investments measured at fair value through other comprehensive income are considered to have low credit risk (stage 1 of the 3-stage model), and the loss allowance recognized during the period was therefore limited to expected credit losses for 12 months. Management considers ‘low credit risk’ for listed bonds to be an investment grade credit rating by a major rating agency. The Group considers that credit risk increases significantly if the credit rating deteriorates to a non-investment grade rating. The probability of default (PD) and loss given default (LGD) are determined for the investments on an individual basis, using available public corporate PD and LGD assessments of the securities performed by credit rating agencies, which incorporate both historical and forward-looking information, according to market standards. Forward-looking information includes credit rating outlooks and economic forecast measured using country GDP and CDS. Liquidity risk The primary objective of the Group’s liquidity and capital management is to monitor the availability of cash and other financial assets and capital in order to support its business expansion and growth. The Group manages its liquidity and capital structure with reference to economic conditions, performance of its local operations and local regulations. Funding is managed by a central treasury department that monitors the amounts of funds to be granted according to management and Shareholder approval. All funding follows strict operational and legal monitoring executed by the treasury and legal departments. During 2019, the Group has secured funding relating to the entry of a new investor in January 2019 and the Initial Public Offering (IPO) with concurrent private placement in April 2019. We received approximately USD 280 million in net proceeds from our initial public offering and additional capital in the aggregate amount of USD 86 million from Pernod Ricard Deutschland GmbH. Most of this funding is transferred to operating entities in the form of loans which are eliminated in consolidation. In December 2020, the Group completed an equity offering. Proceeds from the offering, net of commissions and expenses, were approximately USD 231 million. During March 2021, the Group raised additional equity funding with proceeds, net of commissions and expenses, of USD 341 million. As all funding has been exclusively obtained from the shareholders and there are no external borrowings, the Group does not incur any interest rate risk. Based on the cash flow forecast for 2022, the Group has sufficient liquidity as of December 31, 2021 for the next twelve months. |
Commitments and contingencies
Commitments and contingencies | 12 Months Ended |
Dec. 31, 2021 | |
Commitments and contingencies | |
Commitments and contingencies | 34 Commitments and contingencies Tax contingencies The Group has contingent liabilities related to potential tax claims arising in the ordinary course of business. As of December 31, 2021, 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 December 31, 2021, the Group has accrued for net tax provisions (excluding Uncertainty over Income Tax payables in accordance with IFRIC 23 interpretation) in the amount of USD 34,221 thousand (2020: USD 36,827 thousand) as a result of the assessment of potential exposures due to uncertain tax positions as well as pending and resolved matters with the relevant tax authorities (Note 21). Additionally, as of December 31, 2021 Uncertainty over Income Tax payables in accordance with IFRIC 23 interpretation amounts to USD 12,833 thousand (2020: USD 13,682 thousand) 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 USD 12,410 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. Guarantees The Group has other commitments such as bank guarantees issued. As of December 31, 2021 The Group bank guarantees amount to USD 1,221 thousand (December 31, 2020: USD 1,055 thousand). Legal Proceedings with shareholders Since May 2019, several putative class action lawsuits had been filed in the U.S. District Court for the Southern District of New York and the New York County Supreme Court against the company, certain of its management and supervisory board members, the underwriters of its IPO, its U.S. representative and, in New York State court, its auditor. 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, we reached an agreement to fully resolve all of the actions, subject to conditions including court approval. Under this agreement, in which the defendants do not admit any liability or wrongdoing, Jumia made a settlement payment of USD 5 million on January 18, 2021, USD 1 million of which was funded by insurance coverage proceeds received on January 13, 2021. The settlement amounts were paid into an escrow account in January 2021. No shareholders had filed objections to the settlements. Lease commitments As disclosed in Note 19, the Group was committed to short term leases which at December 31, 2021 amounts to USD 1,044 thousand (2020: USD 759 thousand). Other commitments The Group has committed to pay USD 23 million to a service supplier, of which USD 21 million will be paid upfront. Of the USD 21 million, the Group has paid USD 7 million as at December 31, 2021, USD 7 million in January 2022 and will pay the same amount in January 2023. Others The Group is involved in several ongoing cases with suppliers and employees. The Group continuously reviews and assesses these claims and records provisions based on management judgments and estimates from consultant at each reporting date. When assessing the possible outcomes of legal claims and contingencies, the Group takes into consideration the advice of the legal counsel, which are based on the best of their professional judgment and take into consideration the current stage of the proceedings and legal experience accumulated with respect to the various matters. As the results of the claims may ultimately be determined by courts, or otherwise settled, they may be different from such estimates. |
Subsequent events
Subsequent events | 12 Months Ended |
Dec. 31, 2021 | |
Subsequent events | |
Subsequent events | 35 Subsequent events The recent outbreak of coronavirus (“COVID-19”) in China has resulted in the lockdown of several cities. As a growing percentage of our revenue stems from cross-border sales, import restrictions or delays in obtaining required customs clearances, with respect to goods imported from China, could negatively impact our global business and results of operations in future reporting periods. As COVID-19 outbreaks continue to surge, the potential impacts to our business are uncertain and difficult to assess. The recent Ukraine and Russia war has exacerbated the inflationary pressure and currency devaluations with notable exposures in a number of African countries such as Egypt that are dependent on the agricultural product imports from Russia and/or Ukraine. Currency volatility and high inflation in any of the countries in which we operate could increase the cost of goods to our third-party sellers while decreasing the purchasing power of our consumers. If sellers are unable to pass along price increases to consumers, we could lose sellers from our marketplace. Similarly, if consumers are unwilling to pay higher prices, we could lose consumers. As these events evolve, the potential impacts to our business are uncertain and difficult to assess. In early 2022, we experienced a cybersecurity incident in which an unauthorized third-party gained access to limited data within Jumia’s information technology systems. We are still investigating but we currently believe that the data accessed was not particularly sensitive. Our operations have not been impacted and we have taken remedial measures to contain the incident. There can, however, be no assurance about the full extent of the breach until we have finalized our assessment. |
Summary of significant accoun_2
Summary of significant accounting policies (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
Summary of significant accounting policies | |
Basis of preparation | a) Basis of preparation The consolidated financial statements of the Group (“consolidated financial statements”) have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the IASB. The consolidated financial statements have been prepared on a historical cost basis except for any financial assets or liabilities and share based compensation plan, which have been measured at fair value. The consolidated financial statements are presented in US dollars and all values are rounded to the nearest thousand ($000), except when otherwise indicated. The change in the functional currency of certain Group entities and the change in presentation currency from EUR to USD are discussed in Note 4). The Group applied the change to USD presentation currency retrospectively and restated the comparative financial information for the relevant periods as if the new presentation currency had always been the Group’s presentation currency. |
Basis of consolidation | b) Basis of consolidation The consolidated financial statements comprise the financial statements of the Company and its subsidiaries. The financial statements of the subsidiaries are prepared for the same reporting year as the Company, using consistent accounting policies. Subsidiaries are those investees that the Group controls because the Group (i) has power to direct relevant activities of the investees that significantly affect their returns, (ii) has exposure, or rights, to variable returns from its involvement with the investees, and (iii) has the ability to use its power over the investees to affect the amount of investor’s returns. The existence and effect of substantive rights, including substantive potential voting rights, are considered when assessing whether the Group has power over another entity. For a right to be substantive, the holder must have practical ability to exercise that right when decisions about the direction of the relevant activities of the investee need to be made. The Group may have power over an investee even when it holds less than majority of voting power in an investee. In such a case, the Group assesses the size of its voting rights relative to the size and dispersion of holdings of the other vote holders to determine if it has de-facto power over the investee. Protective rights of other investors, such as those that relate to fundamental changes of investee’s activities or apply only in exceptional circumstances, do not prevent the Group from controlling an investee. The Group re-assesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control. Consolidation of a subsidiary begins when the Group obtains control over the subsidiary and ceases when the Group loses control of the subsidiary. Assets, liabilities, revenue and expense of a subsidiary acquired or disposed of during the year are included in the consolidated financial statements from the date the Group gains control until the date the Group ceases to control the subsidiary. A change in the ownership interest of a subsidiary, without a loss of control, is accounted for as an equity transaction. If the Group loses control over a subsidiary, it derecognizes the related assets, liabilities, non-controlling interest and other components of equity, while any resultant gain or loss is recognized in profit or loss. As of December 31, 2019, 2020 and 2021, the Group consolidated 71, 66 and 66 subsidiaries, respectively. |
Current versus non-current classification | c) Current versus non-current classification The Company presents assets and liabilities in the consolidated statement of financial position based on current/non-current classification. An asset is current when it is expected to be realized or intended to be sold or consumed in the normal operating cycle, held primarily for the purpose of trading or expected to be realized within twelve months after the reporting period. Cash and cash equivalents are presented as current unless restricted from being exchanged or used to settle a liability for at least twelve months after the reporting period. All other assets are classified as non-current. A liability is current when it is expected to be settled in the normal operating cycle, it is held primarily for the purpose of trading, it is due to be settled within twelve months after the reporting period, or there is no unconditional right to defer the settlement of the liability for at least twelve months after the reporting period. All other liabilities as non-current. |
Property and equipment | d) Property and equipment Property and equipment are stated at cost less accumulated depreciation and any impairment losses. Costs of minor repairs and maintenance are expensed when incurred. The cost of replacing major parts or components of property and equipment items are capitalized and the replaced part is written off. Whenever events or changes in market conditions indicate a risk of impairment of property and equipment, management estimates the recoverable amount, which is determined as the higher of an asset’s fair value less costs to sell and its value in use. The carrying amount is reduced to the recoverable amount and the impairment loss is recognized in profit or loss for the year. Depreciation on items of property and equipment is calculated using the straight-line method over their estimated useful lives, as follows: Useful life in years Buildings Up to 40 Transportation equipment 5 to 8 Technical equipment and machinery 3 to 10 Furniture and office equipment 5 to 15 Leasehold improvements Shorter of useful life and the term of the underlying lease The assets’ useful lives are reviewed, and adjusted if appropriate, at the end of each reporting period. A recognized item of property and equipment and any significant part derecognized upon disposal (i.e., at the date the recipient obtains control) or when no future economic benefits are expected from its use or disposal. Any gain or loss arising on derecognition of the asset (calculated as the difference between the net disposal proceeds and the carrying amount of the asset) is included in the statement of operations when the asset is derecognized. |
Leases | e) Leases The Group assesses at contract inception whether a contract is, or contains, a lease. That is, if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. The Group only acts as a lessee. Group as a lessee The Group applies a single recognition and measurement approach for all leases, except for short-term leases and leases of low-value assets. The Group recognizes lease liabilities to make lease payments and right-of-use assets representing the right to use the underlying assets. Right-of-use assets The Group recognizes right-of-use assets at the commencement date of the lease (i.e., the date the underlying asset is available for use). Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities. The cost of right-of-use assets includes the amount of lease liabilities recognized, initial direct costs incurred, and lease payments made at or before the commencement date less any lease incentives received. Right-of-use assets are recognized in the statement of financial position as “Property and equipment” and are depreciated on a straight-line basis over the shorter of the lease term and the estimated useful lives of the assets, as follows: ● Offices and Warehouses - 2 to 10 years ● Motor vehicles and other equipment 2 to 6 years Lease liabilities At the commencement date of the lease, the Group recognizes lease liabilities measured at the present value of lease payments to be made over the lease term. The lease payments include fixed payments (including, in substance fixed payments) less any lease incentives receivable, variable lease payments that depend on an index or a rate, and amounts expected to be paid under residual value guarantees. The lease payments also include the exercise price of a purchase option reasonably certain to be exercised by the Group and payments of penalties for terminating the lease, if the lease term reflects the Group exercising the option to terminate. In calculating the present value of lease payments, the Group uses its incremental borrowing rate at the lease commencement date because the interest rate implicit in the lease is not readily determinable. After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a modification, a change in the lease term, a change in the lease payments (e.g., changes to future payments resulting from a change in an index or rate used to determine such lease payments) or a change in the assessment of an option to purchase the underlying asset. Short-term leases and leases of low-value assets The Group applies the short-term lease recognition exemption to its short-term leases of machinery and equipment (i.e., those leases that have a lease term of 12 months or less from the commencement date and do not contain a purchase option). It also applies the lease of low-value assets recognition exemption to leases of office equipment that are considered to be low value. Lease payments on short-term leases and leases of low value assets are recognized as expense on a straight-line basis over the lease term. Lease expenses are primarily classified as ‘General and administrative expense’. |
Intangible assets | f) Intangible assets The Group’s intangible assets have definite useful lives and primarily include capitalized software licenses. Following initial recognition, intangible assets are carried at cost less any accumulated amortization and impairment losses. Acquired software licenses and patents are capitalized on the basis of the costs incurred to acquire and bring them to use. Intangible assets are amortized using the straight-line method over their useful lives: Useful life in years Acquired software licenses 1 to 3 The amortization expense on intangible assets is recognized in the statement of operations in the expense category that is consistent with the function of the intangible assets. If impaired, the carrying amount of intangible assets is written down to the higher of value-in-use and fair value less costs to sell. |
Financial instruments - initial recognition and subsequent measurement | g) Financial instruments – initial recognition and subsequent measurement A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity. Financial assets The Group has financial assets in the form of bank deposits, trade notes and accounts receivable and other receivables, and financial investments included in the item “Term deposits and other financial assets”. Initial recognition and subsequent measurement With the exception of trade receivables that do not contain a significant financing component, the Group initially measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss, transaction costs. Trade receivables that do not contain a significant financing component are measured at the transaction price determined under IFRS 15. Trade receivable are subsequently measured at amortized cost using the effective interest rate method. The classification of financial assets that are debt instruments at initial recognition depends on the financial asset’s contractual cash flow characteristics and the Group’s business model for managing them. Contractual cash flows arising from the financial assets are assessed by the Group as to whether they are ‘solely payments of principal and interest (SPPI)’ on the principal amount outstanding. This assessment is referred to as the SPPI test and is performed at an instrument level. The business model for managing financial assets that are debt instruments is either “hold to collect”, “hold to collect and sell” or other (such as when the asset is held for trading or is otherwise managed on a fair value basis). In order for a financial asset that is a debt instrument to be classified and subsequently measured at amortized cost, contractual cash flows need to arise as SPPI and the business model for the financial asset must be to “hold to collect”. Amortized cost is measured according to effective interest rate method and interest income is recognized in “Finance income”. A financial asset that is a debt instrument is classified and subsequently measured at fair value through other comprehensive income, if arising contractual cash flows are SPPI and the business model for the financial asset is “hold to collect and sell”. Interest income is measured according to effective interest rate method and recognized in “Finance income”. Changes in fair value are recognized in other comprehensive income, and the accumulated amount is presented in the statement of financial position in Other reserves. The fair value reserve is reclassified to profit or loss when the investments are derecognized. Gains and losses upon disposal or maturity are recognized in “Finance income” or “Finance costs”. Changes in the allowance for expected credit losses are recognized in the statement of profit or loss in “Finance income” or “Finance costs”, against the fair value reserve. Investments in debt instruments for which cash flows are not SPPI or for which the business model is “hold to sell” are subsequently measured at fair value through profit or loss. Interest and dividend income are recognized on an accrual basis and presented in “Finance income”. Changes in fair value are recognized in the statement of profit or loss in “Finance income” or “Finance costs”. Impairment – expected credit losses model Impairment of investments in debt instruments subsequently measured at amortized cost or fair value through comprehensive income, as well as of contract assets within the scope of IFRS 15, is recognized as an expected credit loss allowance against these assets, according to the IFRS 9 3-stage model based on changes in credit quality since initial recognition. A simplified approach is available for trade receivables that do not contain a significant financing component. Stage 1 includes financial instruments that have not had a significant