Cover
Cover | 12 Months Ended |
Dec. 31, 2023 shares | |
Document Information [Line Items] | |
Document Type | 20-F |
Document Registration Statement | false |
Document Annual Report | true |
Document Period End Date | Dec. 31, 2023 |
Current Fiscal Year End Date | --12-31 |
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 |
Entity Common Stock, Shares Outstanding | 202,277,366 |
Entity Well-known Seasoned Issuer | Yes |
Entity Voluntary Filers | No |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Entity Filer Category | Accelerated Filer |
Entity Emerging Growth Company | false |
ICFR Auditor Attestation Flag | true |
Document Financial Statement Error Correction | false |
Document Accounting Standard | International Financial Reporting Standards |
Entity Shell Company | false |
Document Fiscal Year Focus | 2023 |
Document Fiscal Period Focus | FY |
Entity Central Index Key | 0001756708 |
Amendment Flag | false |
Business Contact | |
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 |
Contact Personnel Name | Francis Dufay |
City Area Code | 30 |
Local Phone Number | 398 20 34 54 |
ADR | |
Document Information [Line Items] | |
Title of 12(b) Security | American Depositary Shares |
Trading Symbol | JMIA |
Security Exchange Name | NYSE |
Ordinary Shares | |
Document Information [Line Items] | |
Title of 12(b) Security | Ordinary Shares, no par value |
No Trading Symbol Flag | true |
Audit Information
Audit Information | 12 Months Ended |
Dec. 31, 2023 | |
Audit Information [Abstract] | |
Auditor Name | Ernst & Young S.A. |
Auditor Firm ID | 1367 |
Auditor Location | Luxembourg, Grand Duchy of Luxembourg |
CONSOLIDATED STATEMENTS OF FINA
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Non-current assets | ||
Property and equipment | $ 14,361 | $ 28,498 |
Deferred tax assets | 531 | 710 |
Other taxes receivable | 4,721 | 5,967 |
Other non-current assets | 1,289 | 3,589 |
Total Non-current assets | 20,902 | 38,764 |
Current assets | ||
Inventories | 9,699 | 11,437 |
Trade and other receivables | 23,157 | 23,101 |
Income tax receivables | 2,000 | 1,792 |
Other taxes receivable | 4,143 | 6,368 |
Prepaid expenses | 9,470 | 21,334 |
Term deposits and other financial assets | 85,088 | 155,846 |
Cash and cash equivalents | 35,483 | 71,579 |
Total Current assets | 169,040 | 291,457 |
Total Assets | 189,942 | 330,221 |
Equity | ||
Share capital | 236,800 | 235,659 |
Share premium | 1,736,469 | 1,736,469 |
Other reserves | 160,729 | 163,174 |
Accumulated losses | (2,064,763) | (1,960,584) |
Equity attributable to the equity holders of the Company | 69,235 | 174,718 |
Non-controlling interests | (511) | (469) |
Total Equity | 68,724 | 174,249 |
Non-current liabilities | ||
Non-current borrowings | 2,357 | 8,709 |
Trade and other payables | 125 | 209 |
Deferred tax liabilities | 204 | 899 |
Other taxes payable | 474 | 1,749 |
Provisions for liabilities and other charges | 514 | 889 |
Deferred income | 0 | 345 |
Total Non-current liabilities | 3,674 | 12,800 |
Current liabilities | ||
Current borrowings | 3,718 | 5,138 |
Trade and other payables | 55,425 | 64,230 |
Income tax payables | 13,427 | 12,986 |
Other taxes payable | 23,452 | 20,947 |
Provisions for liabilities and other charges | 18,420 | 35,899 |
Deferred income | 3,102 | 3,972 |
Total Current liabilities | 117,544 | 143,172 |
Total Liabilities | 121,218 | 155,972 |
Total Equity and Liabilities | $ 189,942 | $ 330,221 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Statement of comprehensive income [abstract] | |||
Revenue | $ 186,402 | $ 203,300 | $ 167,624 |
Cost of revenue | (79,298) | (85,127) | (66,156) |
Gross profit | 107,104 | 118,173 | 101,468 |
Fulfillment expense | (43,884) | (76,783) | (74,696) |
Sales and advertising expense | (21,458) | (66,859) | (73,650) |
Technology and content expense | (41,528) | (52,411) | (36,697) |
General and administrative expense | (74,425) | (122,211) | (139,120) |
Other operating income | 1,203 | 2,086 | 1,415 |
Other operating expense | (320) | (86) | (279) |
Termination benefits | 0 | (3,706) | 0 |
Operating loss | (73,308) | (201,797) | (221,559) |
Finance income | 6,189 | 15,253 | 24,764 |
Finance costs | (31,481) | (19,618) | (10,331) |
Loss before Income tax from continuing operations | (98,600) | (206,162) | (207,126) |
Income tax expense | (661) | (6,979) | (442) |
Loss for the period from continuing operations | (99,261) | (213,141) | (207,568) |
Loss after Income tax for the period from discontinued operations | (4,917) | (25,128) | (19,337) |
Loss for the year | (104,178) | (238,269) | (226,905) |
Attributable to: | |||
Equity holders of the Company | (104,155) | (238,232) | (226,865) |
from continuing operations | (99,238) | (213,104) | (207,528) |
from discontinued operations | (4,917) | (25,128) | (19,337) |
Non-controlling interests | (23) | (37) | (40) |
from continuing operations | (23) | (37) | (40) |
Loss for the year | (104,178) | (238,269) | (226,905) |
Other comprehensive loss that may be classified to profit or loss in subsequent periods | |||
Exchange differences gain / (loss) on translation of foreign operations | 218,516 | 178,932 | (12,282) |
Other comprehensive loss on net investment in foreign operations | (228,976) | (182,501) | (3,549) |
Other comprehensive income / (loss) on financial assets at fair value through OCI | 3,793 | (5,672) | (3,941) |
Other comprehensive loss | (6,667) | (9,241) | (19,772) |
Total comprehensive loss for the period | (110,845) | (247,510) | (246,677) |
Attributable to: | |||
Equity holders of the Company | (110,803) | (247,490) | (246,666) |
Non-controlling interests | (42) | (20) | (11) |
Total comprehensive loss for the period | $ (110,845) | $ (247,510) | $ (246,677) |
Earnings per share (EPS) from continuing operations in USD: | |||
Basic Loss for the period attributable to ordinary equity holders of the parent (in dollars per share) | $ (0.49) | $ (1.06) | $ (1.07) |
Diluted Loss for the period attributable to ordinary equity holders of the parent (in dollars per share) | (0.49) | (1.06) | (1.07) |
Earnings per share (EPS) from discontinued operations in USD: | |||
Basic Loss for the period attributable to ordinary equity holders of the parent (in dollars per share) | (0.02) | (0.13) | (0.10) |
Diluted Loss for the period attributable to ordinary equity holders of the parent (in dollars per share) | (0.02) | (0.13) | (0.10) |
Earnings per share (EPS) in USD: | |||
Basic Loss for the period attributable to ordinary equity holders of the parent (in dollars per share) | (0.52) | (1.19) | (1.17) |
Diluted Loss for the period attributable to ordinary equity holders of the parent (in dollars per share) | $ (0.52) | $ (1.19) | $ (1.17) |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) $ in Thousands | Total | Share Capital | Share premium | Accumulated losses | Other reserves | Total | Non- controlling interests |
Beginning balance at Dec. 31, 2020 | $ 274,897 | $ 219,843 | $ 1,478,230 | $ (1,566,600) | $ 143,871 | $ 275,344 | $ (447) |
Loss for the year | (226,905) | (226,865) | (226,865) | (40) | |||
Other comprehensive loss | (19,772) | (19,801) | (19,801) | 29 | |||
Total comprehensive loss for the period | (246,677) | (226,865) | (19,801) | (246,666) | (11) | ||
Capital contribution (Note 15) | 348,646 | 21,320 | 327,326 | 348,646 | |||
Exercised stock options and stock units issued | 69 | 2,915 | (2,846) | 69 | |||
Translation to presentation currency | 0 | (9,924) | (69,089) | 79,013 | |||
Share-based payments (Note 17) | 43,451 | 43,451 | 43,451 | ||||
Equity transaction costs (Note 15) | (7,816) | (7,816) | (7,816) | ||||
Change in Non-controlling interests | 14 | 2 | 8 | 10 | 4 | ||
Ending balance at Dec. 31, 2021 | 412,584 | 234,154 | 1,736,469 | (1,722,260) | 164,675 | 413,038 | (454) |
Loss for the year | (238,269) | (238,232) | (238,232) | (37) | |||
Other comprehensive loss | (9,241) | (9,258) | (9,258) | 17 | |||
Total comprehensive loss for the period | (247,510) | (238,232) | (9,258) | (247,490) | (20) | ||
Exercised stock options and stock units issued | 25 | 1,505 | (1,480) | 25 | |||
Share-based payments (Note 17) | 9,241 | 9,237 | 9,237 | 4 | |||
Equity transaction costs (Note 15) | (91) | (91) | (91) | ||||
Change in Non-controlling interests | 0 | (1) | (1) | 1 | |||
Ending balance at Dec. 31, 2022 | 174,249 | 235,659 | 1,736,469 | (1,960,584) | 163,174 | 174,718 | (469) |
Loss for the year | (104,178) | (104,155) | (104,155) | (23) | |||
Other comprehensive loss | (6,667) | (6,648) | (6,648) | (19) | |||
Total comprehensive loss for the period | (110,845) | (104,155) | (6,648) | (110,803) | (42) | ||
Exercised stock options and stock units issued | 0 | 1,141 | (1,141) | ||||
Share-based payments (Note 17) | 5,344 | 5,344 | 5,344 | ||||
Equity transaction costs (Note 15) | (24) | (24) | (24) | ||||
Ending balance at Dec. 31, 2023 | $ 68,724 | $ 236,800 | $ 1,736,469 | $ (2,064,763) | $ 160,729 | $ 69,235 | $ (511) |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Cash flows from operating activities | |||
Loss before Income tax from continuing operations | $ (98,600) | $ (206,162) | $ (207,126) |
Loss before Income tax from discontinued operations | (4,917) | (25,128) | (19,337) |
Loss before Income tax | (103,517) | (231,290) | (226,463) |
Depreciation and amortization of tangible and intangible assets | 9,841 | 11,646 | 9,656 |
Impairment losses on loans, receivables and other assets | 1,054 | 6,008 | 2,011 |
Impairment losses on obsolete inventories | 215 | 1,947 | 416 |
Share-based payment expense | 5,276 | 8,240 | 34,548 |
Net loss from disposal of tangible and intangible assets | 173 | 35 | 180 |
Change in provision for liabilities and other charges | (17,089) | 473 | (243) |
Lease modification (income)/expense | 95 | 23 | (37) |
Interest income | (2,353) | (2,721) | (996) |
Discounting effect (income) / expense | (73) | 486 | 0 |
Net foreign exchange (gain)/loss | 10,942 | 5,517 | (7,656) |
Net loss on financial instruments at fair value through profit or loss | 13,364 | 7,167 | 998 |
Impairment losses / (reversals) on financial assets at fair value through OCI | 0 | (35) | 88 |
Net loss recognized on disposal of debt instruments held at fair value through OCI | 3,908 | 2,290 | 0 |
Share-based payment expense - settlement | (291) | (444) | (1,237) |
(Increase)/Decrease in trade and other receivables, prepaid expenses and other tax receivables | 8,159 | (39,526) | (3,017) |
Increase in inventories | (236) | (4,036) | (3,751) |
Increase/(Decrease) in trade and other payables, deferred income and other tax payables | 699 | (3,099) | 26,341 |
Income taxes paid | (3,143) | (2,859) | (2,017) |
Net cash flows used in operating activities | (72,976) | (240,178) | (171,179) |
Cash flows from investing activities | |||
Purchase of property and equipment | (2,253) | (11,147) | (7,166) |
Proceeds from sale of property and equipment | 112 | 11 | 22 |
Purchase of intangible assets | 0 | 0 | (19) |
Interest received | 4,826 | 4,762 | 2,602 |
Movement in other non-current assets | 471 | (1,586) | (683) |
Movement in term deposits and other financial assets | 59,377 | 220,207 | (399,566) |
Net cash flows (used in) / from investing activities | 62,533 | 212,247 | (404,810) |
Cash flows from financing activities | |||
Interest settled - financing | (1,083) | (41) | (74) |
Payment of lease interest | (1,105) | (1,496) | (1,543) |
Repayment of lease liabilities | (5,185) | (7,170) | (5,072) |
Equity transaction costs | (40) | (79) | (7,779) |
Capital Contributions | 0 | 0 | 348,646 |
Proceeds from exercise of stock options | 0 | 26 | 68 |
Net cash flows (used in) / from financing activities | (7,413) | (8,760) | 334,246 |
Net decrease in cash and cash equivalents | (17,856) | (36,691) | (241,743) |
Effect of exchange rate changes on cash and cash equivalents | (18,241) | (8,820) | (15,098) |
Cash and cash equivalents at the beginning of the period | 71,579 | 117,090 | 373,931 |
Cash and cash equivalents at the end of the period | $ 35,483 | $ 71,579 | $ 117,090 |
Corporate information
Corporate information | 12 Months Ended |
Dec. 31, 2023 | |
Corporate information | |
Corporate information | 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 customers, a logistics service, which enables the shipping and delivery of packages from sellers to customers, 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. Further details can be found in Note 33. 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 March 27, 2024 the Supervisory Board authorized these consolidated financial statements for issuance. |
Summary of accounting policies
Summary of accounting policies | 12 Months Ended |
Dec. 31, 2023 | |
Summary of significant accounting policies | |
Summary of accounting policies | 2 Summary of 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 certain financial assets and share based compensation plans, which have been measured at fair value (as further disclosed within this Note). The consolidated financial statements are presented in US dollars and all values are rounded to the nearest thousand ($000), except when otherwise indicated. 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 Group’s returns. 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, 2021, 2022 and 2023, the Group consolidated 67, 67 and 65 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 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 is 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. The lease liabilities are recognized in the statement of financial position as 'Current borrowings' or 'Non-current borrowings'. 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 of 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) 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 and other receivables 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 income is 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 other 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 and contract assets 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. When calculating ECL, the expected recovery from collateral is taken into account. The Group has the contractual right to dispose of marketplace products and apply all proceeds of sales to discharge any amounts that are owed by sellers. 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 incorporate 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. The Group writes off accounts receivable no later than when the balance becomes 12 months past due. 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 as of December 31, 2022 and 2023 is the respective carrying amount. As of December 31, 2022 and 2023, 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 gross domestic product (GDP) and credit default swap (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. Deferred income is subsequently recognized as revenue in the Consolidated Statement of Operations and Comprehensive Income (Loss). 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 or to realize the assets and settle the liabilities simultaneously. g) 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 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 or CGU is considered impaired and is written down to its recoverable amount. h) Inventories Inventories are valued at the lower of cost or net realizable value. Cost of inventory is determined on the 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 are deducted from the carrying amount of the inventories. i) 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. j) 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 customers or (b) delivery of goods or services to customers. Input VAT is generally recoverable against output VAT upon receipt of the VAT invoice. The net amount of VAT recoverable from, or payable to, the taxation authority is included as part of receivables or payables in the statement of financial position. When input and output VAT expire or are settled in different patterns, VAT is recognized in the statement of financial position 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. If the effect of the time value of money is material, tax receivables and payables are discounted using a current pre-tax rate that reflects, when appropriate, the risks specific to the asset or liability. When discounting is used, the increase in the asset or liability due to the passage of time is recognized as a finance cost. k) Provisions and contingent liabilities 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. Where it is more likely that no present obligation exists at the reporting date, the Group discloses a contingent liability, unless the possibility of an outflow of resources embodying economic benefit is remote, in which case no disclosure is required. l) 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. Transactions and balances Transactions in foreign currencies are initially recorded by the Group’s entities using exchange rates at the dates of 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 Group’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 dollar for the Group’s most significant operations. 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 Germany Euro (EUR) 0.85 0.88 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 Year Ended December 31, 2022 Country Currency Average Rate Period-end Rate Algeria Algerian Dinar (DZD) 141.96 137.36 Cameroon CFA Franc BEAC (XAF) 623.87 612.84 China Yuan Renminbi (CNY) 6.73 6.90 Ivory Coast CFA Franc BCEAO (XOF) 623.87 612.84 Egypt Egyptian Pound (EGP) 19.20 24.75 Ghana Cedi (Ghana) (GHS) 8.99 10.20 Kenya Kenyan Shilling (KES) 117.60 123.50 Morocco Moroccan Dirham (MAD) 10.13 10.46 Nigeria Naira (NGN) 423.01 448.08 Portugal Euro (EUR) 0.95 0.93 Rwanda Rwanda Franc (RWF) 1,031.64 1,067.00 Senegal CFA Franc BCEAO (XOF) 623.87 612.84 South Africa Rand (ZAR) 16.37 17.02 Tunisia Tunisian Dinar (TND) 3.08 3.11 United Republic Of Tanzania Tanzanian Shilling (TZS) 2,322.97 2,332.45 Uganda Uganda Shilling (UGX) 3,682.08 3,717.61 United Arab Emirates UAE Dirham (AED) 3.67 3.67 Year Ended December 31, 2023 Country Currency Average Rate Period-end Rate Algeria Algerian Dinar (DZD) 135.98 134.32 Cameroon CFA Franc BEAC (XAF) 606.62 594.31 China Yuan Renminbi (CNY) 7.07 7.08 Ivory Coast CFA Franc BCEAO (XOF) 606.62 594.31 Egypt Egyptian Pound (EGP) 30.67 30.93 Ghana Cedi (Ghana) (GHS) 11.69 11.97 Kenya Kenyan Shilling (KES) 139.98 157.01 Morocco Moroccan Dirham (MAD) 10.13 9.88 Nigeria Naira (NGN) 636.97 896.64 Portugal Euro (EUR) 0.92 0.91 Rwanda Rwanda Franc (RWF) 1,159.04 1,259.53 Senegal CFA Franc BCEAO (XOF) 606.62 594.31 South Africa Rand (ZAR) 18.45 18.30 Tunisia Tunisian Dinar (TND) 3.10 3.07 United Republic Of Tanzania Tanzanian Shilling (TZS) 2,422.54 2,512.42 Uganda Uganda Shilling (UGX) 3,725.37 3,780.17 United Arab Emirates UAE Dirham (AED) 3.67 3.67 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. m) Revenue from contracts with customers The Group generates revenue primarily from first-party sales, third-party sales, marketing and advertising, and the provision of other services. Revenue from contracts with customers is recognized when control of the goods or services is 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 or services before they are transferred to the customers and if it has the ability to direct the use of the goods or services or obtain benefits from them. The Group also considers the following indicators: – The latitude in establishing prices and selecting suppliers – The inventory risk borne by the Group before and after the goods have been transferred to the customer When the Group is primarily obliged in a transaction, is subject to inventory risk, has all, 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) First-party sales Revenue from first-party sales relates to sales of goods where Jumia enters into an agreement with a customer to sell goods and acts directly as the seller. The Group also engages in corporate sales, i.e. sales where Jumia directly sells goods to local and regional retailers, distributors and other corporate buyers. 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 customer. 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 the same point in time. (2) Third-party sales Revenue from third-party sales is related to the third-party sellers’ ability to sell goods to customers (i.e., consumers, retailers, distributors and other local buyers) through Jumia's marketplace. The Group’s performance obligation with respect to these transactions is to arrange for the sale of goods provided by sellers and deliver them to the customers on behalf of the sellers. The Group considers that Jumia has one performance obligation in respect of these transactions which is to arrange the sale and delivery of goods to customers on behalf of sellers. Since Jumia does not control the goods, it is an agent in these transactions. The revenue from these transactions is recognized when the Group satisfies its performance obligation, which is at a point in time when the goods are delivered to the customer. Jumia generates the following revenues from these third-party sales transactions: 2 a) Commissions Jumia generates a commission fee (normally a percentage of the selling price) which it charges to sellers based on agreements with the sellers. 2 b) Fulfillment Jumia charges a delivery fee to customers when delivering goods on behalf of the sellers which it recognizes as fulfillment revenue. 2 c) Value added services In some instances, Jumia also charges a delivery fee to sellers when delivering goods to customers on behalf of the sellers which it recognizes as part of value-added services revenue. (3) Marketing and advertising The Group provides advertising services to sellers and non-sellers, 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. (4) Value added services In addition to the fees charged to sellers related to third-party sales noted above, the Group also provides other services to sellers for which it charges a fee such as warehousing services for products ahead of shipment and technical support. As Jumia establishes pricing, revenue is recognized on a gross basis. Revenue for warehousing is recognized over the period of storage of the goods while revenue for technical support is recognized when the respective service is completed. (5) Other revenue The Group provides logistic services, such as transportation of goods, to non-sellers. Jumia is deciding the price and assuming the risk of non-performing these services and is deemed the principal in this activity. The performance obligation is satisfied when the shipping services are completed. 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 subs |
Significant accounting estimate
Significant accounting estimates, judgments and assumptions in applying accounting policies | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of changes in accounting estimates [abstract] | |
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: Climate change Up to now, the Group has not been significantly impacted by climate change, and, currently, Management has not considered the climate-related risks as part of the Group's top key risks. Nevertheless, Management will continue monitoring every year the potential risks resulting from the effects of climate change. So far, Management has not identified nor considered any material impacts of climate change on assumptions used and, on the Group's financial reporting (e.g. provisions, fixed assets, etc.). Determining the lease term of contracts with renewal and termination options – Group as lessee The Group determines the lease term as the non-cancellable term of the lease, together with any periods covered by an option to extend the lease if it is reasonably certain to be exercised, or any periods covered by an option to terminate the lease, if it is reasonably certain not to be exercised. 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). The Group has several lease contracts that include extension and termination options. These options are negotiated by management to align with the Group’s business needs. The Group has assessed potential future rental payments relating to periods following the exercise date of extension and termination options that are not included in the lease term, and determined that there are no significant extension options expected not to be exercised nor significant termination options expected to be exercised. 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 customer. 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 marketing services, it is obliged to render 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 sellers to sell goods and services to customers, the Group has no discretion in setting the price and has no inventory risk and hence is considered to be the agent in such transactions. The fulfillment services are seen as activities to fulfill the promise to transfer the goods to customers. The sale and the delivery services together constitute a single performance obligation. Classification and presentation of other financial assets The Group acquired investment grade bonds managed via a discretionary fund and securities. These investments are included in the statement of financial position as other financial assets. Investments in securities were fully disposed of in 2023. Further details can be found in Note 12. 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 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 Regional Conflicts The effects of ongoing regional conflicts have required reassessment of significant judgments and estimates to be made, including but not limited to: • Estimates of net realizable value (NRV) of inventory may be subject to more estimation uncertainty than in the past, and determining the appropriate assumptions may require significant judgment.; and, • Estimates of expected credit losses (ECL) 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. The Group has assessed that the ongoing regional conflicts did not have a significant impact on estimates and judgments. The Group continues to assess potential impact on an ongoing basis, more particularly as it relates to ECL and NRV provisions. 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. 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 incorporate 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. |
New accounting pronouncements
New accounting pronouncements | 12 Months Ended |
Dec. 31, 2023 | |
New accounting pronouncements | |
New accounting pronouncements | 4 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, 2023 is as follows: 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. This amendment is not applicable to the financial statements of Jumia. 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. This amendment is not applicable to the financial statements of Jumia. 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 not applicable to the financial statements of Jumia. 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 materiality to accounting policy disclosures. There is no material impact of the adoption of this amendment in the financial statements. 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 definition 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). There is no material impact of the adoption of this amendment in the financial statements. IAS 12 amendment on 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 adoption of this amendment in the financial statements, considering the retrospective application. The effect of adoption IAS 12 amendment on Deferred Tax related to Assets and Liabilities arising from a Single Transaction affects the gross amounts recognized as deferred taxes and the deferred taxes offset but does not affect the previously reported loss, equity, assets or liabilities of the Group. The effects on note 8 Deferred Tax Assets and Liabilities as of January 1, 2021, December 31, 2021 and December 31, 2022 (increase/(decrease)) are as follows: January 1, 2021 In thousands of USD Before re-presentation IAS 12 amendment adjustment After re-presentation Tax Losses — 311 311 Tax benefits 125 — 125 Leases — 3,220 3,220 Deferred tax assets offset — (3,531) (3,531) Total Deferred tax assets 125 — 125 December 31, 2021 In thousands of USD Before re-presentation IAS 12 amendment adjustment After re-presentation Financial assets measured at fair value through PL 517 — 517 Tax Losses 5,783 390 6,173 Tax benefits 665 — 665 Leases — 2,804 2,804 Others 80 — 80 Deferred tax assets offset (6,380) (3,194) (9,574) Total Deferred tax assets 665 — 665 December 31, 2022 In thousands of USD Before re-presentation IAS 12 amendment adjustment After re-presentation Financial assets measured at fair value through OCI 4,124 — 4,124 Financial assets measured at fair value through PL 973 — 973 Tax Losses 9,313 549 9,862 Tax benefits 699 — 699 Leases — 3,302 3,302 Deferred tax assets offset (14,399) (3,851) (18,250) Total Deferred tax assets 710 — 710 January 1, 2021 In thousands of USD Before re-presentation IAS 12 amendment adjustment After re-presentation Assets depreciation and amortization (61) — (61) Leases — (3,531) (3,531) Deferred tax liabilities offset — 3,531 3,531 Total Deferred tax liabilities (61) — (61) December 31, 2021 In thousands of USD Before re-presentation IAS 12 amendment adjustment After re-presentation Assets depreciation and amortization (458) — (458) Unrealized foreign exchange gains - P&L (5,388) — (5,388) Leases — (3,194) (3,194) Others (534) — (534) Deferred tax liabilities offset 6,380 3,194 9,574 Total Deferred tax liabilities — — — December 31, 2022 In thousands of USD Before re-presentation IAS 12 amendment adjustment After re-presentation Assets depreciation and amortization (987) — (987) Unrealized foreign exchange gains - P&L (13,876) — (13,876) Leases — (3,851) (3,851) Others (435) — (435) Deferred tax liabilities offset 14,399 3,851 18,250 Total Deferred tax liabilities (899) — (899) IAS 12 amendment on International tax reform – Pillar two model rules On 23 May 2023, the IASB issued 'International tax reform – Pillar two model rules (Amendments to IAS 12)' that, following the implementation of the OECD's Global Anti-Base Erosion (“GloBE”) rules, there may be significant impacts on the calculation of deferred taxes of the entities impacted which, at this date, are difficult to estimate, introduces: i) a temporary exception to the requirements to recognise and disclose information about deferred tax assets and liabilities related to Pillar Two income taxes; and ii) targeted disclosure requirements for affected entities (entities belonging to multinational groups that have consolidated revenues of €750m in at least two out of the last four years), such as: the fact that the exception was applied, the current tax expense related to Pillar Two rules, and the reasonable estimate of the impact of Pillar Two rules between the date the legislation becomes enacted and the date it becomes effective. The amendment is effective immediately or for annual reporting periods beginning on or after January 1, 2023. There is no impact of the adoption of this amendment in the financial statements as the Group is currently below the threshold defined. 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 16 amendment on Lease Liability in a Sale and Leaseback On 22 September 2022, the IASB issued 'Lease Liability in a Sale and Leaseback (Amendments to IFRS 16)' that requires a seller-lessee to subsequently measure lease liabilities arising from a leaseback in a way that it does not recognize any amount of the gain or loss that relates to the right of use it retains. The new requirements do not prevent a seller-lessee from recognizing in profit or loss any gain or loss relating to the partial or full termination of a lease. The amendments are effective for annual reporting periods beginning on or after January 1, 2024. IAS 1 amendment on the classification of debt with covenants On 31 October 2022, the IASB issued 'Non-current Liabilities with Covenants (Amendments to IAS 1)' that i) modifies the requirements introduced by amendments to IAS 1: Classification of Liabilities as Current or Non-current in January 2020 on how an entity classifies debt and other financial liabilities as current or non-current in particular circumstances: Only covenants with which an entity is required to comply on or before the reporting date affect the classification of a liability as current or non-current. In addition, an entity has to disclose information in the notes that enables users of financial statements to understand the risk that non-current liabilities with covenants could become repayable within twelve months.; and ii) defers the effective date of the 2020 amendments to 1 January 2024. The amendments are applied retrospectively in accordance with IAS 8 and earlier application is permitted. The amendments are effective for annual reporting periods beginning on or after January 1, 2024. IAS 7 and IFRS 7 amendment on supplier finance arrangements On 25 May 2023, the IASB issued 'Supplier finance arrangements (Amendments to IAS 7 and IFRS 7)' that require an entity to provide additional disclosures about its supplier finance arrangements to enable: i) the assessment of how supplier finance arrangements affect an entity’s liabilities and cash flows; and ii) the understanding of the effect of supplier finance arrangements on an entity’s exposure to liquidity risk and how the entity might be affected if the arrangements were no longer available. The amendments are effective for annual reporting periods beginning on or after January 1, 2024. IAS 21 amendment on lack of exchangeability On 15 August 2023, the IASB issued ‘The Effects of Changes in Foreign Exchange Rates: Lack of Exchangeability (Amendment to IAS 21)' that adds requirements for determining whether a currency can be exchanged for another currency (exchangeability) and defining how to determine the spot exchange rate to be used when it is not possible to exchange a currency for a long period of time. This change also requires the disclosure of information that allows understanding how the currency that cannot be exchanged for another currency affects, or is expected to affect, the financial performance, financial position and cash flows of the entity, in addition to the spot exchange rate used on the reporting date and how it was determined. The amendment is effective for annual reporting periods beginning on or after January 1, 2025. |
