Document and Entity Information
Document and Entity Information | 12 Months Ended |
Dec. 31, 2022 € / shares shares | |
Document and Entity Information | |
Document Type | 20-F |
Document Registration Statement | false |
Document Annual Report | true |
Document Period End Date | Dec. 31, 2022 |
Current Fiscal Year End Date | --12-31 |
Document Transition Report | false |
Document Shell Company Report | false |
Entity File Number | 001-39543 |
Entity Registrant Name | VIA optronics AG |
Entity Incorporation, State or Country Code | 2M |
Entity Address, Address Line One | Sieboldstrasse 18 |
Entity Address, City or Town | Nuremberg |
Entity Address, Postal Zip Code | 90411 |
Entity Address, Country | DE |
Entity Common Stock, Shares Outstanding | shares | 4,530,701 |
Entity Well-known Seasoned Issuer | No |
Entity Voluntary Filers | No |
Entity Current Reporting Status | No |
Entity Interactive Data Current | No |
Entity Filer Category | Non-accelerated Filer |
Entity Emerging Growth Company | true |
Entity Ex Transition Period | false |
Document Accounting Standard | International Financial Reporting Standards |
Entity Shell Company | false |
Auditor Name | PricewaterhouseCoopers GmbH |
Auditor Firm ID | 1275 |
Auditor Location | Nuremberg, Germany |
Entity Central Index Key | 0001769116 |
Document Fiscal Year Focus | 2022 |
Document Fiscal Period Focus | FY |
Amendment Flag | false |
Business Contact | |
Document and Entity Information | |
Contact Personnel Name | Roland Chochoiek |
Entity Address, Address Line One | Sieboldstrasse 18 |
Entity Address, City or Town | Nuremberg |
Entity Address, Postal Zip Code | 90411 |
Entity Address, Country | DE |
Country Region | +49 |
City Area Code | 911 |
Local Phone Number | 597 575-300 |
Contact Personnel Email Address | roland.chochoiek@via-optronics.com |
Ordinary shares | |
Document and Entity Information | |
Title of 12(b) Security | Ordinary shares, € 1.00 notional value per share |
Entity Listing, Par Value Per Share | € 1 |
No Trading Symbol Flag | true |
American Depositary Shares | |
Document and Entity Information | |
Title of 12(b) Security | American Depositary Shares, each representing one-fifth of anordinary share, € 1.00 notional value per share |
Entity Listing, Depository Receipt Ratio | 0.2 |
Entity Listing, Par Value Per Share | € 1 |
Trading Symbol | VIAO |
Security Exchange Name | NYSE |
Consolidated Statements of Fina
Consolidated Statements of Financial Position - EUR (€) | Dec. 31, 2022 | Dec. 31, 2021 |
Assets | ||
Non-current assets | € 27,978,456 | € 27,816,527 |
Intangible assets | 2,966,572 | 4,169,436 |
Property and equipment | 23,042,452 | 21,530,680 |
Financial assets | 1,328,933 | 1,148,612 |
Deferred tax assets | 640,499 | 967,799 |
Current assets | 109,406,276 | 133,849,872 |
Inventories | 20,539,208 | 35,849,646 |
Trade accounts receivables | 23,663,160 | 31,127,559 |
Current tax assets | 705,338 | 568,181 |
Other financial assets | 7,970,469 | |
Other non-financial assets | 12,100,101 | 8,300,341 |
Cash and cash equivalents | 44,428,001 | 58,004,145 |
Total assets | 137,384,732 | 161,666,399 |
Equity and liabilities | ||
Equity attributable to equity holders of the parent | 55,038,680 | 64,238,010 |
Share capital | 4,530,701 | 4,530,701 |
Capital reserve | 88,506,026 | 88,506,026 |
Accumulated Deficit | (38,054,682) | (27,547,317) |
Currency translation reserve | 56,635 | (1,251,400) |
Non-controlling interests | 118,409 | 515,390 |
Total Equity | 55,157,089 | 64,753,400 |
Non-current liabilities | 6,869,856 | 8,790,952 |
Loans | 1,060,358 | 700,568 |
Provisions | 143,949 | 140,869 |
Lease liabilities | 5,594,532 | 7,945,734 |
Deferred tax liabilities | 57,731 | 3,781 |
Other financial liabilities | 13,287 | |
Current liabilities | 75,357,788 | 88,122,048 |
Loans | 30,461,789 | 34,557,415 |
Trade accounts payable | 27,271,931 | 33,447,088 |
Current tax liabilities | 1,405,788 | 1,406,385 |
Provisions | 1,155,696 | 1,089,305 |
Lease liabilities | 2,314,900 | 2,025,193 |
Other financial liabilities | 6,758,304 | 8,014,179 |
Other non-financial liabilities | 5,989,380 | 7,582,483 |
Total equity and liabilities | € 137,384,732 | € 161,666,399 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Other Comprehensive Income (Loss) - EUR (€) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Consolidated Statements of Operations and Other Comprehensive Income (Loss) | |||
Revenue | € 219,505,934 | € 180,802,496 | € 152,590,315 |
Cost of sales | (194,593,358) | (160,309,834) | (129,231,305) |
Gross profit | 24,912,576 | 20,492,662 | 23,359,010 |
Selling expenses | (4,061,317) | (5,009,662) | (3,380,809) |
General administrative expenses | (24,418,648) | (23,798,867) | (16,117,177) |
Research and development expenses | (5,976,470) | (5,877,136) | (3,186,980) |
Other operating income | 10,315,896 | 8,204,220 | 4,969,034 |
Other operating expenses | (7,981,384) | (4,286,191) | (7,159,521) |
Operating loss | (7,209,347) | (10,274,975) | (1,516,442) |
Financial result | (1,523,482) | (776,137) | (1,420,968) |
Loss before tax | (8,732,829) | (11,051,112) | (2,937,410) |
Income tax expense | (2,153,588) | (1,216,908) | (1,976,490) |
Net loss | (10,886,417) | (12,268,019) | (4,913,900) |
Which is attributable to: | |||
Owners of the company | (10,507,366) | (12,516,084) | (4,919,484) |
Non-controlling interests | (379,051) | 248,065 | 5,584 |
Other comprehensive income / (loss): | |||
Exchange differences on translation of foreign operations | 1,290,105 | (883,802) | (349,294) |
Comprehensive loss | (9,596,311) | (13,151,821) | (5,263,194) |
Which is attributable to: | |||
Owners of the company | (9,199,330) | (13,390,308) | (5,258,440) |
Non-controlling interests | (396,981) | 238,486 | (4,754) |
Loss after taxes (attributable to VIA optronics AG shareholders) | € (10,507,366) | € (12,516,084) | € (4,919,484) |
Weighted average of shares outstanding basic (in shares) | 4,530,701 | 4,530,701 | 3,398,330 |
Weighted average of shares outstanding diluted (in shares) | 4,530,701 | 4,530,701 | 3,398,330 |
Basic loss per share in EUR (EUR per Share) | € (2.32) | € (2.7625) | € (1.45) |
Diluted loss per share in EUR (EUR per Share) | € (2.32) | € (1.45) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - EUR (€) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Cash flows from operating activities | |||
Net loss | € (10,886,417) | € (12,268,019) | € (4,913,900) |
Adjustments for: | |||
Depreciation of property and equipment | 5,706,025 | 4,365,939 | 5,132,605 |
Amortization of intangible assets | 1,184,767 | 1,735,459 | 1,910,985 |
Impairment (gains) / losses on trade receivables | 28,754 | 283,580 | 323,200 |
Fair value (gains) / losses on non-current financial assets at fair value through profit or loss | 17,843 | (352,101) | |
Financial result excluding fair value (gains) / losses on non-current financial assets at fair value through profit or loss | 1,505,639 | 1,128,237 | 1,420,968 |
Net (gain)/loss on sale of non-current assets | 4,818 | ||
Foreign currency effect | (712,747) | (6,721,847) | 863,226 |
Income tax expense | 2,153,588 | 1,216,908 | 1,418,134 |
Inventories | 13,962,522 | (18,149,564) | (2,770,234) |
Trade accounts receivables and other assets | 3,105,321 | (8,689,507) | (3,994,649) |
Prepayments | 796,301 | 707,191 | (143,969) |
Trade accounts payable and other liabilities | (8,924,512) | 8,576,483 | 4,364,133 |
Provisions | (26,809) | 500,450 | (1,416,586) |
Current and deferred income taxes | (693,808) | (52,983) | 580,173 |
Income taxes paid | (790,696) | (1,733,836) | (1,354,676) |
Cash provided by / (used in) operating activities | 6,430,590 | (29,453,608) | 1,419,410 |
Cash flow from investing activities | |||
Interest received | 333,218 | ||
Proceeds from sale of property and equipment | 256,700 | 100,313 | 35,505 |
Acquisition of a subsidiary, net of cash acquired | (2,836,535) | ||
Acquisition of property and equipment | (5,436,941) | (5,608,549) | (2,819,124) |
Acquisition of intangible assets | (89,655) | (154,681) | (86,850) |
Acquisition of other investments | (738,007) | ||
Proceeds from maturity of current financial assets | 4,919,807 | ||
Payments for investments in current financial assets | (12,809,561) | ||
Net cash used in investing activities | (12,826,432) | (9,237,460) | (2,870,468) |
Cash flow from financing activities | |||
Issuance of share capital | 90,844,618 | ||
Payment of transaction costs | (2,847,365) | ||
Interest paid | (1,873,749) | (880,419) | (1,236,102) |
Proceeds from loans and borrowings | 56,940,668 | 57,163,941 | 53,577,777 |
Repayment loans and borrowings | (63,926,867) | (44,431,773) | (60,473,984) |
Payment of lease liabilities | (2,376,201) | (2,031,598) | (3,627,998) |
Net cash provided by / (used in) financing activities | (11,236,149) | 9,820,150 | 76,236,946 |
Net increase / (decrease) in cash and cash equivalents | (17,631,991) | (28,870,918) | 74,785,888 |
Cash and cash equivalents at January 1 | 58,004,145 | 81,021,280 | 9,335,123 |
Foreign currency effect | 4,055,847 | 5,853,782 | (3,099,731) |
Cash and cash equivalents at December 31 | € 44,428,001 | € 58,004,145 | € 81,021,280 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Equity - EUR (€) | Equity attributable to owners of parent | Share Capital | Capital Reserve.. | (Accumulated Deficit) / Retained Earnings | Currency Translation Reserve | Non-Controlling Interests | Total |
Equity at beginning of period at Dec. 31, 2019 | € (2,980,127) | € 3,000,000 | € 4,169,843 | € (10,111,748) | € (38,221) | € 281,658 | € (2,698,468) |
Net loss | (4,919,484) | (4,919,484) | 5,584 | (4,913,900) | |||
Foreign currency translation effect | (338,955) | (338,955) | (10,339) | (349,294) | |||
Comprehensive loss | (5,258,440) | (4,919,484) | (338,955) | (4,754) | (5,263,194) | ||
Issue of Share Capital upon formation | 90,844,618 | 1,530,701 | 89,313,917 | 90,844,618 | |||
Transaction costs | (4,977,734) | (4,977,734) | (4,977,734) | ||||
Equity at end of period at Dec. 31, 2020 | 77,628,319 | 4,530,701 | 88,506,026 | (15,031,232) | (377,176) | 276,904 | 77,905,223 |
Net loss | (12,516,084) | (12,516,084) | 248,065 | (12,268,019) | |||
Foreign currency translation effect | (874,224) | (874,224) | (9,579) | (883,802) | |||
Comprehensive loss | (13,390,308) | (12,516,084) | (874,224) | 238,486 | (13,151,821) | ||
Equity at end of period at Dec. 31, 2021 | 64,238,011 | 4,530,701 | 88,506,026 | (27,547,316) | (1,251,400) | 515,390 | 64,753,400 |
Net loss | (10,507,365) | (10,507,365) | (379,051) | (10,886,417) | |||
Foreign currency translation effect | 1,308,035 | 1,308,035 | (17,930) | 1,290,105 | |||
Comprehensive loss | (9,199,330) | (10,507,365) | 1,308,035 | (396,981) | (9,596,311) | ||
Equity at end of period at Dec. 31, 2022 | € 55,038,680 | € 4,530,701 | € 88,506,026 | € (38,054,682) | € 56,635 | € 118,409 | € 55,157,089 |
Corporate information
Corporate information | 12 Months Ended |
Dec. 31, 2022 | |
Corporate information | |
Corporate information | 1. Corporate information VIA optronics AG (the “Company” or “VIA”), together with its subsidiaries (the “Group” or “VIA Group”), is a leading provider of enhanced display solutions for multiple end markets in which superior functionality or durability is a critical differentiating factor. The Company’s technology is particularly well-suited for demanding environments that pose technical and optical challenges for displays, such as bright ambient light, vibration and shock, extreme temperatures and condensation. VIA’s solutions combine VIA’s expertise in integrated display head assembly and proprietary bonding technologies. VIA’s portfolio of offerings enables thin display designs and high optical clarity, which decreases power consumption and increases readability. The Company provides a broad range of customized display solutions across a broad range of display sizes, including curved display panels and solutions integrating multiple displays under one cover lens. Furthermore, since the beginning of 2018, VIA has engaged in the production of metal mesh touch sensor technology and electrode base film. The Company is registered in the commercial register of the local court ( Amtsgericht As of September 29, 2020, VIA became listed on The New York Stock Exchange under the symbol “VIAO” (NYSE: VIAO). For more information related to the IPO, please see Note 12. VIA maintains production facilities in Germany, China and Japan. Through its subsidiaries, VIA maintains and operates sales offices in Taiwan and the United States as well as a camera competence center in the Philippines. As of December 31, 2022, subsidiaries included in the consolidated financial statements are as follows: ● VIA optronics GmbH, Schwarzenbruck, Germany ● VIA optronics LLC, Orlando, Florida, USA (hereafter referred to as “VIA LLC”) ● VIA optronics (Suzhou) Co., Ltd., Suzhou, China (hereafter referred to as “VIA Suzhou”) ● VTS-Touchsensor Co., Ltd., Higashi Omi, Japan (hereafter referred to as “VTS”) ● VIA optronics (Taiwan) Ltd., Taipei, Taiwan (hereafter referred to as “VIA Taiwan”) ● Germaneers GmbH, Wettstetten, Germany (hereafter referred to as “Germaneers”) ● VIA optronics (Philippines) Inc., Laguna, Philippines (hereafter referred to as “VIA Philippines”) The financial year of all Group entities corresponds to the calendar year. VIA is a subsidiary of Integrated Micro-Electronics, Inc, (“IMI”) a Philippines-based company. IMI is part of Ayala Group, which is a publicly listed entity in the Philippines. The ultimate controlling party is Mermac Inc., a Philippines-based company. VIA is owned 50.32 % by Coöperatief IMI Europe U.A. 33.79 % by the Bank of New York Mellon are held in fiduciary custody without any voting agreement and 15.89 % by Jürgen Eichner (founder and previous CEO and member of the Management Board). The consolidated financial statements of the Company comprise the Company and its subsidiaries |
Significant accounting policies
Significant accounting policies | 12 Months Ended |
Dec. 31, 2022 | |
Significant accounting policies | |
Significant accounting policies | 2. Significant accounting policies 2.1 The consolidated financial statements of the VIA Group have been prepared in accordance with International Financial Reporting Standards (“IFRS”), as issued by the International Accounting Standards Board (“IASB”) and the related interpretations issued by the IFRS Interpretations Committee. All amounts in the consolidated financial statements are reported in Euro (“EUR”), except where otherwise stated. We have made rounding adjustments to some of the figures included in this consolidated financial statements. Accordingly, numerical figures shown as totals in some tables may not be an arithmetic aggregation of the figures that preceded them. The Group presents assets and liabilities in the consolidated statements of financial position based on current or non-current classification. An asset is classified as current when it is expected to be realized within twelve months after the reporting period, except for cash and cash equivalents, which is classified 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 classified as current when it is due to be settled within twelve months after the reporting period. The Group classifies all other liabilities as non-current. The financial statements have been prepared on a historical cost basis except for certain financial instruments which are measured at fair value. The consolidated financial statements were authorized for issue by the members of the Management Board on April 26, 2024. 2.2 The consolidated financial statements incorporate the assets and liabilities and the results of operations and cash flows of the Group. Control is achieved when the Group is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. The financial statements of the subsidiaries are prepared using consistent accounting policies. Intercompany transactions, balances and unrealized gains on transactions between Group entities are eliminated. 2.3 As disclosed in our 2021 consolidated financial statements, authorized for issue on May 16, 2022, our 2020 consolidated financial statements were restated to correct an error relating to IPO-related costs. 2.4 Restatement of Previously Issued Consolidated Statements of Operations and Other Comprehensive Income (Loss) and Statements of Financial Positions In preparing these Financial Statements , VIA identified certain General administrative expenses have not been correctly reflected in the Consolidated Statement of Operations and Other Comprehensive Income (Loss) and Statement of Financial Positions for the year ended December 31, 2021 leading to an understatement of General administrative expenses as well as other financial liabilities by TEUR VIA also identified errors in the Consolidated Statements of Operations and Other Comprehensive Income (Loss) for the year ended December 31, 2021 related to the calculation of unrealized gains and losses from changes in foreign exchange (“FX”) rates as well as in the allocation of certain expenses between the functional areas “Selling” and “R&D”. VIA identified that unrealized gains and losses from changes in the FX rate were calculated and recognized gross on a monthly basis in 2021, rather than netting to calculate the net gain or loss for the year, leading to an overstatement of Other operating income as well as Other operating expense The incorrect allocation of certain expenses resulted in a decrease in Selling expenses and corresponding increase in Research and development expenses. As a result, the presentation error for the comparative information for 2021 has been remapped, increasing Research and development expense The impacts of the restatement on the periods presented in these financial statements have been reflected throughout the financial statements and applicable footnotes, and are summarized below: 2021 in EUR as initially Reported Adjustment as Restated Accumulated Deficit (26,787,316) (760,000) (27,547,317) Other financial liabilities 7,254,176 760,000 8,014,179 Equity and liabilities 161,666,399 — 161,666,399 2021 in EUR as initially Reported Adjustment as Restated General administrative expenses* (23,038,867) (760,000) (23,798,867) Selling expenses (6,388,678) 1,379,015 (5,009,662) Research and development expenses (4,498,121) (1,379,015) (5,877,136) Other operating income 11,627,312 (3,423,092) 8,204,220 Other operating expenses (7,709,283) 3,423,092 (4,286,191) Net loss (11,508,019) (760,000) (12,268,019) Net loss per share in EUR (2.59) (0.17) (2.76) * Amounts included under “Consultancy & audit” within Note 19 Restatement of Previously Issued Consolidated Statements of Cash Flows In preparing the 2022 financial statements, the Company identified multiple errors within the Statement of Cash Flows for the years ended December 31, 2021 and 2020: 1. VIA identified an error in the presentation of ‘Foreign currency effect’ within the cashflow provided by operating activities and ‘Foreign currency effect’ on cash and cash equivalents in the Statement of Cash Flows for the years ended December 31, 2021 and 2020 amounting to TEUR 3,613 and TEUR 2,911 , respectively. The error resulted in the presentation of effects from exchange rate changes on non-reporting currency denominated cash and cash equivalents in VIA optronics AG as operating cash flow instead of presentation as effects of exchange rate changes on cash and cash equivalents. 2. VIA identified an error in the financing cashflows in 2021 amounting to TEUR 1,612 resulting in the incorrect presentation of Proceeds from loans and borrowings in VIA optronics Group and in the presentation of ‘Foreign currency effect’ within the cashflow provided by operating activities. 3. VIA identified an error in the presentation of ‘Foreign currency effect’ within the cashflow provided by operating activities in the Statement of Cash Flows in 2021 amounting to TEUR 2,018 instead of presentation as non-cash items in effects of exchange rate changes on cash and cash equivalents. The impact of the restatement of the previously issued statements of cash flows is as follows: 2021 2020 in EUR as initially Reported Adjustment as Restated as initially Reported Adjustment as Restated Adjustments for: - Foreign currency effect 521,390 (7,243,237) (6,721,847) (2,047,671) 2,910,897 863,226 Cash provided by / (used in) operating activities (22,210,371) (7,243,237) (29,453,608) (1,491,487) 2,910,897 1,419,410 Proceeds from loans and borrowings 55,552,179 1,611,762 57,163,941 53,577,777 — 53,577,777 Net cash provided by / (used in) financing activities 8,208,389 1,611,762 9,820,150 76,236,946 — 76,236,946 Net increase / (decrease) in cash and cash equivalents (23,239,443) (5,631,475) (28,870,918) 71,874,992 2,910,897 74,785,888 Foreign currency effect on cash and cash equivalents 222,307 5,631,475 5,853,782 (188,835) (2,910,897) (3,099,731) 2.5 The Group accounts for business combinations using the acquisition method when control is transferred to the Group. The cost of an acquisition is measured as the aggregate of the consideration transferred, which is measured at acquisition date fair value, and the amount of any non-controlling interests in the acquiree. For each business combination, the Group elects whether to measure the non-controlling interests in the acquiree at fair value or at the proportionate share of the acquiree’s identifiable net assets. Acquisition-related costs are expensed as incurred and included in general administrative expenses. When the Group acquires a business, it assesses the identifiable financial assets and liabilities assumed for appropriate classification and designation in accordance with the contractual terms, economic circumstances and pertinent conditions at the acquisition date. Goodwill is initially measured at cost (being the excess of the aggregate of the consideration transferred and the amount recognized for non-controlling interests and any previous interest held over the net identifiable assets acquired and liabilities assumed). If the fair value of the net assets acquired is in excess of the aggregate consideration transferred, the Group re-assesses whether it has correctly identified all of the assets acquired and all of the liabilities assumed and reviews the procedures used to measure the amounts to be recognized at the acquisition date. If the reassessment still results in an excess of the fair value of net assets acquired over the aggregate consideration transferred, then a bargain purchase gain is recognized in the statement of operations. After initial recognition, goodwill is measured at cost less any accumulated impairment losses. For the purpose of impairment testing, goodwill acquired in a business combination is, from the acquisition date, allocated to each of the Group’s cash-generating units that are expected to benefit from the combination, irrespective of whether other assets or liabilities of the acquiree are assigned to those units. 2. 6 The principal accounting policies applied in the preparation of these consolidated financial statements are set out below. 2.6.1 Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. For some assets and liabilities, observable market transactions or market information is available. For other assets and liabilities, observable market transactions or market information might not be available. When a price for an identical asset or liability is not observable, another valuation technique is used. To increase consistency and comparability in fair value measurements, there are three levels of the fair value hierarchy based on the inputs used: ● Level 1 – Inputs are unadjusted quoted prices in active markets for identical assets or liabilities ● Level 2 – Inputs are inputs other than quoted prices included within Level 1, which are observable for the asset or liability either directly or indirectly ● Level 3 – Inputs are unobservable inputs for the asset or liability The Group recognizes transfers between levels of the fair value hierarchy at the end of the reporting period during which the change has occurred. 2.6.2 Revenue from contracts with customers The Group generates revenue from the sale of enhanced display solutions, which use optical bonding technology, and metal mesh touch sensors. VIA provides optical bonding on either a consignment basis (meaning its customer directly sources all of the necessary product components and the Group applies its patented MaxVU bonding process to assemble such components) or a full service basis (meaning the Group will source the necessary product components and perform the related optical bonding) and R&D engineering services. In the sensor technologies segment, the Group focuses on the development, production and sale of metal mesh touch sensors and the development of other sensor components and technologies that can be incorporated into the Group’s integrated display solutions (refer to Note 2.6.15 for further information on the Group’s segments). Goods and services transferred to a customer are accounted for as separate performance obligations if they are distinct (i.e., the customer can benefit from the goods or services on its own or together with other resources readily available to the customer and the promise to transfer the good or service is separately identifiable from other promises in the contract). The Group considers whether such promises in its contracts are separate performance obligations to which a portion of the transaction price must be allocated. For its fully bonded display, the Group has determined that although there are several components which are used in the bonding process, these components are highly integrated in a way that the customer cannot benefit from either the bonding service or the components used in the bonding process independent from each other. As a result, the fully bonded display is a separate performance obligation both under the consignment model as well as the full service model. The Group also provides warranties under certain customer contracts, which the Group has determined are not separate performance obligations. As a result, no portion of the transaction price is allocated to promises related to warranties. Under certain contracts performed on a full service basis, Group entities source components such as displays from either the customer or suppliers of the customer. The Group evaluated whether payments for such components are consideration payable to customers and concluded that such payments are in exchange for a distinct good. Therefore, such payments are presented as cost of sales in the consolidated statements of operations and other comprehensive income (loss). 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 has concluded that it is the principal in its revenue arrangements because it typically controls the goods or services before transferring them to the customer (see Note 4.1, Revenue from contracts with customers). For optical bonding services performed under the consignment model, the assets created have alternative use to the Group entities, so revenue is recognized at a point in time, which is when the enhancement process is finalized, the customer removes the enhanced products from the consignment stock, and the customer is invoiced, according to contract. Invoices are usually payable within 30 days. For the sale of products under the full service model, revenue is either recognized at a point in time, which is generally the point in time when goods are delivered to the customer, or over time depending on the respective contractual arrangement with the customer. The payment terms either require the customer the make upfront payments or to pay for the products when they have been delivered. In both cases invoices are payable within 30 to 60 days. For R&D engineering services, revenue is recognized over-time as the customer simultaneously receives and consumes the benefits provided by the Group’s performance completed to date. Payment for such services is made upfront by the customer with the invoices being payable within 30 to 60 days. With regard to significant accounting judgements for revenue recognition refer to Note 4.1 for further information. Contract balances Contract assets A contract asset is the right to consideration in exchange for goods or services transferred to the customer. If the Group performs by transferring goods or services to a customer before the customer pays consideration or before payment is due, a contract asset is recognized for the earned consideration that is conditional. Assets recognized from costs to fulfil a contract Costs to fulfill a contract are recognized as an asset if the incurred costs directly relate to a customer with an existing or specific anticipated contract, generate or enhance resources of the Group that will be used to satisfy the performance obligations in the future and are expected to be recovered . Assets recognized from costs to fulfil a contract are amortised on a straight-line basis, consistent with the expected lifetime of the contract to which the asset relates. Contract assets and assets recognized from costs to fulfil a contract are subject to impairment assessment. Refer to Note 2.6.11. Trade accounts receivable A receivable is recognized when the Group’s right to consideration is unconditional, which is generally when goods are delivered or services are performed, as only the passage of time is required before payment is due. See Note 2.6.8 for accounting policies of financial assets. Contract liabilities A contract liability is the obligation to transfer goods or services to a customer for which the Group has received consideration (or an amount of consideration is due) from the customer. If a customer pays consideration before the Group transfers goods or services to the customer, a contract liability is recognized when the payment is made or the payment is due (whichever is earlier). Contract liabilities are recognized as revenue when the Group performs under the contract. See Note 4.1. 2.6.3 Income tax expense comprises current and deferred tax and is recognized in profit or loss except to the extent that it arises from a business combination, or items recognized directly in equity or other comprehensive income (OCI). Current tax comprises the expected tax payable or receivable on the taxable income or loss for the year and any adjustment to the tax payable or receivable in respect of previous years. The amount of current tax payable or receivable is the best estimate of the tax amount expected to be paid or received that reflects uncertainty related to income taxes, if any. It is measured using tax rates enacted or substantively enacted in the countries in which the Group operates at the reporting date. Deferred tax is recognized in respect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred tax assets are recognized for unused tax losses, unused tax credits and deductible temporary differences to the extent that it is probable that future taxable profits will be available against which they can be used. Future taxable profits are determined based on business plans for individual subsidiaries in the Group. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realized. Unrecognized deferred tax assets are reassessed at each reporting date and recognized to the extent that it has become probable that they are recoverable. The measurement of deferred tax reflects the tax consequences that would follow from the manner in which the Group expects, at the reporting date, to recover or settle the carrying amount of its assets and liabilities and applying the tax rates that are expected to be applied to temporary differences when they reverse, using tax rates enacted or substantively enacted at the reporting date. 2.6.4 Functional and presentation currency The Group’s consolidated financial statements are presented in Euros, which is also the parent company’s functional currency. The Group determines the functional currency for each entity and the respective financial statements are presented using that functional currency. For the year ended December 31, 2020, and all prior periods, the functional currencies of the Companies of the VIA Group were considered to be the respective local currencies. Following thorough analysis VIA determined that the functional currency for two of its major group subsidiaries – VIA optronics GmbH and VIA optronics Suzhou should change as both subsidiaries currently generate revenues and expend cash for supplies predominantly in U.S. dollars. Based on the development of these “primary indicators” the functional currency of those companies has been changed from Euro and Chinese Yuan, respectively to U.S. dollars during 2021. In accordance with IAS 21, changes in functional currency are accounted for on a prospective basis. Transactions and balances Transactions in foreign currencies are translated into the respective functional currencies of Group companies using the exchange rates following the guidance of IAS 21. Monetary items are subsequently revalued at the foreign currency rate as of the reporting date. Differences arising from revaluation of monetary items are recognized in the consolidated statements of operations. Additionally, non-monetary items are not revaluated as of the reporting date. Foreign currency translation Upon consolidation, the assets and liabilities of foreign operations are translated into Euro at the rate of exchange prevailing at the reporting date and the consolidated statements of operations and other comprehensive income (loss) are translated at yearly average rates. The exchange differences arising on translation for consolidation are recognized in OCI. Upon disposal of a foreign operation, the component of OCI relating to that particular foreign operation is reclassified to the consolidated statements of operations. A summary of exchange rates to the Euro for currencies in which the Group operates is as follows: Average Rates for the Year Ending Spot Rates at Dec. 31 Dec. 31 (€ 1 Equals) 2022 2022 USD 1.0550 1.0666 CNY 7.0786 7.3582 JPY 133.3358 140.6600 TWD 31.4900 32.7400 PHP 57.5384 59.3200 Average Rates for the Year Ending Spot Rates at Dec. 31 Dec. 31 (€ 1 Equals) 2021 2021 USD 1.1851 1.1326 CNY 7.6511 7.1947 JPY 129.6878 130.3800 TWD 33.0284 31.5268 Average Rates for the Year Ending Spot Rates at Dec. 31 Dec. 31 (€ 1 Equals) 2020 2020 USD 1.1419 1.2271 CNY 7.8690 8.0225 JPY 121.8024 126.4900 TWD 33.6168 34.5067 2.6.5 Property and equipment is measured at cost less accumulated depreciation and any accumulated impairment losses. Evaluation of impairment of non-financial assets is described in Note 2.6.10. Cost includes expenditures that are directly attributable to the acquisition of the asset or self-constructed assets in addition to any costs incurred in order to bring the assets into operating condition. The cost of an item of property and equipment includes the initial estimate of the costs of dismantling and removing the item and restoring the site on which it is located to the extent there is an obligation to do so. An asset retirement obligation for such costs is recorded upon acquisition. The Group has recognized asset retirement obligations to return certain of the Group’s premises to their original condition (see Note 14). The costs for dismantling and removing an asset are recognized and measured in accordance with IAS 37 Provisions, Contingent Liabilities and Contingent Assets Property and equipment are depreciated to their estimated residual values using the straight-line method over their estimated useful lives. Depreciation is recognized in the depreciation expense within the consolidated statements of operations. Estimated useful lives are as follows: Years Technical equipment and machinery 3 ‑ 13 Other equipment, factory and office equipment 3 ‑ 13 Gains or losses on disposal of property and equipment are recognized in the consolidated statements of operations. Repairs and maintenance are expensed as incurred. Depreciation methods, useful lives and residual values are reviewed at each reporting date and adjusted if appropriate. 2.6.6 The Group assesses at inception whether a contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. The Group has leases for buildings, vehicles and IT equipment. The Group has elected not to separate lease and non-lease components and instead accounts for these as a single lease component. 