increase in credit risk since initial recognition or that, under the available practical expedient, have low credit risk at the reporting date. For these assets, 12-month expected credit losses are recognized and interest revenue is calculated on their gross carrying amount. Stage 2 includes financial instruments that have had a significant increase in credit risk since initial recognition (except if they have low credit risk at the reporting date) but that do not have objective evidence of impairment. For these assets, the allowance includes lifetime expected credit losses, and interest revenue is calculated on their gross carrying amount. Stage 3 includes financial assets that have objective evidence of impairment at the reporting date. For these assets, the allowance is for lifetime expected credit losses and interest revenue is calculated on their carrying amount (net of the expected credit loss allowance). Impairment – accounts receivable The Group applies the IFRS 9 simplified approach to measuring expected credit losses (ECL) which uses a lifetime expected loss allowance for all trade receivables. The estimated ECL are calculated based on actual credit loss experience over a period that, per business, countries and type of customers, is considered statistically relevant and representative of the specific characteristics of the underlying credit risk. Using the practical expedient that is allowed by the standard, the Group has established provision matrices that are based on its historical credit loss experience for the previous years, adjusted for non-recurring events and for forward-looking factors per country which incorporated several macroeconomic elements such as the countries’ GDP and unemployment rates. The expected loss rates are reviewed annually, or when there is a significant change in external factors potentially impacting credit risk, and are updated where management’s expectations of credit losses change. Default and write-off of financial assets The Group determines the probability of default upon the initial recognition of the asset. However, in certain cases, the Group may also consider a financial asset to be in default when internal or external information indicates that the Group is unlikely to receive the outstanding contractual amounts in full before taking into account any credit enhancements held by the Group. A financial asset is written off when there is no reasonable expectation of recovering the contractual cash flows. Impairment – other financial assets The Group’s maximum exposure to credit risk for other financial assets of December 31, 2020 and 2021 is the respective carrying amount. As of December 31, 2021, all of the Group’s debt investments measured at fair value through other comprehensive income are considered to have low credit risk, and the loss allowance recognized during the period was therefore limited to the expected credit losses for 12 months. Management considers ‘low credit risk’ for listed bonds to be an investment grade credit rating by a major rating agency. The Group considers that credit risk increases significantly if the credit rating deteriorates to a non-investment grade rating. The probability of default (PD) and loss given default (LGD) are determined for the investments on an individual basis, using available public corporate PD and LGD assessments of the securities performed by credit rating agencies, which incorporate both historical and forward-looking information, according to market standards. Forward-looking information includes credit rating outlooks and economic forecast measured using country GDP and CDS. Financial liabilities The Group has financial liabilities in the form of trade and other payables that are initially recognized at fair value which primarily represents the original invoiced amount. They are subsequently measured at amortized cost using the effective interest method. "Interest expense is recognized in “Finance costs”. Trade and other payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A financial liability is derecognized when the obligation under the liability is discharged, cancelled or expired. Offsetting of financial instruments Financial assets and financial liabilities are offset and the net amount is reported in the consolidated statement of financial position if there is a currently enforceable legal right to offset the recognized amounts and there is an intention to settle on a net basis, to realize the assets and settle the liabilities simultaneously. |
Impairment of non-financial assets | h) Impairment of non-financial assets The Group assesses, at each reporting date, whether there is an indication that an asset may be impaired. If any indication exists, or when annual impairment testing for an asset is required, the Group estimates the asset’s recoverable amount. An asset’s recoverable amount is the higher of an asset’s or cash-generating-unit’s (CGU) fair value less costs of disposal and its value-in-use. The recoverable amount is determined for an individual asset, unless the asset does not generate cash inflows that are largely independent of those from other assets or groups of assets. When the carrying amount of an asset or CGU exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable amount. |
Inventories | i) Inventories Inventories are valued at the lower of cost or net realizable value. Cost of inventory is determined on first-in-first out basis (FIFO) method. The cost of inventory includes purchase costs and costs incurred to bring the inventories to their present location and condition. Net realizable value is the estimated selling price in the ordinary course of business, less estimated costs of completion and the estimated costs necessary to make the sale. Impairment losses, if any, due to obsolete materials and slow inventory movement have been deducted from the carrying amount of the inventories. |
Cash and cash equivalents and term deposits | j) Cash and cash equivalents and term deposits Cash and cash equivalents include cash in hand, deposits held at call with banks, and other short-term highly liquid investments with original maturities of three months or less, for which the risk of changes in value is insignificant. Term deposits are deposits placed with banks with an original maturity of more than three months and, therefore, not included as ‘cash and cash equivalents’ in the statements of financial position and consolidated statement of cash flows. |
Value added tax | k) Value added tax Output value added tax (“VAT”) related to sales is payable to tax authorities on the earlier of (a) collection of receivables from consumers or (b) delivery of goods or services to consumers. Input VAT is generally recoverable against output VAT upon receipt of the VAT invoice. VAT related to sales and purchases is recognized in the statement of financial position on a gross basis and disclosed separately as an asset and liability. Where a provision has been made for impairment of receivables, the gross amount of the debtor, including VAT, is provided for. |
Provisions | l) Provisions Provisions are recognized when the Group has a present obligation (legal or constructive) because of a past event, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. When the Group expects some or all provision to be reimbursed, for example, under an insurance contract, the reimbursement is recognized as a separate asset, but only when the reimbursement is virtually certain. The expense relating to a provision is presented in the consolidated statement of operations and comprehensive income (loss) along with any reimbursement. If the effect of the time value of money is material, provisions are discounted using a current pre-tax rate that reflects, when appropriate, the risks specific to the liability. When discounting is used, the increase in the provision due to the passage of time is recognized as a finance cost. |
Foreign currency translation | m) Foreign currency translation Functional and presentation currency Amounts included in the financial statements of each of the Group’s entities are measured using the currency of the primary economic environment in which the entity operates (‘the functional currency’). The consolidated financial statements are presented in US dollars (USD), which is the Group’s presentation currency. The change in the functional currency of certain Group entities and the change in presentation currency are discussed in Note 4. Transactions and balances Transactions in foreign currencies are initially recorded by the Group’s entities at the prior month’s closing foreign exchange rate (unless this is not a reasonable approximation of the cumulative effect of the rates prevailing on the transaction dates, in which case income and expenses are translated at the rates on the dates of the transactions). Monetary assets and liabilities denominated in foreign currencies are translated at the functional currency spot rates of exchange at the reporting date. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognized in the statement of operations within finance costs and finance income. The Group considers that monetary long-term receivables from or loans to a foreign operation for which settlement is neither planned nor likely to occur in the foreseeable future is, in substance, a part of the entity’s net investment in that foreign operation. The related foreign exchange differences and income tax effect of the foreign exchange differences are included in the exchange difference on net investment in foreign operations within equity. In case of repayment, the Group has elected to maintain exchange differences in equity until disposal of the foreign operation. On disposal of a foreign operation, the deferred cumulative amount recognized in equity relating to that particular foreign operation is reclassified to the consolidated statement of operations and comprehensive income (loss). The following tables present currency translation rates against the US dollars for the Group’s most significant operations. Year Ended December 31, 2019 Country Currency Average Rate Period-end Rate Algeria Algerian Dinar (DZD) 119.01 118.65 Cameroon CFA Franc BEAC (XAF) 585.99 584.89 Ivory Coast CFA Franc BCEAO (XOF) 585.99 584.89 Egypt Egyptian Pound (EGP) 16.79 16.02 Germany Euro (EUR) 0.89 0.89 Ghana Cedi (Ghana) (GHS) 5.34 5.69 Kenya Kenyan Shilling (KES) 100.96 100.34 Morocco Moroccan Dirham (MAD) 9.55 9.46 Nigeria Naira (NGN) 359.48 361.03 Portugal Euro (EUR) 0.89 0.89 Rwanda Rwanda Franc (RWF) 898.37 929.67 Senegal CFA Franc BCEAO (XOF) 585.99 584.89 South Africa Rand (ZAR) 14.43 14.04 Tunisia Tunisian Dinar (TND) 2.88 2.78 United Republic Of Tanzania Tanzanian Shilling (TZS) 2,299.31 2,281.42 Uganda Uganda Shilling (UGX) 3,676.61 3,637.00 United Arab Emirates UAE Dirham (AED) 3.67 3.67 United States of America US Dollars (USD) 1.00 1.00 Year Ended December 31, 2020 Country Currency Average Rate Period-end Rate Algeria Algerian Dinar (DZD) 126.38 131.70 Cameroon CFA Franc BEAC (XAF) 574.70 534.86 China Yuan Renminbi 6.89 6.53 Ivory Coast CFA Franc BCEAO (XOF) 574.70 534.86 Egypt Egyptian Pound (EGP) 15.77 15.71 Germany Euro (EUR) 0.88 0.82 Ghana Cedi (Ghana) (GHS) 5.72 5.85 Kenya Kenyan Shilling (KES) 105.56 108.14 Morocco Moroccan Dirham (MAD) 9.39 8.80 Nigeria Naira (NGN) 378.28 382.96 Portugal Euro (EUR) 0.88 0.82 Rwanda Rwanda Franc (RWF) 944.47 974.50 Senegal CFA Franc BCEAO (XOF) 574.70 534.86 South Africa Rand (ZAR) 16.44 14.65 Tunisia Tunisian Dinar (TND) 2.78 2.66 United Republic Of Tanzania Tanzanian Shilling (TZS) 2,304.47 2,291.44 Uganda Uganda Shilling (UGX) 3,692.52 3,629.35 United Arab Emirates UAE Dirham (AED) 3.67 3.67 United States of America US Dollars (USD) 1.00 1.00 Year Ended December 31, 2021 Country Currency Average Rate Period-end Rate Algeria Algerian Dinar (DZD) 134.56 138.50 Cameroon CFA Franc BEAC (XAF) 554.72 578.23 China Yuan Renminbi 6.45 6.36 Ivory Coast CFA Franc BCEAO (XOF) 554.72 578.23 Egypt Egyptian Pound (EGP) 15.67 15.68 Ghana Cedi (Ghana) (GHS) 5.90 6.13 Kenya Kenyan Shilling (KES) 108.79 112.25 Morocco Moroccan Dirham (MAD) 8.90 9.16 Nigeria Naira (NGN) 399.35 410.97 Portugal Euro (EUR) 0.85 0.88 Rwanda Rwanda Franc (RWF) 986.02 1,016.15 Senegal CFA Franc BCEAO (XOF) 554.72 578.23 South Africa Rand (ZAR) 14.78 15.92 Tunisia Tunisian Dinar (TND) 2.75 2.87 United Republic Of Tanzania Tanzanian Shilling (TZS) 2,307.88 2,296.51 Uganda Uganda Shilling (UGX) 3,567.41 3,526.41 United Arab Emirates UAE Dirham (AED) 3.67 3.67 United States of America US Dollars (USD) 1.00 1.00 Translation into presentation currency On consolidation, the results and financial position of all the Group entities that have a functional currency different from the presentation currency are translated into the presentation currency as follows: i. Assets and liabilities for each statement of financial position presented are translated at the closing rate at the date of that statement of financial position; ii. Income and expense for each item of the statement of comprehensive income (loss) are translated at average exchange rates; All resulting exchange differences arising on translation for consolidation are recognized in other comprehensive income. |
Revenue from contracts with customers | n) Revenue from contracts with customers The Group generates revenue primarily from commissions, sale of goods, fulfillment, marketing and advertising and provision of other services. Revenue from contracts with customers is recognized when control of the goods or services are transferred to the customer at an amount that reflects the consideration to which the Group expects to be entitled in exchange for those goods or services. The Group evaluates if it is a principal or an agent in a transaction to determine whether revenue should be recorded on a gross or a net basis, which requires Management judgment. In performing their analysis, the Group considers first whether it controls the goods before they are transferred to the customers and if it has the ability to direct the use of the goods or obtain benefits from them. The Group also considers the following indicators: - - When the Group is primarily obliged in a transaction, subject to inventory risk, has, or has several but not all of the indicators, the Group acts as principal and revenue is recorded on a gross basis. When the Group is not the primary obligor, does not bear the inventory risk and does not have the ability to establish price, the Group acts as agent and revenue is recorded on a net basis. Revenue recognition policies for each type of revenue stream are as follows: (1) Commissions This revenue is related to the online selling platform which provides sellers the ability to sell goods directly to consumers. In this case, Jumia generates a commission fee (normally a percentage of the selling price) which is based on agreements with the sellers. Jumia’s performance obligation with respect to these transactions is to arrange the transaction through the online platform, however the Group does not have any discretion in setting the price of the goods to be sold, nor does it bear any inventory risk for the goods to be shipped to the customer. As such, the Group is considered to be an agent in these transactions and recognizes revenue on a net basis for the agreed upon commission at the point in time when the goods or services are delivered to the end customer. (2) Sales of goods Revenue from sales of goods relates to transactions where Jumia acts directly as the seller, where it enters into an agreement with a consumer to sell goods. These goods are sold for a fixed price as determined by the Group and the Group bears the obligation to deliver those goods to the consumer. As such, the Group is considered to be the principal in these transactions and recognizes sales on a gross basis for the selling price at the point in time when the goods are delivered to the consumer. The delivery of the goods is not a separate performance obligation, as the consumer cannot benefit from the goods without the delivery, which must be performed by Jumia. Therefore, revenue for goods and delivery are recognized at a point in time. (3) Fulfillment The Group provides certain fulfillment services on its marketplace and generally charges a “delivery fee” to consumers. The Group also provides subscription services to end consumers. The price for fulfillment services is defined at the time of purchase through the Jumia platform, and the Group has unilateral power in establishing these fulfillment services. The Group is therefore the principal in these transactions and fulfillment fees are recognized on a gross basis in revenue. The revenue from fulfillment services is recognized when the goods are delivered to the end customers, except for subscription services where it is recognized over a period of time, generally shorter than one year. (4) Marketing and advertising The Group provides advertising services to vendors and non-vendors, such as performance marketing campaigns, placing banners on the Jumia platform or sending newsletters and notifications. The advertising services are contractually agreed with the advertisers. As Jumia establishes pricing and is primarily obliged to deliver these advertising services, revenue is recognized on a gross basis. The campaigns and banners can be run for a short period as well as be spread over a year and are therefore recognized at a point in time or over the period. (5) Value added services The Group provides other services to sellers for which charge fees such as logistics services, packaging of products ahead of shipment and technical support. As Jumia establishes pricing, revenue is recognized on a gross basis. Revenue for logistics is recognized over the period of storage of the goods while revenue for packaging of products and technical support is recognized when the respective service is completed. Consumer incentives and subsidies The Group grants incentives to its end consumers and subsidies to its marketplace vendors. Incentives to end consumers, which include discounts or vouchers, and marketplace subsidies to vendors are consideration payable to a customer and are recognized as a reduction of revenue. Variable consideration If the consideration in a contract includes a variable amount, the Group estimates the amount of consideration to which it will be entitled in exchange for transferring the goods to the customer. The variable consideration is estimated at contract inception and constrained until it is highly probable that a significant revenue reversal in the amount of cumulative revenue recognized will not occur when the associated uncertainty with the variable consideration is subsequently resolved. The Group uses the expected value method to estimate the variable consideration given the large number of contracts that have similar characteristics. The Group then applies the requirements on constraining estimates of variable consideration in order to determine the amount of variable consideration that can be included in the transaction price and recognized as revenue. A refund liability is recognized for the goods that are expected to be returned (i.e., the amount not included in the transaction price). Cost to obtain a contract The Group pays sales commission or fees to parties for each contract that they obtain. The Group applies the optional practical expedient to immediately expense costs to obtain a contract if the amortization period of the asset that would have been recognized is one year or less. As such, sales commissions and fees are immediately recognized as an expense and included as part of sales and advertising expense. Cost of revenue The Group’s cost of revenue consists primarily of the purchase price of consumer products where we act directly as the seller. Certain expenses associated with third-party sales, such as compensation paid to sellers for lost, damaged or late delivery items, and payment processing expenses for countries where JumiaPay operates are also included in cost of revenue. |
Fulfillment expense | o) Fulfillment expense Fulfillment expense consists of expense related to services of third-party logistics providers, which we refer to as freight and shipping, and expense mainly related to our network of warehouses, including employee benefit expense, which we refer to as fulfillment expense other than freight and shipping. Fulfillment expense other than freight and shipping represents those expenses incurred in operating and staffing our fulfillment and consumer service centers, including expense attributable to procuring, receiving, inspecting, and warehousing inventories and picking, packaging, and preparing consumer orders for shipment, including packaging materials. Lease expenses are primarily classified as “General and administrative expense” . Fulfillment expense also includes expense relating to consumer service operations. |
Sales and advertising expense | p) Sales and advertising expense Sales and advertising expenses represent expenses associated with the promotion of our marketplace and include online and offline marketing expenses, promotion of the brand through traditional media outlets, certain expense related to our consumer acquisition and engagement activities and other expense associated with our market presence. |
Technology and content expense | q) Technology and content expense Technology and content expenses consist principally of research and development activities, including wages and benefits, for employees involved in application, production, maintenance, operation for new and existing goods and services, as well as other technology infrastructure expense. |
General and administrative expense | r) General and administrative expense General and administrative expense contains wages and benefits, including share-based payment expense, of management, seller management expense, commercial development expense, accounting and legal staff expense, consulting expense, audit expense, lease expense, office related utilities expense, insurance expense, tax expense other than income tax, other overheads and other material general expenses. |