Group Information
Group Information | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of subsidiaries [abstract] | |
Group Information | 5 Group Information At December 31, 2023, Jumia consolidated the Parent entity (Jumia Technologies AG) and the following subsidiaries: Company name Country of % control Principal activities (1) December 31, 2022 December 31, 2023 Africa Internet General Trading LLC UAE 100.00 100.00 Services Africa Internet Services SAS FRANCE 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 Rwanda RWANDA 100.00 — Not active 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 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 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 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 Hellopay Africa Integrated Services Ltd. NIGERIA 100.00 100.00 JumiaPay 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 100.00 100.00 JumiaPay Jumia Eservices SARL TUNISIA 100.00 100.00 Online retailer Jumia Financial Services Ltd. Nigeria 100.00 100.00 JumiaPay Jumia for Trading LLC EGYPT 100.00 100.00 Trading Jumia Payment Services Kenya Ltd. KENYA 100.00 100.00 JumiaPay Jumia Payment Services Ltd. UGANDA 100.00 100.00 JumiaPay Jumia Services FZ-LLC UAE 100.00 100.00 Services Jumia Services GmbH GERMANY 100.00 100.00 Services Jumia Technologies Cote D'Ivoire SARLU IVORY COAST 100.00 100.00 Marketing services Jumia Technologies Spain SLU SPAIN 100.00 — Services Jumia Technologies SUARL TUNISIA 100.00 100.00 Services Jumia Technology Services (Shenzhen) Co., Ltd CHINA 100.00 100.00 Services Jumia UG (haftungsbeschränkt) & Co. KG GERMANY 100.00 100.00 Holding Jumia USA LLC USA 100.00 100.00 Services JumiaPay Tunisie Suarl TUNISIA 100.00 100.00 JumiaPay 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 Services Vamido Global Resources Ltd. NIGERIA 99.89 99.89 Not active _________________________ (1) Principal activities as of December 31, 2023 The only changes in scope during 2023 resulted from the liquidation of Atol Internet Services Rwanda and Jumia Technologies Spain SLU. |
Discontinued Operations
Discontinued Operations | 12 Months Ended |
Dec. 31, 2023 | |
Non-Current Assets Held For Sale And Discontinued Operations [Abstract] | |
Discontinued Operations | 6 Discontinued Operations From 2012 to 2023, the Group operated a food delivery business called Jumia Food in most of its markets. Following a strategic review of our business, the Group determined that the food delivery business is not suitable to the current operating environment and macroeconomic conditions, and closed the food delivery business in all markets by the end of December 2023. As required by IFRS 5, changes have been made to the Consolidated Statements of Operations and Comprehensive Income (Loss) for the year ended December 31, 2023, December 31, 2022 and December 31, 2021 to reflect in a single line item (Loss after Income tax for the period from discontinued operations). The Consolidated Statements of Operations and Comprehensive Income (Loss) for discontinued operations for the year ended December 31, 2023, December 31, 2022 and December 31, 2021 are as follows: For the years ended December 31, In thousands of USD 2021 2022 2023 Revenue 10,310 18,582 14,632 Expenses (29,647) (43,710) (19,549) Loss before Income tax from discontinued operations (19,337) (25,128) (4,917) Loss after Income tax for the period from discontinued operations (19,337) (25,128) (4,917) The impacts in Consolidated Statements of Cash Flows from discontinued operations for the year ended December 31, 2023, December 31, 2022 and December 31, 2021 are as follows: For the years ended December 31, In thousands of USD 2021 2022 2023 Net cash flows used in operating activities (16,114) (24,147) (6,729) Net cash flows (used in) / from investing activities 164 (227) 47 |
Property and Equipment
Property and Equipment | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of detailed information about property, plant and equipment [abstract] | |
Property and Equipment | 7 Property and Equipment Movements in the carrying amount of property and equipment were as follows: In thousands of USD Buildings Technical Transportation Right of use Total Cost Balance as of January 1, 2022 2,389 3,733 17,616 24,676 48,414 Additions 878 3,051 7,218 10,391 21,538 Lease modifications — — — (2,901) (2,901) Disposals (31) — (67) — (98) Effect of translation (409) (582) (2,559) (3,780) (7,330) Balance as of December 31, 2022 2,827 6,202 22,208 28,386 59,623 Additions 141 196 1,577 1,030 2,944 Lease modifications — — — (5,348) (5,348) Disposals (127) (80) (376) — (583) Effect of hyperinflationary economies 13 92 482 — 587 Effect of translation (371) (1,147) (5,367) (3,475) (10,360) Balance as of December 31, 2023 2,483 5,263 18,524 20,593 46,863 Accumulated depreciation Balance as of January 1, 2022 (1,770) (2,135) (10,460) (12,225) (26,590) Depreciation charge (408) (899) (3,667) (6,480) (11,454) Accumulated depreciation on disposals 3 — 50 — 53 Lease modifications — — — 3,444 3,444 Effect of translation 267 263 1,412 1,480 3,422 Balance as of December 31, 2022 (1,908) (2,771) (12,665) (13,781) (31,125) Depreciation charge (270) (925) (3,342) (5,204) (9,741) Accumulated depreciation on disposals 59 44 197 — 300 Lease modifications — — — 3,389 3,389 Effect of hyperinflationary economies (12) (6) (353) — (371) Effect of translation 282 462 3,045 1,257 5,046 Balance as of December 31, 2023 (1,849) (3,196) (13,118) (14,339) (32,502) Carrying amount as of December 31, 2022 919 3,431 9,543 14,605 28,498 Carrying amount as of December 31, 2023 634 2,067 5,406 6,254 14,361 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 of January 1, 2022 12,451 12,537 Additions 10,391 10,160 Depreciation (6,480) — Interest expense — 1,710 Lease modifications 543 595 Payments — (8,666) Effect of translation (2,300) (2,489) As of January 1, 2023 14,605 13,847 Additions 1,030 1,057 Depreciation (5,204) — Interest expense — 1,074 Lease modifications (1,959) (2,046) Payments — (6,279) Effect of translation (2,218) (1,578) As of December 31, 2023 6,254 6,075 During 2023, the Group’s main additions on Right of use assets include new lease contracts for a new warehouse facility in Nigeria. Lease modifications are mainly driven by the early termination of office contracts in Portugal and Egypt and warehouse contracts in Egypt, Algeria and Uganda. These effects are partially offset by the renewal of warehouse contracts in Ivory Coast and Tunisia. During 2022, the Group's main additions on Right of use assets includes new contracts for offices in Nigeria, Uganda, Egypt and China and warehouse facilities in Kenya, Algeria, Egypt, Ivory Coast and Nigeria. The Group recognized rent expense from short-term leases of USD 2,035 thousand in the year ended December 31, 2023 (2022: USD 2,708 thousand and 2021: USD 1,740 thousand). The following are the amounts recognized in profit or loss: In thousands of USD 2021 2022 2023 Depreciation expense of right-of-use assets (5,405) (6,480) (5,204) Interest expense on lease liabilities (1,527) (1,710) (1,074) Expense relating to short-term leases (1,740) (2,708) (2,035) Total amount recognized in profit or loss (8,672) (10,898) (8,313) The Group had total cash outflows for leases of USD 6,279 thousand in 2023 (2022: USD 8,666 thousand and 2021: USD 6,615 thousand). The Group also had non-cash additions to right-of-use assets and lease liabilities of USD 1,030 thousand and USD 1,057 thousand in 2023, respectively (2022: USD 10,391 thousand and USD 10,160 thousand, respectively and 2021: USD 3,485 thousand and USD 3,427 thousand, respectively). |
Deferred Tax Assets and Liabili
Deferred Tax Assets and Liabilities | 12 Months Ended |
Dec. 31, 2023 | |
Net deferred tax assets and liabilities [abstract] | |
Deferred Tax Assets and Liabilities | 8 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, 2023 and December 31, 2022, 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 2022 (1) Profit / (Loss) OCI Gain / (Loss) Effect of translation 2023 Financial assets measured at fair value through OCI 4,124 — (2,066) — 2,058 Financial assets measured at fair value through PL 973 (973) — — — Tax losses 9,862 1,588 — (3,986) 7,464 Tax benefits 699 (201) — (1) 497 Leases 3,302 (1,895) — — 1,407 Deferred tax assets offset (18,250) 3,382 — 3,973 (10,895) Total Deferred tax assets 710 1,901 (2,066) (14) 531 _________________________ (1) Re-presented to reflect the adoption of IAS 12 amendment on Deferred Tax related to Assets and Liabilities arising from a Single Transaction. See Note 4. As of December 31, In thousands of USD 2022 (1) Profit / (Loss) OCI Gain / (Loss) Effect of translation 2023 Assets depreciation and amortization (987) 566 — — (421) Unrealized foreign exchange gains - P&L (13,876) 1,036 — 3,986 (8,854) Leases (3,851) 2,167 — — (1,684) Others (435) 295 — — (140) Deferred tax liabilities offset 18,250 (3,382) — (3,973) 10,895 Total Deferred tax liabilities (899) 682 — 13 (204) _________________________ (1) Re-presented to reflect the adoption of IAS 12 amendment on Deferred Tax related to Assets and Liabilities arising from a Single Transaction. See Note 4. As of December 31, In thousands of USD 2021 (1) Profit / (Loss) OCI Gain / (Loss) Effect of translation 2022 (1) Financial assets measured at fair value through OCI — — 4,124 — 4,124 Financial assets measured at fair value through PL 517 456 — — 973 Tax losses 6,173 4,266 — (577) 9,862 Tax benefits 665 70 — (36) 699 Leases 2,804 498 — — 3,302 Others 80 (81) — 1 — Deferred tax assets offset (9,574) (9,253) — 577 (18,250) Total Deferred tax assets 665 (4,044) 4,124 (35) 710 _________________________ (1) Re-presented to reflect the adoption of IAS 12 amendment on Deferred Tax related to Assets and Liabilities arising from a Single Transaction. See Note 4. As of December 31, In thousands of USD 2021 (1) Profit / (Loss) OCI Gain / (Loss) Effect of translation 2022 (1) Assets depreciation and amortization (458) (529) — — (987) Unrealized foreign exchange gains - P&L (5,388) (9,068) — 580 (13,876) Leases (3,194) (657) — — (3,851) Others (534) 99 — — (435) Deferred tax liabilities offset 9,574 9,253 — (577) 18,250 Total Deferred tax liabilities — (902) — 3 (899) _________________________ (1) Re-presented to reflect the adoption of IAS 12 amendment on Deferred Tax related to Assets and Liabilities arising from a Single Transaction. See Note 4. As mentioned on the accounting policies, Note 2 t), the offset between deferred tax assets and liabilities is performed at each subsidiary level. Deferred tax liability for foreign currency exchange on net investment amounting to USD 491 thousand (2022: USD 2,217 thousand) was not recognized as the Group is able to control the timing of the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future. |
Other non-current assets
Other non-current assets | 12 Months Ended |
Dec. 31, 2023 | |
Other Non-current Assets [Abstract] | |
Other non-current assets | 9 Other non-current assets As of December 31, 2023, other non-current assets were comprised of rent, trade, and other term deposits amounting to USD 1,245 thousand (2022: USD 3,441 thousand), restricted from being exchanged or used to settle a liability for at least twelve months after the reporting period, and other non-current assets amounting to USD 44 thousand as of December 31, 2023 (2022: USD 148 thousand). |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2023 | |
Classes of current inventories [abstract] | |
Inventories | 10 Inventories Inventories are comprised of the following: As of December 31, In thousands of USD 2022 2023 Merchandise available for sale 13,920 10,868 Less: Provision for slow moving and obsolete inventories (2,483) (1,169) Total Inventories 11,437 9,699 The total cost of inventory, which consists primarily of the purchase price of customer products, recognized as an expense in the consolidated profit or loss was USD 75,657 thousand (2022: USD 77,927 thousand and 2021: USD 60,972 thousand). The total cost of revenue amounted to USD 79,298 thousand (2022: USD 85,127 thousand and 2021: USD 66,156 thousand) and consists primarily of the cost of inventory. The amount of write-down of inventories recognized in the consolidated profit or loss was USD 414 thousand (2022: USD 2,221 thousand and 2021: USD 765 thousand). The amount of reversal of write-down recognized as reduction in the amount of inventories recognized as an expense in the consolidated profit or loss was USD 199 thousand (2022: USD 274 thousand and 2021: USD 349 thousand). The reversal of write-down primarily arises from our ability to increase the net realizable value of certain inventory items through price increases, driving higher margins. |
Cash and cash equivalents
Cash and cash equivalents | 12 Months Ended |
Dec. 31, 2023 | |
Cash and cash equivalents [abstract] | |
Cash and cash equivalents | 11 Cash and cash equivalents Cash and cash equivalents are comprised of the following: As of December 31, In thousands of USD 2022 2023 Cash at bank and in hand 58,083 29,367 Short-term deposits 13,496 6,116 Total Cash and cash equivalents 71,579 35,483 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 as of December 31, 2023 (2022: nil). While cash and cash equivalents are also subject to the impairment requirements of IFRS 9, the identified expected credit loss was immaterial, due to low credit risk rating of the financial institutions. |
Term deposits and other financi
Term deposits and other financial assets | 12 Months Ended |
Dec. 31, 2023 | |
Term Deposits | |
Term deposits and other financial assets | 12 Term deposits and other financial assets Term deposits and other financial assets are comprised of the following: As of December 31, In thousands of USD 2022 2023 Financial assets at fair value through profit or loss 38,646 — Financial assets at fair value through OCI 116,116 84,023 Short term deposits - banks 1,084 1,065 Term Deposits and other financial assets 155,846 85,088 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 2022 2023 Current financial assets measured at fair value through profit or loss 38,646 — Current financial assets measured at fair value through other comprehensive income 116,116 84,023 Other financial assets – current 154,762 84,023 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. The reduction in the amount of the assets occurred throughout 2023, is explained by the sale of listed investment grade bonds and the fair value loss. Financial assets measured at fair value through profit or loss comprise investments in securities, with the objective of obtaining returns in line with specific market benchmarks. Fair value variances are disclosed in Note 28. These financial assets were fully disposed of in 2023. 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 Balance as of December 31, 2021 (3,941) Changes in fair value of financial assets (12,051) Deferred tax assets on fair value loss through other comprehensive income 4,124 Reclassification from fair value reserve to profit or loss of the period due to maturity or sale of financial assets 2,290 Changes in allowance for expected credit losses - reversal (35) Changes recognized in other comprehensive income of the period (Note 16) (5,672) Balance as of December 31, 2022 (9,613) Changes in fair value of financial assets 1,970 Deferred tax assets on fair value loss through other comprehensive income (2,066) Reclassification from fair value reserve to profit or loss of the period due to maturity or sale of financial assets 3,908 Changes in allowance for expected credit losses - reversal (19) Changes recognized in other comprehensive income of the period (Note 16) 3,793 Balance as of December 31, 2023 (5,820) 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, 2021 88 Changes recognized in profit or loss as net impairment gains/losses on financial assets at fair value through other comprehensive income (35) Total changes in allowance for expected credit losses (35) Balance as of December 31, 2022 53 Changes recognized in profit or loss as net impairment gains/losses on financial assets at fair value through other comprehensive income (19) Total changes in allowance for expected credit losses (19) Balance as of December 31, 2023 34 |
Trade and other receivables
Trade and other receivables | 12 Months Ended |
Dec. 31, 2023 | |
Trade and other current receivables [abstract] | |
Trade and other receivables | 13 Trade and other receivables Trade and other receivables are comprised of the following: As of December 31, In thousands of USD 2022 2023 Advances to suppliers 1,266 2,667 Trade notes and accounts receivable 24,422 16,357 Unbilled revenues 2,254 6,786 Other receivables 2,695 2,448 30,637 28,258 Less: Allowance for expected credit loss (7,536) (5,101) Trade and other receivables 23,101 23,157 Allowance for expected credit losses The movement of allowance for expected credit losses (“ECL”) of trade and other receivables is as follows: In thousands of USD ECL of trade and other receivables Balance as of January 01, 2022 6,412 Provision for expected credit losses 6,008 Write-off (3,456) Effect of translation (1,428) Balance as of December 31, 2022 7,536 Provision for expected credit losses 1,054 Write-off (1,357) Effect of translation (2,132) Balance as of December 31, 2023 5,101 The aging analysis of trade and other receivables is as follows: Past due but not impaired In thousands of USD Total net Total Total Current < 30 30 - 90 >90 As of December 31, 2022 23,101 30,637 (7,536) 10,040 8,180 1,399 3,482 As of December 31, 2023 23,157 28,258 (5,101) 18,602 2,423 166 1,966 |
Prepaid expenses
Prepaid expenses | 12 Months Ended |
Dec. 31, 2023 | |
Prepaid expenses | |
Prepaid expenses | 14 Prepaid expenses As of December 31, 2023, prepaid expenses were comprised of prepaid server hosting fees and software licenses of USD 5,155 thousand (2022: USD 14,421 thousand), prepaid rent of USD 2,550 thousand (2022: USD 3,015 thousand), prepaid insurance of USD 1,064 thousand (2022: USD 1,627 thousand) and advance payments to the Group’s partners for online payment services amounting to USD 364 thousand (2022: USD 1,155 thousand). The remaining amount of USD 337 thousand (2022: USD 1,116 thousand) relates to other goods and services, namely travel and entertainment and professional fees. |
Share capital and share premium
Share capital and share premium | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of classes of share capital [abstract] | |
Share capital and share premium | 15 Share capital and share premium Ordinary shares issued and fully paid as of December 31, 2023 Number of shares Class Par value Share capital Share premium Total 202,277,366 Ordinary 1 236,800 1,736,469 1,973,269 Total 1 236,800 1,736,469 1,973,269 The total issued number of ordinary shares is 202,277,366 shares as of December 31, 2023 with a par value of EUR 1.00 per share. All issued ordinary shares are fully paid. Each ordinary share carries one vote. During 2023, 1,044,806 shares were issued, all fully paid, relating to the settlement of different equity programs of the company. Related transaction costs of USD 24 thousand are recognized directly in the accumulated losses. Ordinary shares issued and fully paid as of December 31, 2022 Number of shares Class Par value Share capital Share premium Total 201,232,560 Ordinary 1 235,659 1,736,469 1,972,128 Total 1 235,659 1,736,469 1,972,128 The total issued number of ordinary shares is 201,232,560 shares as of December 31, 2022 with a par value of EUR 1.00 per share. All issued ordinary shares are fully paid. Each ordinary share carries one vote. During 2022, 1,478,438 shares were issued, all fully paid, relating to the settlement of different equity programs of the company. Related transaction costs of USD 91 thousand are recognized directly in the accumulated losses. Ordinary shares issued and fully paid as of December 31, 2021 Number of shares Class Par value Share capital Share premium 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 issued number of ordinary shares is 199,754,122 shares as of December 31, 2021 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. |
Other Reserves
Other Reserves | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of reserves within equity [abstract] | |
Other Reserves | 16 Other Reserves In thousands of USD Share-based Exchange Fair value reserve Currency Total As of January 01, 2021 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 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 Other comprehensive (loss) / income — (182,489) (5,672) 178,903 (9,258) Total comprehensive (loss) / income for the period — (182,489) (5,672) 178,903 (9,258) Share-based payments 9,237 — — — 9,237 Exercise of options (1,480) — — — (1,480) As of December 31, 2022 184,046 (347,945) (9,613) 336,686 163,174 Hyperinflation effect in comprehensive income — 290 — — 290 Other comprehensive (loss) / income — (229,078) 3,793 218,347 (6,938) Total comprehensive (loss) / income for the period — (228,788) 3,793 218,347 (6,648) Share-based payments 5,344 — — — 5,344 Exercise of options (1,141) — — — (1,141) As of December 31, 2023 188,249 (576,733) (5,820) 555,033 160,729 The share-based payment reserve represents the Group’s cumulative equity settled share option expense. The exchange difference on net investment in foreign operations represents the cumulative amount of the exchange differences related to foreign operations that are 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, 2023 | |
Disclosure of terms and conditions of share-based payment arrangement [abstract] | |
Share-based compensation | 17 Share-based compensation Stock Option Program 2016 (JSOP 2016) As of December 31, 2023, 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 as there is no constructive obligation to settle in cash as the past practice has always been to settle in equity and there is no valid expectation that the awards would be settled in cash. During the year 2023, 279,148 options of the JSOP 2016 have been exercised. All outstanding options of JSOP 2016 have been exercised or expired in 2023. In total, 259,552 options, exercised in 2023 will be settled in 2024. In 2023, the Group recognized expenses in connection with the JSOP 2016 amounting to nil (2022: USD (0.3) million and 2021: USD (0.6) 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. The probability of achievement of the performance target is based on the most likely outcome derived from a Monte Carlo valuation model and it 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 from a Monte Carlo valuation model at the grant date, 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. This period has passed. 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 awards vested during the period were subject to a non-vesting condition. The condition was not met. Therefore, the options lapsed and cannot be exercised. In 2023, the Group recognized expenses in connection with the SOP 2019 amounting to nil (2022: USD (5.5) million and 2021: USD 3.6 million). SOP 2019 Number of Weighted Weighted Weighted Unvested awards outstanding at January 01, 2023 60,857 0.3 1.00 0.78 Granted during the period — — — — Exercised during the period — — — — Forfeited during the period — — — — Cancelled during the period — — — — Vested during the period (60,857) — — — Unvested awards outstanding at December 31, 2023 — — — — 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. All RSUs granted under VRSUP 2019 have vested, as of December 31, 2023. In 2023, the Group recognized expenses in connection with the VRSUP 2019 amounting to nil (2022: nil and 2021: USD 1.3 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 American Depositary Shares (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. The probability of achievement of the performance target is based on the most likely outcome derived from a Monte Carlo valuation model and it 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 from a Monte Carlo valuation model at the grant date, 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-thirds of the granted stock options vest after two years from the grant date. The remaining one-third of the granted stock options vest after three years from the grant date. 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 awards vested during the period were subject to a non-vesting condition. The condition was not met. Therefore, the options lapsed and cannot be exercised. In 2023, the Group recognized expenses / (reversals) in connection with the SOP 2020 amounting to USD (0.1) million (2022: USD (1.0) million and 2021: USD 1.9 million). Number of Weighted Weighted Weighted Unvested awards outstanding at January 01, 2023 167,500 0.4 1.84 1.26 Granted during the period — — — — Granted as a replacement during the period — — — — Replaced during the period — — — — Forfeited during the period (6,667) — — — Cancelled during the period — — — — Vested during the period (160,833) — — — Unvested awards outstanding at December 31, 2023 — — — — 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 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 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). 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. All RSUs granted under VRSUP 2020 have vested, as of December 31, 2023. In 2023, the Group recognized no expenses in connection with the VRSUP 2020 (2022: USD 1.1 million and 2021: USD 7.1 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 is based on the most likely outcome derived from a Monte Carlo valuation model 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 six 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. 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. During 2022, the two beneficiaries of SOP2021 unconditionally forfeited the stock options granted to them under the program. SOP2021 and its associated conditional capital were subsequently cancelled without payment of any kind in order to allow the Company in the future to create a new virtual restricted stock unit or other equity incentive program. In 2023, the Group recognized no expenses in connection with the SOP 2021 (2022: USD 4.2 million and 2021: USD 0.7 million). Virtual Restricted Stock Unit Program 2021 The 2021 annual general meeting of shareholders also approved the Virtual Restricted Stock Unit Program 2021 (VRSUP 2021). Jumia granted a specific number of virtual restricted stock units (VRSUs) to beneficiaries under the terms and conditions of the VRSUP 2021. 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 on the reporting date or on the grant date depending on the cash- or equity-settled classification. The fair value per cash-settled VRSU amounts to USD 1.77 as of December 31, 2023. The average fair value per equity-settled RSU amounts to USD 3.95 as of December 31, 2023. The average fair value per equity-settled RSU amounts to USD 1.74 for the VRSUP 2021 granted in 2023. In 2023, the Group recognized expenses in connection with the VRSUP 2021 amounting to USD 5.2 million (2022: USD 9.8 million and 2021: USD 20.5 million). Virtual Restricted Stock Unit Program 2023 The 2023 annual general meeting of shareholders also approved the Virtual Restricted Stock Unit Program 2023 (VRSUP 2023). Jumia granted a specific number of virtual restricted stock units (VRSUs) to beneficiaries under the terms and conditions of the VRSUP 2023. 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 Trading Days after the publication by the Company of its first press release announcing year-end financial results after the vesting date. Jumia Technologies AG is entitled, at its sole discretion, to settle any claims under the VRSUP 2023 either in cash or in equity. As specified above, for JSOP 2016 and others, the VSRUP 2023 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 and profitability targets. These conditions are classified as non-market performance conditions. 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 on the reporting date or on the grant date depending on the cash- or equity-settled classification. The fair value per cash-settled VRSU amounts to USD 1.77 as of December 31, 2023. At December 31, 2023, there are 3,451,600 unvested equity settled awards outstanding and their weighted average fair value at grant date is USD 1.74. In 2023, the Group recognized expenses in connection with the VRSUP 2023 amounting to USD 0.1 million (2022: nil and 2021: nil). Share-Based compensation For all plans, the Group recognized share-based compensation expenses of USD 5.3 million for the twelve months ended December 31, 2023 (2022: USD 8.2 million and 2021: USD 34.5 million). 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 2023, Jumia modified the classification of certain awards from equity-settled to cash-settled, driven by a change in expectations regarding the method of settlement. |
