Exhibit 99.3

WALL BOX CHARGERS, S.L.

Interim condensed consolidated statements of financial position as at 30 June 2021 and at 31 December 2020

(In Euros)

 

		Notes				30 June 2021 (*)				31 December 2020
Assets
Non-Current Assets
Property, plant and equipment			8				11,270,247				5,422,319
Right-of-use assets			9				13,795,297				3,844,761
Intangible assets			10				29,017,247				22,958,386
Goodwill			10 and 11				6,316,850				6,276,040
Investment in joint venture			12				—				—
Non-current financial assets			13				1,728,737				864,772
Tax credit receivables			23				1,642,615				923,441
Total Non-Current Assets							63,770,993				40,289,719
Current Assets
Inventories			14				13,504,562				7,244,621
Trade and other financial receivables			13				13,080,222				8,984,126
Other receivables			23				10,719,122				2,123,016
Other current financial assets			13				4,691,594				358,324
Other current assets / deferred charges			13				1,853,000				—
Advance payments							1,360,928				465,360
Cash and cash equivalents			13 and 15				26,558,080				22,338,021
Total Current Assets							71,767,508				41,513,468
Total Assets							135,538,501				81,803,187
Equity and Liabilities
Equity
Share capital							196,059				196,059
Share premium							28,725,511				28,725,511
Accumulated deficit							(58,523,910	)			(20,118,232	)
Other equity components							4,077,127				3,353,614
Foreign currency translation reserve							213,821				76,169
Total Equity attributable to owners of the Company			16				(25,311,392	)			12,233,121
Liabilities
Non-Current Liabilities
Loans and borrowings			13				10,191,337				9,744,462
Convertible bonds			13				51,820,391				26,145,982
Lease liabilities			9 and 13				13,202,328				3,433,236
Put option liabilities			6 and 13				3,726,647				6,338,520
Provisions							414,006				230,886
Total Non-Current Liabilities							79,354,709				45,893,086
Current Liabilities
Loans and borrowings			13				16,068,231				12,627,970
Convertible bonds			13				34,415,600				—
Lease liabilities			9 and 13				1,164,030				684,105
Put option liabilities			6 and 13				2,696,560				—
Trade and other financial payables			13				22,483,534				8,899,437
Other payables			23				2,829,082				1,282,084
Goverment grants			17				1,648,356				—
Contract liabilities							189,791				183,384
Total Current Liabilities							81,495,184				23,676,980
Total Liabilities							160,849,893				69,570,066
Total Equity and Liabilities							135,538,501				81,803,187

 

(*)

Unaudited

The notes form an integral part of these interim condensed consolidated financial statements

 

F-1

WALL BOX CHARGERS, S.L.

Interim condensed consolidated statements of profit or loss and other comprehensive income for the six months ended 30 June 2021 and 2020

(In Euros)

 

		Notes				30 June 2021 (*)				30 June 2020 (*)
Revenue			18				27,317,916				5,959,315
Changes in inventories and raw materials and consumables used			19				(14,514,593	)			(2,432,409	)
Employee benefits			20				(11,836,642	)			(4,239,050	)
Other operating expenses			19				(11,677,408	)			(3,087,010	)
Amortization and depreciation			8,9,10				(3,282,059	)			(1,019,035	)
Other income							680,489				29,498
Operating Loss							(13,312,297	)			(4,788,691	)
Finance income			21				2,674				—
Finance costs			21				(26,069,934	)			(296,422	)
Foreign exchange gains/(losses)			21				258,109				(6,913	)
Net Finance Costs							(25,809,151	)			(303,335	)
Share of loss of equity-accounted investees			12				—				(197,807	)
Loss before Tax							(39,121,448	)			(5,289,833	)
Income/(Expense) tax credit			23				715,770				(9,923	)
Loss for the Period			22				(38,405,678	)			(5,299,756	)
Earnings per share
Basic and diluted losses per share (euros per share)			22				(97.94	)			(15.01	)
Loss for the Period							(38,405,678	)			(5,299,756	)
Comprehensive income/(loss)
Comprehensive income/(loss) that may be reclassified to profit or loss in subsequent periods
Foreign currency translation differences, net of tax							137,652				229,671
Changes in the fair value of debt instruments at fair value through other comprehensive income, net of tax							(196	)			(17,301	)
Net comprehensive income/(loss) that may be reclassified to profit or loss in subsequent periods							137,456				212,370
Other comprehensive income/(loss) for the Period							137,456				212,370
Total comprehensive loss for the Period							(38,268,222	)			(5,087,386	)

 

(*)

Unaudited

The notes form an integral part of these interim condensed consolidated financial statements

 

F-2

WALL BOX CHARGERS, S.L.