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 and right-of-use assets representing the right to use the underlying assets as described below. Right-of-use assets The Group recognizes a right-of-use asset at the lease commencement date. Right-of-use assets are initially 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 depreciated on a straight-line basis over the shorter of the lease term and the estimated useful lives of the assets, as follows: Years Buildings 1.5 ‑ 10 Factory, office and other equipment 2 ‑ 3 In addition, the right-of-use asset is reduced by impairment losses, if any, and adjusted for certain remeasurements of the lease liability. Refer to Note 2.6.10 Impairment of non-financial assets. If ownership of the leased asset transfers to the Group at the end of the lease term or the cost reflects the exercise of a purchase option, depreciation is calculated using the estimated useful life of the asset. The Group presents right-of-use assets in ‘property and equipment’ in the statement of financial position. Lease liability The lease liability is initially measured at the present value of the outstanding lease payments at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the Group’s incremental borrowing rate. The Group uses its incremental borrowing rate as the discount rate. The Group determines its incremental borrowing rate by obtaining interest rates from various external financing sources and makes certain adjustments to reflect the terms of the lease and type of asset leased. Lease payments included in the measurement of the lease liability comprise the following: ● Fixed payments, including in-substance fixed payments; ● Variable lease payments that depend on an index or a rate, initially measured using the index or rate at the commencement date; ● Amounts expected to be payable under a residual value guarantee; and ● The exercise price under a purchase option that the Group is reasonably certain to exercise, lease payments in an optional renewal period if the Group is reasonably certain to exercise an extension option, and penalties for early termination of a lease unless the Group is reasonably certain not to terminate early. The lease liability is measured at amortized cost using the effective interest method. It is remeasured when there is a change in future lease payments arising from a change in an index or rate, if there is a change in the Group’s estimate of the amount expected to be payable under a residual value guarantee, if the Group changes its assessment of whether it will exercise a purchase, extension or termination option or if there is a revised in-substance fixed lease payment. When the lease liability is remeasured, a corresponding adjustment is made to the carrying amount of the right-of-use asset or is recorded in profit or loss if the carrying amount of the right-of-use asset has been reduced to zero. Short-term leases and leases of low-value assets The Group applies the short-term lease recognition exemption to leases for IT equipment with an initial lease term of 12 months or less. It also applies the low-value assets recognition exemption to leases of office equipment considered to be of low value. For these leases, expense is recognized on a straight-line basis over the lease term. Extension options Some property leases contain extension options exercisable by the Group up to one year before the end of the non-cancellable contract period. Where practicable, the Group seeks to include extension options in new leases to provide operational flexibility. The extension options held are exercisable only by the Group and not by the lessors. The Group assesses at lease commencement date whether it is reasonably certain to exercise the extension options. The Group re-assesses whether it is reasonably certain to exercise the options if there is a significant event or significant changes in circumstances within its control. 2.6.7 Intangible assets that are acquired by the Group and have finite useful lives are measured at cost less accumulated amortization and any accumulated impairment losses. Subsequent expenditures are capitalized only when it increases the future economic benefits of the specific asset to which it relates. Intangible assets are amortized using the straight-line method over their estimated useful lives. The amortization is recognized in the consolidated statements of operations. The Group had no development expenditures that met the requirements for capitalization and thus none have been capitalized. The Group does not have any intangible assets with indefinite useful lives. Estimated useful lives are as follows: Years Customer Relationships 5 Software, Licenses and Patents 2 - 5 Amortization methods, useful lives and residual values are reviewed at each financial year-end and adjusted, if appropriate. 2.6.8 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’s financial assets include trade accounts receivables, cash and cash equivalents as well as deposits and investments in debt and equity instruments . Initial recognition and measurement Financial assets are initially recognized when the Group becomes a party to the contractual provisions of the instrument. Purchases or sales of financial assets that require delivery of assets within a time frame established by regulation or convention in the marketplace (regular way transactions) are recognized on the settlement date. The classification of financial assets depends on the business model within which they are held and their contractual cash flow characteristics. Debt instruments are reclassified if the underlying business model changes. In 2022 as well as in the previous year there were no reclassifications between measurement categories of financial assets. Under IFRS 9, financial assets are classified at initial recognition as subsequently measured at amortized cost, fair value through other comprehensive income, or fair value through profit or loss. A financial asset is measured at amortized cost (AC), if it is held within a business model whose objective is to hold financial assets in order to collect contractual cash flows and the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. A financial asset is measured at fair value through other comprehensive income (FVOCI), if it is held within a business model whose objective is achieved by both collecting contractual cash flows and selling financial assets and the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. A financial asset is measured at fair value through profit or loss (FVTPL) unless it is measured at amortized cost or at fair value through other comprehensive income. Trade receivables against one special customer are regularly sold under a factoring agreement. Therefore, their business model is “hold to sell” and these trade receivables are classified as FVTPL. However, despite the general classification requirements an entity may, at initial recognition, irrevocably designate a financial asset as measured at FVTPL if doing so eliminates or significantly reduces a measurement or recognition inconsistency (‘accounting mismatch’) that would otherwise arise from measuring assets or liabilities or recognizing the gains and losses on them on different bases. For equity instruments that would otherwise be measured at FVTPL, an entity may make an irrevocable election at initial recognition to present subsequent changes in fair value in other comprehensive income (equity instrument FVOCI). This election is made on an instrument-by instrument-basis. Neither the option for measurement of financial assets at FVTPL nor the election to recognize subsequent changes in fair value in other comprehensive income for equity instruments have been applied by the Group. Generally, the Group initially measures a financial asset at its fair value plus, in the case of financial assets not measured at FVTPL, directly attributable transaction costs. Trade receivables that do not contain a significant financing component are measur |
Accounting Standards
Accounting Standards | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Standards | |
Accounting Standards | 3. Accounting Standards 3.1 The following amendments to standards and interpretations are mandatory from January 1, 2022: A. Reference to the Conceptual Framework (Amendments to IFRS 3) The amendments update IFRS 3 so that references are now to the current 2018 financial reporting framework. The amendments also include a requirement for an acquirer to apply IAS 37 to obligations that are within the scope of IAS 37 to determine whether a present obligation exists at the acquisition date as a result of past events. Finally, the amendments add an explicit clarification that an acquirer shall not recognize contingent assets acquired in a business combination. B. Property, Plant and Equipment: Proceeds before Intended Use (Amendments to IAS 16) The amendments to IAS 16 now explicitly prohibit the deduction of potential net proceeds from the cost of an item of property, plant and equipment. The requirements of IAS 2 apply to the measurement of production costs. The amendments now clarify that test runs are used to assess whether the technical or physical performance of the asset is such that it can be used for the production or supply of goods or services, for rental to third parties or for administrative purposes. Furthermore, additional disclosures are now required in the notes on the income and costs recognized in profit or loss from the disposal of goods produced as part of test runs that are not incurred in the ordinary course of the entity’s activities. The respective amounts must be disclosed and, in addition, the items in which they are included. This is only not required if they are disclosed separately in the statement of comprehensive income. The amended requirements shall be applied retrospectively only to property, plant and equipment placed in the location or condition intended by management on or after the beginning of the earliest comparative period to the reporting period in which the amendments are first applied. An entity shall recognize the cumulative effect of initial application in retained earnings (or another appropriate component of equity) in the opening balance sheet of the earliest comparative period presented. There was no impact to prior years as a result of adoption of this standard. C. Onerous contracts - Cost of Fulfilling a Contract (Amendments to IAS 37) The amendments to IAS 37 specify the scope of performance costs for onerous contracts. The amendments are to be applied to contracts for which not all obligations have been settled at the effective date. The comparative information is not to be restated; instead, the cumulative effect of initial application is to be recognized in retained earnings (or another appropriate equity item) in the opening balance sheet. The amendments to IAS 37 apply prospectively to contracts existing at the date of initial application of the amendments. The Group has analyzed all contracts existing at January 1, 2022 and determined that no contract would be classified as onerous using the amended accounting policy. D. Annual Improvements to IFRS Standards 2018–2020 The IASB issued Annual Improvements to IFRS 2018-2020 on May 14, 2020, amending the following standards: ● IFRS 1 First-time Adoption of International Financial Reporting Standards with specific guidance on accounting for subsidiaries. ● IFRS 9 Financial Instruments with amendments to the “10 % test” with regard to the derecognition of financial liabilities. In the “10 % test”, an entity only takes into account fees paid or received between the entity (the borrower) and the lender, including fees paid or received by either the entity or the lender on behalf of the other. ● IFRS 16 with clarifications on accounting for lease incentives. ● IAS 41 Agriculture. The first-time application of all amendments to the above IFRS standards mentioned under A.-D. had no material impact on the Group’s accounting policies. 3.2 A. Classification of Liabilities as Current or Non-current (Amendments to IAS 1) The IASB issued a narrow amendment to IAS 1 to clarify that the classification of liabilities as current or non-current is based on the rights that the entity has at the reporting date. The first-time application of these amendments is not expected to result in any significant changes in accounting policies. B. Disclosure of Accounting Policies (Amendments to IAS 1) In February 2021, the IASB issued further amendments to IAS 1. The amendments to IAS 1 clarify that only “significant” and company-specific accounting policies are to be presented in the notes and that standardized explanations do not have to be provided. The first-time application of these amendments is not expected to result in any significant changes in accounting policies. C. Definition of Accounting Estimate (Amendments to IAS 8) In February 2021, the IASB issued further amendments to IAS 8. The amendment to IAS 8 relates to the definition of accounting estimates and clarifies how entities can better distinguish changes in accounting policies from changes in accounting estimates. The first-time application of these amendments is not expected to result in any significant changes in accounting policies. D. Deferred Tax related to Assets and Liabilities arising from a Single Transaction (Amendments to IAS 12) In May 2021, the IASB issued amendments to IAS 12, Income Taxes (“IAS 12”). The amendments narrow the scope of the initial recognition exemption to exclude transactions that give rise to equal and offsetting temporary differences – e.g. leases and decommissioning liabilities. The amendments apply for annual reporting periods beginning on or after January 1, 2023. For leases and decommissioning liabilities, the associated deferred tax asset and liabilities will need to be recognised from the beginning of the earliest comparative period presented, with any cumulative effect recognised as an adjustment to retained earnings or other components of equity at that date. For all other transactions, the amendments apply to transactions that occur after the beginning of the earliest period presented. The amendments are effective for annual periods beginning on or after January 1, 2023. The implementation of the amendments will most likely not have a material impact on the consolidated financial statements. The regulations still require adoption by the EU into European law. E. IFRS 17 Insurance Contracts and Amendments to IFRS 17 Insurance Contracts: First-time Adoption of IFRS 17 and IFRS 9 - Comparative Information IFRS 17 aims to increase transparency and reduce diversity in the accounting for insurance contracts. The amendment to IFRS 17 adds a new transition option to IFRS 17 (the “classification overlay”) to reduce operational complexity and one-time accounting mismatches in comparative information between insurance contract liabilities and related financial assets upon initial application of IFRS 17. It enables the presentation of comparative information on financial assets in a way that is more consistent with IFRS 9 Financial Instruments. The first-time application of IFRS 17 and the amendments to IFRS 17 are not expected to result in any significant changes to accounting policies. |
Significant accounting judgemen
Significant accounting judgements, estimates and assumptions | 12 Months Ended |
Dec. 31, 2022 | |
Significant accounting judgements, estimates and assumptions | |
Significant accounting judgements, estimates and assumptions | 4. Significant accounting judgements, estimates and assumptions In preparing these consolidated financial statements, management has made judgements, estimates and assumptions that affect the application of the Group’s accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to estimates are recognized prospectively. Information about judgements made in applying accounting policies that have the most significant effects on the amounts recognized in the consolidated financial statements as well as the key assumptions concerning the future and other key sources of estimation uncertainty at the balance sheet date which have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are outlined as follows. For significant estimates and assumptions with respect to impairment testing, please refer to Note 2.6.10. For significant estimates and assumptions with respect to the fair value of Sigma Sense, please refer to Note 8. 4.1 Principal versus agent considerations The Group enters into contracts with certain of its customers to acquire, on their behalf, displays produced by third-party suppliers. Under these contracts, the Group provides procurement services. The Group determined that it controls the goods before they are transferred to customers, and it has the ability to direct the use of the displays or obtain benefits from the displays. The following factors indicate that the Group controls the goods before they are transferred to customers: ● The Group is primarily responsible for fulfilling the promise to provide the specified displays ● The Group has inventory risk before or after the specified displays have been transferred to the customer as it purchases displays and takes them into inventory before the displays are bonded and shipped to the customers ● The Group has discretion in establishing the price for the specified displays ● The Group grants discounts to customers based on contractually agreed terms, in particular to major customers Therefore, the Group determined that it is principal in these contracts. Additionally, VTS sells its products to a business partner who then sells those products to customers. The business partner in this case acts as an intermediary between VTS and the customer. Based on the distribution agreement, the business partner acts as an agent and not as a principal. This conclusion has been primarily based on the fact that the business partner only places orders to VTS once receiving a customer order and, therefore, has no possibility to decide independently on the customer to which he delivers. Principal versus agent considerations frequently appear within the Groups’ business environment. Judgement is required for each contract entered into with new major customers. Over-time revenue recognition In the case of revenue from contracts with customers recognized over-time, judgement is applied in determining which method best depicts the progress towards complete satisfaction of the underlying performance obligations. The management decided to choose the input method as a cost to cost method, as this represents the best possible approximation of the degree of progress from a management point of view. Therefore, the Group carefully evaluates the production and delivery process for new projects to decide whether input or output methods shall be applied. Cost-to-Fulfill a contract (IFRS 15.95) versus IAS 38 in connection with R&D activities Due to its business model, the Group generally performs application engineering before series production to adapt products and processes to the specific requirements of the customer. VIA also performs R&D activities without any customer specific requirement. As a consequence, VIA must regularly determine whether such activities may result in an internally generated intangible asset or, if not, whether such activities are eligible for capitalization as costs to fulfil a contract with a customer. This is the case, if they relate directly to an existing contract or specific anticipated contract, they generate or enhance resources of the entity that will be used to satisfy the performance obligations in the future and are expected to be recovered. In determining whether costs may result in an internally generated intangible asset or be eligible for capitalization as costs to fulfil a contract, management applies judgement in order to evaluate if the R&D activities are expected to lead to new or substantially improved materials, devices, products, processes, system or services because only then costs may be recognized as internally generated intangible asset. 4.2 Provision for expected credit losses of trade receivables and contract assets The Group uses a provision matrix to calculate ECLs for trade receivables. The provision rates are based on days past due for customers that have similar loss patterns. The provision matrix is initially based on the Group’s historical observed default rates. If forecast economic conditions are expected to deteriorate over the next year, which can lead to an increased number of defaults in the manufacturing sector, the historical default rates are adjusted upward. At every reporting date, the historical observed default rates are updated and changes in the forward-looking estimates are analyzed. The assessment of the correlation between historical observed default rates, forecast economic conditions and ECLs is a significant estimate. The amount of ECLs is sensitive to changes in circumstances and of forecast economic conditions. The Group’s historical credit loss experience and forecast of economic conditions may also not be representative of customers’ actual default in the future. 4.3 A provision is recognized if, as a result of a past event, the Group has a present legal or constructive obligation that can be estimated reliably, and it is probable that an outflow of economic benefits will be required to settle the obligation. Provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the liability. A provision for warranties is recognized when the underlying products or services are sold, based on historical warranty experience and a weighting of possible outcomes against their associated probabilities. Management’s estimates are based on the best information available related to historical experience and expected future costs and are subject to change over time. 4.4 The Group records income taxes under the liability method. Deferred tax assets and liabilities reflect the Group’s estimation of the future tax consequences of temporary differences between the carrying amounts of assets and liabilities for book and tax purposes. The Group determines deferred income taxes based on the differences in accounting methods and timing between financial reporting and income tax reporting. Accordingly, the Group determines the deferred tax asset or liability for each temporary difference based on the enacted tax rates expected to be in effect when the Group realizes the underlying items of income and expense. The Group considers many factors when assessing the likelihood of future realization of its deferred tax assets, including its recent earnings experience by jurisdiction, expectations of future taxable income, and the carryforward periods available to the Group for tax reporting purposes, as well as other relevant factors. Therefore, actual income taxes could materially vary from these estimates. 4.5 To enable inorganic growth, the Group acquires certain entities. In the context of such acquisitions, it is necessary to regularly assess control over the acquiree in accordance with IFRS 10. Evaluation of control regularly includes evaluation of the relevant activities of the acquiree as well as the internal decision making procedures. Decision making procedures might be relatively straight forward in cases solely based on voting rights (such as e.g. in case of Germaneers). Still, judgement might be necessary in cases of complex contractual relationships with other shareholders (such as e.g. a deadlock call option in case of VTS) that influence control. VIA carefully evaluates every business combination and the implications of new or existing contracts with regard to control. 4.6 The Group assigns the value of the consideration transferred to acquire a business to the tangible assets and identifiable intangible assets acquired and liabilities assumed on the basis of their fair values at the date of acquisition. When determining the fair values of assets acquired and liabilities assumed, the Group makes significant estimates and assumptions. The Group generally bases the measurement of fair value on the present value of future discounted cash flows. The discounted cash flows model indicates the fair value of the reporting unit based on the present value of the cash flows that the Group expects the reporting unit to generate in the future. The Group’s significant estimates in the discounted cash flows model includes forecasted revenues, weighted average costs of capital and the useful lives of the tangible assets. The Group’s estimates of fair value are based upon assumptions believed to be reasonable, but which are inherently uncertain and unpredictable and, as a result, actual results may differ from estimates. 4.7 The Group has leases for buildings, vehicles and IT equipment (see Note 2.6.6). Within the accounting for such leases under IFRS 16, the determination of the incremental borrowing rate as well as the exercisability of extension and termination options require significant judgment and estimation. The Group determines relevant incremental borrowing rates based on risk-free interest rates (congruent to the duration of a lease) and credit spreads derived from a peer group. The Group applies judgement in evaluating whether it is reasonably certain whether or not to exercise the option to renew or terminate the lease. The Group 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). |
Changes in the Group
Changes in the Group | 12 Months Ended |
Dec. 31, 2022 | |
Changes in the Group | |
Changes in the Group | 5. Changes in the Group The following are the consolidated subsidiaries of VIA optronics AG: Net Profit (Loss) Ownership Interest % in EUR Equity in EUR Name Place of Business 12/31/2022 12/31/2021 2022 2021 12/31/2022 12/31/2021 VIA optronics GmbH* Nürnberg, Germany 100 100 (7,746,093) (5,172,146) (21,070,865) (13,979,548) VIA optronics LLC Orlando, Florida, USA 100 100 2,257,514 (661,914) (705,326) (2,767,087) VIA optronics (Suzhou) Co., Ltd. Suzhou, China 100 100 3,185,854 959,129 27,378,818 23,312,443 VIA optronics (Taiwan) Ltd. Taipei, Taiwan 100 100 80,064 (34,457) 263,587 193,760 Germaneers GmbH Wettstetten, Germany 100 100 300,510 109,492 1,750,262 1,449,752 VIA optronics (Philippines), Inc. Laguna, Philippines 100 100 91,359 — 341,481 264,401 VTS‑Touchsensor Co., Ltd.** Higashi Omi, Japan 65 65 (1,083,004) 708,757 338,312 1,472,544 * VIA optronics GmbH utilizes the exemption provisions of Section 264 (3) HGB Acquisition of Germaneers GmbH In May 2021, VIA optronics AG acquired 100 % of the shares in Germaneers GmbH, which offers development and engineering services. Germaneers has provided solutions for a range of well-known high-end original equipment manufacturers. With adding Germaneers to the Group VIA is following its strategy of acquiring smaller high-tech firms with specific know how and expertise that complement VIA’s own capabilities and support the expansion of the R&D organization. Together with Germaneers, VIA plans to deliver technologically advanced cockpit integrations with sophisticated user interfaces, camera integration for surround view or mirror replacement and touch features. Moreover, with Germaneers as a subsidiary, VIA is able to provide fully integrated solutions throughout all lifecycle phases. From the date of acquisition, Germaneers contributed TEUR 1,959 of revenue and TEUR 175 of profit before tax from continuing operations to the Group in FY2021. If the combination had taken place at the beginning of 2021, the Group’s revenue from continuing operations would have been TEUR 181,574 and the loss before tax from continuing operations would have been TEUR 10,155 in FY2021. Assets acquired and liabilities assumed The fair values of the identifiable assets and liabilities of Germaneers at the date of acquisition were: Germaneers - Opening Balance at acquisition date Amounts in EUR Assets Non-current 347,588 Property, plant and equipment 280,896 Intangible assets 46,675 Non-current financial assets 20,017 Current 2,008,677 Inventories 444,027 Trade receivables and other assets 1,339,965 Cash and short-term deposits 224,685 Total Assets 2,356,265 Liabilities Non-Current (228,997) Non-current financial liabilities (330) Other liabilities (228,667) Current (787,008) Trade and other payables (197,751) Current financial liabilities (136,657) Other current liabilities (452,599) Total Liabilities (1,016,005) Total identifiable net assets at fair value 1,340,260 Goodwill arising on acquisition 1,720,960 Purchase consideration transferred 3,061,220 The goodwill is attributable mainly to the synergies expected to be achieved from integrating the company into the Group’s existing business. None of the goodwill recognised is expected to be deductible for tax purposes. The contractual arrangement also includes an earn out clause. Based on the nature of this clause the contingent payments were classified as remuneration for continued services of certain employees, they were not included in determining the consideration transferred. For further information on the liability recognized for these employment services refer to Note 16. The fair value of the trade receivables amounts to TEUR 1,271. The gross amount of trade receivables is TEUR 1,271 and it is expected that the full contractual amounts can be collected. The Group measured the acquired lease liabilities using the present value of the remaining lease payments at the date of acquisition. The right-of-use assets were measured at an amount equal to the lease liabilities and adjusted to reflect the favorable terms of the lease relative to market terms. At December 31, 2022, no additional assets or liabilities Acquisition-related costs The Group incurred acquisition-related costs of TEUR 322 on due diligence and tax advice. These costs have been included in general administrative expenses in FY2021. Consideration transferred The purchase price amounts to TEUR 3,061 and is defined as the unadjusted purchase price. Establishment of VIA optronics (Philippines) Inc. On September 13, 2021, VIA optronics (Philippines) Inc. was founded as a new subsidiary to provide customized and platform camera solutions, from design and development to process testing and quality control. VIA Philippines was incorporated to facilitate the integration of a camera design and development team that was previously a part of Integrated Micro-Electronics, Inc. (“IMI”), which is a Philippines-based company and VIA shareholder. Through a Service and Support Agreement (the “Agreement”), IMI has provided development support services through this team to the Company’s subsidiary, VIA optronics GmbH, since January 2019. The Agreement terminated on December 31, 2021 and the camera design and development team formally became a part of the Company in January 2022, with approximately 20 employees joining VIA. |
Intangible assets
Intangible assets | 12 Months Ended |
Dec. 31, 2022 | |
Intangible assets | |
Intangible assets | 6. Intangible assets Software, Licenses and Customer in EUR Patents Relationships Goodwill Total Cost Balance at January 1, 2021 6,789,349 2,232,701 – 9,022,050 Additions 154,681 – – 154,681 Acquisition of a subsidiary 46,675 – 1,720,960 1,767,635 Foreign currency effect (72,623) (23,050) – (95,673) Balance at December 31, 2021 6,918,082 2,209,651 1,720,960 10,848,693 Additions 89,655 – – 89,655 Foreign currency effect (99,848) (7,904) – (107,753) Balance at December 31, 2022 6,907,889 2,201,747 1,720,960 10,830,595 in EUR Accumulated amortization Balance at January 1, 2021 (3,568,647) (1,375,152) – (4,943,799) Amortization (1,257,514) (477,944) – (1,735,458) Balance at December 31, 2021 (4,826,161) (1,853,096) – (6,679,257) Amortization (836,116) (348,651) – (1,184,767) Balance at December 31, 2022 (5,662,277) (2,201,747) – (7,864,024) Carrying amounts At January 1, 2021 3,220,701 857,549 – 4,078,249 At December 31, 2021 2,091,921 356,555 1,720,960 4,169,436 At December 31, 2022 1,245,612 – 1,720,960 2,966,572 There were no impairment losses and subsequent reversals concerning intangible assets in 2022 or |
Property and equipment
Property and equipment | 12 Months Ended |
Dec. 31, 2022 | |
Property and equipment | |
Property and equipment | 7. Property and equipment Factory, Office, Other Technical Equipment and Equipment and Leasehold Assets Under in EUR Buildings Machines Improvements Construction Total Cost Balance at January 1, 2021 12,552,757 13,440,143 4,630,172 2,121,698 32,744,770 Additions 3,099,403 1,645,503 1,455,496 2,605,201 8,805,603 Transfers — 4,306,247 24,645 (4,330,892) — Acquisition of a subsidiary — 2 70,531 — 70,533 Disposals (85,605) (348,494) (278,460) (1) (712,560) Foreign currency effect 79,384 227,601 64,942 (1,135) 370,792 Balance at December 31, 2021 15,645,939 19,271,001 5,967,327 394,871 41,279,139 Additions 478,468 2,101,790 1,233,728 2,203,673 6,017,660 Transfers — 523,553 194,425 (717,978) — Disposals — (104,246) (381) (174,713) (279,340) Foreign currency effect 480,477 783,342 157,463 40,374 1,461,656 Balance at December 31, 2022 16,604,885 22,575,440 7,552,561 1,746,227 48,479,115 Accumulated depreciation Balance at January 1, 2021 (3,623,451) (9,269,302) (3,001,665) (14,744) (15,909,161) Depreciation charge for the year (2,160,175) (1,622,416) (583,348) — (4,365,939) Disposals — 347,584 179,058 — 526,642 Balance at December 31, 2021 (5,783,626) (10,544,134) (3,405,955) (14,744) (19,748,458) Depreciation charge for the year (2,697,399) (2,124,970) (883,658) — (5,706,026) Transfer — 94,342 (94,342) — — Disposals — 19,084 (1,261) — 17,822 Balance at December 31, 2022 (8,481,025) (12,555,678) (4,385,216) (14,744) (25,436,662) Carrying amounts At January 1, 2021 8,929,306 4,170,841 1,628,508 2,106,954 16,835,608 At December 31, 2021 9,862,313 8,726,867 2,561,371 380,128 21,530,680 At December 31, 2022 8,123,860 10,019,763 3,167,344 1,731,484 23,042,452 There have been no impairment losses or reversals of impairment in 2022 and 2021. Transfers between the asset categories “Technical Equipment and Machines” and “Factory, Office, Other Equipment and Leasehold Improvements” are partly based on a re-evaluation of the classification of certain assets. Refer to Note 17 for the amount of Right-of-use assets included in property and equipment. |
Other non-current financial ass
Other non-current financial assets | 12 Months Ended |
Dec. 31, 2022 | |
Other non-current financial assets. | |
Other non-current financial assets | 8. Other non-current financial assets On June 9, 2021, VIA acquired a convertible promissory note (the “Note”) with transaction price equal to their nominal amount of TUSD 900 (TEUR 738) from SigmaSense LLC, a company based in Austin, USA. The Note, which was classified as FVTPL, was automatically convertible into qualified financing securities of Sigma Sense LLC upon the occurrence of any qualified financing. On September 28, 2021, Sigma Sense LLC conducted such qualified financing. In the context of the conversion of the Note, the Note was revalued at fair value as of the date directly prior to conversion based on the conditions offered to third parties in the context of the qualified financing. The remeasurement resulted in a gain amounting to TUSD 373 (TEUR 352). As of April 1, 2024 VIA currently holds 0,348 shares. Based on the terms of the Note, the Note was then converted automatically into 20,870 Series B-1 Units of Sigma Sense LLC to be classified as equity instruments in accordance with IAS 32. As a result of the conversion of the Note, the remeasured Note has been derecognized and a non-current financial asset (equity interest) amounting to TEUR 1,090 has been recognized. VIA classified the equity interest in SigmaSense as FVTPL. At December 31, 2021 there was no reliable information available from either historical volatility, any relevant peer group companies or any other internal or external source of information that would allow a more reliable estimation of the fair value at reporting date. Therefore, besides of foreign currency effects the fair value remained unchanged at TUSD 1,273. In December 2022, SigmaSense announced a Series B-2 Unit Financing. Based on the conditions of that offering, the estimated fair value as of December 31, 2022 remained unchanged at TUSD 1,273. Therefore, the fair value changed solely based on foreign currency effects to TEUR 1,194 (2021: TEUR 1,124). Apart from the equity interest, other non-current financial assets include rent deposits amounting to TEUR 135 (2021: TEUR 24). |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2022 | |
Inventories | |
Inventories | 9. Inventories in EUR 12/31/2022 12/31/2021 Raw materials and supplies 12,857,659 19,578,604 Work in progress 2,547,396 1,642,247 Finished goods and merchandise 5,134,153 14,628,795 Inventories 20,539,208 35,849,646 During 2022, an amount of TEUR 162,474 Payments on account for inventories resulting from prepayments made to suppliers for inventories amounted to TEUR 876 in 2021 and were presented under raw materials and supplies, and were reclassified in 2022 to other non-financial assets. There was an inventory write-down in 2022 of TEUR 40 (2021: TEUR 115, 2020 TEUR 96). |
Trade accounts receivable and o
Trade accounts receivable and other current financial assets | 12 Months Ended |
Dec. 31, 2022 | |
Trade accounts receivable and other current financial assets | |
Trade accounts receivable and other current financial assets | 10. Trade accounts receivable and other current financial assets All trade accounts receivable are from third parties and have maturities within one year. All trade accounts receivable are non-interest bearing. in EUR 12/31/2022 12/31/2021 Total gross carrying amount 24,700,678 32,120,019 Carrying amount of trade receivable subject to factoring (FVTPL) (3,690,404) (2,420,511) Total gross carrying amount AC 21,010,274 29,699,508 Expected credit loss (Stage 2 & 3) (1,037,518) (992,460) Total net carrying amount trade accounts receivable 19,972,756 28,707,048 The following table provides information about the gross carrying amount and recognized loss allowances Trade Receivables Days Past Due December 31, 2022 in EUR Current <30 Days 31 ‑ 60 Days 61 ‑ 90 Days 91 ‑ 120 Days >120 Days Total Total gross carrying amount 11,893,952 4,310,194 1,335,189 594,268 375,118 2,501,554 21,010,274 Expected credit loss (Stage 2) (116,791) (88,880) (54,601) (27,637) (24,400) (196,650) (508,959) Loss from credit impaired trade accounts receivable (Stage 3) — — — — — (528,559) (528,559) Total net carrying amount trade accounts receivable — — — — — — 19,972,756 Trade Receivable Days Past Due December 31, 2021 in EUR Current <30 Days 31 ‑ 60 Days 61 ‑ 90 Days 91 ‑ 120 Days >120 Days Total Total gross carrying amount 15,537,575 7,559,486 2,847,052 2,142,988 123,295 1,489,112 29,699,508 Expected credit loss (Stage 2) (65,921) (54,791) (52,361) (71,876) (8,653) (74,941) (328,543) Loss from credit impaired trade accounts receivable (Stage 3) – – – – – (663,917) (663,917) Total net carrying amount trade accounts receivable – – – – – – 28,707,048 The loss allowances for trade accounts receivable developed as follows: in EUR 2022 2021 Balance at January 1 992,460 708,880 Reversal of impairment loss (Stage 3) (857,093) (240,678) Reversal of provision for expected credit losses (Stage 2) (135,367) (26,574) Additions 1,021,214 513,043 Currency translation effect 16,304 37,790 Balance at December 31 1,037,518 992,460 The Group uses a factoring agreement in cooperation with a credit institution that leads to all trade accounts receivable from one of its customers being sold on a non-recourse basis. As there is no other evidence indicating that the significant risks and rewards of these trade accounts receivable have not been transferred to the buyer, the Group derecognized them in their entirety when obtaining confirmation for the purchase. All such trade accounts receivable under this factoring agreement which will be sold after the reporting date are measured at FVTPL. For further information on the carrying amount, fair value and valuation techniques refer to Note 24. As of December 31, 2022 the Group additionally uses fixed deposit accounts for short-term excess cash and presents those as other current financial assets due to maturity larger than three months. The total amount recognized on those accounts as of December 31, 2022 amounts to TEUR 7,970 (2021: TEUR 0). As of December 31, 2022 the Group had an interest-free loan recorded under Other financial assets amounting to 47 TEUR ( 50 TUSD) issued to founder and former CEO and management board member Jürgen Eichner. The loan has no fixed agreed repayment term attached and is recorded at its nominal amount. The loan was granted without security. |