Trade and other payables
Trade and other payables | 12 Months Ended |
Dec. 31, 2023 | |
Trade and other current payables [abstract] | |
Trade and other payables | 18 Trade and other payables Trade and other payables are comprised of the following: As of December 31, In thousands of USD 2022 2023 Trade payables 18,193 20,780 Invoices not yet received 19,248 15,246 Accrued employee benefit costs 11,772 9,191 Share-based compensation - Cash settled payable 566 206 Trade Deposits 1,082 730 Sundry accruals 13,578 9,397 Trade and Other Payables 64,439 55,550 Current 64,230 55,425 Non-current 209 125 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 financial risk management processes, refer to Note 33. Sundry accruals relate principally to audit, IT, consulting and marketing. |
Borrowings
Borrowings | 12 Months Ended |
Dec. 31, 2023 | |
Financial Instruments [Abstract] | |
Borrowings | 19 Borrowings Lease liabilities are presented in the statement of financial position as follows: As of December 31, In thousands of USD 2022 2023 Current 5,138 3,718 Non-current 8,709 2,357 Total Lease liabilities 13,847 6,075 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 2,357 — 2,357 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, 2023 to which the Group is potentially exposed that are not reflected in the measurement of lease liabilities amounts to USD 0.2 million and relates to new contracts signed in 2024 and potential renewals. Changes in liabilities arising from financing activities In thousands of USD January 1, 2022 Additions and modifications Payments Reclassification Effect of translation December 31, 2022 Current lease liabilities 3,906 5,584 (8,666) 4,944 (630) 5,138 Non-current lease liabilities 8,631 6,881 — (4,944) (1,859) 8,709 Total liabilities from financing activities 12,537 12,465 (8,666) — (2,489) 13,847 In thousands of USD January 1, 2023 Additions and modifications Payments Reclassification Effect of translation December 31, 2023 Current lease liabilities 5,138 2,783 (6,279) 2,461 (385) 3,718 Non-current lease liabilities 8,709 (2,698) — (2,461) (1,193) 2,357 Total liabilities from financing activities 13,847 85 (6,279) — (1,578) 6,075 Additions and modifications include USD 1,074 thousand of accrued interest as of December 31, 2023 (2022: USD 1,710 thousand) as described in Note 7. 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 2022 2023 Short-term leases 2,708 2,035 Variable lease payments 79 100 Total expense 2,787 2,135 At December 31, 2023 the Group was committed to short-term leases and the total commitment at that date was USD 686 thousand (2022: USD 1,107 thousand). |
Other taxes receivable & Other
Other taxes receivable & Other taxes payable | 12 Months Ended |
Dec. 31, 2023 | |
Other taxes payable & Other taxes receivable | |
Other taxes receivable & Other taxes payable | 20 Other taxes receivable & Other taxes payable Other taxes receivable are comprised of the following: For the year ended December 31, In thousands of USD 2022 2023 Value added taxes 12,052 8,785 Other taxes receivable 283 79 Other taxes receivable 12,335 8,864 Current 6,368 4,143 Non-Current 5,967 4,721 Other taxes payable are comprised of the following: For the year ended December 31, In thousands of USD 2022 2023 Value added taxes 11,841 10,106 Withholding Tax 10,412 11,840 Other taxes payable 443 1,980 Other taxes payable 22,696 23,926 Current 20,947 23,452 Non-Current 1,749 474 Value added taxes receivable comprises an average maturity of 2.7 years and value added taxes payable comprises an average maturity of 1.3 years. |
Provisions for liabilities and
Provisions for liabilities and other charges | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of other provisions [abstract] | |
Provisions for liabilities and other charges | 21 Provisions for liabilities and other charges Movements in provisions for liabilities and other charges are as follows: In thousands of USD Uncertain tax positions Marketplace Provision for Total Balance as of January 1, 2022 34,221 817 2,047 37,085 Additions 3,061 247 1,137 4,445 Reversals (2,297) (299) (97) (2,693) Use of provision (670) — (609) (1,279) Effect of translation (445) (102) (223) (770) Balance as of December 31, 2022 33,870 663 2,255 36,788 Additions 1,640 207 2,244 4,091 Reversals (18,627) (200) (198) (19,025) Use of provision (1,261) — (894) (2,155) Effect of translation (334) (216) (215) (765) Balance as of December 31, 2023 15,288 454 3,192 18,934 Current 15,288 454 2,678 18,420 Non-current — — 514 514 Uncertain tax positions Uncertain tax positions includes provisions related to VAT for USD 3,253 thousand (2022: USD 9,854 thousand), provisions related to Withholding Tax (WHT) for USD 10,758 thousand (2022: USD 22,044 thousand) and provisions related to other taxes for USD 1,277 thousand (2022: USD 1,972 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. These provisions are expected to be utilized or released as a result of the regular tax audits in the Countries where the Group operates. When the technical merits of tax filings get clarified and confirmed with the tax authorities, as happened in 2023, this reduces the overall uncertainty in the Group's tax positions, resulting in a reversal of provisions. Marketplace and consignment goods The provision for marketplace and consignment goods relates to the lost and damaged items, which are to be reimbursed to the sellers. The provision is calculated based on the detailed review of these items, and it is expected that these costs will be incurred in the next financial year. Provision for other expenses Provision for other expense includes the end-of-service gratuity provision of USD 631 thousand (2022: USD 889 thousand), various litigation and penalty provisions of USD 2,561 thousand (2022: USD 1,246 thousand), and no restructuring provision was recorded in 2023 (2022: USD 120 thousand). The provisions are calculated based on our best estimate considering past experience. |
Deferred income
Deferred income | 12 Months Ended |
Dec. 31, 2023 | |
Accruals and deferred income including contract liabilities [abstract] | |
Deferred income | 22 Deferred income Deferred income consists of USD 390 thousand (2022: USD 880 thousand) related to a depositary fee from BNY Mellon, deferred over the course of 5 years. The amount classified as non-current in the consolidated statement of financial position is nil as of December 31, 2023 (2022: USD 345 thousand). Our depositary agreement with BNY Mellon contains a compensation for each ADS issued during our primary (IPO) and secondary offerings. This compensation is accrued over the term of the agreement. Other amounts refer to contract liabilities related to payments received from end customers in advance for goods that have been ordered but are not yet delivered. As of December 31, 2023 contract liabilities amounts to USD 2,712 thousand (2022: USD 3,437 thousand). The total amount of the contract liability, as of the beginning of the period, was recognized as revenue in 2023. |
Revenue
Revenue | 12 Months Ended |
Dec. 31, 2023 | |
Revenue [abstract] | |
Revenue | 23 Revenue Revenue is comprised of the following: For the year ended December 31, In thousands of USD 2021 (1) 2022 (1) 2023 First-party sales 65,148 81,728 86,384 Commissions 30,305 39,879 46,666 Fulfillment 32,245 26,076 18,506 Value added services 25,248 32,237 20,278 Marketing and advertising 10,057 16,940 12,392 Other revenue 4,621 6,440 2,176 Revenue 167,624 203,300 186,402 _________________________ (1) Re-presented for discontinued operations. See Note 6. No single customer accounted for more than 5% of Group revenues for the years ended December 31, 2023, 2022 and 2021. The breakdown of the Group’s revenue from contracts with customers by region is disclosed in the Note 2 u) Segments. |
Fulfillment expense
Fulfillment expense | 12 Months Ended |
Dec. 31, 2023 | |
Fulfillment expense | |
Fulfillment expense | 24 Fulfillment expense Fulfillment expense is comprised of the following: For the year ended December 31, In thousands of USD 2021 (1) 2022 (1) 2023 Fulfillment staff costs 18,747 20,062 13,293 Fulfillment centers expense 4,978 6,057 2,630 Freight and shipping expense 50,971 50,664 27,961 Fulfillment expense 74,696 76,783 43,884 _________________________ (1) Re-presented for discontinued operations. See Note 6. |
Sales and advertising expense
Sales and advertising expense | 12 Months Ended |
Dec. 31, 2023 | |
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 2021 (1) 2022 (1) 2023 Staff costs 9,305 9,916 6,755 Advertising campaigns 62,016 54,123 12,867 Selling expenses 2,329 2,820 1,836 Sales and advertising expense 73,650 66,859 21,458 _________________________ (1) Re-presented for discontinued operations. See Note 6. Sales and advertising expense decreased by 67.9% from USD 66.9 million in 2022 to USD 21.5 million in 2023, mostly as a result of a significant reduction in marketing expenditure in 2023 compared to 2022, as the Group brought more discipline to marketing spending. |
Technology and content expense
Technology and content expense | 12 Months Ended |
Dec. 31, 2023 | |
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 2021 (1) 2022 (1) 2023 Staff Costs 14,968 25,233 17,425 Technology license and maintenance expenses 21,729 27,178 24,103 Technology and content expense 36,697 52,411 41,528 _________________________ (1) Re-presented for discontinued operations. See Note 6. Technology and content expense decreased by 20.8% from USD 52.4 million in 2022 to USD 41.5 million in 2023, as a result of efforts to increase the efficiency of our technology investments by rationalizing our infrastructure and software costs and our staff structure. |
General and administrative expe
General and administrative expense and Termination benefits | 12 Months Ended |
Dec. 31, 2023 | |
General and administrative expense [Abstract] | |
General and administrative expense and Termination benefits | 27 General and administrative expense and Termination benefits General and administrative expense General and administrative expense is comprised of the following: For the year ended December 31, In thousands of USD 2021 (1) 2022 (1) 2023 Staff Costs 81,477 60,845 45,147 Occupancy Costs 1,725 2,500 2,099 Professional fees 18,250 11,952 11,278 Travel and entertainment 1,910 3,458 2,172 Office and related expenses 7,332 8,905 6,020 Bank fees & payment costs 646 778 650 Bad debt expense 1,267 6,211 212 Tax expense / (reversal) 11,125 11,214 (8,018) Provisions for liabilities and other charges 209 195 1,745 Depreciation and amortization 9,587 11,464 9,806 Other general and administrative expense 5,592 4,689 3,314 General and administrative expense 139,120 122,211 74,425 _________________________ (1) Re-presented for discontinued operations. See Note 6. Staff costs expense includes share options and stock units granted to eligible employees of USD 5,276 thousand (2022: USD 8,240 thousand and 2021: USD 34,548 thousand). Tax expense / (reversal), refers to tax expense / (reversal) other than income tax and is comprised of the following: As of December 31, In thousands of USD 2021 2022 2023 Withholding taxes 7,064 4,952 (6,398) VAT 994 3,020 (2,999) Other taxes 3,067 3,242 1,378 Total 11,125 11,214 (8,018) The beneficial impact in tax expenses relates to the release of tax provisions as described in Note 21. As of December 31, 2023 Other general and administrative expense includes USD 3,192 thousand (2022: USD 4,274 thousand and 2021: USD 4,238 thousand) for insurance premiums. Termination benefits As of December 31, 2022, termination benefits relate to redundancy expenses amounting to USD 3,706 thousand as a result of an announced and significant action in the fourth quarter of 2022 to streamline the Group's organization structure and reduce the Group's headcount. Regular termination benefits incurred as part of the recurring operating cycle of the business are recorded by function under Staff costs and amounted to USD 3,076 thousand as of December 31, 2023 (2022: USD 326 thousand and 2021: USD 324 thousand). |
Finance income and finance cost
Finance income and finance costs | 12 Months Ended |
Dec. 31, 2023 | |
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 2021 2022 2023 Foreign exchange gain 22,162 10,496 1,336 Interest and similar income 258 388 1,738 Interest income from financial assets at fair value through OCI 2,344 4,064 2,788 Fair value gain on financial assets at fair value through profit or loss — — 237 Other income — 305 90 Finance income 24,764 15,253 6,189 Foreign exchange loss 7,485 7,492 11,804 Interest and similar expense 1,606 1,718 2,168 Fair value loss on financial assets at fair value through profit and loss 998 7,167 13,601 Loss recognized on disposal of debt instruments held at fair value through OCI (Note 12) — 2,290 3,908 Other charges 242 951 — Finance costs 10,331 19,618 31,481 In 2023, financial assets measured at fair value through profit or loss included investments in securities (Note 12). These financial assets yielded a fair value gain of USD 237 thousand in 2023 (2022: nil and 2021: nil) and incurred a fair value loss of USD 13,601 thousand (2022: 7,167 thousand and 2021: 998 thousand) realized upon sale, along with transaction costs of USD 1,080 thousand (2022: nil and 2021: nil) recognized under interest and similar expense. These were fully disposed of in 2023. 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 2,788 thousand (2022: 4,064 thousand and 2021: 2,344 thousand). |
Income tax
Income tax | 12 Months Ended |
Dec. 31, 2023 | |
Major components of tax expense (income) [abstract] | |
Income tax | 29 Income tax Income tax payables and receivables are comprised of the following: As of December 31, In thousands of USD 2022 2023 Income Tax Prepayments 1,792 2,000 Total Income tax receivables 1,792 2,000 Income Tax Payables 301 547 Provision for Income Tax 12,685 12,880 Total Income tax payables 12,986 13,427 The reconciliation of tax expense and the effective tax rate was as follows: For the year ended December 31, In thousands of USD 2021 2022 2023 Loss before Income tax from continuing operations (207,126) (206,162) (98,600) Loss before Income tax from discontinued operations (19,337) (25,128) (4,917) Loss before income tax (226,463) (231,290) (103,517) Statutory tax rate (1) 24.02 % 19.25 % 27.98 % Expected income tax benefit 54,406 44,512 28,963 Tax effects of: Sundry permanent differences 970 (1,141) (2,547) Effect of functional to local reporting currency in Germany (338) (4,948) (3,040) Equity Transaction costs 1,878 18 8 Share based payments (7,520) (1,734) (1,506) Tax Expenses (1,605) (1,438) 19 Bad debt expense (439) (1,180) (1,841) Management fees (6,167) (4,367) (4,268) Interest expense (1,324) (777) (567) Unrecognized deferred tax asset arising from timing differences relating to: FX unrealized gain/loss (1,575) 863 (1,407) Share based payments (443) 277 85 Tax Expenses 277 192 3,328 Sundry temporary differences (308) (101) 1,079 Minimum tax (395) (637) (665) Deferred tax not recognized (mainly tax losses carried forward) (38,707) (31,573) (20,885) Deferred tax: relating to origination and reversal of temporary differences and tax losses 848 (4,946) 2,583 Income tax expense (442) (6,979) (661) Effective tax rate 0.20 % 3.02 % 0.64 % _________________________ (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 2021 2022 2023 Current tax (expense) / income (1,102) (2,033) (3,244) Deferred tax (expense) / income 660 (4,946) 2,583 Total Income tax (expense) / income (442) (6,979) (661) Tax losses available for offsetting against future taxable profits were as follows: As of December 31, 2021 2022 2023 In thousands of USD Country Duration Rate Accumulated tax Accumulated tax Accumulated tax Germany ** Indefinite 30.2 % * (37,933) (27,142) (36,125) Morocco 4 years 31.0 % (29,580) (37,863) (29,780) Egypt 5 years 22.5 % (151,823) (100,454) (62,390) Nigeria Indefinite 30.0 % (269,961) (252,909) (137,013) South Africa Indefinite 28.0 % (49,591) (53,251) (56,532) Kenya 10 Years 30.0 % (87,785) (86,933) (74,817) Ivory Coast 5 years 25.0 % (34,784) (35,101) (30,144) Ghana 3 years 25.0 % (9,560) (6,852) (6,316) Other N/A N/A (67,864) (81,040) (71,163) Total (738,881) (681,545) (504,280) _________________________ * 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 64,942 thousand as of December 31, 2023 (USD 53,474 thousand as of December 31, 2022 and 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 8. The previously unrecognized tax losses of prior periods used to reduce current tax expense amounts to USD 1,502 thousand. |
Earnings per share
Earnings per share | 12 Months Ended |
Dec. 31, 2023 | |
Earnings per share [abstract] | |
Earnings per share | 30 Earnings per share 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 from continuous operations: For the year ended December 31, In thousands of USD 2021 2022 2023 Numerator Loss for the period from continuing operations (207,568) (213,141) (99,261) Less: net loss attributable to non-controlling interest from continuing operations (40) (37) (23) Loss attributable to Equity of the Company from continuing operations (207,528) (213,104) (99,238) Denominator Weighted average number of shares for basic and diluted EPS 193,835,475 200,349,548 201,789,219 Loss per share from continuing operations - basic and diluted (1.07) (1.06) (0.49) The following table reflects the loss and share data used in the basic and diluted EPS calculations from discontinued operations: For the year ended December 31, In thousands of USD 2021 2022 2023 Numerator Loss for the period from discontinued operations (19,337) (25,128) (4,917) Loss attributable to Equity of the Company from discontinued operations (19,337) (25,128) (4,917) Denominator Weighted average number of shares for basic and diluted EPS 193,835,475 200,349,548 201,789,219 Loss per share from discontinued operations - basic and diluted (0.10) (0.13) (0.02) 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 2021 2022 2023 Numerator Loss for the period (226,905) (238,269) (104,178) Less: net loss attributable to non-controlling interest (40) (37) (23) Loss attributable to Equity of the Company (226,865) (238,232) (104,155) Denominator Weighted average number of shares for basic and diluted EPS 193,835,475 200,349,548 201,789,219 Loss per share - basic and diluted (1.17) (1.19) (0.52) Potential dilutive securities that are not included in the diluted earnings per share calculations because they would be anti-dilutive are as follows: For the year ended December 31, 2021 2022 2023 Share Options and Stock Units 2,070,033 1,874,830 2,017,355 |
Transactions and balances with
Transactions and balances with related parties | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of transactions between related parties [abstract] | |
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, 2021, 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 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 2021 2022 2023 Short-term employee benefits 4,236 3,889 3,332 Other benefits 81 107 114 Share-based compensation 9,299 5,155 1,858 Total 13,616 9,151 5,304 Additional Compensation to the Former Members of the Management Board In 2022, the former Management Board were also entitled to receive an additional compensation in the amount of USD 1.7 million, following their resignations. This was fully paid in 2023. |
Fair Values of Financial Instru
Fair Values of Financial Instruments | 12 Months Ended |
Dec. 31, 2023 | |
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 term deposits and other financial assets, cash and cash equivalents and trade and other receivables. Financial liabilities consist of borrowings and trade and other payables. Management considers that the carrying amounts of financial assets measured at amortized cost, and financial liabilities in the financial statements approximate their fair values, due to their short term maturities. Financial investments measured at fair value As of December 31, 2023 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, 2023 | |
Disclosure of risk management strategy related to hedge accounting [abstract] | |
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, interest rate risk and security prices. 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. Financial instruments affected by interest rate risk and security price risk include financial assets measured at fair value. 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 a 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, limiting the risk of foreign currency exposure. 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, 2023, if the EUR or USD had strengthened/weakened by +/- 5 or +/-10% against all other currencies with all other variables held constant, the hypothetical impact in the major local currencies on pre-tax equity and profit before tax would have been as follows, mainly as a result of foreign exchange gains/losses on translation of trade and other receivables, cash as well as trade and other payables denominated in EUR or USD. 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, AED, 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. As a result of devaluations in the Egyptian Pound (EGP) and the Nigerian Naira (NGN) in 2024, further described in Note 35, our foreign currency sensitivity analysis reflects these changes with a 60% and 80% decrease assumed for EGP and NGN, respectively, against the USD and the EUR. The Group assessed a possible change of +/- 5% to EUR, Algerian Dinar (DZD), West African CFA franc (XOF), Moroccan Dirham (MAD), Ugandan Shilling (UGX) and Tunisian Dinar (TND) due to valuation fluctuations in 2023 of (5.5)% to 1.7% of these currencies to the USD, a possible change of +/- 10% of South African Rand (ZAR), Kenyan Shilling (KES), Ghanaian Cedi (GHS) due to valuation fluctuations in 2023 of 7.5% to 27.1% of these currencies to the USD. The Group also assessed a possible change of +/- 5% to Algerian Dinar (DZD), Ugandan Shilling (UGX), Moroccan Dirham (MAD), UAE Dirham (AED) and Tunisian Dinar (TND) due to valuation fluctuations in 2023 of (2.5)% to 4.9% of these currencies to the EUR, a possible change of +/- 10% to Kenyan Shilling (KES), South African Rand (ZAR) and Ghanaian Cedi (GHS) due to valuation fluctuations in 2023 of 10.9% to 31.1% of these currencies to the EUR. Intercompany loans bear the majority of the Group’s foreign currency risk as they are issued and are repayable in Euro or US dollars. Fluctuation of various exchange rates in Africa and the resulting related foreign exchange gains or losses are recognized in other comprehensive income, when designated as net investment in a foreign operation, finance income or finance costs. The impacts in the major local currencies are as follows: In thousands of USD Effect on Effect on Change in EUR/USD 5 % 35,553 6,475 (5) % (35,553) (6,475) Change in EUR/AED 5 % 106 4 (5) % (106) (4) Change in EUR/KES 10 % (5,386) (4,672) (10) % 5,386 4,672 Change in EUR/MAD 5 % (5,760) (149) (5) % 5,760 149 Change in EUR/NGN 80 % (166,050) (247) Change in EUR/DZD 5 % (1,328) (16) (5) % 1,328 16 Change in EUR/GHS 10 % (1,997) (18) (10) % 1,997 18 Change in EUR/UGX 5 % (1,528) (28) (5) % 1,528 28 Change in EUR/ZAR 10 % (1,643) (7) (10) % 1,643 7 Change in EUR/EGP 60 % (51,213) (32,002) Change in EUR/TND 5 % (651) (22) (5) % 651 22 In thousands of USD Effect on Effect on Change in USD/XOF 5 % (1,653) (389) (5) % 1,653 389 Change in USD/KES 10 % (2,114) (1,506) (10) % 2,114 1,506 Change in USD/MAD 5 % (1,664) (153) (5) % 1,664 153 Change in USD/NGN 80 % (83,807) (13,379) Change in USD/DZD 5 % (818) — (5) % 818 — Change in USD/GHS 10 % (856) (73) (10) % 856 73 Change in USD/UGX 5 % (1,041) (72) (5) % 1,041 72 Change in USD/ZAR 10 % (990) 7 (10) % 990 (7) Change in USD/EGP 60 % (33,898) (19,310) Change in USD/TND 5 % (850) 1 (5) % 850 (1) Interest rate risk Interest rate risk is the risk that: i. the fair value of financial assets or financial liabilities will change due to movements in the interest rate curve; and, ii. the cash flows of financial assets or financial liabilities will change due to movements in the interest rate curve. The Group has invested excess cash in financial instruments such as listed investment grade bonds pursuant to its cash management strategy, as discussed in Note 12. Changes in the interest rate curve will affect the fair value and/or cash flows of the listed investment grade bonds. In respect of interest rate risk, management monitors the change in interest rates. The Group does not use derivatives as hedging instruments to limit its exposure from interest rate risks. As of December 31, 2023, the listed investment grade bonds held by the Group are fixed-rate instruments. Interest rate sensitivity As of December 31, 2023, if the interest rate curves had changed by +/-50bps, with all other variables held constant, the hypothetical impact on pre-tax equity would have been as follows: As of December 31, 2023 In thousands of USD Effect on CITI - listed investment grade bonds 0.5 % (496) (0.5) % 496 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 foreign exchange transactions (the impacts of which are included in the sensitivity analysis above). Trade receivables As of December 31, 2023, the Group has as an allowance for uncollectible receivables of USD 5,101 thousand (2022: USD 7,536 thousand) as set out in the Note 13. The Group evaluates this risk based on known troubled accounts and historical experience of losses incurred. 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 customers 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 customers, 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. Certain Group entities (namely, among others, Ecart Internet Services Nigeria Limited, Jade E-Services Uganda Ltd. and Ecart Services Kenya Ltd.) entered into account compensation and settlement agreements with certain international marketplace sellers. Therefore, the Group has offset associated trade receivables and payables for an amount of USD 184 thousand as of December 31, 2023. (2022: USD 152 thousand). 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, 2022 and 2023 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, 2021, 2022 and 2023, due to low credit risk rating of the financial institutions. 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. Other financial assets The Group’s maximum exposure to credit risk for other financial assets of December 31, 2023 is the respective carrying amount. As of December 31, 2023, 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 an interest rate risk in this regard. |
Commitments and contingencies
Commitments and contingencies | 12 Months Ended |
Dec. 31, 2023 | |
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, 2023, there are ongoing tax audits in various countries. Some of these tax inquiries 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 litigation in determining legal provisions. Final claims or court rulings may differ from management estimates. In addition, Management is required to make estimates and judgements about the ultimate outcome of other tax risks that have not led to an investigation or litigation but that, based on Management’s own assessment, may lead to potential tax claims. As of December 31, 2023, 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 15,288 thousand (2022: USD 33,870 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, 2023 Uncertainty over Income Tax payables in accordance with IFRIC 23 interpretation amounts to USD 12,880 thousand (2022: USD 12,685 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 20,629 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, 2023 The Group bank guarantees amount to USD 561 thousand (2022: USD 1,092 thousand). Lease commitments As disclosed in Note 19, the Group was committed to short term leases which at December 31, 2023 amounts to USD 686 thousand (2022: USD 1,107 thousand). Other commitments The Group has committed to allocate USD 12.5 million to a service supplier by November 2024 and 13.0 million by November 2025. 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. |
Subsequent events
Subsequent events | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of non-adjusting events after reporting period [abstract] | |
Subsequent events | 35 Subsequent events Foreign Currency Considerations for the Egyptian Pound (EGP) and the Nigerian Naira (NGN): The Central Bank of Egypt (CBE) and the Central Bank of Nigeria (CBN) set the official reference rates for foreign currency transactions in their respective countries. These rates serve as the benchmark for foreign currency translation within Egypt and Nigeria. Both Egypt and Nigeria face significant macroeconomic challenges, further exacerbated by ongoing regional conflicts. In 2023, the Egyptian government, while seeking increased access to a support program, collaborated with the International Monetary Fund (IMF) to implement policies aimed at promoting exchange rate flexibility and enhancing economic resilience. This resulted in a devaluation of the Egyptian Pound in March 2024, as anticipated by the HSBC forecast. The EGP was allowed to float more freely on the market, aligning with IMF loan conditions. Our foreign currency sensitivity analysis for the EGP reflects this actual devaluation by incorporating a 60% decrease against the US Dollar (USD) and the Euro (EUR). Similarly, in June 2023, Nigeria experienced a significant devaluation of the Nigerian Naira against the US Dollar and the Euro following a policy shift by the CBN. They abandoned their previous system of multiple exchange rates and allowed the NGN to trade more freely on the foreign exchange market. In February 2024, there was a further devaluation as the methodology for calculating the official exchange rate was revised, bringing it closer to the freely traded rate. Our foreign currency sensitivity analysis for the NGN incorporates a 80% devaluation against the USD and the EUR, reflecting the actual devaluation experienced in February 2024. |
Summary of accounting policies
Summary of accounting policies (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
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 certain financial assets and share based compensation plans, which have been measured at fair value (as further disclosed within this Note). The consolidated financial statements are presented in US dollars and all values are rounded to the nearest thousand ($000), except when otherwise indicated. |
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 Group’s returns. 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, 2021, 2022 and 2023, the Group consolidated 67, 67 and 65 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 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 is 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. The lease liabilities are recognized in the statement of financial position as 'Current borrowings' or 'Non-current borrowings'. 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 of 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’. |
