EX-99.2

WALLBOX N.V.

Interim Condensed Consolidated statements of financial position as of June 30, 2023 and December 31, 2022


(In thousand Euros)	Notes		June 30, 2023 (*)			December 31, 2022
Assets
Non-Current Assets
Property, plant and equipment		8		58,069			57,878
Right-of -use assets		9		23,303			24,888
Intangible assets		10		69,287			60,800
Goodwill		10		14,775			15,101
Non-current financial assets		12		1,824			1,133
Tax credit receivables		23		8,185			6,629

Total Non-Current Assets				175,443			166,429
Assets held for sale		11		—			384
Current Assets
Inventories		13		95,481			106,569
Trade and other financial receivables		12		41,695			39,827
Other receivables		23		9,471			14,846
Current financial assets		12		6,022			5,957
Deferred charges				1,555			1,633
Advance payments		13		4,340			3,031
Cash and cash equivalents		12 and 14		105,554			83,308

Total Current Assets				264,118			255,171

Total Assets				439,561			421,984

Equity and Liabilities
Equity
Share capital		15		48,619			45,769
Share premium		15		439,496			378,240
Accumulated deficit		15		(377,328	)		(306,696	)
Other equity components		15		41,090			41,240
Foreign currency translation reserve		15		7,910			10,597

Total Equity attributable to owners of the Company				159,787			169,150
Liabilities
Non-Current Liabilities
Loans and borrowings		12		66,268			44,359
Lease liabilities		9 and 12		23,267			24,657
Provisions		16		2,708			1,439
Government grants		17		4,954			2,198
Deferred tax liabilities		23		1,457			1,388

Total Non-Current Liabilities				98,654			74,041
Current Liabilities
Loans and borrowings		12		112,513			89,268
Derivative warrants liabilities		12		8,974			5,834
Lease liabilities		9 and 12		2,777			2,644
Trade and other financial payables		12		46,906			71,249
Current income tax liabilities		23		—			1,186
Other payables		23		5,200			5,819
Provisions		16		1,745			1,318
Government grants		17		561			708
Contract liabilities		18		2,444			767

Total Current Liabilities				181,120			178,793

Total Liabilities				279,774			252,834

Total Equity and Liabilities				439,561			421,984

(*)

Unaudited

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

WALLBOX N.V.

Interim Condensed Consolidated statements of profit or loss and other comprehensive income for the six months ended June 30, 2023 and 2022


(In thousand Euros)	Notes		June 30, 2023 (*)			June 30, 2022 (*)
Revenue		18		68,020			67,811
Changes in inventories and raw materials and consumables used		19		(45,328	)		(39,871	)
Employee benefits		20		(45,069	)		(43,399	)
Other operating expenses		19		(34,603	)		(41,378	)
Amortization and depreciation		8,9,10		(12,380	)		(7,999	)
Net other income				1,755			1,368

Operating Loss				(67,605	)		(63,468	)
Financial income		21		569			2,070
Financial expenses		21		(6,704	)		(3,437	)
Change in fair value of derivative warrant liabilities		12		502			62,351
Foreign exchange gains/(losses)				985			(6,082	)

Financial Results				(4,648	)		54,902
Share of loss of equity-accounted investees				—			(714	)

Loss before Tax				(72,253	)		(9,280	)
Income tax credit		23		1,621			589

Loss for the Period		22		(70,632	)		(8,691	)
Loss per share
Basic and diluted losses per share (euros per share)		22		(0.40	)		(0.05	)

Loss for the Period				(70,632	)		(8,691	)
Other comprehensive (loss)/income
Other comprehensive (loss)/income that may be reclassified to profit or loss in subsequent periods
Currrency translation differences in foreign operations, net of tax				(2,687	)		10,264
Changes in the fair value of debt instruments at fair value through other comprehensive income, net of tax				—			(7	)

Net other comprehensive (loss)/income that may be reclassified to profit or loss in subsequent periods				(2,687	)		10,257

Other comprehensive (loss)/income for the Period				(2,687	)		10,257

Total comprehensive loss for the Period				(73,319	)		1,566

(*)

Unaudited

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

WALLBOX N.V.

Interim Condensed Consolidated statements of changes in equity for the six months ended June 30, 2023 and 2022


	Attributable to owners of the Company
(In thousand Euros)	Notes		Share capital		Share premium		Accumulated deficit			Other equity components			Foreign currency translation reserve		Total equity
Balance at January 1, 2022				44,480		322,391		(243,896	)		5,496			2,601		131,072

Total comprehensive (loss)/income for the period
Loss for the Period				—		—		(8,691	)		—			—		(8,691	)
Other comprehensive income/(loss) for the period				—		—		—			(7	)		10,264		10,257

Total comprehensive income for the period				—		—		(8,691	)		(7	)		10,264		1,566
Transactions with owners of the Company
Capital increase		15		151		6,700		—			(525	)		—		6,326
Share based payments		20		—		—		—			20,546			—		20,546

Total contributions and distributions				151		6,700		—			20,021			—		26,872

Total transactions with owners of the Company				151		6,700		(8,691	)		20,014			10,264		28,438

Balance at June 30, 2022 (*)				44,631		329,091		(252,587	)		25,510			12,865		159,510

(*)

Unaudited

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

WALLBOX N.V.

Interim Condensed Consolidated statements of changes in equity for the six months ended June 30, 2023 and 2022 (continued)


	Attributable to owners of the Company
(In thousand Euros)	Notes		Share capital		Share premium		Accumulated deficit			Other equity components			Foreign currency translation reserve			Total equity
Balance at January 1, 2023				45,769		378,240		(306,696	)		41,240			10,597			169,150

Total comprehensive (loss)/income for the period
Loss for the Period				—		—		(70,632	)		—			—			(70,632	)
Other comprehensive (loss)/income for the period				—		—		—			—			(2,687	)		(2,687	)

Total comprehensive income for the period				—		—		(70,632	)		—			(2,687	)		(73,319	)
Transactions with owners of the Company		15
Contribution of equity (Private placement)				2,260		42,689		—			—			—			44,949
Contribution of equity (Coil Acquisition)				33		2,284		—			(2,317	)		—			—
Contribution of equity (ATM)				307		5,909		—			—			—			6,216
Contribution of equity (Execution of options and warrants)				250		10,374		—			(9,840	)		—			784
Business combinations to be settled in equity instruments				—		—		—			1,332			—			1,332
Share based payments		20		—		—		—			10,675			—			10,675

Total contributions and distributions				2,850		61,256		—			(150	)		—			63,956

Total transactions with owners of the Company				2,850		61,256		(70,632	)		(150	)		(2,687	)		(9,363	)

Balance at June 30, 2023 (*)				48,619		439,496		(377,328	)		41,090			7,910			159,787

(*)

Unaudited

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

WALLBOX N.V.

Interim Condensed Consolidated statements of cash flows for the six months ended June 30, 2023 and 2022


(In thousand Euros)	Notes		June 30, 2023 (*)			June 30, 2022 (*)
Cash flows from Operating Activities
Loss for the Period				(70,632	)		(8,691	)
Adjustments for:
Amortisation and depreciation		8, 9 and 10		12,380			7,999
Expected credit loss for trade and other receivables		12 and 19		1,380			1,756
Impairments of inventories		13 and 19		(932	)		228
Impairments of financial assets				289			—
Change in provisions		16		1,696			141
Government grants		17		(1,421	)		(785	)
Financial income		21		(569	)		(2,070	)
Financial expenses		21		6,704			3,437
Change in fair value of derivative warrant liabilities		12		(502	)		(62,351	)
Exchange differences				(985	)		6,082
Income tax credit		23		(1,621	)		(589	)
Share based payments expense		20		12,007			20,546
Share of loss of equity accounted associates		11		—			714
Changes in
- inventories				12,021			(27,211	)
- trade and other financial receivables				1,829			(13,003	)
- other assets				(1,212	)		7,891
- trade and other financial payables				(16,568	)		15,211
- contract liabilities				1,677			(63	)

Net cash used in operating activities				(44,459	)		(50,758	)

Cash flows from Investing Activities
Investment in equity-accounted investees		11		—			(714	)
Loans granted to equity-accounted investees		12		—			(140	)
Acquisition of intangible assets		10		(16,715	)		(11,675	)
Acquisition of property, plant and equipment		8		(12,350	)		(18,274	)
Acquisition of financial assets at fair value through profit or loss		12		—			(2,560	)
Proceeds from sale of financial assets at fair value through profit or loss		12		11			54,335
Interest received				—			15

Net cash used in investing activities				(29,054	)		20,987

Cash flows from Financing Activities
Proceeds from issuing equity instruments (private placement)		15		44,949			—
Proceeds from issuing equity instruments (ATM)		15		6,216			—
Proceeds from issuing equity instruments (Warrants conversions and others)		20		784			4,667
Proceeds from government grants		17		5,310			488
Proceeds from loans		12		261,526			177,949
Proceeds from shareholders loan		12		—			(30	)
Repayments of loans		12		(214,353	)		(153,565	)
Repayments of capitalized interests		12		—			(223	)
Payment of principal portion of lease liabilities		9		(1,310	)		(441	)
Payment of interest on lease liabilities		9		(593	)		(607	)
Interest and bank fees paid		21		(5,369	)		(1,181	)

Net cash from financing activities				97,160			27,057

Net increase in cash and cash equivalents				23,647			(2,714	)
Cash and cash equivalents at beginning of period				83,308			113,865
Exchange gains/(losses)				(1,401	)		8,724

Cash and cash equivalents at the end of the period				105,554			119,875

(*)

Unaudited

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

WALLBOX N.V.

Notes to the interim condensed consolidated financial statements

1.	Reporting Entity

Wallbox N.V. (the “Company” or “Wallbox”) was incorporated as a Dutch private limited liability company under the name Wallbox B.V. on June 7, 2021 and was subsequently converted into a Dutch public limited liability company. Wallbox is registered in the Commercial Registry of the Netherlands Chamber of Commerce under ID number 83012559. Its statutory seat is in Amsterdam, the Netherlands, and the mailing and business address of its principal executive office is Carrer del Foc 68, 08038 Barcelona, 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 the development, manufacturing, and sales of innovative solutions for charging electric vehicles. For further information of the Group, refer to the consolidated financial statements for the financial year ended on December 31, 2022, published on March 31, 2023.