Other non-financial assets
Other non-financial assets | 12 Months Ended |
Dec. 31, 2022 | |
Other non-financial assets | |
Other non-financial assets | 11. Other non-financial assets in EUR 12/31/2022 12/31/2021 Receivables from employees due within 1 year 95,518 64,246 Value added tax refund 1,784,233 1,285,383 Contract assets 3,569,821 2,123,884 Prepaid expenses 1,860,773 2,155,523 Assets recognized from costs to fulfill a contract 2,823,655 2,183,536 Payments on account for inventories 1,448,597 — Miscellaneous 517,503 487,769 Total 12,100,101 8,300,341 During the financial year ended December 31, 2022, VIA capitalized contract assets of TEUR 3,570 (2021: TEUR 2,124) resulting from the recognition of revenue from products for which there is no alternative use and for which the Group has an enforceable right to payment. Costs to fulfil a contract result from project specific application activities carried out by the Group in order to fulfil a contract with a customer but which do not qualify as internally generated intangible assets. The increase in the carrying amount compared to the previous year is due to additional activities required for new contracts. The assets are amortized over the life of the respective contract. The amount of amortization recognized in the reporting period is TEUR 610 (2021: TEUR 100). Payments on account for inventories result from prepayments made to suppliers for inventories not yet received and amounted to TEUR 1,449 (2021: TEUR 876, which have been presented as part of inventories). |
Equity
Equity | 12 Months Ended |
Dec. 31, 2022 | |
Equity | |
Equity | 12. Equity As of December 31, 2022, VIA’s subscribed capital consists of 4,530,701 (December 31, 2021: 4,530,701) ordinary shares, all fully paid and each representing one share of the capital stock with a nominal value of EUR 1.00. In total, the capital stock thus amounts to EUR 4,530,701. Each share guarantees the right to the dividend resolved by the shareholders’ meeting, if any. VIA’s subscribed capital increased in the financial year ended December 31, 2020 through the Company’s Initial Public Offering (IPO) and the concurrent private placement of 1,530,701 ordinary shares. The total gross proceeds received from the IPO and the concurrent private placement amounted to EUR 96,485,412 which have been reduced by underwriting discounts and commissions amounting to EUR 5,640,794 and resulting in EUR 90,844,618 shown in the Consolidated Statement of Cash Flows and the Consolidated Statement of Changes in Equity. Other transaction costs payable by the Company amounting to EUR 4,977,734 have also been deducted. Total net proceeds received therefore amounted to EUR 85,866,884 of which the amount of EUR 84,336,183 exceeding the share of the capital stock of EUR 1.00 per share has been accounted for through capital reserve. Transaction costs have been paid in the financial year ended December 31, 2020 as well as previous years. The Management Board is authorized, subject to the consent of the Supervisory Board, to increase the Company’s registered share capital in one or more tranches by up to EUR 1,500,000 by issuing up to 1,500,000 new no On December 29, 2022, the Annual General Meeting resolved the Conditional Capital 2022/I in order to be able to grant subscription rights for up to 220,000 shares of the Company to members of the Management Board of the Company, members of the management of affiliated companies of the Company and selected employees of the Company and of affiliated companies of the Company. The Conditional Capital 2022/I has been registered in the commercial register of the local court ( Amtsgericht |
Loans
Loans | 12 Months Ended |
Dec. 31, 2022 | |
Loans | |
Loans | 13. Loans The following table presents the outstanding nominal amounts (excl. interest or amortized cost) of all loans: In Contract Contract Currencies in EUR Interest rates Maturity Currency 12/31/2022 12/31/2022 Current loans CITIC BANK 3.20 - 3.42 % 01/05/ - 02/21/23 USD 6,605,114 6,192,597 ICBC Bank 3.23 - 3.98 % 01/09 - 08/03/23 USD 4,238,451 3,973,742 ICBC Bank 3.80 % 05/06/2023 CNY 10,000,000 1,359,028 SPD Bank 2.82 - 3.15 % 04/15 - 04/26/23 USD 7,566,359 7,093,809 CMBC 3.90 % 03/22/2023 USD 2,630,405 2,466,125 Shiga Bank* 0.78 % 07/31/2027 JPY 40,680,000 289,208 Shiga Bank 0.98 % 10/31/2023 JPY 91,340,000 649,367 BCM 1.82 - 1.95 % 02/23 - 03/23 USD 9,000,000 8,437,913 Total current loans 30,461,789 Non-current loans Shiga Bank* 0.78 % 07/31/2027 JPY 149,150,000 1,060,358 Total non-current loans 1,060,358 In Contract Contract Currencies in EUR Interest rates Maturity Currency 12/31/2021 12/31/2021 Current loans Bank overdrafts EUR 8,355 8,355 Deutsche Bank 2.40 % 03/09 - 03/24/22 EUR 2,400,000 2,400,000 CZBANK 3.00 - 3.20 % 01/30 - 05/24/22 USD 5,219,953 4,628,430 CITIC BANK 1.96 - 2.13 % 02/04 - 06/23/22 USD 7,703,063 6,830,155 ICBC Bank 1.65 - 1.77 % 01/19 - 06/02/22 USD 8,735,194 7,745,326 CCB Bank 0.59 - 0.71 % 01/30 - 04/24/22 USD 2,920,000 2,589,107 SPD Bank 2.13 % 03/05 - 03/25/22 USD 6,540,000 5,798,890 CMSB 1.90 % 03/21- 04/21/22 USD 4,135,457 3,666,829 Shiga Bank* 0.98 % 10/31/2023 JPY 100,080,000 767,602 Shiga Bank 1.28 % 05/31/2022 JPY 16,000,000 122,718 Total current loans 34,557,415 Non ‑ current loans Shiga Bank* 0.98 % 10/31/2023 JPY 91,340,000 700,568 Total non ‑ current loans 700,568 * Loans at Shiga Bank are repaid in monthly installments, so that a current as well as a non-current proportion is presented in the table above. The Group has pledged trade receivables as collateral for these obligations which can be utilized up to the amount of TEUR 0 (2021: TEUR 2, |
Provisions
Provisions | 12 Months Ended |
Dec. 31, 2022 | |
Provisions | |
Provisions | 14. Provisions Asset Retirement in EUR Warranties Obligation Other Total Balance at January 1, 2021 575,940 135,784 — 711,724 Additions 639,263 — 432,311 1,071,574 Reversals (438) — — (438) Usage (575,502) — — (575,502) Unwinding of discount — 2,026 — 2,026 Acquisition of a subsidiary 18,000 — — 18,000 Currency translation effect (269) 3,059 — 2,790 Balance at December 31, 2021 656,994 140,869 432,311 1,230,174 Non-current — 140,869 — 140,869 Current 656,994 — 432,311 1,089,305 Total 656,994 140,869 432,311 1,230,174 Balance at January 1, 2022 656,994 140,869 432,311 1,230,174 Additions 930,990 — 108,518 1,039,508 Reversals (34,729) — (411,416) (446,145) Usage (622,265) — — (622,265) Unwinding of discount — 2,092 — 2,092 Acquisition of a subsidiary — — — — Currency translation effect 66,649 987 28,643 96,279 Balance at December 31, 2022 997,639 143,949 158,056 1,299,644 Non-current — 143,949 — 143,949 Current 997,639 — 158,056 1,155,695 Total 997,639 143,949 158,056 1,299,644 During the year ended December 31, 2022, the Group recognized an onerous contract provision in the amount of TEUR 49 due to one contract with a potentially negative margin (2021: TEUR 432 due to two contracts). Most likely, the expected timing of outflows will be during the financial year 2023. The provision from the previous year has been partly reversed, due to the positive development of another potentially unprofitable contract, which turned into profit zone, based on renegotiations of conditions. The provision for warranties relates mainly to products sold during the respective year. The provision has been estimated based on historical warranty data associated with similar products and services. The Group expects to settle these obligations over the next year. Depending on individual contractual agreements with our customers we may face longer warranty periods, up to 36 months and in some rare cases longer. Based on historical experience and data, almost none of the warranty claims arose after 12 month from the time point of the delivery, therefore, the provision created for warranty claims is considered to be significantly short-term in nature. Furthermore, the Group has asset retirement obligations to return certain of the Group’s premises to their original condition. The asset retirement obligation is not expected to be fulfilled in less than five years. |
Other current financial liabili
Other current financial liabilities | 12 Months Ended |
Dec. 31, 2022 | |
Other current financial liabilities, | |
Other current financial liabilities | 15. Other current financial liabilities 12/31/2021 in EUR 12/31/2022 Restated* Customers with credit balances — 104,967 Financial liabilities due to third parties 946,606 2,387,683 Invoices not yet received 5,596,090 5,330,275 Miscellaneous other financial liabilities 215,608 191,253 Total 6,758,304 8,014,179 * Certain amounts for 2021 have been restated; see Note 2.4 The financial liabilities due to third parties consist primarily of a residual liability from a terminated commercial agreement in the amount of TEUR 890 (2021: TEUR 838). |
Other current non-financial lia
Other current non-financial liabilities | 12 Months Ended |
Dec. 31, 2022 | |
Other current non-financial liabilities | |
Other current non-financial liabilities | 16. Other current non-financial liabilities in EUR 12/31/2022 12/31/2021 Accrued expenses 439,803 135,055 Social security liabilities 223,570 304,864 Liabilities for remaining leave 580,585 613,145 Tax liabilities other than income taxes 392,773 619,172 Contract liabilities 1,794,903 1,021,095 Liability for continued services of employees 400,083 1,083,000 Liabilities due to personnel bonus 1,021,192 2,245,134 Miscellaneous other non‑financial liabilities 1,136,471 1,561,018 Total 5,989,380 7,582,483 Miscellaneous other current non-financial liabilities mainly consist of freight, professional services and office supplies accruals (2022: TEUR 960; 2021: TEUR 507). The contract liabilities result from advance payments received from customers for goods or services to be provided by the Group. The liability for continued services of employees results from the acquisition of Germaneers (please refer to Note 5 for further information on the acquisition). Under certain circumstances, employees that have been employed as of the date of acquisition will receive payments for a predefined period after the acquisition if certain performance conditions are fulfilled. Certain liabilities have been settled during the year ended December 31, 2022, the remaining are expected to become settled within the fiscal year 2023. Tax liabilities include primarily import sales tax as well as wage and church tax liabilities to German tax authorities in the amount of TEUR 289 (2021: TEUR 148). |
Leases
Leases | 12 Months Ended |
Dec. 31, 2022 | |
Leases | |
Leases | 17. Leases Leases as a lessee The Group has lease contracts for various items of office, plant and vehicles used in its operations. Leases of office and plant have lease terms between 1.5 and 10 years, while vehicles generally have lease terms of 3 years. The Group’s obligations under its leases are secured by the lessor’s title to the leased assets. For certain leases, the Group is restricted from entering into any sub-lease agreements. There are several lease contracts that include extension and termination options, which are further discussed below. The extension options representing the undiscounted potential future rental payments for the lease contracts which are not included in the lease liabilities for the VIA Group as of December 31, 2022 amount to TEUR 5,778 (2021: TEUR 5,778). No extension options have been exercised in 2022 and 2021. The Group also has certain leases of IT equipment with lease terms of 12 months or less and leases of office equipment with low value. The Group applies the ‘short-term lease’ and ‘lease of low-value assets’ recognition exemptions for these leases. The carrying amounts of right-of-use assets recognized and the movements during the period were as follows: Right-of-use assets Factory, Office and Other in EUR Buildings Equipment Total Balance at January 1, 2021 8,929,305 131,696 9,061,002 Depreciation charge for the year (2,160,175) (85,592) (2,245,767) Additions to right-of-use assets 2,888,736 97,652 2,986,389 Additions due to business combinations 210,667 — 210,667 Derecognition of right-of-use assets (85,605) — (85,605) Foreign currency effect 79,384 — 79,384 Balance at December 31, 2021 9,862,313 143,757 10,006,070 Depreciation charge for the year (2,692,074) (129,311) (2,821,385) Additions to right-of-use assets 466,108 114,610 580,719 Additions due to business combinations — — — Derecognition of right-of-use assets — — — Foreign currency effect 487,512 — 487,512 Balance at December 31, 2022 8,123,860 129,055 8,252,915 Factory, Office and Other in EUR Buildings Equipment Total Balance at January 1, 2021 8,929,305 131,696 9,061,002 Balance at December 31, 2021 9,862,313 143,757 10,006,070 Balance at December 31, 2022 8,123,860 129,055 8,252,915 The carrying amounts of lease liabilities (included under current and non-current financial liabilities) and the movements during the period as well as the amounts recognized in profit or loss were as follows: Lease Liability Lease Liability Lease Liability in EUR 2022 2021 Balance at January 31 (9,970,927) (9,214,428) Additions (580,719) (2,446,388) Additions due to business combinations – (210,667) Accretion of interest (191,638) (215,464) Payments 2,567,839 2,031,598 Derecognition of lease liability – 168,183 Foreign currency effect 266,013 (83,763) Balance at December 31 (7,909,432) (9,970,927) Current (2,314,900) (2,025,193) Non‑current (5,594,532) (7,945,734) Amounts recognized in profit or loss in EUR 2022 2021 2020 Leases under IFRS 16 Depreciation expense of right‑of‑use assets 2,821,385 2,245,767 1,903,223 Interest on lease liabilities 191,638 215,464 197,967 Expenses relating to short‑term leases 233,849 587,356 34,860 Expenses relating to leases of low‑value assets, excluding short‑term leases of low‑value assets 209,117 43,094 40,800 3,455,987 3,091,681 2,176,850 The Group had total cash outflows for all leases of TEUR 2,568 in 2022 (2021: TEUR 2,662; 2020: TEUR 3,704). |
Revenue
Revenue | 12 Months Ended |
Dec. 31, 2022 | |
Revenue | |
Revenue | 18. Revenue in EUR 2022 2021 2020 Display Solutions 200,038,287 154,707,881 127,119,437 Product Sales 197,024,066 151,982,103 125,083,288 R&D Services 3,014,221 2,725,778 2,036,149 Sensor Technologies 19,467,647 26,094,615 25,470,878 Total 219,505,934 180,802,496 152,590,315 The Group has no remaining performance obligations which have an original expected term of more than one year. All R&D Services revenues (TEUR 3,014) as well as revenues from Full Service Model amounting to TEUR 29,066 are recognized over time and are included in the Display Solutions segment revenues. Contract Balances in EUR 2022 2021 Trade accounts receivables (see note 10) 23,663,160 31,127,559 Contract liabilities 1,794,903 1,021,095 Contract assets 3,569,821 2,123,884 Assets recognized from costs to fulfill contract 2,823,655 2,183,536 The development of contract liabilities and revenue recognized therefrom is as follows: in EUR 2022 2021 2020 Balance at January 1 1,021,095 190,154 334,123 Deferred during the year 1,794,903 1,021,095 190,154 Recognized as revenue during the year (1,021,095) (190,154) (334,123) Balance at December 31 1,794,903 1,021,095 190,154 The deferrals during the year result from advance payments received from customers for goods and services to be provided by the Group. |
Expenses by nature
Expenses by nature | 12 Months Ended |
Dec. 31, 2022 | |
Expenses by nature | |
Expenses by nature | 19. Expenses by nature Expenses by nature were as follows: 2021 in EUR 2022 Restated* 2020 Raw materials and consumables 162,473,680 129,425,611 105,030,465 Salaries, wages and employee benefits 34,267,193 33,200,439 22,877,775 Consultancy & audit 7,782,271 7,002,594 4,808,864 Advertising, vehicle and travel expense 2,843,971 1,510,759 1,341,142 Warranty 930,788 638,825 124,881 Lease expenses 442,966 630,450 190,673 Purchased services 3,560,031 5,160,291 2,443,355 Taxes, insurance costs, and other dues 3,899,512 4,543,214 1,993,462 Depreciation and amortization 6,890,792 6,101,398 7,043,590 Maintenance 1,670,003 1,679,108 1,704,322 Other 4,288,586 5,102,811 4,357,742 Total 229,049,793 194,995,500 151,916,271 * Certain amounts for 2021 have been restated; see Note 2.4 Salaries, wages and employee benefits included salaries and wages which amounted to TEUR 29,896 in 2022 (2021: TEUR 30,233) and social security contributions, expenses for pension plans and other special company benefits (e.g. bonus payments) which amounted to TEUR 4,371 in 2022 (2021: TEUR 2,967 ). In 2022, the amounts recognized as an expense for defined contribution plans totaled TEUR 1,623 (2021: TEUR 1,692; 2020: TEUR 821) and resulted from contributions for statutory pension insurance. These figures also include temporary employees, who are reported under personnel expenses. This also reflects the economic conditions in a Group environment. In 2022 the category “Miscellaneous” contains utilities expenses of TEUR 2,539 (2021: TEUR 2,558; 2020: TEUR 1,439), other R&D expenses in the amount of TEUR 1,007 (2021: TEUR 1,938; 2020: TEUR 1,927), cafeteria expenses of TEUR 274 (2021: TEUR 256; 2020: TEUR 162) as well as other small amounts of TEUR 469 (2021: TEUR 195; 2020: TEUR 189). |
Other income and other expenses
Other income and other expenses | 12 Months Ended |
Dec. 31, 2022 | |
Other income and other expenses | |
Other income and other expenses | 20. Other income and other expenses 20.1 Other operating income consists of the following. 2021 in EUR 2022 Restated* 2020 Damages/insurance proceeds 100,329 53,206 12,282 Exchange gains 8,116,344 5,434,874 3,326,593 Miscellaneous other operating income 2,099,223 2,716,140 1,630,159 Total 10,315,896 8,204,220 4,969,034 * Certain amounts for 2021 have been restated; see Note 2.4 In 2022, the miscellaneous other operating income mainly consists of income from sales arising not in the cause of VIAs ordinary activities such as sales of samples or scrap amounting to TEUR 1,390 (2021: TEUR 381; 2020: TEUR 767). In 2022, the increase of exchange gains is mainly due to a significant positive currency effect, especially within our deposits in USD within VIA optronics AG, mainly in the first two quarters. In 2021, the increase of exchange gains is mainly due to the missing offsetting effect through the change of the functional currency of VIA optronics GmbH and VIA optronics SZ from EUR / CNY to USD. In 2021, the miscellaneous other operating income mainly consists of income from expense reimbursements of TEUR 1,096 (2020: TEUR 274) and income from non-recurring activities TEUR 688. For 2021 the Group changed the presentation of reversal of ECLs which are now presented within other operating expenses. In 2020, miscellaneous other operating income mainly consists of tooling income in the amount of TEUR 492 and reversal of ECL of TEUR 326. These amounts did not occur during the financial year ended December 31, 2021. 20.2 Other operating expenses include exchange losses, losses on disposal of fixed assets, other taxes, expected credit losses and miscellaneous expenses. 2021 in EUR 2022 Restated* 2020 Other taxes 259 156 — Losses on disposals of assets 5,271 75,114 76,561 Expected credit losses 28,754 245,791 323,200 Onerous contracts charge/release (411,416) 432,311 — Exchange losses 6,411,667 304,398 5,462,494 Miscellaneous other operating expenses 1,946,848 3,228,421 1,297,265 Total 7,981,384 4,286,191 7,159,521 * Certain amounts for 2021 have been restated; see Note 2.4 In 2022, miscellaneous other operating expenses mainly consist of expenses due to certain trade accounts receivables in dispute in the amount of TEUR 240 (2021: TEUR 1,727), and expenses unrelated to the accounting period, in the amount of TEUR 603 (2021: TEUR 235). Furthermore this cost category includes compensation expenses within VTS in the amount of TEUR 377 (2021: TEUR 741). Exchange losses in 2022 include effects in conjunction with the change in functional currency for VIAGM and VIA SZ (see Note 2.6.4) which – based on the fact that they have not been material in the year of the change 2021 (TEUR 544 ) - have been adjusted in current account together with any effect in FY2022. These effects had to be recognized to correctly reflect the effect on P&L from the change in functional currency and were completely presented as part of exchange losses. The total amount of this effect presented as part of exchange losses is TEUR In 2020, miscellaneous other operating expenses mainly consist of tooling expenses in the amount of TEUR 836 and warranty expenses of TEUR 125. |
Financial result
Financial result | 12 Months Ended |
Dec. 31, 2022 | |
Financial result | |
Financial result | 21. Financial result in EUR 2022 2021 2020 Total interest income arising from financial assets measured at AC 414,820 3,888 4,182 Fair value gains on financial assets at FVTPL — 352,101 — Finance income 414,820 355,989 4,182 Total interest expense arising from financial liabilities measured at AC (1,726,833) (903,061) (1,225,189) Total interest expense arising from lease liabilities (191,638) (215,464) (197,967) Unwind of discount on asset retirement obligation (1,988) (2,026) (1,993) Fair value losses on financial assets at FVTPL (17,843) (11,574) — Finance costs (1,938,303) (1,132,126) (1,425,150) Net finance costs recognized in profit or loss (1,523,482) (776,137) (1,420,968) In 2022 total interest income from financial assets measured at AC was TEUR 415 (2021: TEUR 4). This development is mainly driven by interest for fixed deposit accounts within VIA AG in the amount of TEUR 333 (2021: TEUR 0). This represents a new situation in 2022, as such accounts did not previously exist. In 2022 total interest expense arising from financial liabilities measured at AC increased by TEUR 824 to TEUR 1,727 (2021: TEUR 903), caused by a refinancing of current loans in 2022 with increased interest rates in short-term loans. |
Taxes on income
Taxes on income | 12 Months Ended |
Dec. 31, 2022 | |
Taxes on income | |
Taxes on income | 22. Taxes on income 22.1 Income tax expense include current and deferred income taxes as follows: in EUR 2022 2021 2020 Current tax expense 1,816,531 1,776,180 2,275,672 Adjustments in respect of current income tax of previous year — — 86,252 Deferred income tax charge / (benefit) 337,057 (559,273) (385,434) Income tax expense 2,153,588 1,216,908 1,976,490 Both VIA AG and VIA optronics GmbH are subject to corporate income tax and trade tax in Germany. The statutory corporate income tax rate of VIA AG in 2022, 2021 and 2020 is 15.0% plus solidarity surcharge of 5.5% thereon (15.82% in total). The municipal trade tax in 2022 is approximately 16.35%. For the year ending December 31, 2022, the statutory German corporate income tax rate applicable to VIA optronics GmbH is 32.17% (2021: 32.17 %, 2020: 32.17%). It consists of the corporate income tax rate of 15.0% plus solidarity surcharge of 5.5% and the variable municipal trade tax of 16.35% (in 2021 – 16.35 %, in 2020—16.35%,). For the Group’s subsidiaries, VIA LLC (USA) a tax rate of 23.75% (2021: 23.75%; 2020: 23.75%), for VIA Suzhou (China) a tax rate of 25.0% in 2022, 2021 and 2020, for VTS (Japan) a tax rate of 34.26% (2021: 34.1 %, 2020: 34.1%) and for VIA Germaneers, a tax rate of 28.7% (2021: 28.7%) is applicable. For VIA Taiwan the tax rate applicable in 2022 is 20% (2021: 20 %; 2020: 20 %). The tax rate for VIA Philippines is 30% in 2022. 22.2 The company’s applicable tax rate is 32.17 % (2021: 32.17 %), being the applicable income tax rate of VIA AG. The reconciliation of the Group’s statutory tax rate to its effective tax rate is as follows: 2021 in EUR 2022 Restated* 2020 Loss before tax (8,732,829) (11,051,112) (2,937,410) Tax under domestic (German) tax rate 2,809,351 3,555,143 944,965 Effect of tax rate in foreign jurisdictions 580,502 (121,803) 423,177 Tax effect of: Changes in domestic tax rate — — — Non‑deductible expenses (141,574) (226,612) (128,603) Current‑year losses for which no deferred tax asset is recognized (6,338,135) (4,824,168) (2,599,849) Write off (reversal) of deferred tax assets for tax losses carried forward or deductible temporary differences 1,210,337 515,300 (572,321) Withholding taxes (136,314) (142,394) (126,455) Permanent differences (175,802) — — Income tax for prior years (6,410) — (72,671) Deferred tax prior years 11,408 33,080 — Others 33,049 (5,454) 9,925 Income tax expense (2,153,588) (1,216,908) (1,976,490) Effective tax rate 24.66 % 11.82 % 67.29 % * Certain amounts for 2021 have been restated 22.3 The components of deferred tax balances are as follows: 2022 2021 Deferred Tax Deferred Tax Deferred Tax Deferred Tax in EUR Assets Liabilities Assets Liabilities Non ‑ current assets Intangible assets 226,745 (19,953) 199,402 (122,157) Property and equipment — (2,417,668) 15,051 (3,165,137) Other financial assets — — — — Current assets Inventories 1,395,529 (19,571) 904,425 — Trade accounts receivables 12,298 (63,244) 61,177 (49,201) Other current assets — (1,736,912) 142,464 (1,629,005) Cash and cash equivalents 6,402 — 6,402 (94,947) Non ‑ current liabilities Loans — — — — Provisions 7,388 — 48,996 — Other financial liabilities 36,785 — — — Lease liabilities 1,776,110 — 2,511,560 — Current liabilities Loans — — — — Trade accounts payable — — 501,913 — Provisions 9,344 (66,401) 186,113 — Lease liabilities 583,809 — 672,520 (1,900) Other financial liabilities 266,167 — 553,922 — Other non‑financial liabilities 212,244 — 146,835 (25,490) Losses carried forward 373,696 — 101,070 — Deferred Taxes before netting 4,906,517 (4,323,749) 6,051,852 (5,087,835) Netting (4,266,018) 4,266,018 (5,084,054) 5,084,054 Deferred Taxes netted 640,499 (57,731) 967,799 (3,781) Deferred tax assets are recognized on unused tax losses to the extent that it is probable that taxable profits will be available in the future against which the unused tax losses can be utilized. In this regard, management exercises judgment as to the expected timing and the amount of the taxable profits and measures deferred tax assets on unused tax losses accordingly. Due to continuing losses, in 2022 the Company determined that the recoverability of the deferred tax assets for VIA optronics AG, VIA optronics GmbH and VIA LLC, in excess of recoverable deferred tax liabilities, was not deemed probable. Therefore, deferred taxes of TEUR 5,208 for current year tax losses of VIA optronics GmbH and VIA optronics AG were not recognized. Furthermore, for deductible temporary differences of TEUR 1,098 for VIA LLC no deferred tax asset in the amount of TEUR 261 was recognized. For VIA VTS, recoverability of the deferred tax assets for current year losses and temporary differences was determined recoverable to the extent, that deferred tax assets were recognized in the amount of TEUR 555, of which EUR 184 thousand related to current year losses and EUR 371 thousand related to temporary differences. Deferred tax assets in the amount of TEUR 941 on current year losses were not recognized because the recoverability was not deemed probable. Tax loss carryforwards in Japan will expire by 31 December 2032 at the latest if not utilized. In Germany, the Group has accumulated corporate income tax losses carried forward of TEUR 64,147 (2021: TEUR 46,469) and trade tax losses carried forward of TEUR 62,985 (2021: TEUR 45,634), no deferred tax asset was recognized for TEUR 64,053 (corporate income tax) respectively TEUR 62,889 (trade tax). German corporate income tax and trade tax losses carried forward do not expire in the future. In the United States, the Group has accumulated tax losses carried forward of TEUR 1,088 (2021: TEUR 2,517). For TEUR 258 (2021: TEUR 598), no deferred tax asset was recognized. Carry forward of tax losses from VIA LLC until 2017 of TEUR 1,088 are limited to a carryforward-period of 20 Deferred taxes charged to equity in 2022 were TEUR 44 (2021: TEUR 5). Deferred taxes charged to equity result from the foreign currency reserve adjustment. In 2018, a deferred tax liability of TEUR 2,857 was initially recognized as a result of the acquisition of the shares in VTS. Deferred tax liabilities relating to outside based differences in the amount of TEUR 361 (2021: TEUR 296) are not recognized. The outside basis differences, which are indefinitely reinvested, amount to TEUR 1,125 (2021: TEUR 921). |
Financial Risk Management and F
Financial Risk Management and Financial Instruments | 12 Months Ended |
Dec. 31, 2022 | |
Financial Risk Management and Financial Instruments | |
Financial Risk Management and Financial Instruments | 23. Financial Risk Management and Financial Instruments The Group’s activities expose it to a variety of financial risks: market risk (including currency risk, interest rate risk and equity risk), credit risk and liquidity risk. The Group’s overall risk management approach focuses on the unpredictability of financial markets and seeks to minimize potential adverse effects on the financial performance of the Group. 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 accounts receivable and contract assets), including cash at and fixed-term deposits with banks. Trade accounts receivable and contract assets Customer credit risk is managed by each business unit subject to the Group’s established policy, procedures and controls. The Group evaluates this risk through detailed aging and credit risk analysis of the customers. The Group follows risk control procedures to assess the credit risk of the customers taking into account their financial position, past experience and other factors. The compliance with credit limits by customers is regularly monitored by management. As of December 31, 2022, the gross carrying amount of contract assets with a customer that has a rating of BBB and for which no impairments have been recognized due to materiality considerations is TEUR 3,570 (December 31, 2021: TEUR 2,124). This amount also represents the maximum exposure to credit risk for those assets. As of December 31, 2022, 22 % (2021: 20 %) of trade accounts receivables were due from one customer, as well as two customers which account for 19 % and 16 % (2021: two customers which account for 16 % and 12 %). In 2022, 100 % (2021: 100 %) of contract assets related to one individual customer. Based on past experience the risk of non payment of these customers is similarly low as for the other customers. The Group does not require collateral in respect of trade and other receivables. The Group does not have trade receivable and contract assets for which no loss allowance is recognized because of collateral. For the preparation of the provision matrix used to determine expected credit losses, no external credit ratings are taken into consideration. Instead, the aging of individual trade accounts receivables is closely monitored. The table in Note 10 provides information about the exposure to credit risk and ECLs for trade receivables for customers at December 31, 2022 and December 31, 2021. The Group uses a provision matrix in which trade accounts receivables from customers, which comprise a very large number of small balances, are classified into different categories depending on the number of days past due with each category possessing a different historical loss rate to measure the ECLs. Cash equivalents and fixed deposit accounts The Group’s maximum exposure to credit risk for cash at banks at December 31, 2022 and December 31, 2021 is the carrying amount of cash and cash equivalents as well as fixed deposit accounts in the statements of consolidated financial position. The Group believes the risk of loss of carrying amount is remote and mitigated in part by spreading cash deposits as well as fixed deposit accounts across different banks. The Group had cash and cash equivalents of TEUR 44,428 as of December 31, 2022 (2021: TEUR 58,004). Cash and cash equivalents are deposited partly with banks that have a rating of A to A- (2022: TEUR 4,958; 2021: TEUR 9,592) or BBB+ to BBB-, (2022: TEUR 5,751; 2021: TEUR 10,217) based on their Standard & Poor’s rating. The significant remaining part (2022: TEUR 33,719; 2021: TEUR 38,196), as well as fixed deposit accounts (2022: TEUR 7,970; 2021: TEUR 0) are deposited with banks that have no available ratings but are mostly members of the German deposit protection fund . Liquidity risk The primary objective of the Group’s liquidity management is to monitor the availability of cash in order to support its business expansion and growth. The Group manages its liquidity with reference to economic conditions, performance of its local operations and local regulations. The Group’s financing is based on currency-specific short-term bank loans and operating cash flows to benefit from financing cost advantages while ensuring flexibility and availability of sufficient liquidity at any time. The table below presents the contractual undiscounted cash flows relating to the Group’s financial liabilities at the balance sheet date. The cash flows are grouped based on the remaining period to the contractual maturity date. The Group has sufficient funds to meet these commitments as they become due. Between 1 and More Than in EUR Up to 1 Year 3 Years 3 Years Balance at December 31, 2022 Loans 30,685,728 598,908 485,377 Trade accounts payable 27,271,931 — — Lease liabilities 2,441,882 4,021,501 1,804,111 Other financial liabilities 6,758,304 13,287 — Total 67,157,845 4,633,697 2,289,488 Balance at December 31, 2021 Loans 34,733,896 703,331 — Trade accounts payable 33,447,088 — — Lease liabilities 2,403,026 4,602,149 3,390,779 Other financial liabilities Restated* 8,014,179 — — Total 78,598,189 5,305,480 3,390,779 * Certain amounts for 2021 have been restated; see Note 2.4 The Group assessed the concentration of risk with respect to refinancing its debt and concluded it to be low. Based on the cash flow forecast for 2023, the Group has sufficient liquidity as at December 31, 2022 for the next twelve months. Interest rate risk Interest rate risk includes the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. Due to the Group’s interest bearing financial instruments all possessing fixed interest rates there is currently no exposure to variable interest rate risk. The only effect of higher interest rates arises from higher interest rates on short-term loans, which can be caused when existing loans are renegotiated or new loan agreements are signed. The Company is partially counteracting this through higher interest rates on fixed deposit accounts. Foreign exchange risk The Group operates globally and is exposed to foreign exchange risk arising from exposure to various currencies in the ordinary course of business as well as the group’s financing structure. The Group’s exposures primarily consist of the U.S. dollar, Euro, Chinese Yuan and Japanese Yen at the level of the local Group´s entities. Foreign exchange risk arises from commercial transactions and recognized financial assets and liabilities denominated in a currency other than the functional currency of the entity. The following tables demonstrate the sensitivity to a reasonably possible change in each exchange rate against the respective entity´s functional currency. The net exposure from each currency is used to calculate the impact for the Group: Balances at December 31, 2022 Change in Trade Foreign Accounts Currency Impact on Impact on Receivables appreciation/ Profit (+) Profit (+) Cash and and Other Loans Trade Net depreciation or Loss (−) or Loss (−) Cash Financial receivables / Accounts Equity Risk in percentage in EUR in EUR Equivalents Assets (payables) Payable Instruments Exposure points +10 % -10 % Balance at December 31, 2022 Amounts in EUR 681,060 911,909 - (1,792,895) — (199,926) +/-10% (19,993) 19,993 Amounts in CNY 5,144,653 10,566,164 (10,000,000) (104,455,142) — (98,744,325) +/-10% (1,341,964) 1,341,964 Amounts in USD 34,319,141 8,000,000 29,016,931 (1,334,406) 1,273,028 71,274,694 +/-10% (6,108,746) 7,462,308 Amounts in JPY 57,762,553 404,773,837 401,116,668 (178,280,936) — 685,372,122 +/-10% (442,959) 541,394 Amounts in TWD — 11,186,471 - (3,535,080) — 7,651,391 +/-10% (21,343) 26,086 Amounts in PHP — 1,313,388 - (20,877,283) — (19,563,895) +/-10% 30,015 (36,685) Balances at December 31, 2021* Change in Foreign Currency Impact on Impact on Other appreciation/ Profit (+) Profit (+) Cash and Trade Loans Trade Current Net depreciation or Loss (−) or Loss (−) Cash Accounts receivables / Accounts Financial Risk in percentage in EUR in EUR Equivalents Receivables (payables) Payable Liabilities Exposure points +10 % -10 % Balance at December 31, 2021 Amounts in EUR 1,074,504 1,819,062 (2,008,333) (1,170,124) — (284,891) +/-10% (28,489) 28,489 Amounts in CNY 3,645,636 23,080,637 — (167,501,322) (64,202) (140,839,250) +/-10% (1,957,626) 1,957,626 Amounts in USD 42,074,709 9,420 31,322,436 (3,505,663) — 69,900,902 +/-10% (5,675,222) 6,928,868 Amounts in JPY 175,667 384,924,842 398,069,782 (113,912,632) — 669,257,659 +/-10% (466,842) 570,584 Amounts in TWD — 11,271,923 — (5,843,051) — 5,428,872 +/-10% (15,726) 19,220 *Certain amounts for 2021 have been restated to be consistent with the calculation and presentation for 2022. The Group is neither using derivative financial instruments to hedge FX risks nor applying hedge accounting but covers operational business and additionally loans against foreign currency risks by natural hedging, which includes deposits in foreign currency as well as cash in foreign currency. Capital management The Group’s policy is to maintain a strong capital base so as to maintain investor and creditor confidence and to sustain future development of the business. Management monitors capital through regular review of cash and cash equivalent balances at each subsidiary, trade account receivables collection and trade accounts payables to manage credit demand. Management also regularly monitors sufficiency of credit lines and interest-bearing loans, diversification of banks and lenders and updated cash flow forecasts. |