Employee benefits | s) Employee benefits Short-term benefits Wages, salaries, paid annual leave and sick leave, bonuses, and other benefits (such as health services) are accrued in the year in which the associated services are rendered by the employees of the Group. |
Share-based compensation | t) Share-based compensation The Group operates share-based payment plans, under which directors and employees receive a compensation in form of equity instruments of the Company or cash for the services provided. Awards are granted with service and/or performance conditions. For equity settled instruments, the total amount to be expensed for services received is determined by reference to the grant date fair value of the share-based payment award made. For share-based payment awards, we analyze whether the exercise price paid (or payable) by a participant, if any, exceeds the market price of the underlying equity instruments at the grant date. Any excess of (i) the estimated market value of the equity instruments and (ii) the exercise price results in share-based payment expense. The share-based payment is expensed on a straight-line basis over the vesting period with a corresponding credit to equity. Management estimates the number of awards that will eventually vest. For awards with graded-vesting features, each instalment of the award is treated as a separate grant (i.e., each instalment is separately expensed over the related vesting period). For equity settled instruments, option awards issued by the Group are initially measured using Black-Scholes valuation model on the grant date and are not subsequently re-measured. Certain of Jumia’s share based compensation transactions are subject to non-market performance targets. Depending on the vesting period and the performance measurement period, performance targets are classified as (i) non-vesting conditions or (ii) non-market performance vesting conditions. For non-vesting condition, the probability of achieving the performance target is included in the computation of the award’s fair value and is not subsequently re-assessed. Non-market performance vesting conditions are not taken into consideration when determining the grant date fair value of an award. Instead, they are taken into consideration when estimating the number of awards that will vest. On a cumulative basis, no amount is recognised for goods or services received where an award does not vest, because a specified non-market vesting condition has not been met. As a result, the IFRS 2 expense can change during the vesting period, depending on changes in expectations. The number of awards, subject to non-vesting performance conditions, that will vest is estimated based on the most likely outcome. For certain share-based compensation transactions the length of the vesting period depends on meeting a certain market condition. A market condition is a performance condition upon which the exercise price, vesting or exercisability of an equity instrument depends/ relates to the market price of the entity’s equity instruments. Where the length of the vesting period depends on when a market performance condition is satisfied, the estimate of the expected length of the vesting period is based on the most likely outcome of the performance condition and is not subsequently revised. When an award is cancelled (other than by forfeiture for failure to satisfy the vesting conditions) during the vesting period, it is treated as an acceleration of vesting, and the entity recognizes immediately the amount that would otherwise have been recognized for services received over the remainder of the vesting period. When an award is surrendered by an employee (other than by forfeiture for failure to satisfy the vesting conditions), it is accounted for as a cancellation. A grant of equity instruments, that is cancelled during the vesting period, is treated as an acceleration of vesting. Jumia recognizes immediately the amount that otherwise would have been recognized for services received over the remainder of the vesting period. When new equity instruments are granted during the vesting period of the currently vesting awards, and on the date that they are granted, they are identified as replacement of the currently vesting awards, they are treated as a modification. The incremental fair value of replacement awards is recognized over its vesting period, and the replaced awards continue to be expensed as scheduled. In case there is modification of awards recognition from equity-settled to cash-settled a liability is recognized based on the fair value of the cash-settled award as at the date of the modification and to the extent to which the vesting period has expired. The entire corresponding debit is taken to equity. For cash-settled share-based payments, a liability is recognized for the goods or services acquired, measured initially at the fair value of goods or services received. At each reporting date until the liability is settled, and at the date of settlement, the fair value of the liability is remeasured, with any changes in fair value recognized in general and administrative expenses. |
Income taxes | u) Income taxes The income tax charge comprises of current tax and deferred tax and is recognized in profit or loss for the year, unless it relates to transactions that are recognized directly in equity. Current taxes are measured at the amount expected to be paid to or recovered from the taxation authorities on the taxable profits or losses based on the prevailing tax rates on the reporting date and any adjustments to taxes payable in previous years. Taxable profits or losses are based on estimates if financial statements are authorized prior to filing relevant tax returns. Management periodically evaluates positions taken in the tax returns with respect to situations in which applicable tax regulations are subject to interpretation and establishes provisions where appropriate. The calculation of deferred taxes is based on the balance sheet liability method that refers to the temporary differences between the tax bases of assets and liabilities and their carrying amounts. The method of calculating deferred taxes depends on how the asset’s carrying amount is expected to be realized and how the liabilities will be paid. However, in accordance with the initial recognition exemption, deferred taxes are not recorded for temporary differences on initial recognition of an asset or a liability in a transaction other than a business combination if the transaction, when initially recorded, affects neither accounting nor taxable profit. Deferred taxes are measured at tax rates enacted or substantively enacted at the end of the reporting period. Deferred tax assets are offset against deferred tax liabilities if the taxes are levied by the same taxation authority and the entity has a legally enforceable right to offset current tax assets against current tax liabilities. Deferred tax assets for deductible temporary differences and tax loss carry forwards are recorded only to the extent that they are believed to be recoverable. |
Segments | v) Segments Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision-maker (CODM), which are the same figures as those presented in the statement of operations. The chief operating decision maker is comprised of two Co-CEOs and the CFO. In the periods presented, the Group had one operating and reportable Revenue For the year ended December 31, In thousands of USD 2019 2020 2021 West Africa (1) 77,148 72,029 83,364 North Africa (2) 64,072 55,330 60,494 East and South Africa (3) 36,760 30,940 32,080 Europe (4) 48 831 329 United Arab Emirates 55 236 1,666 Others 1,457 — 1 Total 179,540 159,366 177,934 Property and equipment As of December 31, In thousands of USD 2020 2021 West Africa (1) 5,313 6,563 North Africa (2) 7,779 8,642 East and South Africa (3) 5,526 4,528 Europe (4) 1,624 1,905 China — 131 United Arab Emirates 66 55 Total 20,308 21,824 (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. (4) Portugal and Germany . |
Summary of significant accoun_3
Summary of significant accounting policies (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Summary of significant accounting policies | |
Summary of useful lives of property and equipment | Useful life in years Buildings Up to 40 Transportation equipment 5 to 8 Technical equipment and machinery 3 to 10 Furniture and office equipment 5 to 15 Leasehold improvements Shorter of useful life and the term of the underlying lease |
Summary of useful lives of intangible assets | Useful life in years Acquired software licenses 1 to 3 |
Summary of currency translation rates against the Euro for the Group's most significant operations | Year Ended December 31, 2019 Country Currency Average Rate Period-end Rate Algeria Algerian Dinar (DZD) 119.01 118.65 Cameroon CFA Franc BEAC (XAF) 585.99 584.89 Ivory Coast CFA Franc BCEAO (XOF) 585.99 584.89 Egypt Egyptian Pound (EGP) 16.79 16.02 Germany Euro (EUR) 0.89 0.89 Ghana Cedi (Ghana) (GHS) 5.34 5.69 Kenya Kenyan Shilling (KES) 100.96 100.34 Morocco Moroccan Dirham (MAD) 9.55 9.46 Nigeria Naira (NGN) 359.48 361.03 Portugal Euro (EUR) 0.89 0.89 Rwanda Rwanda Franc (RWF) 898.37 929.67 Senegal CFA Franc BCEAO (XOF) 585.99 584.89 South Africa Rand (ZAR) 14.43 14.04 Tunisia Tunisian Dinar (TND) 2.88 2.78 United Republic Of Tanzania Tanzanian Shilling (TZS) 2,299.31 2,281.42 Uganda Uganda Shilling (UGX) 3,676.61 3,637.00 United Arab Emirates UAE Dirham (AED) 3.67 3.67 United States of America US Dollars (USD) 1.00 1.00 Year Ended December 31, 2020 Country Currency Average Rate Period-end Rate Algeria Algerian Dinar (DZD) 126.38 131.70 Cameroon CFA Franc BEAC (XAF) 574.70 534.86 China Yuan Renminbi 6.89 6.53 Ivory Coast CFA Franc BCEAO (XOF) 574.70 534.86 Egypt Egyptian Pound (EGP) 15.77 15.71 Germany Euro (EUR) 0.88 0.82 Ghana Cedi (Ghana) (GHS) 5.72 5.85 Kenya Kenyan Shilling (KES) 105.56 108.14 Morocco Moroccan Dirham (MAD) 9.39 8.80 Nigeria Naira (NGN) 378.28 382.96 Portugal Euro (EUR) 0.88 0.82 Rwanda Rwanda Franc (RWF) 944.47 974.50 Senegal CFA Franc BCEAO (XOF) 574.70 534.86 South Africa Rand (ZAR) 16.44 14.65 Tunisia Tunisian Dinar (TND) 2.78 2.66 United Republic Of Tanzania Tanzanian Shilling (TZS) 2,304.47 2,291.44 Uganda Uganda Shilling (UGX) 3,692.52 3,629.35 United Arab Emirates UAE Dirham (AED) 3.67 3.67 United States of America US Dollars (USD) 1.00 1.00 Year Ended December 31, 2021 Country Currency Average Rate Period-end Rate Algeria Algerian Dinar (DZD) 134.56 138.50 Cameroon CFA Franc BEAC (XAF) 554.72 578.23 China Yuan Renminbi 6.45 6.36 Ivory Coast CFA Franc BCEAO (XOF) 554.72 578.23 Egypt Egyptian Pound (EGP) 15.67 15.68 Ghana Cedi (Ghana) (GHS) 5.90 6.13 Kenya Kenyan Shilling (KES) 108.79 112.25 Morocco Moroccan Dirham (MAD) 8.90 9.16 Nigeria Naira (NGN) 399.35 410.97 Portugal Euro (EUR) 0.85 0.88 Rwanda Rwanda Franc (RWF) 986.02 1,016.15 Senegal CFA Franc BCEAO (XOF) 554.72 578.23 South Africa Rand (ZAR) 14.78 15.92 Tunisia Tunisian Dinar (TND) 2.75 2.87 United Republic Of Tanzania Tanzanian Shilling (TZS) 2,307.88 2,296.51 Uganda Uganda Shilling (UGX) 3,567.41 3,526.41 United Arab Emirates UAE Dirham (AED) 3.67 3.67 United States of America US Dollars (USD) 1.00 1.00 |
Schedule of Group's geographical distribution of revenue and property, plant and equipment | Revenue For the year ended December 31, In thousands of USD 2019 2020 2021 West Africa (1) 77,148 72,029 83,364 North Africa (2) 64,072 55,330 60,494 East and South Africa (3) 36,760 30,940 32,080 Europe (4) 48 831 329 United Arab Emirates 55 236 1,666 Others 1,457 — 1 Total 179,540 159,366 177,934 Property and equipment As of December 31, In thousands of USD 2020 2021 West Africa (1) 5,313 6,563 North Africa (2) 7,779 8,642 East and South Africa (3) 5,526 4,528 Europe (4) 1,624 1,905 China — 131 United Arab Emirates 66 55 Total 20,308 21,824 (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. (4) Portugal and Germany |
Change in functional and pres_2
Change in functional and presentation currency (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Change in functional and presentation currency | |
Schedule of Jumia Technologies AG German subsidiaries | Company name Country of incorporation AIH Subholding Nr. 11 UG (haftungsbeschränkt) & Co. KG GERMANY Juwel 193. V V UG (haftungsbeschränkt) & Co. Vierte Verwaltungs KG GERMANY AIH General Merchandise UG (haftungsbeschränkt) & Co. KG GERMANY AIH General Merchandise Nigeria UG (haftungsbeschränkt) & Co. KG GERMANY AIH General Merchandise Kenya UG (haftungsbeschränkt) & Co. KG GERMANY AIH General Merchandise Ivory Coast UG (haftungsbeschränkt) & Co. KG GERMANY AIH General Merchandise Morocco UG (haftungsbeschränkt) & Co. KG GERMANY AIH General Merchandise Algeria UG (haftungsbeschränkt) & Co. KG GERMANY AIH General Merchandise Egypt UG (haftungsbeschränkt) & Co. KG GERMANY AIH General Merchandise Cameroon UG (haftungsbeschränkt) & Co. KG GERMANY AIH Subholding Nr. 8 UG (haftungsbeschränkt) & Co. KG GERMANY Juwel 193. V V UG (haftungsbeschränkt) & Co. Fünfte Verwaltungs KG GERMANY Juwel 193. V V UG (haftungsbeschränkt) & Co. 23. Verwaltungs KG GERMANY Juwel 193. V V UG (haftungsbeschränkt) & Co. 24. Verwaltungs KG GERMANY AIH Subholding Nr. 10 UG (haftungsbeschränkt) & Co. KG GERMANY Juwel 193 V V UG (haftungsbeschränkt) & Co. Zwölfte Verwaltungs KG GERMANY Juwel 193. V V UG (haftungsbeschränkt) GERMANY Juwel 194. V V UG (haftungsbeschränkt) GERMANY Jumia UG (haftungsbeschränkt) & Co. KG GERMANY Juwel 194. V V UG (haftungsbeschränkt) & Co. Erste Verwaltungs KG GERMANY Juwel 193. V V UG (haftungsbeschränkt) & Co. 132. Verwaltungs KG GERMANY AIH General Merchandise Tanzania UG (haftungsbeschränkt) & Co. KG GERMANY Jumia Services GmbH GERMANY Bambino 162. V V UG (haftungsbeschränkt) GERMANY |
Schedule of opening statement of financial position | As of January 1, 2019 As of December 31, 2019 In thousands Restated (USD) Restated (USD) Assets Non-current assets Property and equipment 5,746 19,551 Intangible assets 206 53 Deferred tax assets 200 122 Other non-current assets 1,443 1,691 Total Non-current assets 7,595 21,417 Current assets Inventories 10,789 11,210 Trade and other receivables 14,899 18,995 Income tax receivables 831 813 Other taxes receivable 4,774 6,051 Prepaid expenses 8,451 14,123 Term deposits and other financial assets — 70,005 Cash and cash equivalents 115,165 190,679 Total Current assets 154,909 311,876 Total Assets 162,504 333,293 Equity and Liabilities Equity Share capital 152 175,868 Share premium 967,901 1,141,997 Other reserves 89,348 127,449 Accumulated losses (1,000,216) (1,239,991) Equity attributable to the equity holders of the Company 57,185 205,323 Non-controlling interests (157) (574) Total Equity 57,028 204,749 Liabilities Non-current liabilities Non-current borrowings — 6,871 Provisions for liabilities and other charges 445 253 Deferred income — 1,347 Total Non-current liabilities 445 8,471 Current liabilities Current borrowings — 3,427 Trade and other payables 54,118 63,310 Income tax payables 12,453 11,278 Other taxes payable 8,495 5,014 Provisions for liabilities and other charges 22,536 30,325 Deferred income 7,429 6,719 Total Current liabilities 105,031 120,073 Total Liabilities 105,476 128,544 Total Equity and Liabilities 162,504 333,293 |
Group Information (Tables)
Group Information (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Group Information | |
Summary of interest in subsidiaries | Country of % control Company name incorporation December 31, 2020 December 31, 2021 Principal activities (1) Africa Internet General Trading LLC UAE 100.00 100.00 Services Africa Internet Services SAS FRANCE 100.00 100.00 Not active African Internet Services S.A. ANGOLA 100.00 100.00 Not active AIH General Merchandise Algeria UG (haftungsbeschränkt) & Co. KG GERMANY 100.00 100.00 Holding AIH General Merchandise Cameroon UG (haftungsbeschränkt) & Co. KG GERMANY 100.00 100.00 Holding AIH General Merchandise Egypt UG (haftungsbeschränkt) & Co. KG GERMANY 100.00 100.00 Holding AIH General Merchandise Ivory Coast UG (haftungsbeschränkt) & Co. KG GERMANY 100.00 100.00 Holding AIH General Merchandise Kenya UG (haftungsbeschränkt) & Co. KG GERMANY 100.00 100.00 Holding AIH General Merchandise Morocco UG (haftungsbeschränkt) & Co. KG GERMANY 100.00 100.00 Holding AIH General Merchandise Nigeria UG (haftungsbeschränkt) & Co. KG GERMANY 99.89 99.89 Holding AIH General Merchandise Tanzania UG (haftungsbeschränkt) & Co. KG GERMANY 100.00 100.00 Holding AIH General Merchandise UG (haftungsbeschränkt) & Co. KG GERMANY 100.00 100.00 Holding AIH Subholding Nr. 10 UG (haftungsbeschränkt) & Co. KG GERMANY 100.00 100.00 Holding AIH Subholding Nr. 11 UG (haftungsbeschränkt) & Co. KG GERMANY 100.00 100.00 Holding AIH Subholding Nr. 8 UG (haftungsbeschränkt) & Co. KG GERMANY 100.00 100.00 Holding Atol Internet Services Ltd. MAURITIUS 100.00 - - Atol Internet Serviçes Mozambique Ltd. MOZAMBIQUE 100.00 - - Atol Internet Services Rwanda Ltd. RWANDA 100.00 100.00 JumiaPay Atol Internet Services S.a.r.l. Tunisia TUNISIA 100.00 100.00 Not active Atol Ivory Coast SARL IVORY COAST 100.00 100.00 Not active Atol Services Congo Ltd. CONGO 100.00 - - Atol Services Gabon SARL GABON 100.00 100.00 Not active Atol Technology PLC ETHIOPIA 100.00 100.00 Not active Bambino 162. V V UG (haftungsbeschränkt) GERMANY 100.00 100.00 General Partner Digital Services XLV (GP) S.à r.l. LUXEMBURG 100.00 - - EasyTaxi Egypt EGYPT 100.00 100.00 Not active Ecart Internet Services Nigeria Ltd. NIGERIA 99.89 99.89 Online retailer Ecart Services Algeria SARL ALGERIA 100.00 100.00 Not active Ecart Services Cameroon Ltd. CAMEROON 100.00 100.00 Not active Ecart Services Ghana Ltd. GHANA 100.00 100.00 Not active Ecart Services Ivory Coast SARL IVORY COAST 100.00 100.00 Online retailer Ecart Services Kenya Ltd. KENYA 100.00 100.00 Online retailer Ecart Services Morocco Sarlau MOROCCO 100.00 100.00 Online retailer Ecart Services Tanzania Ltd. TANZANIA 100.00 100.00 Not active Country of % control Company name incorporation December 31, 2020 December 31, 2021 Principal activities (1) Hellopay Africa Integrated Services Ltd. NIGERIA 100.00 100.00 Jumia Pay Jade E-Services Algeria SARL ALGERIA 100.00 100.00 Marketplace Jade E-Services Ghana Ltd. GHANA 100.00 100.00 Online retailer Jade E-Services Kenya Ltd. KENYA 100.00 100.00 Not active Jade E-Services Senegal SARL SENEGAL 100.00 100.00 Online retailer Jade E-Services South Africa Proprietary Ltd. SOUTH AFRICA 100.00 100.00 Online retailer Jade E-Services Tunisia SARL TUNISIA 100.00 100.00 Not active Jade E-Services Uganda Ltd. UGANDA 100.00 100.00 Online retailer Jolali Global Resources Ltd. NIGERIA 99.89 99.89 Not active Jumia Egypt LLC EGYPT 100.00 100.00 Online retailer Jumia Electronic Payment Services S.A.E EGYPT - 100.00 JumiaPay Jumia Eservices SARL TUNISIA 100.00 100.00 Online retailer Jumia for Trading LLC EGYPT 100.00 100.00 Not active Jumia Services FZ-LLC UAE 100.00 100.00 Services Jumia Services GmbH GERMANY 100.00 100.00 Services Jumia Technology Services (Shenzhen) Co., Ltd CHINA 100.00 100.00 Services Jumia Technologies Spain SLU SPAIN - 100.00 Services Jumia Technologies Cote D’Ivoire SARLU IVORY COAST - 100.00 Marketing Services Jumia UG (haftungsbeschränkt) & Co. KG GERMANY 100.00 100.00 Holding Jumia USA LLC USA 100.00 100.00 Services Juwel 193 V V UG (haftungsbeschränkt) & Co. Zwölfte Verwaltungs KG GERMANY 100.00 100.00 Holding Juwel 193. V V UG (haftungsbeschränkt) GERMANY 100.00 100.00 General Partner Juwel 193. V V UG (haftungsbeschränkt) & Co. 132. Verwaltungs KG GERMANY 100.00 100.00 Holding Juwel 193. V V UG (haftungsbeschränkt) & Co. 23. Verwaltungs KG GERMANY 100.00 100.00 Holding Juwel 193. V V UG (haftungsbeschränkt) & Co. 24. Verwaltungs KG GERMANY 100.00 100.00 Holding Juwel 193. V V UG (haftungsbeschränkt) & Co. Fünfte Verwaltungs KG GERMANY 100.00 100.00 Holding Juwel 193. V V UG (haftungsbeschränkt) & Co. Vierte Verwaltungs KG GERMANY 100.00 100.00 Holding Juwel 194. V V UG (haftungsbeschränkt) GERMANY 100.00 100.00 General Partner Juwel 194. V V UG (haftungsbeschränkt) & Co. Erste Verwaltungs KG GERMANY 100.00 100.00 Holding Juwel E-Services Tanzania Ltd. TANZANIA 100.00 100.00 Not active Lendico S.A (PTY) Ltd. SOUTH AFRICA 100.00 100.00 Not active Lipco Internet Services Zimbabwe Ltd. ZIMBABWE 100.00 100.00 Not active Silveroak Internet Services Portugal, Unipessoal Lda PORTUGAL 100.00 100.00 IT Services Jumia Technologies SUARL TUNISIA - 100.00 Services Vamido Global Resources Ltd. NIGERIA 99.89 99.89 Not active (1) Principal activities as of December 31, 2021 |
Material partly-owned subsidi_2
Material partly-owned subsidiaries (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Material Partly-Owned Subsidiaries | |
Schedule of proportion of equity interest held by non-controlling interests | The proportion of equity interest held by non-controlling interests is as follows: Country of incorporation As of December 31, Name and operation 2020 2021 ECART Internet Services Nigeria NIGERIA 0.11 % 0.11 % |
Schedule of net equity attributed to non-controlling interest of material subsidiaries | As of December 31, Name 2020 2021 ECART Internet Services Nigeria (430) (439) Other subsidiaries (17) (15) Total (447) (454) |
Schedule of statutory financial position and comprehensive income of these subsidiaries attributed to non-controlling interests | For the year ended December 31, 2019 Total Comprehensive In thousands of USD Revenue Loss for the year loss of the year ECART Internet Services Nigeria 108 (141) (126) Jumia Egypt LLC 53 (70) (67) ECART services Morocco Sarl 53 (44) (41) ECART services Kenya Limited 23 (38) (36) ECART services Ivory Coast SRL 51 (32) (30) Jade E-Services South Africa PTY Ltd 36 (12) (10) Total 324 (337) (310) |