Interim condensed consolidated statements of changes in equity for the six months ended 30 June 2021 and 2020

(In Euros)

 

				Attributable to owners of the Company
		Notes		Share capital				Share premium				Accumulated deficit				Other equity components				Foreign currency translation reserve				Total equity
Balance at 1 January 2021					196,059				28,725,511				(20,118,232	)			3,353,614				76,169				12,233,121
Total comprehensive income/(loss) for the Period
Loss for the Period					—				—				(38,405,678	)			—				—				(38,405,678	)
Comprehensive income/(loss) for the Period					—				—				—				(196	)			137,652				137,456
Total comprehensive income for the Period					—				—				(38,405,678	)			(196	)			137,652				(38,268,222	)
Transactions with owners of the Company Share based payments		20			—				—				—				723,709				—				723,709
Total contributions and distributions					—				—				—				723,709				—				723,709
Total transactions with owners of the Company					—				—				(38,405,678	)			723,513				137,652				(37,544,513	)
Balance at 30 June 2021 (*)					196,059				28,725,511				(58,523,910	)			4,077,127				213,821				(25,311,392	)

 

(*)

Unaudited

The notes form an integral part of these interim condensed consolidated financial statements

 

F-3

WALL BOX CHARGERS, S.L.

Interim condensed consolidated statements of changes in equity for the six months ended 30 June 2021 and 2020 (continued)

(In Euros)

 

				Attributable to owners of the Company
		Notes		Share capital				Share premium				Accumulated deficit				Other equity components				Foreign currency translation reserve				Total equity
Balance at 1 January 2020					168,650				17,375,992				(8,716,248	)			571,973				(16,525	)			9,383,842
Total comprehensive income/(loss) for the Period
Loss for the Period					—				—				(5,299,756	)			—				—				(5,299,756	)
Comprehensive income/(loss) for the Period					—				—				—				(17,301	)			229,671				212,370
Total comprehensive income for the Period					—				—				(5,299,756	)			(17,301	)			229,671				(5,087,386	)
Transactions with owners of the Company
Contributions of equity		16			27,409				11,349,519				—				—				—				11,376,928
Share based payments		20			—				—				—				928,389				—				928,389
Total contributions and distributions					27,409				11,349,519				—				928,389				—				12,305,317
Total transactions with owners of the Company					27,409				11,349,519				(5,299,756	)			911,088				229,671				7,217,931
Balance at 30 June 2020 (*)					196,059				28,725,511				(14,016,004	)			1,483,061				213,146				16,601,773

 

(*)

Unaudited

The notes form an integral part of these interim condensed consolidated financial statements

 

F-4

WALL BOX CHARGERS, S.L.

Interim condensed consolidated statements of cash flows for the six months ended 30 June 2021 and 2020

(In Euros)

 

		Notes				30 June 2021 (*)				30 June 2020 (*)
Cash flows from Operating Activities
Loss for the Period							(38,405,678	)			(5,299,756	)
Adjustments for:
Income tax (income) / expense			23				(715,770	)			9,923
Amortisation and depreciation			8,9,10				3,282,059				1,019,035
Others impairments and losses			13 and 19				324				40,723
Share of loss of equity accounted associates			12				—				197,807
Finance income			21				(2,674	)			—
Finance expense			21				26,069,934				296,422
Change in provisions							183,120				—
Share based payments expense			20				1,036,081				932,445
Income from Government grants			17				(325,372	)			—
Result from disposals of property, plant and equipment							(10,716	)			—
Exchange differences			21				(258,109	)			6,913
Changes in
- inventories							(6,259,941	)			(2,017,847	)
- trade and other financial receivables							(10,585,159	)			(314,660	)
- other assets							(2,811,006	)			(30,440	)
- trade and other financial payables							11,929,177				(363,655	)
- contract liabilities							6,407				153,984
Net cash used in operating activities							(16,867,323	)			(5,369,106	)
Cash flows from Investing Activities
Acquisition of property, plant and equipment			8				(3,197,616	)			(1,668,165	)
Acquisition of intangible assets			10				(8,168,360	)			(4,310,204	)
Proceeds from disposal of PPE and intangible assets			8 and 10				144,019				—
Acquisition of financial assets			13				(4,007,461	)			—
Loans granted to Joint Venture			13				(503,127	)			(198,536	)
Other non-current financial assets			13				(360,838	)			(6,007	)
Other current financial assets			13				(325,809	)			(186,034	)
Interest received			21				2,674				—
Acquisition of subsidiaries, net of cash acquired							—				(37,565	)
Net cash used in investing activities							(16,416,518	)			(6,406,511	)
Cash flows from Financing Activities
Proceeds from issuing equity instruments			16				—				11,012,695
Gross proceeds from loans and borrowings			13				23,965,099				15,082,801
Proceeds from convertible bonds			13				34,550,000				—
Proceeds from government loans							124,470				—
Principal paid on lease liabilities			9				(376,273	)			(161,380	)
Interest paid on lease liabilities			9				(155,979	)			(51,420	)
Settlement of share-based payment plan			20				(312,372	)			—
Gross repayments of loans and borrowings			13				(20,071,843	)			(11,260,596	)
Interest paid			21				(295,379	)			(232,293	)
Net cash from financing activities							37,427,723				14,389,807
Net increase in cash and cash equivalents							4,143,882				2,614,190
Cash and cash equivalents at beginning of period							22,338,021				6,447,332
Exchange gains							76,177				9,479
Cash and cash equivalents at 30 June							26,558,080				9,071,001

 

(*)

Unaudited

The notes form an integral part of these interim condensed consolidated financial statements

 

F-5

WALL BOX CHARGERS, S.L.

