Term deposits and other financial assets

12 Months Ended

Dec. 31, 2024

Term Deposits

Term deposits and other financial assets

13 Term deposits and other financial assets

Term deposits and other financial assets are comprised of the following:

	As of December 31,
In thousands of USD	2023	2024
Financial assets at fair value through OCI	84,023	47,627
Short term and other deposits	1,065	30,958
Term Deposits and other financial assets	85,088	78,585

Short term and other deposits represent rent and interest bearing deposits with a commercial bank for a fixed period of more than 3 months.

In 2024, short term deposits includes the placement of a USD 30,000 thousand bank deposit, in Germany, with a maturity of 6 months.

Financial assets measured at fair value through other comprehensive income comprise investments in listed investment grade bonds, via a discretionary account managed by Citi Private Bank, with the objective of maintaining capital and obtaining benchmark yields. The Group holds these investments under a “hold to collect and sell” business model as defined under IFRS 9. Interest income from financial assets at fair value through OCI are disclosed in Note 29. The reduction in the amount of the assets occurred throughout 2024, is explained by the sale of listed investment grade bonds and the fluctuations in their fair value.

Other financial assets are presented as current whenever maturity of the investments is within 12 months of the reporting date or if management expects to sell the asset within 12 months.

Fair value reserve

The movement in the fair value reserve for financial assets at fair value through other comprehensive income (“FVOCI”), including the allowance for expected credit losses (“ECL”), is as follows:

In thousands of USD	OCI on financial assets at fair value
Balance as of December 31, 2022	(9,613)
Changes in fair value of financial assets	1,970
Deferred tax assets on fair value loss through other comprehensive income	(2,066)
Reclassification from fair value reserve to profit or loss of the period due to maturity or sale of financial assets	3,908
Changes in allowance for expected credit losses - reversal	(19)
Changes recognized in other comprehensive income of the period (Note 17)	3,793
Balance as of December 31, 2023	(5,820)
Changes in fair value of financial assets	1,441
Deferred tax assets on fair value loss through other comprehensive income	(1,114)
Reclassification from fair value reserve to profit or loss of the period due to maturity or sale of financial assets	3,427
Changes in allowance for expected credit losses - reversal	(17)
Changes recognized in other comprehensive income of the period (Note 17)	3,737
Balance as of December 31, 2024	(2,083)

Allowance for expected credit losses

The movement of allowance for expected credit losses (“ECL”) of other financial assets measured at fair value through other comprehensive income is as follows:

In thousands of USD	ECL of other financial assets
Balance as of December 31, 2022	53
Changes recognized in profit or loss as net impairment gains/losses on financial assets at fair value through other comprehensive income	(19)
Total changes in allowance for expected credit losses	(19)
Balance as of December 31, 2023	34
Changes recognized in profit or loss as net impairment gains/losses on financial assets at fair value through other comprehensive income	(17)
Total changes in allowance for expected credit losses	(17)
Balance as of December 31, 2024	17