Property and equipment (Tables)
Property and equipment (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
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 USD Buildings machinery equipment and Warehouse Total Balance as of January 1, 2020 2,947 2,707 13,347 15,817 34,818 Additions and modifications 215 508 1,556 5,730 8,009 Disposals (257) (151) (715) — (1,123) Reclassification 82 (109) 34 — 7 Effect of translation — 36 (30) 210 216 Balance as of December 31, 2020 2,987 2,991 14,192 21,757 41,927 Additions and modifications 381 829 5,957 4,092 11,259 Disposals (540) (344) (1,591) — (2,475) Reclassification (336) 459 (123) — — Effect of translation (103) (202) (819) (1,173) (2,297) Balance as of December 31, 2021 2,389 3,733 17,616 24,676 48,414 Accumulated depreciation Balance as of January 1, 2020 (1,488) (1,242) (7,716) (4,821) (15,267) Depreciation charge (720) (601) (2,722) (5,138) (9,181) Accumulated depreciation on disposals 257 151 712 — 1,120 Lease modifications — — — 1,894 1,894 Reclassification — 12 7 — 19 Effect of translation (18) (21) 32 (197) (204) Balance as of December 31, 2020 (1,969) (1,701) (9,687) (8,262) (21,619) Depreciation charge (402) (834) (2,804) (5,405) (9,445) Accumulated depreciation on disposals 372 457 1,442 — 2,271 Lease modifications — — — 861 861 Reclassification 152 (174) 40 — 18 Effect of translation 77 117 549 581 1,324 Balance as of December 31, 2021 (1,770) (2,135) (10,460) (12,225) (26,590) Carrying amount as of December 31, 2020 1,018 1,290 4,505 13,495 20,308 Carrying amount as of December 31, 2021 619 1,598 7,156 12,451 21,824 |
Schedule of lease liabilities and movements during the period | In thousands of USD Right of use assets Lease Liabilities As at January 1, 2020 10,996 10,298 Additions 5,786 5,821 Depreciation (5,138) — Interest expense — 1,516 Lease modifications 1,838 1,765 Payments — (6,084) Effect of translation 13 72 As at January 1, 2021 13,495 13,388 Additions 3,485 3,427 Depreciation (5,405) — Interest expense — 1,527 Lease modifications 1,468 1,388 Payments — (6,615) Effect of translation (592) (578) As at December 31, 2021 12,451 12,537 |
Schedule of amounts recognized in profit or loss related to right of use assets and leases | In thousands of USD 2019 2020 2021 Depreciation expense of right-of-use assets (5,057) (5,138) (5,405) Interest expense on lease liabilities (1,447) (1,516) (1,527) Expense relating to short-term leases (1,883) (1,549) (1,740) Total amount recognized in profit or loss (8,387) (8,203) (8,672) |
Deferred Tax Assets And Liabi_2
Deferred Tax Assets And Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Net deferred tax assets and liabilities [abstract] | |
Schedule of Deferred Tax Assets And Liabilities | As of December 31, In thousands of USD 2020 Profit / (Loss) Effect of translation 2021 JTAG Investments - Fair Value UBS Loss - P&L — 517 — 517 Tax Losses — 5,791 (8) 5,783 Tax Benefits 125 572 (33) 665 Others — 81 (1) 80 Deferred tax assets offsetting — (6,389) 9 (6,380) Total Deferred tax assets 125 572 (33) 665 As of December 31, In thousands of USD 2020 Profit / (Loss) Effect of translation 2021 Assets depreciation and amortization (61) (415) 18 (458) Unrealized foreign exchange gains - P&L — (5,384) (4) (5,388) Others — (534) 0 (534) Deferred tax liabilities offsetting — 6,421 (40) 6,380 Total Deferred tax liabilities (61) 88 (27) — |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Inventories | |
Schedule of Inventory Components and Movement in the Provision | As of December 31, In thousands of USD 2020 2021 Merchandise available for sale 9,744 12,379 Less: Provision for slow moving and obsolete inventories (1,523) (1,431) Total Inventories 8,221 10,948 In thousands of USD Inventories Provision Balance as of January 1, 2020 1,324 Additions 969 Reversal (432) Use of provision (391) Effect of translation 53 Balance as of December 31, 2020 1,523 Additions 765 Reversal (349) Use of provision (436) Effect of translation (72) Balance as of December 31, 2021 1,431 |
Cash and cash equivalents (Tabl
Cash and cash equivalents (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Cash and cash equivalents | |
Schedule of cash and cash equivalents | As of December 31, In thousands of USD 2020 2021 Cash at bank and in hand 292,139 96,094 Short-term deposits 81,792 20,996 Total Cash and cash equivalents 373,931 117,090 |
Term deposits and other finan_2
Term deposits and other financial assets (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Term Deposits | |
Schedule of term deposits | As of December 31, In thousands of USD 2020 2021 Financial assets at fair value through profit or loss — 198,998 Financial assets at fair value through OCI — 195,722 Short term deposits - banks 1,215 995 Term Deposits and other financial assets 1,215 395,715 |
Schedule of other financial assets | As of December 31, In thousands of USD 2020 2021 Current financial assets measured at fair value through profit or loss — 198,998 Current financial assets measured at fair value through other comprehensive income — 195,722 Other financial assets – current — 394,720 |
Schedule of financial assets at fair value through FVOCI of allowance for ECL of other financial assets | In thousands of USD OCI on financial assets at fair value Balance as of December 31, 2020 — Changes in fair value of financial assets (4,029) Changes in allowance for expected credit losses 88 Changes recognized in other comprehensive income of the period (Note 16) (3,941) Balance as of December 31, 2021 (3,941) |
Schedule of allowance of expected credit losses ("ECL") of other financial assets measured at fair value | In thousands of USD ECL of other financial assets Balance as of December 31, 2020 — Changes recognized in profit or loss as net impairment gains/losses on financial assets at fair value through other comprehensive income (Note 28) 88 Total changes in allowance for expected credit losses 88 Balance as of December 31, 2021 88 |
Trade and other receivables (Ta
Trade and other receivables (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Trade and other receivables | |
Schedule of trade and other receivables | As of December 31, In thousands of USD 2020 2021 Advances to suppliers 782 1,529 Trade notes and accounts receivable 18,043 20,974 Less: Allowance for impairment of trade notes and accounts receivable (9,885) (8,980) Unbilled revenues 756 1,160 Other receivables 4,173 4,042 Less: Allowance for impairment of other receivables (723) (375) Trade and other receivables 13,146 18,350 |
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 USD receivable receivables Balance as of January 1, 2019 9,289 565 Additions 4,965 245 Reversal (147) (35) Use of provision (4,060) (86) Effect of translation (162) 34 Balance as of December 31, 2020 9,885 723 Additions 2,359 107 Reversal (237) (218) Use of provision (2,583) (130) Effect of translation (444) (107) Balance as of December 31, 2021 8,980 375 |
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 USD Total net gross credit losses impaired days days days As of December 31, 2020 8,158 18,043 (9,885) 3,031 3,198 1,218 711 As of December 31, 2021 11,994 20,974 (8,980) 4,102 4,703 502 2,687 |
Share capital and share premi_2
Share capital and share premium (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Share capital and share premium | |
Schedule of share capital structure | Number of shares Class Par value (EUR) Share capital (in thousands of USD) Share premium (in thousands of USD) Total 199,754,122 Ordinary 1 234,154 1,736,469 1,970,623 Total 1 234,154 1,736,469 1,970,623 Number of shares Class Par value (EUR) Share capital (in thousands of USD) Share premium (in thousands of USD) Total 179,259,246 Ordinary 1 219,843 1,478,230 1,698,073 Total 1 219,843 1,478,230 1,698,073 |
Other Reserves (Tables)
Other Reserves (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of reserves within equity [abstract] | |
Schedule of other reserves | Exchange Share-based difference on payment net investment Fair value reserve Currency Total capital in foreign of financial assets translation other In thousands of USD reserves operations at FVOCI adjustment reserves As of January 1, 2019 87,735 (99,485) — 101,098 89,348 Other comprehensive loss — 22,543 — (26,160) (3,617) Total comprehensive loss for the year — 22,543 — (26,160) (3,617) Share-based payments 41,718 — — — 41,718 As of December 31, 2019 129,453 (76,942) — 74,938 127,449 Other comprehensive loss — (84,884) — 95,136 10,252 Total comprehensive loss for the year — (84,884) — 95,136 10,252 Share-based payments 12,681 — — — 12,681 Exercise of options (6,379) — — — (6,379) Capital revaluation (71) (13) — — (84) Change in Non-controlling interests — (63) — 15 (48) As of December 31, 2020 135,684 (161,902) — 170,089 143,871 Other comprehensive loss — (3,554) (3,941) (12,306) (19,801) Total comprehensive loss for the period — (3,554) (3,941) (12,306) (19,801) Share-based payments (Note 17) 43,451 — — — 43,451 Exercise of options (2,846) — — — (2,846) As of December 31, 2021 176,289 (165,456) (3,941) 157,783 164,675 |
Share-based compensation (Table
Share-based compensation (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
SOP 2019 | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Summary of option valuation models | December 31, 2021 Fair value per share (1) USD 5.70 Exercise price per share EUR 1.00 Risk-free interest rate (2) 0% Expected dividend yield (3) 0% Expected life (years) (4) 1.4 years Expected volatility (5) 55% Fair value of options USD 4.57 (1) The Fair value per share is derived from the value of an ADS of Jumia Technologies AG traded on the New York Stock Exchange divided by the conversion ratio of 2 (1 ADS represents 2 shares of Jumia Technologies AG). (2) Risk-free interest rate is based on German government bond yields consistent to the expected life of options, A risk free rate of 0% is considered as a floor (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 minimum waiting period. (5) Expected volatility is assumed based on the historical volatility of comparable companies in the period equal to the expected life of each grant. |
Summary of awards and development during the period | Weighted Weighted average average Weighted remaining exercise average fair Number of life price value SOP 2019 awards (years) (EUR) (USD) Unvested awards outstanding at January 1, 2021 1,448,877 2.4 1.00 7.04 Granted during the period — — — — Exercised during the period — — — — Forfeited during the period (144,073) — — — Cancelled during the period — — — — Vested during the period — — — — Unvested awards outstanding at December 31, 2021 1,304,804 1.4 1.00 6.65 |
SOP 2020 | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Summary of option valuation models | December 31, 2021 Fair value per share (1) USD 5.70 Exercise price per share USD 1.84 Risk-free interest rate (2) 0.4 % Expected dividend yield (3) 0 % Expected life (years) (4) 1.4 Expected volatility (5) 55 % Weighted average of Fair value of Options USD 3.90 (1) The Fair value per share is derived from the value of an ADS of Jumia Technologies AG traded on the New York Stock Exchange divided by the conversion ratio of 2 (1 ADS represents 2 shares of Jumia Technologies AG). (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 minimum waiting period. (5) Expected volatility is assumed based on the historical volatility of comparable companies in the period equal to the expected life of each grant. |
Summary of awards and development during the period | Weighted Weighted average average Weighted remaining exercise average fair Number of life price value awards (years) (USD) (USD) Unvested awards outstanding at January 1, 2021 2,405,833 2.4 1.84 1.72 Granted during the period Granted as a replacement during the period Replaced during the period Forfeited during the period (145,000) Cancelled during the period Vested during the period Unvested awards outstanding at December 31, 2021 (1) 2,260,833 1.4 1.84 2.08 (1) Up to 1,708,907 additional options can be granted under the SOP 2020, if certain profitability conditions are fulfilled. |
SOP 2021 | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Summary of option valuation models | June 10, 2021 Fair value per share (1) USD 14.77 Exercise price per share USD 14.21 Risk-free interest rate (2) 0.46 % Expected dividend yield (3) 0 % Expected life (years) (4) 4 years Expected volatility (5) 50 % Weighted average of Fair value of Options USD 5.91 (1) The Fair value per share is derived from the value of an ADS of Jumia Technologies AG traded on the New York Stock Exchange divided by the conversion ratio of 2 (1 ADS represent 2 shares of Jumia Technologies AG). (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 |
Summary of awards and development during the period | Number of awards Weighted average remaining life (years) Weighted average exercise price (USD) Weighted average fair value (USD) Unvested awards outstanding at January 1, 2021 - - - - Granted during the period 823,458 4.00 14.21 5.91 Granted as a replacement during the period - - - - Replaced during the period - - - - Forfeited during the period - - - - Cancelled during the period - - - - Vested during the period - - - - Unvested awards outstanding at December 31, 2021 823,458 3.40 14.21 5.91 |
Trade and other payables (Table
Trade and other payables (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Trade and other payables [Abstract] | |
Trade and other payables | As of December 31, In thousands of USD 2020 2021 Trade payables 20,390 23,792 Invoices not yet received 17,315 25,824 Accrued employee benefit costs 10,873 12,698 Trade Deposits 502 1,510 Sundry accruals 26,690 13,022 Trade and Other Payables 75,770 76,846 Current 75,770 76,077 Non-current — 769 |
Borrowings (Tables)
Borrowings (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Borrowings. | |
Schedule of lease liabilities | As of December 31, In thousands of USD 2020 2021 Current 3,638 3,906 Non-current 9,750 8,631 Total Lease liabilities 13,388 12,537 |
Schedule of Future minimum lease payments under non-cancellable operating leases | In thousands of USD One to five years More than five years Total Lease liability future payments 8,620 11 8,631 |
Schedule of changes in liabilities arising from financing activities | In thousands of USD January 1, 2020 Additions Payments Reclassification Effect of translation December 31, 2020 Current lease liabilities 3,427 4,090 (6,084) 2,116 89 3,638 Non-current lease liabilities 6,871 5,012 — (2,116) (17) 9,750 Total liabilities from financing activities 10,298 9,102 (6,084) — 72 13,388 In thousands of USD January 1, 2021 Additions Payments Reclassification Effect of translation December 31, 2021 Current lease liabilities 3,638 4,173 (6,615) 2,905 (195) 3,906 Non-current lease liabilities 9,750 2,169 — (2,905) (383) 8,631 Total liabilities from financing activities 13,388 6,342 (6,615) — (578) 12,537 |
Summary of expense relating to payments not included in the measurement of the lease liability | As of December 31, In thousands of USD 2020 2021 Short-term leases 1,549 1,740 Variable lease payments 131 133 Total expense 1,680 1,873 |
Provision for liabilities and o
Provision for liabilities and other charges (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Provisions for liabilities and other charges | |
Schedule of Movements in provisions for liabilities and other charges | Marketplace and consignment Provision for In thousands of USD Tax risks goods other expenses Total Balance as of January 1, 2020 28,979 616 983 30,578 Additions 5,406 573 1,039 7,018 Reversals (191) (237) (215) (643) Use of provision — — (149) (149) Reclassification — — — — Effect of translation 2,633 25 (16) 2,642 Balance as of December 31, 2020 36,827 977 1,642 39,446 Additions 3,010 313 730 4,053 Reversals (3,278) (483) (141) (3,902) Use of provision (319) — (75) (394) Reclassification — 53 (53) — Effect of translation (2,019) (43) (56) (2,118) Balance as of December 31, 2021 34,221 817 2,047 37,085 Current 34,221 817 1,371 36,409 Non-current — — 676 676 |
Revenue (Tables)
Revenue (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Revenue | |
Summary of revenue | For the year ended December 31, In thousands of USD 2019 2020 2021 Sales of goods 90,855 50,426 65,126 Commissions 27,997 39,540 35,345 Fulfillment 30,061 36,992 36,392 Value added services 22,939 21,754 25,665 Marketing and Advertising 6,816 8,799 10,778 Other revenue 872 1,855 4,628 Revenue 179,540 159,366 177,934 |
Fulfillment expense (Tables)
Fulfillment expense (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Fulfillment expense | |
Schedule of fulfillment expense | For the year ended December 31, In thousands of USD 2019 2020 2021 Fulfillment staff costs 23,365 20,041 20,233 Fulfillment centers expense 5,507 4,136 4,978 Freight and shipping expense 57,761 54,937 63,484 Fulfillment expense 86,633 79,114 88,695 |
Sales and advertising expense (
Sales and advertising expense (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Sales and advertising expense | |
Schedule of sales and advertisement expenses | For the year ended December 31, In thousands of USD 2019 2020 2021 Staff costs 9,160 9,717 9,815 Advertising campaigns 48,309 24,765 69,521 Selling expenses 5,238 2,581 2,588 Sales and advertising expense 62,707 37,063 81,924 |
Technology and content expense
Technology and content expense (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Technology and content expense | |
Schedule of Technology and content expense | For the year ended December 31, In thousands of USD 2019 2020 2021 Staff Costs - Technology and content 14,704 15,125 16,355 Technology license and maintenance expenses 15,824 16,656 22,842 Technology and content expense 30,528 31,781 39,197 |
General and administrative ex_2
General and administrative expense (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
General and administrative expense | |
Schedule of General and administrative expense | For the year ended December 31, In thousands of USD 2019 2020 2021 Staff Costs 90,105 66,976 83,549 Occupancy Costs 1,770 1,589 1,740 Professional fees 16,007 12,899 18,250 Travel and entertainment 5,857 1,735 1,910 Office and related expenses 8,388 7,361 7,332 General sub-contracts 5,786 1,611 1,212 Bank fees & payment costs 3,238 1,945 1,691 Bad debt expense / reversal 6,579 5,582 1,711 Tax expenses 12,991 14,747 11,125 Depreciation and amortization 8,851 9,282 9,656 Other general and administrative expense 2,211 8,294 4,589 General and administrative expense 161,783 132,021 142,765 |
Finance income and finance co_2
Finance income and finance costs (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Finance income and finance costs | |
Schedule of finance income and finance costs | For the year ended December 31, In thousands of USD 2019 2020 2021 Foreign exchange gain 2,199 4,736 22,162 Interest and similar income 2,232 884 258 Interest income from financial assets at fair value through OCI — — 2,344 Finance income 4,431 5,620 24,764 Foreign exchange loss 1,415 14,440 7,485 Interest and similar expense 1,469 1,583 1,606 Fair value loss on financial assets at fair value through profit and loss — — 998 Impairment loss on financial assets at fair value through OCI — — 88 Other charges — — 154 Finance costs 2,884 16,023 10,331 |
Income tax (Tables)
Income tax (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Income tax | |
Schedule of income tax payables | As of December 31, In thousands of USD 2020 2021 Income Tax Payables 344 448 Provision for Income Tax 13,682 12,833 Total 14,026 13,281 |
Schedule of reconciliation of tax expense and the accounting profit | For the year ended December 31, In thousands of USD 2019 2020 2021 Loss before income tax (253,534) (180,732) (226,463) Statutory tax rate (1) 27.39 % 27.85 % 24.02 % Expected income tax benefit 69,443 50,342 54,406 Tax effects of: Sundry permanent differences (1,203) 44 632 Equity Transaction costs 1,944 3,549 1,878 Share based payments (11,426) (3,584) (7,520) Tax Expenses (2,141) (2,338) (1,605) Bad debt expense (1,879) (1,379) (439) Management fees (7,414) (5,563) (6,167) Interest expense (296) (439) (1,324) Unrecognized deferred tax asset arising from timing differences relating to: FX unrealized gain/loss (4,816) (1,241) (1,575) Share based payments — (3,403) (443) Tax Expenses (1,252) (751) 277 Sundry temporary differences (3,786) (1,885) (308) Minimum tax (428) (417) (395) Deferred tax not recognized (mainly tax losses carried forward) (37,212) (35,874) (38,707) Deferred tax: relating to origination and reversal of temporary differences and tax losses (177) (47) 848 Income tax expense (643) (2,986) (442) Effective tax rate 0.25 % 1.65 % 0.20 % (1) The Statutory tax rate consists of an average tax rate weighted in proportion to accounting profit(loss) in each geographical territory. |
Schedule of components of income tax expense | For the year ended December 31, In thousands of USD 2019 2020 2021 Current tax (466) (2,939) (1,102) Deferred tax (177) (47) 660 Total Income tax expense (643) (2,986) (442) |
Schedule of tax losses available for offsetting against future taxable profits | Tax losses available for offsetting against future taxable profits were as follows: As of December 31, 2019 2020 2021 In thousands of USD Accumulated tax Accumulated tax Accumulated tax Country Duration Rate loss [gross] loss [gross] loss [gross] Germany ** Indefinite 30.2 % * (10,050) (32,175) (37,933) Morocco 4 years 31.0 % (28,421) (34,512) (29,580) Egypt 5 years 22.5 % (101,101) (132,244) (151,823) Nigeria Indefinite 30.0 % (228,205) (248,166) (269,961) South Africa Indefinite 28.0 % (38,498) (46,853) (49,591) Kenya 10 Years 30.0 % (72,687) (78,780) (87,785) Ivory Coast 5 years 25.0 % (30,286) (34,309) (34,784) Ghana 3 years 25.0 % (11,045) (10,124) (9,560) Other N/A N/A (71,584) (57,191) (67,864) Total (591,877) (674,354) (738,881) * In Germany, the calculation of current tax is based on a combined tax rate of 30.2%, consisting of a corporate income tax rate of 15.8% and a trade tax rate of 14.4%. ** Accumulated tax losses related to Trade Tax amount to USD 64,276 thousand as of December 31, 2021, not included in the table above. |