Notes to the interim condensed consolidated financial statements

 

1.	Reporting Entity

Wall Box Chargers, S.L (the Company or Wallbox) is domiciled at Paseo de la Castellana, 95, Planta 28, 28046, Madrid, Spain. These interim condensed consolidated financial statements comprise the Company and its subsidiaries (together referred to as the “Group”). The Group is primarily involved in development, manufacture and retail innovative solutions for charging electric vehicles.

Wall Box Chargers, S.L. is the Parent of the Group. The Group also has investments in a joint venture (see Note 27).

 

2.	Basis of Preparation

These interim condensed consolidated financial statements of Wall Box Chargers, S.L. and Subsidiaries for the period ended 30 June 2021 which have been based on the accounting records kept by the Parent Company and by the other companies that make up the Group, were prepared by the Finance Department of the Company.

These interim condensed consolidated financial statements were prepared by the Directors of Wallbox in accordance with IAS 34 “Interim financial reporting”, and of all the obligatory accounting principles and rules and measurement bases. Accordingly, they are a fair presentation of the equity and consolidated financial position of the Group at 30 June 2021, as well as the results of its operations, the consolidated changes in equity and the consolidated cash flows during the interim period ended on that date.

As it has been indicated, this interim consolidated financial information has been prepared in accordance with IAS 34 “Interim financial reporting”, meaning that these interim condensed consolidated financial statements do not include all the information and disclosures that would be required for the complete consolidated financial statements prepared in accordance with the International Financial Reporting Standards, and must be read together with the consolidated financial statements from the financial year ended on 31 December 2020, drawn up in accordance with the existing International Financial Reporting Standards as issued by the International Accounting Standards Board (IFRS), which were published on 14 July 2021.

Basis of preparation: Going concern:

The accompanying interim condensed consolidated financial statements have been prepared assuming the Group will continue as a going concern. The going concern basis of presentation assumes that it will continue in operation for at least a period of one year after the date these interim condensed consolidated financial statements are issued and contemplates the realization of assets and the satisfaction of liabilities in the normal course of business.

The Group has experienced net losses and significant cash outflows from cash used in operating activities over the past years as it has been investing significantly in the development of the Electrical Vehicle charging products. During the first six months of the year, the Group incurred a consolidated net loss of Euros 38.4 million and negative cash flows from operations of Euros 16.9 million. As of 30 June 2021, the Group had an accumulated deficit of Euros 58.5 million, and cash and cash equivalents of Euros 26.6 million.

In addition, since March 2020, the COVID-19 pandemic has significantly impacted our business and we have had to temporarily close some manufacturing facilities and premises, at different times due to the ongoing effects of the pandemic, which has and will continue to have an impact on our business. At the date of issuance of these interim condensed consolidated financial statements, our manufacturing facilities and premises are open, but working with some restrictions on operating capacity.

In assessing the going concern basis of preparation of these interim condensed consolidated financial statements, we have taken into consideration the detailed cash flow forecasts for the Company after 30 June

 

F-6

WALL BOX CHARGES, S.L.

Notes to the interim condensed consolidated financial statements

 

2021, the Company’s forecast compliance with bank covenants, and the funding to the Company as a result of the closing of the transaction with the SPAC and the PIPE investment and related listing.

Based on the above, these interim condensed consolidated financial statements have been presented on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. Accordingly, we continue to adopt the going concern basis in preparing these consolidated financial statements.

Basis of measurement

These interim condensed consolidated financial statements have been prepared on a historical cost basis, except for the financial assets relating to hedge funds (FVOCI), the financial assets hold to collect (FVPL) and the put option liabilities associated to the business acquisitions.

Basis of consolidation

The consolidation basis applied in the interim condensed consolidated financial statements is consistent with the consolidated financial statements for the two years ended on 31 December 2020, which are detailed in Note 2 “Basis of consolidation” thereto.

These interim condensed consolidated financial statements are presented in euros, which is also the Company’s functional currency. All amounts have been rounded to the nearest unit of Euros, unless otherwise indicated.

Changes in the scope of consolidation

In June 2021, Wallbox Italy S.r.l. has been incorporated in order to continue expanding the business in new countries with significant government incentives. Previously, Wallbox Finland (Wallbox Oy) had been incorporated in March 2021, in order to continue the expansion in the Scandinavian business.