Additional Information on Finan
Additional Information on Financial Instruments | 12 Months Ended |
Dec. 31, 2022 | |
Additional Information on Financial Instruments | |
Additional Information on Financial Instruments | 24. Additional Information on Financial Instruments The following table presents the carrying amounts and the fair values of financial assets and liabilities by classes and categories in accordance with IFRS 9 as at December 31, 2022 and as at December 31, 2021. Category December 31, 2022 according to Carrying Fair in EUR IFRS 9 Amount Value* Level Non-current assets Rental deposits (Financial assets) AC 135,395 — Investments in securities (Financial assets) FVTPL 1,193,539 1,193,539 3 Current assets Trade accounts receivables AC 19,972,756 — Trade accounts receivables (subject to factoring) FVTPL 3,690,404 3,690,404 3 Other current financial assets AC 7,970,469 — Cash and cash equivalents AC 44,428,001 — Financial assets measured at AC 72,506,621 Financial assets measured at FVTPL 4,883,943 Non-current liabilities Non-current loans AC 1,060,358 1,021,696 3 Other non-current financial liabilities AC 13,287 — Current liabilities Current loans AC 30,461,789 — Trade accounts payable AC 27,271,931 — Other current financial liabilities AC 6,758,304 — Financial liabilities measured at AC 65,565,669 * The Group has not disclosed the fair values of short-term financial instruments if the carrying amount represents an appropriate representation of the instruments fair value. Furthermore, the Group has not disclosed the fair values of its rent deposits and other non-current financial liabilities as the effect resulting from discounting future cash flows is immaterial and thus the carrying amount being an adequate approximation of fair value. Category December 31, 2021 according to Carrying Fair in EUR IFRS 9 Amount Value** Level Non-current assets Rental deposits (Financial assets) AC 24,624 — Investments in securities (Financial assets) FVTPL 1,123,988 1,123,988 3 Current assets Trade accounts receivables AC 28,707,048 — Trade accounts receivables (subject to factoring) FVTPL 2,420,512 2,420,512 3 Cash and cash equivalents AC 58,004,145 — Financial assets measured at AC 86,735,817 Financial assets measured at FVTPL 3,544,498 Non-current liabilities Non-current loans AC 700,568 677,598 3 Current liabilities Current loans AC 34,557,415 — Trade accounts payable AC 33,447,088 — Other current financial liabilities Restated* AC 8,014,179 — Financial liabilities measured at AC 76,719,249 * Certain amounts for 2021 have been restated; see Note 2.4 ** The Group has not disclosed the fair values of short-term financial instruments if the carrying amount represents an appropriate representation of the instruments fair value. Furthermore, the Group has not disclosed the fair values of its rent deposits as the effect resulting from discounting future cash flows is immaterial and thus the carrying amount being an adequate approximation of fair value. As the equity instruments were acquired at the end of September 2021 and as there is no indication of change in the general economic situation nor in the situation of the company SigmaSense LLC, for which no observable share price exists (fair value hierarchy Level 3), the (initial) cost of the shares is the best available estimate of fair value, FX effects were considered. For detailed information see Note 8. The valuation of unlisted equity instruments is primarily determined using the market-based approach. In particular, VIA’s management is in close contact with SigmaSense’s management regarding the occurrence of new financing rounds, which typically occur at the proposal of SigmaSense management and at the sole decision of SigmaSense’s existing shareholders, and hereby represent a significant input factor. As of the end of 2022, SigmaSense announced a new financing round at a cost per share slightly above VIAs investment. Additionally, VIA management analyzes all available information on investment-specific milestones, new contracts and other relevant information to analyze whether the price of the most recent financing round is acceptable as a reasonable market valuation for this investment. A collaboration on a project using SigmaSense’s technology is also possible. The fair value of trade accounts receivables which will be sold under the Group’s factoring arrangement is determined by applying an appropriate adjustment factor to the nominal amount of the receivable. As adjustment factors are not observable, fair value hierarchy Level 3 applies. The adjustment factor is derived by the management on discounts charged in the global supplier financing program of the relevant customer by a large credit institution when buying receivables under factoring arrangements from that customer. As of December 31, 2022 the Group applied an adjustment-factor of 0.73 %. The fair value of non‑current interest bearing loans is determined by discounting the related future cash flows using a risk-adjusted discount rate. Based on non-observable credit spreads used to determine risk adjustments, fair value hierarchy Level 3 applies. The following table shows a reconciliation from the opening balances to the closing balances for financial instruments that present Level 3 fair values: Financial assets Promissory Equity Trade accounts in EUR Note Instruments receivables Balance at January 1, 2022 — 1,123,988 2,420,512 Additions — — 3,708,246 Sales — — (2,420,512) Fair value gains / (losses) (see financial result) — — (17,843) Currency translation effect (see other operating income) — 69,551 — Balance at December 31, 2022 — 1,193,539 3,690,403 Net gains / (losses) during the financial year — 69,551 (17,843) Financial assets Promissory Equity Trade accounts in EUR Note Instruments receivables Balance at January 1, 2021 Additions 738,007 — 2,432,086 Fair value gains / (losses) (see financial result) 352,101 — (11,574) Conversion to equity instruments (1,090,108) 1,090,108 — Currency translation effect (see other operating income) — 33,879 — Balance at December 31, 2021 — 1,123,988 2,420,512 Net gains / (losses) during the financial year 352,101 33,879 (11,574) Neither in 2022 nor in 2021 any transfers between the fair value levels occurred. Regarding the equity instruments, a shift of 10 % in the share price would result in a shift in the fair value of the equity instruments amounting to the same percentage. Regarding the Level 3 trade accounts receivables, a shift in the adjustment factor of 0.5 percentage points would result in an insignificant change in the fair value of the trade accounts receivables. In 2022, the net gains on financial assets mandatorily measured at FVTPL amounted to TEUR 52 (2021: TEUR 374). In the same period, the net loss on financial liabilities measured at AC amounted to TEUR 1,727 (2021: TEUR 903), primarily related to interest expenses, while the net income on financial assets measured at AC amounted to TEUR 370 (2021: net loss amounting to TEUR 280), primarily related to interest income from cash deposits and fixed-term deposits partly offset by expected credit losses as well as losses from credit impaired trade accounts receivables. For further information please see Note 10 and Note 21. |
Reconciliation of Changes in Li
Reconciliation of Changes in Liabilities arising from Financing Activities | 12 Months Ended |
Dec. 31, 2022 | |
Reconciliation of Changes in Liabilities arising from Financing Activities | |
Reconciliation of Changes in Liabilities arising from Financing Activities | 25. Reconciliation of Changes in Liabilities arising from Financing Activities Financial liabilities reconcile to the Cash flow from financing activities as follows: Financial Loans liabilities Lease Total due to third liabilities parties* EUR EUR EUR EUR Balance at January 1, 2020 31,445,928 851,032 11,971,963 44,268,924 Cash flows from financing activities Proceeds from loans and borrowings 53,577,777 — — 53,577,777 Repayment of loans and borrowings (60,398,873) (75,110) — (60,473,984) Payment of lease liabilities — — (3,627,998) (3,627,998) Interest paid (1,236,102) — — (1,236,102) Net cash provided by (used in) financing activities (8,057,198) (75,110) (3,627,998) (11,760,307) Foreign currency effect (2,338,486) — (205,918) (2,544,404) New leases — — 878,414 878,414 Accretion of interest 1,236,102 — 197,967 1,434,069 Balance at December 31, 2020 22,286,346 775,922 9,214,428 32,276,696 Cash flows from financing activities Proceeds from loans and borrowings** 55,552,179 1,611,762 — 57,163,941 Repayment of loans and borrowings (44,431,773) — — (44,431,773) Payment of lease liabilities — — (2,031,598) (2,031,598) Interest paid (880,419) — — (880,419) Net cash provided by (used in) financing activities** 10,239,987 1,611,762 (2,031,598) 9,820,150 Foreign currency effect** 1,828,588 — 83,761 1,912,350 New leases — — 2,657,055 2,657,055 Disposal of leases — — (168,183) (168,183) Accretion of interest 903,061 — 215,464 1,118,525 Balance at December 31, 2021 35,257,983 2,387,683 9,970,927 47,616,593 Cash flows from financing activities Proceeds from loans and borrowings 56,940,668 — — 56,940,668 Repayment of loans and borrowings (62,779,354) (1,147,513) — (63,926,867) Payment of lease liabilities — — (2,376,201) (2,376,201) Interest paid (1,682,111) — (191,638) (1,873,749) Net cash provided by (used in) financing activities (7,520,796) (1,147,513) (2,567,839) (11,236,148) Foreign currency effect 2,058,127 59,300 (266,013) 1,851,413 Non-cash movements on financial liabilities due to third parties — (352,864) — (352,864) New leases — — 580,719 580,719 Accretion of interest 1,726,833 — 191,638 1,918,471 Balance at December 31, 2022 31,522,147 946,606 7,909,431 40,378,184 ** The presentation in this table has been changed to be consistent with the restatement of certain amounts for 2021 in the Consolidated Statement of Cash Flows; see Note 2.4 |
Segments
Segments | 12 Months Ended |
Dec. 31, 2022 | |
Segments | |
Segments | 26. Segments The Group’s key financial metrics by segment are as follows: As of December 31, 2022 Display Sensor Other Total Consolidation Consolidated in EUR Solutions Technologies Segments Segments Adjustments Total External revenues 200,038,287 19,467,647 — 219,505,934 — 219,505,934 Inter‑segment revenues 478,965 5,090,392 — 5,569,357 (5,569,357) — Total revenues 200,517,252 24,558,039 — 225,075,292 (5,569,357) 219,505,934 Gross profit 21,429,587 3,482,988 — 24,912,576 — 24,912,576 Depreciation and amortization 4,587,716 2,165,638 137,437 6,890,792 — 6,890,792 Operating income (loss) 2,605,405 (777,920) (9,458,305) (7,630,820) 421,473 (7,209,346) Net income (loss) (1,471,321) (1,083,004) (8,753,564) (11,307,889) 421,473 (10,886,417) Segment assets 102,492,745 14,904,495 140,918,282 258,315,522 (120,930,789) 137,384,732 Capital expenditure 5,138,434 435,246 533,636 6,107,317 — 6,107,316 Segment liabilities 97,962,938 14,566,183 20,478,267 133,007,387 (50,779,744) 82,227,644 As of December 31, 2021 Display Sensor Other Total Consolidation Consolidated in EUR Solutions Technologies Segments Segments Adjustments Total External revenues 154,707,881 26,094,615 — 180,802,496 — 180,802,496 Inter‑segment revenues — 3,916,681 — 3,916,681 (3,916,681) — Total revenues 154,707,881 30,011,296 — 184,719,177 (3,916,681) 180,802,496 Gross profit 13,929,329 6,553,639 — 20,482,968 9,694 20,492,662 Depreciation and amortization 3,520,497 2,566,467 14,434 6,101,398 — 6,101,398 Operating income (loss) Restated* (4,002,918) 1,544,509 (7,816,673) (10,275,082) 107 (10,274,975) Net income (loss) Restated* (5,738,536) 708,757 (7,238,240) (12,268,019) — (12,268,019) Segment assets 111,894,550 19,010,661 139,775,147 270,680,358 (109,013,959) 161,666,399 Capital expenditure 10,092,483 257,376 448,593 10,798,452 — 10,798,452 Segment liabilities restated* 112,520,914 17,538,117 10,581,571 140,640,602 (43,727,602) 96,913,000 As of December 31, 2020 Display Sensor Other Total Consolidation Consolidated in EUR Solutions Technologies Segments Segments Adjustments Total External revenues 127,119,437 25,470,878 — 152,590,315 — 152,590,315 Inter‑segment revenues — 3,360,282 — 3,360,282 (3,360,282) — Total revenues 127,119,437 28,831,160 — 155,950,597 (3,360,282) 152,590,315 Gross profit 18,403,550 4,933,008 (110) 23,336,447 22,563 23,359,010 Depreciation and amortization 2,523,655 4,519,935 — 7,043,590 — 7,043,590 Operating income (loss) 6,625,022 479,397 (8,583,093) (1,478,674) (37,768) (1,516,442) Net income (loss) 3,507,343 15,956 (8,437,198) (4,913,900) — (4,913,900) Segment assets 71,399,665 20,306,646 139,994,976 231,701,287 (81,849,151) 149,852,136 Capital expenditure 3,272,517 561,870 — 3,834,387 — 3,834,387 Segment liabilities 65,431,059 19,515,491 3,563,157 88,509,707 (16,562,795) 71,946,912 * Certain amounts for 2021 have been restated; see Note 2.4 For reconciliation between Operating income (loss) and Net income (loss) please refer to the Statements of Operations and Other Comprehensive Income (Loss). Based on its holding function, the segment “Other segments” includes significant assets as well as significant expenses resulting from costs that are not allocated to the other two operating segments for internal reporting and management purposes. The nature of the assets included in the “Other segments” are primarily shares in affiliated companies, loans to affiliated companies as well as cash and cash equivalents due to the holding function of VIA optronics AG. The expenses included in the “Other Segment” primarily include R&D expenses, general and administrative expenses, listing costs as well as exchange gains and losses resulting from exchange rate fluctuations. General and administrative expenses mainly include, audit and consulting fees, taxes and insurance as well as personnel expenses. R&D expenses, on the other hand, only include personnel expenses. Selling expenses are comprised of personnel expenses and trade fair costs. Other operating expenses and other operating income largely include the effects of foreign currency translation. Geographic information The Group’s geographical distribution of revenues, property and equipment and intangible assets is within the three regions Asia, Europe as well as North America. The distribution of revenue (based on the Group location which bills the customer), property and equipment and intangible assets is as follows: 2022 2021 2020 Revenue by Region in EUR in EUR in EUR Asia 63,292,142 86,477,347 82,734,687 thereof China 43,824,496 60,506,284 57,263,809 thereof Japan 19,467,647 25,971,063 25,470,878 Europe (Germany) 108,436,042 66,187,447 62,157,908 North America (United States) 47,777,750 28,137,702 7,697,720 Total revenues 219,505,934 180,802,496 152,590,315 Property and Equipment/ 12/31/2022 12/31/2021 Intangible Assets by Region in EUR in EUR Asia 10,385,963 11,910,958 thereof China 5,888,822 5,419,236 thereof Japan 4,376,990 6,491,722 thereof Taiwan – – thereof Philippines 120,151 – Europe (Germany) 15,544,363 13,776,742 North America (United States) 78,698 12,416 Total 26,009,024 25,700,116 In the year ended December 31, 2022, the Display Solutions segment had two customers who each individually comprised 46 % and 13 % (2021: two customers comprised 30 % and 12 % of the Group’s revenues) and the sensor technologies segment had one customer in 2022, which comprised 9 % (2021: 13 %) of the Group’s revenue. |
Related party disclosures
Related party disclosures | 12 Months Ended |
Dec. 31, 2022 | |
Related party disclosures | |
Related party disclosures | 27. Related party disclosures Key management personnel of VIA Group in 2022 have been Jürgen Eichner, CEO and member of the Management Board,and Dr. Markus Peters, CFO. A close family member of the previous member of the Management Board and shareholder Jürgen Eichner, is employed by VIA optronics GmbH. As of December 31, 2022 the only shareholder who owns more than 20 % is Cooperatief IMI Europe U.A and holds 50.32 %. Furthermore, Dr. Heiko Frank, Chairman of the Supervisory Board, is Managing Director and a 49.99 % owner of Kloepfel Corporate Finance GmbH (Kloepfel). Therefore, Kloepfel is a related party in accordance with IAS 24. The ultimate controlling party is Mermac Inc., a Philippines based Company. The following tables show an overview of the transactions with the related parties. Transactions with related parties Interest Sales to related Purchases from in EUR Expense parties related parties Integrated Micro-Electronics, Inc. (IMI) 2022 — 28,361 7,296,340 2021 — 322,422 1,935,373 2020 35,519 41,756 1,651,438 Kloepfel Corporate Finance GmbH (Kloepfel) 2022 — — 7,142 2021 — — 432,599 2020 — — 1,238,452 C-CON GmbH 2022 — — 2,236,316 2021 — — 2,217,685 2020 — — 685,535 MT Technologies GmbH 2022 — — 9,659 2021 — — 29,155 2020 — — — Executive management (Jürgen Eichner)* 2022 — — 5,640 2021 — — 5,640 2020 — — 5,640 * Jürgen Eichner´s contract as a member of the management board was terminated by the supervisory board with cause Kloepfel provides the Group general advisory, management and coordination services for the Group’s public equity offering as well as other strategic opportunities. Under the project contract, Kloepfel was entitled to (i) a monthly retainer, (ii) a success fee equal to 0.95 % of the gross proceeds of an offering, which fee is payable upon consummation of such an offering and (iii) reimbursement of out-of-pocket expenses, subject to certain caps. The contract was terminated in November 2021. All transactions with related parties are performed based on agreed contracts. From IMI we mainly source cameras and camera related devices for our customers. C-CON supplies items that are used for producing shaped display solutions for an EV customer. For purchases from both related parties, a separate purchase order is issued by VIA for each requirement. Outstanding balances with related parties Amounts owed Amounts owed Loans from by related to related in EUR related parties parties related parties Entity with significant influence over the Group: Integrated Micro-Electronics, Inc. (IMI) 2022 — — 3,329,248 2021 — 209,021 174,616 Others: C-CON GmbH 2022 — — 611,990 2021 — — 290,791 Executive management (Jürgen Eichner)* 2022 — 46,878 — 2021 — 44,146 — * Jürgen Eichner´s contract as a member of the management board was terminated by the supervisory board with cause The related party loan to Jürgen Eichner has been repaid on September 5, 2023. Compensation of Key Management Personnel and Other Related Parties in EUR 2022 2021 2020 Management Board: 648,000 764,000 786,000 Short-term employee benefits 636,000 756,000 782,000 Post-employment benefits 12,000 8,000 4,000 Supervisory Board Compensation 284,300 110,000 150,000 Short-term employee benefits 284,300 110,000 150,000 Close family member: 52,363 55,551 54,354 Short-term employee benefits 44,503 47,586 46,389 Post-employment benefits 7,860 7,965 7,965 For the years ended December 31, 2022, 2021 and 2020 the executive management consisted of Mr. Jürgen Eichner (CEO and member of the Management Board) and Dr. Markus Peters (CFO), who started in July 2021. The contract of the previous CFO Daniel Jürgens ended in September 2021. The amounts of compensation for executive management personnel as well as the Supervisory Board represent the amounts earned by each group of related party. In 2022, EUR As of December 29, 2022, the General Meeting decided on the implementation of a new remuneration system for the executive management, consisting of a fixed remuneration including fringe benefits, a short-term variable remuneration (“STI”) as well as a long-term component (“LTI”). The STI is based on three performance indicators, performance measured by EBITDA, growth measured by sales and the share price, with equal weighting and in a one-year assessment period. EBITDA is calculated based on consolidated figures and measured against budgeted values. Sales are calculated based on consolidated figures and measured against audited prior year sales. The ADS share price in the relevant year is compared to the previous year. Payment is made in the year following the end of the fiscal year for which the bonus is granted. The LTI is based on VIA optronics stock options. Each year starting 2022, the members of the executive management are allocated a number of stock options, which depends on the average ADS share price of the year of activity. The shares can only be subscribed after 4 performance years and only if the target including continuing service is achieved (25 % will vest at the end of 2023, 2024, 2025 and 2026). The target is an annual average ADS share price increase of 15 %. If the share price does not increase by 15 % within a performance year compared to the average ADS share price (arithmetic mean) of the previous calendar year, 25 % of the allocated shares of the respective tranche are forfeited. Both the STI and the LTI are to be classified as share-based-payment transactions, the STI as cash-settled and the LTI as equity-settled. As of December 31, 2022, no formal grant letters have been issued. Based on the decision process on the new remuneration and the decision taken by the General Meeting, VIA has concluded that there is a valid expectation that both the STI as well as the LTI will be granted for 2022. As a result, the LTI has been accounted for based on a service commencement date as of October 1, 2022 and the best management estimate on the number and conditions expected to be part of the grant letter. The total value expected to be granted in share options for the fiscal year 2022 amounts to EUR 250,000. Based on the valuation of the share options and the vesting conditions, only an immaterial amount of personnel expense and corresponding increase in equity has been recognized. |
Earnings (Loss) per share
Earnings (Loss) per share | 12 Months Ended |
Dec. 31, 2022 | |
Earnings (Loss) per share | |
Earnings (Loss) per share | 28. Earnings (Loss) per share Basic earnings per share are calculated in accordance with IAS 33 based on the earnings (or loss) attributable to VIA optronics AG shareholders and the weighted average number of shares outstanding during the period. The number of shares outstanding as of December 31, 2022 was 4,530,701 (2021: 4,530,701). The weighted average of shares outstanding for the twelve months ended December 31, 2022 was 4,530,701 There are currently no factors resulting in a dilution of earnings per share. 2021 2022 Restated* 2020 Loss after taxes (attributable to VIA optronics AG shareholders) in EUR (10,507,366) (12,516,084) (4,919,484) Weighted average of shares outstanding 4,530,701 4,530,701 3,398,330 Loss per share in EUR (2.32) (2.76) (1.45) * Certain amounts for 2021 have been restated; see Note 2.4 |
Other Information_ Employees
Other Information: Employees | 12 Months Ended |
Dec. 31, 2022 | |
Other Information: Employees | |
Other Information: Employees | 29. Other Information: Employees The Group had an average of 861 employees (2021: 799; 2020: 620) in the reporting period. The employees are classified in industrial employees and commercial employees. In 2022, the industrial employees amount totaled to 556 (2021: 546; 2020: 424) and the commercial employees amount totaled to 305 (2021: 253; 2020: 197). These figures also include temporary employees, who are reported under personnel expenses. |
Significant accounting polici_2
Significant accounting policies (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
Significant accounting policies | |
Basis of preparation | 2.1 The consolidated financial statements of the VIA Group have been prepared in accordance with International Financial Reporting Standards (“IFRS”), as issued by the International Accounting Standards Board (“IASB”) and the related interpretations issued by the IFRS Interpretations Committee. All amounts in the consolidated financial statements are reported in Euro (“EUR”), except where otherwise stated. We have made rounding adjustments to some of the figures included in this consolidated financial statements. Accordingly, numerical figures shown as totals in some tables may not be an arithmetic aggregation of the figures that preceded them. The Group presents assets and liabilities in the consolidated statements of financial position based on current or non-current classification. An asset is classified as current when it is expected to be realized within twelve months after the reporting period, except for cash and cash equivalents, which is classified 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 classified as current when it is due to be settled within twelve months after the reporting period. The Group classifies all other liabilities as non-current. The financial statements have been prepared on a historical cost basis except for certain financial instruments which are measured at fair value. The consolidated financial statements were authorized for issue by the members of the Management Board on April 26, 2024. |
Basis of consolidation | 2.2 The consolidated financial statements incorporate the assets and liabilities and the results of operations and cash flows of the Group. Control is achieved when the Group is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. The financial statements of the subsidiaries are prepared using consistent accounting policies. Intercompany transactions, balances and unrealized gains on transactions between Group entities are eliminated. |
Restatement of Previously Issued Consolidated Financial Statements (Financial Year end 2021) for IPO-related costs for 2020 | 2.3 As disclosed in our 2021 consolidated financial statements, authorized for issue on May 16, 2022, our 2020 consolidated financial statements were restated to correct an error relating to IPO-related costs. |
Restatement of Previously Issued Consolidated Financial Statements for certain topics | 2.4 Restatement of Previously Issued Consolidated Statements of Operations and Other Comprehensive Income (Loss) and Statements of Financial Positions In preparing these Financial Statements , VIA identified certain General administrative expenses have not been correctly reflected in the Consolidated Statement of Operations and Other Comprehensive Income (Loss) and Statement of Financial Positions for the year ended December 31, 2021 leading to an understatement of General administrative expenses as well as other financial liabilities by TEUR VIA also identified errors in the Consolidated Statements of Operations and Other Comprehensive Income (Loss) for the year ended December 31, 2021 related to the calculation of unrealized gains and losses from changes in foreign exchange (“FX”) rates as well as in the allocation of certain expenses between the functional areas “Selling” and “R&D”. VIA identified that unrealized gains and losses from changes in the FX rate were calculated and recognized gross on a monthly basis in 2021, rather than netting to calculate the net gain or loss for the year, leading to an overstatement of Other operating income as well as Other operating expense The incorrect allocation of certain expenses resulted in a decrease in Selling expenses and corresponding increase in Research and development expenses. As a result, the presentation error for the comparative information for 2021 has been remapped, increasing Research and development expense The impacts of the restatement on the periods presented in these financial statements have been reflected throughout the financial statements and applicable footnotes, and are summarized below: 2021 in EUR as initially Reported Adjustment as Restated Accumulated Deficit (26,787,316) (760,000) (27,547,317) Other financial liabilities 7,254,176 760,000 8,014,179 Equity and liabilities 161,666,399 — 161,666,399 2021 in EUR as initially Reported Adjustment as Restated General administrative expenses* (23,038,867) (760,000) (23,798,867) Selling expenses (6,388,678) 1,379,015 (5,009,662) Research and development expenses (4,498,121) (1,379,015) (5,877,136) Other operating income 11,627,312 (3,423,092) 8,204,220 Other operating expenses (7,709,283) 3,423,092 (4,286,191) Net loss (11,508,019) (760,000) (12,268,019) Net loss per share in EUR (2.59) (0.17) (2.76) * Amounts included under “Consultancy & audit” within Note 19 Restatement of Previously Issued Consolidated Statements of Cash Flows In preparing the 2022 financial statements, the Company identified multiple errors within the Statement of Cash Flows for the years ended December 31, 2021 and 2020: 1. VIA identified an error in the presentation of ‘Foreign currency effect’ within the cashflow provided by operating activities and ‘Foreign currency effect’ on cash and cash equivalents in the Statement of Cash Flows for the years ended December 31, 2021 and 2020 amounting to TEUR 3,613 and TEUR 2,911 , respectively. The error resulted in the presentation of effects from exchange rate changes on non-reporting currency denominated cash and cash equivalents in VIA optronics AG as operating cash flow instead of presentation as effects of exchange rate changes on cash and cash equivalents. 2. VIA identified an error in the financing cashflows in 2021 amounting to TEUR 1,612 resulting in the incorrect presentation of Proceeds from loans and borrowings in VIA optronics Group and in the presentation of ‘Foreign currency effect’ within the cashflow provided by operating activities. 3. VIA identified an error in the presentation of ‘Foreign currency effect’ within the cashflow provided by operating activities in the Statement of Cash Flows in 2021 amounting to TEUR 2,018 instead of presentation as non-cash items in effects of exchange rate changes on cash and cash equivalents. The impact of the restatement of the previously issued statements of cash flows is as follows: 2021 2020 in EUR as initially Reported Adjustment as Restated as initially Reported Adjustment as Restated Adjustments for: - Foreign currency effect 521,390 (7,243,237) (6,721,847) (2,047,671) 2,910,897 863,226 Cash provided by / (used in) operating activities (22,210,371) (7,243,237) (29,453,608) (1,491,487) 2,910,897 1,419,410 Proceeds from loans and borrowings 55,552,179 1,611,762 57,163,941 53,577,777 — 53,577,777 Net cash provided by / (used in) financing activities 8,208,389 1,611,762 9,820,150 76,236,946 — 76,236,946 Net increase / (decrease) in cash and cash equivalents (23,239,443) (5,631,475) (28,870,918) 71,874,992 2,910,897 74,785,888 Foreign currency effect on cash and cash equivalents 222,307 5,631,475 5,853,782 (188,835) (2,910,897) (3,099,731) |
Business Combination and Goodwill | 2.5 The Group accounts for business combinations using the acquisition method when control is transferred to the Group. The cost of an acquisition is measured as the aggregate of the consideration transferred, which is measured at acquisition date fair value, and the amount of any non-controlling interests in the acquiree. For each business combination, the Group elects whether to measure the non-controlling interests in the acquiree at fair value or at the proportionate share of the acquiree’s identifiable net assets. Acquisition-related costs are expensed as incurred and included in general administrative expenses. When the Group acquires a business, it assesses the identifiable financial assets and liabilities assumed for appropriate classification and designation in accordance with the contractual terms, economic circumstances and pertinent conditions at the acquisition date. Goodwill is initially measured at cost (being the excess of the aggregate of the consideration transferred and the amount recognized for non-controlling interests and any previous interest held over the net identifiable assets acquired and liabilities assumed). If the fair value of the net assets acquired is in excess of the aggregate consideration transferred, the Group re-assesses whether it has correctly identified all of the assets acquired and all of the liabilities assumed and reviews the procedures used to measure the amounts to be recognized at the acquisition date. If the reassessment still results in an excess of the fair value of net assets acquired over the aggregate consideration transferred, then a bargain purchase gain is recognized in the statement of operations. After initial recognition, goodwill is measured at cost less any accumulated impairment losses. For the purpose of impairment testing, goodwill acquired in a business combination is, from the acquisition date, allocated to each of the Group’s cash-generating units that are expected to benefit from the combination, irrespective of whether other assets or liabilities of the acquiree are assigned to those units. |
Fair value measurement | 2.6.1 Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. For some assets and liabilities, observable market transactions or market information is available. For other assets and liabilities, observable market transactions or market information might not be available. When a price for an identical asset or liability is not observable, another valuation technique is used. To increase consistency and comparability in fair value measurements, there are three levels of the fair value hierarchy based on the inputs used: ● Level 1 – Inputs are unadjusted quoted prices in active markets for identical assets or liabilities ● Level 2 – Inputs are inputs other than quoted prices included within Level 1, which are observable for the asset or liability either directly or indirectly ● Level 3 – Inputs are unobservable inputs for the asset or liability The Group recognizes transfers between levels of the fair value hierarchy at the end of the reporting period during which the change has occurred. |
Revenue from contracts with customers | 2.6.2 Revenue from contracts with customers The Group generates revenue from the sale of enhanced display solutions, which use optical bonding technology, and metal mesh touch sensors. VIA provides optical bonding on either a consignment basis (meaning its customer directly sources all of the necessary product components and the Group applies its patented MaxVU bonding process to assemble such components) or a full service basis (meaning the Group will source the necessary product components and perform the related optical bonding) and R&D engineering services. In the sensor technologies segment, the Group focuses on the development, production and sale of metal mesh touch sensors and the development of other sensor components and technologies that can be incorporated into the Group’s integrated display solutions (refer to Note 2.6.15 for further information on the Group’s segments). Goods and services transferred to a customer are accounted for as separate performance obligations if they are distinct (i.e., the customer can benefit from the goods or services on its own or together with other resources readily available to the customer and the promise to transfer the good or service is separately identifiable from other promises in the contract). The Group considers whether such promises in its contracts are separate performance obligations to which a portion of the transaction price must be allocated. For its fully bonded display, the Group has determined that although there are several components which are used in the bonding process, these components are highly integrated in a way that the customer cannot benefit from either the bonding service or the components used in the bonding process independent from each other. As a result, the fully bonded display is a separate performance obligation both under the consignment model as well as the full service model. The Group also provides warranties under certain customer contracts, which the Group has determined are not separate performance obligations. As a result, no portion of the transaction price is allocated to promises related to warranties. Under certain contracts performed on a full service basis, Group entities source components such as displays from either the customer or suppliers of the customer. The Group evaluated whether payments for such components are consideration payable to customers and concluded that such payments are in exchange for a distinct good. Therefore, such payments are presented as cost of sales in the consolidated statements of operations and other comprehensive income (loss). 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 has concluded that it is the principal in its revenue arrangements because it typically controls the goods or services before transferring them to the customer (see Note 4.1, Revenue from contracts with customers). For optical bonding services performed under the consignment model, the assets created have alternative use to the Group entities, so revenue is recognized at a point in time, which is when the enhancement process is finalized, the customer removes the enhanced products from the consignment stock, and the customer is invoiced, according to contract. Invoices are usually payable within 30 days. For the sale of products under the full service model, revenue is either recognized at a point in time, which is generally the point in time when goods are delivered to the customer, or over time depending on the respective contractual arrangement with the customer. The payment terms either require the customer the make upfront payments or to pay for the products when they have been delivered. In both cases invoices are payable within 30 to 60 days. For R&D engineering services, revenue is recognized over-time as the customer simultaneously receives and consumes the benefits provided by the Group’s performance completed to date. Payment for such services is made upfront by the customer with the invoices being payable within 30 to 60 days. With regard to significant accounting judgements for revenue recognition refer to Note 4.1 for further information. |