Earnings per share (Tables)
Earnings per share (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Earnings per share | |
Schedule of income and share data used in the EPS calculations | For the year ended December 31, In thousands of USD 2019 2020 2021 Numerator Loss for the period (254,177) (183,718) (226,905) Less: net loss attributable to non-controlling interest (422) (36) (40) Loss attributable to Equity of the Company (253,755) (183,682) (226,865) Denominator Weighted average number of shares for basic and diluted EPS 140,655,697 160,697,588 193,835,475 Loss per share - basic and diluted (1.80) (1.14) (1.17) |
Schedule of potential dilutive securities | For the year ended December 31, 2019 2020 2021 Share Options 8,004,121 5,252,152 2,070,033 |
Transactions and balances wit_2
Transactions and balances with related parties (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Transactions and balances with related parties | |
Schedule of compensation paid or payable to key management | For the year ended December 31, In thousands of USD 2019 2020 2021 Short-term employee benefits 8,995 3,634 4,236 Other benefits 53 53 81 Share-based compensation 15,415 15,445 9,299 Total 24,463 19,132 13,616 |
Financial risk management obj_2
Financial risk management objectives and policies (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Financial risk management objectives and policies | |
Schedule of Foreign currency sensitivity | Effect on Effect on In thousands of USD pre-tax equity profit before tax Change in EUR/USD 10 % 97,785 1,528 (10) % (97,785) (1,528) Change in EUR/KES 5 % (5,375) 37 (5) % 5,375 (37) Change in EUR/MAD 5 % (5,923) (117) (5) % 5,923 117 Change in EUR/NGN 5 % (14,007) (191) (5) % 14,007 191 Change in EUR/DZD 5 % (1,377) (4) (5) % 1,377 4 Change in EUR/GHS 5 % (993) (6) (5) % 993 6 Change in EUR/UGX 10 % (3,098) (51) (10) % 3,098 51 Change in EUR/ZAR 5 % (835) (2) (5) % 835 2 Change in EUR/EGP 10 % (17,136) 26 (10) % 17,136 (26) Change in EUR/TND 5 % (671) (12) (5) % 671 12 Effect on Effect on In thousands of USD pre-tax equity profit before tax Change in USD/XOF 10 % (818) 4 (10) % 818 (4) Change in USD/KES 5 % (528) 71 (5) % 528 (71) Change in USD/MAD 5 % (498) (43) (5) % 498 43 Change in USD/NGN 10 % (2,167) (315) (10) % 2,167 315 Change in USD/DZD 5 % (213) — (5) % 213 — Change in USD/GHS 5 % (141) 9 (5) % 141 (9) Change in USD/UGX 5 % (297) (6) (5) % 297 6 Change in USD/ZAR 10 % (251) 8 (10) % 251 (8) Change in USD/EGP 5 % (987) 137 (5) % 987 (137) Change in USD/TND 10 % (359) 1 (10) % 359 (1) |
Summary of significant accoun_4
Summary of significant accounting policies - Consolidation (Details) - subsidiary | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Summary of significant accounting policies | |||
Number of subsidiaries consolidated | 66 | 66 | 71 |
Summary of significant accoun_5
Summary of significant accounting policies - PPE, Leases (Details) | 12 Months Ended |
Dec. 31, 2021 | |
Buildings | Maximum | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful life in years | 40 years |
Transportation equipment | Minimum | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful life in years | 5 years |
Transportation equipment | Maximum | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful life in years | 8 years |
Technical equipment and machinery | Minimum | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful life in years | 3 years |
Technical equipment and machinery | Maximum | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful life in years | 10 years |
Furniture and office equipment | Minimum | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful life in years | 5 years |
Furniture and office equipment | Maximum | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful life in years | 15 years |
Right Of Use Assets, Offices And Warehouses [Member] | Minimum | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful life in years | 2 years |
Right Of Use Assets, Offices And Warehouses [Member] | Maximum | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful life in years | 10 years |
Right Of Use Assets, Vehicles And Other Equipment [Member] | Minimum | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful life in years | 2 years |
Right Of Use Assets, Vehicles And Other Equipment [Member] | Maximum | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful life in years | 6 years |
Summary of significant accoun_6
Summary of significant accounting policies - Intangible assets (Details) - Acquired software licenses | 12 Months Ended |
Dec. 31, 2021 | |
Minimum | |
Disclosure of detailed information about intangible assets [line items] | |
Useful life in years | 1 year |
Maximum | |
Disclosure of detailed information about intangible assets [line items] | |
Useful life in years | 3 years |
Summary of significant accoun_7
Summary of significant accounting policies - Foreign currency translation (Details) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Algeria | Algerian Dinar (DZD) | |||
Disclosure Of Summary Of Significant Accounting Policies [Line Items] | |||
Average Rate | 134.56 | 126.38 | 119.01 |
Year-end Rate | 138.50 | 131.70 | 118.65 |
Cameroon | CFA Franc BEAC (XAF) | |||
Disclosure Of Summary Of Significant Accounting Policies [Line Items] | |||
Average Rate | 554.72 | 574.70 | 585.99 |
Year-end Rate | 578.23 | 534.86 | 584.89 |
CHINA | China, Yuan Renminbi | |||
Disclosure Of Summary Of Significant Accounting Policies [Line Items] | |||
Average Rate | 6.45 | 6.89 | |
Year-end Rate | 6.36 | 6.53 | |
Ivory Coast | CFA Franc BCEAO (XOF) | |||
Disclosure Of Summary Of Significant Accounting Policies [Line Items] | |||
Average Rate | 554.72 | 574.70 | 585.99 |
Year-end Rate | 578.23 | 534.86 | 584.89 |
Egypt | Egyptian Pound (EGP) | |||
Disclosure Of Summary Of Significant Accounting Policies [Line Items] | |||
Average Rate | 15.67 | 15.77 | 16.79 |
Year-end Rate | 15.68 | 15.71 | 16.02 |
Germany | Euro (EUR) | |||
Disclosure Of Summary Of Significant Accounting Policies [Line Items] | |||
Average Rate | 0.88 | 0.89 | |
Year-end Rate | 0.82 | 0.89 | |
Ghana | Cedi (Ghana) (GHS) | |||
Disclosure Of Summary Of Significant Accounting Policies [Line Items] | |||
Average Rate | 5.90 | 5.72 | 5.34 |
Year-end Rate | 6.13 | 5.85 | 5.69 |
Kenya | Kenyan Shilling (KES) | |||
Disclosure Of Summary Of Significant Accounting Policies [Line Items] | |||
Average Rate | 108.79 | 105.56 | 100.96 |
Year-end Rate | 112.25 | 108.14 | 100.34 |
Morocco | Moroccan Dirham (MAD) | |||
Disclosure Of Summary Of Significant Accounting Policies [Line Items] | |||
Average Rate | 8.90 | 9.39 | 9.55 |
Year-end Rate | 9.16 | 8.80 | 9.46 |
Nigeria | Naira (NGN) | |||
Disclosure Of Summary Of Significant Accounting Policies [Line Items] | |||
Average Rate | 399.35 | 378.28 | 359.48 |
Year-end Rate | 410.97 | 382.96 | 361.03 |
Portugal | Euro (EUR) | |||
Disclosure Of Summary Of Significant Accounting Policies [Line Items] | |||
Average Rate | 0.85 | 0.88 | 0.89 |
Year-end Rate | 0.88 | 0.82 | 0.89 |
Rwanda | Rwanda Franc (RWF) | |||
Disclosure Of Summary Of Significant Accounting Policies [Line Items] | |||
Average Rate | 986.02 | 944.47 | 898.37 |
Year-end Rate | 1,016.15 | 974.50 | 929.67 |
Senegal | CFA Franc BCEAO (XOF) | |||
Disclosure Of Summary Of Significant Accounting Policies [Line Items] | |||
Average Rate | 554.72 | 574.70 | 585.99 |
Year-end Rate | 578.23 | 534.86 | 584.89 |
South Africa | Rand (ZAR) | |||
Disclosure Of Summary Of Significant Accounting Policies [Line Items] | |||
Average Rate | 14.78 | 16.44 | 14.43 |
Year-end Rate | 15.92 | 14.65 | 14.04 |
Tunisia | Tunisian Dinar (TND) | |||
Disclosure Of Summary Of Significant Accounting Policies [Line Items] | |||
Average Rate | 2.75 | 2.78 | 2.88 |
Year-end Rate | 2.87 | 2.66 | 2.78 |
United Republic Of Tanzania | Tanzanian Shilling (TZS) | |||
Disclosure Of Summary Of Significant Accounting Policies [Line Items] | |||
Average Rate | 2,307.88 | 2,304.47 | 2,299.31 |
Year-end Rate | 2,296.51 | 2,291.44 | 2,281.42 |
Uganda | Uganda Shilling (UGX) | |||
Disclosure Of Summary Of Significant Accounting Policies [Line Items] | |||
Average Rate | 3,567.41 | 3,692.52 | 3,676.61 |
Year-end Rate | 3,526.41 | 3,629.35 | 3,637 |
United Arab Emirates | UAE Dirham (AED) | |||
Disclosure Of Summary Of Significant Accounting Policies [Line Items] | |||
Average Rate | 3.67 | 3.67 | 3.67 |
Year-end Rate | 3.67 | 3.67 | 3.67 |
UNITED STATES | United States of America, Dollars | |||
Disclosure Of Summary Of Significant Accounting Policies [Line Items] | |||
Average Rate | 1 | 1 | 1 |
Year-end Rate | 1 | 1 | 1 |
Summary of significant accoun_8
Summary of significant accounting policies - Segment revenue (Details) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021USD ($)segmentitem | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
Disclosure of geographical areas [line items] | ||||
Number of Co-CEOs | item | 2 | |||
Number of operating segments | segment | 1 | |||
Number of reportable segments | segment | 1 | |||
Revenue | $ 177,934 | $ 159,366 | $ 179,540 | |
Property and equipment | 21,824 | 20,308 | 19,551 | $ 5,746 |
West Africa | ||||
Disclosure of geographical areas [line items] | ||||
Revenue | 83,364 | 72,029 | 77,148 | |
Property and equipment | 6,563 | 5,313 | ||
North Africa | ||||
Disclosure of geographical areas [line items] | ||||
Revenue | 60,494 | 55,330 | 64,072 | |
Property and equipment | 8,642 | 7,779 | ||
East Africa And South Africa [Member] | ||||
Disclosure of geographical areas [line items] | ||||
Revenue | 32,080 | 30,940 | 36,760 | |
Property and equipment | 4,528 | 5,526 | ||
Europe | ||||
Disclosure of geographical areas [line items] | ||||
Revenue | 329 | 831 | 48 | |
Property and equipment | 1,905 | 1,624 | ||
CHINA | ||||
Disclosure of geographical areas [line items] | ||||
Property and equipment | 131 | |||
United Arab Emirates | ||||
Disclosure of geographical areas [line items] | ||||
Revenue | 1,666 | 236 | 55 | |
Property and equipment | 55 | $ 66 | ||
Other countries | ||||
Disclosure of geographical areas [line items] | ||||
Revenue | $ 1 | $ 1,457 |
Change in functional and pres_3
Change in functional and presentation currency (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Non-current assets | ||||
Property and equipment | $ 21,824 | $ 20,308 | $ 19,551 | $ 5,746 |
Intangible assets | 327 | 542 | 53 | 206 |
Deferred tax assets | 665 | 125 | 122 | 200 |
Other non-current assets | 2,278 | 1,688 | 1,691 | 1,443 |
Total Non-current assets | 25,094 | 22,663 | 21,417 | 7,595 |
Current assets | ||||
Inventories | 10,948 | 8,221 | 11,210 | 10,789 |
Trade and other receivables | 18,350 | 13,146 | 18,995 | 14,899 |
Income tax receivables | 1,468 | 779 | 813 | 831 |
Other taxes receivable | 3,775 | 3,782 | 6,051 | 4,774 |
Prepaid expenses | 5,672 | 12,761 | 14,123 | 8,451 |
Term deposits | 395,715 | 1,215 | 70,005 | |
Cash and cash equivalents | 117,090 | 373,931 | 190,679 | 115,165 |
Total Current assets | 553,018 | 413,835 | 311,876 | 154,909 |
Total Assets | 578,112 | 436,498 | 333,293 | 162,504 |
Equity | ||||
Share capital | 234,154 | 219,843 | 175,868 | 152 |
Share premium | 1,736,469 | 1,478,230 | 1,141,997 | 967,901 |
Other reserves | 164,675 | 143,871 | 127,449 | 89,348 |
Accumulated losses | (1,722,260) | (1,566,600) | (1,239,991) | (1,000,216) |
Equity attributable to the equity holders of the Company | 413,038 | 275,344 | 205,323 | 57,185 |
Non-controlling interests | (454) | (447) | (574) | (157) |
Total Equity | 412,584 | 274,897 | 204,749 | 57,028 |
Non-current liabilities | ||||
Non-current borrowings | 8,631 | 9,750 | 6,871 | |
Deferred tax liabilities | 61 | |||
Provisions for liabilities and other charges | 676 | 442 | 253 | 445 |
Deferred income | 875 | 1,019 | 1,347 | |
Total non-current liabilities | 10,951 | 11,272 | 8,471 | 445 |
Current liabilities | ||||
Current borrowings | 3,906 | 3,638 | 3,427 | |
Trade and other payables | 76,077 | 75,770 | 63,310 | 54,118 |
Income tax payables | 13,281 | 14,026 | 11,278 | 12,453 |
Other taxes payable | 18,952 | 12,662 | 5,014 | 8,495 |
Provisions for liabilities and other charges | 36,409 | 39,004 | 30,325 | 22,536 |
Deferred income | 5,952 | 5,229 | 6,719 | 7,429 |
Total Current liabilities | 154,577 | 150,329 | 120,073 | 105,031 |
Total Liabilities | 165,528 | 161,601 | 128,544 | 105,476 |
Total Equity and Liabilities | $ 578,112 | $ 436,498 | $ 333,293 | $ 162,504 |
New accounting pronouncements -
New accounting pronouncements - IAS 12 amendment to Deferred tax related to assets and liabilities (Details) - USD ($) $ in Thousands | Jan. 01, 2023 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Retained earnings | $ (1,722,260) | $ (1,566,600) | $ (1,239,991) | $ (1,000,216) | |
Total liabilities | 165,528 | 161,601 | 128,544 | 105,476 | |
Total assets | 578,112 | 436,498 | 333,293 | 162,504 | |
Loss | 226,905 | 183,718 | 254,177 | ||
Deferred tax assets | $ 665 | 125 | $ 122 | $ 200 | |
Deferred tax liabilities | $ 61 | ||||
Increase (decrease) due to changes in accounting policy required by IFRSs | IAS 12 amendment to Deferred tax related to assets and liabilities | Forecast | |||||
Retained earnings | $ 338 | ||||
Total liabilities | 3,548 | ||||
Total assets | 3,210 | ||||
Loss | 78 | ||||
Deferred tax assets | 2,762 | ||||
Deferred tax liabilities | $ 3,178 |
Group Information (Details)
Group Information (Details) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Africa Internet General Trading L L C [Member] | ||
Principal Subsidiaries | ||
% equity | 100.00% | 100.00% |
Africa Internet Services SAS | ||
Principal Subsidiaries | ||
% equity | 100.00% | 100.00% |
African Internet Services SA | ||
Principal Subsidiaries | ||
% equity | 100.00% | 100.00% |
AIH GM Algeria KG | ||
Principal Subsidiaries | ||
% equity | 100.00% | 100.00% |
AIH GM Cameroon KG | ||
Principal Subsidiaries | ||
% equity | 100.00% | 100.00% |
AIH GM Egypt KG | ||
Principal Subsidiaries | ||
% equity | 100.00% | 100.00% |
AIH GM Ivory Coast KG | ||
Principal Subsidiaries | ||
% equity | 100.00% | 100.00% |
AIH GM Kenya KG | ||
Principal Subsidiaries | ||
% equity | 100.00% | 100.00% |
AIH GM Morocco KG | ||
Principal Subsidiaries | ||
% equity | 100.00% | 100.00% |
AIH GM Nigeria KG | ||
Principal Subsidiaries | ||
% equity | 99.89% | 99.89% |
AIH GM Tanzania KG | ||
Principal Subsidiaries | ||
% equity | 100.00% | 100.00% |
AIH GM UG KG | ||
Principal Subsidiaries | ||
% equity | 100.00% | 100.00% |
AIH Subh. Nr. 10 KG | ||
Principal Subsidiaries | ||
% equity | 100.00% | 100.00% |
AIH Subh. Nr. 11 KG | ||
Principal Subsidiaries | ||
% equity | 100.00% | 100.00% |
AIH Subh. Nr. 8 KG | ||
Principal Subsidiaries | ||
% equity | 100.00% | 100.00% |
Atol Internet Services Ltd. Mauritius | ||
Principal Subsidiaries | ||
% equity | 100.00% | |
Atol Internet Services Limitada Mozambique | ||
Principal Subsidiaries | ||
% equity | 100.00% | |
Atol Internet Serv. Rwanda | ||
Principal Subsidiaries | ||
% equity | 100.00% | 100.00% |
Atol Internet Serv. Sarl Tunisia | ||
Principal Subsidiaries | ||
% equity | 100.00% | 100.00% |
Atol Ivory Coast SARL | ||
Principal Subsidiaries | ||
% equity | 100.00% | 100.00% |
Atol Services Congo Ltd | ||
Principal Subsidiaries | ||
% equity | 100.00% | |
Atol Services Gabon SARL | ||
Principal Subsidiaries | ||
% equity | 100.00% | 100.00% |
Atol Technology PLC | ||
Principal Subsidiaries | ||
% equity | 100.00% | 100.00% |
Bambino 162. V V UG | ||
Principal Subsidiaries | ||
% equity | 100.00% | 100.00% |
Digital Services XLV GP | ||
Principal Subsidiaries | ||
% equity | 100.00% | |
EasyTaxi Egypt | ||
Principal Subsidiaries | ||
% equity | 100.00% | 100.00% |
ECART Internet Services Nigeria | ||
Principal Subsidiaries | ||
% equity | 99.89% | 99.89% |
ECART Serv Algeria SARL | ||
Principal Subsidiaries | ||
% equity | 100.00% | 100.00% |
ECART Serv Cameroon Ltd. | ||
Principal Subsidiaries | ||
% equity | 100.00% | 100.00% |
ECART Serv Ghana Limited | ||
Principal Subsidiaries | ||
% equity | 100.00% | 100.00% |
ECART Serv Ivory Coast SARL | ||
Principal Subsidiaries | ||
% equity | 100.00% | 100.00% |
ECART Serv Kenya Limited | ||
Principal Subsidiaries | ||
% equity | 100.00% | 100.00% |
ECART Serv Morocco Sarl | ||
Principal Subsidiaries | ||
% equity | 100.00% | 100.00% |
ECART Serv Tanzania Ltd | ||
Principal Subsidiaries | ||
% equity | 100.00% | 100.00% |
Hellopay Africa Integrated Services Limited | ||
Principal Subsidiaries | ||
% equity | 100.00% | 100.00% |
Jade E Services Algeria SARL | ||
Principal Subsidiaries | ||
% equity | 100.00% | 100.00% |
Jade E-Services Ghana Ltd | ||
Principal Subsidiaries | ||
% equity | 100.00% | 100.00% |
Jade E-Services Kenya Ltd | ||
Principal Subsidiaries | ||
% equity | 100.00% | 100.00% |
Jade E Services Senegal SARL | ||
Principal Subsidiaries | ||
% equity | 100.00% | 100.00% |
Jade E-Services S. Africa PTY | ||
Principal Subsidiaries | ||
% equity | 100.00% | 100.00% |
Jade E-Services Tunisia SUARL | ||
Principal Subsidiaries | ||
% equity | 100.00% | 100.00% |
Jade E Services Uganda Ltd | ||
Principal Subsidiaries | ||
% equity | 100.00% | 100.00% |
Jolali Global Resources Ltd. | ||
Principal Subsidiaries | ||
% equity | 99.89% | 99.89% |
Jumia Egypt LLC | ||
Principal Subsidiaries | ||
% equity | 100.00% | 100.00% |
Jumia Electronic Payment Services S.A.E | ||
Principal Subsidiaries | ||
% equity | 100.00% | |
Jumia Eservices SARL | ||
Principal Subsidiaries | ||
% equity | 100.00% | 100.00% |
Jumia for Trading LLC | ||
Principal Subsidiaries | ||
% equity | 100.00% | 100.00% |
Jumia Services F Z L L C [Member] | ||
Principal Subsidiaries | ||
% equity | 100.00% | 100.00% |
Jumia Services GmbH [Member] | ||
Principal Subsidiaries | ||
% equity | 100.00% | 100.00% |
Jumia Technology Services (Shenzhen) Co Ltd [Member] | ||
Principal Subsidiaries | ||
% equity | 100.00% | 100.00% |
Jumia Technologies Spain SLU | ||
Principal Subsidiaries | ||
% equity | 100.00% | |
Jumia Technologies Cote D'Ivoire SARLU | ||
Principal Subsidiaries | ||
% equity | 100.00% | |
Jumia UG KG | ||
Principal Subsidiaries | ||
% equity | 100.00% | 100.00% |
Jumia USA LLC | ||
Principal Subsidiaries | ||
% equity | 100.00% | 100.00% |
Juwel 193. 12te Verw. KG | ||
Principal Subsidiaries | ||
% equity | 100.00% | 100.00% |
Juwel 193. UG | ||
Principal Subsidiaries | ||
% equity | 100.00% | 100.00% |
Juwel 193. VV UG & Co. 132 KG | ||
Principal Subsidiaries | ||
% equity | 100.00% | 100.00% |
Juwel 193. 23te Verw. KG | ||
Principal Subsidiaries | ||
% equity | 100.00% | 100.00% |
Juwel 193. 24te Verw. KG | ||
Principal Subsidiaries | ||
% equity | 100.00% | 100.00% |
Juwel 193. 5te Verw. KG | ||
Principal Subsidiaries | ||
% equity | 100.00% | 100.00% |
Juwel 193. 4te Verw. KG | ||
Principal Subsidiaries | ||
% equity | 100.00% | 100.00% |
Juwel 194. UG | ||
Principal Subsidiaries | ||
% equity | 100.00% | 100.00% |
Juwel 194. 1te Verw. KG | ||
Principal Subsidiaries | ||
% equity | 100.00% | 100.00% |
Juwel E-Services Tanzania Ltd | ||
Principal Subsidiaries | ||
% equity | 100.00% | 100.00% |
Lendico SA | ||
Principal Subsidiaries | ||
% equity | 100.00% | 100.00% |
Lipco Internet Services Zimbabwe Ltd | ||
Principal Subsidiaries | ||
% equity | 100.00% | 100.00% |
Silveroak Internet Services Po | ||
Principal Subsidiaries | ||
% equity | 100.00% | 100.00% |
Jumia Technologies SUARL | ||
Principal Subsidiaries | ||
% equity | 100.00% | |
Vamido Global Resources Ltd | ||
Principal Subsidiaries | ||
% equity | 99.89% | 99.89% |
Material partly-owned subsidi_3
Material partly-owned subsidiaries (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of subsidiaries [line items] | ||||
Net equity attributed to non-controlling interests | $ (454) | $ (447) | $ (574) | $ (157) |
ECART Internet Services Nigeria | ||||
Disclosure of subsidiaries [line items] | ||||
Proportion of equity interest held by non-controlling interests | 0.11% | 0.11% | ||
Net equity attributed to non-controlling interests | $ (439) | $ (430) | ||
Other subsidiaries | ||||
Disclosure of subsidiaries [line items] | ||||
Net equity attributed to non-controlling interests | $ (15) | $ (17) |
Material partly-owned subsidi_4
Material partly-owned subsidiaries - Statutory information (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of subsidiaries [line items] | ||||
Revenue | $ 177,934 | $ 159,366 | $ 179,540 | |
Loss for the year | (226,905) | (183,718) | (254,177) | |
Total comprehensive loss for the year | (11) | (27) | (416) | |
Total comprehensive loss for the period | (246,677) | (173,457) | (257,788) | |
Total Non-current assets | 25,094 | 22,663 | 21,417 | $ 7,595 |
Total Current assets | 553,018 | 413,835 | 311,876 | 154,909 |
Total non-current liabilities | 10,951 | 11,272 | 8,471 | 445 |
Total Current liabilities | 154,577 | 150,329 | 120,073 | $ 105,031 |
Cash flows from (used in) operating activities | (171,179) | (112,389) | (204,387) | |
Cash flows from (used in) investing activities | (404,810) | 66,952 | (75,581) | |
Cash flows from (used in) financing activities | $ 334,246 | $ 225,044 | 358,224 | |
Subsidiaries with material non-controlling interests [member] | ||||
Disclosure of subsidiaries [line items] | ||||
Revenue | 324 | |||
Loss for the year | (337) | |||
Total comprehensive loss for the period | (310) | |||
ECART Internet Services Nigeria | ||||
Disclosure of subsidiaries [line items] | ||||
Revenue | 108 | |||
Loss for the year | (141) | |||
Total comprehensive loss for the period | (126) | |||
Jumia Egypt LLC | ||||
Disclosure of subsidiaries [line items] | ||||
Revenue | 53 | |||
Loss for the year | (70) | |||
Total comprehensive loss for the period | (67) | |||
ECART services Morocco Sarl | ||||
Disclosure of subsidiaries [line items] | ||||