These changes in the scope of consolidation are registered in Note 27.

 

3.	Use of Judgements and Estimates

The preparation of these interim condensed consolidated financial statements requires, as established by IAS 34, the Directors of the Group to make certain estimates and judgements that do not differ significantly from those taken into account in the preparation of the consolidated financial statements as at end for the financial year ended on 31 December 2020 set out in Note 3.

During the six-month period ended on 30 June 2021, no significant changes have occurred in the assumptions linked to the judgements and estimates disclosed in the 2020 consolidated financial statements.

During the first six months of the year no impairment indicators were identified that would lead to a decrease in value of non-current assets (including goodwill) as compared to what was reported in the 2020 consolidated financial statements.

Critical judgment and estimates:

A summary of the critical aspects that have also involved a greater degree of judgement or complexity, or those in which the assumptions and estimates have an influence on the preparation of these financial statements, is given below.

 

F-7

WALL BOX CHARGES, S.L.

Notes to the interim condensed consolidated financial statements

 

Key assumptions concerning the future and other relevant data on the estimation of uncertainty at the reporting date, which entail a considerable risk of significant changes in the value of the assets and liabilities in the coming year, are as follows:

 

•

Measurement of the convertible bonds

At 31 December 2020, compound financial instruments issued by Wallbox comprise the convertible bonds issued during 2020 for an amount of Euros 25,880,000 with a nominal interest rate of 8%. In addition, on 27 January 2021, convertible bonds have been issued for an amount of Euros 7,000,000 with the same conditions of the loan issued in 2020. Also on 12 April 2021 Wallbox has issued a new compound financial instrument which comprise the convertible bonds issued during 2021 for an amount of Euros 27,550,000 with a nominal interest rate of 5%.

These convertible bonds are denominated in euro and can be converted to ordinary shares at the option of the holder.

Regarding the two first convertible loans, their liability component are initially recognized at the fair value of a similar liability that does not have an equity conversion option. The determination of this fair value is based on an estimated incremental rate which reflects the risk of the country where the company is located, the currency of payments, the specific risk of the sector and the company’s particular situation. In order to determine the discount factor estimates need to be made in respect of the risk-free rate, the country risk premium and the credit spread.

The equity component is initially recognized as the difference between the fair value of the compound financial instrument as a whole and the fair value of the liability component. The equity component at issue date was estimated to be nil as the fair value of the liability component was calculated to be close to the fair value of the compound financial instrument as a whole.

Subsequent to initial recognition, the liability component of a compound financial instrument is measured at amortized cost using the effective interest method. The equity component is not remeasured in the following periods. (See Note 13).

Regarding the third convertible loan, based on the analysis performed, Wallbox has concluded that it’s a hybrid instrument that contains a non-derivative financial instrument which comprises an obligation for the issuer to settle in cash or by a way of delivering a variable amount of its own equity instruments and embedded derivatives with different probabilities of contingent events occurring. So, Wallbox has elected to measure the hybrid contract at fair value through profit or lose since its inception. The fair value at issue date equals the nominal value. Afterwards the convertible bond is valued at fair value through profit or loss. The fair value implies judgement in relation to the whether the bond will convert or be paid in cash, the conversion price and the number of shares to be issued in exchange for the bonds. As at 30 June 2021 the estimation was made that a conversion would take place. The share price was estimated based on the company value included in the Business Combination Agreement with Kensington Capital Acquisition II which was signed on 6 June 2021.

Additionally, there have been no changes in the judgement and estimates related to business combinations, the capitalization of development cost, the measurement of share-based payment or the recognition of the income tax.

 

4.	New IFRS and IFRIC not yet effective

The accounting policies adopted when preparing these interim condensed consolidated financial statements are consistent with those applied when preparing the Group’s consolidated annual financial statements as at and for the financial year ended on 31 December 2020, with the exception of the adoption of any new

 

F-8

WALL BOX CHARGES, S.L.

Notes to the interim condensed consolidated financial statements

 

standards and interpretations effective from 1 January 2021 and which, have been considered by the Group when preparing these interim condensed consolidated financial statements.

There are a number of standards and interpretations which have been issued by the International Accounting Standards Board that are effective for periods beginning subsequent to 31 December 2021 that the Group has decided not to adopt early. The Group does not believe these standards and interpretations will have a material impact on the financial statements once adopted.