Wallbox is the parent entity of the Group. The Group’s principal subsidiaries as of June 30, 2023 and 2022 are set out in Note 27. Unless otherwise stated, their share capital consists solely of ordinary shares which are held directly by the Group, and the proportion of ownership interests held equals the voting rights held by the Group.

Wallbox is listed on the New York Stock Exchange (“NYSE”) with the ticker WBX.

2.	Basis of Preparation

These interim condensed consolidated financial statements as of and for the six months ended June 30, 2023 which have been based on the accounting records kept by the Company and its subsidiaries, were prepared by the Board of Directors of Wallbox in accordance with International Auditing Standard 34

“Interim financial reporting”

(“IAS 34”), 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 as of June 30, 2023, 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, 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 (“IFRS”), and must be read together with the consolidated financial statements from the financial year ended on December 31, 2022, drawn up in accordance with the existing IFRS as issued by the International Accounting Standards Board (“IASB”), which were published on March 31, 2023.

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 the Group 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.

WALLBOX N.V.

Notes to the interim condensed consolidated financial statements

Wallbox has incurred 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 its electric vehicle charging products and setting up commercial subsidiaries in many countries. During the six months ended June 30, 2023, the Company incurred in a consolidated net loss of Euros 70,632 thousand and net cash flows used in operating activities amounted to Euros 44,459 thousand. As of June 30, 2023, the Company had an accumulated deficit of Euros 377,328 thousand but a positive total equity balance of Euros 159,787 thousand. As of June 30, 2023, cash and cash equivalents amounts to Euros 105,554 thousand.

In assessing the going concern basis of preparation of the interim condensed consolidated financial statements, Wallbox had to estimate the expected cash flows for the 12 months from the date these interim condensed consolidated financial statements are issued, including the compliance with covenants, the exercise of warrants and availability of other financial funding from banks.

Based on these estimations, management has assessed that Wallbox will be able to fund the expected cash outflows in the next 12 months. Although the expectation for the coming year is that the Company will continue to have net losses and make additional investments, the cash and funding availability is sufficient for more than the 12 months from the date these interim condensed consolidated financial statements are issued.

Basis of measurement

These interim condensed consolidated financial statements have been prepared on a historical cost basis. The only exceptions to the application of the cost basis during their preparation have been the subsequent measurement of:

•

financial assets related to investment, which are measured at fair value through other comprehensive income (“FVTOCI”);

•

financial investments related to investment funds with institutions, which are measured at fair value through profit of loss (“FVTPL”); and

•

derivative warrant liabilities and contingent consideration related to the business acquisitions, which are measured at FVTPL.

Basis of consolidation

The consolidation basis applied in the interim condensed consolidated financial statements is consistent with the basis applied in the consolidated financial statements for the year ended on December 31, 2022 (the “2022 Consolidated Financial Statements”).

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 thousand Euros, unless otherwise indicated.

Changes in the scope of consolidation

There have not been any changes in the s

pe of consolidation since December 31, 2022.

WALLBOX N.V.

Notes to the interim condensed consolidated financial statements

3.	Use of Judgements and Estimates

The preparation of these interim condensed consolidated financial statements requires, as established by IAS 34, the Board of Directors of the Group to make certain estimates and judgements that do not differ significantly from those considered in the preparation of the 2022 Consolidated Financial Statements set out in Note 3 thereto.

During the six months ended June 30, 2023,

significant changes have occurred in the assumptions linked to the judgements and estimates disclosed in the 2022 Consolidated Financial Statements.

During the six months ended June 30, 2023, 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 2022 Consolidated Financial Statements.

Critical judgement 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.

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:

•

Going concern: Disclosures related to the going concern have been included in Note 2.

•

Share-based payments: The Company’s management measures equity settled share-based payments at fair value at the grant date and recognizes the cost over the vesting period, with a corresponding increase in equity. The expense is based upon management’s estimate of the percentage of equity instruments expected to vest. At each reporting date, management revises its estimate of the number of equity instruments expected to vest as a result of the effect of

non-market-based

vesting conditions. The impact of the revision of the original estimates, if any, is recognized in profit or loss such that the cumulative expense reflects the revised estimate, with a corresponding adjustment to equity reserves.

Prior to the listing of Wallbox’s Class A ordinary shares, nominal value €0.12 per share (“Class A Shares”) on NYSE on October 4, 2021, the ordinary shares of Wallbox Chargers, S.L.U. were not listed on a public stock exchange and, as such, the calculation of the fair value of its ordinary shares prior to this date was subject to a greater degree of estimation in determining the basis for share-based options that it issued.

The Company’s management determined the estimated fair value of its awards based on the estimated market price of the Company’s stock on the date of grant, typically determined by reference to the reported closing price of Wallbox’s Class A Shares on the grant date, and by applying methodologies generally accepted for this kind of valuation (see Note 20).

WALLBOX N.V.

Notes to the interim condensed consolidated financial statements

The date at which the fair value of the equity instruments granted is measured for the purposes of IFRS 2 for transactions with employees and others providing similar services is the grant date. Grant date is the date at which the entity and the employee agree to a share-based payment arrangement, at which point the entity and the counterparty have a shared understanding of the terms and conditions of the arrangement. At grant date, the entity confers on the counterparty the right to cash, other assets, or equity instruments of the entity, provided the specified vesting conditions, if any, are met. If that agreement is subject to an approval process (for example, by shareholders), the grant date is the date when that approval is obtained.

The assumptions underlying the valuations represent the Company’s best estimates, which involve inherent uncertainties and the application of management judgement (see Note 20).

•

Measurement of awards granted under new plans during the six months ended June 30, 2023 has been consistent with that of prior period plans.

Additionally, there have been no changes in the judgement and estimates related to the impairment of

non-current

assets (including goodwill), the capitalization of development cost by determination of the useful life of intangible assets, or the recognition of the income tax as disclosed in the 2022 Consolidated Financial Statements.

4.	New IFRS and IFRIC not yet effective

The standards and interpretations effective during the six months ended June 30, 2023 and those issued but not yet in force are detailed below:

Standard and interpretation effective as of January 1, 2023

•

Insurance Contracts (IFRS 17)

•

Disclosure of Accounting Policies (Amendments to IAS 1 and IFRS Practice Statement 2)

•

Definition of Accounting Estimates (Amendments to IAS 8)

•

Deferred Tax related to Assets and Liabilities arising from a Single Transaction (Amendments to IAS 12)

After an analysis of the standards and interpretations effective during the six months ended June 30, 2023, we have concluded that we don’t expect any significant impacts on the current financial statements.

New standards, amendments and interpretations effective and the European Union endorsed as of January 1, 2024

•

Classification of liabilities as current or

non-current

and

Non-current

lia

bilities with Covenants (Amendments to IAS 1)

•

Lease liability in a Sale and Leaseback (Amendment to IFRS 16)

•

International tax reform – Pillar II Model rules (Amendment to IAS 12)

We do not expect that these standards will have a significant impact on the Group’s financial statements.

WALLBOX N.V.

Notes to the interim condensed consolidated financial statements

5.	Significant and New 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 2022 Consolidated Financial Statements and which are detailed therein.

6.	Business Combinations

During the six months ended June 30, 2023, no new business combinations have occurred. The business combinations that occurred in 2022 and 2021 related to the transactions between Wallbox, Wallbox Chargers, S.L.U. and Kensington Capital Acquisition Corp. II (“Kensington”), Intelligent Solutions AS, Electromaps, S.L., AR Electronic Solutions, S.L. (“Ares”) and Coil, Inc. (“Coil”), finalized in 2022 and 2021.

7.	Operating Segments

Basis for segmentation

The Group’s business segment information included in this Note is aligned with the segment information included in the 2022 Consolidated Financial Statements and which are detailed therein.

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.

Reconciliations of information on reportable segments with the amounts reported in the financial statements for the six months ended June 30, 2023


	June 30, 2023
(In thousand Euros)	EMEA			NORAM			APAC			Total segments			Consolidated adjustments and eliminations			Consolidated
Revenue		58,299			12,526			370			71,195			(3,175	)		68,020
Changes in inventories and raw		(40,009	)		(8,173	)		(321	)		(48,503	)		3,175			(45,328	)
Employee benefits		(33,443	)		(11,265	)		(361	)		(45,069	)		—			(45,069	)
Other operating expenses		(28,476	)		(5,987	)		(140	)		(34,603	)		—			(34,603	)
Amortization and depreciation		(10,888	)		(1,491	)		(1	)		(12,380	)		—			(12,380	)
Other income		1,657			97			1			1,755			—			1,755

Operating Loss		(52,860	)		(14,293	)		(452	)		(67,605	)		—			(67,605	)
Total Assets		364,603			171,624			373			536,600			(97,039	)		439,561

Total Liabilities		239,591			62,583			539			302,713			(22,939	)		279,774

WALLBOX N.V.

Notes to the interim condensed consolidated financial statements

Reconciliations of information on reportable segments with the amounts reported in the financial statements for the six months ended June 30, 2022


	June 30, 2022
(In thousand Euros)	EMEA			NORAM			APAC			Total segments			Consolidated adjustments and eliminations			Consolidated
Revenue		66,137			7,593			195			73,925			(6,114	)		67,811
Changes in inventories and raw		(40,164	)		(5,627	)		(10	)		(45,801	)		5,930			(39,871	)
Employee benefits		(39,794	)		(3,426	)		(179	)		(43,399	)		—			(43,399	)
Other operating expenses		(33,992	)		(7,541	)		(40	)		(41,573	)		195			(41,378	)
Amortization and depreciation		(7,377	)		(621	)		(1	)		(7,999	)		—			(7,999	)
Other income		1,360			7			1			1,368			—			1,368

Operating Loss		(53,830	)		(9,615	)		(34	)		(63,479	)		11			(63,468	)
Total Assets		383,861			150,394			78			534,334			(177,132	)		357,202

Total Liabilities		219,285			37,523			41			256,849			(59,158	)		197,691

There have been no significant transactions between segments during the six months ended June 30, 2023 and June 30, 2022, respectively except for inter-segment revenues and changes in inventories and raw materials and consumables used w

ch are eliminated in the column “Consolidated adjustments and eliminations”.

Certain financial assets and liabilities are not allocated to reportable segments, as they are managed at a corporate level. These are included in the consolidated column corresponding to adjustments and eliminations.

WALLBOX N.V.