Financial instruments - initial recognition and subsequent measurement | ) 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 and other receivables 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 income is 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 other 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 and contract assets 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. When calculating ECL, the expected recovery from collateral is taken into account. The Group has the contractual right to dispose of marketplace products and apply all proceeds of sales to discharge any amounts that are owed by sellers. 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 incorporate 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. The Group writes off accounts receivable no later than when the balance becomes 12 months past due. 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 as of December 31, 2022 and 2023 is the respective carrying amount. As of December 31, 2022 and 2023, 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 gross domestic product (GDP) and credit default swap (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. Deferred income is subsequently recognized as revenue in the Consolidated Statement of Operations and Comprehensive Income (Loss). 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 or to realize the assets and settle the liabilities simultaneously. |
Impairment of non-financial assets | g) 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 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 or CGU is considered impaired and is written down to its recoverable amount. |
Inventories | h) Inventories Inventories are valued at the lower of cost or net realizable value. Cost of inventory is determined on the 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 are deducted from the carrying amount of the inventories. |
Cash and cash equivalents and term deposits | i) 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 | j) 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 customers or (b) delivery of goods or services to customers. Input VAT is generally recoverable against output VAT upon receipt of the VAT invoice. The net amount of VAT recoverable from, or payable to, the taxation authority is included as part of receivables or payables in the statement of financial position. When input and output VAT expire or are settled in different patterns, VAT is recognized in the statement of financial position 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. If the effect of the time value of money is material, tax receivables and payables are discounted using a current pre-tax rate that reflects, when appropriate, the risks specific to the asset or liability. When discounting is used, the increase in the asset or liability due to the passage of time is recognized as a finance cost. |
Provisions and contingent liabilities | k) Provisions and contingent liabilities 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. Where it is more likely that no present obligation exists at the reporting date, the Group discloses a contingent liability, unless the possibility of an outflow of resources embodying economic benefit is remote, in which case no disclosure is required. |
Foreign currency translation | l) 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. Transactions and balances Transactions in foreign currencies are initially recorded by the Group’s entities using exchange rates at the dates of 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 Group’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 dollar for the Group’s most significant operations. 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 Germany Euro (EUR) 0.85 0.88 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 Year Ended December 31, 2022 Country Currency Average Rate Period-end Rate Algeria Algerian Dinar (DZD) 141.96 137.36 Cameroon CFA Franc BEAC (XAF) 623.87 612.84 China Yuan Renminbi (CNY) 6.73 6.90 Ivory Coast CFA Franc BCEAO (XOF) 623.87 612.84 Egypt Egyptian Pound (EGP) 19.20 24.75 Ghana Cedi (Ghana) (GHS) 8.99 10.20 Kenya Kenyan Shilling (KES) 117.60 123.50 Morocco Moroccan Dirham (MAD) 10.13 10.46 Nigeria Naira (NGN) 423.01 448.08 Portugal Euro (EUR) 0.95 0.93 Rwanda Rwanda Franc (RWF) 1,031.64 1,067.00 Senegal CFA Franc BCEAO (XOF) 623.87 612.84 South Africa Rand (ZAR) 16.37 17.02 Tunisia Tunisian Dinar (TND) 3.08 3.11 United Republic Of Tanzania Tanzanian Shilling (TZS) 2,322.97 2,332.45 Uganda Uganda Shilling (UGX) 3,682.08 3,717.61 United Arab Emirates UAE Dirham (AED) 3.67 3.67 Year Ended December 31, 2023 Country Currency Average Rate Period-end Rate Algeria Algerian Dinar (DZD) 135.98 134.32 Cameroon CFA Franc BEAC (XAF) 606.62 594.31 China Yuan Renminbi (CNY) 7.07 7.08 Ivory Coast CFA Franc BCEAO (XOF) 606.62 594.31 Egypt Egyptian Pound (EGP) 30.67 30.93 Ghana Cedi (Ghana) (GHS) 11.69 11.97 Kenya Kenyan Shilling (KES) 139.98 157.01 Morocco Moroccan Dirham (MAD) 10.13 9.88 Nigeria Naira (NGN) 636.97 896.64 Portugal Euro (EUR) 0.92 0.91 Rwanda Rwanda Franc (RWF) 1,159.04 1,259.53 Senegal CFA Franc BCEAO (XOF) 606.62 594.31 South Africa Rand (ZAR) 18.45 18.30 Tunisia Tunisian Dinar (TND) 3.10 3.07 United Republic Of Tanzania Tanzanian Shilling (TZS) 2,422.54 2,512.42 Uganda Uganda Shilling (UGX) 3,725.37 3,780.17 United Arab Emirates UAE Dirham (AED) 3.67 3.67 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 | m) Revenue from contracts with customers The Group generates revenue primarily from first-party sales, third-party sales, marketing and advertising, and the provision of other services. Revenue from contracts with customers is recognized when control of the goods or services is 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 or services before they are transferred to the customers and if it has the ability to direct the use of the goods or services or obtain benefits from them. The Group also considers the following indicators: – The latitude in establishing prices and selecting suppliers – The inventory risk borne by the Group before and after the goods have been transferred to the customer When the Group is primarily obliged in a transaction, is subject to inventory risk, has all, 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) First-party sales Revenue from first-party sales relates to sales of goods where Jumia enters into an agreement with a customer to sell goods and acts directly as the seller. The Group also engages in corporate sales, i.e. sales where Jumia directly sells goods to local and regional retailers, distributors and other corporate buyers. 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 customer. 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 the same point in time. (2) Third-party sales Revenue from third-party sales is related to the third-party sellers’ ability to sell goods to customers (i.e., consumers, retailers, distributors and other local buyers) through Jumia's marketplace. The Group’s performance obligation with respect to these transactions is to arrange for the sale of goods provided by sellers and deliver them to the customers on behalf of the sellers. The Group considers that Jumia has one performance obligation in respect of these transactions which is to arrange the sale and delivery of goods to customers on behalf of sellers. Since Jumia does not control the goods, it is an agent in these transactions. The revenue from these transactions is recognized when the Group satisfies its performance obligation, which is at a point in time when the goods are delivered to the customer. Jumia generates the following revenues from these third-party sales transactions: 2 a) Commissions Jumia generates a commission fee (normally a percentage of the selling price) which it charges to sellers based on agreements with the sellers. 2 b) Fulfillment Jumia charges a delivery fee to customers when delivering goods on behalf of the sellers which it recognizes as fulfillment revenue. 2 c) Value added services In some instances, Jumia also charges a delivery fee to sellers when delivering goods to customers on behalf of the sellers which it recognizes as part of value-added services revenue. (3) Marketing and advertising The Group provides advertising services to sellers and non-sellers, 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. (4) Value added services In addition to the fees charged to sellers related to third-party sales noted above, the Group also provides other services to sellers for which it charges a fee such as warehousing services for products ahead of shipment and technical support. As Jumia establishes pricing, revenue is recognized on a gross basis. Revenue for warehousing is recognized over the period of storage of the goods while revenue for technical support is recognized when the respective service is completed. (5) Other revenue The Group provides logistic services, such as transportation of goods, to non-sellers. Jumia is deciding the price and assuming the risk of non-performing these services and is deemed the principal in this activity. The performance obligation is satisfied when the shipping services are completed. 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) and a right of return asset for the right to recover products when a refund liability is settled. Customer incentives and subsidies The Group grants incentives to its end customers and subsidies to its marketplace sellers. Incentives to end customers, which include discounts or vouchers, and marketplace subsidies to sellers are consideration payable to a customer and are recognized as a reduction of revenue. 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 includes the external costs directly attributable to fulfilling the performance obligations mentioned above, such as the purchase price of customer products where Jumia acts 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 shipping costs related to logistics services to non-sellers are also included in cost of revenue. |
Fulfillment expense | n) Fulfillment expense Fulfillment expense consists of expense related to services of third-party logistics providers and payment processing expenses, 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 customer service centers, including expense attributable to procuring, receiving, inspecting, and warehousing inventories and picking, packaging, and preparing customer orders for shipment, including packaging materials. Lease expenses are primarily classified as “General and administrative expense”. Fulfillment expense also includes expense relating to customer service operations. |
Sales and advertising expense | o) 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 customer acquisition and engagement activities and other expense associated with our market presence. |
Technology and content expense | p) 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 | q) General and administrative expense General and administrative expense contains wages and benefits, including share-based payment expense, of management, seller management 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 | r) 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 | ) Share-based compensation The Group operates share-based payment plans, under which directors and employees receive compensation in the form of equity instruments of the Company or cash for the services provided, which is based on the fair value of equity instruments. 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 installment of the award is treated as a separate grant (i.e., each installment is separately expensed over the related vesting period). For equity settled instruments, i. option awards issued by the Group are initially measured using Black-Scholes valuation model on the grant date and are not subsequently re-measured, and ii. virtual restricted stock units (VRSUs) are initially measured at the observable stock price of Jumia on the grant date and are not subsequently re-measured For cash-settled share-based payments, a liability is recognized for the goods or services acquired, measured initially at the fair value derived from the observable stock price of Jumia at grant date. 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. 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 derived from a Monte Carlo simulation, 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 recognized for goods or services received where an award does not vest, because a specified non-market performance 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-market performance conditions, that will vest is based on the most likely outcome derived from a Monte Carlo valuation model. 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 derived from a Monte Carlo valuation model 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. 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, from equity-settled to cash-settled, a liability is recognized based on the fair value of the cash-settled award on the date of the modification and to the extent to which the vesting period has expired. The entire corresponding debit is taken to equity. Where an award is modified from cash-settled to equity-settled, the amount recognized as a liability, up to the modification date is reclassified to equity. The expense for the remainder of the vesting period is based on the award’s fair value, measured at the modification date. |
Income taxes | 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 and does not give rise to equal taxable and deductible temporary differences. 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 | SegmentsOperating 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 the CEO and the Executive Vice President, Finance & Operations. In the periods presented, the Group had one operating and reportable segment. The CODM makes decisions as to how to allocate resources based on the long-term growth potential of the Group as determined by market research, growth potential in regions, and various internal key performance indicators. |
Discontinued operations | Discontinued operations A discontinued operation is a component of an entity that either has been disposed of, or is classified as held for sale, and represents a separate major line of business or geographical area of operations, is part of a single co-ordinated plan to dispose of a separate major line of business or geographical area of operations or is a subsidiary acquired exclusively with a view to resale. |
Hyperinflationary economies | Hyperinflationary economies A recent International Monetary Fund (IMF) World Economic Outlook (WEO) report released in October 2023 projects significant inflation in Ghana. The projected three-year cumulative inflation is estimated to reach 128% by the end of 2023 and 133% by the end of 2024. This aligns with data from the Ghana Statistical Service, further supporting the conclusion. Accordingly, Ghana met the requirements to be designated as an hyperinflationary economy under IAS 29 'Financial Reporting in Hyperinflationary Economies' in the year ended December 31, 2023. The Group has therefore applied hyperinflationary accounting, as specified in IAS 29, to Jade E-Services Ghana Ltd.'s operations in Ghana where the Ghanaian Cedi is the functional currency for the reporting period beginning January 1, 2023. The inflation index selected to reflect the change in purchasing power was the consumer price index (CPI) issued by the Ghana Statistical Service. The CPI reached 200.5 in December 31, 2023 and 162.8 in December 31, 2022. The annual movement on the index in 2023 was 23,2%. In accordance with IAS 29, for the Group's operations in Ghana: • The carrying amounts of non-monetary assets and liabilities have been re-presented to reflect the change in the general price index from the date of acquisition to the end of the reporting period. All items recognized in the income statement have been re-presented by applying the change in the general price index from the dates when the items of income and expenses were initially earned or incurred to the end of the reporting period. • As the presentation currency of the Group is that of a non-hyperinflationary economy, comparative amounts have not been re-presented for changes in the price level or exchange rates in the current year. The combined effect of the re-presentation in accordance with IAS 29 and the currency translation adjustment in accordance with IAS 21 is recognized in 'Other reserves' through 'Other comprehensive loss on net investment in foreign operations' , to reflect the impacts in opening balance as of January 1, 2023. There are no material impacts on the consolidated financial statements of the Group. |
Summary of accounting policie_2
Summary of accounting policies (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Summary of significant accounting policies | |
Schedule of property and equipment | 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 Office equipment 5 to 15 Leasehold improvements Shorter of useful life and the term of the underlying lease Movements in the carrying amount of property and equipment were as follows: In thousands of USD Buildings Technical Transportation Right of use Total Cost Balance as of January 1, 2022 2,389 3,733 17,616 24,676 48,414 Additions 878 3,051 7,218 10,391 21,538 Lease modifications — — — (2,901) (2,901) Disposals (31) — (67) — (98) Effect of translation (409) (582) (2,559) (3,780) (7,330) Balance as of December 31, 2022 2,827 6,202 22,208 28,386 59,623 Additions 141 196 1,577 1,030 2,944 Lease modifications — — — (5,348) (5,348) Disposals (127) (80) (376) — (583) Effect of hyperinflationary economies 13 92 482 — 587 Effect of translation (371) (1,147) (5,367) (3,475) (10,360) Balance as of December 31, 2023 2,483 5,263 18,524 20,593 46,863 Accumulated depreciation Balance as of January 1, 2022 (1,770) (2,135) (10,460) (12,225) (26,590) Depreciation charge (408) (899) (3,667) (6,480) (11,454) Accumulated depreciation on disposals 3 — 50 — 53 Lease modifications — — — 3,444 3,444 Effect of translation 267 263 1,412 1,480 3,422 Balance as of December 31, 2022 (1,908) (2,771) (12,665) (13,781) (31,125) Depreciation charge (270) (925) (3,342) (5,204) (9,741) Accumulated depreciation on disposals 59 44 197 — 300 Lease modifications — — — 3,389 3,389 Effect of hyperinflationary economies (12) (6) (353) — (371) Effect of translation 282 462 3,045 1,257 5,046 Balance as of December 31, 2023 (1,849) (3,196) (13,118) (14,339) (32,502) Carrying amount as of December 31, 2022 919 3,431 9,543 14,605 28,498 Carrying amount as of December 31, 2023 634 2,067 5,406 6,254 14,361 |
Schedule of currency translation rates against the Euro for the group's most significant operations | The following tables present currency translation rates against the US dollar for the Group’s most significant operations. 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 Germany Euro (EUR) 0.85 0.88 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 Year Ended December 31, 2022 Country Currency Average Rate Period-end Rate Algeria Algerian Dinar (DZD) 141.96 137.36 Cameroon CFA Franc BEAC (XAF) 623.87 612.84 China Yuan Renminbi (CNY) 6.73 6.90 Ivory Coast CFA Franc BCEAO (XOF) 623.87 612.84 Egypt Egyptian Pound (EGP) 19.20 24.75 Ghana Cedi (Ghana) (GHS) 8.99 10.20 Kenya Kenyan Shilling (KES) 117.60 123.50 Morocco Moroccan Dirham (MAD) 10.13 10.46 Nigeria Naira (NGN) 423.01 448.08 Portugal Euro (EUR) 0.95 0.93 Rwanda Rwanda Franc (RWF) 1,031.64 1,067.00 Senegal CFA Franc BCEAO (XOF) 623.87 612.84 South Africa Rand (ZAR) 16.37 17.02 Tunisia Tunisian Dinar (TND) 3.08 3.11 United Republic Of Tanzania Tanzanian Shilling (TZS) 2,322.97 2,332.45 Uganda Uganda Shilling (UGX) 3,682.08 3,717.61 United Arab Emirates UAE Dirham (AED) 3.67 3.67 Year Ended December 31, 2023 Country Currency Average Rate Period-end Rate Algeria Algerian Dinar (DZD) 135.98 134.32 Cameroon CFA Franc BEAC (XAF) 606.62 594.31 China Yuan Renminbi (CNY) 7.07 7.08 Ivory Coast CFA Franc BCEAO (XOF) 606.62 594.31 Egypt Egyptian Pound (EGP) 30.67 30.93 Ghana Cedi (Ghana) (GHS) 11.69 11.97 Kenya Kenyan Shilling (KES) 139.98 157.01 Morocco Moroccan Dirham (MAD) 10.13 9.88 Nigeria Naira (NGN) 636.97 896.64 Portugal Euro (EUR) 0.92 0.91 Rwanda Rwanda Franc (RWF) 1,159.04 1,259.53 Senegal CFA Franc BCEAO (XOF) 606.62 594.31 South Africa Rand (ZAR) 18.45 18.30 Tunisia Tunisian Dinar (TND) 3.10 3.07 United Republic Of Tanzania Tanzanian Shilling (TZS) 2,422.54 2,512.42 Uganda Uganda Shilling (UGX) 3,725.37 3,780.17 United Arab Emirates UAE Dirham (AED) 3.67 3.67 |
Schedule of group's geographical distribution of revenue and property, plant and equipment | The Group’s geographical distribution of revenue and property and equipment was as follows: Revenue For the year ended December 31, In thousands of USD 2021 (5) 2022 (5) 2023 West Africa (1) 79,860 103,402 83,608 North Africa (2) 57,041 57,495 76,641 East and South Africa (3) 28,728 33,507 24,365 Europe (4) 329 294 1,152 United Arab Emirates 1,666 8,576 629 Others — 26 8 Total 167,624 203,300 186,402 Property and equipment As of December 31, In thousands of USD 2022 2023 West Africa (1) 12,237 6,709 North Africa (2) 8,973 3,584 East and South Africa (3) 5,812 3,409 Europe (4) 1,209 532 China 163 80 United Arab Emirates 104 47 Total 28,498 14,361 ___________________________ (1) West Africa covers Nigeria, Ivory Coast, Senegal and Ghana. (2) North Africa covers Egypt, Tunisia, Morocco and Algeria. (3) East and South Africa covers Kenya, Uganda and South Africa. (4) Portugal and Germany (5) Re-presented for discontinued operations. See Note 6. |
New accounting pronouncements (
New accounting pronouncements (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
New accounting pronouncements | |
Schedule of impact of IAS 12 on deferred tax assets and liabilities | The effects on note 8 Deferred Tax Assets and Liabilities as of January 1, 2021, December 31, 2021 and December 31, 2022 (increase/(decrease)) are as follows: January 1, 2021 In thousands of USD Before re-presentation IAS 12 amendment adjustment After re-presentation Tax Losses — 311 311 Tax benefits 125 — 125 Leases — 3,220 3,220 Deferred tax assets offset — (3,531) (3,531) Total Deferred tax assets 125 — 125 December 31, 2021 In thousands of USD Before re-presentation IAS 12 amendment adjustment After re-presentation Financial assets measured at fair value through PL 517 — 517 Tax Losses 5,783 390 6,173 Tax benefits 665 — 665 Leases — 2,804 2,804 Others 80 — 80 Deferred tax assets offset (6,380) (3,194) (9,574) Total Deferred tax assets 665 — 665 December 31, 2022 In thousands of USD Before re-presentation IAS 12 amendment adjustment After re-presentation Financial assets measured at fair value through OCI 4,124 — 4,124 Financial assets measured at fair value through PL 973 — 973 Tax Losses 9,313 549 9,862 Tax benefits 699 — 699 Leases — 3,302 3,302 Deferred tax assets offset (14,399) (3,851) (18,250) Total Deferred tax assets 710 — 710 January 1, 2021 In thousands of USD Before re-presentation IAS 12 amendment adjustment After re-presentation Assets depreciation and amortization (61) — (61) Leases — (3,531) (3,531) Deferred tax liabilities offset — 3,531 3,531 Total Deferred tax liabilities (61) — (61) December 31, 2021 In thousands of USD Before re-presentation IAS 12 amendment adjustment After re-presentation Assets depreciation and amortization (458) — (458) Unrealized foreign exchange gains - P&L (5,388) — (5,388) Leases — (3,194) (3,194) Others (534) — (534) Deferred tax liabilities offset 6,380 3,194 9,574 Total Deferred tax liabilities — — — December 31, 2022 In thousands of USD Before re-presentation IAS 12 amendment adjustment After re-presentation Assets depreciation and amortization (987) — (987) Unrealized foreign exchange gains - P&L (13,876) — (13,876) Leases — (3,851) (3,851) Others (435) — (435) Deferred tax liabilities offset 14,399 3,851 18,250 Total Deferred tax liabilities (899) — (899) |
Group Information (Tables)
Group Information (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of subsidiaries [abstract] | |
Summary of interest in subsidiaries | At December 31, 2023, Jumia consolidated the Parent entity (Jumia Technologies AG) and the following subsidiaries: Company name Country of % control Principal activities (1) December 31, 2022 December 31, 2023 Africa Internet General Trading LLC UAE 100.00 100.00 Services Africa Internet Services SAS FRANCE 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 Rwanda RWANDA 100.00 — Not active 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 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 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 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 Hellopay Africa Integrated Services Ltd. NIGERIA 100.00 100.00 JumiaPay 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 100.00 100.00 JumiaPay Jumia Eservices SARL TUNISIA 100.00 100.00 Online retailer Jumia Financial Services Ltd. Nigeria 100.00 100.00 JumiaPay Jumia for Trading LLC EGYPT 100.00 100.00 Trading Jumia Payment Services Kenya Ltd. KENYA 100.00 100.00 JumiaPay Jumia Payment Services Ltd. UGANDA 100.00 100.00 JumiaPay Jumia Services FZ-LLC UAE 100.00 100.00 Services Jumia Services GmbH GERMANY 100.00 100.00 Services Jumia Technologies Cote D'Ivoire SARLU IVORY COAST 100.00 100.00 Marketing services Jumia Technologies Spain SLU SPAIN 100.00 — Services Jumia Technologies SUARL TUNISIA 100.00 100.00 Services Jumia Technology Services (Shenzhen) Co., Ltd CHINA 100.00 100.00 Services Jumia UG (haftungsbeschränkt) & Co. KG GERMANY 100.00 100.00 Holding Jumia USA LLC USA 100.00 100.00 Services JumiaPay Tunisie Suarl TUNISIA 100.00 100.00 JumiaPay 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 Services Vamido Global Resources Ltd. NIGERIA 99.89 99.89 Not active _________________________ (1) Principal activities as of December 31, 2023 |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Non-Current Assets Held For Sale And Discontinued Operations [Abstract] | |
Schedule of discontinued operations | The Consolidated Statements of Operations and Comprehensive Income (Loss) for discontinued operations for the year ended December 31, 2023, December 31, 2022 and December 31, 2021 are as follows: For the years ended December 31, In thousands of USD 2021 2022 2023 Revenue 10,310 18,582 14,632 Expenses (29,647) (43,710) (19,549) Loss before Income tax from discontinued operations (19,337) (25,128) (4,917) Loss after Income tax for the period from discontinued operations (19,337) (25,128) (4,917) The impacts in Consolidated Statements of Cash Flows from discontinued operations for the year ended December 31, 2023, December 31, 2022 and December 31, 2021 are as follows: For the years ended December 31, In thousands of USD 2021 2022 2023 Net cash flows used in operating activities (16,114) (24,147) (6,729) Net cash flows (used in) / from investing activities 164 (227) 47 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of detailed information about property, plant and equipment [abstract] | |
Schedule of movements in the carrying amount of property and equipment | 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 Office equipment 5 to 15 Leasehold improvements Shorter of useful life and the term of the underlying lease Movements in the carrying amount of property and equipment were as follows: In thousands of USD Buildings Technical Transportation Right of use Total Cost Balance as of January 1, 2022 2,389 3,733 17,616 24,676 48,414 Additions 878 3,051 7,218 10,391 21,538 Lease modifications — — — (2,901) (2,901) Disposals (31) — (67) — (98) Effect of translation (409) (582) (2,559) (3,780) (7,330) Balance as of December 31, 2022 2,827 6,202 22,208 28,386 59,623 Additions 141 196 1,577 1,030 2,944 Lease modifications — — — (5,348) (5,348) Disposals (127) (80) (376) — (583) Effect of hyperinflationary economies 13 92 482 — 587 Effect of translation (371) (1,147) (5,367) (3,475) (10,360) Balance as of December 31, 2023 2,483 5,263 18,524 20,593 46,863 Accumulated depreciation Balance as of January 1, 2022 (1,770) (2,135) (10,460) (12,225) (26,590) Depreciation charge (408) (899) (3,667) (6,480) (11,454) Accumulated depreciation on disposals 3 — 50 — 53 Lease modifications — — — 3,444 3,444 Effect of translation 267 263 1,412 1,480 3,422 Balance as of December 31, 2022 (1,908) (2,771) (12,665) (13,781) (31,125) Depreciation charge (270) (925) (3,342) (5,204) (9,741) Accumulated depreciation on disposals 59 44 197 — 300 Lease modifications — — — 3,389 3,389 Effect of hyperinflationary economies (12) (6) (353) — (371) Effect of translation 282 462 3,045 1,257 5,046 Balance as of December 31, 2023 (1,849) (3,196) (13,118) (14,339) (32,502) Carrying amount as of December 31, 2022 919 3,431 9,543 14,605 28,498 Carrying amount as of December 31, 2023 634 2,067 5,406 6,254 14,361 |
Schedule of lease liabilities and movements during the period | 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 of January 1, 2022 12,451 12,537 Additions 10,391 10,160 Depreciation (6,480) — Interest expense — 1,710 Lease modifications 543 595 Payments — (8,666) Effect of translation (2,300) (2,489) As of January 1, 2023 14,605 13,847 Additions 1,030 1,057 Depreciation (5,204) — Interest expense — 1,074 Lease modifications (1,959) (2,046) Payments — (6,279) Effect of translation (2,218) (1,578) As of December 31, 2023 6,254 6,075 |
Schedule of amounts recognized in profit or loss related to right of use assets and leases | The following are the amounts recognized in profit or loss: In thousands of USD 2021 2022 2023 Depreciation expense of right-of-use assets (5,405) (6,480) (5,204) Interest expense on lease liabilities (1,527) (1,710) (1,074) Expense relating to short-term leases (1,740) (2,708) (2,035) Total amount recognized in profit or loss (8,672) (10,898) (8,313) |
Deferred Tax Assets and Liabi_2
Deferred Tax Assets and Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Net deferred tax assets and liabilities [abstract] | |
Schedule of deferred tax assets and liabilities | As of December 31, 2023 and December 31, 2022, 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 2022 (1) Profit / (Loss) OCI Gain / (Loss) Effect of translation 2023 Financial assets measured at fair value through OCI 4,124 — (2,066) — 2,058 Financial assets measured at fair value through PL 973 (973) — — — Tax losses 9,862 1,588 — (3,986) 7,464 Tax benefits 699 (201) — (1) 497 Leases 3,302 (1,895) — — 1,407 Deferred tax assets offset (18,250) 3,382 — 3,973 (10,895) Total Deferred tax assets 710 1,901 (2,066) (14) 531 _________________________ (1) Re-presented to reflect the adoption of IAS 12 amendment on Deferred Tax related to Assets and Liabilities arising from a Single Transaction. See Note 4. As of December 31, In thousands of USD 2022 (1) Profit / (Loss) OCI Gain / (Loss) Effect of translation 2023 Assets depreciation and amortization (987) 566 — — (421) Unrealized foreign exchange gains - P&L (13,876) 1,036 — 3,986 (8,854) Leases (3,851) 2,167 — — (1,684) Others (435) 295 — — (140) Deferred tax liabilities offset 18,250 (3,382) — (3,973) 10,895 Total Deferred tax liabilities (899) 682 — 13 (204) _________________________ (1) Re-presented to reflect the adoption of IAS 12 amendment on Deferred Tax related to Assets and Liabilities arising from a Single Transaction. See Note 4. As of December 31, In thousands of USD 2021 (1) Profit / (Loss) OCI Gain / (Loss) Effect of translation 2022 (1) Financial assets measured at fair value through OCI — — 4,124 — 4,124 Financial assets measured at fair value through PL 517 456 — — 973 Tax losses 6,173 4,266 — (577) 9,862 Tax benefits 665 70 — (36) 699 Leases 2,804 498 — — 3,302 Others 80 (81) — 1 — Deferred tax assets offset (9,574) (9,253) — 577 (18,250) Total Deferred tax assets 665 (4,044) 4,124 (35) 710 _________________________ (1) Re-presented to reflect the adoption of IAS 12 amendment on Deferred Tax related to Assets and Liabilities arising from a Single Transaction. See Note 4. As of December 31, In thousands of USD 2021 (1) Profit / (Loss) OCI Gain / (Loss) Effect of translation 2022 (1) Assets depreciation and amortization (458) (529) — — (987) Unrealized foreign exchange gains - P&L (5,388) (9,068) — 580 (13,876) Leases (3,194) (657) — — (3,851) Others (534) 99 — — (435) Deferred tax liabilities offset 9,574 9,253 — (577) 18,250 Total Deferred tax liabilities — (902) — 3 (899) _________________________ (1) Re-presented to reflect the adoption of IAS 12 amendment on Deferred Tax related to Assets and Liabilities arising from a Single Transaction. See Note 4. |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Classes of current inventories [abstract] | |
