Hedosophia European Growth (Euronext SPAC)-2021-FS

Overview

Hedosophia European Growth (the “Company”) has been listed on the Euronext Amsterdam Stock Exchange

(“AEX”) as of 12 May 2021, having raised €441,353,340 in its IPO of 40,000,000 units and partial over-allotment of

4,135,334 units at €10.00 per unit and €15,870,268 from 9,720,000 sponsor warrants and partial over-allotment of

860,149 sponsor warrants at €1.50 per sponsor warrant. These proceeds were placed in an escrow account as

outlined in the Prospectus.

Since the completion of its IPO, the Company’s leadership team has been focused on identifying a potential target

for the business combination within the meaning of the Prospectus (the “Business Combination”). This process is

ongoing and the Company will continue its search with the aim to complete a business combination within 24

months following the Settlement Date (18 May 2021), subject to a six-month extension period under conditions

outlined in the Prospectus.

Escrow account

The proceeds of the Company’s IPO net of underwriting fees, €446,296,542, were placed in its escrow account held

at HSBC Holdings PLC. These funds are available to the Company for the facilitation of the Business Combination,

less any excluded amounts as described in the Prospectus.

Costs

€2,500,000 of the €15,870,268 received from issuance of sponsor warrants are held outside the escrow account and

will be used to cover the costs relating to the offering and admission, search for a company or business for a

business combination and other running costs. As at 31 December 2021, total expenses since the inception of the

Company amount to €68,607,435 which consist of formation and operational expenses of €2,071,539, interest

expense calculated using the effective interest method of €13,988,453, share-based payment expense of €51,628,655

and other interest of €918,788. The interest expense calculated using the effective interest method and share-based

payment expense are non-cash expenses. Refer to Note 7 – Capital instruments, Note 8 – Share-based payment

reserve and Note 3 – Fair value measurement for disclosure within the financial statements.

Risks and Uncertainties

Please refer to the following sections of the Prospectus for the Company’s principal risks and uncertainties.

Risk Factors (pages 8 to 32)

Cautionary Note Regarding Forward-looking Statements (page 39)

The Company’s risk management objectives and policies are consistent with those disclosed in the Prospectus.

Additional risks or circumstances not known to the Company, or currently believed not to be material, could

individually or cumulatively, later turn out to have a material impact on the Company’s business, revenue, assets,

liquidity, capital resources or net income.

Related Party Transactions

The main related party transactions are outlined in the “Significant Shareholders and Related Party Transactions”

section of the Prospectus. Refer to Note 13 – Related party transactions for disclosure within the financial

statements.

Hedosophia European Growth

Directors’ Report

31 December 2021

Responsibility Statement

The Board of Directors of the Company (the “Board”) hereby declares that to the best of its knowledge, these

financial statements, which have been prepared in accordance with IFRS, give a true and fair view of the assets,

liabilities, financial position and profit or loss of the Company and this Board report includes a fair review of the

information required pursuant to sections 5:25d(8) and 5:25d(9) of the Dutch Financial Supervision Act (Wet op het

financieel toezicht).

Ian Osborne, Director

Maximilian Bittner, Independent Non-Executive Director (resigned 9 June 2022)

Anthony Danon, Non-Executive Director

Jochen Engert, Independant Non-Executive Director

Jan Kemper, Independent Non-Executive Director

Stephanie Phair, Independent Non-Executive Director

Caspar Wahler, Non-Executive Director

1 July 2022

Hedosophia European Growth

Directors’ Report (continued)

31 December 2021

Independent Auditors’ Report

To the Board of Directors and Shareholders of Hedosophia European Growth

Report on the Audit of the Financial Statements

Opinion

We have audited the financial statements of Hedosophia European Growth (the “Company”), which

comprise the statement of financial position as at 31 December 2021, the statements of

comprehensive income, changes in equity and cash flows for the period from 21 January 2021 (date

of incorporation) through 31 December 2021, and notes, comprising significant accounting policies

and other explanatory information.

In our opinion, the accompanying financial statements give a true and fair view of the financial

position of the Company as at 31 December 2021, and of its financial performance and its cash flows

for the period then ended in accordance with International Financial Reporting Standards (IFRS).

Basis for Opinion

We conducted our audit in accordance with International Standards on Auditing (ISAs). Our

responsibilities under those standards are further described in the Auditors’ Responsibilities for the

Audit of the Financial Statements section of our report. We are independent of the Company in

accordance with the International Ethics Standards Board for Accountant’s International Code of

Ethics for Professional Accountants (including International Independence Standards) (“IESBA

Code”) together with the ethical requirements that are relevant to our audit of the financial statements

in the Cayman Islands, and we have fulfilled our other ethical responsibilities in accordance with

these requirements. We believe that the audit evidence we have obtained is sufficient and

appropriate to provide a basis for our opinion.

Key Audit Matters

Key audit matters are those matters that, in our professional judgment, were of most significance in

our audit of the financial statements of the current period. These matters were addressed in the

context of our audit of the financial statements as a whole, and in forming our opinion thereon, and

we do not provide a separate opinion on these matters. We have determined the matters described

below to be the key audit matters to be communicated in our report:

KPMG

P.O. Box 493

SIX Cricket Square

Grand Cayman KY1-1106

Cayman Islands

Telephone+1 345 949 4800

Fax +1 345 949 7164

Internetwww.kpmg.ky

Valuation of level 3 financial instruments

Refer to page 18 (accounting policy) and pages 25 to 28 (financial disclosures)

Description of key audit matter

How the matter was addressed in our audit

Approximately 2.3% of the Company’s

total liabilities are financial instruments

valued using valuation techniques that

utilise inputs that are unobservable in

the market (i.e. level 3 instruments).

Sponsor warrant liabilities are derivative

liabilities that are measured at fair

value, which is established by using

valuation models such as the Black-

Scholes Model that include

assumptions and inputs that are

unobservable.

There is a significant risk of error

relating to the valuation of these

financial instruments given the

judgmental nature of the matters that

require consideration by management

and those charged with governance.

The procedures we undertook included:

Documenting and assessing the design and

implementation of the valuation processes and

controls in place;

Challenging management and their valuation

specialist on key judgments. In particular, we:

Challenged the appropriateness of the

valuation technique selected as well as

the underlying assumptions, such as

volatility and time to business

combination; and

Compared key underlying financial data

inputs to external sources, such as peer

group comparisons and marketplace

transaction timelines.

We used the work undertaken by our own valuation

specialist to assist with the above procedures.

In addition, we also considered the appropriateness,

in accordance with relevant accounting standards, of

the disclosures relating to financial instruments.

Based on our assessment of information obtained

from our procedures, we concluded that judgments

relating to the valuation of financial instruments were

reasonable.

Going concern

Refer to page 15 to 16 (accounting policy)

Description of key audit matter

How the matter was addressed in our audit

Management have identified events and

conditions that may cast significant

doubt on the Company’s ability to

continue as a going concern. Such

matters include the limited time frame

for the Company to achieve its objective

of a business combination and market

conditions including competition and

potential geopolitical events.

Having considered all of the relevant

information, management have

concluded that there are no material

uncertainties that require disclosure.

There is significant risk of error relating

to going concern given the judgmental

nature of the matters that require

consideration by management and

those charged with governance.

The procedures we undertook included:

Evaluated whether the period of

management’s assessment was appropriate,

and whether the assessment includes all

relevant information that has come to our

attention in the audit;

Evaluated whether the assumptions are

realistic and achievable and consistent with

the external and/or internal environment;

Remained alert to events or conditions that

may cast doubt on the Company’s ability to

continue as a going concern, including those

beyond management’s assessment; and

Concluded on the appropriateness of

management’s use of the going concern basis

of accounting, and the adequacy of financial

statement disclosures.

Report on the Audit of the Financial Statements (continued)

Based on our assessment of information obtained

from our procedures, we concluded that

management’s use of the going concern assumption

appears appropriate in the preparation of the financial

statements and that the events or conditions identified

do not constitute a material uncertainty.

Share-based payments

Refer to page 22 (accounting policy) and page 35 (financial disclosures)

Description of key audit matter

How the matter was addressed in our audit

Sponsor shares are equity instruments

that management have identified as

being granted under a share-based

payment arrangement. Significant

judgment has been applied in

determining that the sponsor shares

are within the scope of IFRS 2 Share-

based Payment.

The completeness and accuracy of the

measurement and recognition of share-

based payments are determined by the

grant date and the probability of

business combination. Determination

of grant date is important because this

is the measurement date on which the

fair value of the sponsor shares

granted is based. Probability of

business combination is significant

because the share-based payment

cost is recognised if the business

combination is more likely than not to

be achieved. Significant judgment has

been applied in determination of these

key terms.