Notes to the interim condensed consolidated financial statements

8.	Property, Plant and Equipment

Reconciliation of carrying amount


(In thousand Euros)	Buildings and leasehold improvements			Fixtures and fittings			Plant and equipment			Assets under construction			Total
Balance at December 31, 2022		18,675			3,809			35,222			172			57,878

Additions		—			40			2,319			2,162			4,521
Disposal		(51	)		(47	)		(526	)		—			(624	)
Transfers		164			—			—			(164	)		—
Depreciation for the period		(41	)		(413	)		(2,937	)		—			(3,391	)
Translation differences		—			(9	)		(306	)		—			(315	)

Balance at June 30, 2023		18,747			3,380			33,772			2,170			58,069

Cost
At December 31, 2022		20,829			4,749			38,707			172			64,457

At June 30, 2023		20,942			4,733			40,194			2,170			68,039

Accumulated amortization
At December 31, 2022		(2,153	)		(941	)		(3,485	)		—			(6,579	)

At June 30, 2023		(2,194	)		(1,354	)		(6,422	)		—			(9,970	)

Additions of property, plant and equipment for the six months ended June 30, 2023 was Euros 4,521 thousand, and primarily relates to the acquisition of machinery and tools for manufacturing plants.

As of June 30, 2023, additions of property, plant and equipment for which payment was still pending totaled Euros 2,812 thousand, as compared to Euros 8,979 thousand as of December 31, 2022.

The Group has items in use that were fully depreciated as of June 30, 2023 for an amount of Euros 13 thousand as compared to 0 Euros as of December 31, 2022.

Other information

The Group has obtained insurance policies that cover the carrying amount of its property, plant and equipment.

The commitments amounted to Euros 566 thousand as of June 30, 2023, compared to Euros 3,318 thousand as of December 31, 2022. These commitments mainly relate to the acquisition of tools and machinery.

There are no other significant contractual obligations to purchase, construct or develop property, plant and equipment assets.

The Group had no restrictions on the sale of its property, plant and equipment and no pledge existed on these assets, at June 30, 2023 and December 31, 2022, respectively, except for the leasehold improvement which cannot be realized and which totaled Euros 20,942 thousand as of June 30, 2023 as compared to Euros 20,829 thousand at December 31, 2022.

WALLBOX N.V.

Notes to the interim condensed consolidated financial statements

9.	Right of Use Assets and Lease Liabilities

The considerations regarding the lease terms and the recognition exception are consistent with those disclosed in the 2022 Consolidated Financial Statements.

a) Set out below are the carrying amounts of

right-of-use

assets recognized and the movements during the six months ended June 30, 2023:


(In thousand Euros)	Buildings			Vehicles			Other assets			Total
Balance at December 31, 2022		22,398			1,195			1,295			24,888

Additions		—			222			—			222
Depreciation for the period		(1,239	)		(277	)		(126	)		(1,642	)
Translation differences		(143	)		(22	)					(165	)

Balance at June 30, 2023		21,016			1,118			1,169			23,303

b) Set out below are the carrying amounts of lease liabilities and the movements during the six months ended June 30, 2023:


(In thousand Euros)	Buildings			Vehicles			Other assets			Total
Balance at December 31, 2022		25,137			1,179			985			27,301

Additions to liabilities		—			222			—			222
Interest on lease liabilities		567			19			7			593
Lease payments		(1,433	)		(307	)		(163	)		(1,903	)
Translation differences		(148	)		(21	)		—			(169	)

Balance at June 30, 2023		24,123			1,092			829			26,044

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


(In thousand Euros)	June 30, 2023		December 31, 2022
6 months or less		1,980		1,892
6 months to 1 year		2,035		1,952
From 1 to 2 years		3,581		3,879
From 2 to 5 years		9,721		9,844
More than 5 years		15,011		17,820

		32,328		35,387

WALLBOX N.V.

Notes to the interim condensed consolidated financial statements

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 thousand Euros)	June 30, 2023		June 30, 2022
Interest on lease liabilities (see note 21)		593		607
Expenses relating to short-term and low value leases (see note 19)		1,151		976

10.	Intangible Assets and Goodwill

a) Intangible assets

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


(In thousand Euros)	Software			Patents and customer relationships			Development costs			Other			Total
Balance at December 31, 2022		6,377			4,042			49,537			844			60,800

Additions		1,431			—			13,610			936			15,977
Disposal		—			(60	)		(47	)		—			(107	)
Transfers		(55	)		—			478			(423	)		—
Amortization for the period		(730	)		(287	)		(6,330	)		—			(7,347	)
Translation differences		(6	)		(29	)		(1	)		—			(36	)

Balance at June 30, 2023		7,017			3,666			57,247			1,357			69,287

Cost
At December 31, 2022		8,777			4,578			64,577			844			78,776

At June 30, 2023		10,147			4,489			78,617			1,357			94,610

Accumulated amortization
At December 31, 2022		(2,400	)		(536	)		(15,040	)		—			(17,976	)

At June 30, 2023		(3,130	)		(823	)		(21,370	)		—			(25,323	)

During the six months ended June 30, 2023, the Group made investments in several development projects, consisting of payroll expenses and other costs totaling to Euros 13,610 thousand as compared to Euros 26,807 thousand as of December 31, 2022.

The total additions of internally developed intangibles (Development costs and Software) was Euros 13,040 thousand for the six months ended June 30, 2023 as compared to Euros 20,204 thousand as of December 31, 2022 and which corresponds to the capitalization carried out by the Group in relation to the product development process, especially for the DC product under the names of Quasar and Supernova, AC product under the names of Pulsar, Cooper and Commander and MyWallbox software.

Additions of patents, licenses and similar, and computer software totaled Euros 1,431 thousand for the six months ended June 30, 2023, as compared to Euros 2,413 thousand for the year ended December 31, 2022 and due primarily to the implementation of new software applications. The patents and customer relationships category also include the registration of brands, logos, and design patents for different chargers.

WALLBOX N.V.

Notes to the interim condensed consolidated financial statements

The Group has items in use that were fully depreciated as of June 30, 2023 for an amount of Euros 231 thousand, as compared to Euros 0 as of December 31, 2022.

As of June 30, 2023, additions of intangible assets for which payment was still pending totaled Euros 1,944 thousand, as compared to Euros 845 thousand at December 31, 2022.

The Group has no restrictions on the realizability of its intangible assets and no pledge existed on these assets as of June 30, 2023 and December 31, 2022, respectively.

As of June 30, 2023, there were commitments for the acquisition of intangible assets for Euros 676 thousand, as compared to Euros 1,728 thousand at December 31, 2022 relating to the acquisition of tools and machinery for the manufacturing plants.

b) Goodwill

The Goodwill breakdown by CGU as of June 30, 2023, and December 31, 2022, is as follows:


(In thousand Euros)	June 30, 2023		December 31, 2022
Ares		5,571		5,571
Coil		3,438		3,503
Nordics		2,309		2,570
Electromaps / Software		3,457		3,457

Total		14,775		15,101

The change in the goodwill carrying amount corresponds to exchange differences impacting goodwill generated through Nordics and Coil business combinations.

During the six months ended June 30, 2023, no impairment indicators existed that could lead to the existence of impairment in relation to the goodwill or intangible assets of the Group. Goodwill is tested for impairment annually before year end, once budgets are approved.

11.	Equity-Accounted Investees

Joint venture

Wallbox-Fawsn New Energy Vehicle Charging Technology (Suzhou) Co., Ltd. was a joint venture incorporated on June 15, 2019, over which the Group had joint control and a 50% interest. On May 24, 2023, the Group sold its 50% interest for a consideration of Euros 390 thousand, of which, an amount of Euros 94 thousand is expected to be collected within the next twelve months, with the remainder being a

non-current

receivable. As of December 31, 2022, this investment was classified as an asset held for sale for an amount of Euros 384 thousand.

WALLBOX N.V.

Notes to the interim condensed consolidated financial statements

12.	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.	Current and non-current financial assets


	June 30, 2023				December 31, 2022
(In thousand Euros)	Non-current		Current		Non-current		Current
Customer sales and services		—		41,089		—		39,797
Other receivables		—		579		—		16
Loans to employees		180		27		—		14

Trade and other financial receivables		180		41,695		—		39,827
Guarantee deposit		1,644		—		1,133		—

Non-current financial assets		1,644		—		1,133		—
Guarantee deposit		—		397		—		560
Financial investments		—		5,625		—		5,397

Other current financial assets		—		6,022		—		5,957
Cash and cash equivalents		—		105,554		—		83,308

Total		1,824		153,271		1,133		129,092

Trade and other financial receivables are mainly amounts due from customers for goods sold or services performed in the ordinary course of business. They are due for settlement in the short term (less than 1 year) and therefore are classified as current. Trade and other financial receivables are recognized initially at the amount of consideration that is unconditional, unless they contain significant financing components, in which case they are recognized at fair value. The Group holds the trade receivables with the objective of collecting the contractual cash flows and therefore measures them subsequently at amortized cost using the effective interest method.

The carrying amount of the customer sales and services includes receivables which are subject to a factoring arrangement. Under this arrangement, the Group has transferred the relevant receivables to the factor in exchange for cash and is prevented from selling or pledging the receivables. However, the Group has retained late payment and credit risk. Therefore, the Group continues to recognize the transferred assets in their entirety in its statement of financial position.

The amount repayable under the factoring agreement is presented as secured borrowing. The Group considers that the held-to-collect business model remains appropriate for these receivables and hence continues to measure them at amortized cost.

As of June 30, 2023, other current financial assets include financial investments, such as investment funds in financial institutions, totaling Euros 5,625 thousand as compared to Euros 5,397 thousand at December 31, 2022.

WALLBOX N.V.

Notes to the interim condensed consolidated financial statements

These financial investments are deposits managed by financial institutions in investment funds to obtain profitability. The Group has considered their classification as current assets because it expects to liquidate these investments in the following 12 months.

B.	Expected credit loss assessment as of June 30, 2023 and December 31, 2022.

The Group applies the IFRS 9 simplified approach to measuring expected credit losses using a lifetime expected credit loss provision for trade receivables and contract assets. To measure expected credit losses on a collective basis, trade receivables and contract assets are grouped based on similar credit risk and aging. The contract assets have similar risk characteristics to the trade receivables for similar types of contracts.

The impairment of trade receivables is recognized under “Expected credit loss for trade and other receivables” in other operating expenses.