Contract balances | Contract balances Contract assets A contract asset is the right to consideration in exchange for goods or services transferred to the customer. If the Group performs by transferring goods or services to a customer before the customer pays consideration or before payment is due, a contract asset is recognized for the earned consideration that is conditional. Assets recognized from costs to fulfil a contract Costs to fulfill a contract are recognized as an asset if the incurred costs directly relate to a customer with an existing or specific anticipated contract, generate or enhance resources of the Group that will be used to satisfy the performance obligations in the future and are expected to be recovered . Assets recognized from costs to fulfil a contract are amortised on a straight-line basis, consistent with the expected lifetime of the contract to which the asset relates. Contract assets and assets recognized from costs to fulfil a contract are subject to impairment assessment. Refer to Note 2.6.11. Trade accounts receivable A receivable is recognized when the Group’s right to consideration is unconditional, which is generally when goods are delivered or services are performed, as only the passage of time is required before payment is due. See Note 2.6.8 for accounting policies of financial assets. Contract liabilities A contract liability is the obligation to transfer goods or services to a customer for which the Group has received consideration (or an amount of consideration is due) from the customer. If a customer pays consideration before the Group transfers goods or services to the customer, a contract liability is recognized when the payment is made or the payment is due (whichever is earlier). Contract liabilities are recognized as revenue when the Group performs under the contract. See Note 4.1. |
Taxes | 2.6.3 Income tax expense comprises current and deferred tax and is recognized in profit or loss except to the extent that it arises from a business combination, or items recognized directly in equity or other comprehensive income (OCI). Current tax comprises the expected tax payable or receivable on the taxable income or loss for the year and any adjustment to the tax payable or receivable in respect of previous years. The amount of current tax payable or receivable is the best estimate of the tax amount expected to be paid or received that reflects uncertainty related to income taxes, if any. It is measured using tax rates enacted or substantively enacted in the countries in which the Group operates at the reporting date. Deferred tax is recognized in respect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred tax assets are recognized for unused tax losses, unused tax credits and deductible temporary differences to the extent that it is probable that future taxable profits will be available against which they can be used. Future taxable profits are determined based on business plans for individual subsidiaries in the Group. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realized. Unrecognized deferred tax assets are reassessed at each reporting date and recognized to the extent that it has become probable that they are recoverable. The measurement of deferred tax reflects the tax consequences that would follow from the manner in which the Group expects, at the reporting date, to recover or settle the carrying amount of its assets and liabilities and applying the tax rates that are expected to be applied to temporary differences when they reverse, using tax rates enacted or substantively enacted at the reporting date. |
Foreign currencies | 2.6.4 Functional and presentation currency The Group’s consolidated financial statements are presented in Euros, which is also the parent company’s functional currency. The Group determines the functional currency for each entity and the respective financial statements are presented using that functional currency. For the year ended December 31, 2020, and all prior periods, the functional currencies of the Companies of the VIA Group were considered to be the respective local currencies. Following thorough analysis VIA determined that the functional currency for two of its major group subsidiaries – VIA optronics GmbH and VIA optronics Suzhou should change as both subsidiaries currently generate revenues and expend cash for supplies predominantly in U.S. dollars. Based on the development of these “primary indicators” the functional currency of those companies has been changed from Euro and Chinese Yuan, respectively to U.S. dollars during 2021. In accordance with IAS 21, changes in functional currency are accounted for on a prospective basis. Transactions and balances Transactions in foreign currencies are translated into the respective functional currencies of Group companies using the exchange rates following the guidance of IAS 21. Monetary items are subsequently revalued at the foreign currency rate as of the reporting date. Differences arising from revaluation of monetary items are recognized in the consolidated statements of operations. Additionally, non-monetary items are not revaluated as of the reporting date. Foreign currency translation Upon consolidation, the assets and liabilities of foreign operations are translated into Euro at the rate of exchange prevailing at the reporting date and the consolidated statements of operations and other comprehensive income (loss) are translated at yearly average rates. The exchange differences arising on translation for consolidation are recognized in OCI. Upon disposal of a foreign operation, the component of OCI relating to that particular foreign operation is reclassified to the consolidated statements of operations. A summary of exchange rates to the Euro for currencies in which the Group operates is as follows: Average Rates for the Year Ending Spot Rates at Dec. 31 Dec. 31 (€ 1 Equals) 2022 2022 USD 1.0550 1.0666 CNY 7.0786 7.3582 JPY 133.3358 140.6600 TWD 31.4900 32.7400 PHP 57.5384 59.3200 Average Rates for the Year Ending Spot Rates at Dec. 31 Dec. 31 (€ 1 Equals) 2021 2021 USD 1.1851 1.1326 CNY 7.6511 7.1947 JPY 129.6878 130.3800 TWD 33.0284 31.5268 Average Rates for the Year Ending Spot Rates at Dec. 31 Dec. 31 (€ 1 Equals) 2020 2020 USD 1.1419 1.2271 CNY 7.8690 8.0225 JPY 121.8024 126.4900 TWD 33.6168 34.5067 |
Property and Equipment | 2.6.5 Property and equipment is measured at cost less accumulated depreciation and any accumulated impairment losses. Evaluation of impairment of non-financial assets is described in Note 2.6.10. Cost includes expenditures that are directly attributable to the acquisition of the asset or self-constructed assets in addition to any costs incurred in order to bring the assets into operating condition. The cost of an item of property and equipment includes the initial estimate of the costs of dismantling and removing the item and restoring the site on which it is located to the extent there is an obligation to do so. An asset retirement obligation for such costs is recorded upon acquisition. The Group has recognized asset retirement obligations to return certain of the Group’s premises to their original condition (see Note 14). The costs for dismantling and removing an asset are recognized and measured in accordance with IAS 37 Provisions, Contingent Liabilities and Contingent Assets Property and equipment are depreciated to their estimated residual values using the straight-line method over their estimated useful lives. Depreciation is recognized in the depreciation expense within the consolidated statements of operations. Estimated useful lives are as follows: Years Technical equipment and machinery 3 ‑ 13 Other equipment, factory and office equipment 3 ‑ 13 Gains or losses on disposal of property and equipment are recognized in the consolidated statements of operations. Repairs and maintenance are expensed as incurred. Depreciation methods, useful lives and residual values are reviewed at each reporting date and adjusted if appropriate. |
Leases | 2.6.6 The Group assesses at inception whether a contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. The Group has leases for buildings, vehicles and IT equipment. The Group has elected not to separate lease and non-lease components and instead accounts for these as a single lease component. 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 and right-of-use assets representing the right to use the underlying assets as described below. Right-of-use assets The Group recognizes a right-of-use asset at the lease commencement date. Right-of-use assets are initially 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 depreciated on a straight-line basis over the shorter of the lease term and the estimated useful lives of the assets, as follows: Years Buildings 1.5 ‑ 10 Factory, office and other equipment 2 ‑ 3 In addition, the right-of-use asset is reduced by impairment losses, if any, and adjusted for certain remeasurements of the lease liability. Refer to Note 2.6.10 Impairment of non-financial assets. If ownership of the leased asset transfers to the Group at the end of the lease term or the cost reflects the exercise of a purchase option, depreciation is calculated using the estimated useful life of the asset. The Group presents right-of-use assets in ‘property and equipment’ in the statement of financial position. Lease liability The lease liability is initially measured at the present value of the outstanding lease payments at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the Group’s incremental borrowing rate. The Group uses its incremental borrowing rate as the discount rate. The Group determines its incremental borrowing rate by obtaining interest rates from various external financing sources and makes certain adjustments to reflect the terms of the lease and type of asset leased. Lease payments included in the measurement of the lease liability comprise the following: ● Fixed payments, including in-substance fixed payments; ● Variable lease payments that depend on an index or a rate, initially measured using the index or rate at the commencement date; ● Amounts expected to be payable under a residual value guarantee; and ● The exercise price under a purchase option that the Group is reasonably certain to exercise, lease payments in an optional renewal period if the Group is reasonably certain to exercise an extension option, and penalties for early termination of a lease unless the Group is reasonably certain not to terminate early. The lease liability is measured at amortized cost using the effective interest method. It is remeasured when there is a change in future lease payments arising from a change in an index or rate, if there is a change in the Group’s estimate of the amount expected to be payable under a residual value guarantee, if the Group changes its assessment of whether it will exercise a purchase, extension or termination option or if there is a revised in-substance fixed lease payment. When the lease liability is remeasured, a corresponding adjustment is made to the carrying amount of the right-of-use asset or is recorded in profit or loss if the carrying amount of the right-of-use asset has been reduced to zero. Short-term leases and leases of low-value assets The Group applies the short-term lease recognition exemption to leases for IT equipment with an initial lease term of 12 months or less. It also applies the low-value assets recognition exemption to leases of office equipment considered to be of low value. For these leases, expense is recognized on a straight-line basis over the lease term. Extension options Some property leases contain extension options exercisable by the Group up to one year before the end of the non-cancellable contract period. Where practicable, the Group seeks to include extension options in new leases to provide operational flexibility. The extension options held are exercisable only by the Group and not by the lessors. The Group assesses at lease commencement date whether it is reasonably certain to exercise the extension options. The Group re-assesses whether it is reasonably certain to exercise the options if there is a significant event or significant changes in circumstances within its control. |
Intangible Assets | 2.6.7 Intangible assets that are acquired by the Group and have finite useful lives are measured at cost less accumulated amortization and any accumulated impairment losses. Subsequent expenditures are capitalized only when it increases the future economic benefits of the specific asset to which it relates. Intangible assets are amortized using the straight-line method over their estimated useful lives. The amortization is recognized in the consolidated statements of operations. The Group had no development expenditures that met the requirements for capitalization and thus none have been capitalized. The Group does not have any intangible assets with indefinite useful lives. Estimated useful lives are as follows: Years Customer Relationships 5 Software, Licenses and Patents 2 - 5 Amortization methods, useful lives and residual values are reviewed at each financial year-end and adjusted, if appropriate. |
Financial Instruments | 2.6.8 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’s financial assets include trade accounts receivables, cash and cash equivalents as well as deposits and investments in debt and equity instruments . Initial recognition and measurement Financial assets are initially recognized when the Group becomes a party to the contractual provisions of the instrument. Purchases or sales of financial assets that require delivery of assets within a time frame established by regulation or convention in the marketplace (regular way transactions) are recognized on the settlement date. The classification of financial assets depends on the business model within which they are held and their contractual cash flow characteristics. Debt instruments are reclassified if the underlying business model changes. In 2022 as well as in the previous year there were no reclassifications between measurement categories of financial assets. Under IFRS 9, financial assets are classified at initial recognition as subsequently measured at amortized cost, fair value through other comprehensive income, or fair value through profit or loss. A financial asset is measured at amortized cost (AC), if it is held within a business model whose objective is to hold financial assets in order to collect contractual cash flows and the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. A financial asset is measured at fair value through other comprehensive income (FVOCI), if it is held within a business model whose objective is achieved by both collecting contractual cash flows and selling financial assets and the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. A financial asset is measured at fair value through profit or loss (FVTPL) unless it is measured at amortized cost or at fair value through other comprehensive income. Trade receivables against one special customer are regularly sold under a factoring agreement. Therefore, their business model is “hold to sell” and these trade receivables are classified as FVTPL. However, despite the general classification requirements an entity may, at initial recognition, irrevocably designate a financial asset as measured at FVTPL if doing so eliminates or significantly reduces a measurement or recognition inconsistency (‘accounting mismatch’) that would otherwise arise from measuring assets or liabilities or recognizing the gains and losses on them on different bases. For equity instruments that would otherwise be measured at FVTPL, an entity may make an irrevocable election at initial recognition to present subsequent changes in fair value in other comprehensive income (equity instrument FVOCI). This election is made on an instrument-by instrument-basis. Neither the option for measurement of financial assets at FVTPL nor the election to recognize subsequent changes in fair value in other comprehensive income for equity instruments have been applied by the Group. Generally, the Group initially measures a financial asset at its fair value plus, in the case of financial assets not measured at FVTPL, directly attributable transaction costs. Trade receivables that do not contain a significant financing component are measured at the transaction price in accordance with IFRS 15. Subsequent measurement Depending on different classifications, subsequent measurement of financial assets is as follows: ● AC: subsequent measurement of financial assets classified within this category is at amortized cost determined by using the effective interest rate method. The amortized cost is reduced by impairment losses. Interest income is recognized within the financial result. Foreign exchange gains and losses, impairment losses (including reversals of impairment losses or impairment gains) as well as any gain or loss on derecognition are recognized in other operating income or expense. ● Debt instrument FVOCI: subsequent measurement of financial assets classified within this category is at their fair value. Interest income, which is calculated using the effective interest rate method, is recognized within the financial result. Foreign exchange gains and losses as well as impairment losses (including reversals) are recognized in other operating income or expense. Other gains and losses are recognized in OCI. On derecognition, gains and losses accumulated in OCI are reclassified to profit or loss. ● Equity instrument FVOCI: subsequent measurement of financial assets classified within this category is at their fair value. Dividends are recognized in profit or loss in other operating income or expense unless the dividend clearly represents a recovery of part of the cost of the investment. Other gains and losses are recognized in OCI and are never reclassified to profit or loss. ● FVTPL: subsequent measurement of financial assets classified within this category is at their fair value. Gains and losses, including any interest or dividends income, are recognized within the financial result. For information on the classification of the financial assets held by the Group refer to Note 24. Derecognition A financial asset is derecognized when the rights to receive cash flows from the asset have expired or the Group has transferred its rights to receive cash flows in a transaction in which either: ● substantially all of the risks and rewards of ownership of the financial asset are transferred; or ● the Group neither transfers nor retains substantially all of the risks and rewards of ownership and it does not retain control of the financial asset. Financial liabilities The Group’s financial liabilities include trade and other payables as well as loans and borrowings, including bank overdrafts. Initial recognition and measurement Financial liabilities are initially recognized when the Group becomes a party to the contractual provisions of the instrument. Purchases or sales of financial assets that require delivery of assets within a time frame established by regulation or convention in the marketplace (regular way transactions) are recognized on the settlement date. Financial liabilities are classified at initial recognition as financial liabilities at fair value through profit or loss (FVTPL) or as financial liabilities at amortized cost (AC). A financial liability is classified as at FVTPL if it is classified as held-for-trading, it is a derivative or it is designated as such on initial recognition. Otherwise, it is classified as an AC. Financial liabilities are initially measured at fair value minus, in the case of financial liabilities not measured at FVTPL, directly attributable transaction costs. Subsequent measurement After initial recognition, interest bearing loans and borrowings are subsequently measured at amortized cost using the effective interest rate method. Gains and losses are recognized in the consolidated statements of operations within other operating income and expenses when the liabilities are derecognized. Gains and losses from the application of the effective interest rate method are recognized within the financial result. Gains and losses from currency translation are recognized in other operating income or expenses. All of the Group’s financial liabilities are classified as measured at AC. Derecognition A financial liability is derecognized when the obligation under the liability is discharged or cancelled or expires. The Group also derecognizes a financial liability when its terms are modified and the cash flows of the modified liability are substantially different, in which case a new financial liability based on the modified terms is recognized at fair value. On derecognition of a financial liability, the difference between the carrying amount extinguished and the consideration paid (including any non-cash assets transferred or liabilities assumed) is recognized in profit or loss. Offsetting Financial assets and financial liabilities are offset, and the net amount is reported in the consolidated statements of financial position if there is a currently enforceable legal right to offset the recognized amounts and there is an intention either to settle on a net basis or to realize the assets and settle the liabilities simultaneously. The Group has no such assets and liabilities. |
Inventories | 2.6.9 Inventories are measured at the lower of cost or net realizable value. The cost of inventories is either based on the first-in first-out principle or the moving average method, depending on its nature, and includes expenditures incurred in acquiring the inventories, production or conversion costs and other costs incurred in bringing them to their existing location and condition. In the case of manufactured inventories and work in progress, cost includes an appropriate share of production overhead based on normal operating capacity. Net realizable value is the estimated selling price in the ordinary course of business, less the estimated costs of completion and estimated costs to make the sale. |
Impairment of non-financial assets | 2.6.10 At each reporting date, the Group reviews the carrying amounts of its non-financial assets (intangible assets and property and equipment) to determine whether there is any indication of impairment. If any such indication exists or if an annual impairment test is required (i.e. goodwill), then the asset’s recoverable amount is estimated. In 2022, the share price of VIA optronics dropped significantly resulting in the market capitalization of VIA optronics being below the carrying amount of net assets of the Group. According to IAS 36.12 (d), this represents a triggering event for a potential impairment. For this reason, an impairment indicator was given for the cash-generating units (“CGU”) Sensor Technologies (assets only; no goodwill is recognized in this CGU) as well as for the CGU Display Solutions (including goodwill in the amount of TEUR 1,721). An impairment test was carried out for both CGUs, which in neither case resulted in a need for an impairment loss. For impairment testing, assets are grouped together into the smallest group of assets that generates cash inflows from continuing use that are largely independent of the cash inflows of other assets or CGUs. Goodwill is allocated to and tested for impairment on the level of CGUs on which it is monitored for internal management purposes. Within the VIA Group, such level is the segment. For the purpose of the impairment test, the carrying amount of an asset or CGU is compared to the recoverable amount. The recoverable amount of an asset or CGU is the greater of its value in use and its fair value less costs to sell. VIA therefore determines in a first step the value in use based on the estimated future cash flows, discounted to their present value using an after-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset or CGU. The cash flows used for the calculation of the value in use of the CGUs are derived from forecasts approved by management with a forecast period of 5 years. For the purposes of calculating cash flows beyond the forecast period, a perpetual annuity return of 1.0 % is assumed. Forecasting assumptions are adjusted to current information and regularly compared with external sources. The assumptions used take account in particular of expectations of a significant increase in the number and size of projects and an associated increase in revenues based thereon of an average yearly increase of approximately 28 % as well as an increased operating profitability of the product portfolio. This development is significantly supported by the acquisition of new projects with existing customers, as well as the acquisition of new customers in connection with the strengthening of the cooperation with strategic partners, with the aim to penetrate new markets and to win profitable projects there. In order to achieve a stable operating margin of between 10 % and 15 % far-reaching measures are being taken to generate cost savings and sustainably raise the company’s performance to a higher level. The risk-adjusted discount rate takes into account specific peer group information relating to beta-factors, capital structure data and borrowing costs. For the fiscal year 2022, VIA applied an after-tax discount rate for its goodwill impairment test at the level of the CGUs Display Solutions and Sensor Technology of 8.02 % (equal to a pre-tax discount rate of 11.82 %). The equity cost included in the after-tax discount rate are based on a risk-free rate of 2.50 The value in use determined as described above is compared to the carrying amount of the asset or CGU. Only if the value in use is lower than the carrying amount, VIA in a second step determines the fair value less costs to sell and compares the amount so determined with the asset’s carrying amount. An impairment loss is recognized if the carrying amount of an asset or CGU exceeds its recoverable amount. Impairment losses are recognized in the statements of operations. They are allocated to reduce the carrying amounts of the other assets in the CGU on a pro rata basis. An impairment loss is reversed only to the extent that the asset’s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortization, if no impairment loss had been recognized. In conjunction with the impairment tests for CGUs, sensitivity analyses are performed for the main assumptions in order to rule out that reasonable changes to the assumptions used to determine the recoverable amount would not result in the requirement to recognize an impairment loss. In case of the CGUs Display Solutions and Sensor Technologies a reasonable possible decrease in revenues amounting to 10.0 % in combination with an unchanged cost structure as well as a reasonably possible change in the after-tax WACC to 9.5 % were assumed. Even in case of a reasonably possible change in one of the two key assumptions, the need to recognize an impairment loss did not arise. |
Impairment of financial assets | 2.6.11 The impairment regulations of IFRS 9 are required to be applied to financial assets measured at AC, debt investments measured at FVOCI, contract assets and lease receivables. Expected credit losses (ECLs) are a probability-weighted estimate of credit losses. Credit losses are measured as the present value of all cash shortfalls (i.e. the difference between the cash flows due to the entity in accordance with the contract and the cash flows that the Group expects to receive). They are discounted at the effective interest rate of the financial asset. Except for trade accounts receivables and contract assets, the Group has to apply the general approach to determine ECLs which requires all financial assets to be allocated to three stages. Stage 1: ● All financial assets, except for those which are already credit-impaired when purchased or originated or which fall under the simplified approach, are initially allocated to the first stage. For financial assets within this stage the Group recognizes 12-month expected credit losses by establishing a loss allowance. ● Interest income for financial assets in stage 1 is calculated based on the gross carrying amount. Stage 2: ● The second stage contains financial assets whose credit risk has significantly increased since initial recognition, but which are not to be regarded as being credit-impaired. For these financial assets the Group recognizes lifetime expected credit losses. ● Interest income for financial assets in stage 2 is calculated based on the gross carrying amount. Stage 3: ● Stage three contains financial assets which are credit-impaired which requires that one or more events that have a detrimental impact on the estimated future cash flows have occurred. Examples for such events include e.g. significant financial difficulty of the issuer or the borrower, a breach of contract (such as a default or past due event) or it becoming probable that the borrower will enter bankruptcy or other financial reorganization. ● For these financial assets, lifetime expected credit losses are also required to be recognized. ● Interest income for financial assets in stage 3 is calculated based on the amortized cost of the financial asset. Lifetime ECLs are the ECLs that result from all possible default events over the expected life of a financial instrument. 12-month ECLs are the portion of lifetime ECLs that result from default events that are possible within the 12 months after the reporting date (or a shorter period if the expected life of the instrument is less than 12 months). Regarding the financial assets held by the Group, ECLs for bank deposits and for other financial assets in the form of rent deposits are generally calculated by applying the general approach. However, since bank as well as rent deposits are held by well-known and established financial institutions, the Group considered the resulting ECLs to be immaterial and thus has not recognized them. For trade accounts receivables, including those which are credit-impaired, and contract assets the Group applies a simplified approach in calculating ECLs. Therefore, the Group does not track changes in credit risk, but instead recognizes a loss allowance based on lifetime ECLs at each reporting date. The Group has established an entity-specific provision matrix that is based on its historical credit loss experience, adjusted for forward-looking factors specific to the debtors and the economic environment. For further information on the provision matrix for trade accounts receivables refer to Note 4.2. However, due to the short-term nature of its contract assets the Group decided not to recognize ECLs because of materiality considerations. The Group considers a financial asset in default when contractual payments are 120 days past due. A significant increase in credit risk is to be assumed if the entity that owes the payment is going into financial default or other information lets the Group assume that a default is to be expected, even before the 120 day period. 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. The Group presents the net amount from impairment losses as well as income from reversals of ECLs within other operating expenses. |
Cash and cash equivalents | 2.6.12 Cash and cash equivalents represent cash at banks and cash on hand with original maturities of three months or less from the date of acquisition. Cash equivalents are short-term, highly liquid investments that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value. |
Provisions | 2.6.13 A provision is recognized if, as a result of a past event, the Group has a present legal or constructive obligation that can be estimated reliably, and it is probable that an outflow of economic benefits will be required to settle the obligation. Provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the liability. The unwinding of the discount is recognized as finance cost. A provision for warranties is recognized when the underlying products or services are sold, based on historical warranty experience and a weighting of possible outcomes against their associated probabilities. For several leased buildings, the Group has installed leasehold improvements primarily related to cleanrooms and a provision related to the associated asset retirement obligation has been recognized (see Note 2.6.5). |
Pensions and other post-employment benefits | 2.6.14 Pensions and similar obligations relate to the Group’s statutory pension obligations for defined contribution plans. Obligations for contributions to defined contribution plans are recognized as an expense in the statements of operations. The Group has no defined benefit plans. |
Segments | 2.6.15 Operating segments are reported in a manner consistent with the internal reporting provided to the Chief Operating Decision Maker (CODM). The CODM is comprised of the CEO and the CFO of VIA. The Group reports three reportable segments: “Display Solutions”, “Sensor Technologies” and “Other Segments”. Beginning in 2021, VIA optronics AG is no longer aggregated as part of the reportable segment Display Solutions but reported as “Other segments”. Comparative information for 2020 has been adjusted accordingly in Note 26. Although Display Solutions includes a number of different applications for optical bonding services, the process, customers and economic characteristics are similar. The Display Solutions facilities have the capability of serving both the consignment and full service models. The acquisition of VTS provided a horizontal extension of the value chain, but its operations are not significantly interrelated to other group entities. Therefore, the Group has an operating segment which is separately reviewed by the CODM. The segment Sensor Technologies engages in the production of metal mesh touch sensor technology and electrode base film. The CODM monitors the operating results of its segments separately for the purpose of making decisions regarding resource allocation and performance assessment. Segment performance is evaluated based on revenue, gross profit and net income (loss). Primary measure of performance in this case are revenues and net income (loss). During the reporting period, inter-segment supply of goods occurred from the segment “Sensor Technologies” to the segment “Display Solutions” to be used in the further production process. Additionally, inter-segment services are provided from the holding functions in “Other Segments” to the segments “Display Solutions” and “Sensor Technologies” as well as from the segment “Display Solutions” to the segment “Sensor Technologies”, for which a handling and management fee occurs. The Group defines segment assets, segment liabilities and capital expenditure, as the total assets, total liabilities, and total capital expenditure relating to the specific reportable segment of the Group (see Note 26). |
Related parties | 2.6.16 Related parties are members of the Group’s Supervisory Board, executive officers, key management personnel or holders of more than 20 % of its shares. The key management personnel according to IAS 24 are those persons having authority and responsibility for planning, directing and controlling the activities of the Group, directly or indirectly, including the directors of the Group (CEO and CFO). Furthermore, close family members of related parties are in the scope of IAS 24. The fair value of the amount of share-based payment arrangements payable to members of the executive management in respect of the short-term incentives (“STI”) that are settled in cash is recognized as personnel expense with a corresponding increase in liabilities over the fiscal year in which the members of the executive management become unconditionally entitled to these payments The liability is remeasured at each interim reporting date and at the settlement date based on the fair value of the share-based payments to be settled. All changes in the liability are recognized in profit or loss. Share-based payments arrangements to members of the executive management in respect of the long-term incentive program (“LTI”) with a choice of settlement, which lies with the entity, and expected to be settled in equity are measured at their fair value at grant date. The related expense is recognized as personnel expense over the vesting period and offset against capital reserves. (See Note 27) |
Share-based payment arrangements with employees | 2.6.17 Additionally to the share-based payment arrangements payable to members of the executive management, the Group has also granted short-term incentives (“STI”) to employees of the Group that are settled in cash. The fair value of the amount of share-based payment arrangements payable is recognized as personnel expense with a corresponding increase in liabilities over the fiscal year in which the employees become unconditionally entitled to these payments. The liability is remeasured at each interim reporting date and at the settlement date based on the fair value of the share-based payments to be settled. All changes in the liability are recognized in profit or loss. The STI is based on three performance indicators, performance measured by EBITDA, growth measured by sales and the share price, with equal weighting and in a one-year assessment period. EBITDA is calculated based on consolidated figures and measured against budgeted values. Sales are calculated based on consolidated figures and measured against audited prior year sales. The ADS share price in the relevant year is compared to the previous year. Payment is made in the year following the end of the fiscal year for which the bonus is granted. |
Significant accounting polici_3
Significant accounting policies (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Significant accounting policies | |