Finally, initial measurement of the

share-based payments is at fair value,

which is established by a Monte Carlo

simulation and a discount for lack of

marketability derived using the option

pricing method that include

assumptions and inputs that are

unobservable.

There is significant risk relating to the

completeness, accuracy and valuation

at initial recognition of the sponsor

shares given the judgmental nature of

the matters that require consideration

by management and those charged

with governance.

The procedures we undertook with respect to scope of

IFRS 2 Share-based Payment:

Challenged management on the facts and

circumstances such as subscription of sponsor

shares, at a nominal price, that will result in

significant dilution of the ordinary shares if a

business combination occurs; and

Compared the fair value of the sponsor shares

at grant date to the nominal price paid, noting

that the fair value was higher.

With respect to completeness and accuracy of the

measurement and recognition of share-based

payments, we performed the following procedures:

Challenged management as to when there was

a shared understanding of the terms and

conditions of the share-based arrangement, i.e.

the grant date;

Challenged management as to the facts and

circumstances that could impact the probability

of business combination, such as time frame

and market conditions; and

Evaluated whether management’s assessment

of grant date and probability of business

combination included all relevant information

that has come to our attention in the audit.

With respect to the procedures we undertook on initial

measurement of the share-based payments at fair

value:

Documenting and assessing the design and

implementation of the valuation processes and

controls in place;

Challenging management on key judgments. In

particular, we:

Challenged the appropriateness of the

valuation technique selected as well as the

underlying assumptions, such as volatility

and time to business combination;

Report on the Audit of the Financial Statements (continued)

Challenged the application of non-market

performance conditions in the valuation of

sponsor shares at grant date; and

Compared key underlying financial data

inputs to external sources, such as peer

group comparisons and marketplace

transaction timelines.

We used the work undertaken by our own valuation

specialist to assist with the above procedures.

In addition, we also considered the appropriateness,

in accordance with relevant accounting standards, of

the disclosures relating to share-based payments.

Based on our assessment of information obtained

from our procedures, we concluded that the sponsor

shares are with scope of IFRS 2 Share-based

Payment and judgments relating to the completeness,

accuracy and initial measurement at fair value of

share-based payments to be reasonable.

Contingent settlement provision

Refer to page 39 (accounting policy and financial disclosures)

Description of key audit matter

How the matter was addressed in our audit

The Company is required to settle

deferred underwriting commissions

upon business combination. The

contingent settlement provision is a

financial liability that is initially

recognised at fair value and

subsequently measured at amortised

cost.

Fair value of the financial liability at

initial recognition and for the purpose

of disclosure in note 16 to the financial

statements is determined by using a

valuation technique that utilises

unobservable inputs such as the

probability of business combination.

Subsequent measurement of the

financial liability at amortised cost is

determined by estimating the rate that

exactly discounts the estimated future

cash payment through the expected life

of the financial liability to the amortised

cost of the financial liability.

Management have determined that the

business combination is more likely

than not to be achieved. Accordingly,

the estimated future cash payment is

100% of the amount required to be

settled. Significant judgment has been

applied by management in

determination of the probability of

business combination.

The procedures we undertook included:

Challenged management on the facts and

circumstances that could impact the probability

of business combination, such as time frame

and market conditions; and

Evaluated whether management’s assessment

of the probability of business combination

included all relevant information that has come

to our attention in the audit.

We used the work undertaken by our own valuation

specialist to assist with the above procedures.

In addition, we also considered the appropriateness, in

accordance with relevant accounting standards, of the

disclosures relating to the contingent settlement

provision.

Based on our assessment of information obtained from

our procedures, we concluded that judgments relating

to initial recognition and subsequent measurement of

the contingent settlement provision to be reasonable.

Report on the Audit of the Financial Statements (continued)

There is significant risk relating to the

completeness and accuracy of the

contingent settlement provision given

the judgmental nature of the matters

that require consideration by

management and those charged with

governance.

Other Information

Management is responsible for the other information. The other information comprises the information

included in the Directors’ Report but does not include the financial statements and our auditors’ report

thereon.

Our opinion on the financial statements does not cover the other information and we do not express

any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other

information and, in doing so, consider whether the other information is materially inconsistent with the

financial statements, or our knowledge obtained in the audit, or otherwise appears to be materially

misstated. If, based on the work we have performed, we conclude that there is a material

misstatement of this other information, we are required to report that fact. We have nothing to report

in this regard.

Responsibilities of Management and Those Charged with Governance for the Financial

Statements

Management is responsible for the preparation and fair presentation of the financial statements in

accordance with IFRS and for such internal control as management determines is necessary to enable

the preparation of financial statements that are free from material misstatement, whether due to fraud

or error.

In preparing the financial statements, management is responsible for assessing the Company’s ability

to continue as a going concern, disclosing, as applicable, matters related to going concern and using

the going concern basis of accounting unless management either intends to liquidate the Company or

to cease operations, or has no realistic alternative but to do so.

Those charged with governance are responsible for overseeing the Company’s financial reporting

process.

Auditors’ Responsibilities for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole

are free from material misstatement, whether due to fraud or error, and to issue an auditors’ report that

includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an

audit conducted in accordance with ISAs will always detect a material misstatement when it exists.

Misstatements can arise from fraud or error and are considered material if, individually or in the

aggregate, they could reasonably be expected to influence the economic decisions of users taken on

the basis of these financial statements.

As part of an audit in accordance with ISAs, we exercise professional judgment and maintain

professional skepticism throughout the audit. We also:

Identify and assess the risks of material misstatement of the financial statements, whether due to

fraud or error, design and perform audit procedures responsive to those risks, and obtain audit

evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not

detecting a material misstatement resulting from fraud is higher than for one resulting from error,

as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override

of internal control.

Report on the Audit of the Financial Statements (continued)

Obtain an understanding of internal control relevant to the audit in order to design audit

procedures that are appropriate in the circumstances, but not for the purpose of expressing an

opinion on the effectiveness of the Company’s internal control.

Evaluate the appropriateness of accounting policies used and the reasonableness of accounting

estimates and related disclosures made by management.

Conclude on the appropriateness of management’s use of the going concern basis of

accounting and, based on the audit evidence obtained, whether a material uncertainty exists

related to events or conditions that may cast significant doubt on the Company’s ability to

continue as a going concern. If we conclude that a material uncertainty exists, we are required

to draw attention in our auditors’ report to the related disclosures in the financial statements or, if

such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit

evidence obtained up to the date of our auditors’ report. However, future events or conditions

may cause the Company to cease to continue as a going concern.

Evaluate the overall presentation, structure and content of the financial statements, including the

disclosures, and whether the financial statements represent the underlying transactions and

events in a manner that achieves fair presentation.

We communicate with those charged with governance regarding, among other matters, the planned

scope and timing of the audit and significant audit findings, including any significant deficiencies in

internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have complied with

relevant ethical requirements regarding independence, and to communicate with them all

relationships and other matters that may reasonably be thought to bear on our independence, and

where applicable, actions taken to eliminate threats or safeguards applied.

From the matters communicated with those charged with governance, we determine those matters

that were of most significance in the audit of the (consolidated) financial statements of the current

period and are therefore the key audit matters. We describe these matters in our auditors’ report

unless law or regulation precludes public disclosure about the matter or when, in extremely rare

circumstances, we determine that a matter should not be communicated in our report because the

adverse consequences of doing so would reasonably be expected to outweigh the public interest

benefits of such communication.

Report on Other Legal and Regulatory Requirements

European Single Electronic Format (ESEF)

The Company has prepared its annual report in ESEF. The requirements for this format are set out in

the Commission Delegated Regulation (EU) 2019/815 with regard to regulatory technical standards

on the specification of a single electronic reporting format (these requirements are hereinafter

referred to as: the RTS on ESEF).

In our opinion, the annual report prepared in the XHTML format, including the financial statements as

included in the reporting package by the Company, has been prepared in all material respects in

accordance with the RTS on ESEF.

Those charged with governance are responsible for preparing the annual report including the

financial statements in accordance with the RTS on ESEF, whereby the management combine the

various components into a single reporting package. Our responsibility is to obtain reasonable

assurance for our opinion whether the annual report in this reporting package, is in accordance with

the RTS on ESEF.

Our procedures included amongst others:

obtaining an understanding of the Company's financial reporting process, including the

preparation of the annual report in XHTML format; and

Report on the Audit of the Financial Statements (continued)

examining whether the annual report in XHTML format is in accordance with the RTS on

ESEF.

The engagement partner on the audit resulting in this independent auditors’ report is Tanis McDonald.