The total expense recognized in profit or loss during the six months ended June 30, 2023 was Euros 1,380 thousand and Euros 1,756 thousand for the six months ended June 30, 2022. The allowance for doubtful debts provision as of June 30, 2023 estimated based on the expected credit loss, was Euros 1,467 thousand, as compared to Euros 1,656 thousand as of December 31, 2022, for amounts outstanding less than 180 days as at reporting date. Additionally, the Company has recognized as of June 30, 2023, a bad debt provision for amounts outstanding 180 days or longer for Euros 4,327 thousand, as compared to Euros 3,404 thousand as at December 31, 2022, which has been calculated taking into account specific accounts receivable considered doubtful.

The expected loss rates are based on the Group’s historical cre

t losses.

C.	Financial assets by class and category


			June 30, 2023
(In thousand Euros)	Financial assets measured at amortized cost		Financial assets measured at fair value with changes in PL		Financial assets measured at fair value with changes in OCI		Total
Customer sales and services		41,089		—		—		41,089
Other receivables		579		—		—		579
Loans to employees		207		—		—		207

Trade and other financial receivables		41,875		—		—		41,875
Guarantee deposit		1,644		—		—		1,644

Non-current financial assets		1,644		—		—		1,644
Guarantee deposit		397		—		—		397
Financial investments		128		5,296		201		5,625

Other current financial assets		525		5,296		201		6,022
Cash and cash equivalents		105,554				—		105,554

		149,598		5,296		201		155,095

WALLBOX N.V.

Notes to the interim condensed consolidated financial statements


			December 31, 2022
(In thousand Euros)	Financial assets measured at amortized cost		Financial assets measured at fair value with changes in PL		Financial assets measured at fair value with changes in OCI		Total
Customer sales and services		39,797		—		—		39,797
Other receivables		16		—		—		16
Loans to employees		14		—		—		14

Trade and other financial receivables		39,827		—		—		39,827
Guarantee deposit		1,133		—		—		1,133

Non-current financial assets		1,133				—		1,133
Guarantee deposit		560		—		—		560
Financial investments		128		5,030		239		5,397

Other current financial assets		688		5,030		239		5,957
Cash and cash equivalents		83,308		—		—		83,308

		124,956		5,030		239		130,225

Financial assets measured at FVTOCI correspond to investments in hedge funds whose quotation is considered level 1 for fair value purposes.

The financial investments valued at FVTPL relate to investment funds held at financial institutions. Thes

e fi

nancial assets are also considered level 1 for fair value purposes.

The rest of the financial assets (both current and

non-current)

are measured at their amortized cost, which does not materially differ from their fair value.

Financial liabilities

A.	Loans and borrowings


	June 30, 2023				December 31, 2022
(In thousand Euros)	Non-current		Current		Non-current		Current
Loans		66,268		14,675		44,359		5,676
Working capital line of credit		—		97,838		—		83,592

Loans and borrowings		66,268		112,513		44,359		89,268
Derivative warrant liabilities		—		8,974		—		5,834
Lease liabilities (see note 9)		23,267		2,777		24,657		2,644

Total		89,535		124,264		69,016		97,746

Financial liabilities are measured at their amortized cost, which does not differ from their fair value (it is considered that the interest rates applicable to all of them still represent market spreads), except for the derivative warrant liability which is measured at FVTPL.

The working capital lines of credit are a type of short-term financing used to cover ongoing business’s operations. These small-business loans are not used to fund large investments and are renewed every 90 days.

WALLBOX N.V.

Notes to the interim condensed consolidated financial statements

Loans and borrowings

Bank Loans

As of June 30, 2023, the Group had available credit lines and other financing products of Euros 118,970 thousand, compared to Euros 120,220 thousand as of December 31, 2022, of which a total of Euros 100,309 thousand have been drawn down, compared to Euros 81,920 thousand as of December 31, 2022.

Interest expenses from banks loans amounted to Euros 6,049 thousand as of June 30, 2023, compared to Euros 1,245 thousand as of June 30, 2022 (See Note 21).

The Group has loans which require compliance with certain financial covenants. On June 30, 2023, the Group met these financial covenants.

Details of the maturities, by year, of the principal and interest of the loans and borrowings as of June 30, 2023 and December 31, 2022, are as follows:


(In thousand Euros)	June 30, 2023			December 31, 2022
1 July 2023 - 30 June 2024		118,678	2023		92,581
1 July 2024 - 30 June 2025		27,583	2024		14,851
1 July 2025 - 30 June 2026		22,440	2025		12,741
1 July 2026 - 30 June 2027		16,606	2026		9,460
1 July 2027 - 30 June 2028		7,550	2027		7,780
More than five years		5,839	More than five years		7,438

		198,696			144,851

Details of the loans and borrowings as of June 30, 2023 and December 31, 2022 are as follows:


(In thousand Euros)	June 30, 2023
	Currency		Less than 1 year		1 to 3 years		Over 3 years		Total
Fixed rate loan		EUR		8,589		13,138		1,724		23,451
Floating rate loan		EUR		98,776		12,128		8,105		119,009
Covenant Loan		EUR		2,219		9,313		919		12,451
Covenant Loan		EUR		2,779		18,388		—		21,167

				112,363		52,967		10,748		176,078

Fixed rate loan		EUR		150		769		1,784		2,703

				112,513		53,736		12,532		178,781

WALLBOX N.V.

Notes to the interim condensed consolidated financial statements


(In thousand Euros)	December 31, 2022
	Currency		Less than 1 year		1 to 3 years		Over 3 years		Total
Bank Loans
Fixed rate loan		EUR		13,135		11,694		5,376		30,205
Floating rate loan		EUR		75,353		4,240		9,478		89,071
Covenant Loan		EUR		609		6,197		5,625		12,431

				89,097		22,131		20,479		131,707

Borrowings
Fixed rate loan		EUR		171		384		1,365		1,920

				89,268		22,515		21,844		133,627

As of June 30, 2023, the Group had loans at variable interest rates referenced to Euribor plus a differential between 3% and 8% and at fixed interest rates that range between 0% and 5.67%, respectively, compared to variable rates referenced to Euribor plus a differential between 3% and 6.79% and fixed rates between 0% and 6.32%, respectively, during fiscal year ended December 31, 2022.

Borrowings

As of June 30, 2023, loans from a government entity (“CDTI”) total Euros 2,703 thousand as compared to Euros 1,920 thousand as of December 31, 2022.

Derivative warrant liabilities

Derivative warrant liabilities correspond to Public and Private Warrants issued by Kensington, which have been assumed by Wallbox.

In addition, during the six months ended June 30, 2023, Wallbox issued new warrants as part of the facility agreement with Banco Bilbao Vizcaya Argentaria S.A. (“BBVA”) entered into in February 2023. On February 9, 2023 the Company signed an agreement with BBVA granting BBVA an aggregate of 1,007,894 warrants exercisable for 1,007,894 Class A Shares for exercise price of 5.32 USD per share (the “BBVA Warrants”). The BBVA Warrants are exercisable until February 9, 2033 unless earlier redeemed by the Company pursuant to the warrant agreement.

Movement in the derivative warrant liabilities during the six-months ended June 30, 2023 is summarized below:


	Public Warrant					Private Warrant					BBVA Warrant					Total
	Number of warrants		Thousand Euros			Number of warrants		Thousand Euros			Number of warrants		Thousand Euros			Number of warrants		Thousand Euros
At December 31, 2022		5,259,506		2,170			8,883,333		3,664			—		—			14,142,839		5,834

Warrants issuance		—		—			—		—			1,007,894		3,893			1,007,894		3,893
Change in fair value of derivative warrant liabilities		—		249			—		420			—		(1,171	)		—		(502	)
Exchange differences		—		(47	)		—		(79	)		—		(125	)		—		(251	)

At June 30, 2023		5,259,506		2,372			8,883,333		4,005			1,007,894		2,597			15,150,733		8,974

Public Warrants are listed and have been measured at fair value using the quoted price (Level 1). As of June 30, 2023, the fair value of the Public and Private Warrants was USD

0.49

based on the public quote of Public Warrants. The fair value of the BBVA Warrants was USD

2.80

based on a Black-Scholes valuation methodology for options and warrants.

WALLBOX N.V.

Notes to the interim condensed consolidated financial statements

Reconciliation of movements of liabilities to cash flows arising from financing activities


(In thousand Euros)	Loans and borrowings			Derivative warrant liabilities			Lease liabilities			Total
Balance at January 1, 2023		133,627			5,834			27,301			166,762

Proceeds from loans		261,526			—			—			261,526
Principal paid on lease liabilities		—			—			(1,310	)		(1,310	)
Interest paid on lease liabilities		—			—			(593	)		(593	)
Repayments of loans		(214,353	)		—			—			(214,353	)
Interest and bank fees paid		(5,369	)		—			—			(5,369	)

Total changes from financing cash flows		41,804			—			(1,903	)		39,901

The effect of changes in foreign exchange rates		213			(251	)		(172	)		(210	)

New warrants issued		(3,893	)		3,893			—			—
Change in fair value of derivative warrant liabilities		—			(502	)		—			(502	)
New leases		—			—			225			225
Government loan receivable		919			—			—			919
Interest and bank fees expenses		6,111			—			593			6,704

Total liability-related other changes		3,137			3,391			818			7,346

Balance at June 30, 2023		178,781			8,974			26,044			213,799

Trade and other financial payables

Details of trade and other financial payables as of June 30, 2023 and December 31, 2022 are as follows:


(In thousand Euros)	June 30, 2023		December 31, 2022
Suppliers		40,615		65,830
Personnel (salaries payable)		4,335		5,351
Customer advances		1,956		68

Total		46,906		71,249

Trade and other payables are unsecured and are typically paid in

les

s than 12 months upon recognition. The carrying amounts of trade and other payables are considered equal to their fair values, due to their short-term nature.

WALLBOX N.V.

Notes to the interim condensed consolidated financial statements

13.	Inventories

Details of inventories as of June 30, 2023 and as of December 31, 2022 are as follows:


(In thousand Euros)	June 30, 2023		December 31, 2022
Raw materials		19,165		47,668
Work in progress		33,835		31,195
Finished goods		42,481		27,706

Total		95,481		106,569

The Group has insurance policies in place to cover all inventories, with specific global insurances coverage for each of the Group’s warehouses.

There were no commitments for the purchase of inventories as of June 30, 2023 and December 31, 2022. Advance payments to suppliers for the acquisition of inventories as of June 30, 2023 were Euros 4,340 thousand, as compared to Euros 3,031 thousand as of December 31, 2022.