Schedule of inventory components and movement in the provision | Inventories are comprised of the following: As of December 31, In thousands of USD 2022 2023 Merchandise available for sale 13,920 10,868 Less: Provision for slow moving and obsolete inventories (2,483) (1,169) Total Inventories 11,437 9,699 |
Cash and cash equivalents (Tabl
Cash and cash equivalents (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Cash and cash equivalents [abstract] | |
Schedule of cash and cash equivalents | Cash and cash equivalents are comprised of the following: As of December 31, In thousands of USD 2022 2023 Cash at bank and in hand 58,083 29,367 Short-term deposits 13,496 6,116 Total Cash and cash equivalents 71,579 35,483 |
Term deposits and other finan_2
Term deposits and other financial assets (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Term Deposits | |
Schedule of term deposits | Term deposits and other financial assets are comprised of the following: As of December 31, In thousands of USD 2022 2023 Financial assets at fair value through profit or loss 38,646 — Financial assets at fair value through OCI 116,116 84,023 Short term deposits - banks 1,084 1,065 Term Deposits and other financial assets 155,846 85,088 |
Schedule of other financial assets | Other financial assets comprised the following: As of December 31, In thousands of USD 2022 2023 Current financial assets measured at fair value through profit or loss 38,646 — Current financial assets measured at fair value through other comprehensive income 116,116 84,023 Other financial assets – current 154,762 84,023 |
Schedule of financial assets at fair value through FVOCI of allowance for ECL of other financial assets | 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 Balance as of December 31, 2021 (3,941) Changes in fair value of financial assets (12,051) Deferred tax assets on fair value loss through other comprehensive income 4,124 Reclassification from fair value reserve to profit or loss of the period due to maturity or sale of financial assets 2,290 Changes in allowance for expected credit losses - reversal (35) Changes recognized in other comprehensive income of the period (Note 16) (5,672) Balance as of December 31, 2022 (9,613) Changes in fair value of financial assets 1,970 Deferred tax assets on fair value loss through other comprehensive income (2,066) Reclassification from fair value reserve to profit or loss of the period due to maturity or sale of financial assets 3,908 Changes in allowance for expected credit losses - reversal (19) Changes recognized in other comprehensive income of the period (Note 16) 3,793 Balance as of December 31, 2023 (5,820) |
Schedule of allowance for expected credit losses ("ECL") of other financial assets measured at fair value | 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, 2021 88 Changes recognized in profit or loss as net impairment gains/losses on financial assets at fair value through other comprehensive income (35) Total changes in allowance for expected credit losses (35) Balance as of December 31, 2022 53 Changes recognized in profit or loss as net impairment gains/losses on financial assets at fair value through other comprehensive income (19) Total changes in allowance for expected credit losses (19) Balance as of December 31, 2023 34 |
Trade and other receivables (Ta
Trade and other receivables (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Trade and other current receivables [abstract] | |
Schedule of trade and other receivables | Trade and other receivables are comprised of the following: As of December 31, In thousands of USD 2022 2023 Advances to suppliers 1,266 2,667 Trade notes and accounts receivable 24,422 16,357 Unbilled revenues 2,254 6,786 Other receivables 2,695 2,448 30,637 28,258 Less: Allowance for expected credit loss (7,536) (5,101) Trade and other receivables 23,101 23,157 |
Schedule of movement of allowance for expected credit losses of trade notes and accounts receivables and other receivables | The movement of allowance for expected credit losses (“ECL”) of trade and other receivables is as follows: In thousands of USD ECL of trade and other receivables Balance as of January 01, 2022 6,412 Provision for expected credit losses 6,008 Write-off (3,456) Effect of translation (1,428) Balance as of December 31, 2022 7,536 Provision for expected credit losses 1,054 Write-off (1,357) Effect of translation (2,132) Balance as of December 31, 2023 5,101 |
Schedule of ageing analysis of trade notes and accounts receivables | The aging analysis of trade and other receivables is as follows: Past due but not impaired In thousands of USD Total net Total Total Current < 30 30 - 90 >90 As of December 31, 2022 23,101 30,637 (7,536) 10,040 8,180 1,399 3,482 As of December 31, 2023 23,157 28,258 (5,101) 18,602 2,423 166 1,966 |
Share capital and share premi_2
Share capital and share premium (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of classes of share capital [abstract] | |
Schedule of share capital structure | Ordinary shares issued and fully paid as of December 31, 2023 Number of shares Class Par value Share capital Share premium Total 202,277,366 Ordinary 1 236,800 1,736,469 1,973,269 Total 1 236,800 1,736,469 1,973,269 Ordinary shares issued and fully paid as of December 31, 2022 Number of shares Class Par value Share capital Share premium Total 201,232,560 Ordinary 1 235,659 1,736,469 1,972,128 Total 1 235,659 1,736,469 1,972,128 Ordinary shares issued and fully paid as of December 31, 2021 Number of shares Class Par value Share capital Share premium Total 199,754,122 Ordinary 1 234,154 1,736,469 1,970,623 Total 1 234,154 1,736,469 1,970,623 |
Other Reserves (Tables)
Other Reserves (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of reserves within equity [abstract] | |
Schedule of other reserves | In thousands of USD Share-based Exchange Fair value reserve Currency Total As of January 01, 2021 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 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 Other comprehensive (loss) / income — (182,489) (5,672) 178,903 (9,258) Total comprehensive (loss) / income for the period — (182,489) (5,672) 178,903 (9,258) Share-based payments 9,237 — — — 9,237 Exercise of options (1,480) — — — (1,480) As of December 31, 2022 184,046 (347,945) (9,613) 336,686 163,174 Hyperinflation effect in comprehensive income — 290 — — 290 Other comprehensive (loss) / income — (229,078) 3,793 218,347 (6,938) Total comprehensive (loss) / income for the period — (228,788) 3,793 218,347 (6,648) Share-based payments 5,344 — — — 5,344 Exercise of options (1,141) — — — (1,141) As of December 31, 2023 188,249 (576,733) (5,820) 555,033 160,729 |
Share-based compensation (Table
Share-based compensation (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
SOP 2019 | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Summary of awards and development during the period | SOP 2019 Number of Weighted Weighted Weighted Unvested awards outstanding at January 01, 2023 60,857 0.3 1.00 0.78 Granted during the period — — — — Exercised during the period — — — — Forfeited during the period — — — — Cancelled during the period — — — — Vested during the period (60,857) — — — Unvested awards outstanding at December 31, 2023 — — — — |
SOP 2020 | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Summary of awards and development during the period | Number of Weighted Weighted Weighted Unvested awards outstanding at January 01, 2023 167,500 0.4 1.84 1.26 Granted during the period — — — — Granted as a replacement during the period — — — — Replaced during the period — — — — Forfeited during the period (6,667) — — — Cancelled during the period — — — — Vested during the period (160,833) — — — Unvested awards outstanding at December 31, 2023 — — — — |
Trade and other payables (Table
Trade and other payables (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Trade and other current payables [abstract] | |
Schedule of trade and other payables | Trade and other payables are comprised of the following: As of December 31, In thousands of USD 2022 2023 Trade payables 18,193 20,780 Invoices not yet received 19,248 15,246 Accrued employee benefit costs 11,772 9,191 Share-based compensation - Cash settled payable 566 206 Trade Deposits 1,082 730 Sundry accruals 13,578 9,397 Trade and Other Payables 64,439 55,550 Current 64,230 55,425 Non-current 209 125 |
Borrowings (Tables)
Borrowings (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Financial Instruments [Abstract] | |
Schedule of lease liabilities | Lease liabilities are presented in the statement of financial position as follows: As of December 31, In thousands of USD 2022 2023 Current 5,138 3,718 Non-current 8,709 2,357 Total Lease liabilities 13,847 6,075 |
Schedule of future minimum lease payments under non-cancellable operating leases | 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 2,357 — 2,357 |
Schedule of changes in liabilities arising from financing activities | In thousands of USD January 1, 2022 Additions and modifications Payments Reclassification Effect of translation December 31, 2022 Current lease liabilities 3,906 5,584 (8,666) 4,944 (630) 5,138 Non-current lease liabilities 8,631 6,881 — (4,944) (1,859) 8,709 Total liabilities from financing activities 12,537 12,465 (8,666) — (2,489) 13,847 In thousands of USD January 1, 2023 Additions and modifications Payments Reclassification Effect of translation December 31, 2023 Current lease liabilities 5,138 2,783 (6,279) 2,461 (385) 3,718 Non-current lease liabilities 8,709 (2,698) — (2,461) (1,193) 2,357 Total liabilities from financing activities 13,847 85 (6,279) — (1,578) 6,075 |
Summary of expense relating to payments not included in the measurement of the lease liability | 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 2022 2023 Short-term leases 2,708 2,035 Variable lease payments 79 100 Total expense 2,787 2,135 |
Other taxes receivable & Othe_2
Other taxes receivable & Other taxes payable (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Other taxes payable & Other taxes receivable | |
Schedule of other taxes receivable and other taxes payable | Other taxes receivable are comprised of the following: For the year ended December 31, In thousands of USD 2022 2023 Value added taxes 12,052 8,785 Other taxes receivable 283 79 Other taxes receivable 12,335 8,864 Current 6,368 4,143 Non-Current 5,967 4,721 Other taxes payable are comprised of the following: For the year ended December 31, In thousands of USD 2022 2023 Value added taxes 11,841 10,106 Withholding Tax 10,412 11,840 Other taxes payable 443 1,980 Other taxes payable 22,696 23,926 Current 20,947 23,452 Non-Current 1,749 474 |
Provision for liabilities and o
Provision for liabilities and other charges (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of other provisions [abstract] | |
Schedule of movements in provisions for liabilities and other charges | Movements in provisions for liabilities and other charges are as follows: In thousands of USD Uncertain tax positions Marketplace Provision for Total Balance as of January 1, 2022 34,221 817 2,047 37,085 Additions 3,061 247 1,137 4,445 Reversals (2,297) (299) (97) (2,693) Use of provision (670) — (609) (1,279) Effect of translation (445) (102) (223) (770) Balance as of December 31, 2022 33,870 663 2,255 36,788 Additions 1,640 207 2,244 4,091 Reversals (18,627) (200) (198) (19,025) Use of provision (1,261) — (894) (2,155) Effect of translation (334) (216) (215) (765) Balance as of December 31, 2023 15,288 454 3,192 18,934 Current 15,288 454 2,678 18,420 Non-current — — 514 514 |
Revenue (Tables)
Revenue (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Revenue [abstract] | |
Summary of revenue | Revenue is comprised of the following: For the year ended December 31, In thousands of USD 2021 (1) 2022 (1) 2023 First-party sales 65,148 81,728 86,384 Commissions 30,305 39,879 46,666 Fulfillment 32,245 26,076 18,506 Value added services 25,248 32,237 20,278 Marketing and advertising 10,057 16,940 12,392 Other revenue 4,621 6,440 2,176 Revenue 167,624 203,300 186,402 _________________________ (1) Re-presented for discontinued operations. See Note 6. |
Fulfillment expense (Tables)
Fulfillment expense (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Fulfillment expense | |
Schedule of fulfillment expense | Fulfillment expense is comprised of the following: For the year ended December 31, In thousands of USD 2021 (1) 2022 (1) 2023 Fulfillment staff costs 18,747 20,062 13,293 Fulfillment centers expense 4,978 6,057 2,630 Freight and shipping expense 50,971 50,664 27,961 Fulfillment expense 74,696 76,783 43,884 _________________________ (1) Re-presented for discontinued operations. See Note 6. |
Sales and advertising expense (
Sales and advertising expense (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Sales and advertising expense | |
Schedule of sales and advertisement expenses | Sales and advertising expense is comprised of the following: For the year ended December 31, In thousands of USD 2021 (1) 2022 (1) 2023 Staff costs 9,305 9,916 6,755 Advertising campaigns 62,016 54,123 12,867 Selling expenses 2,329 2,820 1,836 Sales and advertising expense 73,650 66,859 21,458 _________________________ (1) Re-presented for discontinued operations. See Note 6. |
Technology and content expense
Technology and content expense (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Technology and content expense | |
Schedule of technology and content expense | Technology and content expense is comprised of the following: For the year ended December 31, In thousands of USD 2021 (1) 2022 (1) 2023 Staff Costs 14,968 25,233 17,425 Technology license and maintenance expenses 21,729 27,178 24,103 Technology and content expense 36,697 52,411 41,528 _________________________ (1) Re-presented for discontinued operations. See Note 6. |
General and administrative ex_2
General and administrative expense and Termination benefits (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
General and administrative expense [Abstract] | |
Schedule of general and administrative expense | General and administrative expense is comprised of the following: For the year ended December 31, In thousands of USD 2021 (1) 2022 (1) 2023 Staff Costs 81,477 60,845 45,147 Occupancy Costs 1,725 2,500 2,099 Professional fees 18,250 11,952 11,278 Travel and entertainment 1,910 3,458 2,172 Office and related expenses 7,332 8,905 6,020 Bank fees & payment costs 646 778 650 Bad debt expense 1,267 6,211 212 Tax expense / (reversal) 11,125 11,214 (8,018) Provisions for liabilities and other charges 209 195 1,745 Depreciation and amortization 9,587 11,464 9,806 Other general and administrative expense 5,592 4,689 3,314 General and administrative expense 139,120 122,211 74,425 _________________________ (1) Re-presented for discontinued operations. See Note 6. |
Schedule of tax expense / (reversal), refers to tax expense / (reversal) other than income tax | Tax expense / (reversal), refers to tax expense / (reversal) other than income tax and is comprised of the following: As of December 31, In thousands of USD 2021 2022 2023 Withholding taxes 7,064 4,952 (6,398) VAT 994 3,020 (2,999) Other taxes 3,067 3,242 1,378 Total 11,125 11,214 (8,018) |
Finance income and finance co_2
Finance income and finance costs (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Finance income and finance costs | |
Schedule of finance income and finance costs | Finance income and finance costs comprise of the following: For the year ended December 31, In thousands of USD 2021 2022 2023 Foreign exchange gain 22,162 10,496 1,336 Interest and similar income 258 388 1,738 Interest income from financial assets at fair value through OCI 2,344 4,064 2,788 Fair value gain on financial assets at fair value through profit or loss — — 237 Other income — 305 90 Finance income 24,764 15,253 6,189 Foreign exchange loss 7,485 7,492 11,804 Interest and similar expense 1,606 1,718 2,168 Fair value loss on financial assets at fair value through profit and loss 998 7,167 13,601 Loss recognized on disposal of debt instruments held at fair value through OCI (Note 12) — 2,290 3,908 Other charges 242 951 — Finance costs 10,331 19,618 31,481 |
Income tax (Tables)
Income tax (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Major components of tax expense (income) [abstract] | |
Schedule of income tax payables | Income tax payables and receivables are comprised of the following: As of December 31, In thousands of USD 2022 2023 Income Tax Prepayments 1,792 2,000 Total Income tax receivables 1,792 2,000 Income Tax Payables 301 547 Provision for Income Tax 12,685 12,880 Total Income tax payables 12,986 13,427 |
Schedule of reconciliation of tax expense and the effective tax rate | The reconciliation of tax expense and the effective tax rate was as follows: For the year ended December 31, In thousands of USD 2021 2022 2023 Loss before Income tax from continuing operations (207,126) (206,162) (98,600) Loss before Income tax from discontinued operations (19,337) (25,128) (4,917) Loss before income tax (226,463) (231,290) (103,517) Statutory tax rate (1) 24.02 % 19.25 % 27.98 % Expected income tax benefit 54,406 44,512 28,963 Tax effects of: Sundry permanent differences 970 (1,141) (2,547) Effect of functional to local reporting currency in Germany (338) (4,948) (3,040) Equity Transaction costs 1,878 18 8 Share based payments (7,520) (1,734) (1,506) Tax Expenses (1,605) (1,438) 19 Bad debt expense (439) (1,180) (1,841) Management fees (6,167) (4,367) (4,268) Interest expense (1,324) (777) (567) Unrecognized deferred tax asset arising from timing differences relating to: FX unrealized gain/loss (1,575) 863 (1,407) Share based payments (443) 277 85 Tax Expenses 277 192 3,328 Sundry temporary differences (308) (101) 1,079 Minimum tax (395) (637) (665) Deferred tax not recognized (mainly tax losses carried forward) (38,707) (31,573) (20,885) Deferred tax: relating to origination and reversal of temporary differences and tax losses 848 (4,946) 2,583 Income tax expense (442) (6,979) (661) Effective tax rate 0.20 % 3.02 % 0.64 % _________________________ (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 | Income tax expense is comprised of the following: For the year ended December 31, In thousands of USD 2021 2022 2023 Current tax (expense) / income (1,102) (2,033) (3,244) Deferred tax (expense) / income 660 (4,946) 2,583 Total Income tax (expense) / income (442) (6,979) (661) |
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, 2021 2022 2023 In thousands of USD Country Duration Rate Accumulated tax Accumulated tax Accumulated tax Germany ** Indefinite 30.2 % * (37,933) (27,142) (36,125) Morocco 4 years 31.0 % (29,580) (37,863) (29,780) Egypt 5 years 22.5 % (151,823) (100,454) (62,390) Nigeria Indefinite 30.0 % (269,961) (252,909) (137,013) South Africa Indefinite 28.0 % (49,591) (53,251) (56,532) Kenya 10 Years 30.0 % (87,785) (86,933) (74,817) Ivory Coast 5 years 25.0 % (34,784) (35,101) (30,144) Ghana 3 years 25.0 % (9,560) (6,852) (6,316) Other N/A N/A (67,864) (81,040) (71,163) Total (738,881) (681,545) (504,280) _________________________ * 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 64,942 thousand as of December 31, 2023 (USD 53,474 thousand as of December 31, 2022 and 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, 2023 | |
Earnings per share [abstract] | |
Schedule of loss and share data used in the EPS calculations | The following table reflects the loss and share data used in the basic and diluted EPS calculations from continuous operations: For the year ended December 31, In thousands of USD 2021 2022 2023 Numerator Loss for the period from continuing operations (207,568) (213,141) (99,261) Less: net loss attributable to non-controlling interest from continuing operations (40) (37) (23) Loss attributable to Equity of the Company from continuing operations (207,528) (213,104) (99,238) Denominator Weighted average number of shares for basic and diluted EPS 193,835,475 200,349,548 201,789,219 Loss per share from continuing operations - basic and diluted (1.07) (1.06) (0.49) The following table reflects the loss and share data used in the basic and diluted EPS calculations from discontinued operations: For the year ended December 31, In thousands of USD 2021 2022 2023 Numerator Loss for the period from discontinued operations (19,337) (25,128) (4,917) Loss attributable to Equity of the Company from discontinued operations (19,337) (25,128) (4,917) Denominator Weighted average number of shares for basic and diluted EPS 193,835,475 200,349,548 201,789,219 Loss per share from discontinued operations - basic and diluted (0.10) (0.13) (0.02) 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 2021 2022 2023 Numerator Loss for the period (226,905) (238,269) (104,178) Less: net loss attributable to non-controlling interest (40) (37) (23) Loss attributable to Equity of the Company (226,865) (238,232) (104,155) Denominator Weighted average number of shares for basic and diluted EPS 193,835,475 200,349,548 201,789,219 Loss per share - basic and diluted (1.17) (1.19) (0.52) |
Schedule of potential dilutive securities | Potential dilutive securities that are not included in the diluted earnings per share calculations because they would be anti-dilutive are as follows: For the year ended December 31, 2021 2022 2023 Share Options and Stock Units 2,070,033 1,874,830 2,017,355 |
Transactions and balances wit_2
Transactions and balances with related parties (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of transactions between related parties [abstract] | |
Schedule of compensation paid or payable to key management | The compensation paid or payable to key management for employee services is shown below: For the year ended December 31, In thousands of USD 2021 2022 2023 Short-term employee benefits 4,236 3,889 3,332 Other benefits 81 107 114 Share-based compensation 9,299 5,155 1,858 Total 13,616 9,151 5,304 |
Financial risk management obj_2
Financial risk management objectives and policies (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of risk management strategy related to hedge accounting [abstract] | |
Schedule of foreign currency and securities price sensitivity | The impacts in the major local currencies are as follows: In thousands of USD Effect on Effect on Change in EUR/USD 5 % 35,553 6,475 (5) % (35,553) (6,475) Change in EUR/AED 5 % 106 4 (5) % (106) (4) Change in EUR/KES 10 % (5,386) (4,672) (10) % 5,386 4,672 Change in EUR/MAD 5 % (5,760) (149) (5) % 5,760 149 Change in EUR/NGN 80 % (166,050) (247) Change in EUR/DZD 5 % (1,328) (16) (5) % 1,328 16 Change in EUR/GHS 10 % (1,997) (18) (10) % 1,997 18 Change in EUR/UGX 5 % (1,528) (28) (5) % 1,528 28 Change in EUR/ZAR 10 % (1,643) (7) (10) % 1,643 7 Change in EUR/EGP 60 % (51,213) (32,002) Change in EUR/TND 5 % (651) (22) (5) % 651 22 In thousands of USD Effect on Effect on Change in USD/XOF 5 % (1,653) (389) (5) % 1,653 389 Change in USD/KES 10 % (2,114) (1,506) (10) % 2,114 1,506 Change in USD/MAD 5 % (1,664) (153) (5) % 1,664 153 Change in USD/NGN 80 % (83,807) (13,379) Change in USD/DZD 5 % (818) — (5) % 818 — Change in USD/GHS 10 % (856) (73) (10) % 856 73 Change in USD/UGX 5 % (1,041) (72) (5) % 1,041 72 Change in USD/ZAR 10 % (990) 7 (10) % 990 (7) Change in USD/EGP 60 % (33,898) (19,310) Change in USD/TND 5 % (850) 1 (5) % 850 (1) As of December 31, 2023, if the interest rate curves had changed by +/-50bps, with all other variables held constant, the hypothetical impact on pre-tax equity would have been as follows: As of December 31, 2023 In thousands of USD Effect on CITI - listed investment grade bonds 0.5 % (496) (0.5) % 496 |
Summary of accounting policie_3
Summary of accounting policies - Consolidation (Details) - subsidiary | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Summary of significant accounting policies | |||
Number of subsidiaries consolidated | 65 | 67 | 67 |
Summary of accounting policie_4
Summary of accounting policies - PPE, Leases (Details) | 12 Months Ended |
Dec. 31, 2023 | |
Buildings | Top of Range | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful life (in years) | 40 years |
Transportation equipment | Bottom of Range | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful life (in years) | 5 years |
Transportation equipment | Top of Range | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful life (in years) | 8 years |
Technical equipment and machinery | Bottom of Range | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful life (in years) | 3 years |
Technical equipment and machinery | Top of Range | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful life (in years) | 10 years |
Office equipment | Bottom of Range | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful life (in years) | 5 years |
Office equipment | Top of Range | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful life (in years) | 15 years |
Offices and Warehouses | Bottom of Range | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful life (in years) | 2 years |
Offices and Warehouses | Top of Range | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful life (in years) | 10 years |
Motor vehicles and other equipment | Bottom of Range | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful life (in years) | 2 years |
Motor vehicles and other equipment | Top of Range | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful life (in years) | 6 years |
Summary of accounting policie_5
Summary of accounting policies - Foreign currency translation (Details) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Algeria | Algerian Dinar (DZD) | |||
Disclosure Of Summary Of Significant Accounting Policies [Line Items] | |||
Average Rate | 135.98 | 141.96 | 134.56 |
Period-end Rate | 134.32 | 137.36 | 138.50 |
Cameroon | CFA Franc BEAC (XAF) | |||
Disclosure Of Summary Of Significant Accounting Policies [Line Items] | |||
Average Rate | 606.62 | 623.87 | 554.72 |
Period-end Rate | 594.31 | 612.84 | 578.23 |
China | Yuan Renminbi (CNY) | |||
Disclosure Of Summary Of Significant Accounting Policies [Line Items] | |||
Average Rate | 7.07 | 6.73 | 6.45 |
Period-end Rate | 7.08 | 6.90 | 6.36 |
Ivory Coast | CFA Franc BCEAO (XOF) | |||
Disclosure Of Summary Of Significant Accounting Policies [Line Items] | |||
Average Rate | 606.62 | 623.87 | 554.72 |
Period-end Rate | 594.31 | 612.84 | 578.23 |
Egypt | Egyptian Pound (EGP) | |||
Disclosure Of Summary Of Significant Accounting Policies [Line Items] | |||
Average Rate | 30.67 | 19.20 | 15.67 |
Period-end Rate | 30.93 | 24.75 | 15.68 |
Germany | Euro (EUR) | |||
Disclosure Of Summary Of Significant Accounting Policies [Line Items] | |||
Average Rate | 0.85 | ||
Period-end Rate | 0.88 | ||
Ghana | Cedi (Ghana) (GHS) | |||
Disclosure Of Summary Of Significant Accounting Policies [Line Items] | |||
Average Rate | 11.69 | 8.99 | 5.90 |
Period-end Rate | 11.97 | 10.20 | 6.13 |
Kenya | Kenyan Shilling (KES) | |||
Disclosure Of Summary Of Significant Accounting Policies [Line Items] | |||
Average Rate | 139.98 | 117.60 | 108.79 |
Period-end Rate | 157.01 | 123.50 | 112.25 |
Morocco | Moroccan Dirham (MAD) | |||
Disclosure Of Summary Of Significant Accounting Policies [Line Items] | |||
Average Rate | 10.13 | 10.13 | 8.90 |
Period-end Rate | 9.88 | 10.46 | 9.16 |
Nigeria | Naira (NGN) | |||
Disclosure Of Summary Of Significant Accounting Policies [Line Items] | |||
Average Rate | 636.97 | 423.01 | 399.35 |
Period-end Rate | 896.64 | 448.08 | 410.97 |
Portugal | Euro (EUR) | |||
Disclosure Of Summary Of Significant Accounting Policies [Line Items] | |||
Average Rate | 0.92 | 0.95 | 0.85 |
Period-end Rate | 0.91 | 0.93 | 0.88 |
Rwanda | Rwanda Franc (RWF) | |||
Disclosure Of Summary Of Significant Accounting Policies [Line Items] | |||
Average Rate | 1,159.04 | 1,031.64 | 986.02 |
Period-end Rate | 1,259.53 | 1,067 | 1,016.15 |
Senegal | CFA Franc BCEAO (XOF) | |||
Disclosure Of Summary Of Significant Accounting Policies [Line Items] | |||
Average Rate | 606.62 | 623.87 | 554.72 |
Period-end Rate | 594.31 | 612.84 | 578.23 |
South Africa | Rand (ZAR) | |||
Disclosure Of Summary Of Significant Accounting Policies [Line Items] | |||
Average Rate | 18.45 | 16.37 | 14.78 |
Period-end Rate | 18.30 | 17.02 | 15.92 |
Tunisia | Tunisian Dinar (TND) | |||
Disclosure Of Summary Of Significant Accounting Policies [Line Items] | |||
Average Rate | 3.10 | 3.08 | 2.75 |
Period-end Rate | 3.07 | 3.11 | 2.87 |
United Republic Of Tanzania | Tanzanian Shilling (TZS) | |||
Disclosure Of Summary Of Significant Accounting Policies [Line Items] | |||
Average Rate | 2,422.54 | 2,322.97 | 2,307.88 |
Period-end Rate | 2,512.42 | 2,332.45 | 2,296.51 |
Uganda | Uganda Shilling (UGX) | |||
Disclosure Of Summary Of Significant Accounting Policies [Line Items] | |||
Average Rate | 3,725.37 | 3,682.08 | 3,567.41 |
Period-end Rate | 3,780.17 | 3,717.61 | 3,526.41 |
United Arab Emirates | UAE Dirham (AED) | |||
Disclosure Of Summary Of Significant Accounting Policies [Line Items] | |||
Average Rate | 3.67 | 3.67 | 3.67 |
Period-end Rate | 3.67 | 3.67 | 3.67 |
Summary of accounting policie_6
Summary of accounting policies - Segment revenue (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 USD ($) segment | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Disclosure of geographical areas [line items] | |||
Number of operating segments | segment | 1 | ||
Number of reportable segments | segment | 1 | ||
Revenue | $ 186,402 | $ 203,300 | $ 167,624 |
Property and equipment | 14,361 | 28,498 | |
West Africa | |||
Disclosure of geographical areas [line items] | |||
Revenue | 83,608 | 103,402 | 79,860 |
Property and equipment | 6,709 | 12,237 | |
North Africa | |||
Disclosure of geographical areas [line items] | |||
Revenue | 76,641 | 57,495 | 57,041 |
Property and equipment | 3,584 | 8,973 | |
East and South Africa | |||
Disclosure of geographical areas [line items] | |||
Revenue | 24,365 | 33,507 | 28,728 |
Property and equipment | 3,409 | 5,812 | |
Europe | |||
Disclosure of geographical areas [line items] | |||
Revenue | 1,152 | 294 | 329 |
Property and equipment | 532 | 1,209 | |
China | |||
Disclosure of geographical areas [line items] | |||
Property and equipment | 80 | 163 | |
United Arab Emirates | |||
Disclosure of geographical areas [line items] | |||
Revenue | 629 | 8,576 | 1,666 |
Property and equipment | 47 | 104 | |
Others | |||
Disclosure of geographical areas [line items] | |||
Revenue | $ 8 | $ 26 | $ 0 |
New accounting pronouncements -
New accounting pronouncements - Deferred tax related to assets and liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Jan. 01, 2021 | Dec. 31, 2020 |