Schedule of impact of restatement in financial statements | 2021 in EUR as initially Reported Adjustment as Restated Accumulated Deficit (26,787,316) (760,000) (27,547,317) Other financial liabilities 7,254,176 760,000 8,014,179 Equity and liabilities 161,666,399 — 161,666,399 2021 in EUR as initially Reported Adjustment as Restated General administrative expenses* (23,038,867) (760,000) (23,798,867) Selling expenses (6,388,678) 1,379,015 (5,009,662) Research and development expenses (4,498,121) (1,379,015) (5,877,136) Other operating income 11,627,312 (3,423,092) 8,204,220 Other operating expenses (7,709,283) 3,423,092 (4,286,191) Net loss (11,508,019) (760,000) (12,268,019) Net loss per share in EUR (2.59) (0.17) (2.76) * Amounts included under “Consultancy & audit” within Note 19 2021 2020 in EUR as initially Reported Adjustment as Restated as initially Reported Adjustment as Restated Adjustments for: - Foreign currency effect 521,390 (7,243,237) (6,721,847) (2,047,671) 2,910,897 863,226 Cash provided by / (used in) operating activities (22,210,371) (7,243,237) (29,453,608) (1,491,487) 2,910,897 1,419,410 Proceeds from loans and borrowings 55,552,179 1,611,762 57,163,941 53,577,777 — 53,577,777 Net cash provided by / (used in) financing activities 8,208,389 1,611,762 9,820,150 76,236,946 — 76,236,946 Net increase / (decrease) in cash and cash equivalents (23,239,443) (5,631,475) (28,870,918) 71,874,992 2,910,897 74,785,888 Foreign currency effect on cash and cash equivalents 222,307 5,631,475 5,853,782 (188,835) (2,910,897) (3,099,731) |
Summary of exchange rates to Euro for currencies | Average Rates for the Year Ending Spot Rates at Dec. 31 Dec. 31 (€ 1 Equals) 2022 2022 USD 1.0550 1.0666 CNY 7.0786 7.3582 JPY 133.3358 140.6600 TWD 31.4900 32.7400 PHP 57.5384 59.3200 Average Rates for the Year Ending Spot Rates at Dec. 31 Dec. 31 (€ 1 Equals) 2021 2021 USD 1.1851 1.1326 CNY 7.6511 7.1947 JPY 129.6878 130.3800 TWD 33.0284 31.5268 Average Rates for the Year Ending Spot Rates at Dec. 31 Dec. 31 (€ 1 Equals) 2020 2020 USD 1.1419 1.2271 CNY 7.8690 8.0225 JPY 121.8024 126.4900 TWD 33.6168 34.5067 |
Schedule of estimated useful lives of property and equipment | Years Technical equipment and machinery 3 ‑ 13 Other equipment, factory and office equipment 3 ‑ 13 |
Schedule of estimated useful lives of rights of use assets | Years Buildings 1.5 ‑ 10 Factory, office and other equipment 2 ‑ 3 |
Schedule of estimated useful lives of intangible assets | Years Customer Relationships 5 Software, Licenses and Patents 2 - 5 |
Changes in the Group (Tables)
Changes in the Group (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of detailed information about business combination [line items] | |
Schedule of consolidated subsidiaries | The following are the consolidated subsidiaries of VIA optronics AG: Net Profit (Loss) Ownership Interest % in EUR Equity in EUR Name Place of Business 12/31/2022 12/31/2021 2022 2021 12/31/2022 12/31/2021 VIA optronics GmbH* Nürnberg, Germany 100 100 (7,746,093) (5,172,146) (21,070,865) (13,979,548) VIA optronics LLC Orlando, Florida, USA 100 100 2,257,514 (661,914) (705,326) (2,767,087) VIA optronics (Suzhou) Co., Ltd. Suzhou, China 100 100 3,185,854 959,129 27,378,818 23,312,443 VIA optronics (Taiwan) Ltd. Taipei, Taiwan 100 100 80,064 (34,457) 263,587 193,760 Germaneers GmbH Wettstetten, Germany 100 100 300,510 109,492 1,750,262 1,449,752 VIA optronics (Philippines), Inc. Laguna, Philippines 100 100 91,359 — 341,481 264,401 VTS‑Touchsensor Co., Ltd.** Higashi Omi, Japan 65 65 (1,083,004) 708,757 338,312 1,472,544 * VIA optronics GmbH utilizes the exemption provisions of Section 264 (3) HGB |
Germaneers GmbH | |
Disclosure of detailed information about business combination [line items] | |
Schedule of fair values of the identifiable assets and liabilities | Germaneers - Opening Balance at acquisition date Amounts in EUR Assets Non-current 347,588 Property, plant and equipment 280,896 Intangible assets 46,675 Non-current financial assets 20,017 Current 2,008,677 Inventories 444,027 Trade receivables and other assets 1,339,965 Cash and short-term deposits 224,685 Total Assets 2,356,265 Liabilities Non-Current (228,997) Non-current financial liabilities (330) Other liabilities (228,667) Current (787,008) Trade and other payables (197,751) Current financial liabilities (136,657) Other current liabilities (452,599) Total Liabilities (1,016,005) Total identifiable net assets at fair value 1,340,260 Goodwill arising on acquisition 1,720,960 Purchase consideration transferred 3,061,220 |
Intangible assets (Tables)
Intangible assets (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Intangible assets | |
Schedule of changes in intangible assets | Software, Licenses and Customer in EUR Patents Relationships Goodwill Total Cost Balance at January 1, 2021 6,789,349 2,232,701 – 9,022,050 Additions 154,681 – – 154,681 Acquisition of a subsidiary 46,675 – 1,720,960 1,767,635 Foreign currency effect (72,623) (23,050) – (95,673) Balance at December 31, 2021 6,918,082 2,209,651 1,720,960 10,848,693 Additions 89,655 – – 89,655 Foreign currency effect (99,848) (7,904) – (107,753) Balance at December 31, 2022 6,907,889 2,201,747 1,720,960 10,830,595 in EUR Accumulated amortization Balance at January 1, 2021 (3,568,647) (1,375,152) – (4,943,799) Amortization (1,257,514) (477,944) – (1,735,458) Balance at December 31, 2021 (4,826,161) (1,853,096) – (6,679,257) Amortization (836,116) (348,651) – (1,184,767) Balance at December 31, 2022 (5,662,277) (2,201,747) – (7,864,024) Carrying amounts At January 1, 2021 3,220,701 857,549 – 4,078,249 At December 31, 2021 2,091,921 356,555 1,720,960 4,169,436 At December 31, 2022 1,245,612 – 1,720,960 2,966,572 |
Property and equipment (Tables)
Property and equipment (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Property and equipment | |
Schedule of changes in Property and equipment | Factory, Office, Other Technical Equipment and Equipment and Leasehold Assets Under in EUR Buildings Machines Improvements Construction Total Cost Balance at January 1, 2021 12,552,757 13,440,143 4,630,172 2,121,698 32,744,770 Additions 3,099,403 1,645,503 1,455,496 2,605,201 8,805,603 Transfers — 4,306,247 24,645 (4,330,892) — Acquisition of a subsidiary — 2 70,531 — 70,533 Disposals (85,605) (348,494) (278,460) (1) (712,560) Foreign currency effect 79,384 227,601 64,942 (1,135) 370,792 Balance at December 31, 2021 15,645,939 19,271,001 5,967,327 394,871 41,279,139 Additions 478,468 2,101,790 1,233,728 2,203,673 6,017,660 Transfers — 523,553 194,425 (717,978) — Disposals — (104,246) (381) (174,713) (279,340) Foreign currency effect 480,477 783,342 157,463 40,374 1,461,656 Balance at December 31, 2022 16,604,885 22,575,440 7,552,561 1,746,227 48,479,115 Accumulated depreciation Balance at January 1, 2021 (3,623,451) (9,269,302) (3,001,665) (14,744) (15,909,161) Depreciation charge for the year (2,160,175) (1,622,416) (583,348) — (4,365,939) Disposals — 347,584 179,058 — 526,642 Balance at December 31, 2021 (5,783,626) (10,544,134) (3,405,955) (14,744) (19,748,458) Depreciation charge for the year (2,697,399) (2,124,970) (883,658) — (5,706,026) Transfer — 94,342 (94,342) — — Disposals — 19,084 (1,261) — 17,822 Balance at December 31, 2022 (8,481,025) (12,555,678) (4,385,216) (14,744) (25,436,662) Carrying amounts At January 1, 2021 8,929,306 4,170,841 1,628,508 2,106,954 16,835,608 At December 31, 2021 9,862,313 8,726,867 2,561,371 380,128 21,530,680 At December 31, 2022 8,123,860 10,019,763 3,167,344 1,731,484 23,042,452 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Inventories | |
Schedule of inventories | in EUR 12/31/2022 12/31/2021 Raw materials and supplies 12,857,659 19,578,604 Work in progress 2,547,396 1,642,247 Finished goods and merchandise 5,134,153 14,628,795 Inventories 20,539,208 35,849,646 |
Trade accounts receivable and_2
Trade accounts receivable and other current financial assets (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Trade accounts receivable and other current financial assets | |
Summary of trade accounts receivable are from third parties | in EUR 12/31/2022 12/31/2021 Total gross carrying amount 24,700,678 32,120,019 Carrying amount of trade receivable subject to factoring (FVTPL) (3,690,404) (2,420,511) Total gross carrying amount AC 21,010,274 29,699,508 Expected credit loss (Stage 2 & 3) (1,037,518) (992,460) Total net carrying amount trade accounts receivable 19,972,756 28,707,048 |
Schedule of gross carrying amount and recognized loss allowances for trade accounts receivables | Trade Receivables Days Past Due December 31, 2022 in EUR Current <30 Days 31 ‑ 60 Days 61 ‑ 90 Days 91 ‑ 120 Days >120 Days Total Total gross carrying amount 11,893,952 4,310,194 1,335,189 594,268 375,118 2,501,554 21,010,274 Expected credit loss (Stage 2) (116,791) (88,880) (54,601) (27,637) (24,400) (196,650) (508,959) Loss from credit impaired trade accounts receivable (Stage 3) — — — — — (528,559) (528,559) Total net carrying amount trade accounts receivable — — — — — — 19,972,756 Trade Receivable Days Past Due December 31, 2021 in EUR Current <30 Days 31 ‑ 60 Days 61 ‑ 90 Days 91 ‑ 120 Days >120 Days Total Total gross carrying amount 15,537,575 7,559,486 2,847,052 2,142,988 123,295 1,489,112 29,699,508 Expected credit loss (Stage 2) (65,921) (54,791) (52,361) (71,876) (8,653) (74,941) (328,543) Loss from credit impaired trade accounts receivable (Stage 3) – – – – – (663,917) (663,917) Total net carrying amount trade accounts receivable – – – – – – 28,707,048 |
Schedule of allowances of the trade accounts receivable | in EUR 2022 2021 Balance at January 1 992,460 708,880 Reversal of impairment loss (Stage 3) (857,093) (240,678) Reversal of provision for expected credit losses (Stage 2) (135,367) (26,574) Additions 1,021,214 513,043 Currency translation effect 16,304 37,790 Balance at December 31 1,037,518 992,460 |
Other non-financial assets (Tab
Other non-financial assets (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Other non-financial assets | |
Schedule of other non-financial assets | in EUR 12/31/2022 12/31/2021 Receivables from employees due within 1 year 95,518 64,246 Value added tax refund 1,784,233 1,285,383 Contract assets 3,569,821 2,123,884 Prepaid expenses 1,860,773 2,155,523 Assets recognized from costs to fulfill a contract 2,823,655 2,183,536 Payments on account for inventories 1,448,597 — Miscellaneous 517,503 487,769 Total 12,100,101 8,300,341 |
Loans (Tables)
Loans (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Loans | |
Schedule of loans | In Contract Contract Currencies in EUR Interest rates Maturity Currency 12/31/2022 12/31/2022 Current loans CITIC BANK 3.20 - 3.42 % 01/05/ - 02/21/23 USD 6,605,114 6,192,597 ICBC Bank 3.23 - 3.98 % 01/09 - 08/03/23 USD 4,238,451 3,973,742 ICBC Bank 3.80 % 05/06/2023 CNY 10,000,000 1,359,028 SPD Bank 2.82 - 3.15 % 04/15 - 04/26/23 USD 7,566,359 7,093,809 CMBC 3.90 % 03/22/2023 USD 2,630,405 2,466,125 Shiga Bank* 0.78 % 07/31/2027 JPY 40,680,000 289,208 Shiga Bank 0.98 % 10/31/2023 JPY 91,340,000 649,367 BCM 1.82 - 1.95 % 02/23 - 03/23 USD 9,000,000 8,437,913 Total current loans 30,461,789 Non-current loans Shiga Bank* 0.78 % 07/31/2027 JPY 149,150,000 1,060,358 Total non-current loans 1,060,358 In Contract Contract Currencies in EUR Interest rates Maturity Currency 12/31/2021 12/31/2021 Current loans Bank overdrafts EUR 8,355 8,355 Deutsche Bank 2.40 % 03/09 - 03/24/22 EUR 2,400,000 2,400,000 CZBANK 3.00 - 3.20 % 01/30 - 05/24/22 USD 5,219,953 4,628,430 CITIC BANK 1.96 - 2.13 % 02/04 - 06/23/22 USD 7,703,063 6,830,155 ICBC Bank 1.65 - 1.77 % 01/19 - 06/02/22 USD 8,735,194 7,745,326 CCB Bank 0.59 - 0.71 % 01/30 - 04/24/22 USD 2,920,000 2,589,107 SPD Bank 2.13 % 03/05 - 03/25/22 USD 6,540,000 5,798,890 CMSB 1.90 % 03/21- 04/21/22 USD 4,135,457 3,666,829 Shiga Bank* 0.98 % 10/31/2023 JPY 100,080,000 767,602 Shiga Bank 1.28 % 05/31/2022 JPY 16,000,000 122,718 Total current loans 34,557,415 Non ‑ current loans Shiga Bank* 0.98 % 10/31/2023 JPY 91,340,000 700,568 Total non ‑ current loans 700,568 |
Provisions (Tables)
Provisions (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Provisions | |
Summary of provisions | Asset Retirement in EUR Warranties Obligation Other Total Balance at January 1, 2021 575,940 135,784 — 711,724 Additions 639,263 — 432,311 1,071,574 Reversals (438) — — (438) Usage (575,502) — — (575,502) Unwinding of discount — 2,026 — 2,026 Acquisition of a subsidiary 18,000 — — 18,000 Currency translation effect (269) 3,059 — 2,790 Balance at December 31, 2021 656,994 140,869 432,311 1,230,174 Non-current — 140,869 — 140,869 Current 656,994 — 432,311 1,089,305 Total 656,994 140,869 432,311 1,230,174 Balance at January 1, 2022 656,994 140,869 432,311 1,230,174 Additions 930,990 — 108,518 1,039,508 Reversals (34,729) — (411,416) (446,145) Usage (622,265) — — (622,265) Unwinding of discount — 2,092 — 2,092 Acquisition of a subsidiary — — — — Currency translation effect 66,649 987 28,643 96,279 Balance at December 31, 2022 997,639 143,949 158,056 1,299,644 Non-current — 143,949 — 143,949 Current 997,639 — 158,056 1,155,695 Total 997,639 143,949 158,056 1,299,644 |
Other current financial liabi_2
Other current financial liabilities (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Other current financial liabilities, | |
Summary of other current financial liabilities | 12/31/2021 in EUR 12/31/2022 Restated* Customers with credit balances — 104,967 Financial liabilities due to third parties 946,606 2,387,683 Invoices not yet received 5,596,090 5,330,275 Miscellaneous other financial liabilities 215,608 191,253 Total 6,758,304 8,014,179 * Certain amounts for 2021 have been restated; see Note 2.4 |
Other current non-financial l_2
Other current non-financial liabilities (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Other current non-financial liabilities | |
Summary of other current liabilities | in EUR 12/31/2022 12/31/2021 Accrued expenses 439,803 135,055 Social security liabilities 223,570 304,864 Liabilities for remaining leave 580,585 613,145 Tax liabilities other than income taxes 392,773 619,172 Contract liabilities 1,794,903 1,021,095 Liability for continued services of employees 400,083 1,083,000 Liabilities due to personnel bonus 1,021,192 2,245,134 Miscellaneous other non‑financial liabilities 1,136,471 1,561,018 Total 5,989,380 7,582,483 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Leases | |
Schedule of carrying amounts of right of use assets | Factory, Office and Other in EUR Buildings Equipment Total Balance at January 1, 2021 8,929,305 131,696 9,061,002 Depreciation charge for the year (2,160,175) (85,592) (2,245,767) Additions to right-of-use assets 2,888,736 97,652 2,986,389 Additions due to business combinations 210,667 — 210,667 Derecognition of right-of-use assets (85,605) — (85,605) Foreign currency effect 79,384 — 79,384 Balance at December 31, 2021 9,862,313 143,757 10,006,070 Depreciation charge for the year (2,692,074) (129,311) (2,821,385) Additions to right-of-use assets 466,108 114,610 580,719 Additions due to business combinations — — — Derecognition of right-of-use assets — — — Foreign currency effect 487,512 — 487,512 Balance at December 31, 2022 8,123,860 129,055 8,252,915 Factory, Office and Other in EUR Buildings Equipment Total Balance at January 1, 2021 8,929,305 131,696 9,061,002 Balance at December 31, 2021 9,862,313 143,757 10,006,070 Balance at December 31, 2022 8,123,860 129,055 8,252,915 |
Schedule of carrying amounts of lease liabilities | Lease Liability Lease Liability in EUR 2022 2021 Balance at January 31 (9,970,927) (9,214,428) Additions (580,719) (2,446,388) Additions due to business combinations – (210,667) Accretion of interest (191,638) (215,464) Payments 2,567,839 2,031,598 Derecognition of lease liability – 168,183 Foreign currency effect 266,013 (83,763) Balance at December 31 (7,909,432) (9,970,927) Current (2,314,900) (2,025,193) Non‑current (5,594,532) (7,945,734) |
Schedule of amounts recognized in profit or loss | in EUR 2022 2021 2020 Leases under IFRS 16 Depreciation expense of right‑of‑use assets 2,821,385 2,245,767 1,903,223 Interest on lease liabilities 191,638 215,464 197,967 Expenses relating to short‑term leases 233,849 587,356 34,860 Expenses relating to leases of low‑value assets, excluding short‑term leases of low‑value assets 209,117 43,094 40,800 3,455,987 3,091,681 2,176,850 |
Revenue (Tables)
Revenue (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Revenue | |
Schedule of disaggregation of revenue | in EUR 2022 2021 2020 Display Solutions 200,038,287 154,707,881 127,119,437 Product Sales 197,024,066 151,982,103 125,083,288 R&D Services 3,014,221 2,725,778 2,036,149 Sensor Technologies 19,467,647 26,094,615 25,470,878 Total 219,505,934 180,802,496 152,590,315 |
Schedule of contract balances | in EUR 2022 2021 Trade accounts receivables (see note 10) 23,663,160 31,127,559 Contract liabilities 1,794,903 1,021,095 Contract assets 3,569,821 2,123,884 Assets recognized from costs to fulfill contract 2,823,655 2,183,536 |
Schedule of contract liabilities | in EUR 2022 2021 2020 Balance at January 1 1,021,095 190,154 334,123 Deferred during the year 1,794,903 1,021,095 190,154 Recognized as revenue during the year (1,021,095) (190,154) (334,123) Balance at December 31 1,794,903 1,021,095 190,154 |
Expenses by nature (Tables)
Expenses by nature (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Expenses by nature | |
Schedule of expenses by nature | 2021 in EUR 2022 Restated* 2020 Raw materials and consumables 162,473,680 129,425,611 105,030,465 Salaries, wages and employee benefits 34,267,193 33,200,439 22,877,775 Consultancy & audit 7,782,271 7,002,594 4,808,864 Advertising, vehicle and travel expense 2,843,971 1,510,759 1,341,142 Warranty 930,788 638,825 124,881 Lease expenses 442,966 630,450 190,673 Purchased services 3,560,031 5,160,291 2,443,355 Taxes, insurance costs, and other dues 3,899,512 4,543,214 1,993,462 Depreciation and amortization 6,890,792 6,101,398 7,043,590 Maintenance 1,670,003 1,679,108 1,704,322 Other 4,288,586 5,102,811 4,357,742 Total 229,049,793 194,995,500 151,916,271 * Certain amounts for 2021 have been restated; see Note 2.4 |
Other income and other expens_2
Other income and other expenses (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Other income and other expenses | |
Schedule of other operating income | 2021 in EUR 2022 Restated* 2020 Damages/insurance proceeds 100,329 53,206 12,282 Exchange gains 8,116,344 5,434,874 3,326,593 Miscellaneous other operating income 2,099,223 2,716,140 1,630,159 Total 10,315,896 8,204,220 4,969,034 * Certain amounts for 2021 have been restated; see Note 2.4 |
Schedule of other operating expenses | 2021 in EUR 2022 Restated* 2020 Other taxes 259 156 — Losses on disposals of assets 5,271 75,114 76,561 Expected credit losses 28,754 245,791 323,200 Onerous contracts charge/release (411,416) 432,311 — Exchange losses 6,411,667 304,398 5,462,494 Miscellaneous other operating expenses 1,946,848 3,228,421 1,297,265 Total 7,981,384 4,286,191 7,159,521 * Certain amounts for 2021 have been restated; see Note 2.4 |
Financial result (Tables)
Financial result (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Financial result | |
Schedule of financial result | in EUR 2022 2021 2020 Total interest income arising from financial assets measured at AC 414,820 3,888 4,182 Fair value gains on financial assets at FVTPL — 352,101 — Finance income 414,820 355,989 4,182 Total interest expense arising from financial liabilities measured at AC (1,726,833) (903,061) (1,225,189) Total interest expense arising from lease liabilities (191,638) (215,464) (197,967) Unwind of discount on asset retirement obligation (1,988) (2,026) (1,993) Fair value losses on financial assets at FVTPL (17,843) (11,574) — Finance costs (1,938,303) (1,132,126) (1,425,150) Net finance costs recognized in profit or loss (1,523,482) (776,137) (1,420,968) |
Taxes on income (Tables)
Taxes on income (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Taxes on income | |
Schedule of components of income tax expense (benefit) | in EUR 2022 2021 2020 Current tax expense 1,816,531 1,776,180 2,275,672 Adjustments in respect of current income tax of previous year — — 86,252 Deferred income tax charge / (benefit) 337,057 (559,273) (385,434) Income tax expense 2,153,588 1,216,908 1,976,490 |
Schedule of effective income tax rate reconciliation | 2021 in EUR 2022 Restated* 2020 Loss before tax (8,732,829) (11,051,112) (2,937,410) Tax under domestic (German) tax rate 2,809,351 3,555,143 944,965 Effect of tax rate in foreign jurisdictions 580,502 (121,803) 423,177 Tax effect of: Changes in domestic tax rate — — — Non‑deductible expenses (141,574) (226,612) (128,603) Current‑year losses for which no deferred tax asset is recognized (6,338,135) (4,824,168) (2,599,849) Write off (reversal) of deferred tax assets for tax losses carried forward or deductible temporary differences 1,210,337 515,300 (572,321) Withholding taxes (136,314) (142,394) (126,455) Permanent differences (175,802) — — Income tax for prior years (6,410) — (72,671) Deferred tax prior years 11,408 33,080 — Others 33,049 (5,454) 9,925 Income tax expense (2,153,588) (1,216,908) (1,976,490) Effective tax rate 24.66 % 11.82 % 67.29 % * Certain amounts for 2021 have been restated |
Schedule of components of deferred tax balances | 2022 2021 Deferred Tax Deferred Tax Deferred Tax Deferred Tax in EUR Assets Liabilities Assets Liabilities Non ‑ current assets Intangible assets 226,745 (19,953) 199,402 (122,157) Property and equipment — (2,417,668) 15,051 (3,165,137) Other financial assets — — — — Current assets Inventories 1,395,529 (19,571) 904,425 — Trade accounts receivables 12,298 (63,244) 61,177 (49,201) Other current assets — (1,736,912) 142,464 (1,629,005) Cash and cash equivalents 6,402 — 6,402 (94,947) Non ‑ current liabilities Loans — — — — Provisions 7,388 — 48,996 — Other financial liabilities 36,785 — — — Lease liabilities 1,776,110 — 2,511,560 — Current liabilities Loans — — — — Trade accounts payable — — 501,913 — Provisions 9,344 (66,401) 186,113 — Lease liabilities 583,809 — 672,520 (1,900) Other financial liabilities 266,167 — 553,922 — Other non‑financial liabilities 212,244 — 146,835 (25,490) Losses carried forward 373,696 — 101,070 — Deferred Taxes before netting 4,906,517 (4,323,749) 6,051,852 (5,087,835) Netting (4,266,018) 4,266,018 (5,084,054) 5,084,054 Deferred Taxes netted 640,499 (57,731) 967,799 (3,781) |
Financial Risk Management and_2
Financial Risk Management and Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Financial Risk Management and Financial Instruments | |
Schedule of carrying amount and the fair values of financial assets and liabilities | Between 1 and More Than in EUR Up to 1 Year 3 Years 3 Years Balance at December 31, 2022 Loans 30,685,728 598,908 485,377 Trade accounts payable 27,271,931 — — Lease liabilities 2,441,882 4,021,501 1,804,111 Other financial liabilities 6,758,304 13,287 — Total 67,157,845 4,633,697 2,289,488 Balance at December 31, 2021 Loans 34,733,896 703,331 — Trade accounts payable 33,447,088 — — Lease liabilities 2,403,026 4,602,149 3,390,779 Other financial liabilities Restated* 8,014,179 — — Total 78,598,189 5,305,480 3,390,779 * Certain amounts for 2021 have been restated; see Note 2.4 |
Schedule of sensitivity to a reasonably possible change in the exchange rates | Balances at December 31, 2022 Change in Trade Foreign Accounts Currency Impact on Impact on Receivables appreciation/ Profit (+) Profit (+) Cash and and Other Loans Trade Net depreciation or Loss (−) or Loss (−) Cash Financial receivables / Accounts Equity Risk in percentage in EUR in EUR Equivalents Assets (payables) Payable Instruments Exposure points +10 % -10 % Balance at December 31, 2022 Amounts in EUR 681,060 911,909 - (1,792,895) — (199,926) +/-10% (19,993) 19,993 Amounts in CNY 5,144,653 10,566,164 (10,000,000) (104,455,142) — (98,744,325) +/-10% (1,341,964) 1,341,964 Amounts in USD 34,319,141 8,000,000 29,016,931 (1,334,406) 1,273,028 71,274,694 +/-10% (6,108,746) 7,462,308 Amounts in JPY 57,762,553 404,773,837 401,116,668 (178,280,936) — 685,372,122 +/-10% (442,959) 541,394 Amounts in TWD — 11,186,471 - (3,535,080) — 7,651,391 +/-10% (21,343) 26,086 Amounts in PHP — 1,313,388 - (20,877,283) — (19,563,895) +/-10% 30,015 (36,685) Balances at December 31, 2021* Change in Foreign Currency Impact on Impact on Other appreciation/ Profit (+) Profit (+) Cash and Trade Loans Trade Current Net depreciation or Loss (−) or Loss (−) Cash Accounts receivables / Accounts Financial Risk in percentage in EUR in EUR Equivalents Receivables (payables) Payable Liabilities Exposure points +10 % -10 % Balance at December 31, 2021 Amounts in EUR 1,074,504 1,819,062 (2,008,333) (1,170,124) — (284,891) +/-10% (28,489) 28,489 Amounts in CNY 3,645,636 23,080,637 — (167,501,322) (64,202) (140,839,250) +/-10% (1,957,626) 1,957,626 Amounts in USD 42,074,709 9,420 31,322,436 (3,505,663) — 69,900,902 +/-10% (5,675,222) 6,928,868 Amounts in JPY 175,667 384,924,842 398,069,782 (113,912,632) — 669,257,659 +/-10% (466,842) 570,584 Amounts in TWD — 11,271,923 — (5,843,051) — 5,428,872 +/-10% (15,726) 19,220 *Certain amounts for 2021 have been restated to be consistent with the calculation and presentation for 2022. |
Additional Information on Fin_2
Additional Information on Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Additional Information on Financial Instruments | |
Schedule of fair values of financial assets and liabilities | Category December 31, 2022 according to Carrying Fair in EUR IFRS 9 Amount Value* Level Non-current assets Rental deposits (Financial assets) AC 135,395 — Investments in securities (Financial assets) FVTPL 1,193,539 1,193,539 3 Current assets Trade accounts receivables AC 19,972,756 — Trade accounts receivables (subject to factoring) FVTPL 3,690,404 3,690,404 3 Other current financial assets AC 7,970,469 — Cash and cash equivalents AC 44,428,001 — Financial assets measured at AC 72,506,621 Financial assets measured at FVTPL 4,883,943 Non-current liabilities Non-current loans AC 1,060,358 1,021,696 3 Other non-current financial liabilities AC 13,287 — Current liabilities Current loans AC 30,461,789 — Trade accounts payable AC 27,271,931 — Other current financial liabilities AC 6,758,304 — Financial liabilities measured at AC 65,565,669 * The Group has not disclosed the fair values of short-term financial instruments if the carrying amount represents an appropriate representation of the instruments fair value. Furthermore, the Group has not disclosed the fair values of its rent deposits and other non-current financial liabilities as the effect resulting from discounting future cash flows is immaterial and thus the carrying amount being an adequate approximation of fair value. Category December 31, 2021 according to Carrying Fair in EUR IFRS 9 Amount Value** Level Non-current assets Rental deposits (Financial assets) AC 24,624 — Investments in securities (Financial assets) FVTPL 1,123,988 1,123,988 3 Current assets Trade accounts receivables AC 28,707,048 — Trade accounts receivables (subject to factoring) FVTPL 2,420,512 2,420,512 3 Cash and cash equivalents AC 58,004,145 — Financial assets measured at AC 86,735,817 Financial assets measured at FVTPL 3,544,498 Non-current liabilities Non-current loans AC 700,568 677,598 3 Current liabilities Current loans AC 34,557,415 — Trade accounts payable AC 33,447,088 — Other current financial liabilities Restated* AC 8,014,179 — Financial liabilities measured at AC 76,719,249 * Certain amounts for 2021 have been restated; see Note 2.4 ** The Group has not disclosed the fair values of short-term financial instruments if the carrying amount represents an appropriate representation of the instruments fair value. Furthermore, the Group has not disclosed the fair values of its rent deposits as the effect resulting from discounting future cash flows is immaterial and thus the carrying amount being an adequate approximation of fair value. |
Summary of opening balances to the closing balances for Level 3 | Financial assets Promissory Equity Trade accounts in EUR Note Instruments receivables Balance at January 1, 2022 — 1,123,988 2,420,512 Additions — — 3,708,246 Sales — — (2,420,512) Fair value gains / (losses) (see financial result) — — (17,843) Currency translation effect (see other operating income) — 69,551 — Balance at December 31, 2022 — 1,193,539 3,690,403 Net gains / (losses) during the financial year — 69,551 (17,843) Financial assets Promissory Equity Trade accounts in EUR Note Instruments receivables Balance at January 1, 2021 Additions 738,007 — 2,432,086 Fair value gains / (losses) (see financial result) 352,101 — (11,574) Conversion to equity instruments (1,090,108) 1,090,108 — Currency translation effect (see other operating income) — 33,879 — Balance at December 31, 2021 — 1,123,988 2,420,512 Net gains / (losses) during the financial year 352,101 33,879 (11,574) |
Reconciliation of Changes in _2
Reconciliation of Changes in Liabilities arising from Financing Activities (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Reconciliation of Changes in Liabilities arising from Financing Activities | |
Summary of reconciliation of changes in liabilities arising from financing activities | Financial Loans liabilities Lease Total due to third liabilities parties* EUR EUR EUR EUR Balance at January 1, 2020 31,445,928 851,032 11,971,963 44,268,924 Cash flows from financing activities Proceeds from loans and borrowings 53,577,777 — — 53,577,777 Repayment of loans and borrowings (60,398,873) (75,110) — (60,473,984) Payment of lease liabilities — — (3,627,998) (3,627,998) Interest paid (1,236,102) — — (1,236,102) Net cash provided by (used in) financing activities (8,057,198) (75,110) (3,627,998) (11,760,307) Foreign currency effect (2,338,486) — (205,918) (2,544,404) New leases — — 878,414 878,414 Accretion of interest 1,236,102 — 197,967 1,434,069 Balance at December 31, 2020 22,286,346 775,922 9,214,428 32,276,696 Cash flows from financing activities Proceeds from loans and borrowings** 55,552,179 1,611,762 — 57,163,941 Repayment of loans and borrowings (44,431,773) — — (44,431,773) Payment of lease liabilities — — (2,031,598) (2,031,598) Interest paid (880,419) — — (880,419) Net cash provided by (used in) financing activities** 10,239,987 1,611,762 (2,031,598) 9,820,150 Foreign currency effect** 1,828,588 — 83,761 1,912,350 New leases — — 2,657,055 2,657,055 Disposal of leases — — (168,183) (168,183) Accretion of interest 903,061 — 215,464 1,118,525 Balance at December 31, 2021 35,257,983 2,387,683 9,970,927 47,616,593 Cash flows from financing activities Proceeds from loans and borrowings 56,940,668 — — 56,940,668 Repayment of loans and borrowings (62,779,354) (1,147,513) — (63,926,867) Payment of lease liabilities — — (2,376,201) (2,376,201) Interest paid (1,682,111) — (191,638) (1,873,749) Net cash provided by (used in) financing activities (7,520,796) (1,147,513) (2,567,839) (11,236,148) Foreign currency effect 2,058,127 59,300 (266,013) 1,851,413 Non-cash movements on financial liabilities due to third parties — (352,864) — (352,864) New leases — — 580,719 580,719 Accretion of interest 1,726,833 — 191,638 1,918,471 Balance at December 31, 2022 31,522,147 946,606 7,909,431 40,378,184 ** The presentation in this table has been changed to be consistent with the restatement of certain amounts for 2021 in the Consolidated Statement of Cash Flows; see Note 2.4 |
Segments (Tables)
Segments (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Segments | |
Schedule of Group's key financial metrics by segment | As of December 31, 2022 Display Sensor Other Total Consolidation Consolidated in EUR Solutions Technologies Segments Segments Adjustments Total External revenues 200,038,287 19,467,647 — 219,505,934 — 219,505,934 Inter‑segment revenues 478,965 5,090,392 — 5,569,357 (5,569,357) — Total revenues 200,517,252 24,558,039 — 225,075,292 (5,569,357) 219,505,934 Gross profit 21,429,587 3,482,988 — 24,912,576 — 24,912,576 Depreciation and amortization 4,587,716 2,165,638 137,437 6,890,792 — 6,890,792 Operating income (loss) 2,605,405 (777,920) (9,458,305) (7,630,820) 421,473 (7,209,346) Net income (loss) (1,471,321) (1,083,004) (8,753,564) (11,307,889) 421,473 (10,886,417) Segment assets 102,492,745 14,904,495 140,918,282 258,315,522 (120,930,789) 137,384,732 Capital expenditure 5,138,434 435,246 533,636 6,107,317 — 6,107,316 Segment liabilities 97,962,938 14,566,183 20,478,267 133,007,387 (50,779,744) 82,227,644 As of December 31, 2021 Display Sensor Other Total Consolidation Consolidated in EUR Solutions Technologies Segments Segments Adjustments Total External revenues 154,707,881 26,094,615 — 180,802,496 — 180,802,496 Inter‑segment revenues — 3,916,681 — 3,916,681 (3,916,681) — Total revenues 154,707,881 30,011,296 — 184,719,177 (3,916,681) 180,802,496 Gross profit 13,929,329 6,553,639 — 20,482,968 9,694 20,492,662 Depreciation and amortization 3,520,497 2,566,467 14,434 6,101,398 — 6,101,398 Operating income (loss) Restated* (4,002,918) 1,544,509 (7,816,673) (10,275,082) 107 (10,274,975) Net income (loss) Restated* (5,738,536) 708,757 (7,238,240) (12,268,019) — (12,268,019) Segment assets 111,894,550 19,010,661 139,775,147 270,680,358 (109,013,959) 161,666,399 Capital expenditure 10,092,483 257,376 448,593 10,798,452 — 10,798,452 Segment liabilities restated* 112,520,914 17,538,117 10,581,571 140,640,602 (43,727,602) 96,913,000 As of December 31, 2020 Display Sensor Other Total Consolidation Consolidated in EUR Solutions Technologies Segments Segments Adjustments Total External revenues 127,119,437 25,470,878 — 152,590,315 — 152,590,315 Inter‑segment revenues — 3,360,282 — 3,360,282 (3,360,282) — Total revenues 127,119,437 28,831,160 — 155,950,597 (3,360,282) 152,590,315 Gross profit 18,403,550 4,933,008 (110) 23,336,447 22,563 23,359,010 Depreciation and amortization 2,523,655 4,519,935 — 7,043,590 — 7,043,590 Operating income (loss) 6,625,022 479,397 (8,583,093) (1,478,674) (37,768) (1,516,442) Net income (loss) 3,507,343 15,956 (8,437,198) (4,913,900) — (4,913,900) Segment assets 71,399,665 20,306,646 139,994,976 231,701,287 (81,849,151) 149,852,136 Capital expenditure 3,272,517 561,870 — 3,834,387 — 3,834,387 Segment liabilities 65,431,059 19,515,491 3,563,157 88,509,707 (16,562,795) 71,946,912 * Certain amounts for 2021 have been restated; see Note 2.4 |
Schedule of group's geographical distribution of revenues, property and equipment and intangible assets | 2022 2021 2020 Revenue by Region in EUR in EUR in EUR Asia 63,292,142 86,477,347 82,734,687 thereof China 43,824,496 60,506,284 57,263,809 thereof Japan 19,467,647 25,971,063 25,470,878 Europe (Germany) 108,436,042 66,187,447 62,157,908 North America (United States) 47,777,750 28,137,702 7,697,720 Total revenues 219,505,934 180,802,496 152,590,315 Property and Equipment/ 12/31/2022 12/31/2021 Intangible Assets by Region in EUR in EUR Asia 10,385,963 11,910,958 thereof China 5,888,822 5,419,236 thereof Japan 4,376,990 6,491,722 thereof Taiwan – – thereof Philippines 120,151 – Europe (Germany) 15,544,363 13,776,742 North America (United States) 78,698 12,416 Total 26,009,024 25,700,116 |
Related party disclosures (Tabl
Related party disclosures (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Related party disclosures | |
Schedule of transactions with related parties | Interest Sales to related Purchases from in EUR Expense parties related parties Integrated Micro-Electronics, Inc. (IMI) 2022 — 28,361 7,296,340 2021 — 322,422 1,935,373 2020 35,519 41,756 1,651,438 Kloepfel Corporate Finance GmbH (Kloepfel) 2022 — — 7,142 2021 — — 432,599 2020 — — 1,238,452 C-CON GmbH 2022 — — 2,236,316 2021 — — 2,217,685 2020 — — 685,535 MT Technologies GmbH 2022 — — 9,659 2021 — — 29,155 2020 — — — Executive management (Jürgen Eichner)* 2022 — — 5,640 2021 — — 5,640 2020 — — 5,640 * Jürgen Eichner´s contract as a member of the management board was terminated by the supervisory board with cause |
Schedule of outstanding balances with related parties | Amounts owed Amounts owed Loans from by related to related in EUR related parties parties related parties Entity with significant influence over the Group: Integrated Micro-Electronics, Inc. (IMI) 2022 — — 3,329,248 2021 — 209,021 174,616 Others: C-CON GmbH 2022 — — 611,990 2021 — — 290,791 Executive management (Jürgen Eichner)* 2022 — 46,878 — 2021 — 44,146 — * Jürgen Eichner´s contract as a member of the management board was terminated by the supervisory board with cause |
Schedule of information related to key personnel | in EUR 2022 2021 2020 Management Board: 648,000 764,000 786,000 Short-term employee benefits 636,000 756,000 782,000 Post-employment benefits 12,000 8,000 4,000 Supervisory Board Compensation 284,300 110,000 150,000 Short-term employee benefits 284,300 110,000 150,000 Close family member: 52,363 55,551 54,354 Short-term employee benefits 44,503 47,586 46,389 Post-employment benefits 7,860 7,965 7,965 |
Earnings (Loss) per share (Tabl
Earnings (Loss) per share (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Earnings (Loss) per share | |
Summary of earnings (loss) per share | 2021 2022 Restated* 2020 Loss after taxes (attributable to VIA optronics AG shareholders) in EUR (10,507,366) (12,516,084) (4,919,484) Weighted average of shares outstanding 4,530,701 4,530,701 3,398,330 Loss per share in EUR (2.32) (2.76) (1.45) * Certain amounts for 2021 have been restated; see Note 2.4 |
Corporate information (Details)
Corporate information (Details) | Dec. 31, 2022 |
Integrated MicroElectronics, Inc | |
Disclosure of transactions between related parties [line items] | |
Ownership interest | 50.32% |
Jrgen Eichner | |
Disclosure of transactions between related parties [line items] | |
Ownership interest | 15.89% |
Bank of New York Mellon | |
Disclosure of transactions between related parties [line items] | |
Ownership interest | 33.79% |
Significant accounting polici_4
Significant accounting policies - Restatement of previously issued Consolidated Financial Position (Details) - EUR (€) | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of initial application of standards or interpretations [line items] | ||
Accumulated Deficit | € (38,054,682) | € (27,547,317) |
Other financial liabilities | 6,758,304 | 8,014,179 |
