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Segment reporting

12 Months Ended

Dec. 31, 2022

Segment reporting [Abstract]

Segment reporting

5.

Segment reporting

Information reported to ADSE’s chief operating decision maker (CODM) for the purposes of resource allocation and assessment of segment performance is focused on the geographic region of ADSE’s business activities. Therefore, ADSE manages its operations based on two operating segments referring to its business activities in Europe and North America.

Although the segment “North America” does not meet the quantitative thresholds to be reported as a reportable segment, the management has concluded that this segment should nevertheless be reported separately, as it is closely monitored by the CODM as a potential growth segment and is expected to contribute to ADSE’s revenue in future. In consequence, operating segments are reported in a manner consistent with the internal reporting provided to the CODM.

The CODM has been identified as the board of directors of ADSE Holdco. The board of directors regularly reviews operating results and makes decisions about the allocation of ADSE’s resources. ADSE’s focus is on the research, development and manufacturing of products and services in the fields of energy management, energy storage and e-mobility.

ADSE evaluates segmental performance based on segment revenue and segment earnings before interest, taxation, depreciation, and amortization (EBITDA). Inter-segment sales are priced along the same lines as sales to external customers.

		2022
kEUR		Europe				North America				Total reportable segments				Eliminations				Total Group
External revenues			25,699				731				26,430				-				26,430
Inter-segment revenues			19,924				-				19,924				-19,924				-
Total revenue			45,623				731				46,354				-19,924				26,430

Earnings before interest taxation depreciation and amortization (EBITDA)			-20,711				-8,219				-28,931				-3,156				-32,086
Depreciation and amortization			-4,312				-25				-4,337				-				-4,337
Operating result (EBIT)			-25,023				-8,245				-33,268				-3,156				-36,423
Financial income			19,922				-				19,922				593				20,515
Financial costs			-424				-3				-427				-				-427
Financial result			19,498				-3				19,495				593				20,089
Profit before tax			-5,525				-8,248				-13,772				-2,562				-16,335
Income tax expenses			-3,060				-				-3,060				488				-2,572
Profit for the year			-8,584				-8,248				-16,832				-2,075				-18,906

		2021
kEUR		Europe				North America				Total reportable segments				Eliminations				Total Group
External revenues			33,035				-				33,035				-				33,035
Inter-segment revenues			2,206				-				2,206				2,206				-
Total revenue			35,241				-				35,241				2,206				33,035

Earnings before interest taxation depreciation and amortization (EBITDA)			-14,467				-774				-15,241				82				-15,159
Depreciation and amortization			-3,485				-				-3,485				-				-3,485
Operating result (EBIT)			-17,952				-774				-18,725				82				-18,643
Financial income			47				-				47				-				47
Financial costs			-2,835				-				-2,835				-				-2,835
Listing fee			-65,796				-				-65,796				-				-65,796
Financial result			-68,583				-				-68,583				-				-68,583
Profit before tax			-86,535				-774				-87,309				82				-87,227
Income tax expenses			-413				-				-413				-				-413
Profit for the year			-86,948				-774				-87,722				82				-87,640

		2020
kEUR		Europe				North America				Total reportable segments				Eliminations				Total Group
External revenues			47,370				-				47,370				-				47,370
Inter-segment revenues			-				-				-				-				-
Total revenue			47,370				-				47,370				-				47,370

Earnings before interest taxation depreciation and amortization (EBITDA)			-6,549				-				-6,549				-				-6,549
Depreciation and amortization			-1,641				-				-1,641				-				-1,641
Operating result (EBIT)			-8,190				-				-8,190				-				-8,190
Finance income			-				-				-				-				-
Finance costs			-2,135				-				-2,135				-				-2,135
Financial result			-2,135				-				-2,135				-				-2,135
Profit before tax			-10,325				-				-10,325				-				-10,325
Income tax expenses			45				-				45				-				45
Profit for the year			-10,280				-				-10,280				-				-10,280

Total non-current assets of both reportable segments can be broken down as follows:

kEUR		Dec. 31, 2022				Dec. 31, 2021				Dec. 31, 2020
Europe			40,811				24,072				20,003
North America			126				-				-
Eliminations			-6,745				-				-
Total non-current assets			34,192				24,072				20,003

Total current assets of both reportable segments can be broken down as follows:

kEUR		Dec. 31, 2022				Dec. 31, 2021				Dec. 31, 2020
Europe			108,050				126,103				25,325
North America			22,404				3,174				-
Eliminations			-25,204				-2,124				-
Total current assets			105,250				127,152				25,325

Total liabilities of both reportable segments can be broken down as follows:

kEUR		Dec. 31, 2022				Dec. 31, 2021				Dec. 31, 2020
Europe			57,698				54,170				53,917
North America			24,208				2,369				-
Eliminations			-23,211				-2,206				-
Total liabilities			58,695				54,332				53,917

Total revenues of both reportable segments can be broken down as follows:

kEUR		2022				2021				2020
Europe			45,623				33,035				47,370
North America			731				-				-
Eliminations			-19,924				-				-
Total revenues			26,430				33,035				47,370

Revenues from two major customers of ADSE represented kEUR 7,145 and kEUR 8,208 respectively (2021: one customer, kEUR 18,480, 2020: one customer, kEUR 41,041) of ADSE’s total revenues.