1 July 2022

Report on the Audit of the Financial Statements (continued)

	Note	2021 €

Assets
Cash	4	603,198
Cash held in escrow	10	445,377,754
Prepayments		222,984
		446,203,936

Shareholders' equity and liabilities
Shareholders' equity
Share capital	7	1,471
Share-based payment reserve	8	51,628,655
Accumulated losses		(61,317,016)
		(9,686,890)

Liabilities
Accrued expenses		91,744
Contingent settlement provision	14	9,889,671
Units	7	82,961,952
Sponsor warrant liabilities at fair value through profit or loss	7	10,654,210
Public warrant liabilities at fair value through profit or loss	7	11,895,727
Redeemable ordinary shares	7	340,397,522
		455,890,826
Total shareholders' equity and liabilities		446,203,936

Hedosophia European Growth

Statement of Financial Position

As at 31 December 2021

The notes on pages 14 to 40 form an integral part of these financial statements.

	Note	2021 €

Income
Net gain on warrant liabilities at fair value through profit or loss		7,290,419
		7,290,419


Expenses
Share-based payment expense	8	51,628,655
Formation and operational expenses	9	2,071,539
Interest expense calculated using the effective interest method	7	13,988,453
Other interest	10	918,788
		68,607,435
		(61,317,016)


		(61,317,016)

Basic loss per share	12	(5.81)
Diluted loss per share	12	(5.81)

Hedosophia European Growth

Statement of Comprehensive Income

For the period 21 January 2021 (date of incorporation) to 31 December 2021

The notes on pages 14 to 40 form an integral part of these financial statements.

	Share capital	Share based payment reserve	Accumulated losses	Total
	€	€	€	€

Opening balance – 21 January 2021	-	-	-	-

Comprehensive loss for the period	-	-	(61,317,016)	(61,317,016)

Total comprehensive loss for the period	-	-	(61,317,016)	(61,317,016)

Capital transactions
Issued share capital	1,533	-	-	1,533
Share forfeiture	(62)	-	-	(62)
Share-based payment reserve	-	51,628,655	-	51,628,655

Closing balance – 31 December 2021	1,471	51,628,655	(61,317,016)	(9,686,890)

Hedosophia European Growth

Statement of Changes in Equity

For the period 21 January 2021 (date of incorporation) to 31 December 2021

The notes on pages 14 to 40 form an integral part of these financial statements.

			2021 €

Cash flows from operating activities:
Net loss for the period			(61,317,016)

Adjustments to reconcile net loss for the period to net cash used in operating activities:
Net gain on warrant liabilities at fair value through profit or loss			(7,290,419)
Interest expense calculated using the effective interest method			13,988,453
Share-based payment expense			51,628,655
Changes in:
Prepayments			(222,984)
Accrued expenses			91,744
			(3,121,567)

Cash flows from investing activities:
Deposit in escrow account of proceeds from issuance of units			(445,377,754)

Net cash used in investing activities			(445,377,754)

Cash flows from financing activities:
Proceeds from issuance of sponsor shares			1,533
Proceeds from issuance of sponsor warrants			15,870,268
Shares forfeited at no consideration			(63)
Proceeds from issuance of units			441,353,341
Offering costs			(8,122,560)
			449,102,519

Net change in cash			603,198
Cash at beginning of the period			-
			603,198

Hedosophia European Growth

Statement of Cash Flows

For the period 21 January 2021 (date of incorporation) to 31 December 2021

The notes on pages 14 to 40 form an integral part of these financial statements.

1. General information

Hedosophia European Growth (the “Company”), is an exempted company, incorporated under the laws of the

Cayman Islands on 21 January 2021. The Company is registered with the Registrar of Companies under

incorporation number 370531 and has its registered office in Grand Cayman, Cayman Islands.

The Company is a Special Purpose Acquisition Company (“SPAC”), which is aiming to identify a unique

investment opportunity within industries which are technology-enabled and benefit from strong underlying

macro trends. The Company is looking to acquire a majority stake in a business which is European focused and

benefits from a defensible competitive position within its industry.

The Company is sponsored by Hedosophia Group Limited (the “Sponsor Entity”), a global investor in leading

technology companies led by co-founder and current Chief Executive Officer, Ian Osborne. The Sponsor

Entity unites technologists, entrepreneurs and technology-oriented investors around a shared vision of

identifying and supporting ambitious founders and technology companies.

The Company has been listed on the Euronext Amsterdam Stock Exchange (“AEX”) as of 12 May 2021,

having raised €441,353,340 in its IPO of 40,000,000 units and partial over-allotment of 4,135,334 units at

€10.00 per unit (the “Offering”) and €15,870,268 from 9,720,000 sponsor warrants and partial over-allotment

of 860,149 sponsor warrants at €1.50 per sponsor warrant. These proceeds were placed in an escrow account as

outlined in the prospectus. Each unit is exchangeable for one (1) redeemable ordinary share and one-third (1/3)

of a public warrant.

Since the completion of its Offering, the Company’s leadership team has been focused on identifying a

potential target for the business combination within the meaning of the prospectus (the “Business

Combination”). This process is ongoing and the Company will continue its search with the aim to complete a

business combination within 24 months following the Settlement Date (18 May 2021), subject to a six-month

extension period under conditions outlined in the prospectus.

The Company had no employees as at 31 December 2021.

2. Summary of significant accounting policies

The principal accounting policies applied in the preparation of these financial statements are set out below.

These policies have been consistently applied to all the periods presented, unless otherwise stated.

2.1.Basis of presentation

The financial statements of the Company for the period from 21 January 2021 (date of incorporation) to 31

December 2021 have been prepared in accordance, and comply with, International Financial Reporting

Standards (“IFRS”) and are stated in Euro (“€”), the Company’s functional currency, unless otherwise

disclosed.

The reporting period of these financial statements is from 21 January 2021 to 31 December 2021. The

Company’s statutory financial year end is 31 December. Its first statutory financial period is from 21 January

2021 (date of incorporation) to 31 December 2021.

2.2.Use of estimates and judgements

The preparation of these financial statements in conformity with IFRS may require the use of certain critical

accounting estimates, judgements and assumptions that may affect the reported amounts of assets and

liabilities. It may also require management to exercise its judgment in the process of applying the Company’s

accounting policies. Actual results may differ from these estimates. Estimates and underlying assumptions are

reviewed on an ongoing basis. Revisions to estimates are recognised prospectively.

Hedosophia European Growth

Notes to the Financial Statements

For the period ended 31 December 2021

2. Summary of significant accounting policies (continued)

2.2.Use of estimates and judgements (continued)

Judgements

Information about judgements made in applying accounting policies that have the most significant effects on

the amounts recognised in the financial statements is included in the following notes:

Note 2.3 – Going concern

Note 2.5 – Determination of functional currency

Assumptions and estimation uncertainties

Information about assumptions and estimation uncertainties made in applying accounting policies that have the

most significant effects on the amounts recognised in the financial statements is included in the following

notes:

Note 3 – Fair value measurement

Note 8 – Share-based payment – probability of business combination and identification of grant date

Note 14 – Contingent settlement provision

2.3.Going concern

The financial statements have been prepared on a going concern basis. Following the Offering and prior to the

completion of any Business Combination, the Company will not engage in any operations, other than in

connection with the selection, structuring and completion of a Business Combination.

The Company has 24 months from the Settlement Date to complete a Business Combination, subject to a six-

month extension period if approved (the “Business Combination Deadline”). The costs related to the

Company are expected to be covered by the proceeds of the issuance of the sponsor warrants as part of the

Offering process, as disclosed in note 7.

The Sponsor Entity or its affiliates may fund any excess costs through the issuance of debt instruments to the

Company, such as promissory notes, and up to €1,500,000 of such debt instruments may be converted into

additional sponsor warrants at a price of €1.50 per sponsor warrant at the option of the Sponsor Entity.

If the Company has not completed a Business Combination by such time, it will: (i) cease all operations except

for the purpose of winding up; (ii) as promptly as reasonably possible redeem the units and ordinary shares;

and (iii) as promptly as reasonably possible following such redemption, subject to the approval of the

remaining shareholders and the directors, liquidate and dissolve, subject in each case to the Company’s

obligations under Cayman Islands law to provide for claims of creditors and the requirements of other

applicable law.

The events and conditions that management considers relevant to the Company’s ability to continue as a going

concern include the limited time frame remaining to the Business Combination Deadline and market

conditions inclusive of competition and potential geopolitical events.

Management remain focused on completing a Business Combination by the Business Combination Deadline.

Having considered all relevant information, management have concluded that there are no material

uncertainties related to the identified events or conditions that may cast significant doubt on the Company’s

ability to continue as a going concern. Reaching the conclusion that there is no material uncertainty involves

significant judgement.