Deferred tax assets | |||||
Disclosure of expected impact of initial application of new standards or interpretations [line items] | |||||
Deferred tax liability (asset) | $ 531 | $ 710 | $ 665 | $ 125 | |
Deferred tax assets | After re-presentation | |||||
Disclosure of expected impact of initial application of new standards or interpretations [line items] | |||||
Deferred tax liability (asset) | 710 | 665 | |||
Deferred tax assets | IAS 12 | IAS 12 amendment adjustment | |||||
Disclosure of expected impact of initial application of new standards or interpretations [line items] | |||||
Deferred tax liability (asset) | 0 | 0 | $ 0 | ||
Deferred tax assets | IAS 12 | After re-presentation | |||||
Disclosure of expected impact of initial application of new standards or interpretations [line items] | |||||
Deferred tax liability (asset) | 710 | 665 | 125 | ||
Deferred tax assets | Financial assets at fair value through OCI | |||||
Disclosure of expected impact of initial application of new standards or interpretations [line items] | |||||
Deferred tax liability (asset) | 4,124 | ||||
Deferred tax assets | Financial assets at fair value through OCI | IAS 12 | IAS 12 amendment adjustment | |||||
Disclosure of expected impact of initial application of new standards or interpretations [line items] | |||||
Deferred tax liability (asset) | 0 | ||||
Deferred tax assets | Financial assets at fair value through OCI | IAS 12 | After re-presentation | |||||
Disclosure of expected impact of initial application of new standards or interpretations [line items] | |||||
Deferred tax liability (asset) | 4,124 | ||||
Deferred tax assets | Financial assets at fair value through profit or loss | |||||
Disclosure of expected impact of initial application of new standards or interpretations [line items] | |||||
Deferred tax liability (asset) | 0 | 973 | 517 | ||
Deferred tax assets | Financial assets at fair value through profit or loss | After re-presentation | |||||
Disclosure of expected impact of initial application of new standards or interpretations [line items] | |||||
Deferred tax liability (asset) | 973 | 517 | |||
Deferred tax assets | Financial assets at fair value through profit or loss | IAS 12 | IAS 12 amendment adjustment | |||||
Disclosure of expected impact of initial application of new standards or interpretations [line items] | |||||
Deferred tax liability (asset) | 0 | 0 | |||
Deferred tax assets | Financial assets at fair value through profit or loss | IAS 12 | After re-presentation | |||||
Disclosure of expected impact of initial application of new standards or interpretations [line items] | |||||
Deferred tax liability (asset) | 973 | 517 | |||
Deferred tax assets | Tax losses | |||||
Disclosure of expected impact of initial application of new standards or interpretations [line items] | |||||
Deferred tax liability (asset) | 7,464 | 9,313 | 5,783 | 0 | |
Deferred tax assets | Tax losses | After re-presentation | |||||
Disclosure of expected impact of initial application of new standards or interpretations [line items] | |||||
Deferred tax liability (asset) | 9,862 | 6,173 | |||
Deferred tax assets | Tax losses | IAS 12 | IAS 12 amendment adjustment | |||||
Disclosure of expected impact of initial application of new standards or interpretations [line items] | |||||
Deferred tax liability (asset) | 549 | 390 | 311 | ||
Deferred tax assets | Tax losses | IAS 12 | After re-presentation | |||||
Disclosure of expected impact of initial application of new standards or interpretations [line items] | |||||
Deferred tax liability (asset) | 9,862 | 6,173 | 311 | ||
Deferred tax assets | Tax benefits | |||||
Disclosure of expected impact of initial application of new standards or interpretations [line items] | |||||
Deferred tax liability (asset) | 497 | 699 | 665 | 125 | |
Deferred tax assets | Tax benefits | After re-presentation | |||||
Disclosure of expected impact of initial application of new standards or interpretations [line items] | |||||
Deferred tax liability (asset) | 699 | 665 | |||
Deferred tax assets | Tax benefits | IAS 12 | IAS 12 amendment adjustment | |||||
Disclosure of expected impact of initial application of new standards or interpretations [line items] | |||||
Deferred tax liability (asset) | 0 | 0 | 0 | ||
Deferred tax assets | Tax benefits | IAS 12 | After re-presentation | |||||
Disclosure of expected impact of initial application of new standards or interpretations [line items] | |||||
Deferred tax liability (asset) | 699 | 665 | 125 | ||
Deferred tax assets | Leases | |||||
Disclosure of expected impact of initial application of new standards or interpretations [line items] | |||||
Deferred tax liability (asset) | 0 | 0 | 0 | ||
Deferred tax assets | Leases | IAS 12 | IAS 12 amendment adjustment | |||||
Disclosure of expected impact of initial application of new standards or interpretations [line items] | |||||
Deferred tax liability (asset) | 3,302 | 2,804 | 3,220 | ||
Deferred tax assets | Leases | IAS 12 | After re-presentation | |||||
Disclosure of expected impact of initial application of new standards or interpretations [line items] | |||||
Deferred tax liability (asset) | 3,302 | 2,804 | 3,220 | ||
Deferred tax assets | Others | |||||
Disclosure of expected impact of initial application of new standards or interpretations [line items] | |||||
Deferred tax liability (asset) | 80 | ||||
Deferred tax assets | Others | After re-presentation | |||||
Disclosure of expected impact of initial application of new standards or interpretations [line items] | |||||
Deferred tax liability (asset) | 0 | 80 | |||
Deferred tax assets | Others | IAS 12 | IAS 12 amendment adjustment | |||||
Disclosure of expected impact of initial application of new standards or interpretations [line items] | |||||
Deferred tax liability (asset) | 0 | ||||
Deferred tax assets | Others | IAS 12 | After re-presentation | |||||
Disclosure of expected impact of initial application of new standards or interpretations [line items] | |||||
Deferred tax liability (asset) | 80 | ||||
Deferred tax assets | Deferred tax assets offset | |||||
Disclosure of expected impact of initial application of new standards or interpretations [line items] | |||||
Deferred tax liability (asset) | (10,895) | (14,399) | (6,380) | 0 | |
Deferred tax assets | Deferred tax assets offset | After re-presentation | |||||
Disclosure of expected impact of initial application of new standards or interpretations [line items] | |||||
Deferred tax liability (asset) | (18,250) | (9,574) | |||
Deferred tax assets | Deferred tax assets offset | IAS 12 | IAS 12 amendment adjustment | |||||
Disclosure of expected impact of initial application of new standards or interpretations [line items] | |||||
Deferred tax liability (asset) | (3,851) | (3,194) | (3,531) | ||
Deferred tax assets | Deferred tax assets offset | IAS 12 | After re-presentation | |||||
Disclosure of expected impact of initial application of new standards or interpretations [line items] | |||||
Deferred tax liability (asset) | (18,250) | (9,574) | (3,531) | ||
Deferred tax liabilities | |||||
Disclosure of expected impact of initial application of new standards or interpretations [line items] | |||||
Deferred tax liability (asset) | (204) | (899) | 0 | (61) | |
Deferred tax liabilities | After re-presentation | |||||
Disclosure of expected impact of initial application of new standards or interpretations [line items] | |||||
Deferred tax liability (asset) | (899) | 0 | |||
Deferred tax liabilities | IAS 12 | IAS 12 amendment adjustment | |||||
Disclosure of expected impact of initial application of new standards or interpretations [line items] | |||||
Deferred tax liability (asset) | 0 | 0 | 0 | ||
Deferred tax liabilities | IAS 12 | After re-presentation | |||||
Disclosure of expected impact of initial application of new standards or interpretations [line items] | |||||
Deferred tax liability (asset) | (899) | 0 | (61) | ||
Deferred tax liabilities | Leases | |||||
Disclosure of expected impact of initial application of new standards or interpretations [line items] | |||||
Deferred tax liability (asset) | 0 | 0 | 0 | ||
Deferred tax liabilities | Leases | IAS 12 | IAS 12 amendment adjustment | |||||
Disclosure of expected impact of initial application of new standards or interpretations [line items] | |||||
Deferred tax liability (asset) | (3,851) | (3,194) | (3,531) | ||
Deferred tax liabilities | Leases | IAS 12 | After re-presentation | |||||
Disclosure of expected impact of initial application of new standards or interpretations [line items] | |||||
Deferred tax liability (asset) | (3,851) | (3,194) | (3,531) | ||
Deferred tax liabilities | Others | |||||
Disclosure of expected impact of initial application of new standards or interpretations [line items] | |||||
Deferred tax liability (asset) | (140) | (435) | (534) | ||
Deferred tax liabilities | Others | After re-presentation | |||||
Disclosure of expected impact of initial application of new standards or interpretations [line items] | |||||
Deferred tax liability (asset) | (435) | (534) | |||
Deferred tax liabilities | Others | IAS 12 | IAS 12 amendment adjustment | |||||
Disclosure of expected impact of initial application of new standards or interpretations [line items] | |||||
Deferred tax liability (asset) | 0 | 0 | |||
Deferred tax liabilities | Others | IAS 12 | After re-presentation | |||||
Disclosure of expected impact of initial application of new standards or interpretations [line items] | |||||
Deferred tax liability (asset) | (435) | (534) | |||
Deferred tax liabilities | Deferred tax assets offset | |||||
Disclosure of expected impact of initial application of new standards or interpretations [line items] | |||||
Deferred tax liability (asset) | 10,895 | 14,399 | 6,380 | 0 | |
Deferred tax liabilities | Deferred tax assets offset | After re-presentation | |||||
Disclosure of expected impact of initial application of new standards or interpretations [line items] | |||||
Deferred tax liability (asset) | 18,250 | 9,574 | |||
Deferred tax liabilities | Deferred tax assets offset | IAS 12 | IAS 12 amendment adjustment | |||||
Disclosure of expected impact of initial application of new standards or interpretations [line items] | |||||
Deferred tax liability (asset) | 3,851 | 3,194 | 3,531 | ||
Deferred tax liabilities | Deferred tax assets offset | IAS 12 | After re-presentation | |||||
Disclosure of expected impact of initial application of new standards or interpretations [line items] | |||||
Deferred tax liability (asset) | 18,250 | 9,574 | 3,531 | ||
Deferred tax liabilities | Assets depreciation and amortization | |||||
Disclosure of expected impact of initial application of new standards or interpretations [line items] | |||||
Deferred tax liability (asset) | (421) | (987) | (458) | $ (61) | |
Deferred tax liabilities | Assets depreciation and amortization | After re-presentation | |||||
Disclosure of expected impact of initial application of new standards or interpretations [line items] | |||||
Deferred tax liability (asset) | (987) | (458) | |||
Deferred tax liabilities | Assets depreciation and amortization | IAS 12 | IAS 12 amendment adjustment | |||||
Disclosure of expected impact of initial application of new standards or interpretations [line items] | |||||
Deferred tax liability (asset) | 0 | 0 | 0 | ||
Deferred tax liabilities | Assets depreciation and amortization | IAS 12 | After re-presentation | |||||
Disclosure of expected impact of initial application of new standards or interpretations [line items] | |||||
Deferred tax liability (asset) | (987) | (458) | $ (61) | ||
Deferred tax liabilities | Unrealized foreign exchange gains - P&L | |||||
Disclosure of expected impact of initial application of new standards or interpretations [line items] | |||||
Deferred tax liability (asset) | $ (8,854) | (13,876) | (5,388) | ||
Deferred tax liabilities | Unrealized foreign exchange gains - P&L | After re-presentation | |||||
Disclosure of expected impact of initial application of new standards or interpretations [line items] | |||||
Deferred tax liability (asset) | (13,876) | (5,388) | |||
Deferred tax liabilities | Unrealized foreign exchange gains - P&L | IAS 12 | IAS 12 amendment adjustment | |||||
Disclosure of expected impact of initial application of new standards or interpretations [line items] | |||||
Deferred tax liability (asset) | 0 | 0 | |||
Deferred tax liabilities | Unrealized foreign exchange gains - P&L | IAS 12 | After re-presentation | |||||
Disclosure of expected impact of initial application of new standards or interpretations [line items] | |||||
Deferred tax liability (asset) | $ (13,876) | $ (5,388) |
Group Information (Details)
Group Information (Details) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Africa Internet General Trading LLC | ||
Principal Subsidiaries | ||
% control | 100% | 100% |
Africa Internet Services SAS | ||
Principal Subsidiaries | ||
% control | 100% | 100% |
AIH General Merchandise Algeria UG (haftungsbeschränkt) & Co. KG | ||
Principal Subsidiaries | ||
% control | 100% | 100% |
AIH General Merchandise Cameroon UG (haftungsbeschränkt) & Co. KG | ||
Principal Subsidiaries | ||
% control | 100% | 100% |
AIH General Merchandise Egypt UG (haftungsbeschränkt) & Co. KG | ||
Principal Subsidiaries | ||
% control | 100% | 100% |
AIH General Merchandise Ivory Coast UG (haftungsbeschränkt) & Co. KG | ||
Principal Subsidiaries | ||
% control | 100% | 100% |
AIH General Merchandise Kenya UG (haftungsbeschränkt) & Co. KG | ||
Principal Subsidiaries | ||
% control | 100% | 100% |
AIH General Merchandise Morocco UG (haftungsbeschränkt) & Co. KG | ||
Principal Subsidiaries | ||
% control | 100% | 100% |
AIH General Merchandise Nigeria UG (haftungsbeschränkt) & Co. KG | ||
Principal Subsidiaries | ||
% control | 99.89% | 99.89% |
AIH General Merchandise Tanzania UG (haftungsbeschränkt) & Co. KG | ||
Principal Subsidiaries | ||
% control | 100% | 100% |
AIH General Merchandise UG (haftungsbeschränkt) & Co. KG | ||
Principal Subsidiaries | ||
% control | 100% | 100% |
AIH Subholding Nr. 10 UG (haftungsbeschränkt) & Co. KG | ||
Principal Subsidiaries | ||
% control | 100% | 100% |
AIH Subholding Nr. 11 UG (haftungsbeschränkt) & Co. KG | ||
Principal Subsidiaries | ||
% control | 100% | 100% |
AIH Subholding Nr. 8 UG (haftungsbeschränkt) & Co. KG | ||
Principal Subsidiaries | ||
% control | 100% | 100% |
Atol Internet Services Rwanda | ||
Principal Subsidiaries | ||
% control | 0% | 100% |
Atol Internet Services S.a.r.l. Tunisia | ||
Principal Subsidiaries | ||
% control | 100% | 100% |
Atol Ivory Coast SARL | ||
Principal Subsidiaries | ||
% control | 100% | 100% |
Atol Services Gabon SARL | ||
Principal Subsidiaries | ||
% control | 100% | 100% |
Atol Technology PLC | ||
Principal Subsidiaries | ||
% control | 100% | 100% |
Bambino 162. V V UG (haftungsbeschränkt) | ||
Principal Subsidiaries | ||
% control | 100% | 100% |
Ecart Internet Services Nigeria Ltd. | ||
Principal Subsidiaries | ||
% control | 99.89% | 99.89% |
Ecart Services Algeria SARL | ||
Principal Subsidiaries | ||
% control | 100% | 100% |
Ecart Services Cameroon Ltd. | ||
Principal Subsidiaries | ||
% control | 100% | 100% |
Ecart Services Ivory Coast SARL | ||
Principal Subsidiaries | ||
% control | 100% | 100% |
Ecart Services Kenya Ltd. | ||
Principal Subsidiaries | ||
% control | 100% | 100% |
Ecart Services Morocco Sarlau | ||
Principal Subsidiaries | ||
% control | 100% | 100% |
Ecart Services Tanzania Ltd. | ||
Principal Subsidiaries | ||
% control | 100% | 100% |
Hellopay Africa Integrated Services Ltd. | ||
Principal Subsidiaries | ||
% control | 100% | 100% |
Jade E-Services Algeria SARL | ||
Principal Subsidiaries | ||
% control | 100% | 100% |
Jade E-Services Ghana Ltd. | ||
Principal Subsidiaries | ||
% control | 100% | 100% |
Jade E-Services Kenya Ltd. | ||
Principal Subsidiaries | ||
% control | 100% | 100% |
Jade E-Services Senegal SARL | ||
Principal Subsidiaries | ||
% control | 100% | 100% |
Jade E-Services South Africa Proprietary Ltd. | ||
Principal Subsidiaries | ||
% control | 100% | 100% |
Jade E-Services Tunisia SARL | ||
Principal Subsidiaries | ||
% control | 100% | 100% |
Jade E-Services Uganda Ltd. | ||
Principal Subsidiaries | ||
% control | 100% | 100% |
Jolali Global Resources Ltd. | ||
Principal Subsidiaries | ||
% control | 99.89% | 99.89% |
Jumia Egypt LLC | ||
Principal Subsidiaries | ||
% control | 100% | 100% |
Jumia Electronic Payment Services S.A.E | ||
Principal Subsidiaries | ||
% control | 100% | 100% |
Jumia Eservices SARL | ||
Principal Subsidiaries | ||
% control | 100% | 100% |
Jumia Financial Services Ltd. | ||
Principal Subsidiaries | ||
% control | 100% | 100% |
Jumia for Trading LLC | ||
Principal Subsidiaries | ||
% control | 100% | 100% |
Jumia Payment Services Kenya Ltd. | ||
Principal Subsidiaries | ||
% control | 100% | 100% |
Jumia Payment Services Ltd. | ||
Principal Subsidiaries | ||
% control | 100% | 100% |
Jumia Services FZ-LLC | ||
Principal Subsidiaries | ||
% control | 100% | 100% |
Jumia Services GmbH | ||
Principal Subsidiaries | ||
% control | 100% | 100% |
Jumia Technologies Cote D'Ivoire SARLU | ||
Principal Subsidiaries | ||
% control | 100% | 100% |
Jumia Technologies Spain SLU | ||
Principal Subsidiaries | ||
% control | 0% | 100% |
Jumia Technologies SUARL | ||
Principal Subsidiaries | ||
% control | 100% | 100% |
Jumia Technology Services (Shenzhen) Co., Ltd | ||
Principal Subsidiaries | ||
% control | 100% | 100% |
Jumia UG (haftungsbeschränkt) & Co. KG | ||
Principal Subsidiaries | ||
% control | 100% | 100% |
Jumia USA LLC | ||
Principal Subsidiaries | ||
% control | 100% | 100% |
JumiaPay Tunisie Suarl | ||
Principal Subsidiaries | ||
% control | 100% | 100% |
Juwel 193 V V UG (haftungsbeschränkt) & Co. Zwölfte Verwaltungs KG | ||
Principal Subsidiaries | ||
% control | 100% | 100% |
Juwel 193. V V UG (haftungsbeschränkt) | ||
Principal Subsidiaries | ||
% control | 100% | 100% |
Juwel 193. V V UG (haftungsbeschränkt) & Co. 132. Verwaltungs KG | ||
Principal Subsidiaries | ||
% control | 100% | 100% |
Juwel 193. V V UG (haftungsbeschränkt) & Co. 23. Verwaltungs KG | ||
Principal Subsidiaries | ||
% control | 100% | 100% |
Juwel 193. V V UG (haftungsbeschränkt) & Co. 24. Verwaltungs KG | ||
Principal Subsidiaries | ||
% control | 100% | 100% |
Juwel 193. V V UG (haftungsbeschränkt) & Co. Fünfte Verwaltungs KG | ||
Principal Subsidiaries | ||
% control | 100% | 100% |
Juwel 193. V V UG (haftungsbeschränkt) & Co. Vierte Verwaltungs KG | ||
Principal Subsidiaries | ||
% control | 100% | 100% |
Juwel 194. V V UG (haftungsbeschränkt) | ||
Principal Subsidiaries | ||
% control | 100% | 100% |
Juwel 194. V V UG (haftungsbeschränkt) & Co. Erste Verwaltungs KG | ||
Principal Subsidiaries | ||
% control | 100% | 100% |
Juwel E-Services Tanzania Ltd. | ||
Principal Subsidiaries | ||
% control | 100% | 100% |
Lendico S.A (PTY) Ltd. | ||
Principal Subsidiaries | ||
% control | 100% | 100% |
Lipco Internet Services Zimbabwe Ltd. | ||
Principal Subsidiaries | ||
% control | 100% | 100% |
Silveroak Internet Services Portugal, Unipessoal Lda | ||
Principal Subsidiaries | ||
% control | 100% | 100% |
Vamido Global Resources Ltd. | ||
Principal Subsidiaries | ||
% control | 99.89% | 99.89% |
Discontinued Operations (Detail
Discontinued Operations (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Statements of Operations and Comprehensive Income (Loss) | |||
Revenue | $ 186,402 | $ 203,300 | $ 167,624 |
Loss before Income tax | (103,517) | (231,290) | (226,463) |
Loss after Income tax for the period from discontinued operations | (4,917) | (25,128) | (19,337) |
Statements of Cash Flows | |||
Net cash flows used in operating activities | (72,976) | (240,178) | (171,179) |
Net cash flows (used in) / from investing activities | 62,533 | 212,247 | (404,810) |
Discontinued operations | |||
Statements of Operations and Comprehensive Income (Loss) | |||
Revenue | 14,632 | 18,582 | 10,310 |
Expenses | (19,549) | (43,710) | (29,647) |
Loss before Income tax | (4,917) | (25,128) | (19,337) |
Statements of Cash Flows | |||
Net cash flows used in operating activities | (6,729) | (24,147) | (16,114) |
Net cash flows (used in) / from investing activities | $ 47 | $ (227) | $ 164 |
Property and Equipment - Carryi
Property and Equipment - Carrying amount of property and equipment (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Reconciliation of changes in property, plant and equipment [abstract] | ||
Beginning Balance | $ 28,498 | |
Ending Balance | 14,361 | $ 28,498 |
Gross Carrying Amount | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Beginning Balance | 59,623 | 48,414 |
Additions | 2,944 | 21,538 |
Lease modifications | (5,348) | (2,901) |
Disposals | (583) | (98) |
Effect of hyperinflationary economies | 587 | |
Effect of translation | (10,360) | (7,330) |
Ending Balance | 46,863 | 59,623 |
Accumulated depreciation | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Beginning Balance | (31,125) | (26,590) |
Lease modifications | 3,389 | 3,444 |
Disposals | 300 | 53 |
Effect of hyperinflationary economies | (371) | |
Effect of translation | 5,046 | 3,422 |
Depreciation charge | (9,741) | (11,454) |
Ending Balance | (32,502) | (31,125) |
Buildings | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Beginning Balance | 919 | |
Ending Balance | 634 | 919 |
Buildings | Gross Carrying Amount | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Beginning Balance | 2,827 | 2,389 |
Additions | 141 | 878 |
Lease modifications | 0 | 0 |
Disposals | (127) | (31) |
Effect of hyperinflationary economies | 13 | |
Effect of translation | (371) | (409) |
Ending Balance | 2,483 | 2,827 |
Buildings | Accumulated depreciation | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Beginning Balance | (1,908) | (1,770) |
Lease modifications | 0 | 0 |
Disposals | 59 | 3 |
Effect of hyperinflationary economies | (12) | |
Effect of translation | 282 | 267 |
Depreciation charge | (270) | (408) |
Ending Balance | (1,849) | (1,908) |
Technical equipment and machinery | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Beginning Balance | 3,431 | |
Ending Balance | 2,067 | 3,431 |
Technical equipment and machinery | Gross Carrying Amount | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Beginning Balance | 6,202 | 3,733 |
Additions | 196 | 3,051 |
Lease modifications | 0 | 0 |
Disposals | (80) | 0 |
Effect of hyperinflationary economies | 92 | |
Effect of translation | (1,147) | (582) |
Ending Balance | 5,263 | 6,202 |
Technical equipment and machinery | Accumulated depreciation | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Beginning Balance | (2,771) | (2,135) |
Lease modifications | 0 | 0 |
Disposals | 44 | 0 |
Effect of hyperinflationary economies | (6) | |
Effect of translation | 462 | 263 |
Depreciation charge | (925) | (899) |
Ending Balance | (3,196) | (2,771) |
Transportation equipment, office equipment and other equipment | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Beginning Balance | 9,543 | |
Ending Balance | 5,406 | 9,543 |
Transportation equipment, office equipment and other equipment | Gross Carrying Amount | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Beginning Balance | 22,208 | 17,616 |
Additions | 1,577 | 7,218 |
Lease modifications | 0 | 0 |
Disposals | (376) | (67) |
Effect of hyperinflationary economies | 482 | |
Effect of translation | (5,367) | (2,559) |
Ending Balance | 18,524 | 22,208 |
Transportation equipment, office equipment and other equipment | Accumulated depreciation | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Beginning Balance | (12,665) | (10,460) |
Lease modifications | 0 | 0 |
Disposals | 197 | 50 |
Effect of hyperinflationary economies | (353) | |
Effect of translation | 3,045 | 1,412 |
Depreciation charge | (3,342) | (3,667) |
Ending Balance | (13,118) | (12,665) |
Right of use assets - Office and Warehouse | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Beginning Balance | 14,605 | |
Ending Balance | 6,254 | 14,605 |
Right of use assets - Office and Warehouse | Gross Carrying Amount | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Beginning Balance | 28,386 | 24,676 |
Additions | 1,030 | 10,391 |
Lease modifications | (5,348) | (2,901) |
Disposals | 0 | 0 |
Effect of hyperinflationary economies | 0 | |
Effect of translation | (3,475) | (3,780) |
Ending Balance | 20,593 | 28,386 |
Right of use assets - Office and Warehouse | Accumulated depreciation | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Beginning Balance | (13,781) | (12,225) |
Lease modifications | 3,389 | 3,444 |
Disposals | 0 | 0 |
Effect of hyperinflationary economies | 0 | |
Effect of translation | 1,257 | 1,480 |
Depreciation charge | (5,204) | (6,480) |
Ending Balance | $ (14,339) | $ (13,781) |
Property and Equipment - Leases
Property and Equipment - Leases (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Right of use assets | |||
Right-of-use assets, beginning of period | $ 14,605 | $ 12,451 | |
Additions, right-of-use assets | 1,030 | 10,391 | $ 3,485 |
Depreciation, right-of-use assets | (5,204) | (6,480) | (5,405) |
Lease modifications, right of use assets | (1,959) | 543 | |
Effect of translation, right of use assets | (2,218) | (2,300) | |
Right-of-use assets, end of period | 6,254 | 14,605 | 12,451 |
Lease Liabilities | |||
Lease liabilities, beginning of period | 13,847 | 12,537 | |
Additions, lease liabilities | 1,057 | 10,160 | 3,427 |
Interest expense, lease liabilities | 1,074 | 1,710 | 1,527 |
Lease modifications, lease liabilities | (2,046) | 595 | |
Payments, Lease liabilities | (6,279) | (8,666) | (6,615) |
Effect of translation, lease liabilities | (1,578) | (2,489) | |
Lease liabilities, end of period | $ 6,075 | $ 13,847 | $ 12,537 |
Property and Equipment - Narrat
Property and Equipment - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of detailed information about property, plant and equipment [abstract] | |||
Short-term leases | $ 2,035 | $ 2,708 | $ 1,740 |
Cash outflow for leases | 6,279 | 8,666 | 6,615 |
Additions, right-of-use assets | 1,030 | 10,391 | 3,485 |
Additions, lease liabilities | $ 1,057 | $ 10,160 | $ 3,427 |
Property and Equipment - Profit
Property and Equipment - Profit and Loss (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of detailed information about property, plant and equipment [abstract] | |||
Depreciation expense of right-of-use assets | $ (5,204) | $ (6,480) | $ (5,405) |
Interest expense on lease liabilities | (1,074) | (1,710) | (1,527) |
Expense relating to short-term leases | 2,035 | 2,708 | 1,740 |
Total amount recognized in profit or loss | $ (8,313) | $ (10,898) | $ (8,672) |
Deferred Tax Assets and Liabi_3
Deferred Tax Assets and Liabilities - Movement (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Reconciliation of changes in deferred tax liability (asset) [abstract] | |||
Profit / (Loss) | $ (2,583) | $ 4,946 | $ (848) |
Deferred tax assets | |||
Reconciliation of changes in deferred tax liability (asset) [abstract] | |||
Deferred tax asset (liability), beginning of period | 710 | 665 | 125 |
Profit / (Loss) | 1,901 | (4,044) | |
OCI Gain / (Loss) | (2,066) | 4,124 | |
Effect of translation | (14) | (35) | |
Deferred tax asset (liability), end of period | 531 | 710 | 665 |
Deferred tax assets | After re-presentation | |||
Reconciliation of changes in deferred tax liability (asset) [abstract] | |||
Deferred tax asset (liability), beginning of period | 710 | 665 | |
Deferred tax asset (liability), end of period | 710 | 665 | |
Deferred tax assets | Financial assets measured at fair value through OCI | |||
Reconciliation of changes in deferred tax liability (asset) [abstract] | |||
Profit / (Loss) | 0 | 0 | |
OCI Gain / (Loss) | (2,066) | 4,124 | |
Effect of translation | 0 | 0 | |
Deferred tax asset (liability), end of period | 2,058 | ||
Deferred tax assets | Financial assets measured at fair value through OCI | After re-presentation | |||
Reconciliation of changes in deferred tax liability (asset) [abstract] | |||
Deferred tax asset (liability), beginning of period | 4,124 | 0 | |
Deferred tax asset (liability), end of period | 4,124 | 0 | |
Deferred tax assets | Financial assets at fair value through profit or loss | |||
Reconciliation of changes in deferred tax liability (asset) [abstract] | |||
Deferred tax asset (liability), beginning of period | 973 | 517 | |
Profit / (Loss) | (973) | 456 | |
OCI Gain / (Loss) | 0 | 0 | |
Effect of translation | 0 | 0 | |
Deferred tax asset (liability), end of period | 0 | 973 | 517 |
Deferred tax assets | Financial assets at fair value through profit or loss | After re-presentation | |||
Reconciliation of changes in deferred tax liability (asset) [abstract] | |||
Deferred tax asset (liability), beginning of period | 973 | 517 | |
Deferred tax asset (liability), end of period | 973 | 517 | |
Deferred tax assets | Tax losses | |||
Reconciliation of changes in deferred tax liability (asset) [abstract] | |||
Deferred tax asset (liability), beginning of period | 9,313 | 5,783 | 0 |
Profit / (Loss) | 1,588 | 4,266 | |
OCI Gain / (Loss) | 0 | 0 | |
Effect of translation | (3,986) | (577) | |
Deferred tax asset (liability), end of period | 7,464 | 9,313 | 5,783 |
Deferred tax assets | Tax losses | After re-presentation | |||
Reconciliation of changes in deferred tax liability (asset) [abstract] | |||
Deferred tax asset (liability), beginning of period | 9,862 | 6,173 | |
Deferred tax asset (liability), end of period | 9,862 | 6,173 | |
Deferred tax assets | Tax benefits | |||
Reconciliation of changes in deferred tax liability (asset) [abstract] | |||
Deferred tax asset (liability), beginning of period | 699 | 665 | 125 |
Profit / (Loss) | (201) | 70 | |
OCI Gain / (Loss) | 0 | 0 | |
Effect of translation | (1) | (36) | |
Deferred tax asset (liability), end of period | 497 | 699 | 665 |
Deferred tax assets | Tax benefits | After re-presentation | |||
Reconciliation of changes in deferred tax liability (asset) [abstract] | |||
Deferred tax asset (liability), beginning of period | 699 | 665 | |
Deferred tax asset (liability), end of period | 699 | 665 | |
Deferred tax assets | Leases | |||
Reconciliation of changes in deferred tax liability (asset) [abstract] | |||
Profit / (Loss) | (1,895) | 498 | |
OCI Gain / (Loss) | 0 | 0 | |
Effect of translation | 0 | 0 | |
Deferred tax asset (liability), end of period | 1,407 | ||
Deferred tax assets | Leases | After re-presentation | |||
Reconciliation of changes in deferred tax liability (asset) [abstract] | |||
Deferred tax asset (liability), beginning of period | 3,302 | 2,804 | |
Deferred tax asset (liability), end of period | 3,302 | 2,804 | |
Deferred tax assets | Others | |||
Reconciliation of changes in deferred tax liability (asset) [abstract] | |||
Deferred tax asset (liability), beginning of period | 80 | ||
Profit / (Loss) | (81) | ||
OCI Gain / (Loss) | 0 | ||
Effect of translation | 1 | ||
Deferred tax asset (liability), end of period | 80 | ||
Deferred tax assets | Others | After re-presentation | |||
Reconciliation of changes in deferred tax liability (asset) [abstract] | |||
Deferred tax asset (liability), beginning of period | 0 | 80 | |
Deferred tax asset (liability), end of period | 0 | 80 | |
Deferred tax assets | Deferred tax assets offset | |||
Reconciliation of changes in deferred tax liability (asset) [abstract] | |||
Deferred tax asset (liability), beginning of period | (14,399) | (6,380) | 0 |
Profit / (Loss) | 3,382 | (9,253) | |
OCI Gain / (Loss) | 0 | 0 | |
Effect of translation | 3,973 | 577 | |