The standards and interpretations effective during this period and those issued but not yet in force are detailed below:

 

a)

Standards and interpretations effective during the present period

 

		Interest Rate Benchmark Reform—Phase 2 (Amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16		1 Jan 2021

 

b)

Standards and interpretations effective as of 1 January 2022

 

		Onerous Contracts—Cost of Fulfilling a Contract (Amendments to IAS 37)		1 Jan 2022
		Annual Improvements to IFRS Standards 2018-2020		1 Jan 2022
		Property, Plant and Equipment: Proceeds before Intended Use (Amendments to IAS 16)		1 Jan 2022
		Reference to the Conceptual Framework (Amendments to IFRS 3)		1 Jan 2022

 

c)

Standards and interpretations effective as of 1 January 2023

 

		IFRS 17 Insurance Contracts		1 Jan 2023
		Definition of Accounting Estimates (Amendments to IAS 8)		1 Jan 2023
		Deferred Tax related to Assets and Liabilities arising from a Single Transaction (Amendments to IAS 12)		1 Jan 2023

 

d)

Standards and interpretations effective as of 1 January 2024

 

		Classification of liabilities as current or non-current (Amendments to IAS 1)		1 Jan 2024
		Disclosure of Accounting Policies (Amendments to IAS 1)		1 Jan 2024

 

5.	Significant Accounting Policies

The accounting policies and valuation standards used when preparing these interim condensed consolidated financial statements are consistent with those used when preparing the consolidated financial statements as at and for the financial year ended on 31 December 2020, and which are detailed therein, except for the new standards applied from 1 January 2021 which are set out in Note 4 and the grant received by the Company during the first six months of 2021.

Moreover, during the six-month period ended on 30 June 2021, the Group has continued managing its activities by taking into account the financial risk and capital management policy set out in Note 25 of the consolidated financial statements for the 2020 financial year.

 

F-9

WALL BOX CHARGES, S.L.

Notes to the interim condensed consolidated financial statements

 

In accordance with the beforementioned, the Group has decided to apply the following policy for the grants received:

 

A.

Grants

Government grants are recognised where there is reasonable assurance that the grant will be received, and all attached conditions will be complied with. When the grant relates to an expense item, it is recognised as income on a systematic basis over the periods that the related costs, it is intended to compensate, are expensed. When the grant relates to an asset, it is recognised as income in equal amounts over the expected useful life of the related asset.

When the Group receives grants of non-monetary assets, the asset and the grant are recorded at nominal amounts and released to profit or loss over the expected useful life of the asset, based on the pattern of consumption of the benefits of the underlying asset by equal annual instalments.

 

B.	Convertible bonds

For the convertible loans issued in March 2020 and January 2021 their liability component are initially recognized at the fair value of a similar liability that does not have an equity conversion option. The determination of this fair value is based on an estimated incremental rate which reflects the risk of the country where the company is located, the currency of payments, the specific risk of the sector and the company’s particular situation. In order to determine the discount factor estimates need to be made in respect of the risk-free rate, the country risk premium and the credit spread.

The equity component is initially recognized as the difference between the fair value of the compound financial instrument as a whole and the fair value of the liability component. The equity component at issue date was estimated to be nil as the fair value of the liability component was calculated to be close to the fair value of the compound financial instrument as a whole.

Subsequent to initial recognition, the liability component of a compound financial instrument is measured at amortized cost using the effective interest method. The equity component is not remeasured in the following periods. (See Note 13).

Regarding the convertible loan issued in April 2021, based on the analysis performed, Wallbox has concluded that it’s a hybrid instrument that contains a non-derivative financial instrument which comprises an obligation for the issuer to settle in cash or by a way of delivering a variable amount of its own equity instruments and embedded derivatives with different probabilities of contingent events occurring. Wallbox has elected to measure the hybrid contract at fair value through profit or loss.

 

6.	Business Combinations

On 3 September 2020 the Group assumed control of Electromaps, S.L., incorporated in Spain, a software company that develops a leading platform for the management of public infrastructure for electric vehicles, through a capital increase of Euros 500,000, representing 51% of share-capital and granted call and put options for 49% of share -capital held by the non-controlling interests. As per the policy choice referred to in the Significant Accounting Policies (refer to accounting policies included in the consolidated Financial Statements as at end for the year ended on 31 December 2020), the Group recognized the acquisition of 100% of the interests in the subsidiary and did not recognize non-controlling interests. Fair value of the put option granted to sellers amounted to Euros 3,645,117 at the acquisition date. The value of the call was nil at acquisition date and has remained nil subsequently.

 

F-10

WALL BOX CHARGES, S.L.

Notes to the interim condensed consolidated financial statements

 

Wallbox decided to acquire Electromaps as it provides the Group with a leading platform complementary to its business and with significant synergies for revenue and costs.

In regard to the business combination beforementioned, as at the date of these interim condensed consolidated financial statements, Purchase Price Allocation assessment is still provisional and no adjustment has been made during the first six months of 2021.

The purchase price allocation related to the business combination of Intelligent Solutions in February 2020 has been finalized with no changes compared to the amount shown in the consolidated financial statements as at 31 December 2020 and for the year then ended.

 

7.	Operating Segments

Basis for segmentation

The Group’s business segment information included in this note is presented in accordance with the disclosure requirements set forth in IFRS 8, Operating Segments. Segment reporting is a basic tool used for monitoring and managing the Group’s different activities. Segment reporting is prepared based on the lowest level units, that are aggregated in line with the structure established by Group management to set up higher level units and, finally, the actual business segments.