Hedosophia European Growth

Notes to the Financial Statements (continued)

For the period ended 31 December 2021

2. Summary of significant accounting policies (continued)

2.3.Going concern (continued)

In addition, such opinion is not dependent on the Company completing a Business Combination by the

Business Combination Deadline. It is important to note that nothing in this analysis implies that the Company

would be unable to meet its debts as they fall due or to fulfil the above mentioned redemptions of redeemable

ordinary shares should the Company not complete a Business Combination by the Business Combination

Deadline.

2.4.New accounting developments

There are no new accounting developments which are expected to have a significant impact on the Company's

financial condition or results of operations.

2.5.Foreign currency translation

i.Functional currency

Functional currency is the currency of the primary economic environment in which the Company

operates. The majority of the Company’s transactions are denominated in Euro. The majority of

expenses are denominated and paid in Euro. The Company is listed on the AEX, the capital raised in the

Offering was in Euro and the intended dividends and distributions to be paid to shareholders are to be

in Euro.

Management considers Euro as the currency that represents the economic effects of the underlying

transactions, events and conditions. Accordingly, management has determined that the functional

currency of the Company is Euro.

ii.Transactions and balances

Transactions in foreign currencies are translated into Euro at the exchange rate at the dates of the

transactions. Foreign currency assets and liabilities are translated into Euro using the exchange rate

prevailing at the reporting date.

Foreign exchange gains and losses arising from translation, if any, are included in the statement of

comprehensive income.

Hedosophia European Growth

Notes to the Financial Statements (continued)

For the period ended 31 December 2021

2. Summary of significant accounting policies (continued)

2.6.Financial assets and liabilities

(i) Recognition and initial measurement

The Company initially recognises financial assets and financial liabilities on the date it becomes a party to

the contractual provisions of the instrument. Any gains and losses arising from changes in fair value of

the financial assets or financial liabilities at fair value through profit or loss (“FVTPL”) are recorded in

the statement of comprehensive income.

Financial assets and financial liabilities are measured initially at fair value plus or minus, for an item not

at FVTPL, transaction costs that are directly attributable to its acquisition or issue.

(ii) Classification and subsequent measurement

Financial assets

On initial recognition, the Company classifies financial assets as measured at amortised cost or FVTPL.

A financial asset is measured at amortised cost if it meets both of the following conditions and is not

designated as at FVTPL:

It is held within a business model whose objective is to hold assets to collect contractual cash flows;

and

Its contractual terms give rise on the specified dates to cash flows that are solely payments of

principal and interest.

All financial assets not classified as measured at amortised cost as described above are measured at

FVTPL.

Financial assets classified at amortised cost are subsequently measured at amortised cost using the

effective interest method. The amortised cost is reduced by impairment losses. Interest income, foreign

exchange gains and losses and impairment are recognised in profit or loss. Any gain or loss on

derecognition is recognised in profit or loss.

Financial assets classified at FVTPL are subsequently measured at fair value. Net gains and losses,

including any interest income and foreign exchange gains and losses, are recognised in profit or loss.

Financial liabilities

Financial liabilities are classified as measured at amortised cost or FVTPL.

A financial liability is classified as at FVTPL if it is classified as held-for-trading, it is a derivative or it is

designated as such on initial recognition. Financial liabilities at FVTPL are measured at fair value and net

gains or losses, including any interest, are recognised in profit or loss.

Other financial liabilities are subsequently measured at amortised cost using the effective interest

method. Interest expense and foreign exchange gains and losses are recognised in profit or loss. Any

gain or loss on derecognition is also recognised in profit or loss.

Hedosophia European Growth

Notes to the Financial Statements (continued)

For the period ended 31 December 2021

2. Summary of significant accounting policies (continued)

2.6.Financial assets and liabilities (continued)

(iii) Amortised cost

The amortised cost of a financial asset or financial liability is the amount at which the financial asset or

financial liability is measured on initial recognition minus the principal repayments, plus or minus the

cumulative amortisation using the effective interest method of any difference between that initial amount

and the maturity amount and, for financial assets, adjusted for any loss allowance.

(iv)Fair value measurement

‘Fair value’ is the price that would be received to sell an asset or paid to transfer a liability in an orderly

transaction between market participants at the measurement date in the principal or, in its absence, the

most advantageous market to which the Company has access at that date. The fair value of a liability

reflects its non-performance risk.

When available, the Company measures the fair value of an instrument using the quoted price in an

active market for that instrument. A market is regarded as ‘active’ if transactions for the asset or liability

take place with sufficient frequency and volume to provide pricing information on an ongoing basis. The

Company measures instruments quoted in an active market at a mid-price, because this price provides a

reasonable approximation of the exit price.

If there is no quoted price in an active market, then the Company uses valuation techniques that

maximise the use of relevant observable inputs and minimise the use of unobservable inputs. The

chosen valuation technique incorporates all of the factors that market participants would take into

account in pricing a transaction.

The Company recognises transfers between levels of the fair value hierarchy as at the end of the

reporting period during which the change has occurred.

Hedosophia European Growth

Notes to the Financial Statements (continued)

For the period ended 31 December 2021

2. Summary of significant accounting policies (continued)

2.6.Financial assets and liabilities (continued)

(v)Impairment

The Company recognises loss allowances for Expected Credit Losses (“ECLs”) on financial assets

measured at amortised cost.

The Company measures loss allowances at an amount equal to lifetime ECLs, except for the following,

which are measured at 12-month ECLs:

•financial assets that are determined to have low credit risk at the reporting date; and

•other financial assets for which credit risk has not increased significantly since initial recognition.

When determining whether the credit risk of a financial asset has increased significantly since initial

recognition and when estimating ECLs, the Company considers reasonable and supportable information

that is relevant and available without undue cost or effort. This includes both quantitative and qualitative

information and analysis, based on the Company’s historical experience and informed credit assessment

and including forward-looking information.

The Company assumes that the credit risk on a financial asset has increased significantly if it is more

than 30 days past due.

The Company considers a financial asset to be in default when:

•the borrower is unlikely to pay its credit obligations to the Company in full, without recourse by the

Company to actions such as realising security (if any is held); or

•the financial asset is more than 90 days past due.

The Company considers a financial asset to have low credit risk when the credit rating of the counter

party is equivalent to the globally understood definition of ‘investment grade’. The Company considers

this to be BBB or higher per Standard and Poor’s.

Lifetime ECLs are the ECLs that result from all possible default events over the expected life of a

financial instrument. 12-month ECLs are the portion of ECLs that result from default events that are

possible within the 12 months after the reporting date (or a shorter period if the expected life of the

instrument is less than 12 months). The maximum period considered when estimating ECLs is the

maximum contractual period over which the Company is exposed to credit risk.

Hedosophia European Growth

Notes to the Financial Statements (continued)

For the period ended 31 December 2021

2. Summary of significant accounting policies (continued)

2.6.Financial assets and liabilities (continued)

(v)Impairment (continued)

Measurement of ECLs

ECLs are a probability-weighted estimate of credit losses. Credit losses are measured as the present value

of all cash shortfalls (i.e. the difference between the cash flows due to the entity in accordance with the

contract and the cash flows that the Fund expects to receive). ECLs are discounted at the effective

interest rate of the financial asset.

Credit-impaired financial assets

At each reporting date, the Company assesses whether financial assets carried at amortised cost are

credit-impaired. A financial asset is ‘credit-impaired’ when one or more events that have a detrimental

impact on the estimated future cash flows of the financial asset have occurred.

Evidence that a financial asset is credit-impaired includes the following observable data:

•significant financial difficulty of the borrower or issuer;

•a breach of contract such as a default or being more than 90 days past due; or

•it is probable that the borrower will enter bankruptcy or other financial reorganisation.

Presentation of allowance for ECLs in the statement of financial position

Loss allowances for financial assets measured at amortised cost are deducted from the gross carrying

amount of the assets.

Write-off

The gross carrying amount of a financial asset is written off when the Company has no reasonable

expectations of recovering a financial asset in its entirety or a portion thereof.

Hedosophia European Growth

Notes to the Financial Statements (continued)

For the period ended 31 December 2021

2. Summary of significant accounting policies (continued)

2.6.Financial assets and liabilities (continued)

(vi)Derecognition

The Company derecognises a financial asset when the contractual rights to the cash flows from the asset

expire, or it transfers the rights to receive the contractual cash flows in a transaction in which

substantially all of the risks and rewards of ownership of the financial asset are transferred or in which

the Company neither transfers nor retains substantially all of the risks and rewards of ownership and

does not retain control of the financial asset.

On derecognition of a financial asset, the difference between the carrying amount of the asset (or the

carrying amount allocated to the portion of the asset that is derecognised) and the consideration received

(including any new asset obtained less any new liability assumed) is recognised in the statement of

comprehensive income. Any interest in such transferred financial assets that is created or retained by the

Company is recognised as a separate asset or liability.