Deferred tax asset (liability), end of period | (10,895) | (14,399) | (6,380) |
Deferred tax assets | Deferred tax assets offset | After re-presentation | |||
Reconciliation of changes in deferred tax liability (asset) [abstract] | |||
Deferred tax asset (liability), beginning of period | (18,250) | (9,574) | |
Deferred tax asset (liability), end of period | (18,250) | (9,574) | |
Deferred tax liabilities | |||
Reconciliation of changes in deferred tax liability (asset) [abstract] | |||
Deferred tax asset (liability), beginning of period | (899) | 0 | (61) |
Profit / (Loss) | 682 | (902) | |
OCI Gain / (Loss) | 0 | 0 | |
Effect of translation | 13 | 3 | |
Deferred tax asset (liability), end of period | (204) | (899) | 0 |
Deferred tax liabilities | After re-presentation | |||
Reconciliation of changes in deferred tax liability (asset) [abstract] | |||
Deferred tax asset (liability), beginning of period | (899) | 0 | |
Deferred tax asset (liability), end of period | (899) | 0 | |
Deferred tax liabilities | Leases | |||
Reconciliation of changes in deferred tax liability (asset) [abstract] | |||
Profit / (Loss) | 2,167 | (657) | |
OCI Gain / (Loss) | 0 | 0 | |
Effect of translation | 0 | 0 | |
Deferred tax asset (liability), end of period | (1,684) | ||
Deferred tax liabilities | Leases | After re-presentation | |||
Reconciliation of changes in deferred tax liability (asset) [abstract] | |||
Deferred tax asset (liability), beginning of period | (3,851) | (3,194) | |
Deferred tax asset (liability), end of period | (3,851) | (3,194) | |
Deferred tax liabilities | Others | |||
Reconciliation of changes in deferred tax liability (asset) [abstract] | |||
Deferred tax asset (liability), beginning of period | (435) | (534) | |
Profit / (Loss) | 295 | 99 | |
OCI Gain / (Loss) | 0 | 0 | |
Effect of translation | 0 | 0 | |
Deferred tax asset (liability), end of period | (140) | (435) | (534) |
Deferred tax liabilities | Others | After re-presentation | |||
Reconciliation of changes in deferred tax liability (asset) [abstract] | |||
Deferred tax asset (liability), beginning of period | (435) | (534) | |
Deferred tax asset (liability), end of period | (435) | (534) | |
Deferred tax liabilities | Deferred tax assets offset | |||
Reconciliation of changes in deferred tax liability (asset) [abstract] | |||
Deferred tax asset (liability), beginning of period | 14,399 | 6,380 | 0 |
Profit / (Loss) | (3,382) | 9,253 | |
OCI Gain / (Loss) | 0 | 0 | |
Effect of translation | (3,973) | (577) | |
Deferred tax asset (liability), end of period | 10,895 | 14,399 | 6,380 |
Deferred tax liabilities | Deferred tax assets offset | After re-presentation | |||
Reconciliation of changes in deferred tax liability (asset) [abstract] | |||
Deferred tax asset (liability), beginning of period | 18,250 | 9,574 | |
Deferred tax asset (liability), end of period | 18,250 | 9,574 | |
Deferred tax liabilities | Assets depreciation and amortization | |||
Reconciliation of changes in deferred tax liability (asset) [abstract] | |||
Deferred tax asset (liability), beginning of period | (987) | (458) | (61) |
Profit / (Loss) | 566 | (529) | |
OCI Gain / (Loss) | 0 | 0 | |
Effect of translation | 0 | 0 | |
Deferred tax asset (liability), end of period | (421) | (987) | (458) |
Deferred tax liabilities | Assets depreciation and amortization | After re-presentation | |||
Reconciliation of changes in deferred tax liability (asset) [abstract] | |||
Deferred tax asset (liability), beginning of period | (987) | (458) | |
Deferred tax asset (liability), end of period | (987) | (458) | |
Deferred tax liabilities | Unrealized foreign exchange gains - P&L | |||
Reconciliation of changes in deferred tax liability (asset) [abstract] | |||
Deferred tax asset (liability), beginning of period | (13,876) | (5,388) | |
Profit / (Loss) | 1,036 | (9,068) | |
OCI Gain / (Loss) | 0 | 0 | |
Effect of translation | 3,986 | 580 | |
Deferred tax asset (liability), end of period | (8,854) | (13,876) | (5,388) |
Deferred tax liabilities | Unrealized foreign exchange gains - P&L | After re-presentation | |||
Reconciliation of changes in deferred tax liability (asset) [abstract] | |||
Deferred tax asset (liability), beginning of period | $ (13,876) | (5,388) | |
Deferred tax asset (liability), end of period | $ (13,876) | $ (5,388) |
Deferred Tax Assets and Liabi_4
Deferred Tax Assets and Liabilities - Narrative (Details) - Deferred tax liabilities - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Effect of translation | $ 13 | $ 3 |
Temporary Difference, Net Investment | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Effect of translation | $ 491 | $ 2,217 |
Other non-current assets (Detai
Other non-current assets (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Other Non-current Assets [Line Items] | ||
Other non-current assets | $ 1,289 | $ 3,589 |
Rent, Trade and Other Term Deposits | ||
Other Non-current Assets [Line Items] | ||
Other non-current assets | 1,245 | 3,441 |
Miscellaneous Other Non-Current Assets | ||
Other Non-current Assets [Line Items] | ||
Other non-current assets | $ 44 | $ 148 |
Inventories - Components (Detai
Inventories - Components (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Disclosure Of Inventory [Line Items] | ||
Inventories | $ 9,699 | $ 11,437 |
Merchandise available for sale | ||
Disclosure Of Inventory [Line Items] | ||
Inventories | 10,868 | 13,920 |
Less: Provision for slow moving and obsolete inventories | ||
Disclosure Of Inventory [Line Items] | ||
Inventories | $ (1,169) | $ (2,483) |
Inventories - Narrative (Detail
Inventories - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Classes of current inventories [abstract] | |||
Cost of inventories recognised as expense during period | $ 75,657 | $ 77,927 | $ 60,972 |
Cost of revenue | (79,298) | (85,127) | (66,156) |
Inventory write-down | 414 | 2,221 | 765 |
Reversal of inventory write-down | $ 199 | $ 274 | $ 349 |
Cash and cash equivalents (Deta
Cash and cash equivalents (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Cash and cash equivalents [abstract] | ||||
Cash at bank and in hand | $ 29,367 | $ 58,083 | ||
Short-term deposits | 6,116 | 13,496 | ||
Total Cash and cash equivalents | 35,483 | 71,579 | $ 117,090 | $ 373,931 |
Restricted cash in cash and cash equivalents | $ 0 | $ 0 |
Term deposits and other finan_3
Term deposits and other financial assets - Term deposits (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Disclosure of financial assets [line items] | ||
Term deposits and other financial assets | $ 85,088 | $ 155,846 |
Financial assets at fair value through profit or loss | ||
Disclosure of financial assets [line items] | ||
Term deposits and other financial assets | 0 | 38,646 |
Financial assets at fair value through OCI | ||
Disclosure of financial assets [line items] | ||
Term deposits and other financial assets | 84,023 | 116,116 |
Short term deposits - banks | ||
Disclosure of financial assets [line items] | ||
Term deposits and other financial assets | $ 1,065 | $ 1,084 |
Term deposits and other finan_4
Term deposits and other financial assets - Other financial assets (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Disclosure of financial assets [line items] | ||
Other financial assets – current | $ 84,023 | $ 154,762 |
Current financial assets measured at fair value through profit or loss | ||
Disclosure of financial assets [line items] | ||
Other financial assets – current | 0 | 38,646 |
Current financial assets measured at fair value through other comprehensive income | ||
Disclosure of financial assets [line items] | ||
Other financial assets – current | $ 84,023 | $ 116,116 |
Term deposits and other finan_5
Term deposits and other financial assets - Fair value reserve (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Movement In Fair Value Reserve For Financial Assets At Fair Value Through Other Comprehensive Income [Roll Forward] | |||
Changes recognized in other comprehensive income of the period (Note 16) | $ 3,793 | $ (5,672) | $ (3,941) |
Financial assets at fair value through OCI | |||
Movement In Fair Value Reserve For Financial Assets At Fair Value Through Other Comprehensive Income [Roll Forward] | |||
Beginning balance | (9,613) | (3,941) | |
Changes in fair value of financial assets | 1,970 | (12,051) | |
Deferred tax assets on fair value loss through other comprehensive income | (2,066) | 4,124 | |
Reclassification from fair value reserve to profit or loss of the period due to maturity or sale of financial assets | 3,908 | 2,290 | |
Changes in allowance for expected credit losses - reversal | (19) | (35) | |
Changes recognized in other comprehensive income of the period (Note 16) | 3,793 | (5,672) | |
Ending balance | $ (5,820) | $ (9,613) | $ (3,941) |
Term deposits and other finan_6
Term deposits and other financial assets - Allowance for expected credit losses (Details) - Financial assets at fair value through OCI - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Reconciliation of changes in allowance account for credit losses of financial assets [abstract] | ||
Beginning balance | $ 53 | $ 88 |
Changes recognized in profit or loss as net impairment gains/losses on financial assets at fair value through other comprehensive income | (19) | (35) |
Total changes in allowance for expected credit losses | (19) | (35) |
Ending balance | $ 34 | $ 53 |
Trade and other receivables - C
Trade and other receivables - Components (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of detailed information about financial instruments [line items] | |||
Advances to suppliers | $ 2,667 | $ 1,266 | |
Current trade receivables | 16,357 | 24,422 | |
Financial assets | 28,258 | 30,637 | |
Unbilled revenues | 6,786 | 2,254 | |
Other current receivables | 2,448 | 2,695 | |
Trade and other receivables | 23,157 | 23,101 | |
Accumulated Impairment | |||
Disclosure of detailed information about financial instruments [line items] | |||
Financial assets | (5,101) | (7,536) | |
Trade notes and accounts receivable | |||
Disclosure of detailed information about financial instruments [line items] | |||
Financial assets | 23,157 | 23,101 | |
Trade notes and accounts receivable | Gross Carrying Amount | |||
Disclosure of detailed information about financial instruments [line items] | |||
Financial assets | 28,258 | 30,637 | |
Trade notes and accounts receivable | Accumulated Impairment | |||
Disclosure of detailed information about financial instruments [line items] | |||
Financial assets | $ (5,101) | $ (7,536) | $ (6,412) |
Trade and other receivables - E
Trade and other receivables - ECL (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Reconciliation of changes in allowance account for credit losses of financial assets [abstract] | ||
Beginning balance | $ (30,637) | |
Ending balance | (28,258) | $ (30,637) |
Accumulated Impairment | ||
Reconciliation of changes in allowance account for credit losses of financial assets [abstract] | ||
Beginning balance | 7,536 | |
Ending balance | 5,101 | 7,536 |
ECL of trade and other receivables | ||
Reconciliation of changes in allowance account for credit losses of financial assets [abstract] | ||
Beginning balance | (23,101) | |
Ending balance | (23,157) | (23,101) |
ECL of trade and other receivables | Accumulated Impairment | ||
Reconciliation of changes in allowance account for credit losses of financial assets [abstract] | ||
Beginning balance | 7,536 | 6,412 |
Provision for expected credit losses | 1,054 | 6,008 |
Write-off | (1,357) | (3,456) |
Effect of translation | (2,132) | (1,428) |
Ending balance | $ 5,101 | $ 7,536 |
Trade and other receivables - A
Trade and other receivables - Ageing (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of financial assets that are either past due or impaired [line items] | |||
Financial assets | $ 28,258 | $ 30,637 | |
Accumulated Impairment | |||
Disclosure of financial assets that are either past due or impaired [line items] | |||
Financial assets | (5,101) | (7,536) | |
Trade notes and accounts receivable | |||
Disclosure of financial assets that are either past due or impaired [line items] | |||
Financial assets | 23,157 | 23,101 | |
Trade notes and accounts receivable | Current | |||
Disclosure of financial assets that are either past due or impaired [line items] | |||
Financial assets | 18,602 | 10,040 | |
Trade notes and accounts receivable | Past due but not impaired | Less than 30 days | |||
Disclosure of financial assets that are either past due or impaired [line items] | |||
Financial assets | 2,423 | 8,180 | |
Trade notes and accounts receivable | Past due but not impaired | 30 to 90 days | |||
Disclosure of financial assets that are either past due or impaired [line items] | |||
Financial assets | 166 | 1,399 | |
Trade notes and accounts receivable | Past due but not impaired | Greater than 90 days | |||
Disclosure of financial assets that are either past due or impaired [line items] | |||
Financial assets | 1,966 | 3,482 | |
Trade notes and accounts receivable | Gross Carrying Amount | |||
Disclosure of financial assets that are either past due or impaired [line items] | |||
Financial assets | 28,258 | 30,637 | |
Trade notes and accounts receivable | Accumulated Impairment | |||
Disclosure of financial assets that are either past due or impaired [line items] | |||
Financial assets | $ (5,101) | $ (7,536) | $ (6,412) |
Prepaid expenses (Details)
Prepaid expenses (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Prepaid expenses | ||
Prepaid hosting fees and software licenses | $ 5,155 | $ 14,421 |
Prepaid rent | 2,550 | 3,015 |
Prepaid insurance | 1,064 | 1,627 |
Advance payments to the Group's partners for online payment services | 364 | 1,155 |
Prepaid insurance and other goods and services | $ 337 | $ 1,116 |
Share capital and share premi_3
Share capital and share premium (Details) $ in Thousands | 1 Months Ended | 12 Months Ended | |||||||
Mar. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | Apr. 30, 2019 USD ($) | Dec. 31, 2023 USD ($) vote shares | Dec. 31, 2022 USD ($) vote shares | Dec. 31, 2021 USD ($) vote shares | Dec. 31, 2023 € / shares | Dec. 31, 2022 € / shares | Dec. 31, 2021 € / shares | |
Disclosure of classes of share capital [line items] | |||||||||
Par value per share (in euros per share) | € / shares | € 1 | € 1 | € 1 | ||||||
Share capital | $ 236,800 | $ 235,659 | $ 234,154 | ||||||
Share premium | 1,736,469 | 1,736,469 | 1,736,469 | ||||||
Total share capital and share premium | 1,973,269 | 1,972,128 | 1,970,623 | ||||||
Proceeds from issue of equity | $ 0 | $ 0 | $ 348,646 | ||||||
Equity Offering | |||||||||
Disclosure of classes of share capital [line items] | |||||||||
Proceeds from issue of equity | $ 341,000 | ||||||||
Ordinary Shares | |||||||||
Disclosure of classes of share capital [line items] | |||||||||
Number of ordinary shares issued (in shares) | shares | 202,277,366 | 201,232,560 | 199,754,122 | ||||||
Par value per share (in euros per share) | € / shares | € 1 | € 1 | € 1 | ||||||
Share capital | $ 236,800 | $ 235,659 | $ 234,154 | ||||||
Share premium | 1,736,469 | 1,736,469 | 1,736,469 | ||||||
Total share capital and share premium | $ 1,973,269 | $ 1,972,128 | $ 1,970,623 | ||||||
Number of shares authorised (in shares) | shares | 202,277,366 | 201,232,560 | 199,754,122 | ||||||
Number of votes per share | vote | 1 | 1 | 1 | ||||||
Ordinary Shares | Settlement of Equity Programs | |||||||||
Disclosure of classes of share capital [line items] | |||||||||
Shares issued during the period (in shares) | shares | 1,044,806 | 1,478,438 | 2,568,954 | ||||||
Shares issued, transaction costs | $ 24 | $ 91 | $ 179 | ||||||
Ordinary Shares | Equity Offering | |||||||||
Disclosure of classes of share capital [line items] | |||||||||
Shares issued during the period (in shares) | shares | 17,925,922 | ||||||||
Shares issued, transaction costs | $ 7,638 | ||||||||
Proceeds from issue of equity | $ 231,000 | $ 280,000 | $ 341,000 |
Other Reserves (Details)
Other Reserves (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Changes in Reserves | |||
Beginning balance | $ 163,174 | ||
Other comprehensive loss | (6,667) | $ (9,241) | $ (19,772) |
Total comprehensive loss for the period | (110,845) | (247,510) | (246,677) |
Share-based payments | 5,344 | 9,241 | 43,451 |
Exercise of options | 0 | 25 | 69 |
Ending balance | 160,729 | 163,174 | |
Total other reserves | |||
Changes in Reserves | |||
Beginning balance | 163,174 | 164,675 | 143,871 |
Other comprehensive loss | (6,648) | (9,258) | (19,801) |
Hyperinflation effect in comprehensive income | 290 | ||
Other comprehensive (loss) / income | (6,938) | ||
Total comprehensive loss for the period | (6,648) | (9,258) | (19,801) |
Share-based payments | 5,344 | 9,237 | 43,451 |
Exercise of options | (1,141) | (1,480) | (2,846) |
Ending balance | 160,729 | 163,174 | 164,675 |
Share-based payment capital reserves | |||
Changes in Reserves | |||
Beginning balance | 184,046 | 176,289 | 135,684 |
Share-based payments | 5,344 | 9,237 | 43,451 |
Exercise of options | (1,141) | (1,480) | (2,846) |
Ending balance | 188,249 | 184,046 | 176,289 |
Exchange difference on net investment in foreign operations | |||
Changes in Reserves | |||
Beginning balance | (347,945) | (165,456) | (161,902) |
Other comprehensive loss | (182,489) | (3,554) | |
Hyperinflation effect in comprehensive income | 290 | ||
Other comprehensive (loss) / income | (229,078) | ||
Total comprehensive loss for the period | (228,788) | (182,489) | (3,554) |
Ending balance | (576,733) | (347,945) | (165,456) |
Fair value reserve of financial assets at FVOCI | |||
Changes in Reserves | |||
Beginning balance | (9,613) | (3,941) | 0 |
Other comprehensive loss | (5,672) | (3,941) | |
Other comprehensive (loss) / income | 3,793 | ||
Total comprehensive loss for the period | 3,793 | (5,672) | (3,941) |
Ending balance | (5,820) | (9,613) | (3,941) |
Currency translation adjustment | |||
Changes in Reserves | |||
Beginning balance | 336,686 | 157,783 | 170,089 |
Other comprehensive loss | 178,903 | (12,306) | |
Other comprehensive (loss) / income | 218,347 | ||
Total comprehensive loss for the period | 218,347 | 178,903 | (12,306) |
Ending balance | $ 555,033 | $ 336,686 | $ 157,783 |
Share based compensation - JSOP
Share based compensation - JSOP 2016 and SOP 2019 Narrative (Details) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2023 USD ($) shares item | Dec. 31, 2023 € / shares | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Total share-based payment expense recognized | $ | $ 5.3 | $ 8.2 | $ 34.5 | ||
JSOP 2016 | |||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Stock options exercised (in shares) | 279,148 | ||||
Outstanding vested options (in shares) | 259,552 | ||||
Total share-based payment expense recognized | $ | $ 0 | 0.3 | 0.6 | ||
SOP 2019 | |||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Outstanding vested options (in shares) | 60,857 | ||||
Total share-based payment expense recognized | $ | $ 0 | $ (5.5) | $ 3.6 | ||
Number of shares per option | 1 | ||||
Exercise price per share (in unit per share) | € / shares | € 1 | ||||
Options waiting period | 4 years | ||||
Options exercise period | 7 years | ||||
Option forfeiture period | 6 months | ||||
SOP 2019 | Bottom of Range | |||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Minimum growth to exercise options (as a percent) | 10% | ||||
Number of tranches | item | 1 | ||||
Vesting period | 4 years | 3 years | |||
SOP 2019 | Top of Range | |||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Vesting period | 4 years | ||||
Termination forfeiture period | 4 years |
Share based compensation - Acti
Share based compensation - Activity SOP 2019 (Details) - SOP 2019 | 12 Months Ended | |
Dec. 31, 2023 shares | Dec. 31, 2022 shares $ / shares | |
Number of awards | ||
Unvested awards outstanding at beginning of period (in shares) | 60,857 | |
Outstanding vested options (in shares) | (60,857) | |
Unvested awards outstanding at end of period (in shares) | 0 | 60,857 |
Weighted average remaining life (years) | ||
Weighted average remaining life for unvested awards outstanding (in years) | 3 months 18 days | |
Weighted average exercise price | ||
Weighted average exercise price, unvested awards outstanding (in eur per share) | $ / shares | $ 1 | |
Weighted average fair value | ||
Weigthed average fair value, unvested awards (in dollars per share) | $ / shares | $ 0.78 |
Share-based compensation - VRS
Share-based compensation - VRS 2019 Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Total share-based payment expense recognized | $ 5.3 | $ 8.2 | $ 34.5 |
2019 VRSUP | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Total share-based payment expense recognized | $ 0 | $ 0 | $ 1.3 |
Share-based compensation - SOP
Share-based compensation - SOP 2020 Narrative (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 USD ($) item shares | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Total share-based payment expense recognized | $ | $ 5.3 | $ 8.2 | $ 34.5 |
SOP 2020 | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Number of shares per option | shares | 1 | ||
Number of ADS per option | shares | 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% | ||
Number of tranches | item | 2 | ||
1st tranche, percentage vesting | 67% | ||
Period of vesting of first tranche | 2 years | ||
2nd tranche, percentage vesting | 33% | ||
Period of vesting of second tranche | 3 years | ||
Option forfeiture period | 6 months | ||
Total share-based payment expense recognized | $ | $ (0.1) | $ (1) | $ 1.9 |
Share based compensation - Ac_2
Share based compensation - Activity SOP 2020 (Details) - SOP 2020 | 12 Months Ended | |
Dec. 31, 2023 shares | Dec. 31, 2022 shares $ / shares | |
Number of awards | ||
Unvested awards outstanding at beginning of period (in shares) | 167,500 | |
Forfeited during the period (in shares) | (6,667) | |
Vested during the period (in shares) | (160,833) | |
Unvested awards outstanding at end of period (in shares) | 0 | 167,500 |
Weighted average remaining life (years) | ||
Weighted average remaining life for unvested awards outstanding (in years) | 4 months 24 days | |
Weighted average exercise price | ||
Weighted average exercise price, unvested awards outstanding (per share) | $ / shares | $ 1.84 | |
Weighted average fair value | ||
Weigthed average fair value, unvested awards (in dollars per share) | $ / shares | $ 1.26 |
Share based compensation - VRS
Share based compensation - VRS 2020 Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Total share-based payment expense recognized | $ 5.3 | $ 8.2 | $ 34.5 |
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 | ||
Vesting period | 1 year | ||
Number of trading days | 12 days | ||
Total share-based payment expense recognized | $ 0 | $ 1.1 | $ 7.1 |
Share-based compensation - SO_2
Share-based compensation - SOP 2021 Narrative (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 USD ($) shares | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Total share-based payment expense recognized | $ | $ 5.3 | $ 8.2 | $ 34.5 |
SOP 2021 | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Number of shares per option | shares | 1 | ||
American Depositary Shares per ordinary share | 0.5 | ||
Options waiting period | 4 years | ||
Number of trading days | 30 days | ||
Options exercise period | 2 years | ||
Option forfeiture period | 6 months | ||
Number of ordinary shares per ADS | shares | 2 | ||
Total share-based payment expense recognized | $ | $ 0 | $ 4.2 | $ 0.7 |
Share based compensation - VR_2
Share based compensation - VRS 2021and 2023 Narrative (Details) | 12 Months Ended | ||
Dec. 31, 2023 USD ($) shares | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Total share-based payment expense recognized | $ 5,300,000 | $ 8,200,000 | $ 34,500,000 |
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 | ||
Fair value, RSUs (in dollars per share) | $ 1.74 | ||
Total share-based payment expense recognized | 5,200,000 | 9,800,000 | 20,500,000 |
Cash Settled Restricted Stock Units 2021 | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Fair value, RSUs (in dollars per share) | 1.77 | ||
Equity Settled Restricted Stock Units 2021 | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Fair value, RSUs (in dollars per share) | 3.95 | ||
Cash-Settled VRSU 2023 | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Fair value, RSUs (in dollars per share) | 1.77 | ||
Equity Settled VRSU 2023 | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Fair value, RSUs (in dollars per share) | 1.74 | ||
Total share-based payment expense recognized | $ 100,000 | $ 0 | $ 0 |
Number of share options outstanding in share-based payment arrangement (in shares) | shares | 3,451,600 |
Trade and other payables - Comp
Trade and other payables - Components (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Trade and other current payables [abstract] | ||
Trade payables | $ 20,780 | $ 18,193 |
Invoices not yet received | 15,246 | 19,248 |
Accrued employee benefit costs | 9,191 | 11,772 |
Share-based compensation - Cash settled payable | 206 | 566 |
Trade Deposits | 730 | 1,082 |
Sundry accruals | 9,397 | 13,578 |
Trade and Other Payables | 55,550 | 64,439 |
Current | 55,425 | 64,230 |
Non-current | $ 125 | $ 209 |
Trade and other payables - Narr
Trade and other payables - Narrative (Details) | 12 Months Ended |
Dec. 31, 2023 | |
Bottom of Range | |
Disclosure of detailed information about borrowings [line items] | |
Trade payables settlement period | 0 days |
Other payables settlement period | 1 month |
Top of Range | |
Disclosure of detailed information about borrowings [line items] | |
Trade payables settlement period | 90 days |
Other payables settlement period | 2 months |
Borrowings - Lease liabilities
Borrowings - Lease liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Lease Liabilities | |||
Current | $ 3,718 | $ 5,138 | $ 3,906 |
Non-current | 2,357 | 8,709 | 8,631 |
Total Lease liabilities | 6,075 | $ 13,847 | $ 12,537 |
Liability from new lease contracts | 200 | ||
One to five years | |||
Lease Liabilities | |||
Non-current | 2,357 | ||
More than five years | |||
Lease Liabilities | |||
Non-current | $ 0 |
Borrowings - Lease liabilitie_2
Borrowings - Lease liabilities rollforward (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of quantitative information about leases for lessee [abstract] | |||
Current lease liabilities at beginning of period | $ 5,138 | $ 3,906 | |
Additions and modifications, current | 2,783 | 5,584 | |
Payments, current | (6,279) | (8,666) | |
Reclassifications, current | 2,461 | 4,944 | |
Effect of translation, current | (385) | (630) | |
Current lease liabilities at end of period | 3,718 | 5,138 | $ 3,906 |
Non-current lease liabilities at beginning of period | 8,709 | 8,631 | |
Additions and modifications, non-current | (2,698) | 6,881 | |
Reclassifications, non-current | (2,461) | (4,944) | |
Effect of translation, non-current | (1,193) | (1,859) | |
Non-current lease liabilities at end of period | 2,357 | 8,709 | 8,631 |
Lease liabilities, beginning of period | 13,847 | 12,537 | |
Additions and modifications, total | 85 | 12,465 | |
Payments, total | (6,279) | (8,666) | (6,615) |
Effect of translation, total | (1,578) | (2,489) | |
Lease liabilities, end of period | 6,075 | 13,847 | 12,537 |
Accrued interest | $ 1,074 | $ 1,710 | $ 1,527 |
Borrowings - Lease expenses (De
Borrowings - Lease expenses (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Financial Instruments [Abstract] | |||
Short-term leases | $ 2,035 | $ 2,708 | $ 1,740 |
Variable lease payments | 100 | 79 | |
Total expense | 2,135 | 2,787 | |
Lease liability for short-term leases subject to exemption | $ 686 | $ 1,107 |
Other taxes receivable & Othe_3
Other taxes receivable & Other taxes payable - Components (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Other taxes receivable: | ||
Value added taxes | $ 8,785 | $ 12,052 |
Other taxes receivable | 79 | 283 |
Other taxes receivable | 8,864 | 12,335 |
Current | 4,143 | 6,368 |
Non-Current | 4,721 | 5,967 |
Other taxes payable: | ||
Value added taxes | 10,106 | 11,841 |
Withholding Tax | 11,840 | 10,412 |
Other taxes payable | 1,980 | 443 |
Other taxes payable | 23,926 | 22,696 |
Current | 23,452 | 20,947 |
Non-Current | $ 474 | $ 1,749 |
Other taxes receivable & Othe_4
Other taxes receivable & Other taxes payable - Narrative (Details) | 12 Months Ended |
Dec. 31, 2023 | |
Other taxes payable & Other taxes receivable | |
Value added tax receivable, maturity period | 2 years 8 months 12 days |
Value added tax payable, maturity period | 1 year 3 months 18 days |
Provisions for liabilities an_2
Provisions for liabilities and other charges (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Changes in Reserves | ||
Balance at beginning | $ 36,788 | $ 37,085 |
Additions | 4,091 | 4,445 |
Reversals | (19,025) | (2,693) |
Use of provision | (2,155) | (1,279) |
Effect of translation | (765) | (770) |
Balance at ending | 18,934 | 36,788 |
Current | 18,420 | 35,899 |
Non-current | 514 | 889 |
Uncertain tax positions | ||
Changes in Reserves | ||
Balance at beginning | 33,870 | 34,221 |
Additions | 1,640 | 3,061 |
Reversals | (18,627) | (2,297) |
Use of provision | (1,261) | (670) |
Effect of translation | (334) | (445) |
Balance at ending | 15,288 | 33,870 |
Current | 15,288 | |
Non-current | 0 | |
Provision for Value-Added Tax | ||
Changes in Reserves | ||
Balance at beginning | 9,854 | |
Balance at ending | 3,253 | 9,854 |
Provisions related to Withholding Tax | ||
Changes in Reserves | ||
Balance at beginning | 22,044 | |
Balance at ending | 10,758 | 22,044 |
Provisions related to Other Taxes | ||
Changes in Reserves | ||
Balance at beginning | 1,972 | |
Balance at ending | 1,277 | 1,972 |
Marketplace and consignment goods | ||
Changes in Reserves | ||
Balance at beginning | 663 | 817 |
Additions | 207 | 247 |
Reversals | (200) | (299) |
Use of provision | 0 | 0 |
Effect of translation | (216) | (102) |
Balance at ending | 454 | 663 |
Current | 454 | |
Non-current | 0 | |
Provision for other expenses | ||
Changes in Reserves | ||
Balance at beginning | 2,255 | 2,047 |
Additions | 2,244 | 1,137 |
Reversals | (198) | (97) |
Use of provision | (894) | (609) |
Effect of translation | (215) | (223) |
Balance at ending | 3,192 | 2,255 |
Current | 2,678 | |
Non-current | 514 | |
End of service benefits provision | 631 | 889 |
Litigation and penalty provisions | $ 2,561 | 1,246 |
Restructuring provision | $ 120 |
Deferred income (Details)
Deferred income (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Accruals and deferred income including contract liabilities [abstract] | ||
Deferred income | $ 390 | $ 880 |
Deferred income period | 5 years | |
Deferred income classified as non-current | $ 0 | 345 |
Contract liabilities | $ 2,712 | $ 3,437 |
Revenue (Details)
Revenue (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 USD ($) customer | Dec. 31, 2022 USD ($) customer | Dec. 31, 2021 USD ($) customer | |
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue | $ 186,402 | $ 203,300 | $ 167,624 |
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% | 5% | 5% |
First-party sales | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue | $ 86,384 | $ 81,728 | $ 65,148 |
Commissions | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue | 46,666 | 39,879 | 30,305 |
Fulfillment | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue | 18,506 | 26,076 | 32,245 |
Value added services | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue | 20,278 | 32,237 | 25,248 |