The Group has consistently aligned the information from this item with the information used internally for the Top Management reports (Group Top Management consists of all Chief Officers acting as decision makers). The Group’s operating segments reflect its organizational and management structures. Group management reviews the Group’s internal reports, using these segments to assess its performance and allocate resources.

The segments are differentiated by geographical areas from which revenue is or will be generated. The financial information for each segment is prepared by aggregating figures from the different geographical areas and business units existing in the Group. This information links both the accounting data from the units included in each segment and that provided by the management reporting systems. In all these cases, the same general principles are applied as those used in the Group.

For management purposes, the Group is organized into business units based on geographical areas and therefore has four reportable business segments. During the first six months of 2021 there have been no changes in the operating segments with regard to the information showed in the 2020 consolidated financial statements. The operating business segments as of 30 June 2021 are as follows:

 

•

EMEA: Europe-Middle East Asia

 

•

NORAM: North America

 

•

APAC: Asia-Pacific

 

•

LATAM (currently under development)

Information on reportable segments

Information related to each reportable segment is set out below. Segment operating profit (loss) is used to measure performance because management believes that this information is the most relevant in evaluating the results of the respective segments relative to other entities that operate in the same industries.

 

F-11

WALL BOX CHARGES, S.L.

Notes to the interim condensed consolidated financial statements

 

Reconciliations of information on reportable segments with the amounts reported in the financial statements for the first six months ended 30 June 2021

 

		30 June 2021
(In Euros)		EMEA				NORAM				APAC				Total segments				Consolidated adjustments and eliminations				Consolidated
Revenue			27,719,109				1,505,897				88,900				29,313,906				(1,995,990	)			27,317,916
Changes in inventories and raw materials and consumables used			(15,243,818	)			(1,257,984	)			(8,781	)			(16,510,583	)			1,995,990				(14,514,593	)
Employee benefits			(10,863,697	)			(881,263	)			(91,682	)			(11,836,642	)			—				(11,836,642	)
Other operating expenses			(11,113,882	)			(535,819	)			(27,707	)			(11,677,408	)			—				(11,677,408	)
Amortization and depreciation			(3,200,819	)			(80,796	)			(444	)			(3,282,059	)			—				(3,282,059	)
Other income			444,201				236,026				262				680,489				—				680,489
Operating Loss			(12,258,906	)			(1,013,939	)			(39,452	)			(13,312,297	)			—				(13,312,297	)
Total Assets			132,787,102				2,780,415				51,524				135,619,041				(80,540	)			135,538,501
Total Liabilities			159,812,130				4,215,461				15,537				164,043,128				(3,193,235	)			160,849,893

Reconciliations of information on reportable segments with the amounts reported in the financial statements for the first six months ended 30 June 2020

 

		30 June 2020
(In Euros)		EMEA				NORAM				APAC				Total segments				Consolidated adjustments and eliminations				Consolidated
Revenue			5,950,122				—				9,193				5,959,315				—				5,959,315
Changes in inventories and raw materials and consumables used			(2,432,409	)			—				—				(2,432,409	)			—				(2,432,409	)
Employee benefits			(3,987,040	)			(244,769	)			(7,241	)			(4,239,050	)			—				(4,239,050	)
Other operating expenses			(2,847,478	)			(222,622	)			(16,910	)			(3,087,010	)			—				(3,087,010	)
Amortization and depreciation			(959,843	)			(59,135	)			(57	)			(1,019,035	)			—				(1,019,035	)
Other income			29,316				—				182				29,498				—				29,498
Operating Loss			(4,247,332	)			(526,526	)			(14,833	)			(4,788,691	)			—				(4,788,691	)

There have been no significant transactions between segments during the periods ended 30 June 2021 and 2020 except for Inter-segment revenues which are eliminated in the column ‘Consolidated adjustments and eliminations’.

 

F-12

WALL BOX CHARGES, S.L.

Notes to the interim condensed consolidated financial statements

 

Certain financial assets and liabilities are not allocated to those segments as they are also managed on a Group basis. These are mentioned in the adjustments and eliminations column.

External revenue by location of customers

 

(In Euros)		30 June 2021
Country		Revenue
Germany			4,328,571
Italy			3,101,828
United Kingdom			2,794,942
Norway			2,547,880
Spain			2,370,535
France			2,018,922
Netherlands			1,627,869
Sweden			1,598,307
USA			1,509,341
Belgium			940,619
Ireland			746,809
Israel			388,388
Portugal			375,240
Switzerland			365,635
Denmark			292,238
Australia			276,495
Poland			220,195
Other countries			1,814,102
Total			27,317,916
(In Euros)		30 June 2020
Country		Revenue
Spain			2,870,709
Norway			1,074,504
United Kingdom			1,028,035
Netherlands			199,148
Portugal			141,401
Ireland			122,506
Germany			119,886
France			97,812
Other Countries			305,314
Total			5,959,315

 

F-13

WALL BOX CHARGES, S.L.