The Company derecognises a financial liability when its contractual obligations are discharged or

cancelled, or expire. On derecognition of a financial liability, the difference between the carrying amount

extinguished and the consideration paid (including any non-cash assets transferred or liabilities assumed)

is profit or loss.

2.7.Cash

Cash represents cash deposits held at financial institutions. Cash is held for meeting short-term liquidity

requirements, rather than for investment purposes. Cash is held at major financial institutions.

2.8.Prepayments

These represent assets for amounts paid prior to the end of the financial period, for which services are yet to

be provided to the Company. Prepayments are presented as current assets unless the service is not due to be

provided within 12 months after the reporting period.

Hedosophia European Growth

Notes to the Financial Statements (continued)

For the period ended 31 December 2021

2. Summary of significant accounting policies (continued)
2.9.Accrued expenses

These amounts represent liabilities for services provided to the Company prior to the end of the financial

period, which are unpaid. Accrued expenses are presented as current liabilities unless payment is not due within

12 months after the reporting period.

Accrued expenses are recognised initially at fair value. The best evidence of the fair value of a financial

instrument at initial recognition is normally the transaction price. Subsequent measurement is at amortised cost

using the effective interest method.

2.10.Offering costs

Offering costs consist of costs that are directly related to the offering and share issuance.

These costs have been charged to the applicable financial instrument using a reasonable allocation

methodology, whether to shareholders’ equity or financial liability, upon issuance of the associated financial

instruments. If the associated financial instrument is a financial liability carried at amortised cost, the

transaction costs are capitalised. If the financial liability is subsequently carried at FVTPL, transaction costs are

expensed.

All the offering costs were allocated to the applicable financial instruments for the period from 21 April 2021

(date of incorporation) to 31 December 2021.

2.11.Share-based payment reserve

The Sponsor Entity provides services in the form of expertise to assist the Company to identify a suitable

candidate for a Business Combination. In accordance with IFRS 2 – Share-based Payments (“IFRS 2”), the

Company will recognise a share based payment expense as it is being provided with services in the form of

expertise from the Sponsor Entity.

The grant-date fair value of equity-settled share-based payment arrangements is recognised as an expense in the

statement of comprehensive income with a corresponding increase in a separate reserve within equity. Service

and non-market performance conditions attached to the sponsor shares are not taken into account in

estimating fair value. The total expense is recognised over the vesting period, which is the period over which all

of the specified vesting conditions are to be satisfied.

2.12.Units

Units comprise of redeemable ordinary shares and public warrants. Each unit is exchangeable for one (1)

redeemable ordinary share and one-third (1/3) of a public warrant.

Hedosophia European Growth

Notes to the Financial Statements (continued)

For the period ended 31 December 2021

2. Summary of significant accounting policies (continued)

2.13.Redeemable ordinary shares

Redeemable ordinary shares are redeemable at the shareholder's option and are classified as financial liabilities

in the statement of financial position.

Redeemable ordinary shares are recognised initially at fair value. The best evidence of the fair value of a

financial instrument at initial recognition is normally the transaction price. Subsequent measurement is at

amortised cost using the effective interest method.

The ‘effective interest rate’ is calculated on initial recognition of a financial instrument as the rate that exactly

discounts estimated future cash payments or receipts through the expected life of the financial instrument to:

-the gross carrying amount of the financial asset; or

-the amortised cost of the financial liability.

In calculating interest expense, the effective interest rate is applied to the amortised cost of the liability.

Any amortisation expense on financial liabilities measured at amortised cost is presented in the statement of

comprehensive income as interest expense calculated using the effective interest method.

2.14.Public warrants and sponsor warrants

The public warrants and sponsor warrants are classified as derivative liabilities measured at FVTPL at each

reporting period, in accordance with IFRS 9 – Financial Instruments (“IFRS 9”) and IAS 32 – Financial

Instruments: Presentation (“IAS 32”).

Public warrants and sponsor warrants are recognised initially at fair value. The fair value of public warrants and

sponsor warrants at initial recognition was determined by the valuation specialist.

Subsequent measurement is at FVTPL with changes in the fair value recorded in the statement of

comprehensive income.

2.15.Sponsor shares

Sponsor shares are not redeemable and are classified as equity in the statement of financial position.

Sponsor shares are recognised initially at cost. The best evidence of the cost of an equity instrument at initial

recognition is normally the transaction price.

2.16.Taxation

The Company is exempt from all forms of taxation in the Cayman Islands. However, in some jurisdictions,

dividend income, interest income and capital gains may be subject to withholding tax. The Company presents

withholding tax separately from the dividend income, interest income and investment income in the statement

of comprehensive income.

In accordance with IAS 12 - Income Taxes (“IAS 12”), the Company is required to recognise a tax liability when

it is probable that the tax laws of foreign countries require a tax liability to be assessed on the Company’s

capital gains sourced from such foreign country, assuming the relevant taxing authorities have full knowledge

of all the facts and circumstances.

Hedosophia European Growth

Notes to the Financial Statements (continued)

For the period ended 31 December 2021

2. Summary of significant accounting policies (continued)

2.16.Taxation (continued)

The tax liability is then measured at the amount expected to be paid to the relevant taxation authorities, using

the tax laws and rates that have been enacted or substantively enacted by the end of the reporting period. There

is sometimes uncertainty about the way enacted tax law is applied to offshore investment companies. This

creates uncertainty about whether or not a tax liability will ultimately be paid by the Company. Therefore, when

measuring any uncertain tax liabilities, management considers all of the relevant facts and circumstances

available at the time that could influence the likelihood of payment, including any formal or informal practices

of the relevant tax authorities.

The Company considers interest and penalties on related tax liabilities to be an inseparable element of the tax

liability and accounts for interest and penalties as if they are within the scope of IAS 12. These amounts would

be included within the tax line in the statement of comprehensive income, and the liability would be included

within the income tax liability on the statement of financial position.

2.17.Related parties

A party is considered to be related to the Company if:

(i)the party is a person or a close member of that person’s family and that person

•has control or joint control over the Company;

•has significant influence over the Company; or

•is a member of the key management personnel of the Company or of a parent of the Company; or

(ii)the party is an entity where any of the following conditions applies:

•the entity and the Company are members of the same group;

•one entity is an associate or joint venture of the other entity (or of a parent, subsidiary or fellow

subsidiary of the other entity);

•the entity and the Company are joint ventures of the same third party;

•one entity is a joint venture of a third entity and the other entity is an associate of the third entity;

•the entity is a post-employment benefit plan for the benefit of employees of either the Company or an

entity related to the Company;

•the entity is controlled or jointly controlled by a person identified in (i); and

•a person identified in (i) has significant influence over the entity or is a member of the key

management personnel of the entity (or of a parent of the entity).

2.18.Interest

Interest expense presented in the statement of comprehensive income comprise interest on financial assets and

financial liabilities measured at amortised cost calculated on an effective interest basis. The ‘effective interest

rate’ is calculated on initial recognition of a financial instrument as the rate that exactly discounts estimated

future cash payments or receipts through the expected life of the financial instrument to:

-the gross carrying amount of the financial asset; or

-the amortised cost of the financial liability.

In calculating interest expense, the effective interest rate is applied to the gross carrying amount of the asset

(when the asset is not credit-impaired) or to the amortised cost of the liability. The Company had no interest

bearing financial assets for the period 21 January 2021 (date of incorporation) to 31 December 2021.

Hedosophia European Growth

Notes to the Financial Statements (continued)

For the period ended 31 December 2021

2. Summary of significant accounting policies (continued)

2.18.Interest (continued)

Any negative interest on financial assets measured at amortised cost is presented in the statement of

comprehensive income in ‘other interest’.

2.19Cash held in escrow

Cash held in escrow is subject to legal or contractual restriction by third parties as well as restriction

as to withdrawal or use, including restrictions that require the cash to be used for a specified purpose

and restrictions that limit the purpose for which this cash can be used.

3. Fair value measurement

A number of the Company’s accounting policies and disclosures require the measurement of fair

values for financial assets and liabilities.

The Company has an established control framework with respect to the measurement of fair values.

This includes a valuation specialist who reports directly to the Board. The Board has overall

responsibility for overseeing all significant fair value measurements, including Level 3 fair values.

If the inputs used to measure the fair value of an asset or a liability fall into different levels of the fair

value hierarchy, then the fair value measurement is categorised in its entirety in the same level of the

fair value hierarchy as the lowest level input that is significant to the entire measurement.

The Company recognises transfers between levels of the fair value hierarchy at the end of the

reporting period during which the change has occurred.