Equity and liabilities | € 137,384,732 | 161,666,399 |
as initially Reported | ||
Disclosure of initial application of standards or interpretations [line items] | ||
Accumulated Deficit | (26,787,316) | |
Other financial liabilities | 7,254,176 | |
Equity and liabilities | 161,666,399 | |
Adjustment | ||
Disclosure of initial application of standards or interpretations [line items] | ||
Accumulated Deficit | (760,000) | |
Other financial liabilities | € 760,000 |
Significant accounting polici_5
Significant accounting policies - Restatement of previously issued Consolidated Statements of Operations and Other Comprehensive Income (Loss) (Details) - EUR (€) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of initial application of standards or interpretations [line items] | |||
General administrative expenses | € (24,418,648) | € (23,798,867) | € (16,117,177) |
Selling expenses | (4,061,317) | (5,009,662) | (3,380,809) |
Research and development expenses | (5,976,470) | (5,877,136) | (3,186,980) |
Other operating income | 10,315,896 | 8,204,220 | 4,969,034 |
Other operating expenses | (7,981,384) | (4,286,191) | (7,159,521) |
Net loss | € (10,886,417) | € (12,268,019) | € (4,913,900) |
Net loss per share in EUR | € (2.32) | € (2.7625) | € (1.45) |
as initially Reported | |||
Disclosure of initial application of standards or interpretations [line items] | |||
General administrative expenses | € (23,038,867) | ||
Selling expenses | (6,388,678) | ||
Research and development expenses | (4,498,121) | ||
Other operating income | 11,627,312 | ||
Other operating expenses | (7,709,283) | ||
Net loss | € (11,508,019) | ||
Net loss per share in EUR | € (2.59) | ||
Adjustment | |||
Disclosure of initial application of standards or interpretations [line items] | |||
General administrative expenses | € (760,000) | ||
Selling expenses | 1,379,015 | ||
Research and development expenses | (1,379,015) | ||
Other operating income | (3,423,092) | ||
Other operating expenses | 3,423,092 | ||
Net loss | € (760,000) | ||
Net loss per share in EUR | € (0.17) |
Significant accounting polici_6
Significant accounting policies - Restatement of previously issued Consolidated Statements of Cash Flows (Details) - EUR (€) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of initial application of standards or interpretations [line items] | |||
Adjustments operating cash flow Non Cash items | € 3,613,000 | € 2,911,000 | |
Proceeds from loans and borrowings. | 1,612,000 | ||
Adjustments foreign currency effect on loans as non cash item in operating cash flow | 2,018,000 | ||
Foreign currency effect | € (712,747) | (6,721,847) | 863,226 |
Cash provided by / (used in) operating activities | 6,430,590 | (29,453,608) | 1,419,410 |
Proceeds from loans and borrowings | 56,940,668 | 57,163,941 | 53,577,777 |
Net cash provided by / (used in) financing activities | (11,236,149) | 9,820,150 | 76,236,946 |
Net increase / (decrease) in cash and cash equivalents | (17,631,991) | (28,870,918) | 74,785,888 |
Foreign currency effect on cash and cash equivalents | € 4,055,847 | 5,853,782 | (3,099,731) |
as initially Reported | |||
Disclosure of initial application of standards or interpretations [line items] | |||
Foreign currency effect | 521,390 | (2,047,671) | |
Cash provided by / (used in) operating activities | (22,210,371) | (1,491,487) | |
Proceeds from loans and borrowings | 55,552,179 | 53,577,777 | |
Net cash provided by / (used in) financing activities | 8,208,389 | 76,236,946 | |
Net increase / (decrease) in cash and cash equivalents | (23,239,443) | 71,874,992 | |
Foreign currency effect on cash and cash equivalents | 222,307 | (188,835) | |
Adjustment | |||
Disclosure of initial application of standards or interpretations [line items] | |||
Foreign currency effect | (7,243,237) | 2,910,897 | |
Cash provided by / (used in) operating activities | (7,243,237) | 2,910,897 | |
Proceeds from loans and borrowings | 1,611,762 | ||
Net cash provided by / (used in) financing activities | 1,611,762 | ||
Net increase / (decrease) in cash and cash equivalents | (5,631,475) | 2,910,897 | |
Foreign currency effect on cash and cash equivalents | € 5,631,475 | € (2,910,897) |
Significant accounting polici_7
Significant accounting policies - Foreign currencies (Details) | 12 Months Ended | ||||||||||||||||||||||
Dec. 31, 2022 USD ($) | Dec. 31, 2022 USD ($) CNY (¥) | Dec. 31, 2022 USD ($) JPY (¥) | Dec. 31, 2022 USD ($) TWD ($) | Dec. 31, 2022 USD ($) PHP (₱) | Dec. 31, 2021 USD ($) | Dec. 31, 2021 CNY (¥) USD ($) | Dec. 31, 2021 JPY (¥) USD ($) | Dec. 31, 2021 USD ($) TWD ($) | Dec. 31, 2020 USD ($) | Dec. 31, 2020 CNY (¥) USD ($) | Dec. 31, 2020 USD ($) JPY (¥) | Dec. 31, 2020 USD ($) TWD ($) | Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 JPY (¥) | Dec. 31, 2022 TWD ($) | Dec. 31, 2022 PHP (₱) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2021 JPY (¥) | Dec. 31, 2021 TWD ($) | Dec. 31, 2020 CNY (¥) | Dec. 31, 2020 JPY (¥) | Dec. 31, 2020 TWD ($) | |
Significant accounting policies | |||||||||||||||||||||||
Average Rates | 1.0550 | 7.0786 | 133.3358 | 31.4900 | 57.5384 | 1.1851 | 7.6511 | 129.6878 | 33.0284 | 1.1419 | 7.8690 | 121.8024 | 33.6168 | ||||||||||
Spot Rates | 1.0666 | 1.0666 | 1.0666 | 1.0666 | 1.0666 | 1.1326 | 1.1326 | 1.1326 | 1.1326 | 1.2271 | 1.2271 | 1.2271 | 1.2271 | 7.3582 | 140.6600 | 32.7400 | 59.3200 | 7.1947 | 130.3800 | 31.5268 | 8.0225 | 126.4900 | 34.5067 |
Significant accounting polici_8
Significant accounting policies - Property and equipment (Details) | 12 Months Ended |
Dec. 31, 2022 | |
Technical equipment and machinery | Minimum | |
Property and equipment | |
Estimated useful lives of property and equipment | 3 years |
Technical equipment and machinery | Maximum | |
Property and equipment | |
Estimated useful lives of property and equipment | 13 years |
Factory, office and other equipment | Minimum | |
Property and equipment | |
Estimated useful lives of property and equipment | 3 years |
Factory, office and other equipment | Maximum | |
Property and equipment | |
Estimated useful lives of property and equipment | 13 years |
Significant accounting polici_9
Significant accounting policies - Leases (Details) | 12 Months Ended |
Dec. 31, 2022 | |
Buildings | Minimum | |
Leases | |
Right of use assets estimated useful life | 1 year 6 months |
Buildings | Maximum | |
Leases | |
Right of use assets estimated useful life | 10 years |
Factory, office and other equipment | Minimum | |
Leases | |
Right of use assets estimated useful life | 2 years |
Factory, office and other equipment | Maximum | |
Leases | |
Right of use assets estimated useful life | 3 years |
Significant accounting polic_10
Significant accounting policies - Intangible Assets (Details) | 12 Months Ended |
Dec. 31, 2022 | |
Customer relationships | |
Intangible assets | |
Estimated useful lives of intangible assets | 5 years |
Software and Patents | Minimum | |
Intangible assets | |
Estimated useful lives of intangible assets | 2 years |
Software and Patents | Maximum | |
Intangible assets | |
Estimated useful lives of intangible assets | 5 years |
Significant accounting polic_11
Significant accounting policies - Impairment of non-financial assets (Details) - EUR (€) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of information for cash-generating units [line items] | ||
Goodwill | € 1,720,960 | € 1,720,960 |
Percentage of reasonably possible decrease in risk assumption, revenue | 10% | |
Increase (decrease) in weighted average cost of capital (WACC) due to reasonably possible decrease in revenue risk component | 9.50% | |
Forecasting assumptions, percent of average yearly increase in revenues | 28% | |
Minimum | ||
Disclosure of information for cash-generating units [line items] | ||
Percentage of operating margin | 10% | |
Maximum | ||
Disclosure of information for cash-generating units [line items] | ||
Percentage of operating margin | 15% | |
Sensor Technologies | ||
Disclosure of information for cash-generating units [line items] | ||
Goodwill | € 0 | |
Display Solutions | ||
Disclosure of information for cash-generating units [line items] | ||
Goodwill | € 1,721,000 | |
Forecast period | 5 years | |
Perpetual annuity return | 1% | |
Discount rate | 8.02% | |
Risk-free rate | 2.50% | |
Market risk premium rate | 7.50% | |
Pre-tax discount rate | 11.82% |
Significant accounting polic_12
Significant accounting policies - Segments (Details) - 12 months ended Dec. 31, 2022 | segment | item |
Significant accounting policies | ||
Number of operating segments | 3 | 2 |
Significant accounting polic_13
Significant accounting policies - Related parties (Details) | Dec. 31, 2022 |
Minimum | |
Related party disclosures | |
Ownership interest | 20% |
Significant accounting polic_14
Significant accounting policies - Share-based payment arrangements with employees (Details) | 12 Months Ended |
Dec. 31, 2022 item | |
Significant accounting policies | |
Number of performance indicators | 3 |
Assessment period | 1 year |
Changes in the Group - Consolid
Changes in the Group - Consolidated subsidiaries (Details) - EUR (€) | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Consolidated subsidiaries | ||||
Net Profit (Loss) | € (10,886,417) | € (12,268,019) | € (4,913,900) | |
Total equity | € 55,157,089 | € 64,753,400 | € 77,905,223 | € (2,698,468) |
VIA optronics GmbH | ||||
Consolidated subsidiaries | ||||
Ownership Interest | 100% | 100% | ||
Net Profit (Loss) | € (7,746,093) | € (5,172,146) | ||
Total equity | € (21,070,865) | € (13,979,548) | ||
VIA optronics LLC | ||||
Consolidated subsidiaries | ||||
Ownership Interest | 100% | 100% | ||
Net Profit (Loss) | € 2,257,514 | € (661,914) | ||
Total equity | € (705,326) | € (2,767,087) | ||
VIA optronics (Suzhou) Co., Ltd. | ||||
Consolidated subsidiaries | ||||
Ownership Interest | 100% | 100% | ||
Net Profit (Loss) | € 3,185,854 | € 959,129 | ||
Total equity | € 27,378,818 | € 23,312,443 | ||
VIA optronics (Taiwan) Ltd. | ||||
Consolidated subsidiaries | ||||
Ownership Interest | 100% | 100% | ||
Net Profit (Loss) | € 80,064 | € (34,457) | ||
Total equity | € 263,587 | € 193,760 | ||
VIA Germaneers | ||||
Consolidated subsidiaries | ||||
Ownership Interest | 100% | 100% | ||
Net Profit (Loss) | € 300,510 | € 109,492 | ||
Total equity | € 1,750,262 | € 1,449,752 | ||
VIA Optronics (Philippines), Inc | ||||
Consolidated subsidiaries | ||||
Ownership Interest | 100% | 100% | ||
Net Profit (Loss) | € 91,359 | |||
Total equity | € 341,481 | € 264,401 | ||
VTSTouchsensor Co., Ltd | ||||
Consolidated subsidiaries | ||||
Ownership Interest | 65% | 65% | ||
Net Profit (Loss) | € (1,083,004) | € 708,757 | ||
Total equity | € 338,312 | € 1,472,544 |
Changes in the Group - Acquisit
Changes in the Group - Acquisition of Germaneers GmbH (Details) | 8 Months Ended | |||
Sep. 13, 2021 employee | Dec. 31, 2021 EUR (€) | Dec. 31, 2022 EUR (€) | May 31, 2021 EUR (€) | |
Liabilities | ||||
Number of Employees Joining After Acquisition | employee | 20 | |||
Germaneers GmbH | ||||
Changes in the Group | ||||
Voting rights acquired | 100% | |||
Revenue of acquiree | € 1,959,000 | |||
Profit of acquiree | 175,000 | |||
Revenue of combined entity | 181,574,000 | |||
Profit of combined entity | 10,155,000 | |||
Assets | ||||
Non-current | € 347,588 | |||
Property, plant and equipment | 280,896 | |||
Intangible assets | 46,675 | |||
Non-current financial assets | 20,017 | |||
Current | 2,008,677 | |||
Inventories | 444,027 | |||
Trade receivables and other assets | 1,339,965 | |||
Cash and short-term deposits | 224,685 | |||
Total Assets | € 0 | 2,356,265 | ||
Liabilities | ||||
Non-Current | (228,997) | |||
Noncurrent financial liabilities | (330) | |||
Other liabilities | (228,667) | |||
Current | (787,008) | |||
Trade and other payables | (197,751) | |||
Current financial liabilities | (136,657) | |||
Other current liabilities | (452,599) | |||
Total Liabilities | € 0 | (1,016,005) | ||
Total identifiable net assets at fair value | 1,340,260 | |||
Goodwill arising on acquisition | 1,720,960 | |||
Purchase consideration transferred | 3,061,000 | € 3,061,220 | ||
Goodwill expected to be deductible for tax purposes | 0 | |||
Fair value of the trade receivables | 1,271,000 | |||
Transaction costs | € 322,000 |
Intangible assets (Details)
Intangible assets (Details) - EUR (€) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Intangible assets other than goodwill | ||
Intangible assets other than goodwill at beginning of period | € 4,169,436 | |
Intangible assets other than goodwill at end of period | 2,966,572 | € 4,169,436 |
Goodwill | ||
Goodwill at beginning of the period | 1,720,960 | |
Goodwill at ending of the period | 1,720,960 | 1,720,960 |
Total | ||
Intangible assets and goodwill at beginning of the period | 4,169,436 | 4,078,249 |
Intangible assets and goodwill at ending of the period | 2,966,572 | 4,169,436 |
Impairment losses | 0 | 0 |
Subsequent reversal of impairment losses | 0 | 0 |
Gross carrying amount | ||
Intangible assets other than goodwill | ||
Additions | 89,655 | 154,681 |
Goodwill | ||
Goodwill at beginning of the period | 1,720,960 | |
Acquisition of a subsidiary | 1,720,960 | |
Goodwill at ending of the period | 1,720,960 | 1,720,960 |
Total | ||
Intangible assets and goodwill at beginning of the period | 10,848,693 | 9,022,050 |
Acquisition of a subsidiary | 1,767,635 | |
Foreign currency effect | (107,753) | (95,673) |
Intangible assets and goodwill at ending of the period | 10,830,595 | 10,848,693 |
Accumulated amortization | ||
Intangible assets other than goodwill | ||
Amortization | (1,184,767) | (1,735,458) |
Total | ||
Intangible assets and goodwill at beginning of the period | (6,679,257) | (4,943,799) |
Intangible assets and goodwill at ending of the period | (7,864,024) | (6,679,257) |
Software, Licenses and Patents | ||
Intangible assets other than goodwill | ||
Intangible assets other than goodwill at beginning of period | 2,091,921 | 3,220,701 |
Intangible assets other than goodwill at end of period | 1,245,612 | 2,091,921 |
Software, Licenses and Patents | Gross carrying amount | ||
Intangible assets other than goodwill | ||
Intangible assets other than goodwill at beginning of period | 6,918,082 | 6,789,349 |
Additions | 89,655 | 154,681 |
Acquisition of a subsidiary | 46,675 | |
Foreign currency effect | (99,848) | (72,623) |
Intangible assets other than goodwill at end of period | 6,907,889 | 6,918,082 |
Software, Licenses and Patents | Accumulated amortization | ||
Intangible assets other than goodwill | ||
Intangible assets other than goodwill at beginning of period | (4,826,161) | (3,568,647) |
Amortization | (836,116) | (1,257,514) |
Intangible assets other than goodwill at end of period | (5,662,277) | (4,826,161) |
Customer relationships | ||
Intangible assets other than goodwill | ||
Intangible assets other than goodwill at beginning of period | 356,555 | 857,549 |
Intangible assets other than goodwill at end of period | 356,555 | |
Customer relationships | Gross carrying amount | ||
Intangible assets other than goodwill | ||
Intangible assets other than goodwill at beginning of period | 2,209,651 | 2,232,701 |
Foreign currency effect | (7,904) | (23,050) |
Intangible assets other than goodwill at end of period | 2,201,747 | 2,209,651 |
Customer relationships | Accumulated amortization | ||
Intangible assets other than goodwill | ||
Intangible assets other than goodwill at beginning of period | (1,853,096) | (1,375,152) |
Amortization | (348,651) | (477,944) |
Intangible assets other than goodwill at end of period | € (2,201,747) | € (1,853,096) |
Property and equipment (Details
Property and equipment (Details) - EUR (€) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Changes in property, plant and equipment | ||
Property, plant and equipment at beginning of period | € 21,530,680 | € 16,835,608 |
Property, plant and equipment at end of period | 23,042,452 | 21,530,680 |
Impairment losses | 0 | 0 |
Subsequent reversal of impairment losses | 0 | 0 |
Gross carrying amount | ||
Changes in property, plant and equipment | ||
Property, plant and equipment at beginning of period | 41,279,139 | 32,744,770 |
Additions | 6,017,660 | 8,805,603 |
Acquisition of a subsidiary | 70,533 | |
Disposals | (279,340) | (712,560) |
Foreign currency effect | 1,461,656 | 370,792 |
Property, plant and equipment at end of period | 48,479,115 | 41,279,139 |
Accumulated amortization | ||
Changes in property, plant and equipment | ||
Property, plant and equipment at beginning of period | (19,748,458) | (15,909,161) |
Depreciation charge for the year | (5,706,026) | (4,365,939) |
Disposals | 17,822 | 526,642 |
Property, plant and equipment at end of period | (25,436,662) | (19,748,458) |
Buildings | ||
Changes in property, plant and equipment | ||
Property, plant and equipment at beginning of period | 9,862,313 | 8,929,306 |
Property, plant and equipment at end of period | 8,123,860 | 9,862,313 |
Buildings | Gross carrying amount | ||
Changes in property, plant and equipment | ||
Property, plant and equipment at beginning of period | 15,645,939 | 12,552,757 |
Additions | 478,468 | 3,099,403 |
Disposals | (85,605) | |
Foreign currency effect | 480,477 | 79,384 |
Property, plant and equipment at end of period | 16,604,885 | 15,645,939 |
Buildings | Accumulated amortization | ||
Changes in property, plant and equipment | ||
Property, plant and equipment at beginning of period | (5,783,626) | (3,623,451) |
Depreciation charge for the year | (2,697,399) | (2,160,175) |
Property, plant and equipment at end of period | (8,481,025) | (5,783,626) |
Technical Equipment and Machines | ||
Changes in property, plant and equipment | ||
Property, plant and equipment at beginning of period | 8,726,867 | 4,170,841 |
Property, plant and equipment at end of period | 10,019,763 | 8,726,867 |
Technical Equipment and Machines | Gross carrying amount | ||
Changes in property, plant and equipment | ||
Property, plant and equipment at beginning of period | 19,271,001 | 13,440,143 |
Additions | 2,101,790 | 1,645,503 |
Transfers | 523,553 | 4,306,247 |
Acquisition of a subsidiary | 2 | |
Disposals | (104,246) | (348,494) |
Foreign currency effect | 783,342 | 227,601 |
Property, plant and equipment at end of period | 22,575,440 | 19,271,001 |
Technical Equipment and Machines | Accumulated amortization | ||
Changes in property, plant and equipment | ||
Property, plant and equipment at beginning of period | (10,544,134) | (9,269,302) |
Transfers | 94,342 | |
Depreciation charge for the year | (2,124,970) | (1,622,416) |
Disposals | 19,084 | 347,584 |
Property, plant and equipment at end of period | (12,555,678) | (10,544,134) |
Factory, Office, Other Equipment and Leasehold Improvements | ||
Changes in property, plant and equipment | ||
Property, plant and equipment at beginning of period | 2,561,371 | 1,628,508 |
Property, plant and equipment at end of period | 3,167,344 | 2,561,371 |
Factory, Office, Other Equipment and Leasehold Improvements | Gross carrying amount | ||
Changes in property, plant and equipment | ||
Property, plant and equipment at beginning of period | 5,967,327 | 4,630,172 |
Additions | 1,233,728 | 1,455,496 |
Transfers | 194,425 | 24,645 |
Acquisition of a subsidiary | 70,531 | |
Disposals | (381) | (278,460) |
Foreign currency effect | 157,463 | 64,942 |
Property, plant and equipment at end of period | 7,552,561 | 5,967,327 |
Factory, Office, Other Equipment and Leasehold Improvements | Accumulated amortization | ||
Changes in property, plant and equipment | ||
Property, plant and equipment at beginning of period | (3,405,955) | (3,001,665) |
Transfers | (94,342) | |
Depreciation charge for the year | (883,658) | (583,348) |
Disposals | 179,058 | |
Disposals Adjustment | (1,261) | |
Property, plant and equipment at end of period | (4,385,216) | (3,405,955) |
Assets Under Construction | ||
Changes in property, plant and equipment | ||
Property, plant and equipment at beginning of period | 380,128 | 2,106,954 |
Property, plant and equipment at end of period | 1,731,484 | 380,128 |
Assets Under Construction | Gross carrying amount | ||
Changes in property, plant and equipment | ||
Property, plant and equipment at beginning of period | 394,871 | 2,121,698 |
Additions | 2,203,673 | 2,605,201 |
Transfers | (717,978) | (4,330,892) |
Disposals | (174,713) | (1) |
Foreign currency effect | 40,374 | (1,135) |
Property, plant and equipment at end of period | 1,746,227 | 394,871 |
Assets Under Construction | Accumulated amortization | ||
Changes in property, plant and equipment | ||
Property, plant and equipment at beginning of period | (14,744) | (14,744) |
Property, plant and equipment at end of period | € (14,744) | € (14,744) |
Other non-current financial a_2
Other non-current financial assets (Details) $ in Thousands | 12 Months Ended | |||||||
Apr. 01, 2024 shares | Sep. 28, 2021 EUR (€) shares | Sep. 28, 2021 USD ($) shares | Dec. 31, 2022 EUR (€) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 EUR (€) | Jul. 09, 2021 EUR (€) | Jul. 09, 2021 USD ($) | |
Disclosure of detailed information about financial instruments [line items] | ||||||||
Financial instrument value | € 1,194,000 | € 1,124,000 | ||||||
Gain from re-measurement | (17,843) | 352,101 | ||||||
Foreign currency effects on fair value | $ | $ 1,273 | |||||||
Promissory Note | ||||||||
Disclosure of detailed information about financial instruments [line items] | ||||||||
Financial instrument value | € 738,000 | $ 900 | ||||||
Value of promissory notes converted into shares | 1,090,000 | |||||||
Gain from re-measurement | € 352,000 | $ 373 | ||||||
Rental deposit | ||||||||
Disclosure of detailed information about financial instruments [line items] | ||||||||
Financial instrument value | € 135,000 | € 24,000 | ||||||
Series B1 Units [Member] | Promissory Note | ||||||||
Disclosure of detailed information about financial instruments [line items] | ||||||||
Promissory notes converted into shares | shares | 20,870 | 20,870 | 20,870 | |||||
Percentage Of Shares Owned | 0.348% |
Inventories (Details)
Inventories (Details) - EUR (€) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Inventories | |||
Raw materials and supplies | € 12,857,659 | € 19,578,604 | |
Work in progress | 2,547,396 | 1,642,247 | |
Finished goods and merchandise | 5,134,153 | 14,628,795 | |
Payments on account for inventories | 876 | ||
Inventories | 20,539,208 | 35,849,646 | |
Inventories recognized as cost of sales | 162,474,000 | 129,426,000 | € 105,030,000 |
Write-down on inventory | € 40,000 | € 115,000 | € 96,000 |
Trade accounts receivable and_3
Trade accounts receivable and other current financial assets - With maturities (Details) - EUR (€) | Dec. 31, 2022 | Dec. 31, 2021 |
Trade accounts receivable and other current financial assets | ||
Total gross carrying amount | € 24,700,678 | € 32,120,019 |
Carrying amount of trade receivables subject to factoring (FVTPL) | (3,690,404) | (2,420,511) |
Total gross carrying amount AC | 21,010,274 | 29,699,508 |
Expected credit loss (Stage 2 & 3) | (1,037,518) | (992,460) |
Total net carrying amount trade accounts receivables | € 19,972,756 | € 28,707,048 |
Trade accounts receivable and_4
Trade accounts receivable and other current financial assets (Details) - EUR (€) | Dec. 31, 2022 | Dec. 31, 2021 |
Trade accounts receivable | ||
Total gross carrying amount | € 21,010,274 | € 29,699,508 |
Expected credit loss (Stage 2) | (508,959) | (328,543) |
Loss from credit impaired trade accounts receivables (Stage 3) | (528,559) | (663,917) |
Total net carrying amount trade accounts receivables | 19,972,756 | 28,707,048 |
Current | ||
Trade accounts receivable | ||
Total gross carrying amount | 11,893,952 | 15,537,575 |
Expected credit loss (Stage 2) | (116,791) | (65,921) |
Less than 30 Days | ||
Trade accounts receivable | ||
Total gross carrying amount | 4,310,194 | 7,559,486 |
Expected credit loss (Stage 2) | (88,880) | (54,791) |
31 - 60 Days | ||
Trade accounts receivable | ||
Total gross carrying amount | 1,335,189 | 2,847,052 |
Expected credit loss (Stage 2) | (54,601) | (52,361) |
61 - 90 Days | ||
Trade accounts receivable | ||
Total gross carrying amount | 594,268 | 2,142,988 |
Expected credit loss (Stage 2) | (27,637) | (71,876) |
91 - 120 Days | ||
Trade accounts receivable | ||
Total gross carrying amount | 375,118 | 123,295 |
Expected credit loss (Stage 2) | (24,400) | (8,653) |
>120 Days | ||
Trade accounts receivable | ||
Total gross carrying amount | 2,501,554 | 1,489,112 |
Expected credit loss (Stage 2) | (196,650) | (74,941) |
Loss from credit impaired trade accounts receivables (Stage 3) | € (528,559) | € (663,917) |
Trade accounts receivable and_5
Trade accounts receivable and other current financial assets - Allowances (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 EUR (€) | Dec. 31, 2021 EUR (€) | Dec. 31, 2022 USD ($) | |
Disclosure of provision matrix [line items] | |||
Beginning balance | € 992,460 | € 708,880 | |
Reversal of impairment loss (Stage 3) | (857,093) | (240,678) | |
Reversal of provision for expected credit losses (Stage 2) | (135,367) | (26,574) | |
Additions | 1,021,214 | 513,043 | |
Currency translation effect | 16,304 | 37,790 | |
Ending balance | 1,037,518 | 992,460 | |
Recognized fixed deposit | 7,970,000 | € 0 | |
Founder and Management Board Member Jrgen Eichner | |||
Disclosure of provision matrix [line items] | |||
Other financial assets | € 47,000 | $ 50 |
Other non-financial assets (Det
Other non-financial assets (Details) - EUR (€) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Other non-financial assets | ||
Receivables from employees due within 1 year | € 95,518 | € 64,246 |
Value added tax refund | 1,784,233 | 1,285,383 |
Contract assets | 3,569,821 | 2,123,884 |
Prepaid expenses | 1,860,773 | 2,155,523 |
Assets recognized from costs to fulfill a contract | 2,823,655 | 2,183,536 |
Payments on account for inventories | 1,448,597 | 876,000 |
Miscellaneous | 517,503 | 487,769 |
Total | 12,100,101 | 8,300,341 |
Amount of amortization recognized | € 610,000 | € 100,000 |
Equity (Details)
Equity (Details) - EUR (€) | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2020 | Dec. 29, 2022 | Dec. 31, 2021 | |
Equity | ||||
Number of shares subscribed | 4,530,701 | 4,530,701 | ||
Par value per share | € 1 | |||
Subscribed capital | € 4,530,701 | |||
Issue of equity | € 90,844,618 | |||
Gross IPO proceeds | 90,844,618 | |||
IPO costs | 2,847,365 | |||
Increase in share capital | € 1,500,000 | |||
Issuance of share capital | 1,500,000 | |||
Conditional capital | 220,000 | |||
Par value issued | € 0 | |||
Initial Public Offering and Private Placement | ||||
Equity | ||||
Issue of equity | 1,530,701 | |||
Gross IPO proceeds | 90,844,618 | |||
Proceeds From IPO Before Discounts And Commissions | 96,485,412 | |||
Amount Exceeding Share of Capital Stock | 84,336,183 | |||
IPO costs | 5,640,794 | |||
Other IPO Transaction Costs | 4,977,734 | |||
Net IPO Proceeds From Issue Of Ordinary Shares | € 85,866,884 |
Loans - Schedule of Borrowings
Loans - Schedule of Borrowings (Details) | Dec. 31, 2022 EUR (€) | Dec. 31, 2022 USD ($) | Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 JPY (¥) | Dec. 31, 2021 EUR (€) | Dec. 31, 2021 USD ($) | Dec. 31, 2021 JPY (¥) |
Loans | |||||||
Current loans | € 30,461,789 | € 34,557,415 | |||||
Total noncurrent loans | 1,060,358 | 700,568 | |||||
Bank overdrafts | |||||||
Loans | |||||||
Current loans | € 8,355 | ||||||
Deutsche Bank | |||||||
Loans | |||||||
Interest rate | 2.40% | 2.40% | 2.40% | ||||
Current loans | € 2,400,000 | ||||||
CZBANK | |||||||
Loans | |||||||
Current loans | 4,628,430 | $ 5,219,953 | |||||
CITIC BANK | |||||||
Loans | |||||||
Current loans | 6,192,597 | $ 6,605,114 | 6,830,155 | 7,703,063 | |||
ICBC Bank | |||||||
Loans | |||||||
Current loans | € 3,973,742 | $ 4,238,451 | 7,745,326 | 8,735,194 | |||
ICBC Bank. | |||||||
Loans | |||||||
Interest rate | 3.80% | 3.80% | 3.80% | 3.80% | |||
Current loans | € 1,359,028 | ¥ 10,000,000 | |||||
CCB Bank | |||||||
Loans | |||||||
Current loans | € 2,589,107 | $ 2,920,000 | |||||
SPD bank | |||||||
Loans | |||||||
Interest rate | 2.13% | 2.13% | 2.13% | ||||
Current loans | € 7,093,809 | $ 7,566,359 | € 5,798,890 | $ 6,540,000 | |||
CMSB | |||||||
Loans | |||||||
Interest rate | 1.90% | 1.90% | 1.90% | ||||
Current loans | € 3,666,829 | $ 4,135,457 | |||||
CMBC | |||||||
Loans | |||||||
Interest rate | 3.90% | 3.90% | 3.90% | 3.90% | |||
Current loans | € 2,466,125 | $ 2,630,405 | |||||
Shiga Bank | |||||||
Loans | |||||||
Interest rate | 0.78% | 0.78% | 0.78% | 0.78% | 0.98% | 0.98% | 0.98% |
Current loans | € 289,208 | ¥ 40,680,000 | € 767,602 | ¥ 100,080,000 | |||
Total noncurrent loans | € 1,060,358 | ¥ 149,150,000 | € 700,568 | ¥ 91,340,000 | |||
Shiga Bank | |||||||
Loans | |||||||
Interest rate | 0.98% | 0.98% | 0.98% | 0.98% | 1.28% | 1.28% | 1.28% |
Current loans | € 649,367 | ¥ 91,340,000 | € 122,718 | ¥ 16,000,000 | |||
BCM | |||||||
Loans | |||||||
Current loans | € 8,437,913 | $ 9,000,000 | |||||
Minimum | CZBANK | |||||||
Loans | |||||||
Interest rate | 3% | 3% | 3% | ||||
Minimum | CITIC BANK | |||||||
Loans | |||||||
Interest rate | 3.20% | 3.20% | 3.20% | 3.20% | 1.96% | 1.96% | 1.96% |
Minimum | ICBC Bank | |||||||
Loans | |||||||
Interest rate | 3.23% | 3.23% | 3.23% | 3.23% | 1.65% | 1.65% | 1.65% |
Minimum | CCB Bank | |||||||
Loans | |||||||
Interest rate | 0.59% | 0.59% | 0.59% | ||||
Minimum | SPD bank | |||||||
Loans | |||||||
Interest rate | 2.82% | 2.82% | 2.82% | 2.82% | |||
Minimum | CMSB | |||||||
Loans | |||||||
Interest rate | 3.90% | 3.90% | 3.90% | 3.90% | |||
Minimum | BCM | |||||||
Loans | |||||||
Interest rate | 1.82% | 1.82% | 1.82% | 1.82% | |||
Maximum | CZBANK | |||||||
Loans | |||||||
Interest rate | 3.20% | 3.20% | 3.20% | ||||
Maximum | CITIC BANK | |||||||
Loans | |||||||
Interest rate | 3.42% | 3.42% | 3.42% | 3.42% | 2.13% | 2.13% | 2.13% |
Maximum | ICBC Bank | |||||||
Loans | |||||||
Interest rate | 3.98% | 3.98% | 3.98% | 3.98% | 1.77% | 1.77% | 1.77% |
Maximum | SPD bank | |||||||
Loans | |||||||
Interest rate | 3.15% | 3.15% | 3.15% | 3.15% | 0.71% | 0.71% | 0.71% |
Maximum | BCM | |||||||
Loans | |||||||
Interest rate | 1.95% | 1.95% | 1.95% | 1.95% |
Loans - Narrative (Details)
Loans - Narrative (Details) - EUR (€) € in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Loans | ||
Trade receivable pledged as collateral | € 0 | € 2,500 |
Provisions - Summary of Provisi
Provisions - Summary of Provisions (Details) | 12 Months Ended | |
Dec. 31, 2022 EUR (€) contract | Dec. 31, 2021 EUR (€) contract | |
Provisions | ||
Other provisions at beginning of period | € 1,230,174 | € 711,724 |
Additions | 1,039,508 | 1,071,574 |
Reversals | (446,145) | (438) |
Usage | (622,265) | (575,502) |
Unwinding of discount | 2,092 | 2,026 |
Acquisition of a subsidiary | 18,000 | |
Currency translation effect | 96,279 | 2,790 |
Other provisions at end of period | 1,299,644 | 1,230,174 |
Noncurrent | 143,949 | 140,869 |
Current | 1,155,696 | 1,089,305 |
Total other provisions | 1,299,644 | 1,230,174 |
Provision for payment of patent licensing fees | € 49,000 | € 432,000 |
Number of contracts with negative margin | contract | 1 | 2 |
Warranties | ||
Provisions | ||
Other provisions at beginning of period | € 656,994 | € 575,940 |
Additions | 930,990 | 639,263 |
Reversals | (34,729) | (438) |
Usage | (622,265) | (575,502) |
Acquisition of a subsidiary | 18,000 | |
Currency translation effect | 66,649 | (269) |
Other provisions at end of period | 997,639 | 656,994 |
Current | 997,639 | 656,994 |
Total other provisions | 997,639 | 656,994 |
Asset Retirement Obligation | ||
Provisions | ||
Other provisions at beginning of period | 140,869 | 135,784 |
Unwinding of discount | 2,092 | 2,026 |
Currency translation effect | 987 | 3,059 |
Other provisions at end of period | 143,949 | 140,869 |
Noncurrent | 143,949 | 140,869 |
Total other provisions | 143,949 | 140,869 |
Other | ||
Provisions | ||
Other provisions at beginning of period | 432,311 | |
Additions | 108,518 | 432,311 |
Reversals | (411,416) | |
Currency translation effect | 28,643 | |
Other provisions at end of period | 158,056 | 432,311 |
Current | 158,056 | 432,311 |
Total other provisions | € 158,056 | € 432,311 |
Other current financial liabi_3
Other current financial liabilities - Summary of other current financial liabilities (Details) - EUR (€) | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of financial liabilities [line items] | ||
Customers with credit balances | € 104,967 | |
Financial liabilities due to third parties | € 946,606 | 2,387,683 |
Invoices not yet received | 5,596,090 | 5,330,275 |
Miscellaneous other financial liabilities | 215,608 | 191,253 |
Total | 6,758,304 | 8,014,179 |
Commercial Agreement | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities due to third parties | € 890,000 | € 838,000 |
Other current non-financial l_3
Other current non-financial liabilities (Details) - EUR (€) | Dec. 31, 2022 | Dec. 31, 2021 |
Other current non-financial liabilities | ||
Accrued expenses | € 439,803 | € 135,055 |
Social security liabilities | 223,570 | 304,864 |
Liabilities for remaining leave | 580,585 | 613,145 |
Tax liabilities other than income taxes | 392,773 | 619,172 |
Contract liabilities | 1,794,903 | 1,021,095 |
Liability for continued services of employees | 400,083 | 1,083,000 |
Liabilities due to personnel bonus | 1,021,192 | 2,245,134 |
Miscellaneous other nonfinancial liabilities | 1,136,471 | 1,561,018 |
Total | 5,989,380 | 7,582,483 |
Freight, professional services and office supplies accruals | 960,000 | 507,000 |
Amount of correction of VAT liabilities | € 289,000 | € 148,000 |
Leases - Other (Details)
Leases - Other (Details) - EUR (€) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of quantitative information about right-of-use assets [line items] | |||
Undiscounted potential future rental payments | € 5,778,000 | € 5,778,000 | |
Leases | |||
Beginning balance | 10,006,070 | 9,061,002 | |
Depreciation charge for the year | (2,821,385) | (2,245,767) | € (1,903,223) |
Additions to right-of-use assets | 580,719 | 2,986,389 | |
Additions due to business combinations | 210,667 | ||
Derecognition of right-of-use assets | (85,605) | ||
Foreign currency effect | 487,512 | 79,384 | |
Ending Balance | € 8,252,915 | 10,006,070 | 9,061,002 |
Property and equipment. | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Operating lease, lease term | 1 year 6 months | ||
Vehicles | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Operating lease, lease term | 3 years | ||
Buildings | |||
Leases | |||
Beginning balance | € 9,862,313 | 8,929,305 | |
Depreciation charge for the year | (2,692,074) | (2,160,175) | |
Additions to right-of-use assets | 466,108 | 2,888,736 | |
Additions due to business combinations | 210,667 | ||
Derecognition of right-of-use assets | (85,605) | ||
Foreign currency effect | 487,512 | 79,384 | |
Ending Balance | 8,123,860 | 9,862,313 | 8,929,305 |
Factory, office and other equipment | |||
Leases | |||
Beginning balance | 143,757 | 131,696 | |
Depreciation charge for the year | (129,311) | (85,592) | |
Additions to right-of-use assets | 114,610 | 97,652 | |
Ending Balance | € 129,055 | € 143,757 | € 131,696 |
Maximum | Property and equipment. | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Operating lease, lease term | 10 years |
Leases - Schedule of carrying a
Leases - Schedule of carrying amounts of lease liabilities (Details) - EUR (€) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Leases | ||
Beginning balance | € (9,970,927) | € (9,214,428) |
Additions | (580,719) | (2,446,388) |
Additions due to business combinations | (210,667) | |
Accretion of interest | (191,638) | (215,464) |
Payments | 2,567,839 | 2,031,598 |
Derecognition of lease liability | 168,183 | |
Foreign currency effect | 266,013 | (83,763) |
Ending balance | (7,909,432) | (9,970,927) |
Current | (2,314,900) | (2,025,193) |
Non-current | € (5,594,532) | € (7,945,734) |
Leases - Schedule of Amounts re
Leases - Schedule of Amounts recognized in profit or loss (Details) - EUR (€) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Leases | |||
Depreciation expense of rightofuse assets | € 2,821,385 | € 2,245,767 | € 1,903,223 |
Interest on lease liabilities | (191,638) | (215,464) | (197,967) |
Expenses relating to short-term leases | 233,849 | 587,356 | 34,860 |
Expenses relating to leases of low-value assets, excluding short-term leases of low-value assets | 209,117 | 43,094 | 40,800 |
Lease expenses recognized in profit loss | 3,455,987 | 3,091,681 | 2,176,850 |
Cash outflows for all leases | € 2,568,000 | € 2,662,000 | € 3,704,000 |
Revenue - Schedule of disaggreg
Revenue - Schedule of disaggregation of revenue (Details) - EUR (€) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Revenue | |||
Revenues | € 219,505,934 | € 180,802,496 | € 152,590,315 |
Display Solutions | |||
Revenue | |||
Revenues | 200,038,287 | 154,707,881 | 127,119,437 |
Sensor Technologies | |||
Revenue | |||
Revenues | 19,467,647 | 26,094,615 | 25,470,878 |
Full Service Model | |||
Revenue | |||
Revenues | 29,066,000 | ||
Full Service Model | Display Solutions | |||
Revenue | |||
Revenues | 197,024,066 | 151,982,103 | 125,083,288 |
R&D Engineering Services | |||
Revenue | |||
Revenues | 3,014,000 | ||
R&D Engineering Services | Display Solutions | |||
Revenue | |||
Revenues | € 3,014,221 | € 2,725,778 | € 2,036,149 |
Revenue - Schedule of contract
Revenue - Schedule of contract balances (Details) - EUR (€) | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Revenue | ||||
Trade accounts receivables (see note 10) | € 23,663,160 | € 31,127,559 | ||
Contract liabilities | 1,794,903 | 1,021,095 | € 190,154 | € 334,123 |
Contract assets | 3,569,821 | 2,123,884 | ||
Assets recognized from costs to fulfill contract | € 2,823,655 | € 2,183,536 |
Revenue - Schedule of contrac_2
Revenue - Schedule of contract liabilities (Details) - EUR (€) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Revenue | |||
Contract liabilities at beginning of period | € 1,021,095 | € 190,154 | € 334,123 |
Deferred during the year | 1,794,903 | 1,021,095 | 190,154 |
Recognized as revenue during the year | (1,021,095) | (190,154) | (334,123) |