Notes to the interim condensed consolidated financial statements

 

8.	Property, Plant and Equipment

 

A.

Reconciliation of carrying amount

 

(In Euros)		Buildings				Fixtures and fittings				Plant and equipment				Assets under construction				Total
Balance at 1 January 2021			2,036,444				1,111,135				1,288,486				986,254				5,422,319
Additions			1,021,183				933,437				1,428,046				2,874,622				6,257,288
Disposal			(74,831	)			—				—				—				(74,831	)
Transfers			803,713				(213,278	)			426,553				(1,016,988	)			—
Depreciation for the period			(123,488	)			(106,631	)			(124,130	)			—				(354,249	)
Translation differences			—				8,766				10,954				—				19,720
Balance at 30 June 2021			3,663,021				1,606,895				3,156,443				2,843,888				11,270,247
Cost
At 1 January 2021			2,177,673				1,241,437				1,551,289				986,254				5,956,653
At 30 June 2021			3,927,738				1,843,828				3,543,376				2,843,888				12,158,830
Accumulated amortization
At 1 January 2021			(141,229	)			(130,302	)			(262,803	)			—				(534,334	)
At 30 June 2021			(264,717	)			(236,933	)			(386,933	)			—				(888,583	)

Additions of property, plant and equipment for the first six months of 2021 in the amount of Euros 6,257,288 mainly relates to the purchase of machinery for the new plant in Zona Franca (Euros 1,845,007 corresponding to improvements at the headquarters located in Barcelona for the first six months of 2020).

There are no items in use that are fully depreciated for the first six months ended at 30 June 2021 and 2020.

Other information

There are no tangible assets pledged or used as guarantee for loans and borrowings.

As of 30 June 2021, there were no interest costs capitalized (as of 31 December 2020 Euros 71,834 of interest costs were capitalized with assets under construction).

As of 30 June 2021, there are contractual obligations to purchase, construct or develop Property, plant and equipment Assets, for amount of Euros 4,288,651. (Euros 66,722 as of 31 December 2020).

The Group has no restrictions on the realizability of its Property, plant and equipment and no pledge exists on it, at 30 June 2021 and 31 December 2020.

 

9.	Rights of Use Assets and Lease Liabilities

The considerations regarding the lease terms and the recognition exception are consistent with those disclosed in the consolidated financial statements as at and for the year ended 2020.

 

F-14

WALL BOX CHARGES, S.L.

Notes to the interim condensed consolidated financial statements

 

a) Set out below are the carrying amounts of right-of-use assets recognized and the movements during the periods:

 

(In Euros)		Buildings				Vehicles				Other assets				Total
Balance at 1 January 2021			2,977,139				429,102				438,520				3,844,761
Additions			9,570,735				849,158				201,063				10,620,956
Depreciation for the period			(432,548	)			(142,477	)			(99,945	)			(674,970	)
Translation differences			4,550				—				—				4,550
Balance at 30 June 2021			12,119,876				1,135,783				539,638				13,795,297

Main additions in the first six months of 2021 corresponds to the agreement with “Consorcio de la Zona Franca de Barcelona”, with a lease term of 20 years and the leased offices in France and the United States.

b) Set out below are the carrying amounts of lease liabilities and the movements during the periods:

 

(In Euros)		Buildings				Vehicles				Other assets				Total
Balance at 1 January 2021			3,278,793				432,662				405,886				4,117,341
Additions to liabilities			9,570,735				849,158				201,063				10,620,956
Interest on lease liabilities			138,034				11,098				6,847				155,979
Lease payments			(223,661	)			(161,898	)			(146,693	)			(532,252	)
Translation differences			4,334				—				—				4,334
Balance at 30 June 2021			12,768,235				1,131,020				467,103				14,366,358

The analysis of the contractual maturity of lease liabilities, including future interest payable, is as follows:

 

(In Euros)		30 June 2021				31 December 2020
6 months or less			820,817				410,267
6 months to 1 year			1,014,099				420,355
From 1 to 2 years			1,477,363				710,533
From 2 to 5 years			3,176,819				1,803,965
More than 5 years			12,023,380				1,312,500
			18,512,478				4,657,620

Amounts recognized in profit or loss derived from lease liabilities and expenses on short-term and low value leases (IFRS 16 exemption applied) are as follows:

 

(In Euros)		30 June 2021				30 June 2020
Interest on lease liabilities (see note 21)			155,979				51,420
Expenses relating to short-term and low value leases (see note 19)			263,967				88,156

 

10.	Intangible Assets and Goodwill

a) Intangible assets

 

F-15

WALL BOX CHARGES, S.L.