The Board periodically reviews significant unobservable inputs and valuation adjustments. If third

party information, such as broker quotes or pricing services, is used to measure fair values, then the

Board assesses the evidence obtained from the third parties to support the conclusion that these

valuations meet the requirements of the Standards, including the level in the fair value hierarchy in

which the valuations should be classified.

The Company measures fair values using the following fair value hierarchy that reflects the

significance of the inputs used in making the measurements.

Level 1 -	Quoted prices (unadjusted) in active markets for identical assets or liabilities.
Level 2 -	Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices).
Level 3 -	Inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs).

Hedosophia European Growth

Notes to the Financial Statements (continued)

For the period ended 31 December 2021

3. Fair value measurement (continued)

Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly

transaction between market participants at the measurement date in the principal or, in its absence,

the most advantageous market to which the Company has access at that date. The fair value of a

liability reflects its non-performance risk.

When measuring the fair value of an asset or liability, the Company uses observable market data as

far as possible. The determination of what constitutes “observable” requires significant judgment by

management. Fair values of financial assets and liabilities that are traded in active markets are based

on quoted market prices or price quotations from a broker that provides an unadjusted price from an

active market for identical instruments. A market is regarded as “active” if transactions for the asset

or liability take place with sufficient frequency and volume to provide pricing information on an on-

going basis.

The determination of fair value for financial assets and financial liabilities for which there is no

observable market price requires the use of valuation techniques. For financial instruments that trade

infrequently and have little price transparency, fair value is less objective, and requires varying degrees

of judgment depending on liquidity, concentration, uncertainty of market factors, pricing

assumptions and other risks affecting the specific instrument.

The objective of valuation techniques is to arrive at a fair value measurement that reflects the price

that would be received to sell the asset or paid to transfer the liability in an orderly transaction

between market participants at the measurement date.

Valuation techniques

To value the sponsor warrant liabilities, the valuation specialist uses proprietary valuation models

such as the Black Scholes Option Pricing Model and the Monte Carlo Simulation. Judgement and

estimation are usually required for the selection of the appropriate valuation model to be used.

Valuation models that employ significant unobservable inputs require a high degree of judgement

and estimation in the determination of fair value. Some or all of the significant inputs into these

models may not be observable in the market and are derived from market prices or rates or are

estimated based on assumptions. Assumptions and inputs used in the valuation models include a

risk-free interest rate, time to business combination deadline, probability of business combination

and volatility. In order to estimate volatility, valuation techniques include comparison with similar

instruments for which observable market prices exist.

Fair value hierarchy – financial instruments at fair value through profit and loss

The following table summarises the valuation of the Company’s financial instruments within the fair

value hierarchy levels at 31 December 2021:

	Level 1	Level 2	Level 3	Total
	€	€	€	€
Financial liabilities at fair value through profit or loss
Public warrant liabilities	-	11,895,727	-	11,895,727
Public warrant liabilities, included in units	-	2,801,339	-	2,801,339
Sponsor warrant liabilities	-	-	10,654,210	10,654,210
	-	14,697,066	10,654,210	25,351,276

Hedosophia European Growth

Notes to the Financial Statements (continued)

For the period ended 31 December 2021

3. Fair value measurement (continued)

Changes in level 3 measurements

The following table presents the changes in the Company’s financial instruments classified in Level 3

of the fair value hierarchy for the period ended 31 December 2021:

		2021
		€

Beginning of period		-
Warrant proceeds from sponsor warrants		15,870,268
Net unrealised gain on warrant liabilities at fair value through profit or loss		(5,216,058)
End of period		10,654,210

There were no transfers between levels for the period.

Significant unobservable inputs

The following table summarises the valuation techniques and significant unobservable inputs used

for the Company’s financial instruments classified in Level 3 as of 31 December 2021:

	Fair value €	Valuation technique	Unobservable inputs	Range of inputs (weighted average)

Sponsor warrant liabilities	10,654,210	Black Scholes Option Pricing Model	Expected volatility	13.1%

The fair value of sponsor warrant liabilities are determined by the Board upon consultation with a

valuation specialist with reference to significant unobservable inputs. The valuation specialist has

used the Black Scholes Option Pricing Model, incorporating expected volatility, expected term and

the risk-free rate, to value the warrant liabilities. Warrants are accounted for as derivative liabilities

measured at FVTPL at each reporting period, in accordance with IFRS 9 and IAS 32. Changes in the

fair value of the warrants are recorded in the statement of comprehensive income.

Although management believes that its estimates of fair value are appropriate, the use of different

methodologies or assumptions could lead to different measurements of fair value. For sponsor

warrant liabilities, changing one or more of the assumptions used to reasonably possible alternative

assumptions would have the following effects on net loss for the period:

		2021 € Favorable	2021 € Unfavorable
Sponsor warrant liabilities at FVTPL		6,168,227	(6,104,746)

Hedosophia European Growth

Notes to the Financial Statements (continued)

For the period ended 31 December 2021

3. Fair value measurement (continued)

The actual volatility input used in the valuation of the sponsor warrants was 13.1% and the

reasonably possible alternative assumptions were 19.1% and 7.1% at 31 December 2021.

The favourable and unfavourable effects of using reasonably possible alternative assumptions for the

valuation of sponsor warrants has been calculated by recalibrating the model using alternative

blended volatilities for each volatility input within the Company’s ranges of possible estimates. The

favourable and unfavourable effects of using reasonably possible alternative assumptions for the

valuation of sponsor warrants has been calculated based on the average volatility within the 25th and

75th percentiles.

4.Cash

The amounts available to the Company in the current accounts are used to cover the costs relating to

the offering and admission, search for a company or business for a Business Combination and other

running costs.

5. Financial risk management

The Audit Committee monitors the effectiveness of the Company's internal control systems, internal

audit system and risk management system with respect to financial reporting. Financial risks

principally include market risk, liquidity risk and credit risk. There has been no change during the

period to the manner in which these risks are managed and measured.

5.1.Market risk management

Market risk is the risk that the value of financial assets will fluctuate as a result of changes in market

prices whether those changes are caused by factors specific to the individual assets or factors

affecting all assets in the market. Market risk includes interest, currency and other market price risk.

Interest risk

As at 31 December 2021, the majority of the Company’s restricted cash held in escrow is held in an

interest-bearing account denominated in Euro. As such, the Company is primarily exposed to the

financial risks associated with the effects of fluctuations in the prevailing levels of interest rates on its

financial position and cash flows.

Cash flow sensitivity analysis for variable-rate instruments

A reasonably possible change of 100 basis points in interest rates at the reporting date would have

increased (decreased) equity and profit or loss by the amounts shown below.

	Profit or loss
	100 bp increase €	100 bp decrease €
31 December 2021
Cash held in escrow	(9,188)	9,188
Cash flow sensitivity	(9,188)	9,188

Hedosophia European Growth

Notes to the Financial Statements (continued)

For the period ended 31 December 2021

5. Financial risk management (continued)

5.1.Market risk management (continued)

Currency risk

As at 31 December 2021, the Company did not hold any financial assets or financial liabilities

denominated in currencies other than its functional currency. Consequently, the Company is not

directly exposed to risks associated with fluctuating exchange rates. As the Company has minimal

exposure to currency risk, management considers that no foreign exchange rate sensitivity analysis is

required.

Other market price risk

As at 31 December 2021, the Company holds financial assets and financial liabilities that are valued

by valuation specialists. These financial assets and financial liabilities are measured at fair value using

the unobservable inputs and therefore a sensitivity analysis of other marker price risk is not relevant.

5.2.Liquidity risk management

Liquidity risk is the risk that the Company may not be able to generate sufficient cash resources to

settle its obligations in full as they fall due or can only do so on terms that are materially

disadvantageous.

The Company’s liquidity needs have been satisfied through receipt of €1,533 proceeds from the

issuance of sponsor shares and €15,870,268 from the issuance of sponsor warrants, of which

€2,500,000 has been allocated to the payment of Company expenses. As at 31 December 2021, the

cash available in the current account amounting to €603,198, will be used to settle the remaining

operational costs of the Company.

The Company is obligated to offer holders of its redeemable ordinary shares the right to redeem

their redeemable ordinary shares for cash at the time of the Business Combination. The Company

will provide its ordinary shareholders with the opportunity to redeem all or a portion of their

redeemable ordinary shares upon the completion of the Business Combination, irrespective of

whether and how they voted at the general meeting convened to approve the Business Combination.

If the Company fails to complete a Business Combination prior to the business combination

deadline, it will redeem the units into ordinary shares and then all ordinary shares, at a per-share

price, payable in cash, equal to the aggregate amount then on deposit in the escrow account, divided

by the number of then issued and outstanding units and ordinary shares.