Based on current information, the Group has booked an inventory provision of Euros 954 thousand as of June 30, 2023 to cover the impact of slow-moving and accrual obsolescence inventories, as compared to Euros 1,886 thousand at December 31, 2022.

14.	Cash and Cash Equivalents

Cash and cash equivalents are comprised of the following:


(In thousand Euros)	June 30, 2023		December 31, 2022
Cash		3		3
Bank and other credit institutions		37,355		18,873
Bank and other credit institutions, foreign currency		68,015		63,623
Other cash equivalents		181		809

Total		105,554		83,308

We maintain cash and cash equivalents with major financial institutions. Our cash and cash equivalents of bank deposits held with banks that, at the time, exceed federally or locally insured limits.

Details of cash at banks and other credit institutions with balances held in foreign currency are as follows:


(In thousand Euros)	June 30, 2023		December 31, 2022
USD		64,974		63,109
GBP		2,201		237
NOK		112		44
SEK		360		125
DKK		320		108
AUD		48		—

Total		68,015		63,623

WALLBOX N.V.

Notes to the interim condensed consolidated financial statements

15.	Capital and Reserves

Share capital and share premium

As of June 30, 2023 issued share capital of the Company was as follows:


	Shares (number)		Share Capital (in thousand Euros)
Class A shares of euro 0.12 nominal value each		173,445,211		20,816
Class B shares of euro 1.20 nominal value each		22,250,793		26,701
Class C shares of euro 1.08 nominal value each		1,020,000		1,102

Total		196,716,004		48,619

All the shares issued were fully paid as of the date of the capital increases. Wallbox’s Class A Shares, Class B Shares and Conversion Shares (“Class C Shares”) provide their holders with same economic rights; however, Class B Shares provide holders with ten (10) votes per share, Class C Shares provide holders with nine (9) votes per share and Class A Shares provide holders with one (1) vote per share.

Wallbox’s Class A Shares began trading on the NYSE under the “WBX” symbol on October 4, 2021.

As of June 30, 2023 and December 31, 2022, authorized share capital was as follows:


June 30, 2023	Shares (number)		Nominal (Euros)		Share Capital (in thousand Euros)
Class A Shares		401,020,000		0.12		48,122
Class B Shares		48,980,000		1.20		58,776
Conversion shares		1,020,002		1.08		1,102

Total		451,020,002				108,000


December 31, 2022	Shares (number)		Nominal (Euros)		Share Capital (in thousand Euros)
Class A Shares		400,000,000		0.12		48,000
Class B Shares		50,000,000		1.20		60,000
Conversion shares		2		1.08		0

To tal		450,000,002				108,000

WALLBOX N.V.

Notes to the interim condensed consolidated financial statements

During the six months ended June 30, 2023, there were the following share capital and share premium movements:


	Shares (number)		Price per Share (Euros)		Share Capital (In thousand Euros)		Share Premium (In thousand Euros)
At December 31, 2022		172,151,148				45,769		378,240

January 2023: Stock option plan execution (MSOP/ESOP) (Class A shares)		140,594		0.12		17		622
January 2023: Payment in shares Coil acquisition (MSOP/ESOP) (Class A shares)		272,826		0.12		33		2,284
February 2023: Stock option plan execution (MSOP/ESOP) (Class A shares)		168,085		0.12		20		113
March 2023: Stock option plan execution (MSOP/ESOP/RSU) (Class A shares)		141,071		0.12		17		437
March 2023: Founder warrants execution (Class B shares)		20,000		1.20		24		173
March 2023: Change Cass B shares into Class A shares and Class C shares		20,000		—		—		—
April 2023: Stock option plan execution (MSOP/ESOP/RSU) (Class A shares)		569,745		0.12		69		6,313
April 2023: Capital increase (ATM) (Class A shares)		175,586		0.12		21		390
May 2023: Stock option plan execution (MSOP/ESOP) (Class A shares)		181,144		0.12		22		648
May 2023: Capital increase (ATM) (Class A shares)		2,312,313		0.12		278		5,464
June 2023: Stock option plan execution (MSOP/ESOP/RSU/ESPP) (Class A shares)		660,045		0.12		79		2,068
June 2023: Capital Increase (Private placement) (Class A shares)		18,832,432		0.12		2,261		42,689
June 2023: Change Cass B shares into Class A shares and Class C shares		1,000,000
June 2023: Capital increase (ATM) (Class A shares)		71,015		0.12		9		55

At June 30, 2023		196,716,004				48,619		439,496

The capital increases that have taken place during the six months ended June 30, 2023 correspond mainly to the private placement, the stock plans execution (see Note 20), the equity-settled consideration for the Coil acquisition, and the

at-the-market

program.

Additionally, during the six months ended June 30, 2023, the Company has exchanged 1,020,000 Class B ordinary shares with a nominal value of Euro 1.20 per share (“Class B Shares”) for 1,020,000 Class A Shares with a nominal value of Euro 0.12 per share and 1,020,000 Class C Shares with a nominal value of Euro 1.08 per share.

Nature and purpose of reserves

Accumulated deficit

As of June 30, 2023, consolidated accumulated deficit amounts to Euros 377,328 thousand, as compared to Euros 306,696 as of December 31, 2022.

A free distribution is restricted for the amount of capitalized internal development costs as carried on the consolidated statement of financial position. As of June 30, 2023, the amount of capitalized development costs as carried on the consolidated statement of financial position amounts to Euros 57,247 thousand, as compared to Euros 49,537 thousand as of December 31, 2022, as further detailed in Note 10.

Foreign currency translation reserve

The translation reserve comprises all foreign currency differences arising from the translation of the financial statements of foreign operations, as well as the effective portion of any foreign currency differences arising from hedges of a net investment in a foreign operation. This legal reserve is not freely distributable. This reserve amounts to Euros 7,910 thousand as of June 30, 2023, as compared to Euros 10,597 thousand as of December 31, 2022.

WALLBOX N.V.

Notes to the interim condensed consolidated financial statements

Other equity components:

Share-based payments

The share-based payments reserve is used to recognize the value of equity-settled share-based payments provided to employees, including key management personnel, as part of their remuneration. This reserve was Euros 38,613 thousand as of June 30, 2023, as compared to Euros 37,778 thousand as of December 31, 2022. Refer to Note 20 for further details of these plans.

Equity-settled

earn-out

In addition, as of June 30, 2023 the equity settled

earn-out

amount was Euros 2,473 thousand corresponding to the amount to be paid in shares for the acquisition of Coil and Ares. The equity settled

earn-out

amount was Euros 3,458 thousand as of December 31, 2022.

Measurement adjustments to financial assets through OCI

Investments in hedge funds referred to in Note 12 are measured at fair value at year end. The change in their valuation is recognized as other equity components through other comprehensive income. This caption includes Euros 4 thousand as of June 30, 2023 and December 31, 2022.

16.	Provisions

Details of the provisions are as follows:


At June 30, 2023	Non-current						Total Non- current			Current
(In thousand Euros)	Other			Service warranties			Total Non- current			Service warranties			Total Current
Carrying amount at the beginning of the year		120			1,319			1,439			1,318			1,318
Charge / (Credit):		843			426			1,269			427			427
(+) additional provisions recognized, net		959			1,576			2,535			1,577			1,577
(+/-) Short-term transferred		—			1,150			1,150			(1,150	)		(1,150	)
(-) Amounts used during the year		(116	)		(2,300	)		(2,416	)		—			—

Carrying amount at year end		963			1,745			2,708			1,745			1,745


At December 31, 2022	Non-current						Total Non- current			Current			Total Current
(In thousand Euros)	Other			Service			Total Non- current			Service			Total Current
Carrying amount at the beginning of the year		4			358			362			541			541
Charge / (Credit):		116			961			1,077			777			777
(+) additional provisions recognized, net		117			2,935			3,052			—			—
(+/-) Short-term transferred		—			(1,416	)		(1,416	)		1,415			1,415
(-) Amounts used during the year		(1	)		(558	)		(559	)		(638	)		(638	)

Carrying amount at ye a r end		120			1,319			1,439			1,318			1,318

WALLBOX N.V.

Notes to the interim condensed consolidated financial statements

Service warranties

Products developed and sold by the Group are under warranty for a period of three years and, therefore, a provision is recognised to cover the costs that could be incurred in relation to projects and products under warranty. This provision is estimated based on prior periods actual warranty costs incurred, considering those product sales under warranty.

Other provisions

As of June 30, 2023, “Other” provisions caption includes mainly the contingent consideration

(earn-out)

related to Ares acquisition amounting to Euros 598 thousand and a provision for indemnities or an amount of Euros 361 thousand.

17.	Government Grants

Details of Government grants as of June 30, 2023 and December 31, 2022 are as follows:


		June 30, 2023				December 31, 2022
Grants	Goverment Entity	Non-current Liability		Current liability		Non-current Liability		Current liability
Movilidad 2030	Centro para el Desarrollo Tecnológico Industrial. E.P.E. (CDTI)		819		29		591		287
Flexener	Centro para el Desarrollo Tecnológico Industrial. E.P.E. (CDTI)		82		101		228		57
Magnetor	Centro para el Desarrollo Tecnológico Industrial. E.P.E. (CDTI)		27		—		—		28
Zeus Ptas	Centro para el Desarrollo Tecnológico Industrial. E.P.E. (CDTI)		469		20		404		102
Alt Impacte	Agencia para la Competitividad de la Empresa de la Generalitat de Catalunya (ACCIÓ)		389		49		392		98
Coldpost	Agencia para la Competitividad de la Empresa de la Generalitat de Catalunya (ACCIÓ)		12		—		—		12
Minichargers	Centro para el Desarrollo Tecnológico Industrial. E.P.E. (CDTI)		79		—		63		16
Electrolinera	Instituto para Diversificación y Ahorro de la Energía (IDEA)		421		—		337		83
Acció - Creació llocs treball	Agencia para la Competitividad de la Empresa de la Generalitat de Catalunya (ACCIÓ)		146		18		183		—
Hermes - Estudios	Centro para el Desarrollo Tecnológico Industrial. E.P.E. (CDTI)		842		134		—		—
Hermes - Desarrollo	Centro para el Desarrollo Tecnológico Industrial. E.P.E. (CDTI)		1,446		119		—		—
Hermes - Formación	Centro para el Desarrollo Tecnológico Industrial. E.P.E. (CDTI)		222		91		—		—
V2BUILD	Innovate UK - UKRI		—		—		—		25

Total			4,954		561		2,198		708

Government grants include the grants assigned to the Group by the “Ministerio de Transportes, Movilidad y Agenda Urbana (MITMA)”, by “Centro para el Desarrollo Tecnológico Industrial, E.P.E. (CDTI)”, by “Agencia para la Competitividad de la Empresa de la Generalitat de Cataluña (ACCIÓ)” and by “Instituto de la Diversificación y Ahorro de la Energía (IDEA)” for an amount of Euros 2,854 thousand, Euros 1,626 thousand, Euros 614 thousand and Euros 421 thousand, respectively, to develop new technologies and promote smart mobility solutions. The impact in the interim condensed consolidated statement of profit or loss and other comprehensive income (recognized in “Net Other income”) for the six months ended June 30, 2023 amounts to Euros 1,421 thousand, as compared to Euros 785 thousand for the six months ended June 30, 2022. As of June 30, 2023 Euros 3,673 thousand are pending to be received from government entities, as compared to Euros 4,049 thousand as of December 31, 2022.