Contract liabilities at end of period | € 1,794,903 | € 1,021,095 | € 190,154 |
Expenses by nature- Expenses by
Expenses by nature- Expenses by nature (Details) - EUR (€) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Expenses by nature | |||
Raw materials and consumables | € 162,473,680 | € 129,425,611 | € 105,030,465 |
Salaries, wages and employee benefits | 34,267,193 | 33,200,439 | 22,877,775 |
Consultancy & audit | 7,782,271 | 7,002,594 | 4,808,864 |
Advertising, vehicle and travel expense | 2,843,971 | 1,510,759 | 1,341,142 |
Warranty | 930,788 | 638,825 | 124,881 |
Lease expenses | 442,966 | 630,450 | 190,673 |
Purchased services | 3,560,031 | 5,160,291 | 2,443,355 |
Taxes, insurance costs, and other dues | 3,899,512 | 4,543,214 | 1,993,462 |
Depreciation and amortization | 6,890,792 | 6,101,398 | 7,043,590 |
Maintenance | 1,670,003 | 1,679,108 | 1,704,322 |
Other | 4,288,586 | 5,102,811 | 4,357,742 |
Total | € 229,049,793 | € 194,995,500 | € 151,916,271 |
Expenses by nature - Narrative
Expenses by nature - Narrative (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Expenses by nature | |||
Salaries and wages | € 29,896 | € 30,233 | |
Social security contributions, Expenses for pension plans and other special company benefits | 4,371 | 2,967 | |
Expense recognized for defined contribution plans | 1,623 | 1,692 | € 821 |
Utilities expense | 2,539 | 2,558 | 1,439 |
Other R&D expenses | 1,007 | 1,938 | 1,927 |
Cafeteria expenses | 274 | 256 | 162 |
Other small expense | € 469 | € 195 | € 189 |
Other income and other expens_3
Other income and other expenses - Other operating income (Details) - EUR (€) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Other income and other expenses | |||
Damages/insurance proceeds | € 100,329 | € 53,206 | € 12,282 |
Exchange gains | 8,116,344 | 5,434,874 | 3,326,593 |
Miscellaneous other operating income | 2,099,223 | 2,716,140 | 1,630,159 |
Total | 10,315,896 | 8,204,220 | 4,969,034 |
Miscellaneous other operating income from sales of samples or scrap | € 1,390,000 | 381,000 | 767,000 |
Miscellaneous other operating income from expense reimbursements | 1,096,000 | 274,000 | |
Income from non-operating activities | € 688,000 | ||
Tooling income | 492,000 | ||
ECL reduction | € 326,000 |
Other income and other expens_4
Other income and other expenses - Other operating expense (Details) - EUR (€) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Other income and other expenses | |||
Other taxes | € 259 | € 156 | |
Losses on disposals of assets | 5,271 | 75,114 | € 76,561 |
Expected credit losses | 28,754 | 245,791 | 323,200 |
Onerous contracts charge/release | (411,416) | 432,311 | |
Exchange losses | 6,411,667 | 304,398 | 5,462,494 |
Miscellaneous other operating expenses | 1,946,848 | 3,228,421 | 1,297,265 |
Total | 7,981,384 | 4,286,191 | 7,159,521 |
Trade accounts receivables in dispute | 240,000 | 1,727,000 | |
Expenses unrelated to the accounting period | 603,000 | 235,000 | |
Compensation expense | 377,000 | 741,000 | |
Effect of change in functional currency | € 1,883,000 | € 544,000 | |
Tooling expense | 836,000 | ||
Warranty expenses | € 125,000 |
Financial result (Details)
Financial result (Details) - EUR (€) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of Information for Financial Result [Line Items] | |||
Total interest income arising from financial assets measured at AC | € 414,820 | € 3,888 | € 4,182 |
Fair value gains on financial assets at FVTPL | (17,843) | 352,101 | |
Finance income | 414,820 | 355,989 | 4,182 |
Total interest expense arising from financial liabilities measured at AC | (1,726,833) | (903,061) | (1,225,189) |
Total interest expense arising from lease liabilities | (191,638) | (215,464) | (197,967) |
Unwind of discount on asset retirement obligation | (1,988) | (2,026) | (1,993) |
Fair value losses on financial assets at FVTPL | (17,843) | (11,574) | |
Finance costs | (1,938,303) | (1,132,126) | (1,425,150) |
Net finance costs recognized in profit or loss | (1,523,482) | (776,137) | € (1,420,968) |
Interest expense arising from financial liabilities measured at AC increased | 903,000 | ||
VIA optronics AG | |||
Disclosure of Information for Financial Result [Line Items] | |||
Interest for fixed deposit accounts | 333,000 | € 0 | |
Minimum | |||
Disclosure of Information for Financial Result [Line Items] | |||
Interest expense arising from financial liabilities measured at AC increased | 824,000 | ||
Maximum | |||
Disclosure of Information for Financial Result [Line Items] | |||
Interest expense arising from financial liabilities measured at AC increased | € 1,727,000 |
Taxes on income - Income tax ex
Taxes on income - Income tax expense (Details) - EUR (€) | 12 Months Ended | 36 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2022 | |
Taxes on income | ||||
Current tax expense | € 1,816,531 | € 1,776,180 | € 2,275,672 | |
Adjustments in respect of current income tax of previous year | 86,252 | |||
Deferred income tax charge / (benefit) | 337,057 | (559,273) | (385,434) | |
Income tax expense | € 2,153,588 | € 1,216,908 | € 1,976,490 | |
Average effective tax rate | 24.66% | 11.82% | 67.29% | |
VIA optronics AG | ||||
Taxes on income | ||||
Statutory corporate income tax rate | 15% | |||
Corporate income tax rate | 32.17% | 32.17% | ||
Total corporate tax rate | 15.82% | |||
Solidarity surcharge rate | 5.50% | |||
Municipal trade tax rate | 16.35% | |||
VIA optronics GmbH | ||||
Taxes on income | ||||
Statutory corporate income tax rate | 32.17% | 32.17% | 32.17% | |
Corporate income tax rate | 15% | |||
Solidarity surcharge rate | 5.50% | |||
Municipal trade tax rate | 16.35% | 16.35% | 16.35% | |
VIA LLC (USA) | ||||
Taxes on income | ||||
Statutory corporate income tax rate | 23.75% | 23.75% | 23.75% | |
VIA Suzhou (China) | ||||
Taxes on income | ||||
Statutory corporate income tax rate | 25% | |||
VTS (Japan) | ||||
Taxes on income | ||||
Statutory corporate income tax rate | 34.26% | 34.10% | 34.10% | |
VIA Germaneers | ||||
Taxes on income | ||||
Statutory corporate income tax rate | 28.70% | 28.70% | ||
VIA Taiwan | ||||
Taxes on income | ||||
Statutory corporate income tax rate | 20% | 20% | 20% | |
Via Optronics Ltd. Philippines | ||||
Taxes on income | ||||
Statutory corporate income tax rate | 30% |
Taxes on income - Reconciliatio
Taxes on income - Reconciliation (Details) - EUR (€) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Taxes on income | |||
Loss before tax | € (8,732,829) | € (11,051,112) | € (2,937,410) |
Tax under domestic (German) tax rate | 2,809,351 | 3,555,143 | 944,965 |
Effect of tax rate in foreign jurisdictions | 580,502 | (121,803) | 423,177 |
Non-deductible expenses | (141,574) | (226,612) | (128,603) |
Current-year losses for which no deferred tax asset is recognized | (6,338,135) | (4,824,168) | (2,599,849) |
Write off (reversal) of deferred tax assets for tax losses carried forward or deductible temporary differences | 1,210,337 | 515,300 | (572,321) |
Withholding taxes | (136,314) | (142,394) | (126,455) |
Permanent differences | (175,802) | ||
Income tax for prior years | (6,410) | (72,671) | |
Deferred tax prior years | 11,408 | 33,080 | |
Others | 33,049 | (5,454) | 9,925 |
Income tax expense | € (2,153,588) | € (1,216,908) | € (1,976,490) |
Average effective tax rate | 24.66% | 11.82% | 67.29% |
Taxes on income - Deferred taxe
Taxes on income - Deferred taxes (Details) - EUR (€) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2018 | |
Taxes on income | |||
Deferred tax assets | € 640,499 | € 967,799 | |
Deferred tax liabilities | (57,731) | (3,781) | |
Deferred taxes charged to equity | 44,000 | 5,000 | |
Outside based differences indefinitely reinvested | 1,125,000 | 921,000 | |
Deferred tax liabilities relating to outside based differences. | 361,000 | 296,000 | |
Germany | |||
Taxes on income | |||
Corporate income tax losses carried forward no deferred tax assets were recognized | 64,147,000 | 46,469,000 | |
Trade tax losses carried forward no deferred tax assets were recognized | 62,985,000 | 45,634,000 | |
Deferred Tax Assets Not Recognized. | 64,053,000 | ||
Deferred Tax Assets Not Recognized For Trade Tax | 62,889,000 | ||
UNITED STATES | |||
Taxes on income | |||
Unused tax losses for which no deferred tax asset recognised | 258,000 | 598,000 | |
Unused Accumulated Tax Losses | 1,088,000 | 2,517,000 | |
Intangible assets. | |||
Taxes on income | |||
Deferred tax assets | 226,745 | 199,402 | |
Deferred tax liabilities | (19,953) | (122,157) | |
Property and equipment. | |||
Taxes on income | |||
Deferred tax assets | 15,051 | ||
Deferred tax liabilities | (2,417,668) | (3,165,137) | |
Inventories. | |||
Taxes on income | |||
Deferred tax assets | 1,395,529 | 904,425 | |
Deferred tax liabilities | (19,571) | ||
Trade accounts receivables. | |||
Taxes on income | |||
Deferred tax assets | 12,298 | 61,177 | |
Deferred tax liabilities | (63,244) | (49,201) | |
Other current assets | |||
Taxes on income | |||
Deferred tax assets | 142,464 | ||
Deferred tax liabilities | (1,736,912) | (1,629,005) | |
Cash and cash equivalents | |||
Taxes on income | |||
Deferred tax assets | 6,402 | 6,402 | |
Deferred tax liabilities | (94,947) | ||
Provisions noncurrent | |||
Taxes on income | |||
Deferred tax assets | 7,388 | 48,996 | |
Other financial liabilities. | |||
Taxes on income | |||
Deferred tax assets | 36,785 | ||
Lease liabilities noncurrent | |||
Taxes on income | |||
Deferred tax assets | 1,776,110 | 2,511,560 | |
Trade accounts payable | |||
Taxes on income | |||
Deferred tax assets | 501,913 | ||
Provisions current | |||
Taxes on income | |||
Deferred tax assets | 9,344 | 186,113 | |
Deferred tax liabilities | (66,401) | ||
Lease liabilities current | |||
Taxes on income | |||
Deferred tax assets | 583,809 | 672,520 | |
Deferred tax liabilities | (1,900) | ||
Other financial liabilities | |||
Taxes on income | |||
Deferred tax assets | 266,167 | 553,922 | |
Other nonfinancial liabilities | |||
Taxes on income | |||
Deferred tax assets | 212,244 | 146,835 | |
Deferred tax liabilities | (25,490) | ||
Losses carried forward | |||
Taxes on income | |||
Deferred tax assets | 373,696 | 101,070 | |
Deferred Taxes before netting | |||
Taxes on income | |||
Deferred tax assets | 4,906,517 | 6,051,852 | |
Deferred tax liabilities | (4,323,749) | (5,087,835) | |
Netting | |||
Taxes on income | |||
Netting - deferred tax assets | (4,266,018) | (5,084,054) | |
Netting - deferred tax liabilities | 4,266,018 | € 5,084,054 | |
VIA LLC (USA) | |||
Taxes on income | |||
Deferred tax assets | 261,000 | ||
Deductible temporary differences for which no deferred tax asset is recognised | € 1,098,000 | ||
Period of unrecognised tax losses carry forward | 20 years | ||
Deductible temporary differences for which no deferred tax asset is recognised | € 1,098,000 | ||
Unused Accumulated Tax Losses | 1,088,000 | ||
VIA VTS | |||
Taxes on income | |||
Deferred tax assets | 555,000 | ||
Deferred tax liabilities | € (2,857,000) | ||
Deductible temporary differences for which no deferred tax asset is recognised | 371,000 | ||
Deferred tax assets for current losses | 184,000 | ||
Deductible temporary differences for which no deferred tax asset is recognised | 371,000 | ||
Deferred Tax Assets Not Recognized. | 941,000 | ||
VIA Ooptronics GmbH And VIA Optronics AG | |||
Taxes on income | |||
Deductible temporary differences for which no deferred tax asset is recognised | 5,208,000 | ||
Deductible temporary differences for which no deferred tax asset is recognised | € 5,208,000 |
Financial Risk Management and_3
Financial Risk Management and Financial Instruments - Narrative (Details) | 12 Months Ended | |||
Dec. 31, 2022 EUR (€) customer | Dec. 31, 2021 EUR (€) customer | Dec. 31, 2020 EUR (€) | Dec. 31, 2019 EUR (€) | |
Market Risk Management and Financial Instruments | ||||
Contract assets | € 3,569,821 | € 2,123,884 | ||
Cash and cash equivalents | 44,428,001 | 58,004,145 | € 81,021,280 | € 9,335,123 |
Cash equivalents no rating | 33,719,000 | 38,196,000 | ||
Fixed deposit accounts | 7,970,000 | 0 | ||
Standard & Poor's, A Rating [Member] | ||||
Market Risk Management and Financial Instruments | ||||
Cash and cash equivalents | 4,958,000 | 9,592,000 | ||
Standard & Poor's, BBB+ Rating to BBB- [Member] | ||||
Market Risk Management and Financial Instruments | ||||
Cash and cash equivalents | € 5,751,000 | € 10,217,000 | ||
Credit risk | ||||
Market Risk Management and Financial Instruments | ||||
Contract assets as a percentage | 100% | 100% | ||
Credit risk | Customer one | ||||
Market Risk Management and Financial Instruments | ||||
Trade receivable as a percentage | 22% | 20% | ||
Number of major customer | customer | 1 | 1 | ||
Credit risk | Customer two | ||||
Market Risk Management and Financial Instruments | ||||
Trade receivable as a percentage | 19% | 16% | ||
Number of major customer | customer | 2 | 2 | ||
Interest rate risk | Customer one | ||||
Market Risk Management and Financial Instruments | ||||
Number of major customer | customer | 1 | |||
Interest rate risk | Customer two | ||||
Market Risk Management and Financial Instruments | ||||
Trade receivable as a percentage | 16% | 12% |
Financial Risk Management and_4
Financial Risk Management and Financial Instruments - Liquidity risk (Details) - EUR (€) | Dec. 31, 2022 | Dec. 31, 2021 |
Market Risk Management and Financial Instruments | ||
Loans | € 30,461,789 | € 34,557,415 |
Trade accounts payable | 27,271,931 | 33,447,088 |
Lease liabilities | 2,314,900 | 2,025,193 |
Other current financial liabilities | 6,758,304 | 8,014,179 |
Current liabilities | 75,357,788 | 88,122,048 |
Liquidity risk | Up to 1 Year | ||
Market Risk Management and Financial Instruments | ||
Loans | 30,685,728 | 34,733,896 |
Trade accounts payable | 27,271,931 | 33,447,088 |
Lease liabilities | 2,441,882 | 2,403,026 |
Other current financial liabilities | 6,758,304 | 8,014,179 |
Current liabilities | 67,157,845 | 78,598,189 |
Liquidity risk | Between 1 and 3 Years | ||
Market Risk Management and Financial Instruments | ||
Loans | 598,908 | 703,331 |
Lease liabilities | 4,021,501 | 4,602,149 |
Other current financial liabilities | 13,287 | |
Current liabilities | 4,633,697 | 5,305,480 |
Liquidity risk | More Than 3 Years | ||
Market Risk Management and Financial Instruments | ||
Loans | 485,377 | |
Lease liabilities | 1,804,111 | 3,390,779 |
Current liabilities | € 2,289,488 | € 3,390,779 |
Financial Risk Management and_5
Financial Risk Management and Financial Instruments - Foreign exchange risk (Details) | 12 Months Ended | |||||||||||||||||||||
Dec. 31, 2022 EUR (€) | Dec. 31, 2022 USD ($) | Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 JPY (¥) | Dec. 31, 2022 TWD ($) | Dec. 31, 2022 PHP (₱) | Dec. 31, 2021 EUR (€) | Dec. 31, 2021 USD ($) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2021 JPY (¥) | Dec. 31, 2021 TWD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 JPY (¥) | Dec. 31, 2022 TWD ($) | Dec. 31, 2022 PHP (₱) | Dec. 31, 2021 USD ($) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2021 JPY (¥) | Dec. 31, 2021 TWD ($) | Dec. 31, 2020 EUR (€) | Dec. 31, 2019 EUR (€) | |
Market Risk Management and Financial Instruments | ||||||||||||||||||||||
Cash and cash equivalents. | € 44,428,001 | € 58,004,145 | € 81,021,280 | € 9,335,123 | ||||||||||||||||||
Other financial assets | 7,970,469 | |||||||||||||||||||||
Current loans | (30,461,789) | (34,557,415) | ||||||||||||||||||||
Trade accounts payable | (27,271,931) | (33,447,088) | ||||||||||||||||||||
Other current financial liabilities | (6,758,304) | (8,014,179) | ||||||||||||||||||||
Currency risk | ||||||||||||||||||||||
Market Risk Management and Financial Instruments | ||||||||||||||||||||||
Cash and cash equivalents. | 681,060 | 1,074,504 | $ 34,319,141 | ¥ 5,144,653 | ¥ 57,762,553 | $ 42,074,709 | ¥ 3,645,636 | ¥ 175,667 | ||||||||||||||
Trade accounts receivables | 1,819,062 | 9,420 | 23,080,637 | 384,924,842 | $ 11,271,923 | |||||||||||||||||
Trade Accounts Receivables and Other Financial Assets | 911,909 | 8,000,000 | 10,566,164 | 404,773,837 | $ 11,186,471 | ₱ 1,313,388 | ||||||||||||||||
Loans receivables | 29,016,931 | 401,116,668 | 31,322,436 | 398,069,782 | ||||||||||||||||||
Loans (payables) | (2,008,333) | (10,000,000) | ||||||||||||||||||||
Trade accounts payable | (1,792,895) | (1,170,124) | (1,334,406) | (104,455,142) | (178,280,936) | (3,535,080) | (20,877,283) | (3,505,663) | (167,501,322) | (113,912,632) | (5,843,051) | |||||||||||
Other current financial liabilities | ¥ | (64,202) | |||||||||||||||||||||
Equity Instruments | $ | 1,273,028 | |||||||||||||||||||||
Net Risk Exposure | € 199,926 | € 284,891 | $ 71,274,694 | ¥ 98,744,325 | ¥ 685,372,122 | $ 7,651,391 | ₱ (19,563,895) | $ 69,900,902 | ¥ 140,839,250 | ¥ 669,257,659 | $ 5,428,872 | |||||||||||
Change in Foreign Currency appreciation/ depreciation in bps (increase) | 10 | 10 | 10 | 10 | 10 | 10 | 10 | 10 | 10 | 10 | 10 | |||||||||||
Change in Foreign Currency appreciation/ depreciation in bps (decrease) | (10) | (10) | (10) | (10) | (10) | (10) | (10) | (10) | (10) | (10) | (10) | |||||||||||
Positive Impact on Profit | € (19,993) | $ (6,108,746) | ¥ (1,341,964) | ¥ (442,959) | $ (21,343) | ₱ 30,015 | € (28,489) | $ (5,675,222) | ¥ (1,957,626) | ¥ (466,842) | $ (15,726) | |||||||||||
Negative Impact on Profit | € 19,993 | $ 7,462,308 | ¥ 1,341,964 | ¥ 541,394 | $ 26,086 | ₱ (36,685) | € 28,489 | $ 6,928,868 | ¥ 1,957,626 | ¥ 570,584 | $ 19,220 |
Additional Information on Fin_3
Additional Information on Financial Instruments - Fair values of financial assets and liabilities (Details) - EUR (€) | Dec. 31, 2022 | Dec. 31, 2021 |
Financial liabilities measured at AC | ||
Additional Information on Financial Instruments | ||
Financial Liabilities, Carrying Amount | € 65,565,669 | € 76,719,249 |
Noncurrent Loans | Financial liabilities measured at AC | Level 3 | ||
Additional Information on Financial Instruments | ||
Financial Liabilities, Carrying Amount | 1,060,358 | 700,568 |
Financial Liabilities, Fair Value | 1,021,696 | 677,598 |
Other non-current financial liabilities. | Financial liabilities measured at AC | ||
Additional Information on Financial Instruments | ||
Financial Liabilities, Carrying Amount | 13,287 | |
Current Loans | Financial liabilities measured at AC | ||
Additional Information on Financial Instruments | ||
Financial Liabilities, Carrying Amount | 30,461,789 | 34,557,415 |
Trade accounts payable | Financial liabilities measured at AC | ||
Additional Information on Financial Instruments | ||
Financial Liabilities, Carrying Amount | 27,271,931 | 33,447,088 |
Other current financial liabilities | Financial liabilities measured at AC | ||
Additional Information on Financial Instruments | ||
Financial Liabilities, Carrying Amount | 6,758,304 | 8,014,179 |
Financial assets measured at AC | ||
Additional Information on Financial Instruments | ||
Financial Assets, Carrying Amount | 72,506,621 | 86,735,817 |
Financial assets measured at FVTPL | ||
Additional Information on Financial Instruments | ||
Financial Assets, Carrying Amount | 4,883,943 | 3,544,498 |
Rental deposits | Financial assets measured at AC | ||
Additional Information on Financial Instruments | ||
Financial Assets, Carrying Amount | 135,395 | 24,624 |
Investments in securities | Financial assets measured at FVTPL | Level 3 | ||
Additional Information on Financial Instruments | ||
Financial Assets, Carrying Amount | 1,193,539 | 1,123,988 |
Financial Assets, Fair Value | 1,193,539 | 1,123,988 |
Trade accounts receivables | Financial assets measured at AC | ||
Additional Information on Financial Instruments | ||
Financial Assets, Carrying Amount | 19,972,756 | 28,707,048 |
Trade accounts receivables (subject to factoring) | Financial assets measured at FVTPL | Level 3 | ||
Additional Information on Financial Instruments | ||
Financial Assets, Carrying Amount | 3,690,404 | 2,420,512 |
Financial Assets, Fair Value | 3,690,404 | 2,420,512 |
Cash and cash equivalents, Current | Financial assets measured at AC | ||
Additional Information on Financial Instruments | ||
Financial Assets, Carrying Amount | 44,428,001 | € 58,004,145 |
Other current financial assets | Financial assets measured at AC | ||
Additional Information on Financial Instruments | ||
Financial Assets, Carrying Amount | € 7,970,469 |
Additional Information on Fin_4
Additional Information on Financial Instruments - Summary of Opening balances to the closing balances for Level 3 (Details) - EUR (€) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Reconciliation of changes in fair value measurement, assets | ||
Assets at beginning of period | € 161,666,399 | € 149,852,136 |
Assets at end of period | € 137,384,732 | 161,666,399 |
Percentage of adjustment factor to the nominal amount of the receivable under the factoring arrangement | 0.73% | |
Net gain on financial assets | € 52,000 | 374,000 |
Net loss on financial liabilities measured at amortized cost related to interest expenses | 1,727,000 | 903,000 |
Net loss on financial assets measured at amortized cost related to expected credit losses | 370,000 | 280,000 |
Trade accounts receivables. | ||
Reconciliation of changes in fair value measurement, assets | ||
Assets at beginning of period | 2,420,512 | |
Additions | 3,708,246 | 2,432,086 |
Sales | (2,420,512) | |
Fair value gains / (losses) (see financial result) | (17,843) | (11,574) |
Assets at end of period | 3,690,403 | 2,420,512 |
Net gains / (losses) during the financial year | € (17,843) | (11,574) |
Trade accounts receivables. | Level 3 | ||
Reconciliation of changes in fair value measurement, assets | ||
Percentage of fair value for trade accounts receivables | 0.50% | |
Promissory Note | ||
Reconciliation of changes in fair value measurement, assets | ||
Additions | 738,007 | |
Fair value gains / (losses) (see financial result) | 352,101 | |
Conversion to equity instruments | (1,090,108) | |
Net gains / (losses) during the financial year | 352,101 | |
Equity Instruments | ||
Reconciliation of changes in fair value measurement, assets | ||
Assets at beginning of period | € 1,123,988 | |
Conversion to equity instruments | 1,090,108 | |
Currency translation effect (see other operating income) | 69,551 | 33,879 |
Assets at end of period | 1,193,539 | 1,123,988 |
Net gains / (losses) during the financial year | € 69,551 | € 33,879 |
Percentage of fair value of the equity instruments | 10% |
Reconciliation of Changes in _3
Reconciliation of Changes in Liabilities arising from Financing Activities (Details) - EUR (€) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Cash flows from financing activities | |||
Proceeds from loans and borrowings | € 56,940,668 | € 57,163,941 | € 53,577,777 |
Repayment loans and borrowings | (63,926,867) | (44,431,773) | (60,473,984) |
Payment of lease liabilities | (2,376,201) | (2,031,598) | (3,627,998) |
Interest paid | (1,873,749) | (880,419) | (1,236,102) |
Net cash provided by (used in) financing activities | (11,236,149) | 9,820,150 | 76,236,946 |
Total financial liabilities | |||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |||
Beginning Balance | 47,616,593 | 32,276,696 | 44,268,924 |
Cash flows from financing activities | |||
Proceeds from loans and borrowings | 56,940,668 | 57,163,941 | 53,577,777 |
Repayment loans and borrowings | (63,926,867) | (44,431,773) | (60,473,984) |
Payment of lease liabilities | (2,376,201) | (2,031,598) | (3,627,998) |
Interest paid | (1,873,749) | (880,419) | (1,236,102) |
Net cash provided by (used in) financing activities | (11,236,148) | 9,820,150 | (11,760,307) |
Foreign currency effect | 1,851,413 | 1,912,350 | (2,544,404) |
Non-cash movements on financial liabilities due to third parties | (352,864) | ||
New leases | 580,719 | 2,657,055 | 878,414 |
Disposal of leases | (168,183) | ||
Accretion of interest | 1,918,471 | 1,118,525 | 1,434,069 |
Ending Balance | 40,378,184 | 47,616,593 | 32,276,696 |
Loans | |||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |||
Beginning Balance | 35,257,983 | 22,286,346 | 31,445,928 |
Cash flows from financing activities | |||
Proceeds from loans and borrowings | 56,940,668 | 55,552,179 | 53,577,777 |
Repayment loans and borrowings | (62,779,354) | (44,431,773) | (60,398,873) |
Interest paid | (1,682,111) | (880,419) | (1,236,102) |
Net cash provided by (used in) financing activities | (7,520,796) | 10,239,987 | (8,057,198) |
Foreign currency effect | 2,058,127 | 1,828,588 | (2,338,486) |
Accretion of interest | 1,726,833 | 903,061 | 1,236,102 |
Ending Balance | 31,522,147 | 35,257,983 | 22,286,346 |
Financial Liabilities Due to Third Parties | |||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |||
Beginning Balance | 2,387,683 | 775,922 | 851,032 |
Cash flows from financing activities | |||
Proceeds from loans and borrowings | 1,611,762 | ||
Repayment loans and borrowings | (1,147,513) | (75,110) | |
Net cash provided by (used in) financing activities | (1,147,513) | 1,611,762 | (75,110) |
Foreign currency effect | 59,300 | ||
Non-cash movements on financial liabilities due to third parties | (352,864) | ||
Ending Balance | 946,606 | 2,387,683 | 775,922 |
Lease Liabilities | |||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |||
Beginning Balance | 9,970,927 | 9,214,428 | 11,971,963 |
Cash flows from financing activities | |||
Payment of lease liabilities | (2,376,201) | (2,031,598) | (3,627,998) |
Interest paid | (191,638) | ||
Net cash provided by (used in) financing activities | (2,567,839) | (2,031,598) | (3,627,998) |
Foreign currency effect | (266,013) | 83,761 | (205,918) |
New leases | 580,719 | 2,657,055 | 878,414 |
Disposal of leases | (168,183) | ||
Accretion of interest | 191,638 | 215,464 | 197,967 |
Ending Balance | € 7,909,431 | € 9,970,927 | € 9,214,428 |
Segments - Schedule of Group's
Segments - Schedule of Group's key financial metrics by segment (Details) - EUR (€) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Segments | |||
External revenues | € 219,505,934 | € 180,802,496 | € 152,590,315 |
Total revenues | 219,505,934 | 180,802,496 | 152,590,315 |
Gross profit | 24,912,576 | 20,492,662 | 23,359,010 |
Operating income (loss) | (7,209,347) | (10,274,975) | (1,516,442) |
Depreciation and amortization | 6,890,792 | 6,101,398 | 7,043,590 |
Net loss | (10,886,417) | (12,268,019) | (4,913,900) |
Segment assets | 137,384,732 | 161,666,399 | 149,852,136 |
Capital expenditure | 6,107,316 | 10,798,452 | 3,834,387 |
Segment liabilities | 82,227,644 | 96,913,000 | 71,946,912 |
Display Solutions | |||
Segments | |||
Total revenues | 200,038,287 | 154,707,881 | 127,119,437 |
Sensor Technologies | |||
Segments | |||
Total revenues | 19,467,647 | 26,094,615 | 25,470,878 |
Operating segments | |||
Segments | |||
External revenues | 219,505,934 | 180,802,496 | 152,590,315 |
Intersegment revenues | 5,569,357 | 3,916,681 | 3,360,282 |
Total revenues | 225,075,292 | 184,719,177 | 155,950,597 |
Gross profit | 24,912,576 | 20,482,968 | 23,336,447 |
Operating income (loss) | (7,630,820) | (10,275,082) | (1,478,674) |
Depreciation and amortization | 6,890,792 | 6,101,398 | 7,043,590 |
Net loss | (11,307,889) | (12,268,019) | (4,913,900) |
Segment assets | 258,315,522 | 270,680,358 | 231,701,287 |
Capital expenditure | 6,107,317 | 10,798,452 | 3,834,387 |
Segment liabilities | 133,007,387 | 140,640,602 | 88,509,707 |
Operating segments | Display Solutions | |||
Segments | |||
External revenues | 200,038,287 | 154,707,881 | 127,119,437 |
Intersegment revenues | 478,965 | ||
Total revenues | 200,517,252 | 154,707,881 | 127,119,437 |
Gross profit | 21,429,587 | 13,929,329 | 18,403,550 |
Operating income (loss) | 2,605,405 | (4,002,918) | 6,625,022 |
Depreciation and amortization | 4,587,716 | 3,520,497 | 2,523,655 |
Net loss | (1,471,321) | (5,738,536) | 3,507,343 |
Segment assets | 102,492,745 | 111,894,550 | 71,399,665 |
Capital expenditure | 5,138,434 | 10,092,483 | 3,272,517 |
Segment liabilities | 97,962,938 | 112,520,914 | 65,431,059 |
Operating segments | Sensor Technologies | |||
Segments | |||
External revenues | 19,467,647 | 26,094,615 | 25,470,878 |
Intersegment revenues | 5,090,392 | 3,916,681 | 3,360,282 |
Total revenues | 24,558,039 | 30,011,296 | 28,831,160 |
Gross profit | 3,482,988 | 6,553,639 | 4,933,008 |
Operating income (loss) | (777,920) | 1,544,509 | 479,397 |
Depreciation and amortization | 2,165,638 | 2,566,467 | 4,519,935 |
Net loss | (1,083,004) | 708,757 | 15,956 |
Segment assets | 14,904,495 | 19,010,661 | 20,306,646 |
Capital expenditure | 435,246 | 257,376 | 561,870 |
Segment liabilities | 14,566,183 | 17,538,117 | 19,515,491 |
Operating segments | Other segments | |||
Segments | |||
Gross profit | (110) | ||
Operating income (loss) | (9,458,305) | (7,816,673) | (8,583,093) |
Depreciation and amortization | 137,437 | 14,434 | |
Net loss | (8,753,564) | (7,238,240) | (8,437,198) |
Segment assets | 140,918,282 | 139,775,147 | 139,994,976 |
Capital expenditure | 533,636 | 448,593 | |
Segment liabilities | 20,478,267 | 10,581,571 | 3,563,157 |
Consolidation Adjustments | |||
Segments | |||
Intersegment revenues | (5,569,357) | (3,916,681) | (3,360,282) |
Total revenues | (5,569,357) | (3,916,681) | (3,360,282) |
Gross profit | 9,694 | 22,563 | |
Operating income (loss) | 421,473 | 107 | (37,768) |
Net loss | 421,473 | ||
Segment assets | (120,930,789) | (109,013,959) | (81,849,151) |
Segment liabilities | € (50,779,744) | € (43,727,602) | € (16,562,795) |
Segments - Revenue by Region (D
Segments - Revenue by Region (Details) - EUR (€) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Segments | |||
Total revenues | € 219,505,934 | € 180,802,496 | € 152,590,315 |
Asia | |||
Segments | |||
Total revenues | 63,292,142 | 86,477,347 | 82,734,687 |
China | |||
Segments | |||
Total revenues | 43,824,496 | 60,506,284 | 57,263,809 |
Japan | |||
Segments | |||
Total revenues | 19,467,647 | 25,971,063 | 25,470,878 |
Europe (Germany) | |||
Segments | |||
Total revenues | 108,436,042 | 66,187,447 | 62,157,908 |
North America (United States) | |||
Segments | |||
Total revenues | € 47,777,750 | € 28,137,702 | € 7,697,720 |
Segments - Property and Equipme
Segments - Property and Equipment, Intangible Assets by Region (Details) - EUR (€) | Dec. 31, 2022 | Dec. 31, 2021 |
Segments | ||
Property And Equipment And Intangible Assets | € 26,009,024 | € 25,700,116 |
Asia | ||
Segments | ||
Property And Equipment And Intangible Assets | 10,385,963 | 11,910,958 |
China | ||
Segments | ||
Property And Equipment And Intangible Assets | 5,888,822 | 5,419,236 |
Japan | ||
Segments | ||
Property And Equipment And Intangible Assets | 4,376,990 | 6,491,722 |
Philippines | ||
Segments | ||
Property And Equipment And Intangible Assets | 120,151 | |
Europe (Germany) | ||
Segments | ||
Property And Equipment And Intangible Assets | 15,544,363 | 13,776,742 |
North America (United States) | ||
Segments | ||
Property And Equipment And Intangible Assets | € 78,698 | € 12,416 |
Segments - Narrative (Details)
Segments - Narrative (Details) | 12 Months Ended | |||
Dec. 31, 2022 segment item | Dec. 31, 2022 item | Dec. 31, 2022 item | Dec. 31, 2021 item | |
Segments | ||||
Number of operating segments | 3 | 2 | ||
Number of Regions | 3 | 3 | 3 | |
Display Solutions | Customer one | ||||
Segments | ||||
Number Of Customer | 2 | |||
Revenue (as a percent) | 46% | 30% | ||
Display Solutions | Customer two | ||||
Segments | ||||
Number Of Customer | 2 | |||
Revenue (as a percent) | 13% | 12% | ||
Sensor Technologies | Customer one | ||||
Segments | ||||
Number Of Customer | 1 | |||
Revenue (as a percent) | 9% | 13% |
Related Party Disclosures (Deta
Related Party Disclosures (Details) € in Thousands | 12 Months Ended | |
Dec. 31, 2022 EUR (€) item | Dec. 31, 2021 | |
Disclosure of transactions between related parties [line items] | ||
Granted in share options | € | € 250,000 | |
Number of performance indicators | item | 3 | |
Assessment period | 1 year | |
Subscription period | 4 years | |
Vesting rights percentage | 25% | |
Stock options allocation of annual average ADS share price increase target percentage | 15% | |
Forfeited of achieving annual target share price increase | 15% | 25% |
Minimum | ||
Disclosure of transactions between related parties [line items] | ||
Ownership interest | 20% | |
Integrated MicroElectronics, Inc. | ||
Disclosure of transactions between related parties [line items] | ||
Percentage of voting equity interests held | 50.32% | |
Dr. Heiko Frank, Chairman | ||
Disclosure of transactions between related parties [line items] | ||
Percentage of voting equity interests held | 49.99% | |
Kloepfel Corporate Finance GmbH | ||
Disclosure of transactions between related parties [line items] | ||
Percentage of gross proceeds | 0.95% |
Related Party Disclosures - Tra
Related Party Disclosures - Transactions with related parties (Details) - EUR (€) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Integrated MicroElectronics, Inc. | |||
Related party disclosures | |||
Interest expense | € 35,519 | ||
Sales to related parties | € 28,361 | € 322,422 | 41,756 |
Purchases from related parties | 7,296,340 | 1,935,373 | 1,651,438 |
Kloepfel Corporate Finance GmbH | |||
Related party disclosures | |||
Purchases from related parties | 7,142 | 432,599 | 1,238,452 |
C-Con GmbH | |||
Related party disclosures | |||
Purchases from related parties | 2,236,316 | 2,217,685 | 685,535 |
MT Technologies GmbH | |||
Related party disclosures | |||
Purchases from related parties | 9,659 | 29,155 | |
Executive management (Jurgen Eichner) | |||
Related party disclosures | |||
Purchases from related parties | € 5,640 | € 5,640 | € 5,640 |
Related Party Disclosures - Out
Related Party Disclosures - Outstanding balances with related parties (Details) - EUR (€) | Dec. 31, 2022 | Dec. 31, 2021 |
Integrated MicroElectronics, Inc. | ||
Related party disclosures | ||
Amounts owed by related parties | € 209,021 | |
Amounts owed to related parties | € 3,329,248 | 174,616 |
C-Con GmbH | ||
Related party disclosures | ||
Amounts owed to related parties | 611,990 | 290,791 |
Executive management (Jurgen Eichner) | ||
Related party disclosures | ||
Amounts owed by related parties | € 46,878 | € 44,146 |
Related Party Disclosures - Com
Related Party Disclosures - Compensation of Key Management Personnel and Other Related Parties (Details) - EUR (€) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Management Board | |||
Related party disclosures | |||
Key management personnel compensation | € 648,000 | € 764,000 | € 786,000 |
Short-term employee benefits | 636,000 | 756,000 | 782,000 |
Post-employment benefits | 12,000 | 8,000 | 4,000 |
Supervisory Board | |||
Related party disclosures | |||
Key management personnel compensation | 284,300 | 110,000 | 150,000 |
Short-term employee benefits | 284,300 | 110,000 | 150,000 |
Key managerial person remaining liability | 214,300,000 | 47,500,000 | |
Close Family Member | |||
Related party disclosures | |||
Key management personnel compensation | 52,363 | 55,551 | 54,354 |
Short-term employee benefits | 44,503 | 47,586 | 46,389 |
Post-employment benefits | 7,860 | 7,965 | 7,965 |
Executive management (Jurgen Eichner) | |||
Related party disclosures | |||
Payment of supervisory board compensation | € 117,750,000 | € 62,500,000 | € 10,000,000 |
Earnings (Loss) per share - Nar
Earnings (Loss) per share - Narrative (Details) - shares | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Earnings (Loss) per share | |||
Number of shares outstanding | 4,530,701 | 4,530,701 | |
Weighted average of shares outstanding basic (in shares) | 4,530,701 | 4,530,701 | 3,398,330 |
Earnings (Loss) per share - Sch
Earnings (Loss) per share - Schedule of diluted and basic earnings (loss) per share (Details) - EUR (€) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Earnings (Loss) per share | |||
Basic (loss)/Income after taxes from operations (attributable to VIA optronics AG shareholders) | € (10,507,366) | € (12,516,084) | € (4,919,484) |
Diluted (loss)/Income after taxes from operations (attributable to VIA optronics AG shareholders) | € (10,507,365) | € (12,516,084) | € (4,919,484) |
Weighted average of shares outstanding basic (in shares) | 4,530,701 | 4,530,701 | 3,398,330 |
Weighted average of shares outstanding diluted (in shares) | 4,530,701 | 4,530,701 | 3,398,330 |
Basic loss per share in EUR (EUR per Share) | € (2.32) | € (2.7625) | € (1.45) |
Diluted loss per share in EUR (EUR per Share) | € (2.32) | € (1.45) |
Other Information_ Employees (D
Other Information: Employees (Details) - employee | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Other Information: Employees | |||
Average number of employees | 861 | 799 | 620 |
Number of industrial employees | 556 | 546 | 424 |
Number of commercial employees | 305 | 253 | 197 |
Events after the reporting peri
Events after the reporting period (Details) - EUR (€) | 12 Months Ended | ||||||
Dec. 22, 2023 | Dec. 15, 2023 | May 17, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Events after the reporting period | |||||||
Compliance issue | 6 months | ||||||
Cure Period | 6 months | ||||||
Purchase orders cancelled. | € 2,000,000 | ||||||
Raw materials and tooling purchased in advance | 1,000,000 | ||||||
Minimum | |||||||
Events after the reporting period | |||||||
Write-offs and damages from the shutdown of production | 16,000,000 | ||||||
Maximum | |||||||
Events after the reporting period | |||||||
Write-offs and damages from the shutdown of production | 21,000,000 | ||||||
Executive management (Jurgen Eichner) [Member] | Minimum | |||||||
Events after the reporting period | |||||||
Reimbursement amount | 300,000 | € 180,000 | € 90,000 | € 30,000 | |||
Executive management (Jurgen Eichner) [Member] | Maximum | |||||||
Events after the reporting period | |||||||
Reimbursement amount | € 500,000 | € 200,000 | € 100,000 | € 200,000 | |||
NYSE | |||||||
Events after the reporting period | |||||||
Extended Dde date | 6 months | ||||||
Additional period may provide for securities | 6 months | ||||||
Employee Supply Agreement [Member] | Toppan [Member] | |||||||
Events after the reporting period | |||||||
Transfer of employees. | 2 years |