Revenue | 53 | |||
Loss for the year | (44) | |||
Total comprehensive loss for the period | (41) | |||
ECART services Kenya Limited | ||||
Disclosure of subsidiaries [line items] | ||||
Revenue | 23 | |||
Loss for the year | (38) | |||
Total comprehensive loss for the period | (36) | |||
ECART services Ivory Coast SRL | ||||
Disclosure of subsidiaries [line items] | ||||
Revenue | 51 | |||
Loss for the year | (32) | |||
Total comprehensive loss for the period | (30) | |||
Jade E-Services South Africa PTY Ltd | ||||
Disclosure of subsidiaries [line items] | ||||
Revenue | 36 | |||
Loss for the year | (12) | |||
Total comprehensive loss for the period | $ (10) |
Property and equipment (Details
Property and equipment (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of detailed information about property, plant and equipment [line items] | ||
Balance | $ 20,308 | $ 19,551 |
Effect of translation | 1,324 | |
Balance | 21,824 | 20,308 |
Cost | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Balance | 41,927 | 34,818 |
Additions and modifications | 11,259 | 8,009 |
Disposals | (2,475) | (1,123) |
Reclassification | 7 | |
Effect of translation | (2,297) | 216 |
Balance | 48,414 | 41,927 |
Accumulated depreciation | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Balance | (21,619) | (15,267) |
Disposals | 2,271 | 1,120 |
Lease modifications | 861 | 1,894 |
Reclassification | 18 | 19 |
Depreciation, property, plant and equipment | (9,445) | (9,181) |
Effect of translation | (204) | |
Balance | (26,590) | (21,619) |
Buildings | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Balance | 1,018 | |
Effect of translation | 77 | |
Balance | 619 | 1,018 |
Buildings | Cost | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Balance | 2,987 | 2,947 |
Additions and modifications | 381 | 215 |
Disposals | (540) | (257) |
Reclassification | (336) | 82 |
Effect of translation | (103) | |
Balance | 2,389 | 2,987 |
Buildings | Accumulated depreciation | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Balance | (1,969) | (1,488) |
Disposals | 372 | 257 |
Reclassification | 152 | |
Depreciation, property, plant and equipment | (402) | (720) |
Effect of translation | (18) | |
Balance | (1,770) | (1,969) |
Technical equipment and machinery | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Balance | 1,290 | |
Effect of translation | 117 | |
Balance | 1,598 | 1,290 |
Technical equipment and machinery | Cost | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Balance | 2,991 | 2,707 |
Additions and modifications | 829 | 508 |
Disposals | (344) | (151) |
Reclassification | 459 | (109) |
Effect of translation | (202) | 36 |
Balance | 3,733 | 2,991 |
Technical equipment and machinery | Accumulated depreciation | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Balance | (1,701) | (1,242) |
Disposals | 457 | 151 |
Reclassification | (174) | 12 |
Depreciation, property, plant and equipment | (834) | (601) |
Effect of translation | (21) | |
Balance | (2,135) | (1,701) |
Transportation equipment, office equipment and other equipment | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Balance | 4,505 | |
Effect of translation | 549 | |
Balance | 7,156 | 4,505 |
Transportation equipment, office equipment and other equipment | Cost | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Balance | 14,192 | 13,347 |
Additions and modifications | 5,957 | 1,556 |
Disposals | (1,591) | (715) |
Reclassification | (123) | 34 |
Effect of translation | (819) | (30) |
Balance | 17,616 | 14,192 |
Transportation equipment, office equipment and other equipment | Accumulated depreciation | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Balance | (9,687) | (7,716) |
Disposals | 1,442 | 712 |
Reclassification | 40 | 7 |
Depreciation, property, plant and equipment | (2,804) | (2,722) |
Effect of translation | 32 | |
Balance | (10,460) | (9,687) |
Right-of-use assets - Office and Warehouse | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Balance | 13,495 | |
Effect of translation | 581 | |
Balance | 12,451 | 13,495 |
Right-of-use assets - Office and Warehouse | Cost | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Balance | 21,757 | 15,817 |
Additions and modifications | 4,092 | 5,730 |
Effect of translation | (1,173) | 210 |
Balance | 24,676 | 21,757 |
Right-of-use assets - Office and Warehouse | Accumulated depreciation | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Balance | (8,262) | (4,821) |
Lease modifications | 861 | 1,894 |
Depreciation, property, plant and equipment | (5,405) | (5,138) |
Effect of translation | (197) | |
Balance | $ (12,225) | $ (8,262) |
Property and equipment - Leases
Property and equipment - Leases (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of quantitative information about right-of-use assets [abstract] | |||
Right-of-use assets, beginning of period | $ 13,495 | $ 10,996 | |
Additions to right-of-use assets | 3,485 | 5,786 | $ 4,735 |
Depreciation, right-of-use assets | (5,405) | (5,138) | (5,057) |
Lease modifications, right of use assets | 1,468 | 1,838 | |
Effect of translation, right of use assets | (592) | 13 | |
Right-of-use assets, end of period | 12,451 | 13,495 | 10,996 |
Lease liabilities [abstract] | |||
Lease liabilities, beginning of period | 13,388 | 10,298 | |
Additions to lease liabilities | 3,427 | 5,821 | 4,679 |
Interest expense on lease liabilities | 1,527 | 1,516 | 1,447 |
Lease modifications, lease liabilities | 1,388 | 1,765 | |
Payments | (6,615) | (6,084) | (5,331) |
Effect of translation, lease liabilities | (578) | 72 | |
Lease liabilities, end of period | $ 12,537 | $ 13,388 | $ 10,298 |
Property and equipment - Profit
Property and equipment - Profit and Loss (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Property and Equipment | |||
Depreciation expense of right-of-use assets | $ (5,405) | $ (5,138) | $ (5,057) |
Interest expense on lease liabilities | (1,527) | (1,516) | (1,447) |
Rent expense from short-term leases | 1,740 | 1,549 | 1,883 |
Total amount recognised in profit or loss | $ (8,672) | $ (8,203) | $ (8,387) |
Deferred Tax Assets And Liabi_3
Deferred Tax Assets And Liabilities (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax expense (income) recognised in profit or loss | $ 848 | $ (47) | $ (177) |
Deferred tax assets | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax asset (liability), beginning of period | (125) | ||
Deferred tax expense (income) recognised in profit or loss | 572 | ||
Increase (decrease) through net exchange differences, deferred tax liability (asset) | 33 | ||
Deferred tax asset (liability), end of period | (665) | (125) | |
Deferred tax assets | JTAG Investments - Fair Value UBS Loss - P&L | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax expense (income) recognised in profit or loss | 517 | ||
Deferred tax asset (liability), end of period | (517) | ||
Deferred tax assets | Other | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax expense (income) recognised in profit or loss | 81 | ||
Increase (decrease) through net exchange differences, deferred tax liability (asset) | 1 | ||
Deferred tax asset (liability), end of period | (80) | ||
Deferred tax assets | Deferred tax offsetting | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax expense (income) recognised in profit or loss | (6,389) | ||
Increase (decrease) through net exchange differences, deferred tax liability (asset) | (9) | ||
Deferred tax asset (liability), end of period | 6,380 | ||
Deferred tax assets | Tax Losses | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax expense (income) recognised in profit or loss | 5,791 | ||
Increase (decrease) through net exchange differences, deferred tax liability (asset) | 8 | ||
Deferred tax asset (liability), end of period | (5,783) | ||
Deferred tax assets | Tax benefits | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax asset (liability), beginning of period | (125) | ||
Deferred tax expense (income) recognised in profit or loss | 572 | ||
Increase (decrease) through net exchange differences, deferred tax liability (asset) | 33 | ||
Deferred tax asset (liability), end of period | (665) | (125) | |
Deferred tax liabilities | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax asset (liability), beginning of period | 61 | ||
Deferred tax expense (income) recognised in profit or loss | 88 | ||
Increase (decrease) through net exchange differences, deferred tax liability (asset) | 27 | ||
Deferred tax asset (liability), end of period | 61 | ||
Deferred tax liabilities | Other | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax expense (income) recognised in profit or loss | (534) | ||
Increase (decrease) through net exchange differences, deferred tax liability (asset) | 0 | ||
Deferred tax asset (liability), end of period | 534 | ||
Deferred tax liabilities | Deferred tax offsetting | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax expense (income) recognised in profit or loss | 6,421 | ||
Increase (decrease) through net exchange differences, deferred tax liability (asset) | 40 | ||
Deferred tax asset (liability), end of period | (6,380) | ||
Deferred tax liabilities | Assets depreciation and amortization | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax asset (liability), beginning of period | 61 | ||
Deferred tax expense (income) recognised in profit or loss | (415) | ||
Increase (decrease) through net exchange differences, deferred tax liability (asset) | (18) | ||
Deferred tax asset (liability), end of period | 458 | $ 61 | |
Deferred tax liabilities | Unrealized foreign exchange gains - P&L | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax expense (income) recognised in profit or loss | (5,384) | ||
Increase (decrease) through net exchange differences, deferred tax liability (asset) | 4 | ||
Deferred tax asset (liability), end of period | $ 5,388 |
Inventories - Components (Detai
Inventories - Components (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure Of Inventory [Line Items] | ||||
Inventories | $ 10,948 | $ 8,221 | $ 11,210 | $ 10,789 |
Cost of inventories recognised as expense during period | 67,385 | 53,397 | 94,595 | |
Cost | ||||
Disclosure Of Inventory [Line Items] | ||||
Inventories | 12,379 | 9,744 | ||
Accumulated impairment | ||||
Disclosure Of Inventory [Line Items] | ||||
Inventories | $ (1,431) | $ (1,523) | $ (1,324) |
Inventories - Rollforward (Deta
Inventories - Rollforward (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure Of Inventory [Line Items] | ||
Balance at beginning of period | $ 8,221 | $ 11,210 |
Balance at end of period | 10,948 | 8,221 |
Accumulated impairment | ||
Disclosure Of Inventory [Line Items] | ||
Balance at beginning of period | (1,523) | (1,324) |
Additions | 765 | 969 |
Reversal | (349) | (432) |
Use of provision | (436) | 391 |
Effect of translation | (72) | 53 |
Balance at end of period | $ (1,431) | $ (1,523) |
Cash and cash equivalents (Deta
Cash and cash equivalents (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Cash and cash equivalents | ||||
Cash | $ 96,094 | $ 292,139 | ||
Short-term deposits | 20,996 | 81,792 | ||
Total cash and cash equivalents | 117,090 | 373,931 | $ 190,679 | $ 115,165 |
Restricted cash in cash and cash equivalents | $ 0 | $ 0 |
Term deposits and other finan_3
Term deposits and other financial assets (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosure of financial assets [line items] | |||
Term Deposits and other financial assets | $ 395,715 | $ 1,215 | $ 70,005 |
Other financial assets - current | 394,720 | ||
Financial assets at fair value through profit or loss | |||
Disclosure of financial assets [line items] | |||
Term Deposits and other financial assets | 198,998 | ||
Other financial assets - current | 198,998 | ||
Financial assets at fair value through OCI | |||
Disclosure of financial assets [line items] | |||
Term Deposits and other financial assets | 195,722 | ||
Other financial assets - current | 195,722 | ||
Short term deposits - banks | |||
Disclosure of financial assets [line items] | |||
Term Deposits and other financial assets | $ 995 | $ 1,215 |
Term deposits and other finan_4
Term deposits and other financial assets - Fair value reserve (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2021USD ($) | |
Changes recognized in other comprehensive income of the period | $ (3,941) |
Financial assets at fair value through OCI | |
Changes in fair value of financial assets | (4,029) |
Changes in allowance for expected credit losses | 88 |
Changes recognized in other comprehensive income of the period | (3,941) |
Balance as of December 31 | $ (3,941) |
Term deposits and other finan_5
Term deposits and other financial assets - Allowance for expected credit losses (Details) - Financial assets at fair value through OCI $ in Thousands | 12 Months Ended |
Dec. 31, 2021USD ($) | |
Disclosure of financial assets [line items] | |
Changes recognized in profit or loss as net impairment gains/losses on financial assets at fair value through other comprehensive income | $ 88 |
Total changes in allowance for expected credit losses | 88 |
Allowance account for credit losses of financial assets at end of period | $ 88 |
Trade and other receivables - C
Trade and other receivables - Components (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure of detailed information about financial instruments [line items] | ||||
Advances to suppliers | $ 1,529 | $ 782 | ||
Unbilled revenues | 1,160 | 756 | ||
Trade and other receivables | 18,350 | 13,146 | $ 18,995 | $ 14,899 |
Trade notes and accounts receivable | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Financial assets | 11,994 | 8,158 | ||
Trade notes and accounts receivable | Cost | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Financial assets | 20,974 | 18,043 | ||
Trade notes and accounts receivable | Accumulated impairment | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Financial assets | (8,980) | (9,885) | (9,289) | |
Other receivables | Cost | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Financial assets | 4,042 | 4,173 | ||
Other receivables | Accumulated impairment | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Financial assets | $ (375) | $ (723) | $ (565) |
Trade and other receivables - E
Trade and other receivables - ECL (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Trade notes and accounts receivable | ||
Trade and other receivables | ||
Financial assets at beginning of period | $ 8,158 | |
Financial assets at end of period | 11,994 | $ 8,158 |
Trade notes and accounts receivable | Accumulated impairment | ||
Trade and other receivables | ||
Financial assets at beginning of period | (9,885) | (9,289) |
Additions | (2,359) | (4,965) |
Reversal | 237 | 147 |
Use of provision | (2,583) | (4,060) |
Effect of translation | 444 | 162 |
Financial assets at end of period | (8,980) | (9,885) |
Other receivables | Accumulated impairment | ||
Trade and other receivables | ||
Financial assets at beginning of period | (723) | (565) |
Additions | (107) | (245) |
Reversal | 218 | 35 |
Use of provision | (130) | (86) |
Effect of translation | 107 | (34) |
Financial assets at end of period | $ (375) | $ (723) |
Trade and other receivables - A
Trade and other receivables - Ageing (Details) - Trade notes and accounts receivable - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosure of financial assets that are either past due or impaired [line items] | |||
Financial assets | $ 11,994 | $ 8,158 | |
Neither past due nor impaired | |||
Disclosure of financial assets that are either past due or impaired [line items] | |||
Financial assets | 4,102 | 3,031 | |
Past due but not impaired | Less than 30 days | |||
Disclosure of financial assets that are either past due or impaired [line items] | |||
Financial assets | 4,703 | 3,198 | |
Past due but not impaired | 30 - 90 days | |||
Disclosure of financial assets that are either past due or impaired [line items] | |||
Financial assets | 502 | 1,218 | |
Past due but not impaired | Greater than 90 days | |||
Disclosure of financial assets that are either past due or impaired [line items] | |||
Financial assets | 2,687 | 711 | |
Cost | |||
Disclosure of financial assets that are either past due or impaired [line items] | |||
Financial assets | 20,974 | 18,043 | |
Accumulated impairment | |||
Disclosure of financial assets that are either past due or impaired [line items] | |||
Financial assets | $ (8,980) | $ (9,885) | $ (9,289) |
Prepaid expenses and other cu_2
Prepaid expenses and other current assets (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Prepaid expense and other current assets | ||
Prepaid hosting fees and software licenses | $ 1,652 | $ 9,429 |
Advance payments to the Group's partners for online payment services | 1,183 | 968 |
Prepaid rent | 594 | 1,177 |
Prepaid insurance and other goods and services | $ 2,243 | $ 1,187 |
Share capital and share premi_3
Share capital and share premium (Details) $ in Thousands | 1 Months Ended | 2 Months Ended | 12 Months Ended | |||||||
Mar. 31, 2021USD ($) | Dec. 31, 2020USD ($)shares | Apr. 30, 2019USD ($) | Apr. 30, 2021USD ($)shares | Dec. 31, 2021USD ($)itemshares | Dec. 31, 2020USD ($)itemshares | Dec. 31, 2019USD ($) | Dec. 31, 2021€ / shares | Dec. 31, 2020€ / shares | Dec. 31, 2018USD ($) | |
Disclosure of classes of share capital [line items] | ||||||||||
Par value per share | € / shares | € 1 | € 1 | ||||||||
Share capital | $ 219,843 | $ 234,154 | $ 219,843 | $ 175,868 | $ 152 | |||||
Share premium | 1,478,230 | 1,736,469 | 1,478,230 | 1,141,997 | $ 967,901 | |||||
Total share capital and share premium | $ 1,698,073 | 1,970,623 | 1,698,073 | |||||||
Proceeds from issue of equity | 348,646 | 243,202 | 372,036 | |||||||
Settlement of share-based claims | $ (348,646) | $ (243,202) | (372,036) | |||||||
Equity offering | ||||||||||
Disclosure of classes of share capital [line items] | ||||||||||
Proceeds from issue of equity | $ 341,000 | |||||||||
Ordinary shares [member] | ||||||||||
Disclosure of classes of share capital [line items] | ||||||||||
Number of ordinary shares issued | shares | 179,259,246 | 199,754,122 | 179,259,246 | |||||||
Par value per share | € / shares | € 1 | € 1 | ||||||||
Share capital | $ 219,843 | $ 234,154 | $ 219,843 | |||||||
Share premium | 1,478,230 | 1,736,469 | 1,478,230 | |||||||
Total share capital and share premium | 1,698,073 | $ 1,970,623 | $ 1,698,073 | |||||||
Number of votes per share | item | 1 | 1 | ||||||||
Ordinary shares [member] | Settlement of equity programs | ||||||||||
Disclosure of classes of share capital [line items] | ||||||||||
Shares issued, transaction costs | $ 179 | $ 631 | ||||||||
Shares issued during the period | shares | 2,568,954 | 6,502,784 | ||||||||
Ordinary shares [member] | Equity offering | ||||||||||
Disclosure of classes of share capital [line items] | ||||||||||
Proceeds from issue of equity | 231,000 | $ 280,000 | $ 341,000 | |||||||
Shares issued, transaction costs | $ 12,383 | $ 7,638 | ||||||||
Shares issued during the period | shares | 15,939,968 | 17,925,922 | ||||||||
Equity attributable to the Equity holders of the Company | ||||||||||
Disclosure of classes of share capital [line items] | ||||||||||
Settlement of share-based claims | $ (348,646) | $ (243,202) | $ (372,036) |
Other Reserves (Details)
Other Reserves (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of reserves within equity [line items] | |||
Other reserves at beginning of period | $ 143,871 | $ 127,449 | $ 89,348 |
Other comprehensive income | (19,772) | 10,261 | (3,611) |
Comprehensive income | (246,677) | (173,457) | (257,788) |
Share-based payments (Note 17) | 43,451 | 12,681 | 41,718 |
Exercise of options | 69 | 741 | |
Change in Non-controlling interests | 14 | (5) | (10) |
Other reserves at end of period | 164,675 | 143,871 | 127,449 |
Total other reserves | |||
Disclosure of reserves within equity [line items] | |||
Other reserves at beginning of period | 143,871 | 127,449 | 89,348 |
Other comprehensive income | (19,801) | 10,252 | (3,617) |
Comprehensive income | (19,801) | 10,252 | (3,617) |
Share-based payments (Note 17) | 43,451 | 12,681 | 41,718 |
Exercise of options | (2,846) | (6,379) | |
Capital revaluation | (84) | ||
Change in Non-controlling interests | (48) | ||
Other reserves at end of period | 164,675 | 143,871 | 127,449 |
Share-Based Payments | |||
Disclosure of reserves within equity [line items] | |||
Other reserves at beginning of period | 135,684 | 129,453 | 87,735 |
Share-based payments (Note 17) | 43,451 | 12,681 | 41,718 |
Exercise of options | (2,846) | (6,379) | |
Capital revaluation | (71) | ||
Other reserves at end of period | 176,289 | 135,684 | 129,453 |
Exchange difference on net investment in foreign operations | |||
Disclosure of reserves within equity [line items] | |||
Other reserves at beginning of period | (161,902) | (76,942) | (99,485) |
Other comprehensive income | (3,554) | (84,884) | 22,543 |
Comprehensive income | (3,554) | (84,884) | 22,543 |
Capital revaluation | (13) | ||
Change in Non-controlling interests | (63) | ||
Other reserves at end of period | (165,456) | (161,902) | (76,942) |
Fair value reserve of financial assets at FVOCI | |||
Disclosure of reserves within equity [line items] | |||
Other comprehensive income | (3,941) | ||
Comprehensive income | (3,941) | ||
Other reserves at end of period | (3,941) | ||
Currency translation adjustment | |||
Disclosure of reserves within equity [line items] | |||
Other reserves at beginning of period | 170,089 | 74,938 | 101,098 |
Other comprehensive income | (12,306) | 95,136 | (26,160) |
Comprehensive income | (12,306) | 95,136 | (26,160) |
Change in Non-controlling interests | 15 | ||
Other reserves at end of period | $ 157,783 | $ 170,089 | $ 74,938 |
Share based compensation - JSOP
Share based compensation - JSOP 2016 and SOP 2019 narrative (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021USD ($)Optionsitemshares | Dec. 31, 2021€ / sharesshares | Dec. 31, 2020USD ($) | |