WALLBOX N.V.

Notes to the interim condensed consolidated financial statements

18.	Revenue from Contracts with Customers

Disaggregation of revenue from contracts with customers

Set out below is the disaggregation of the Group’s revenue from contracts with customers:


(In thousand Euros)	June 30, 2023		June 30, 2022
Sales of goods		60,275		65,746
Sales of services		7,745		2,065

Total		68,020		67,811

The breakdown by geographical segments is as follows:


(In thousand Euros)	June 30, 2023		June 30, 2022
Geographical markets (*):
EMEA		55,124		60,207
NORAM		12,526		7,593
APAC		370		11

Total		68,020		67,811

(*)

Differences between geographical markets information above and segment disclosures in Note 7 are due to

inter-segment

eliminations.

Service revenue includes mainly installations services, software operation and maintenance.

The sale of installation services is always made in combination with the sale of a charger, although they are considered distinct performance obligations. Delivery of the charger and the installation services do not always happen at the same time, leading, in some cases, to chargers being delivered to customers with the installation pending. In this scenario, a contract liability is recognized when invoicing both services prior to rendering the installation services.

A contract liability is recognized if a payment is received or if a payment is due (whichever is earlier) from a customer before the Group transfers the related goods or services. Contract liabilities are recognized as revenue when the Group performs under the contract (i.e., transfers control of the related goods or services to the customer).

WALLBOX N.V.

Notes to the interim condensed consolidated financial statements

19.

Expenses

A.	Changes in inventories and raw materials and consumables used

Details of changes in inventories and raw materials and consumables used is as follows:


(In thousand Euros)	June 30, 2023			June 30, 2022
Consumption of finished goods, raw materials and other consumables		45,979			38,462
Scrap stock, slow moving & obsolete accrual		(932	)		228
Work carried out by other companies		281			1,181

Total		45,328			39,871

B.	Operating expenses

Operating expenses are mainly as follows:


(In thousand Euros)	June 30, 2023			June 30, 2022
Marketing expenses		5,735			15,080
External temporary workers		1,680			2,866
Professional services		6,767			4,442
Office expense		4,216			3,336
Delivery		3,481			3,704
Custom duty, tax, penalties		297			304
Utilities and similar expenses		2,132			1,783
Fees		517			1,049
Insurance premium		1,086			1,821
Short-term and low value leases (see note 9)		1,151			976
Bank Services		500			311
Travel expenses		1,593			1,702
Repairs		785			105
Warranty provision		853			122
Others impairments and losses		1,569			1,646
Expected credit loss for trade and other receivables		(189	)		110
Other		2,430			2,021

Total		34,603			41,378

20.	Employee Benefits

Details of employee benefits for the six months ended June 30, 2023 and 2022 are as follows:


(In thousand Euros)	June 30, 2023		June 30, 2022
Wages and salaries		24,130		17,466
Share-based payment plans expenses		11,059		20,546
Social Security		9,880		5,387

Total		45,069		43,399

WALLBOX N.V.

Notes to the interim condensed consolidated financial statements

The notable rise in Wage and salaries and Social Security expenses for the six months ended June 30, 2023, as compared to the six months ended June 30, 2022 is primarily due to the significant growth of the Group, which required the hiring of additional personnel. The Group has not entered into any defined contribution or defined benefit plans for which pensions costs are incurred. The majority of employees are working in Spain and are participating in a state pension plan for which the expenses are included in social security.

Details of the personnel expense recognized for share-based payment transactions are as follows:


(In thousand Euros)	June 30, 2023			June 30, 2022
Management stock option plan		2,283			9,094
Founders stock option plan		—			8,195
ESPP		158			—
RSU Board		227			—
Performance based earn out in shares and RSU’s management Ares		274			—
Performance based earn out in shares and RSU’s management Coil		1,009			—
RSU Employees		6,919			2,224
RSU Management		976			1,033
Capitalization of share-based payment transactions in intangible assets		(787	)		—

Total		11,059			20,546

Management Stock Option Plan

As described in the 2022 Consolidated Financial Statements, the shareholders voted to implement a share-based payment plan (the “Management Stock Option Plan” or “MSOP”) to strengthen management’s link with Wallbox and to incentivize and motivate such management. The Management Stock Option Plan grants management stock options to purchase Class A Shares at a per share exercise price equal to Euro 0.0021.

The Company records this share-based payments plan based on the estimated fair value of the award at the grant date and is recognized as an expense in the consolidated statements of profit or loss over the requisite service period. The estimated fair value of the award was based on the closest financial round of share capital issued for the firsts grants and the latest ones are based on the estimated market price of the Wallbox’s stock on the date of the grant, in practice the share price of Wallbox at the grant date is used during this reporting period.

Employees Stock Option Plan

As described in the 2022 Consolidated Financial Statements, the shareholders agreed to offer all employees of Wallbox (the “Beneficiaries” or, individually, the “Beneficiary”) the possibility of participating in a share-based payment plan (the “Employee Stock Option Plan” or “ESOP”) to receive stock options (the “Options”) to purchase a certain number of Class A Shares of the Company.

The service-based vesting condition for awards under the Employee Stock Option Plan was completed as of December 31, 2020. All the Options granted will be available for execution when one of the liquidity events described in such plan takes place.

The Company records the share-based payments under such plan based on the estimated fair value of the award at the grant date and is recognized as an expense in the consolidated statements of profit or loss over the requisite service period. The estimated fair value of the award was based on the closest financial round of share capital issued for the initial grants and the more recent fair value determinations are based on the estimated market price of the Company’s stock on the date of the grant in practice the

are price of Wallbox at the grant date is used during this reporting period.

WALLBOX N.V.

Notes to the interim condensed consolidated financial statements

Founders Stock Option Plan

At a meeting held on June 30, 2021, the shareholders of Wallbox Chargers, S.L.U. agreed to implement a share-based payment plan (Founders Stock Option Plan) to strengthen the bond of the founders of Wallbox and in order to align the interests of the founders with the creation of additional value for the Company. The options under the Founders Stock Option Plan have a strike price at a valuation equal to or higher than current market value and allow the founders to benefit from more liquid options which are fully vested and transferable from their date of concession.

In accordance with the terms and conditions of the Founders Stock Option Plan, these options may be exercised in exchange for Class A Shares, nominal value Euro 0.12 per share (previously nominal value, Euro 0.50). The exercise price of the options is equivalent to Euros 1.93 per share after applying the “Exchange Ratio” of Euro 240.990795184659 per Class A Share (previously Euros 466.24 per Wallbox Chargers S.L.U. share).

The maximum number of Class A Shares that underlie all of the options included in this Founders Stock Option Plan is, at the date of the plan implementation, equivalent to 1,033,609 Class A Shares after applying the Exchange Ratio (previously, 4,289 shares of Wallbox Chargers, S.L.U.).

The Board of Directors of the Company has delivered a personal notice to each founder, with an invitation to participate in the Founders Stock Option Plan, which contain, among others, the number of Options granted to each founder; and, where appropriate, the individual conditions governing the participation of the Beneficiary in the Founders Stock Options Plan. For the purposes of this Founders Stock Option Plan, the date of concession is that date indicated in the Invitation Notice.

These invitations were sent in 2022, so the Group recognized the expense accordingly to the valuation of these options in 2022 as they vested following their grant. The Group valued each option at USD 8.66. To determine the fair value at grant date of these options the Group used American option chain, where each option has a maturity of 5 years.

Each beneficiary must comply with the following conditions in order to exercise the options:

lock-up

period over a three-year period, during which time they will be able to exercise the options proportionally on a monthly basis, once they are released from

lock-up;

ii.

a temporary suspension of exercise has not been initiated at the time of such exercise; and

iii.

Any other conditions included in the beneficiary’s Invitation Notice have been fulfilled.

RSUs for Employees

At a meeting held on April 6, 2022, the compensation committee approved the implementation of an Incentive Award Plan pursuant to which awards of restricted stock units (“RSUs”) were granted to employees. Each RSU granted represents a right to receive one listed share of the Company at the end of each vesting period, subject to the grantee’s continued service through the applicable vesting date.

WALLBOX N.V.

Notes to the interim condensed consolidated financial statements

The RSUs vest according to the below schedule, subject to the grantee’s continued service through each applicable vesting date:

•

33% will vest on the 1

anniversary date as from the date of grant.

•

33% will vest on the 2

anniversary date as from the date of grant.

•

34% will vest on the 3

anniversary date as from the date of grant.

In addition, the Company granted RSUs to the employees of the subsidiaries that it acquired in the second half of 2022. These RSUs are subject to certain performance-based vesting conditions, which have been considered 100% covered when valuing these RSUs.

The Company records these share-based payments under this plan based on the estimated fair value of the award at the grant date and recognizes the payments as an expense in the consolidated statements of profit or loss over the requisite service period. The estimated fair value of the award is based on the listed share price of the Company on the date of grant.

RSUs for Management

At a meeting held on April 6, 2022, the compensation committee approved an Incentive Award Plan pursuant to which awards of RSUs were granted to management. Each RSU granted represents a right to receive one listed share of the Company at the end of each vesting period, subject to continued service.

The RSUs are subject to service-based and performance-based vesting conditions and vest as follows:

•

Serviced-Based Condition:

one-third

of the RSUs are subject to the service-based condition and will vest as follows:

•

50% of this 33% will vest on the 1

anniversary date as from the date of grant,

•

50% of this 33% will vest on the 2

anniversary date as from the date of grant.