The Company does not currently believe that it will need to raise additional funds in order to meet

the expenditure required for operating its business until the completion of the Business

Combination. However, it may need to raise additional funds, if such funds were to be required to

complete the Business Combination and/or to finance the redemption of the redeemable ordinary

shares. The Sponsor Entity has the option to fund any excess costs through the issuance of debt

instruments to the Company, such as promissory notes. Up to €1,500,000 of such debt instruments

may be converted into additional sponsor warrants at a price of €1.50 per sponsor warrant at the

option of the Sponsor Entity. Other than as contemplated above, the Company does not intend to

raise additional financing or debt prior to the completion of the Business Combination.

Hedosophia European Growth

Notes to the Financial Statements (continued)

For the period ended 31 December 2021

5. Financial risk management (continued)
5.2.Liquidity risk management (continued)

The table below summarises the maturity profile of the Company’s financial liabilities at 31

December 2021 based on contractual undiscounted payments.

	Less than 3 months €	3 - 12 months €	12 - 18 months €	Total €
Redeemable ordinary shares, attributable to units	-	-	80,160,613	80,160,613
Public warrant liabilities at fair value through profit or loss, attributable to units	-	-	2,801,339	2,801,339
Redeemable ordinary shares	-	-	340,397,522	340,397,522
Public warrant liabilities at fair value through profit or loss	-	-	11,895,727	11,895,727
Sponsor warrant liabilities at fair value through profit or loss	-	-	10,654,210	10,654,210
Accrued expenses	-	91,744	-	91,744
Contingent settlement provision	-	-	9,889,671	9,889,671
	-	91,744	455,799,082	455,890,826

5.3.Credit risk management

Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in

financial loss to the Company.

Following the Offering, proceeds were put into the Company’s current accounts and cash held in

escrow account. Cash held in escrow is held with HSBC Bank PLC. The cash used to fund the

operational costs of the Company is held with Silicon Valley Bank.

The probability of default of HSBC and Silicon Valley Bank is deemed low based on the following

credit ratings as at 31 December 2021:

HSBC Holdings PLC:

Credit Ratings	Moody's	Standard & Poor's	Fitch
Long term	A3	A-	A+
Short term	P-2	A-2	F1+

Silicon Valley Bank:

Credit Ratings	Moody's	Standard & Poor's	Fitch
Long term	A3	BBB+	Not rated
Short term	P-1	Not rated	Not rated

Hedosophia European Growth

Notes to the Financial Statements (continued)

For the period ended 31 December 2021

5. Financial risk management (continued)

5.4.Capital risk management

The Sponsor Entity or its affiliates may fund any excess costs through the issuance of debt

instruments to the Company, as disclosed in note 2.3.

6. Acquisition

The Company made no acquisitions during the period ended 31 December 2021.

7. Capital instruments

The authorised share capital of the Company at 31 December 2021 is €53,000 divided into

250,000,000 ordinary shares of a par value of €0.0001 each, 30,000,000 sponsor shares of a par value

of €0.0001 each and 250,000,000 units of a par value of €0.0001.

Sponsor shares

On 28 April 2021, the Sponsor Entity acquired 15,333,333 sponsor shares at par value of €0.0001 for

total proceeds of €1,533.33. On 10 May 2021, 200,000 sponsor shares were transferred to the

independent directors. On 7 June 2021, 621,555 of the total sponsor shares acquired by the Sponsor

Entity were forfeited for no consideration. As at 31 December 2021 the Company had issued

14,711,778 sponsor shares.

The sponsor shares shall automatically convert into ordinary shares subject to the satisfaction of

certain performance-related conditions.

The sponsor shares will rank pari passu with each other and holders of the sponsor shares will be

entitled to dividends and other distributions declared and paid on them. Each sponsor share carries

the distribution and liquidation rights as included in the articles of association and the right to attend

and to cast one vote at a general meeting of the Company (including at the Business Combination

general meeting). The Sponsor Entity and the Directors have entered into the insider letter with the

Company, pursuant to which they have waived their rights to dividend distributions on sponsor

shares held by them. However, upon conversion of sponsor shares into ordinary shares, the Sponsor

Entity and the Directors will be entitled to any dividend distributions with respect to such ordinary

shares. The sponsor shares will not be admitted to listing or trading on any trading platform.

Sponsor warrants

The Sponsor Entity purchased a total of 9,720,000 sponsor warrants and due to exercise of a partial

over-allotment option an additional 860,149 sponsor warrants were purchased at a price of €1.50 in a

private placement that occurred simultaneously with the completion of the Offering, the proceeds of

which will be used as follows: (i) €7,600,000 for the public offering commission cover, ii) €4,480,000

for the negative interest cover; and (iii) €2,500,000 for offering and running costs.

Each of the sponsor warrants are exercisable 30 days after completion of the Business Combination.

Each sponsor warrant entitles the warrant holder to exercise a warrant into an ordinary share at a

strike price of €11.50. If the Company does not complete a Business Combination by the Business

Combination Deadline, the sponsor warrants will expire worthless.

Hedosophia European Growth

Notes to the Financial Statements (continued)

For the period ended 31 December 2021

7. Capital instruments (continued)

Sponsor warrants (continued)

The sponsor warrants are identical to the warrants underlying the units being sold in the Offering,

except that (i) the ordinary shares issuable upon the exercise of the sponsor warrants will not be

transferable, assignable or saleable until 30 days after the completion of a Business Combination,

subject to limited exceptions; (ii) the sponsor warrants may be exercised by the Sponsor Entity on

either a cash or cashless basis; and (iii) the sponsor warrants will not be admitted to listing or trading

on any trading platform.

Units

On 14 May 2021, 40,000,000 units each redeemable for one ordinary share and 1/3 of a public

warrant were subscribed at a price of €10.00 for proceeds of €400,000,000. On 04 June 2021, a

partial over-allotment of 4,135,334 units, were subscribed at a price of €10.00 for a total proceeds of

€41,353,340.

Units		2021
In issue at 21 January		-
Subscribed		46,000,000
Surrendered due to partial exercise of the over-allotment option		(1,864,666)
Converted post Offering		(35,722,905)
In issue at 31 December		8,412,429

The units rank pari passu with each other and unit holders are entitled to dividends and other

distributions declared and paid on them. Each unit carries the distribution rights as included in the

articles of association and the right to attend and to cast one vote at a general meeting of the

Company (including at the Business Combination general meeting). However, units will not be

redeemed in connection with the Business Combination general meeting under the redemption

arrangements. The unit holders have the option to convert units into redeemable ordinary shares and

public warrants from the 37th calendar day after the Offering. Therefore, unit holders must first

exchange their units for redeemable ordinary shares in order to redeem such ordinary shares in

connection with the Business Combination general meeting under the redemption arrangements.

Hedosophia European Growth

Notes to the Financial Statements (continued)

For the period ended 31 December 2021

7. Capital instruments (continued)

Units		2021 €
Proceeds from issuance of units		441,353,340
Offering costs		(8,438,017)
Contingent settlement provision attributable to redeemable ordinary shares		(9,157,708)
Interest expense calculated using the effective interest method		13,571,947
Net unrealised gain on public warrant liabilities, included in units		(2,074,361)
Detachment of redeemable ordinary shares at 31 December		(340,397,522)
Detachment of public warrants at 31 December		(11,895,727)
Carrying amount of units at 31 December		82,961,952
Comprising: Redeemable ordinary shares attributable to units		80,160,613
Comprising: Public warrants attributable to units		2,801,339

Redeemable ordinary shares

On 21 January 2021, the single redeemable ordinary share issued on incorporation for the nominal

value of €1.00 was transferred from Mapcal Limited to Hedosophia Group Limited and on 28 April

2021 the share was subsequently subdivided into 10,000 redeemable ordinary shares.

The redeemable ordinary shares rank pari passu with each other and holders of the redeemable

ordinary shares are entitled to dividends and other distributions declared and paid on them. Each

redeemable ordinary share carries the distribution and liquidation rights as included in the articles of

association and the right to attend and to cast one vote at a general meeting of the Company

(including at the Business Combination general meeting).

The Company will provide ordinary shareholders with the opportunity to redeem all or a portion of

their ordinary shares upon the consummation of the Business Combination at a per-share price,

payable in cash, equal to the aggregate amount then on deposit in escrow account calculated as of

two trading days prior to the consummation of the Business Combination, divided by the number of

then issued and outstanding ordinary shares (not held in treasury). There are two types of redeemable

ordinary shares; those that are attributable to the units and separate redeemable ordinary shares that

have been issued upon conversion of the units during the period. There is no difference on the rights

of these redeemable ordinary shares although the redeemable ordinary shares attributable to the units

are required to be issued as shares before the Business Combination.

As at 31 December 2021, the Company has issued 35,722,905 redeemable ordinary shares all of

which were issued upon conversion of the units.