JSOP 2016 | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Stock options exercised | Options | 489,586 | ||
Outstanding vested options | shares | 571,688 | 571,688 | |
Total share-based payment expense recognized | $ | $ 0.6 | $ 4 | |
SOP 2019 | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Total share-based payment expense recognized | $ | $ 3.6 | $ 0.1 | |
Number of shares per option | shares | 1 | ||
Exercise price, share options granted | € / shares | € 1 | ||
Options waiting period | 4 years | ||
Options exercise period | 7 years | ||
Option forfeiture period | 6 months | ||
SOP 2019 | Minimum | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Minimum growth to exercise options (as a percent) | 10.00% | ||
Number of tranches | item | 1 | ||
Vesting period | 4 years | 3 years | |
SOP 2019 | Maximum | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Vesting period | 4 years | ||
Termination forfeiture period | 4 years |
Share based compensation - SOP
Share based compensation - SOP 2019 valuation (Details) | 12 Months Ended | ||
Dec. 31, 2021USD ($)Yshares | Dec. 31, 2021USD ($)€ / sharesshares | Dec. 31, 2020USD ($) | |
SOP 2019 | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Exercise price per share | € / shares | € 1 | ||
Options waiting period | 4 years | ||
Number of shares per option | shares | 1 | ||
Number of ordinary shares per ADS | shares | 2 | 2 | |
Total share-based payment expense recognized | $ | $ 3,600,000 | $ 100,000 | |
Cash Settled Stock Options 2019 | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Fair value per share | € / shares | € 5.70 | ||
Exercise price per share | € / shares | € 1 | ||
Risk-free interest rate | 0.00% | ||
Expected dividend yield | 0.00% | ||
Expected volatility | 55.00% | ||
Granted, fair value | $ | $ 4.57 | € 4.57 | |
Expected life (years) | Y | 1.4 | ||
Conversion ratio between ordinary shares and American Depositary Shares | 2 | ||
Number of ADS per option | shares | 1 |
Share based compensation - Acti
Share based compensation - Activity SOP 2019 (Details) - SOP 2019 | 12 Months Ended | |
Dec. 31, 2021Options$ / shares | Dec. 31, 2020Options$ / shares | |
Number of awards | ||
Unvested awards outstanding at beginning of period (shares) | Options | 1,448,877 | |
Forfeited during the period (shares) | Options | (144,073) | |
Unvested awards outstanding at end of period (shares) | Options | 1,304,804 | 1,448,877 |
Weighted average remaining life (years) | ||
Weighted average remaining life for unvested awards outstanding | 1 year 4 months 24 days | 2 years 4 months 24 days |
Weighted average exercise price | ||
Weighted average exercise price, unvested awards outstanding (per share) | $ / shares | $ 1 | $ 1 |
Weighted average fair value | ||
Unvested awards, fair value at beginning of period (per share) | $ / shares | 7.04 | |
Unvested awards, fair value at end of period (per share) | $ / shares | $ 6.65 | $ 7.04 |
Share-based compensation - VRS
Share-based compensation - VRS 2019 narrative (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
2019 VRSUP | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Expense from share-based payment transactions with employees | $ 1,300,000 | $ 6,400,000 |
Equity Settled Restricted Stock Units [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Fair value, RSUs | 19.01 | |
Cash Settled Restricted Stock Units [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Fair value, RSUs | $ 5.70 |
Share-based compensation - SOP
Share-based compensation - SOP 2020 narrative (Details) - SOP 2020 | 12 Months Ended |
Dec. 31, 2021itemshares | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Number of shares per option | 1 |
Number of ADS per option | 0.5 |
Options waiting period | 4 years |
Number of trading days | 60 days |
Options exercise period | 2 years |
Minimum growth to exercise options (as a percent) | 10.00% |
Number of tranches | item | 2 |
1st tranche, percentage vesting | 67.00% |
Period of vesting of first tranche | 2 years |
2nd tranche, percentage vesting | 33.00% |
Period of vesting of second tranche | 3 years |
Option forfeiture period | 6 months |
Share based compensation - SO_2
Share based compensation - SOP 2020 valuation (Details) | 12 Months Ended | |
Dec. 31, 2021USD ($)Y$ / sharesshares | Dec. 31, 2020USD ($) | |
SOP 2020 | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Options waiting period | 4 years | |
Number of shares per option | 1 | |
Number of ADS per option | 0.5 | |
Number of ordinary shares per ADS | 2 | |
Total share-based payment expense recognized | $ | $ 1,900,000 | $ 1,100,000 |
Cash Settled Stock Options 2020 | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Risk-free interest rate | 0.40% | |
Expected dividend yield | 0.00% | |
Expected volatility | 55.00% | |
Granted, fair value | $ | $ 3.90 | |
Expected life (years) | Y | 1.4 | |
Conversion ratio between ordinary shares and American Depositary Shares | 2 | |
Number of ADS per option | 1 | |
Number of ordinary shares per ADS | 2 | |
Cash Settled Stock Options 2020 | American Depository Shares [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Fair value per share | $ / shares | $ 5.70 | |
Exercise price per share | $ / shares | $ 1.84 |
Share based compensation - Ac_2
Share based compensation - Activity SOP 2020 (Details) - SOP 2020 | 12 Months Ended | |
Dec. 31, 2021Options$ / sharesshares | Dec. 31, 2020Options$ / shares | |
Number of awards | ||
Unvested awards outstanding at beginning of period (shares) | Options | 2,405,833 | |
Forfeited during the period (shares) | Options | (145,000) | |
Unvested awards outstanding at end of period (shares) | Options | 2,260,833 | 2,405,833 |
Weighted average remaining life (years) | ||
Weighted average remaining life for unvested awards outstanding | 1 year 4 months 24 days | 2 years 4 months 24 days |
Weighted average exercise price | ||
Weighted average exercise price, unvested awards outstanding (per share) | $ / shares | $ 1.84 | $ 1.84 |
Weighted average fair value | ||
Unvested awards, fair value at beginning of period (per share) | $ / shares | 1.72 | |
Unvested awards, fair value at end of period (per share) | $ / shares | $ 2.08 | $ 1.72 |
Number of potential additional grants | shares | 1,708,907 |
Share based compensation - VRS
Share based compensation - VRS 2020 (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
2020 VRSUP | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Number of trading days regarding cash payments to be received | 10 days | |
Number of shares per option | 1 | |
Vesting period | 1 year | |
Number of trading days | 12 days | |
Expense from share-based payment transactions with employees | $ 7,100,000 | $ 13,100,000 |
Equity Settled Restricted Stock Units [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Fair value, RSUs | 19.01 | |
Cash Settled Restricted Stock Units [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Fair value, RSUs | $ 5.70 |
Share-based compensation - SO_2
Share-based compensation - SOP 2021 narrative (Details) - SOP 2021 | 12 Months Ended |
Dec. 31, 2021shares | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Number of shares per option | 1 |
American Depositary Shares per ordinary share | 0.5 |
Number of ADS per option | 1 |
Options waiting period | 4 years |
Number of trading days | 30 days |
Options exercise period | 2 years |
Option forfeiture period | 6 months |
Share based compensation - SO_3
Share based compensation - SOP 2021 valuation (Details) - SOP 2021 | 12 Months Ended |
Dec. 31, 2021USD ($)Y$ / sharesshares | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Risk-free interest rate | 0.46% |
Expected dividend yield | 0.00% |
Options waiting period | 4 years |
Expected volatility | 50.00% |
Granted, fair value | $ | $ 5.91 |
Expected life (years) | Y | 4 |
Number of shares per option | 1 |
Conversion ratio between ordinary shares and American Depositary Shares | 2 |
Number of ADS per option | 1 |
Number of ordinary shares per ADS | 2 |
Total share-based payment expense recognized | $ | $ 700,000 |
American Depository Shares [Member] | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Fair value per share | $ / shares | $ 14.77 |
Exercise price per share | $ / shares | $ 14.21 |
Share based compensation - Ac_3
Share based compensation - Activity SOP 2021 (Details) - SOP 2021 | 12 Months Ended |
Dec. 31, 2021Options$ / shares | |
Number of awards | |
Granted during the period (shares) | Options | 823,458 |
Unvested awards outstanding at end of period (shares) | Options | 823,458 |
Weighted average remaining life (years) | |
Weighted average remaining life , granted during the period | 4 years |
Weighted average remaining life for unvested awards outstanding | 3 years 4 months 24 days |
Weighted average exercise price | |
Weighted average exercise price, granted during the period (per share) | $ 14.21 |
Weighted average exercise price, unvested awards outstanding (per share) | 14.21 |
Weighted average fair value | |
Fair value, unvested, granted during the period (per share) | 5.91 |
Unvested awards, fair value at end of period (per share) | $ 5.91 |
Share based compensation - VR_2
Share based compensation - VRS 2021 (Details) | 12 Months Ended |
Dec. 31, 2021USD ($) | |
2021 VRSUP | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Number of trading days regarding cash payments to be received | 5 days |
Expense from share-based payment transactions with employees | $ 34,500,000 |
Equity Settled Restricted Stock Units 2021 | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Fair value, RSUs | 14.35 |
Cash Settled Restricted Stock Units 2021 | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Fair value, RSUs | 5.70 |
Expense from share-based payment transactions with employees | $ 20,500,000 |
Trade and other payables (Detai
Trade and other payables (Details) - USD ($) $ in Thousands | Jan. 18, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure of detailed information about borrowings [line items] | |||||
Trade payables | $ 23,792 | $ 20,390 | |||
Invoices not yet received | 25,824 | 17,315 | |||
Accrued employee benefit costs | 12,698 | 10,873 | |||
Trade deposits | 1,510 | 502 | |||
Sundry accruals | 13,022 | 26,690 | |||
Trade and Other Payables | 76,846 | 75,770 | |||
Current | 76,077 | 75,770 | $ 63,310 | $ 54,118 | |
Non-current | 769 | ||||
Current payables for cash-settled awards | 1,241 | 12,706 | |||
Non-current payables for cash-settled awards | $ 769 | ||||
Minimum | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Trade payable settlement period | 0 days | ||||
Other payables settlement period | 1 month | ||||
Maximum | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Trade payable settlement period | 90 days | ||||
Other payables settlement period | 2 months | ||||
Legal proceedings provision [member] | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Sundry accruals | $ 5,000 | ||||
Legal proceedings provision [member] | Alleged misstatements and omissions in connection with and following initial public offering | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Settlement payments made, litigations | $ 5,000 | ||||
Settlements funded by insurance coverage | $ 1,000 |
Borrowings - Lease liabilities
Borrowings - Lease liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Lease liabilities | |||
Current | $ 3,906 | $ 3,638 | $ 3,427 |
Non-current | 8,631 | 9,750 | 6,871 |
Total lease liabilities | 12,537 | $ 13,388 | $ 10,298 |
Liability from new lease contracts | 3,100 | ||
1 to 5 years | |||
Lease liabilities | |||
Non-current | 8,620 | ||
Greater than 5 years | |||
Lease liabilities | |||
Non-current | $ 11 |
Borrowings - Lease liabilitie_2
Borrowings - Lease liabilities rollforward (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of quantitative information about leases for lessee [abstract] | |||
Current lease liabilities at beginning of period | $ 3,638 | $ 3,427 | |
New Leases, current | 4,173 | 4,090 | |
Cash flows, current | (6,615) | (6,084) | |
Reclassifications, current | 2,905 | 2,116 | |
Effect of translation, current | (195) | 89 | |
Current lease liabilities at end of period | 3,906 | 3,638 | $ 3,427 |
Non-current lease liabilities at beginning of period | 9,750 | 6,871 | |
New leases, non-current | 2,169 | 5,012 | |
Reclassifications, non-current | (2,905) | (2,116) | |
Effect of translation, non-current | (383) | (17) | |
Non-current lease liabilities at end of period | 8,631 | 9,750 | 6,871 |
Lease liabilities, beginning of period | 13,388 | 10,298 | |
New leases, total | 6,342 | 9,102 | |
Cash flows, total | (6,615) | (6,084) | (5,331) |
Effect of translation, total | (578) | 72 | |
Lease liabilities, end of period | 12,537 | 13,388 | 10,298 |
Interest expense on lease liabilities | $ 1,527 | $ 1,516 | $ 1,447 |
Borrowings - Lease Expenses (De
Borrowings - Lease Expenses (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Borrowings. | |||
Short-term leases | $ 1,740,000 | $ 1,549,000 | $ 1,883,000 |
Variable lease payments | 133,000 | 131,000 | |
Total expense | 1,873,000 | 1,680,000 | |
Lease liability for short-term leases subject to exemption | $ 1,044,000 | $ 759,000 |
Other taxes payable & Other t_2
Other taxes payable & Other taxes receivable (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Other taxes payable & Other taxes receivable | ||
Value added taxes payable | $ 6,085 | $ 3,408 |
Withholding Tax | 11,785 | 8,479 |
Other taxes payable | 1,082 | 775 |
Value added taxes receivable | 2,678 | 2,561 |
Other taxes receivable | $ 1,097 | $ 1,221 |
Provisions for liabilities an_2
Provisions for liabilities and other charges - Movements in provisions (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Movements in provisions for liabilities and other charges | ||||
Balance at beginning | $ 39,446 | $ 30,578 | ||
Additions | 4,053 | 7,018 | ||
Reversal | (3,902) | (643) | ||
Use of provision | (394) | (149) | ||
Effect of translation | (2,118) | 2,642 | ||
Balance at ending | 37,085 | 39,446 | ||
Current provisions | 36,409 | 39,004 | $ 30,325 | $ 22,536 |
Non-current provisions | 676 | 442 | $ 253 | $ 445 |
Tax risks | ||||
Movements in provisions for liabilities and other charges | ||||
Balance at beginning | 36,827 | 28,979 | ||
Additions | 3,010 | 5,406 | ||
Reversal | (3,278) | (191) | ||
Use of provision | (319) | |||
Effect of translation | (2,019) | 2,633 | ||
Balance at ending | 34,221 | 36,827 | ||
Current provisions | 34,221 | |||
Provision For Value-Added Tax [Member] | ||||
Movements in provisions for liabilities and other charges | ||||
Balance at beginning | 13,111 | |||
Balance at ending | 9,904 | 13,111 | ||
Provision For Withholding Tax [Member] | ||||
Movements in provisions for liabilities and other charges | ||||
Balance at beginning | 23,318 | |||
Balance at ending | 23,562 | 23,318 | ||
Provisions Related To Other Taxes [Member] | ||||
Movements in provisions for liabilities and other charges | ||||
Balance at beginning | 398 | |||
Balance at ending | 755 | 398 | ||
Marketplace and consignment goods | ||||
Movements in provisions for liabilities and other charges | ||||
Balance at beginning | 977 | 616 | ||
Additions | 313 | 573 | ||
Reversal | (483) | (237) | ||
Reclassification | 53 | |||
Effect of translation | (43) | 25 | ||
Balance at ending | 817 | 977 | ||
Current provisions | 817 | |||
Provision for other expenses | ||||
Movements in provisions for liabilities and other charges | ||||
Balance at beginning | 1,642 | 983 | ||
Additions | 730 | 1,039 | ||
Reversal | (141) | (215) | ||
Use of provision | (75) | (149) | ||
Reclassification | (53) | |||
Effect of translation | (56) | (16) | ||
Balance at ending | 2,047 | 1,642 | ||
Current provisions | 1,371 | |||
Non-current provisions | 676 | |||
Restructuring provision | 11 | 33 | ||
End of service benefits provision | 676 | 443 | ||
Litigation and penalty provisions | $ 1,360 | $ 1,166 |
Deferred income (Details)
Deferred income (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Accruals and deferred income including contract liabilities [abstract] | ||
Deferred income | $ 1,415 | $ 1,473 |
Deferred income period | 5 years | |
Deferred income classified as non-current | $ 875 | $ 1,019 |
Revenue (Details)
Revenue (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021USD ($)customer | Dec. 31, 2020USD ($)customer | Dec. 31, 2019USD ($)customer | |
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue | $ 177,934 | $ 159,366 | $ 179,540 |
Number of customers individually representing more than 5 per cent of entity's revenues | customer | 0 | 0 | 0 |
Threshold percentage for reporting individual customer revenue | 5.00% | ||
Sales of goods | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue | $ 65,126 | $ 50,426 | $ 90,855 |
Commissions | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue | 35,345 | 39,540 | 27,997 |
Fulfillment | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue | 36,392 | 36,992 | 30,061 |
Value added services | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue | 25,665 | 21,754 | 22,939 |
Marketing and Advertising | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue | 10,778 | 8,799 | 6,816 |
Other revenue | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue | $ 4,628 | $ 1,855 | $ 872 |
Fulfillment expense (Details)
Fulfillment expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of attribution of expenses by nature to their function [line items] | |||
Fulfillment expense | $ 88,695 | $ 79,114 | $ 86,633 |
Percentual increase in orders | 22.00% | ||
Fulfillment expense | |||
Disclosure of attribution of expenses by nature to their function [line items] | |||
Staff costs | $ 20,233 | 20,041 | 23,365 |
Fulfillment centers expense | 4,978 | 4,136 | 5,507 |
Freight and shipping expense | 63,484 | 54,937 | 57,761 |
Fulfillment expense | $ 88,695 | $ 79,114 | $ 86,633 |
Percentual increase in expenses | 12.10% |
Sales and advertising expense_2
Sales and advertising expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of attribution of expenses by nature to their function [line items] | |||
Sales and advertising expense | $ 81,924 | $ 37,063 | $ 62,707 |
Sales and marketing expense | |||
Disclosure of attribution of expenses by nature to their function [line items] | |||
Staff costs | 9,815 | 9,717 | 9,160 |
Advertising campaigns | 69,521 | 24,765 | 48,309 |
Selling expense | 2,588 | 2,581 | 5,238 |
Sales and advertising expense | $ 81,924 | $ 37,063 | $ 62,707 |
Percentual increase in expenses | 121.00% |
Technology and content expens_2
Technology and content expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of attribution of expenses by nature to their function [line items] | |||
Technology and content expense | $ 39,197 | $ 31,781 | $ 30,528 |
Technology and content expense | |||
Disclosure of attribution of expenses by nature to their function [line items] | |||
Staff costs | 16,355 | 15,125 | 14,704 |
Technology license and maintenance expense | 22,842 | 16,656 | 15,824 |
Technology and content expense | $ 39,197 | $ 31,781 | $ 30,528 |
General and administrative ex_3
General and administrative expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of attribution of expenses by nature to their function [line items] | |||
General and administrative expense | $ 142,765 | $ 132,021 | $ 161,783 |
General and administrative expense | |||
Disclosure of attribution of expenses by nature to their function [line items] | |||
Staff costs | 83,549 | 66,976 | 90,105 |
Occupancy costs | 1,740 | 1,589 | 1,770 |
Professional fees | 18,250 | 12,899 | 16,007 |
Travel and entertainment | 1,910 | 1,735 | 5,857 |
Office and related expenses | 7,332 | 7,361 | 8,388 |
General sub-contracts | 1,212 | 1,611 | 5,786 |
Bank fees & payment cost | 1,691 | 1,945 | 3,238 |
Bad debt expense / reversal | 1,711 | 5,582 | 6,579 |
Tax expenses | 11,125 | 14,747 | 12,991 |
Depreciation and amortization | 9,656 | 9,282 | 8,851 |
Other general and administrative expense | 4,589 | 8,294 | 2,211 |
General and administrative expense | 142,765 | 132,021 | 161,783 |
Expense from share options granted to eligible employees | 34,548 | 24,708 | 41,717 |
Tax Provision Related To Withholding Taxes | 7,064 | 9,426 | 7,307 |
Tax provision related to VAT | 994 | 2,729 | 333 |
Insurance expense | $ 4,238 | $ 3,139 | $ 1,769 |
Finance income and finance co_3
Finance income and finance costs (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Finance income and finance costs | |||
Foreign exchange gain | $ 22,162 | $ 4,736 | $ 2,199 |
Interest and similar income | 258 | 884 | 2,232 |
Interest income from financial assets at fair value through OCI | 2,344 | 0 | 0 |
Finance income | 24,764 | 5,620 | 4,431 |
Foreign exchange loss | 7,485 | 14,440 | 1,415 |
Interest and similar expense | 1,606 | 1,583 | 1,469 |
Fair value loss on financial assets | 998 | 0 | 0 |
Impairment loss on financial assets at fair value through OCI | 88 | 0 | 0 |
Other charges | 154 | ||
Finance costs | $ 10,331 | $ 16,023 | $ 2,884 |
Income tax - Payables and recon
Income tax - Payables and reconciliation (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income tax | ||||
Income tax payables | $ 448 | $ 344 | ||
Provision for income tax | 12,833 | 13,682 | ||
Total | 13,281 | 14,026 | $ 11,278 | $ 12,453 |
Reconciliation of average effective tax rate and applicable tax rate [abstract] | ||||
Loss before income tax | $ (226,463) | $ (180,732) | $ (253,534) | |
Statutory tax rate | 24.02% | 27.85% | 27.39% | |
Expected income tax benefit | $ 54,406 | $ 50,342 | $ 69,443 | |
Tax effects of: | ||||
Sundry permanent differences | 632 | 44 | (1,203) | |
Equity Transaction costs | 1,878 | 3,549 | 1,944 | |
Share based payments | (7,520) | (3,584) | (11,426) | |
Tax Expenses | (1,605) | (2,338) | (2,141) | |
Bad debt expense | (439) | (1,379) | (1,879) | |
Management fees | (6,167) | (5,563) | (7,414) | |
Interest expense | (1,324) | (439) | (296) | |
Unrecognized deferred tax asset arising from timing differences relating to: | ||||