Marketing and advertising | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue | 12,392 | 16,940 | 10,057 |
Other revenue | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue | $ 2,176 | $ 6,440 | $ 4,621 |
Fulfillment expense (Details)
Fulfillment expense (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of attribution of expenses by nature to their function [line items] | |||
Fulfillment expense | $ 43,884 | $ 76,783 | $ 74,696 |
Percentual decrease in expenses (as a percent) | 20.80% | ||
Fulfillment expense per order basis (in dollars per share) | $ 2.06 | $ 2.79 | |
Fulfillment expense | |||
Disclosure of attribution of expenses by nature to their function [line items] | |||
Fulfillment staff costs | $ 13,293 | $ 20,062 | 18,747 |
Fulfillment centers expense | 2,630 | 6,057 | 4,978 |
Freight and shipping expense | 27,961 | 50,664 | 50,971 |
Fulfillment expense | $ 43,884 | $ 76,783 | $ 74,696 |
Percentual decrease in expenses (as a percent) | 42.80% |
Sales and advertising expense_2
Sales and advertising expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of attribution of expenses by nature to their function [line items] | |||
Sales and advertising expense | $ 21,458 | $ 66,859 | $ 73,650 |
Percentual decrease in expenses (as a percent) | 20.80% | ||
Sales and marketing expense | |||
Disclosure of attribution of expenses by nature to their function [line items] | |||
Staff costs | $ 6,755 | 9,916 | 9,305 |
Advertising campaigns | 12,867 | 54,123 | 62,016 |
Selling expenses | 1,836 | 2,820 | 2,329 |
Sales and advertising expense | $ 21,458 | $ 66,859 | $ 73,650 |
Percentual decrease in expenses (as a percent) | 67.90% |
Technology and content expens_2
Technology and content expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of attribution of expenses by nature to their function [line items] | |||
Technology and content expense | $ 41,528 | $ 52,411 | $ 36,697 |
Percentual decrease in expenses (as a percent) | 20.80% | ||
Technology and content expense | |||
Disclosure of attribution of expenses by nature to their function [line items] | |||
Staff Costs | $ 17,425 | 25,233 | 14,968 |
Technology license and maintenance expenses | 24,103 | 27,178 | 21,729 |
Technology and content expense | $ 41,528 | $ 52,411 | $ 36,697 |
General and administrative ex_3
General and administrative expense and Termination benefits - Components (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of attribution of expenses by nature to their function [line items] | |||
Tax expense / (reversal) | $ (8,018) | $ 11,214 | $ 11,125 |
General and administrative expense | 74,425 | 122,211 | 139,120 |
General and administrative expense | |||
Disclosure of attribution of expenses by nature to their function [line items] | |||
Staff costs | 45,147 | 60,845 | 81,477 |
Occupancy Costs | 2,099 | 2,500 | 1,725 |
Professional fees | 11,278 | 11,952 | 18,250 |
Travel and entertainment | 2,172 | 3,458 | 1,910 |
Office and related expenses | 6,020 | 8,905 | 7,332 |
Bank fees & payment costs | 650 | 778 | 646 |
Bad debt expense | 212 | 6,211 | 1,267 |
Tax expense / (reversal) | (8,018) | 11,214 | 11,125 |
Provisions for liabilities and other charges | 1,745 | 195 | 209 |
Depreciation and amortization | 9,806 | 11,464 | 9,587 |
Other general and administrative expense | 3,314 | 4,689 | 5,592 |
General and administrative expense | $ 74,425 | $ 122,211 | $ 139,120 |
General and administrative ex_4
General and administrative expense and Termination benefits - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of attribution of expenses by nature to their function [line items] | |||
Total share-based payment expense recognized | $ 5,300 | $ 8,200 | $ 34,500 |
Termination benefits | 0 | 3,706 | 0 |
General and administrative expense | |||
Disclosure of attribution of expenses by nature to their function [line items] | |||
Total share-based payment expense recognized | 5,276 | 8,240 | 34,548 |
Insurance expense | 3,192 | 4,274 | 4,238 |
Staff costs | 45,147 | 60,845 | 81,477 |
Sales and marketing expense | |||
Disclosure of attribution of expenses by nature to their function [line items] | |||
Staff costs | 6,755 | 9,916 | 9,305 |
Termination benefits expense | |||
Disclosure of attribution of expenses by nature to their function [line items] | |||
Staff costs | $ 3,076 | $ 326 | $ 324 |
General and administrative ex_5
General and administrative expense and Termination benefits - Tax Expenses (Reversal) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Analysis of income and expense [abstract] | |||
Withholding taxes | $ (6,398) | $ 4,952 | $ 7,064 |
VAT | (2,999) | 3,020 | 994 |
Other taxes | 1,378 | 3,242 | 3,067 |
Total | $ (8,018) | $ 11,214 | $ 11,125 |
Finance income and finance co_3
Finance income and finance costs (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Finance income and finance costs | |||
Foreign exchange gain | $ 1,336,000 | $ 10,496,000 | $ 22,162,000 |
Interest and similar income | 1,738,000 | 388,000 | 258,000 |
Interest income from financial assets at fair value through OCI | 2,788,000 | 4,064,000 | 2,344,000 |
Fair value gain on financial assets at fair value through profit or loss | 237,000 | 0 | 0 |
Other income | 90,000 | 305,000 | 0 |
Finance income | 6,189,000 | 15,253,000 | 24,764,000 |
Foreign exchange loss | 11,804,000 | 7,492,000 | 7,485,000 |
Interest and similar expense | 2,168,000 | 1,718,000 | 1,606,000 |
Fair value loss on financial assets at fair value through profit and loss | 13,601,000 | 7,167,000 | 998,000 |
Loss recognized on disposal of debt instruments held at fair value through OCI (Note 12) | 3,908,000 | 2,290,000 | 0 |
Other charges | 0 | 951,000 | 242,000 |
Finance costs | 31,481,000 | 19,618,000 | 10,331,000 |
Transaction costs | $ 1,080,000 | $ 0 | $ 0 |
Income tax - Payables and recei
Income tax - Payables and receivables (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Major components of tax expense (income) [abstract] | ||
Income Tax Prepayments | $ 2,000 | $ 1,792 |
Total Income tax receivables | 2,000 | 1,792 |
Income Tax Payables | 547 | 301 |
Provision for Income Tax | 12,880 | 12,685 |
Total Income tax payables | $ 13,427 | $ 12,986 |
Income tax - Reconciliation (De
Income tax - Reconciliation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Reconciliation of average effective tax rate and applicable tax rate [abstract] | |||
Loss before Income tax from continuing operations | $ (98,600) | $ (206,162) | $ (207,126) |
Loss before Income tax from discontinued operations | (4,917) | (25,128) | (19,337) |
Loss before income tax | $ (103,517) | $ (231,290) | $ (226,463) |
Statutory tax rate | 27.98% | 19.25% | 24.02% |
Expected income tax benefit | $ 28,963 | $ 44,512 | $ 54,406 |
Tax effects of: | |||
Sundry permanent differences | (2,547) | (1,141) | 970 |
Effect of functional to local reporting currency in Germany | (3,040) | (4,948) | (338) |
Equity Transaction costs | 8 | 18 | 1,878 |
Share based payments | (1,506) | (1,734) | (7,520) |
Tax Expenses | 19 | (1,438) | (1,605) |
Bad debt expense | (1,841) | (1,180) | (439) |
Management fees | (4,268) | (4,367) | (6,167) |
Interest expense | (567) | (777) | (1,324) |
Unrecognized deferred tax asset arising from timing differences relating to: | |||
FX unrealized gain/loss | (1,407) | 863 | (1,575) |
Share based payments | 85 | 277 | (443) |
Tax Expenses | 3,328 | 192 | 277 |
Sundry temporary differences | 1,079 | (101) | (308) |
Minimum tax | (665) | (637) | (395) |
Deferred tax not recognized (mainly tax losses carried forward) | (20,885) | (31,573) | (38,707) |
Deferred tax: relating to origination and reversal of temporary differences and tax losses | 2,583 | (4,946) | 848 |
Total Income tax (expense) / income | $ (661) | $ (6,979) | $ (442) |
Effective tax rate | 0.64% | 3.02% | 0.20% |
Income tax - Expense (Details)
Income tax - Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Major components of tax expense (income) [abstract] | |||
Current tax (expense) / income | $ (3,244) | $ (2,033) | $ (1,102) |
Deferred tax (expense) / income | 2,583 | (4,946) | 660 |
Total Income tax (expense) / income | $ (661) | $ (6,979) | $ (442) |
Income tax - Tax losses availab
Income tax - Tax losses available for offsetting (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of geographical areas [line items] | |||
Tax rate | 27.98% | 19.25% | 24.02% |
Accumulated tax loss (gross) | $ (504,280) | $ (681,545) | $ (738,881) |
Germany | |||
Disclosure of geographical areas [line items] | |||
Tax rate | 30.20% | ||
Accumulated tax loss (gross) | $ (36,125) | (27,142) | (37,933) |
Corporate income tax rate | 15.80% | ||
Trade tax rate | 14.40% | ||
Germany | Trade Tax | |||
Disclosure of geographical areas [line items] | |||
Accumulated tax loss (gross) | $ (64,942) | (53,474) | (64,276) |
Morocco | |||
Disclosure of geographical areas [line items] | |||
Number of years for carryforward of tax losses | 4 years | ||
Tax rate | 31% | ||
Accumulated tax loss (gross) | $ (29,780) | (37,863) | (29,580) |
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) | $ (62,390) | (100,454) | (151,823) |
Nigeria | |||
Disclosure of geographical areas [line items] | |||
Tax rate | 30% | ||
Accumulated tax loss (gross) | $ (137,013) | (252,909) | (269,961) |
South Africa | |||
Disclosure of geographical areas [line items] | |||
Tax rate | 28% | ||
Accumulated tax loss (gross) | $ (56,532) | (53,251) | (49,591) |
Kenya | |||
Disclosure of geographical areas [line items] | |||
Number of years for carryforward of tax losses | 10 years | ||
Tax rate | 30% | ||
Accumulated tax loss (gross) | $ (74,817) | (86,933) | (87,785) |
Ivory Coast | |||
Disclosure of geographical areas [line items] | |||
Number of years for carryforward of tax losses | 5 years | ||
Tax rate | 25% | ||
Accumulated tax loss (gross) | $ (30,144) | (35,101) | (34,784) |
Ghana | |||
Disclosure of geographical areas [line items] | |||
Number of years for carryforward of tax losses | 3 years | ||
Tax rate | 25% | ||
Accumulated tax loss (gross) | $ (6,316) | (6,852) | (9,560) |
Other | |||
Disclosure of geographical areas [line items] | |||
Accumulated tax loss (gross) | $ (71,163) | $ (81,040) | $ (67,864) |
Income tax - Narrative (Details
Income tax - Narrative (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2023 USD ($) | |
Major components of tax expense (income) [abstract] | |
Previously unrecognized tax losses of prior periods used to reduce current tax expense | $ 1,502 |
Earnings per share - Basic and
Earnings per share - Basic and Diluted EPS Continuing Operation (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Earnings per share [abstract] | |||
Loss for the period from continuing operations | $ (99,261) | $ (213,141) | $ (207,568) |
Less: net loss attributable to non-controlling interest from continuing operations | (23) | (37) | (40) |
Loss attributable to Equity of the Company from continuing operations | $ (99,238) | $ (213,104) | $ (207,528) |
Denominator | |||
Weighted average number of shares for basic EPS (in shares) | 201,789,219 | 200,349,548 | 193,835,475 |
Weighted average number of shares for diluted EPS (in shares) | 201,789,219 | 200,349,548 | 193,835,475 |
Loss per share from continuous operations - basic (in dollars per share) | $ (0.49) | $ (1.06) | $ (1.07) |
Loss per share from continuous operations - diluted (in dollars per share) | $ (0.49) | $ (1.06) | $ (1.07) |
Earnings per share - Basic an_2
Earnings per share - Basic and Diluted EPS Discontinued Operation (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Earnings per share [abstract] | |||
Loss for the period from discontinued operations | $ (4,917) | $ (25,128) | $ (19,337) |
Loss attributable to Equity of the Company from discontinued operations | $ (4,917) | $ (25,128) | $ (19,337) |
Denominator | |||
Weighted average number of shares for basic EPS (in shares) | 201,789,219 | 200,349,548 | 193,835,475 |
Weighted average number of shares for diluted EPS (in shares) | 201,789,219 | 200,349,548 | 193,835,475 |
Loss per share from discontinued operations - basic (in dollars per share) | $ (0.02) | $ (0.13) | $ (0.10) |
Loss per share from discontinued operations - diluted (in dollars per share) | $ (0.02) | $ (0.13) | $ (0.10) |
Earnings per share - Basic an_3
Earnings per share - Basic and Diluted EPS (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Earnings per share [abstract] | |||
Loss for the year | $ (104,178) | $ (238,269) | $ (226,905) |
Less: net loss attributable to non-controlling interest | (23) | (37) | (40) |
Loss attributable to Equity of the Company | $ (104,155) | $ (238,232) | $ (226,865) |
Denominator | |||
Weighted average number of shares for basic EPS (in shares) | 201,789,219 | 200,349,548 | 193,835,475 |
Weighted average number of shares for diluted EPS (in shares) | 201,789,219 | 200,349,548 | 193,835,475 |
Basic Loss for the period attributable to ordinary equity holders of the parent (in dollars per share) | $ (0.52) | $ (1.19) | $ (1.17) |
Diluted Loss for the period attributable to ordinary equity holders of the parent (in dollars per share) | $ (0.52) | $ (1.19) | $ (1.17) |
Earnings per share - Potential
Earnings per share - Potential Dilutive Securities (Details) - shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Earnings per share [abstract] | |||
Share Options (in shares) | 2,017,355 | 1,874,830 | 2,070,033 |
Transactions and balances wit_3
Transactions and balances with related parties - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Deferred income | ||
Threshold percentage for disclosure of related party transactions, individual ownership of any class of securities | 10% | |
Former Members of the Management Board | ||
Deferred income | ||
Key management personnel compensation | $ 1.7 |
Transactions and balances wit_4
Transactions and balances with related parties - Key management (Details) - Key Management Personnel of Entity or Parent - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Deferred income | |||
Short-term employee benefits | $ 3,332 | $ 3,889 | $ 4,236 |
Other benefits | 114 | 107 | 81 |
Share-based compensation | 1,858 | 5,155 | 9,299 |
Total | $ 5,304 | $ 9,151 | $ 13,616 |
Financial risk management obj_3
Financial risk management objectives and policies - Narrative (Details) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Disclosure of risk management strategy related to hedge accounting [line items] | ||
Percentage increase in interest rate | 0.50% | 0.50% |
Percentage decrease in interest rate | 0.50% | 0.50% |
Egyptian Pound (EGP) | ||
Disclosure of risk management strategy related to hedge accounting [line items] | ||
Percentage decrease in foreign currency assumptions | 60% | |
Naira (NGN) | ||
Disclosure of risk management strategy related to hedge accounting [line items] | ||
Percentage decrease in foreign currency assumptions | 80% | |
Euro, Algerian Dinar, West African CFA franc And Ugandan Shilling | ||
Disclosure of risk management strategy related to hedge accounting [line items] | ||
Percentage of reasonably possible increase in risk assumption | 5% | |
Percentage of reasonably possible decrease in risk assumption | 5% | |
Algerian Dinar, Kenyan Shilling, Ugandan Shilling, Nigerian Naira, South African Rand, UAE Dirham and Tunisian Dinar | ||
Disclosure of risk management strategy related to hedge accounting [line items] | ||
Percentage of reasonably possible increase in risk assumption | 5% | |
Percentage of reasonably possible decrease in risk assumption | 5% | |
Kenyan Shilling, Nigerian Naira, South African Rand, Ghanaian Cedi And Eqyptian Pound | ||
Disclosure of risk management strategy related to hedge accounting [line items] | ||
Percentage of reasonably possible increase in risk assumption | 10% | |
Percentage of reasonably possible decrease in risk assumption | 10% | |
Bottom of Range | ||
Disclosure of risk management strategy related to hedge accounting [line items] | ||
Percentage increase in functional currency rate | 5% | |
Percentage decrease in functional currency rate | 5% | |
Bottom of Range | Euro, Algerian Dinar, West African CFA franc And Ugandan Shilling | ||
Disclosure of risk management strategy related to hedge accounting [line items] | ||
Actual valuation fluctuation | (5.50%) | |
Bottom of Range | South African Rand, Moroccan Dirham, Kenys Shilling, Ghanaian Cedi and Tunisian Dinar | ||
Disclosure of risk management strategy related to hedge accounting [line items] | ||
Actual valuation fluctuation | 7.50% | |
Bottom of Range | Algerian Dinar, Kenyan Shilling, Ugandan Shilling, Nigerian Naira, South African Rand, UAE Dirham and Tunisian Dinar | ||
Disclosure of risk management strategy related to hedge accounting [line items] | ||
Actual valuation fluctuation | (2.50%) | |
Bottom of Range | Kenyan Shilling, Nigerian Naira, South African Rand, Ghanaian Cedi And Eqyptian Pound | ||
Disclosure of risk management strategy related to hedge accounting [line items] | ||
Actual valuation fluctuation | 10.90% | |
Top of Range | ||
Disclosure of risk management strategy related to hedge accounting [line items] | ||
Percentage increase in functional currency rate | 10% | |
Percentage decrease in functional currency rate | 10% | |
Top of Range | Euro, Algerian Dinar, West African CFA franc And Ugandan Shilling | ||
Disclosure of risk management strategy related to hedge accounting [line items] | ||
Actual valuation fluctuation | 1.70% | |
Top of Range | South African Rand, Moroccan Dirham, Kenys Shilling, Ghanaian Cedi and Tunisian Dinar | ||
Disclosure of risk management strategy related to hedge accounting [line items] | ||
Actual valuation fluctuation | 27.10% | |
Top of Range | Algerian Dinar, Kenyan Shilling, Ugandan Shilling, Nigerian Naira, South African Rand, UAE Dirham and Tunisian Dinar | ||
Disclosure of risk management strategy related to hedge accounting [line items] | ||
Actual valuation fluctuation | 4.90% | |
Top of Range | Kenyan Shilling, Nigerian Naira, South African Rand, Ghanaian Cedi And Eqyptian Pound | ||
Disclosure of risk management strategy related to hedge accounting [line items] | ||
Actual valuation fluctuation | 31.10% |
Financial risk management obj_4
Financial risk management objectives and policies - Currency risk (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2023 USD ($) | |
Currency Risk Relative to EUR | United States Dollar (USD) | |
Disclosure of risk management strategy related to hedge accounting [line items] | |
Increase in foreign exchange rate | 5% |
Decrease in foreign exchange rate | (5.00%) |
Effect on pre-tax equity due to increase in designated risk component | $ 35,553 |
Effect on pre-tax equity due to decrease in designated risk component | (35,553) |
Effect on profit before tax equity due to increase in designated risk component | 6,475 |
Effect on profit before tax equity due to decrease in designated risk component | $ (6,475) |
Currency Risk Relative to EUR | United Arab Emirates | |
Disclosure of risk management strategy related to hedge accounting [line items] | |
Increase in foreign exchange rate | 5% |
Decrease in foreign exchange rate | (5.00%) |
Effect on pre-tax equity due to increase in designated risk component | $ 106 |
Effect on pre-tax equity due to decrease in designated risk component | (106) |
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) |
Currency Risk Relative to EUR | Kenyan Shilling (KES) | |
Disclosure of risk management strategy related to hedge accounting [line items] | |
Increase in foreign exchange rate | 10% |
Decrease in foreign exchange rate | (10.00%) |
Effect on pre-tax equity due to increase in designated risk component | $ (5,386) |
Effect on pre-tax equity due to decrease in designated risk component | 5,386 |
Effect on profit before tax equity due to increase in designated risk component | (4,672) |
Effect on profit before tax equity due to decrease in designated risk component | $ 4,672 |
Currency Risk Relative to EUR | Moroccan Dirham (MAD) | |
Disclosure of risk management strategy related to hedge accounting [line items] | |
Increase in foreign exchange rate | 5% |
Decrease in foreign exchange rate | (5.00%) |
Effect on pre-tax equity due to increase in designated risk component | $ (5,760) |
Effect on pre-tax equity due to decrease in designated risk component | 5,760 |
Effect on profit before tax equity due to increase in designated risk component | (149) |
Effect on profit before tax equity due to decrease in designated risk component | $ 149 |
Currency Risk Relative to EUR | Naira (NGN) | |
Disclosure of risk management strategy related to hedge accounting [line items] | |
Increase in foreign exchange rate | 80% |
Effect on pre-tax equity due to increase in designated risk component | $ (166,050) |
Effect on profit before tax equity due to increase in designated risk component | $ (247) |
Currency Risk Relative to EUR | Algerian Dinar (DZD) | |
Disclosure of risk management strategy related to hedge accounting [line items] | |
Increase in foreign exchange rate | 5% |
Decrease in foreign exchange rate | (5.00%) |
Effect on pre-tax equity due to increase in designated risk component | $ (1,328) |
Effect on pre-tax equity due to decrease in designated risk component | 1,328 |
Effect on profit before tax equity due to increase in designated risk component | (16) |
Effect on profit before tax equity due to decrease in designated risk component | $ 16 |
Currency Risk Relative to EUR | Cedi (Ghana) (GHS) | |
Disclosure of risk management strategy related to hedge accounting [line items] | |
Increase in foreign exchange rate | 10% |
Decrease in foreign exchange rate | (10.00%) |
Effect on pre-tax equity due to increase in designated risk component | $ (1,997) |
Effect on pre-tax equity due to decrease in designated risk component | 1,997 |
Effect on profit before tax equity due to increase in designated risk component | (18) |
Effect on profit before tax equity due to decrease in designated risk component | $ 18 |
Currency Risk Relative to EUR | Uganda Shilling (UGX) | |
Disclosure of risk management strategy related to hedge accounting [line items] | |
Increase in foreign exchange rate | 5% |
Decrease in foreign exchange rate | (5.00%) |
Effect on pre-tax equity due to increase in designated risk component | $ (1,528) |
Effect on pre-tax equity due to decrease in designated risk component | 1,528 |
Effect on profit before tax equity due to increase in designated risk component | (28) |
Effect on profit before tax equity due to decrease in designated risk component | $ 28 |
Currency Risk Relative to EUR | Rand (ZAR) | |
Disclosure of risk management strategy related to hedge accounting [line items] | |
Increase in foreign exchange rate | 10% |
Decrease in foreign exchange rate | (10.00%) |
Effect on pre-tax equity due to increase in designated risk component | $ (1,643) |
Effect on pre-tax equity due to decrease in designated risk component | 1,643 |
Effect on profit before tax equity due to increase in designated risk component | (7) |
Effect on profit before tax equity due to decrease in designated risk component | $ 7 |
Currency Risk Relative to EUR | Egyptian Pound (EGP) | |
Disclosure of risk management strategy related to hedge accounting [line items] | |
Increase in foreign exchange rate | 60% |
Effect on pre-tax equity due to increase in designated risk component | $ (51,213) |
Effect on profit before tax equity due to increase in designated risk component | $ (32,002) |
Currency Risk Relative to EUR | Tunisian Dinar (TND) | |
Disclosure of risk management strategy related to hedge accounting [line items] | |
Increase in foreign exchange rate | 5% |
Decrease in foreign exchange rate | (5.00%) |
Effect on pre-tax equity due to increase in designated risk component | $ (651) |
Effect on pre-tax equity due to decrease in designated risk component | 651 |
Effect on profit before tax equity due to increase in designated risk component | (22) |
Effect on profit before tax equity due to decrease in designated risk component | $ 22 |
Currency Risk Relative to USD | Kenyan Shilling (KES) | |
Disclosure of risk management strategy related to hedge accounting [line items] | |
Increase in foreign exchange rate | 10% |
Decrease in foreign exchange rate | (10.00%) |
Effect on pre-tax equity due to increase in designated risk component | $ (2,114) |
Effect on pre-tax equity due to decrease in designated risk component | 2,114 |
Effect on profit before tax equity due to increase in designated risk component | (1,506) |
Effect on profit before tax equity due to decrease in designated risk component | $ 1,506 |
Currency Risk Relative to USD | Moroccan Dirham (MAD) | |
Disclosure of risk management strategy related to hedge accounting [line items] | |
Increase in foreign exchange rate | 5% |
Decrease in foreign exchange rate | (5.00%) |
Effect on pre-tax equity due to increase in designated risk component | $ (1,664) |
Effect on pre-tax equity due to decrease in designated risk component | 1,664 |
Effect on profit before tax equity due to increase in designated risk component | (153) |
Effect on profit before tax equity due to decrease in designated risk component | $ 153 |
Currency Risk Relative to USD | Naira (NGN) | |
Disclosure of risk management strategy related to hedge accounting [line items] | |
Increase in foreign exchange rate | 80% |
Effect on pre-tax equity due to increase in designated risk component | $ (83,807) |
Effect on profit before tax equity due to increase in designated risk component | $ (13,379) |
Currency Risk Relative to USD | Algerian Dinar (DZD) | |
Disclosure of risk management strategy related to hedge accounting [line items] | |
Increase in foreign exchange rate | 5% |
Decrease in foreign exchange rate | (5.00%) |
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 | 0 |
Effect on profit before tax equity due to decrease in designated risk component | $ 0 |
Currency Risk Relative to USD | Cedi (Ghana) (GHS) | |
Disclosure of risk management strategy related to hedge accounting [line items] | |
Increase in foreign exchange rate | 10% |
Decrease in foreign exchange rate | (10.00%) |
Effect on pre-tax equity due to increase in designated risk component | $ (856) |
Effect on pre-tax equity due to decrease in designated risk component | 856 |
Effect on profit before tax equity due to increase in designated risk component | (73) |
Effect on profit before tax equity due to decrease in designated risk component | $ 73 |
Currency Risk Relative to USD | Uganda Shilling (UGX) | |
Disclosure of risk management strategy related to hedge accounting [line items] | |
Increase in foreign exchange rate | 5% |
Decrease in foreign exchange rate | (5.00%) |
Effect on pre-tax equity due to increase in designated risk component | $ (1,041) |
Effect on pre-tax equity due to decrease in designated risk component | 1,041 |
Effect on profit before tax equity due to increase in designated risk component | (72) |
Effect on profit before tax equity due to decrease in designated risk component | $ 72 |
Currency Risk Relative to USD | Rand (ZAR) | |
Disclosure of risk management strategy related to hedge accounting [line items] | |
Increase in foreign exchange rate | 10% |
Decrease in foreign exchange rate | (10.00%) |
Effect on pre-tax equity due to increase in designated risk component | $ (990) |
Effect on pre-tax equity due to decrease in designated risk component | 990 |
Effect on profit before tax equity due to increase in designated risk component | 7 |
Effect on profit before tax equity due to decrease in designated risk component | $ (7) |
Currency Risk Relative to USD | Egyptian Pound (EGP) | |
Disclosure of risk management strategy related to hedge accounting [line items] | |
Increase in foreign exchange rate | 60% |
Effect on pre-tax equity due to increase in designated risk component | $ (33,898) |
Effect on profit before tax equity due to increase in designated risk component | $ (19,310) |
Currency Risk Relative to USD | Tunisian Dinar (TND) | |
Disclosure of risk management strategy related to hedge accounting [line items] | |
Increase in foreign exchange rate | 5% |
Decrease in foreign exchange rate | (5.00%) |
Effect on pre-tax equity due to increase in designated risk component | $ (850) |
Effect on pre-tax equity due to decrease in designated risk component | 850 |
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) |
Currency Risk Relative to USD | CFA Franc BCEAO (XOF) | |
Disclosure of risk management strategy related to hedge accounting [line items] | |
Increase in foreign exchange rate | 5% |
Decrease in foreign exchange rate | (5.00%) |
Effect on pre-tax equity due to increase in designated risk component | $ (1,653) |
Effect on pre-tax equity due to decrease in designated risk component | 1,653 |
Effect on profit before tax equity due to increase in designated risk component | (389) |
Effect on profit before tax equity due to decrease in designated risk component | $ 389 |
Financial risk management obj_5
Financial risk management objectives and policies - Interest rate risk (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Disclosure of risk management strategy related to hedge accounting [abstract] | ||
Percentage increase in interest rate | 0.50% | 0.50% |
Increase in interest rate, effect on pre-tax equity | $ (496) | |
Percentage decrease in interest rate | (0.50%) | (0.50%) |
Decrease in interest rate, effect on pre-tax equity | $ 496 |
Financial risk management obj_6
Financial risk management objectives and policies - Credit risk (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | ||||
Mar. 31, 2021 | Dec. 31, 2020 | Apr. 30, 2019 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of detailed information about financial instruments [line items] | ||||||
Financial assets | $ 28,258 | $ 30,637 | ||||
Offset trade receivables and payables | $ 184 | 152 | ||||
Expected credit loss allowance recognition period | 12 months | |||||
Capital contributions | $ 0 | 0 | $ 348,646 | |||
Equity Offering | ||||||
Disclosure of detailed information about financial instruments [line items] | ||||||
Capital contributions | $ 341,000 | |||||
Equity Offering | Ordinary Shares | ||||||
Disclosure of detailed information about financial instruments [line items] | ||||||
Capital contributions | $ 231,000 | $ 280,000 | 341,000 | |||
Additional paid in capital | $ 86,000 | |||||
Accumulated Impairment | ||||||
Disclosure of detailed information about financial instruments [line items] | ||||||
Financial assets | (5,101) | (7,536) | ||||
Trade notes and accounts receivable | ||||||
Disclosure of detailed information about financial instruments [line items] | ||||||
Financial assets | 23,157 | 23,101 | ||||
Trade notes and accounts receivable | Accumulated Impairment | ||||||
Disclosure of detailed information about financial instruments [line items] | ||||||
Financial assets | $ (5,101) | $ (7,536) | $ (6,412) |
Commitments and contingencies (
Commitments and contingencies (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Commitments and contingencies | ||
Tax provisions | $ 18,420 | $ 35,899 |
Uncertain tax positions for which no provision has been made | 12,880 | 12,685 |
Bank guarantees | 561 | 1,092 |
Lease liability for short-term leases subject to exemption | 686 | 1,107 |
November 2024 | ||
Commitments and contingencies | ||
Commitments | 12,500 | |
November 2025 | ||
Commitments and contingencies | ||
Commitments | 13,000 | |
Tax provisions | ||
Commitments and contingencies | ||
Tax provisions | 15,288 | $ 33,870 |
Withholding tax and VAT | ||
Commitments and contingencies | ||
Uncertain tax positions for which no provision has been made | $ 20,629 |