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Note 8 - Disclosure of financial instruments and risk management
 6 Months Ended
Jun. 30, 2022
Statement Line Items [Line Items]  
Disclosure of financial instruments and risk management

8.

Disclosure of financial instruments and risk management

The table below displays information on fair value measurements, carrying amounts and categorization of financial instruments of Sono Group:

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June 30, 2022

​

​

​

​

category

​

​

​

fair value

kEUR

    

carrying amount

    

(IFRS 9)

    

fair value

    

level

Noncurrent financial assets

 

  

 

  

 

  

 

  

Other financial assets

 

  

 

  

 

  

 

  

Security deposits

 

91

 

AC

 

75

 

2

Other assets

​

2

​

AC

​

n/a*

​

n/a

Current financial assets

 

  

 

  

 

  

 

  

Other financial assets

 

  

 

  

 

  

 

  

Paypal reserve

 

396

 

AC

 

n/a*

 

n/a

Receivables from payment
providers and deposits

 

269

 

AC

 

n/a*

 

n/a

Debtor creditors

 

147

 

AC

 

n/a*

 

n/a

Current trade receivables

 

44

 

AC

 

n/a*

 

n/a

Current trade receivables (affiliated companies)

 

1

 

AC

 

​

 

​

Other

 

106

 

AC

 

n/a*

 

n/a

Cash and cash equivalents

 

89,774

 

AC

 

n/a*

 

n/a

Noncurrent financial liabilities

 

  

 

  

 

  

 

  

Financial liabilities

 

  

 

  

 

  

 

  

Loans and participation rights

 

3,740

 

FLAC

 

3,387

 

3

Lease liabilities

 

2,406

 

—

 

—

 

—

Current financial liabilities

 

  

 

  

 

  

 

  

Financial liabilities

 

  

 

  

 

  

 

  

Loans and participation rights

 

98

 

FLAC

 

n/a*

 

n/a

Lease liabilities

 

435

 

—

 

—

 

—

Trade payables

 

8,670

 

FLAC

 

n/a*

 

n/a

Other payables

​

7,089

​

FLAC

​

n/a*

​

n/a

Contract liabilities

​

115

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—

​

—

​

—

*The carrying amount approximately equals the fair value, thus no separate fair value disclosure is needed according to IFRS 7.29

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​

​

​

​

​

​

 

December 31, 2021

​

​

​

​

category

​

​

​

fair value

kEUR

    

carrying amount

    

(IFRS 9)

    

fair value

    

level

Noncurrent financial assets

 

  

 

  

 

  

 

  

Other financial assets

 

  

 

  

 

  

 

  

Security deposits

 

91

 

AC

 

89

 

2

Current financial assets

 

  

 

  

 

  

 

  

Other financial assets

 

  

 

  

 

  

 

  

Paypal reserve

 

6,000

 

AC

 

n/a*

 

n/a

Receivables from payment
providers and deposits

 

169

 

AC

 

n/a*

 

n/a

Debtor creditors

 

26

 

AC

 

n/a*

 

n/a

Current trade receivables

 

20

 

AC

 

n/a*

 

n/a

Current trade receivables (affiliated companies)

 

11

 

AC

 

n/a*

 

n/a

Other

 

7

 

AC

 

n/a*

 

n/a

Cash and cash equivalents

 

132,939

 

AC

 

n/a*

 

n/a

Noncurrent financial liabilities

 

  

 

  

 

  

 

  

Financial liabilities

 

  

 

  

 

  

 

  

Loans and participation rights

 

3,718

 

FLAC

 

3,466

 

3

Lease liabilities

 

2,635

 

—

 

—

 

—

Current financial liabilities

 

  

 

  

 

  

 

  

Financial liabilities

 

  

 

  

 

  

 

  

Loans and participation rights

 

31

 

FLAC

 

n/a*

 

n/a

Lease liabilities

 

441

 

—

 

—

 

—

Mandatory convertible notes

 

—

 

FVTPL

 

—

 

—

Trade payables

 

6,866

 

FLAC

 

n/a*

 

n/a

Other payables

​

1,001

​

FLAC

​

n/a*

​

n/a

*

The carrying amount approximately equals the fair value, thus no separate fair value disclosure is needed according to IFRS 7.29

All financial assets and liabilities for which the fair value is measured or disclosed in the interim condensed consolidated financial statements are categorized according to the fair value hierarchy, described as follows, based on the lowest level input that is significant to the fair value measurement as a whole:

●Level 1 — Inputs use quoted prices in active markets for identical assets or liabilities
●Level 2 — Inputs are inputs, other than quoted prices included in Level 1, which are directly or indirectly observable
●Level 3 — Inputs are unobservable and have values estimated by management based on market participant assumptions which are reasonably available

Due to their short-term nature, the carrying amounts of the cash and cash equivalents and other current financial assets and liabilities approximate their fair value. The fair value of noncurrent financial assets and liabilities is determined by applying the discounted cash flow method (valuation technique). In doing so, future cash flows resulting from the financial asset or liability are discounted using an interest rate derived from an estimated credit rating.

In case of noncurrent financial assets, the counterparties are reputable financial institutions, thus credit risk has no significant influence on fair value, which leads to a classification as level 2 fair value.

As of June 30, 2022, Management has determined that the fair values of noncurrent financial liabilities at amortized cost are classified as level 3 as the credit rating is a non-observable input factor with significant influence on the fair value.

The finance department of Sono Group performs valuations including level 3 fair value measurements. In the reporting period, there are no level 3 fair value measurements.