FX unrealized gain/loss | (1,575) | (1,241) | (4,816) | |
Share based payments | (443) | (3,403) | ||
Tax Expenses | 277 | (751) | (1,252) | |
Sundry temporary differences | (308) | (1,885) | (3,786) | |
Minimum tax | (395) | (417) | (428) | |
Deferred tax not recognized (mainly tax losses carried forward) | (38,707) | (35,874) | (37,212) | |
Deferred tax relating to origination and reversal of temporary differences and tax losses | (848) | 47 | 177 | |
Total income tax expense | $ (442) | $ (2,986) | $ (643) | |
Effective tax rate | 0.20% | 1.65% | 0.25% |
Income tax expense components (
Income tax expense components (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of other provisions [line items] | |||
Current tax | $ 1,102 | $ 2,939 | $ 466 |
Deferred tax | 660 | (47) | (177) |
Total income tax expense | (442) | (2,986) | (643) |
Other provisions | 37,085 | 39,446 | 30,578 |
Tax risks | |||
Disclosure of other provisions [line items] | |||
Other provisions | 34,221 | 36,827 | 28,979 |
Provision for other expenses | |||
Disclosure of other provisions [line items] | |||
Other provisions | $ 2,047 | $ 1,642 | $ 983 |
Income tax - Tax losses availab
Income tax - Tax losses available for offsetting (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of geographical areas [line items] | |||
Tax Rate | 24.02% | 27.85% | 27.39% |
Accumulated tax loss (gross) | $ (738,881) | $ (674,354) | $ (591,877) |
Germany. | |||
Disclosure of geographical areas [line items] | |||
Tax Rate | 30.20% | ||
Accumulated tax loss (gross) | $ (37,933) | (32,175) | (10,050) |
Corporate Income Tax Rate | 15.80% | ||
Trade Tax Rate | 14.40% | ||
Accumulated tax losses related to trade tax | $ 64,276 | ||
Morocco | |||
Disclosure of geographical areas [line items] | |||
Number of years for carryforward of tax losses | 4 years | ||
Tax Rate | 31.00% | ||
Accumulated tax loss (gross) | $ (29,580) | (34,512) | (28,421) |
Egypt | |||
Disclosure of geographical areas [line items] | |||
Number of years for carryforward of tax losses | 5 years | ||
Tax Rate | 22.50% | ||
Accumulated tax loss (gross) | $ (151,823) | (132,244) | (101,101) |
Nigeria | |||
Disclosure of geographical areas [line items] | |||
Tax Rate | 30.00% | ||
Accumulated tax loss (gross) | $ (269,961) | (248,166) | (228,205) |
South Africa | |||
Disclosure of geographical areas [line items] | |||
Tax Rate | 28.00% | ||
Accumulated tax loss (gross) | $ (49,591) | (46,853) | (38,498) |
Kenya | |||
Disclosure of geographical areas [line items] | |||
Number of years for carryforward of tax losses | 10 years | ||
Tax Rate | 30.00% | ||
Accumulated tax loss (gross) | $ (87,785) | (78,780) | (72,687) |
Ivory Coast | |||
Disclosure of geographical areas [line items] | |||
Number of years for carryforward of tax losses | 5 years | ||
Tax Rate | 25.00% | ||
Accumulated tax loss (gross) | $ (34,784) | (34,309) | (30,286) |
Ghana | |||
Disclosure of geographical areas [line items] | |||
Number of years for carryforward of tax losses | 3 years | ||
Tax Rate | 25.00% | ||
Accumulated tax loss (gross) | $ (9,560) | (10,124) | (11,045) |
Other | |||
Disclosure of geographical areas [line items] | |||
Accumulated tax loss (gross) | $ (67,864) | $ (57,191) | $ (71,584) |
Earnings per share (Details)
Earnings per share (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Earnings per share | |||
Profit (loss) | $ (226,905) | $ (183,718) | $ (254,177) |
Profit (loss), attributable to non-controlling interests | (40) | (36) | (422) |
Profit (loss), attributable to ordinary equity holders of parent entity | $ (226,865) | $ (183,682) | $ (253,755) |
Weighted average ordinary shares and adjusted weighted average ordinary shares [abstract] | |||
Weighted average number of shares for basic EPS | 193,835,475 | 160,697,588 | 140,655,697 |
Weighted average number of shares for diluted EPS | 193,835,475 | 160,697,588 | 140,655,697 |
Loss per share - basic | $ (1.17) | $ (1.14) | $ (1.80) |
Loss per share - diluted | $ (1.17) | $ (1.14) | $ (1.80) |
Share options | 2,070,033 | 5,252,152 | 8,004,121 |
Transactions and balances wit_3
Transactions and balances with related parties - balances (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of transactions between related parties [line items] | |||
Threshold percentage for disclosure of related party transactions, individual ownership of any class of securities | 10.00% | ||
MTN | |||
Disclosure of transactions between related parties [line items] | |||
Expenses | $ 251 | $ 535 | |
Prepayments by related party for employee purchases | $ 1,097 | $ 996 |
Transactions and balances wit_4
Transactions and balances with related parties - key management and other (Details) - Key Management - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of transactions between related parties [line items] | |||
Short-term employee benefits | $ 4,236 | $ 3,634 | $ 8,995 |
Other benefits | 81 | 53 | 53 |
Share-based compensation | 9,299 | 15,445 | 15,415 |
Total | $ 13,616 | $ 19,132 | $ 24,463 |
Financial risk management obj_3
Financial risk management objectives and policies - Currency Risk (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2021USD ($) | |
Minimum | |
Disclosure of risk management strategy related to hedge accounting [line items] | |
Percentage increase in functional currency rate | 5.00% |
Percentage decrease in functional currency rate | 5.00% |
Maximum | |
Disclosure of risk management strategy related to hedge accounting [line items] | |
Percentage increase in functional currency rate | 10.00% |
Percentage decrease in functional currency rate | 10.00% |
United States of America, Dollars | Currency Risk Relative To EUR [Member] | |
Impacts in the major local currencies | |
Increase in foreign exchange rate | 10.00% |
Decrease in foreign exchange rate | (10.00%) |
Effect on pre-tax equity due to increase in designated risk component | $ 97,785 |
Effect on pre-tax equity due to decrease in designated risk component | (97,785) |
Effect on profit before tax equity due to increase in designated risk component | 1,528 |
Effect on profit before tax equity due to decrease in designated risk component | $ (1,528) |
CFA Franc BCEAO (XOF) | Currency Risk Relative To USD [Member] | |
Impacts in the major local currencies | |
Increase in foreign exchange rate | 10.00% |
Decrease in foreign exchange rate | (10.00%) |
Effect on pre-tax equity due to increase in designated risk component | $ (818) |
Effect on pre-tax equity due to decrease in designated risk component | 818 |
Effect on profit before tax equity due to increase in designated risk component | 4 |
Effect on profit before tax equity due to decrease in designated risk component | $ (4) |
Egyptian Pound, Algerian Dinar, Moroccan Dirham, Kenyan Shilling, Ghanaian Cedi And Ugandan Shilling [Member] | |
Impacts in the major local currencies | |
Increase in foreign exchange rate | 5.00% |
Decrease in foreign exchange rate | (5.00%) |
Egyptian Pound, Algerian Dinar, Moroccan Dirham, Kenyan Shilling, Ghanaian Cedi And Ugandan Shilling [Member] | Minimum | |
Impacts in the major local currencies | |
Actual valuation fluctuation | (2.80%) |
Egyptian Pound, Algerian Dinar, Moroccan Dirham, Kenyan Shilling, Ghanaian Cedi And Ugandan Shilling [Member] | Maximum | |
Impacts in the major local currencies | |
Actual valuation fluctuation | 5.20% |
Algerian Dinar (DZD) | Currency Risk Relative To EUR [Member] | |
Impacts in the major local currencies | |
Increase in foreign exchange rate | 5.00% |
Decrease in foreign exchange rate | (5.00%) |
Effect on pre-tax equity due to increase in designated risk component | $ (1,377) |
Effect on pre-tax equity due to decrease in designated risk component | 1,377 |
Effect on profit before tax equity due to increase in designated risk component | (4) |
Effect on profit before tax equity due to decrease in designated risk component | $ 4 |
Algerian Dinar (DZD) | Currency Risk Relative To USD [Member] | |
Impacts in the major local currencies | |
Increase in foreign exchange rate | 5.00% |
Decrease in foreign exchange rate | (5.00%) |
Effect on pre-tax equity due to increase in designated risk component | $ (213) |
Effect on pre-tax equity due to decrease in designated risk component | $ 213 |
Uganda Shilling (UGX) | Currency Risk Relative To EUR [Member] | |
Impacts in the major local currencies | |
Increase in foreign exchange rate | 10.00% |
Decrease in foreign exchange rate | (10.00%) |
Effect on pre-tax equity due to increase in designated risk component | $ (3,098) |
Effect on pre-tax equity due to decrease in designated risk component | 3,098 |
Effect on profit before tax equity due to increase in designated risk component | (51) |
Effect on profit before tax equity due to decrease in designated risk component | $ 51 |
Uganda Shilling (UGX) | Currency Risk Relative To USD [Member] | |
Impacts in the major local currencies | |
Increase in foreign exchange rate | 5.00% |
Decrease in foreign exchange rate | (5.00%) |
Effect on pre-tax equity due to increase in designated risk component | $ (297) |
Effect on pre-tax equity due to decrease in designated risk component | 297 |
Effect on profit before tax equity due to increase in designated risk component | (6) |
Effect on profit before tax equity due to decrease in designated risk component | $ 6 |
Euro, West African CFA Franc, Nigerian Naira, South African Rand And Tunisian Dinar [Member] | |
Impacts in the major local currencies | |
Increase in foreign exchange rate | 10.00% |
Decrease in foreign exchange rate | (10.00%) |
Euro, West African CFA Franc, Nigerian Naira, South African Rand And Tunisian Dinar [Member] | Minimum | |
Impacts in the major local currencies | |
Actual valuation fluctuation | 7.30% |
Euro, West African CFA Franc, Nigerian Naira, South African Rand And Tunisian Dinar [Member] | Maximum | |
Impacts in the major local currencies | |
Actual valuation fluctuation | 8.70% |
Tunisian Dinar (TND) | Currency Risk Relative To EUR [Member] | |
Impacts in the major local currencies | |
Increase in foreign exchange rate | 5.00% |
Decrease in foreign exchange rate | (5.00%) |
Effect on pre-tax equity due to increase in designated risk component | $ (671) |
Effect on pre-tax equity due to decrease in designated risk component | 671 |
Effect on profit before tax equity due to increase in designated risk component | (12) |
Effect on profit before tax equity due to decrease in designated risk component | $ 12 |
Tunisian Dinar (TND) | Currency Risk Relative To USD [Member] | |
Impacts in the major local currencies | |
Increase in foreign exchange rate | 10.00% |
Decrease in foreign exchange rate | (10.00%) |
Effect on pre-tax equity due to increase in designated risk component | $ (359) |
Effect on pre-tax equity due to decrease in designated risk component | 359 |
Effect on profit before tax equity due to increase in designated risk component | 1 |
Effect on profit before tax equity due to decrease in designated risk component | $ (1) |
Egyptian Pound (EGP) | Currency Risk Relative To EUR [Member] | |
Impacts in the major local currencies | |
Increase in foreign exchange rate | 10.00% |
Decrease in foreign exchange rate | (10.00%) |
Effect on pre-tax equity due to increase in designated risk component | $ (17,136) |
Effect on pre-tax equity due to decrease in designated risk component | 17,136 |
Effect on profit before tax equity due to increase in designated risk component | 26 |
Effect on profit before tax equity due to decrease in designated risk component | $ (26) |
Egyptian Pound (EGP) | Currency Risk Relative To USD [Member] | |
Impacts in the major local currencies | |
Increase in foreign exchange rate | 5.00% |
Decrease in foreign exchange rate | (5.00%) |
Effect on pre-tax equity due to increase in designated risk component | $ (987) |
Effect on pre-tax equity due to decrease in designated risk component | 987 |
Effect on profit before tax equity due to increase in designated risk component | 137 |
Effect on profit before tax equity due to decrease in designated risk component | $ (137) |
Moroccan Dirham (MAD) | Currency Risk Relative To EUR [Member] | |
Impacts in the major local currencies | |
Increase in foreign exchange rate | 5.00% |
Decrease in foreign exchange rate | (5.00%) |
Effect on pre-tax equity due to increase in designated risk component | $ (5,923) |
Effect on pre-tax equity due to decrease in designated risk component | 5,923 |
Effect on profit before tax equity due to increase in designated risk component | (117) |
Effect on profit before tax equity due to decrease in designated risk component | $ 117 |
Moroccan Dirham (MAD) | Currency Risk Relative To USD [Member] | |
Impacts in the major local currencies | |
Increase in foreign exchange rate | 5.00% |
Decrease in foreign exchange rate | (5.00%) |
Effect on pre-tax equity due to increase in designated risk component | $ (498) |
Effect on pre-tax equity due to decrease in designated risk component | 498 |
Effect on profit before tax equity due to increase in designated risk component | (43) |
Effect on profit before tax equity due to decrease in designated risk component | $ 43 |
Cedi (Ghana) (GHS) | Currency Risk Relative To EUR [Member] | |
Impacts in the major local currencies | |
Increase in foreign exchange rate | 5.00% |
Decrease in foreign exchange rate | (5.00%) |
Effect on pre-tax equity due to increase in designated risk component | $ (993) |
Effect on pre-tax equity due to decrease in designated risk component | 993 |
Effect on profit before tax equity due to increase in designated risk component | (6) |
Effect on profit before tax equity due to decrease in designated risk component | $ 6 |
Cedi (Ghana) (GHS) | Currency Risk Relative To USD [Member] | |
Impacts in the major local currencies | |
Increase in foreign exchange rate | 5.00% |
Decrease in foreign exchange rate | (5.00%) |
Effect on pre-tax equity due to increase in designated risk component | $ (141) |
Effect on pre-tax equity due to decrease in designated risk component | 141 |
Effect on profit before tax equity due to increase in designated risk component | 9 |
Effect on profit before tax equity due to decrease in designated risk component | $ (9) |
Rand (ZAR) | Currency Risk Relative To EUR [Member] | |
Impacts in the major local currencies | |
Increase in foreign exchange rate | 5.00% |
Decrease in foreign exchange rate | (5.00%) |
Effect on pre-tax equity due to increase in designated risk component | $ (835) |
Effect on pre-tax equity due to decrease in designated risk component | 835 |
Effect on profit before tax equity due to increase in designated risk component | (2) |
Effect on profit before tax equity due to decrease in designated risk component | $ 2 |
Rand (ZAR) | Currency Risk Relative To USD [Member] | |
Impacts in the major local currencies | |
Increase in foreign exchange rate | 10.00% |
Decrease in foreign exchange rate | (10.00%) |
Effect on pre-tax equity due to increase in designated risk component | $ (251) |
Effect on pre-tax equity due to decrease in designated risk component | 251 |
Effect on profit before tax equity due to increase in designated risk component | 8 |
Effect on profit before tax equity due to decrease in designated risk component | $ (8) |
Naira (NGN) | Currency Risk Relative To EUR [Member] | |
Impacts in the major local currencies | |
Increase in foreign exchange rate | 5.00% |
Decrease in foreign exchange rate | (5.00%) |
Effect on pre-tax equity due to increase in designated risk component | $ (14,007) |
Effect on pre-tax equity due to decrease in designated risk component | 14,007 |
Effect on profit before tax equity due to increase in designated risk component | (191) |
Effect on profit before tax equity due to decrease in designated risk component | $ 191 |
Naira (NGN) | Currency Risk Relative To USD [Member] | |
Impacts in the major local currencies | |
Increase in foreign exchange rate | 10.00% |
Decrease in foreign exchange rate | (10.00%) |
Effect on pre-tax equity due to increase in designated risk component | $ (2,167) |
Effect on pre-tax equity due to decrease in designated risk component | 2,167 |
Effect on profit before tax equity due to increase in designated risk component | (315) |
Effect on profit before tax equity due to decrease in designated risk component | $ 315 |
Kenyan Shilling (KES) | Currency Risk Relative To EUR [Member] | |
Impacts in the major local currencies | |
Increase in foreign exchange rate | 5.00% |
Decrease in foreign exchange rate | (5.00%) |
Effect on pre-tax equity due to increase in designated risk component | $ (5,375) |
Effect on pre-tax equity due to decrease in designated risk component | 5,375 |
Effect on profit before tax equity due to increase in designated risk component | 37 |
Effect on profit before tax equity due to decrease in designated risk component | $ (37) |
Kenyan Shilling (KES) | Currency Risk Relative To USD [Member] | |
Impacts in the major local currencies | |
Increase in foreign exchange rate | 5.00% |
Decrease in foreign exchange rate | (5.00%) |
Effect on pre-tax equity due to increase in designated risk component | $ (528) |
Effect on pre-tax equity due to decrease in designated risk component | 528 |
Effect on profit before tax equity due to increase in designated risk component | 71 |
Effect on profit before tax equity due to decrease in designated risk component | $ (71) |
Algerian Dinar, Moroccan Dirham, Kenyan Shilling, Nigerian Naira, Ghanaian Cedi, South African Rand and Tunisian Dinar | |
Impacts in the major local currencies | |
Increase in foreign exchange rate | 5.00% |
Decrease in foreign exchange rate | (5.00%) |
Algerian Dinar, Moroccan Dirham, Kenyan Shilling, Nigerian Naira, Ghanaian Cedi, South African Rand and Tunisian Dinar | Minimum | |
Impacts in the major local currencies | |
Actual valuation fluctuation | (4.00%) |
Algerian Dinar, Moroccan Dirham, Kenyan Shilling, Nigerian Naira, Ghanaian Cedi, South African Rand and Tunisian Dinar | Maximum | |
Impacts in the major local currencies | |
Actual valuation fluctuation | 0.50% |
Ugandan Shilling and Egyptian Pound | |
Impacts in the major local currencies | |
Increase in foreign exchange rate | 10.00% |
Decrease in foreign exchange rate | (10.00%) |
Ugandan Shilling and Egyptian Pound | Minimum | |
Impacts in the major local currencies | |
Actual valuation fluctuation | (10.10%) |
Ugandan Shilling and Egyptian Pound | Maximum | |
Impacts in the major local currencies | |
Actual valuation fluctuation | (7.70%) |
Financial risk management obj_4
Financial risk management objectives and policies (Details) - USD ($) $ in Thousands | 1 Months Ended | 2 Months Ended | 12 Months Ended | ||||
Mar. 31, 2021 | Dec. 31, 2020 | Apr. 30, 2019 | Apr. 30, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of detailed information about financial instruments [line items] | |||||||
Expected credit loss allowance recognition period | 12 months | ||||||
Offset trade receivables and payables | $ 317 | $ 317 | $ 1,106 | ||||
Proceeds from issuing shares | $ 348,646 | 243,202 | 372,036 | ||||
Equity offering | |||||||
Disclosure of detailed information about financial instruments [line items] | |||||||
Proceeds from issuing shares | $ 341,000 | ||||||
Equity offering | Ordinary shares [member] | |||||||
Disclosure of detailed information about financial instruments [line items] | |||||||
Additional paid in capital | $ 86,000 | ||||||
Proceeds from issuing shares | 231,000 | $ 280,000 | $ 341,000 | ||||
Trade notes and accounts receivable | |||||||
Disclosure of detailed information about financial instruments [line items] | |||||||
Financial assets | 8,158 | 11,994 | 8,158 | ||||
Trade notes and accounts receivable | Cost | |||||||
Disclosure of detailed information about financial instruments [line items] | |||||||
Financial assets | 18,043 | 20,974 | 18,043 | ||||
Trade notes and accounts receivable | Accumulated impairment | |||||||
Disclosure of detailed information about financial instruments [line items] | |||||||
Financial assets | (9,885) | (8,980) | (9,885) | (9,289) | |||
Other receivables | Cost | |||||||
Disclosure of detailed information about financial instruments [line items] | |||||||
Financial assets | 4,173 | 4,042 | 4,173 | ||||
Other receivables | Accumulated impairment | |||||||
Disclosure of detailed information about financial instruments [line items] | |||||||
Financial assets | $ (723) | $ (375) | $ (723) | $ (565) |
Commitments and contingencies (
Commitments and contingencies (Details) - USD ($) | Jan. 18, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Tax contingencies | |||||
Tax provisions | $ 36,409,000 | $ 39,004,000 | $ 30,325,000 | $ 22,536,000 | |
Uncertain tax positions for which no provision has been made | 12,833,000 | 13,682,000 | |||
Bank guarantees | 1,221,000 | 1,055,000 | |||
Operating lease commitments - Group as lessee | |||||
Lease commitments for short-term leases for which recognition exemption has been used | 1,044,000 | 759,000 | |||
Future minimum lease payments under non-cancellable operating leases | 23,000,000 | ||||
Upfront payment discount | 21,000,000 | ||||
Legal proceedings provision [member] | Alleged misstatements and omissions in connection with and following initial public offering | |||||
Tax contingencies | |||||
Settlement payments made, litigations | $ 5,000,000 | ||||
Settlements funded by insurance coverage | $ 1,000,000 | ||||
Tax provisions | |||||
Tax contingencies | |||||
Tax provisions | 34,221,000 | $ 36,827,000 | |||
Withholding tax and VAT | |||||
Tax contingencies | |||||
Tax provisions | 0 | ||||
Uncertain tax positions for which no provision has been made | 12,410,000 | ||||
Less than 1 year | |||||
Operating lease commitments - Group as lessee | |||||
Future minimum lease payments under non-cancellable operating leases | 7,000,000 | ||||
1 to 5 years | |||||
Operating lease commitments - Group as lessee | |||||
Future minimum lease payments under non-cancellable operating leases | $ 7,000,000 |