Notes to the interim condensed consolidated financial statements

 

Details and movement of items composing intangible assets are as follows:

 

(In Euros)		Software				Patents				Internally developed intangibles				Total
Balance at 1 January 2021			3,403,578				519,349				19,035,459				22,958,386
Additions			652,316				181,737				7,535,587				8,369,640
Disposal			(5,463	)			—				(53,009	)			(58,472	)
Amortization for the period			(340,388	)			(31,523	)			(1,880,929	)			(2,252,840	)
Translation differences			533				—				—				533
Balance at 30 June 2021			3,710,576				669,563				24,637,108				29,017,247
Cost
At 1 January 2021			3,770,452				580,286				20,414,702				24,765,440
At 30 June 2021			4,417,838				762,023				27,897,280				33,077,141
Accumulated amortization
At 1 January 2021			(366,874	)			(60,937	)			(1,379,243	)			(1,807,054	)
At 30 June 2021			(707,262	)			(92,460	)			(3,260,172	)			(4,059,894	)

During the first six months of 2021, the Group made investments in several development projects, including both capitalized payroll expenses and acquired development amounting to Euros 7,535,587 (Euros 11,335,080 at 31 December 2020).

From the total additions of Internally developed intangibles, Euros 5,841,965 (Euros 10,670,450 at December 2020) corresponds to the capitalization carried out by the Group in relation to the product development process, especially in the DC product under the names of Quasar and Supernova, AC product under the names of Pulsar, Cooper and Commander and MyWallbox software.

On the other hand, additions of patents, licenses and similar, and computer software have totaled Euros 834,053 (Euros 2,926,066 at 31 December 2020) mainly due to the implementation of new applications of software. This item also includes the registration of brands, logos, and design patents for different chargers.

The Group has no fully amortized intangible assets in use at 30 June 2021 and 31 December 2020.

No commitments for the acquisition of intangible assets existed at 30 June 2021 and 31 December 2020.

b) Goodwill

In 2021, the change in the Goodwill carrying amount corresponds to exchange difference from Nordics business combination.

 

11.	Impairment testing of goodwill

The Group evaluates at the end of every financial year if there is any indication of impairment in value of any asset. If any indications were to exist, the Group will estimate the recoverable amount of the asset, which is taken to be the greater of the fair value of the asset less costs to sell and its value in use.

During the six month period ended 30 June 2021 the business is evolving as expected and no impairment indicators exist that could lead to the existence of impairment in relation to the goodwill or intangible assets of the Group.

 

F-16

WALL BOX CHARGES, S.L.

Notes to the interim condensed consolidated financial statements

 

12.	Equity-Accounted Investees

Joint venture

Wallbox-Fawsn New Energy Vehicle Charging Technology (Suzhou) Co., Ltd. (hereinafter “Wallbox Fawsn”) is a joint venture incorporated on 15 June 2019 over which the Group has joint control and a 50% interest.

Wallbox Fawsn is structured as a separate vehicle and the Group has a residual interest in its net assets. Consequently, the Group has classified its investment in Wallbox Fawsn as a joint venture, pursuant to the agreement for the incorporation of Wallbox Fawsn.

The Group’s share of the joint venture loss for the first six months of 2021 was 346,804 Euros. As the investment in the Joint Venture is fully depreciated since 2020, the Group stopped recognizing its share of losses. Unrecognized share of losses of the joint venture, is Euros 515,534 (Euros 168,730 as of 31 December 2020).

In addition, during the first six months of 2021, Group has signed a new loan with Wallbox-Fawsn which amount to be received from the joint venture is 503,127 euros (note 13).

 

13.	Financial Assets and Financial Liabilities

The following table shows the carrying amounts and fair values of financial assets and liabilities, including their levels in the fair value hierarchy.

Financial assets

A breakdown of financial assets at 30 June 2021 and 31 December 2020 is as follows:

 

A.	Current and non-current financial assets

 

		30 June 2021								31 December 2020
(In Euros)		Non-current				Current				Non-current				Current
Customer sales and services			—				10,825,999				—				7,872,189
Other receivables			—				1,720,855				—				516,834
Loans to employees			—				57,803				—				119,538
Receivables from Joint Venture			—				475,565				—				475,565
Trade and other financial receivables			—				13,080,222				—				8,984,126
Loans granted to Joint Venture			977,301				—				474,174				—
Guarantee deposit			751,436				—				390,598				—
Non-current financial assets			1,728,737				—				864,772				—
Guarantee deposit			—				234,803				—				118,945
Financial investments			—				4,456,791				—				239,379
Other current financial assets			—				4,691,594				—				358,324
Cash and cash equivalents			—				26,558,080				—				22,338,021
Total			1,728,737				44,329,896				864,772				31,680,471

At 30 June 2021, the Group has financial investments regarding investment funds in banks. The Group has considered their classification as current assets because expects to collect this amount in the following 12 months.

 

F-17