XML 27 R9.htm IDEA: XBRL DOCUMENT v3.22.1
Change in functional and presentation currency
12 Months Ended
Dec. 31, 2021
Change in functional and presentation currency  
Change in functional and presentation currency

4      Change in functional and presentation currency

Prior to April 1, 2021 the functional currency of Jumia Technologies AG and all its German subsidiaries, was the Euro (EUR). Jumia Technologies AG and its German holding subsidiaries centralize the financing and treasury management activities of the Group. Jumia Services GmbH is a German subsidiary that provides services for the Group. Functional currency is determined by the primary economic environment in which the entity operates. Management considers cash

flow, financing activities, and the currency in which the majority of the expenses are denominated, as the relevant indicators to describe Jumia Technologies AG’s and all the German subsidiaries’ primary economic environment. Following the increase of our cash balances in USD as a result of our successive equity fund raisings and the increased use of USD for the payment of certain suppliers, USD and USD denominated assets represents a larger portion of these companies’ total assets and a larger portion of these companies’ expenses are denominated in USD, and this constitutes a significant change in economic conditions. Jumia, therefore determined that, as of April 1, 2021, the functional currency of these entities changed from Euro to USD.

The change in functional currency was accounted for prospectively from April 1, 2021. All items were translated into the new functional currency using the exchange rate at the date of the change. The resulting translated amounts for non-monetary items are treated as their historical cost. Exchange differences arising from the translation of a foreign operation previously recognized in other comprehensive income as net investment in a foreign operation are not reclassified from equity to profit or loss until the disposal of the operation.

Jumia Technologies AG German subsidiaries

​

​

​

​

Company name

​

Country of incorporation

AIH Subholding Nr. 11 UG (haftungsbeschränkt) & Co. KG

​

GERMANY

Juwel 193. V V UG (haftungsbeschränkt) & Co. Vierte Verwaltungs KG

​

GERMANY

AIH General Merchandise UG (haftungsbeschränkt) & Co. KG

​

GERMANY

AIH General Merchandise Nigeria UG (haftungsbeschränkt) & Co. KG

​

GERMANY

AIH General Merchandise Kenya UG (haftungsbeschränkt) & Co. KG

​

GERMANY

AIH General Merchandise Ivory Coast UG (haftungsbeschränkt) & Co. KG

​

GERMANY

AIH General Merchandise Morocco UG (haftungsbeschränkt) & Co. KG

​

GERMANY

AIH General Merchandise Algeria UG (haftungsbeschränkt) & Co. KG

​

GERMANY

AIH General Merchandise Egypt UG (haftungsbeschränkt) & Co. KG

​

GERMANY

AIH General Merchandise Cameroon UG (haftungsbeschränkt) & Co. KG

​

GERMANY

AIH Subholding Nr. 8 UG (haftungsbeschränkt) & Co. KG

​

GERMANY

Juwel 193. V V UG (haftungsbeschränkt) & Co. Fünfte Verwaltungs KG

​

GERMANY

Juwel 193. V V UG (haftungsbeschränkt) & Co. 23. Verwaltungs KG

​

GERMANY

Juwel 193. V V UG (haftungsbeschränkt) & Co. 24. Verwaltungs KG

​

GERMANY

AIH Subholding Nr. 10 UG (haftungsbeschränkt) & Co. KG

​

GERMANY

Juwel 193 V V UG (haftungsbeschränkt) & Co. Zwölfte Verwaltungs KG

​

GERMANY

Juwel 193. V V UG (haftungsbeschränkt)

​

GERMANY

Juwel 194. V V UG (haftungsbeschränkt)

​

GERMANY

Jumia UG (haftungsbeschränkt) & Co. KG

​

GERMANY

Juwel 194. V V UG (haftungsbeschränkt) & Co. Erste Verwaltungs KG

​

GERMANY

Juwel 193. V V UG (haftungsbeschränkt) & Co. 132. Verwaltungs KG

​

GERMANY

AIH General Merchandise Tanzania UG (haftungsbeschränkt) & Co. KG

​

GERMANY

Jumia Services GmbH

​

GERMANY

Bambino 162. V V UG (haftungsbeschränkt)

​

GERMANY

​

​

Effective April 1, 2021, in line with the change in functional currency in Jumia Technologies AG and all its German subsidiaries, to reduce the potential for foreign exchange volatility in our reported earnings, the Group decided to change its presentation currency from EUR to USD. The Group applied the change to USD presentation currency retrospectively and restated the comparative financial information for the relevant periods as if the new presentation currency had always been the Group’s presentation currency.

The translation procedure is outlined below:

1.Income Statement and Statement of Cash Flows have been translated into US dollars using average foreign currency rates (or the foreign currency rate at the date of the transaction if exchange rate fluctuates significantly) prevailing for the relevant period.

2.Assets and liabilities in the Statement of Financial Position have been translated into US dollars at the closing foreign currency rates on the relevant reporting dates.

3.Share capital and Share premium have been translated into US dollars at the closing foreign currency rates on the relevant reporting dates.

4.The remaining equity components have been translated into US dollars as if it had always been the presentation currency

5.Earnings per share and dividend disclosures have also been restated to US dollars to reflect the change in presentation currency.

​

Below is the opening statement of financial position as of January 1, 2019 and December 31, 2019, as a change in presentation currency represents a change in accounting policy under IAS 8:

​

​

​

​

​

​

​

​

As of January 1, 2019

​

As of December 31, 2019

In thousands

​

Restated (USD)

    

Restated (USD)

Assets

​

​

 

  

Non-current assets

​

​

 

  

Property and equipment

​

5,746

 

19,551

Intangible assets

​

206

 

53

Deferred tax assets

​

200

 

122

Other non-current assets

​

1,443

​

1,691

Total Non-current assets

​

7,595

 

21,417

Current assets

​

​

 

  

Inventories

​

10,789

 

11,210

Trade and other receivables

​

14,899

 

18,995

Income tax receivables

​

831

​

813

Other taxes receivable

​

4,774

 

6,051

Prepaid expenses

​

8,451

 

14,123

Term deposits and other financial assets

​

—

​

70,005

Cash and cash equivalents

​

115,165

 

190,679

Total Current assets

​

154,909

 

311,876

Total Assets

​

162,504

 

333,293

Equity and Liabilities

​

​

 

  

Equity

​

​

 

  

Share capital

​

152

 

175,868

Share premium

​

967,901

 

1,141,997

Other reserves

​

89,348

 

127,449

Accumulated losses

​

(1,000,216)

 

(1,239,991)

Equity attributable to the equity holders of the Company

​

57,185

 

205,323

Non-controlling interests

​

(157)

 

(574)

Total Equity

​

57,028

 

204,749

Liabilities

​

​

 

  

Non-current liabilities

​

​

​

​

Non-current borrowings

​

—

​

6,871

Provisions for liabilities and other charges

​

445

​

253

Deferred income

​

—

​

1,347

Total Non-current liabilities

​

445

​

8,471

Current liabilities

​

​

 

  

Current borrowings

​

—

​

3,427

Trade and other payables

​

54,118

 

63,310

Income tax payables

​

12,453

 

11,278

Other taxes payable

​

8,495

 

5,014

Provisions for liabilities and other charges

​

22,536

 

30,325

Deferred income

​

7,429

 

6,719

Total Current liabilities

​

105,031

 

120,073

Total Liabilities

​

105,476

 

128,544

Total Equity and Liabilities

​

162,504

 

333,293

​