Hedosophia European Growth
Unaudited Condensed Interim Financial Report
For the period from 1 January 2022 to 30 June 2022
Hedosophia European Growth
Contents
30 June 2022
Page(s) | |
Interim Board Report | 1-2 |
Unaudited Condensed Statement of Financial Position | 3 |
Unaudited Condensed Statement of Comprehensive Income | 4 |
Unaudited Condensed Statement of Changes in Equity | 5 |
Unaudited Condensed Statement of Cash Flows | 6 |
Notes to the Unaudited Condensed Interim Financial Statements | 7-34 |
Hedosophia European Growth
Interim Board Report
30 June 2022
Overview
Hedosophia European Growth (the "Company") has been listed on the Euronext Amsterdam Stock Exchange ("AEX") as of 12 May 2021, having raised €441,353,340 in its IPO of 40,000,000 units and partial over- allotment of 4,135,334 units at €10.00 per unit and €15,870,268 from 9,720,000 sponsor warrants and partial over-allotment of 860,149 sponsor warrants at €1.50 per sponsor warrant. These proceeds were placed in an escrow account as outlined in the Prospectus.
Since the completion of its IPO, the Company's leadership team has been focused on identifying a potential target for the business combination within the meaning of the Prospectus (the "Business Combination"). This process is ongoing and the Company will continue its search with the aim to complete a business combination within 24 months following the Settlement Date (18 May 2021), subject to a six-month extension period under conditions outlined in the Prospectus.
Escrow account
The proceeds of the Company's IPO net of underwriting fees, €446,296,542, were placed in its escrow account held at HSBC Holdings PLC. These funds are available to the Company for the facilitation of the Business Combination, less any excluded amounts as described in the Prospectus.
Costs
€2,500,000 of the €15,870,268 received from issuance of sponsor warrants are held outside the escrow account and will be used to cover the costs relating to the offering and admission, search for a company or business for a business combination and other running costs. Total expenses for the six months ended 30 June 2022 of the Company amount to €53,301,315 which consist of operational expenses of €459,974, interest expense calculated using the effective interest method of €11,491,075, share-based payment expense of €40,106,380 and other interest of €1,243,886. The interest expense calculated using the effective interest method and share- based payment expense are non-cash expenses. Refer to Note 7 - Capital instruments, Note 8 - Share-based payment reserve and Note 3 - Fair value measurement for disclosure within the financial statements.
Risks and Uncertainties
Please refer to the following sections of the Prospectus for the Company's principal risks and uncertainties.
- Risk Factors (pages 8 to 32)
The Company's risk management objectives and policies are consistent with those disclosed in the Prospectus. Additional risks or circumstances not known to the Company, or currently believed not to be material, could individually or cumulatively, later turn out to have a material impact on the Company's business, revenue, assets, liquidity, capital resources or net income.
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Hedosophia European Growth
Interim Board Report
30 June 2022
Related Party Transactions
The main related party transactions are outlined in the "Significant Shareholders and Related Party Transactions" section of the Prospectus. Refer to Note 13 - Related party transactions for disclosure within the financial statements.
Responsibility Statement
The Board of Directors of the Company (the "Board") hereby declares that to the best of its knowledge, these financial statements, which have been prepared in accordance with IFRS, give a true and fair view of the assets, liabilities, financial position and profit or loss of the Company and this Board report includes a fair review of the information required pursuant to sections 5:25d(8) and 5:25d(9) of the Dutch Financial Supervision Act (Wet op het financieel toezicht).
Ian Osborne, Director
Maximilian Bittner, Independent Non-Executive Director (resigned 9 June 2022)
Anthony Danon, Non-Executive Director
Jochen Engert, Independent Non-Executive Director
Jan Kemper, Independent Non-Executive Director
Stephanie Phair, Independent Non-Executive Director
Caspar Wahler, Non-Executive Director
30 September 2022
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Hedosophia European Growth
Unaudited Condensed Statement of Financial Position
30 June 2022
30 June 2021 | ||||
30 June 2022 | 31 December | (Unaudited) | ||
(Unaudited) | 2021 | (Restated) | ||
Note | € | € | € | |
Assets | ||||
Current assets | 1,625,134 | |||
Cash and cash equivalents | 4 | 492,531 | 603,198 | |
Cash held in escrow | 10 | 444,133,868 | 445,377,754 | 446,296,542 |
Prepayments | 1,354 | 222,984 | - | |
Total assets | 444,627,753 | 446,203,936 | 447,921,676 | |
Liabilities and shareholder's equity | ||||
Liabilities | ||||
Accrued expenses | 219,421 | 91,744 | 674,007 | |
Contingent settlement provision | 14 | 10,235,989 | 9,889,671 | 9,555,070 |
Units | 7 | 66,418,166 | 82,961,952 | 109,400,457 |
Sponsor warrant liabilities at fair value | ||||
through profit or loss | 7 | 2,116,030 | 10,654,210 | 10,654,210 |
Public warrant liabilities at fair value | ||||
through profit or loss | 7 | 2,617,530 | 11,895,727 | 10,906,905 |
Redeemable ordinary shares | 7 | 365,756,669 | 340,397,522 | 303,913,595 |
Total liabilities | 447,363,805 | 455,890,826 | 445,104,244 | |
Shareholder's equity | 1,471 | |||
Share capital | 7 | 1,471 | 1,471 | |
Share-based payment reserve | 8 | 91,735,035 | 51,628,655 | 10,469,759 |
Retained Earnings | (94,472,558) | (61,317,016) | (7,653,798) | |
Total shareholder's equity | (2,736,052) | (9,686,890) | 2,817,432 | |
Total liabilities and shareholder's | ||||
equity | 444,627,753 | 446,203,936 | 447,921,676 |
* Comparative information has been restated as outlined in note 17.
See accompanying notes to unaudited condensed financial statements.
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Hedosophia European Growth BV published this content on 30 September 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 30 September 2022 15:53:07 UTC.