•

Performance-Based Condition:

two-thirds

of the RSUs are subject to the performance-based condition and will vest as follows:

•

Period 1: 50% will vest:

•

If between April 8, 2025 and April 8, 2029 (both dates included), at any time, the closing stock price (the last price at which the Company stock trades during the regular trading session) equals or exceeds $25 per share for any 20 trading days within any 30 trading days period.

•

Accelerator event: If the Company announces results for the fourth quarter and full year of 2024 of (i) revenue of at least 1B Euro, (ii) the Company’s auditor confirms that the cash flows corresp

ding to 2024 is positive and (iii) if from December 1, 2024, at any time, the closing stock price (the last price at which the Company stock trades during the regular trading session) equals or exceeds $25 per share for any 20 trading days within any 30 trading days period.

•

Period 2: 50% will vest:

•

If between April 8, 2027 and April 8, 2029 (both dates included), at any time, the closing stock price (the last price at which the Company stock trades during the regular trading session) equals or exceeds $30 per share for any 20 trading days within any 30 trading days period.

WALLBOX N.V.

Notes to the interim condensed consolidated financial statements

Also on November 11, 2022 the Compensation committee approved granting RSUs to certain management personnel of the Group. These RSUs are subject to performance-based vesting conditions only, and such conditions are consistent with the performance-based vesting conditions disclosed above.

The Group has valued each RSUs under such plan as follows:

Service-based condition: This fair value was determined by discounting the forward price of the Company’s stock at each vesting date. The price in this tranche has been based on the spot price at grant date.

Performance-based condition: This fair value has been based on the Company’s price developments according to the Black-Scholes model. Prices for each averaging window are obtained via Monte Carlo simulation.

Additionally, during the six months ended June 30, 2023, the Company has granted new RSUs to members of the Board of Directors. These RSUs will vest in the third quarter of 2023, subject to continued service through such date.

ESPP

In January 2023, the Group launched an offering period under the Amended and Restated 2021 Employee Stock Purchase Plan (“ESPP”) for a length of one year, with the purpose of increasing employee engagement and motivation. The offering has been designed in accordance with the 2021 Employee Stock Purchase Plan approved by the Company upon listing in October 2021. The Employee Stock Purchase Plan consists of an offer to buy a maximum of 20,000 shares by each of the Company’s employees who participates in the ESPP with a discount of up to 15%, with a limit of 1% to 10% of annual salary per year.

Movements during the year

The following table illustrates the movements in stock options during the six months ended June 30, 2023, excluding earn out payments in shares for the business combinations of Coil and Ares in 2022:


Number of warrants	ESOP			MSOP			Founders			RSU Employees			RSU Management			RSU Coil & Ares		RSU Board		ESPP			Total
At December 31, 2022		1,285,619			6,238,316			1,033,609			2,027,765			2,000,000			496,019		—		—			13,081,328

Granted		—			38,160			—			2,076,632						—		297,774		312,564			2,725,130
Exercised		(84,688	)		(622,870	)		(20,000	)		(616,308	)		(249,999	)		—		—		(312,564	)		(1,906,429	)
Cancelled		—			—			—			(350,165	)		(291,667	)		—		—		—			(641,832	)

At June 30, 2023		1,200,931			5,653,606			1,013,609			3,137,924			1,458,334			496,019		297,774		—			13,258,197

WALLBOX N.V.

Notes to the interim condensed consolidated financial statements

21.	Financial income and expenses

Details of financial income and expenses are as follows:


(In thousand Euros)	June 30, 2023		June 30, 2022
Financial income
Fair value adjustment of the put option		—		2,002
Fair value gain on financial investments		65		53
Fair value of derivatives		320		15
Other finance income		184		—

Total financial income		569		2,070

Financial Expenses
Interest and fees on bank loans (Note 12)		6,049		1,245
Interest on leases (Note 9)		593		607
Valuation of financial instruments		—		1,550
Accretion of discount on put option liabilities		—		25
Other finance costs		62		10

Total financial expenses		6,704		3,437

22.	Loss Per Share

Basic loss per share is calculated by dividing net loss for the period attributable to equity holders of the Company by the weighted average number of ordinary shares outstanding during the year.

As the Company has losses in all periods, potential ordinary shares from Management Stock Options, Employee Stock Options, RSU plans and Warrants are not dilutive (losses per share would be less and

ant

i-dilution would exist), Hence, these shares are not considered in the calculation of losses per diluted share.

WALLBOX N.V.

Notes to the interim condensed consolidated financial statements

Details of the calculation of basic and diluted loss per share are as follows:


(In thousand Euros)	June 30, 2023			June 30, 2022
Loss for the period		(70,632	)		(8,691	)
Dilutive effects on earnings per share		—			—

Total loss for basic and diluted earnings per share		(70,632	)		(8,691	)


Number of shares	June 30, 2023			June 30, 2022
Weighted average number of ordinary shares for basic and diluted earnings per share (thousand shares)		175,512			161,977


(In Euros)	June 30, 2023			June 30, 2022
Basic and diluted losses per share		(0.40	)		(0.05	)

23.	Tax-related balances

A.	Tax credit and other receivables/Other payables


(In thousand Euros)	June 30, 2023		December 31, 2022
Indirect taxes receivables		5,798		10,091
Government Grant receivables		3,673		4,049
Income tax credit receivables (short term)		—		706
Income tax credit receivables (long term)		8,185		6,629

Total		17,656		21,475


(In thousand Euros)	June 30, 2023		December 31, 2022
Indirect taxes payables		5,200		5,819
Current income tax liability		—		1,186
Deferred tax liability		1,457		1,388

Total		6,657		8,393

B.	Amounts recognized in profit or loss


(In thousand Euros)	June 30, 2023			June 30, 2022
Loss before Tax		(72,253	)		(9,280	)

Tax income (at 25%)		18,063			2,320
Unrecognized deferred tax assets on tax losses		(18,063	)		(2,320	)
Deductions and credits generated		(1,556	)		(549	)
Other adjustments		(65	)		(40	)

Income tax expense/(income)		(1,621	)		(589	)

WALLBOX N.V.

Notes to the interim condensed consolidated financial statements

As of June 30, 2023 and December 31, 2022 details of the tax losses to be offset are as follows:


(In thousand Euros)	June 30, 2023		December 31, 2022
2015		47		47
2016		439		439
2017		56		56
2018		1,579		1,579
2019		3,318		3,318
2020		9,025		9,025
2021		121,936		122,936
2022		—		—
2023		58,302		—

		194,702		137,400

The tax losses detailed above correspond to the Spanish tax consolidated headed by Wallbox.

Tax losses may be offset indefinitely in the future.

The existence of unused tax losses, as well as the lack of track record of generating tax profits, evidences that future taxable profit may not be available to the Group, at least for the near and medium term, as the C

pany is early stage. Having considered all evidence available and the current investment phase, management determined that there was insufficient positive evidence to support the fact that it is probable that future taxable profits will be available against which to offset the tax losses. Accordingly, no deferred tax asset is recognized in the financial statements.

WALLBOX N.V.

Notes to the interim condensed consolidated financial statements

24.	Related party disclosures

24.1

Related party transactions and balances

Details of transactions and balances with related parties are as follows:


	June 30, 2023
(In thousand Euros)	Shareholders		Joint Venture			Total
Income
Revenue		—		—			—

Statement of financial position
Loans		—		—			—
Receivables		—		—			—

	December 31, 2022
(In thousand Euros)	Shareholders		Joint Venture			Total
Statement of financial position
Loans granted to Joint Venture		—		1,411			1,411
Receivables from Joint Venture		—		534			534
Impairment of financial assets		—		(1,945	)		(1,945	)

	June 30, 2022
(In thousand Euros)	Shareholders		Joint Venture			Total
Income
Revenue		13		—			13

In connection with the June 2023 private placement of Class A Shares, Enric Asuncion Escorsa purchased 387,597 Class A Shares, Orilla Asset Management, S.L. purchased 7,751,938 Class A Shares, AM Gestio, S.L. purchased 1,937,985 Class A Shares, Consilium, S.L. purchased 6,429,330 Class A Shares, Anangu Corp, S.L. purchased 387,597 Class A Shares and Black Label Equity I SCR, S.A. purchased 1,937,985 Class A Shares, in each case, at price of $2.58 per share.

24.2

Remuneration of Directors and Key Management Personnel

The remuneration expenses recorded for the members of the Board of Directors for the six months ended on June 30, 2023 and 2022 are as follows:


(In thousand Euros)	June 30, 2023		June 30, 2022
Short-term benefits		282		388
Non-executive directors remuneration		180		152
Share-based payment plan		300		6,146

Total		762		6,686

WALLBOX N.V.

Notes to the interim condensed consolidated financial statements

Details of the remuneration expenses recorded for the Company’s senior management (excluding the executive members of the Board of Directors) are as follows:


(In thousand Euros)	June 30, 2023		June 30, 2022
Short-term benefits		1,118		1,188
Termination benefits		14		—
Share-based payment plan expenses		1,282		9,983

Total		2,414		11,171

No expenses for post-employment benefits were incurred during the six months ended June 30, 2023 and the six months ended June 30, 2022.

As of June 30, 2023 and 2022, the Group had no pension or life insurance obligations with members of senior management.

As of June 30, 2023 and 2022, no advances or loans had been granted to members of senior management, nor had the Company extended any guarantees on their behalf.

During the six months ended June 30, 2023, public liability insurance premiums of Euros 534 thousand, as compared to Euros 863 thousand in the six months ended June 30, 2022 had been incurred to be covered for damages or losses that may be incurred by members of the Board of Directors in the performance of their duties. These insurance premiums do however not form part of the remuneration of the members of the Board of Directors and have therefore not be included in the table above.

25.	Financial Risk Management

Risk management policies are established by management, having been approved by the Company’s Board of Directors. Based on these policies, the Finance department has established a number of procedures and controls to identify, measure and manage risks deriving from the activity involving financial instruments. These policies, inter alia, prohibit the Group from speculating with derivatives.

Any activity involving financial instruments exposes the Group to credit risk, market risk and liquidity risk.

a) Credit risk

Credit risk arises from possible losses deriving from failure to comply with contractual obligations on the part of the counterparties of the Group, i.e., the possibility of not recovering financial assets at the amount recogn

ed and within the established term.

WALLBOX N.V.

Notes to the interim condensed consolidated financial statements

The maximum credit risk exposure is as follows:


	June 30, 2023				December 31, 2022
(In thousand Euros)	Non-current		Current		Non-current		Current
Customer sales and services		—		41,089		—		39,797
Other receivables		—		579		—		16
Loans to employees		180		27		—		14

Trade and other financial receivables		180		41,695		—		39,827
Gurantee deposit		1,644		—		1,133		—

Non-current financial assets		1,644		—		1,133		—
Gurantee deposit		—		397		—		560
Financial investments		—		5,625		—		5,397

Other current financial assets		—		6,022		—		5,957
Cash and cash equivalents		—		105,554		—		83,308

Total		1,824		153,271		1,133		129,092

The Sales and Finance departments establish credit limits for each customer based on information received from an entity specializing in Group solvency analysis.

b) Market risk

Market risk arises from possible losses deriving from fluctuations in the fair value or in future cash flows of financial instruments because of changes in market prices. Market risk includes interest rate, currency and other price risks.

Interest rate risk

Interest rate risk arises from possible losses due to changes in the fair value or the future cash flows of a financial instrument because of fluctuations in market interest rates. The Group loans and borrowings balance as of June 30, 2023 and December 31, 2022 is broken down as follows:


(In thousand Euros)	Currency		June 30, 2023		December 31, 2022
Fixed rate Loan		EUR		26,154		32,125
Floating rate loan		EUR		152,627		101,502

				178,781		133,627

A 100 basis points change in interest rates would mean an increase (decrease) in profit or loss as of June 30, 2023 by Euros 900 thousand, as compared to Euros 982 thousand as of June 30, 2022. This analysis assumes that all other variables are held constant and considers only the effect of interest rates.

June 30, 2023

June 30, 2022

Profit or loss

(In thousand Euros)

100 bp increase

100 bp decrease

100 bp increase

100 bp decrease

Floating rate loan

900

(900

)

982

(982

)

WALLBOX N.V.

Notes to the interim condensed consolidated financial statements

Currency risk

Currency risk is the risk of possible losses due to changes in the fair value of and future cash flows from financial instruments as a result of exchange rate fluctuations.

Cash and cash equivalents, trade and other financial receivables and other current assets / deferred charges are primarily the items included within the Group’s assets and liabilities that are denominated in a currency other than the functional currency.

The following table shows the impact of a reasonably possible strengthening or weakening of the Euro against USD on the Group monetary assets and liabilities as of June 30, 2023 and 2022. This sensitivity analysis assumes that all other variables remain constant and ignores any impact from anticipated sales and purchases. The Group’s exposure to foreign currency exchange for all other currencies is not significant.

June 30, 2023

June 30, 2022

Profit or loss

(In thousand Euros)

Strengthening

Weakening

Strengthening

Weakening

USD (10% movement)

1,023

(1,250

)

(9,299

)

11,365

Other market price risk

The Group has derivative warrant liabilities (see Note 12) measured at FVTPL.

The derivative warrant liabilities of Euros 8,974 thousand as of June 30, 2023, as compared to Euros 5,834 thousand at December 31, 2022, are measured at fair value.

A change of the warrant price by 1% would result in an increase/decrease of the underlying warrant liabilities of Euros 90 thousand.

c) Liquidity risk

Liquidity risk arises where the Group might not hold, or have access to, sufficient liquid funds at an appropriate cost to settle its payment obligations at any given time.

Details of working capital are as follows:


(In thousand Euros)	June 30, 2023		December 31, 2022
Current assets		264,118		255,171
Current liabilities		181,120		178,793

Total		82,998		76,378

The working capital presented by the Group is sufficient to cover the various c

mitments arising from its activity.

WALLBOX N.V.

Notes to the interim condensed consolidated financial statements

Details of the maturities, by year, of the principal and interest of the loans and borrowings as of June 30, 2023 and December 31, 2022 are as follows:


	June 30, 2023
(In thousand Euros)	Capital		Interest		Total
1 July 2023 - 30 June 2024		112,512		6,166		118,678
1 July 2024 - 30 June 2025		21,773		5,810		27,583
1 July 2025 - 30 June 2026		18,369		4,071		22,440
1 July 2026 - 30 June 2027		14,274		2,332		16,606
1 July 2027 - 30 June 2028		6,294		1,256		7,550
More than five years		5,559		280		5,839

		178,781		19,915		198,696


	December 31, 2022
(In thousand Euros)	Capital		Interest		Total
2023		89,268		3,428		92,696
2024		12,063		2,785		14,848
2025		10,688		2,014		12,702
2026		8,024		1,398		9,422
2027		6,907		838		7,745
More than five years		6,677		759		7,436

		133,627		11,222		144,849

d) Capital management

For the purpose of the Group’s capital management, capital includes issued capital, share premium and all other equity reserves attributable to the equity holders of the Company. The primary objective of the Group’s capital management is to maximize the shareholder value. The Group manages its capital structure and makes adjustments in light of changes in economic conditions and the requirements of its financial requirements to attend its business plans. To maintain or adjust the capital structure, the Group may issue new shares or issue/repay debt financial instruments. The Group monitors capital management to ensure that it meets its financial needs to achieve its business objectives while maintaining its solvency.

No changes were made in the objectives, policies, or processes for managing capital with regard to the information disclosed in the 2022 Consolidated Financial Statements.

26.	Events after the Reporting Period

No additional significant events

after

the reporting period have occurred, except as described below:

From July 1, 2023 to the date of the issuance of these interim condensed consolidated financial statements, an aggregate of 250,661 options were exercised for an aggregate of 250,661 Class A Shares, increasing the Company’s share capital of Euros 30 thousand.

WALLBOX N.V.

Notes to the interim condensed consolidated financial statements

27.	Detail of Wallbox Group subsidiaries


				% Equity interest
Company name	Registered office	Activity	Company holding investment	June 2023			December 2022				Consolidation method
Wall Box Chargers, S.L.U.	Paseo de la Castellana, 95. Planta 28, 28046, Madrid, Spain	Retail innovative solutions for charging Electric Vehicles	Wallbox NV		100	%		100	%	*	Fully consolidated
Kensington Capital Acquisition Corp II	1400 Old Country Road, Suite 301, Westbury, NY 11590	Special purpose acquisition company	Wallbox NV		100	%		100	%	*	Fully consolidated
Wallbox Energy, S.L.U.	Calle Foc 68, 08038, Barcelona, Spain	Retail innovative solutions for charging Electric Vehicles	Wall Box Chargers, S.L.U.		100	%		100	%	-	Fully consolidated
Wallbox UK Limited	378-380 Deansgate, Manchester, United Kingdom M3 4LY	Retail innovative solutions for charging Electric Vehicles	Wall Box Chargers, S.L.U.		100	%		100	%	-	Fully consolidated
SAS Wallbox France	Avenue des Champs Elysées 102, 75008, Paris, France	Retail innovative solutions for charging Electric Vehicles	Wall Box Chargers, S.L.U.		100	%		100	%	-	Fully consolidated
WBC Wallbox Chargers Deutschland GmbH	Oskar-von-Miller-Ring 20, 80333 Munich, Germany	Retail innovative solutions for charging Electric Vehicles	Wall Box Chargers, S.L.U.		100	%		100	%	-	Fully consolidated
Wallbox Italy, S.R.L.	Piazza Tre Torri 2, 20145 CAP, Milano, Italy	Retail innovative solutions for charging Electric Vehicles	Wall Box Chargers, S.L.U.		100	%		100	%		Fully consolidated
Wallbox Netherlands B.V.	Kingsfordw eg 151,1042 GR Amsterdam, The Netherlands	Retail innovative solutions for charging Electric Vehicles	Wall Box Chargers, S.L.U.		100	%		100	%	-	Fully consolidated
Wallbox USA Inc.	800 W. El Camino Real Suite 180, Mountain View CA 94040, United States	Retail innovative solutions for charging Electric Vehicles	Wall Box Chargers, S.L.U.		100	%		100	%	-	Fully consolidated
Wallbox Shanghai Ldt.	Unit 05-129 Level 5, No. 482, 488, 492, 518 Xinjiang Road, Jingan District, Shanghai Municipality, China	Retail innovative solutions for charging Electric Vehicles	Wall Box Chargers, S.L.U.		100	%		100	%	-	Fully consolidated
Wallbox AS	Professor Olav Hanssens vei 7A, 4021 Stavanger, Norway	Retail innovative solutions for charging Electric Vehicles	Wall Box Chargers, S.L.U.		100	%		100	%	-	Fully consolidated
Wallbox ApS	Rådhuspladsen 16, 1550 København, Denmark	Retail innovative solutions for charging Electric Vehicles	Wallbox Norway AS		100	%		100	%	-	Fully consolidated
Wallbox AB	Kistagången 12, 164 40 Kista, Sweden	Retail innovative solutions for charging Electric Vehicles	Wallbox Norway AS		100	%		100	%	-	Fully consolidated
Wallbox Oy	PL 747, 00101 Helsinki, Finland	Retail innovative solutions for charging Electric Vehicles	Wallbox Norway AS		100	%		100	%	-	Fully consolidated
Electromaps, S.L.U.	Calle Foc 68, 08038, Barcelona, Spain	Retail innovative solutions for charging Electric Vehicles	Wall Box Chargers, S.L.U.		100	%		100	%	-	Fully consolidated
Coil, Inc.	1307 Hayes Street Suite 5 San Francisco, CA 94117 US	EV Charge installer	Wallbox USA, Inc.		100	%		100	%	-	Fully consolidated
AR Electronics Solutions, S.L.U.	Calle Foc 68, 08038, Barcelona, Spain	Manufacture of Electronical components	Wall Box Chargers, S.L.U.		100	%		100	%	-	Fully consolidated
Wallbox Australia PTY, Ltd	152 Elizabeth Street - Level 4 - Melbourne VIC 3000	Retail innovative solutions for charging Electric Vehicles	Wall Box Chargers, S.L.U.		100	%		100	%	-	Fully consolidated
WBX Chargers Portugal, Unipessoal Lda	Edifício Scala, Rua de Vilar, 235, 2.o andar Porto Concelho: Porto Freguesia: Lordelo do Ouro e Massarelos 4050 626 Porto	Retail innovative solutions for charging Electric Vehicles	Wall Box Chargers, S.L.U.		100	%		100	%	-	Fully consolidated
Wallbox Belgium BV	1831 Diegem, Pegasuslaan 5, Belgium	Retail innovative solutions for charging Electric Vehicles	Wall Box Chargers, S.L.U.		100	%		—		-	Fully consolidated

(*)	direct ownership

(-)	indirect ownership