Redeemable ordinary shares		2021 €
Proceeds from issuance of units that are attributable to redeemable ordinary shares		343,654,346
Offering costs		(6,829,686)
Contingent settlement provision attributable to redeemable ordinary shares		(7,412,200)
Interest expense calculated using the effective interest method		10,985,062
Carrying amount at 31 December		340,397,522

Hedosophia European Growth

Notes to the Financial Statements (continued)

For the period ended 31 December 2021

7. Capital instruments (continued)

Public warrants

Each whole public warrant entitles the warrant holder to purchase one ordinary share at a price of

€11.50 per ordinary share at any time commencing on 30 days following the Business Combination

completion date. The public warrants will expire on the date that is five years following the date on

which they first became exercisable, or earlier upon redemption of the public warrants or liquidation

of the Company. A public warrant holder may exercise only whole public warrants at a given time.

No fractional public warrants will be issued or delivered upon exchange of the units and only whole

public warrants will trade on AEX. Accordingly, unless an investor purchases at least three units, it

will not be able to receive or trade a whole public warrant. The public warrant holders in such

capacity do not have the rights of shareholders or any voting rights until they exercise their public

warrants and receive ordinary shares. After the issuance of ordinary shares upon exercise of the

public warrants, such ordinary shares will entitle the holder to the same rights as any other ordinary

shareholder. There are two types of public warrants; those that are attributable to the units and

separate public warrants that have been issued upon conversion of the units during the period. There

is no difference on the rights of these public warrants although the public warrants attributable to the

units are required to be issued as warrants before the Business Combination.

As at 31 December 2021, the Company has issued 11,907,635 public warrants all of which were

issued upon conversion of the units.

Public warrants		2021 €
Proceeds from issuance of units that are attributable to public warrants		13,574,704
Net unrealised gain on public warrant liabilities		(1,678,977)
Carrying amount at 31 December		11,895,727

Treasury

On 14 May 2021, the Sponsor Entity subscribed for 46,000,000 redeemable ordinary shares,

15,333,333 public warrants and 6,000,000 of the units for the over-allotment option (collectively the

“Subscription”) at their respective par values. These instruments were held in Treasury. The

subscription of the redeemable ordinary shares and units was then redeemed by the Company for the

same par values. The subscription of the warrants was, on the Settlement Date, redeemed by the

Company for the same par values. On 4 June 2021, 1,864,666 of the total redeemable ordinary

shares, 621,555 of the total public warrants and 1,864,666 of the total units, acquired by the Sponsor

Entity and held in treasury were surrendered for no consideration and cancelled.

Financial instruments held in treasury as at	2021 14 May	2021 4 June	2021 31 December
Redeemable ordinary shares	46,000,000	44,135,334	8,412,429
Public warrants	15,333,333	14,711,778	2,804,143
Units	6,000,000	-	-

Hedosophia European Growth

Notes to the Financial Statements (continued)

For the period ended 31 December 2021

7.Capital instruments (continued)

Treasury (continued)

The redeemable ordinary shares held in treasury have been admitted to listing and trading on AEX,

and held in treasury for the purpose of facilitating the exchange of units into ordinary shares and

warrants. As long as redeemable ordinary shares are held in treasury, they do not yield dividends, do

not entitle the holder to voting rights, and do not count towards the calculation of dividends or

voting percentages.

As long as any public warrants are held in treasury, they will not be converted. The public warrants

held in treasury have been admitted to listing and trading on AEX, and held in treasury for the

purpose of facilitating the exchange of units into redeemable ordinary shares and public warrants.

Once the public warrants become exercisable (and prior to their expiration), the Company has the

ability to redeem the outstanding public warrants in accordance with the terms and conditions as set

out in the prospectus.

8.Share-based payment reserve

The Sponsor Entity has provided services in the form of expertise and guidance to assist the

Company in achieving the Business Combination, in exchange for the trading of its sponsor shares

which has been recorded as share based payments.

The Sponsor Entity acquired 15,333,333 sponsor shares at par value of €0.0001 which will convert to

ordinary shares on a basis of 25% of the total ordinary shares. On 7 June 2021, 621,555 of the total

sponsor shares acquired by the Sponsor Entity were forfeited for no consideration as the over-

allotment option was only partially exercised. In order for the sponsor shares to convert to ordinary

shares, a Business Combination would have to occur and market conditions, such as certain target

share prices in the promote schedule as per the prospectus need to be achieved.

As the Company will trade its own ordinary shares as consideration for services received, the share-

based payment is treated as equity-settled. The vesting period is the 24 months over which the

Company has to complete a Business Combination. The grant date is considered to be the date of

the Offering. The value of services received is determined by the valuation specialist with reference

to the fair value of the sponsor shares issued.

The valuation specialist has used a Monte Carlo simulation to estimate the fair value of the sponsor

shares. Non-market performance conditions have not been taken into account when estimating the

fair value such as the probability of Business Combination. The key inputs used in the measurement

of the fair value at grant date of the sponsor shares were the initial stock price, volatility, expected

term and the restriction period after the initial Business Combination.

As of grant date the fair value of each sponsor share is estimated at €8.54. The difference between

the total consideration received by the Company for the sponsor shares and their fair value at the

grant date is €125,637,113. This will be pro-rated over the period to the Business Combination

Deadline and recognised in equity as a share-based payment reserve with the associated expense of

€51,628,655 reflected in the statement of comprehensive income as share based payment expense.

Hedosophia European Growth

Notes to the Financial Statements (continued)

For the period ended 31 December 2021

9. Operating costs

As at 31 December 2021, total operating expenses since the inception of the Company amount to

€2,071,539 which includes the listing fees of €304,109, underwriting discount expense of €635,685

and legal expense of €449,881.

10. Cash held in escrow and other interest

Cash held in the escrow account comprise 100% of the proceeds from the Offering and, in the event

that the Business Combination is successful, will be used to satisfy the cash requirements of the

Business Combination, including funding the purchase price, paying related expenses and retaining

specified amounts to be used by the post-Business Combination company for working capital or

other purposes.

As per the Company's prospectus, the Company will have legal ownership of the cash amounts

contributed by ordinary and sponsor shareholders, and the Board will have the authority and power

to spend such amounts. In an effort to ensure that the amounts committed by ordinary shareholders

are used for no other purposes, the Company has entered into an escrow agreement with HSBC

Bank Plc to create an escrow account.

The amounts available to the Company from the escrow account will be used to redeem the

redeemable ordinary shares for which a redemption right was validly exercised, to pay the deferred

underwriting commission to the sole global coordinator contingent on a successful Business

Combination, to pay the financial adviser commission to the financial adviser, refund the Sponsor

Entity for any excess costs provided in the form of promissory notes, at the election of the Sponsor

Entity, redeem any sponsor warrants subscribed for under the negative interest cover (to the extent

that the negative interest cover is not used in full) and release the balance of any cash held in the

escrow account to the Company for the payment of the consideration for the Business Combination.

The gross proceeds from the Offering are deposited in the escrow account and the amounts held in

the escrow account are held in cash. The total balance in the escrow accounts at 31 December 2021

was €445,377,754 of which (i) €7,600,000 for the public offering commission cover, ii) €4,480,000 for

the negative interest cover; and (iii) €2,500,000 for offering and running costs.

The cash held in the escrow account bears a negative interest equal to the ECB rate from time to

time plus 6 bps per annum in respect to the funds held in the escrow account. As at 31 December

2021, total finance costs since the inception of the Company amounted to €918,788, of which €nil

was due to HSBC Holdings PLC for negative interest on cash held in the escrow account.

Negative interest cover		2021 31 December €
Negative interest incurred		(918,788)
Negative interest cover		4,880,000
Negative interest gap cover remaining		3,961,212

Hedosophia European Growth

Notes to the Financial Statements (continued)

For the period ended 31 December 2021

11. Dividends

No dividends were paid or declared by the Company during the period ended 31 December 2021.

12. Net loss per share

12.1.Basic loss per share

		2021 €
Numerator
Net loss for the period and losses used in basic loss per share		(61,317,016)
Total net loss for the period used in basic loss per share		(61,317,016)
Denominator
Weighted average number of sponsor shares used in basic loss per share		10,556,201
Total weighted average number of sponsor shares used in basic loss per share		10,556,201
Basic loss per share		(5.81)

The weighted average number of shares does not consider redeemable ordinary shares because these

instruments are not accounted for as equity, but rather as a financial liability.

12.2.Diluted loss per share

The Company has reviewed the dilution factors and concluded that there are no instruments that

have dilutive potential as at 31 December 2021. As there is uncertainty as to the likelihood of an

initial Business Combination, the potential dilutive effects of redeemable ordinary shares, sponsor

warrants and public warrants have not been factored into the weighted average number of shares.

The conditions for conversion of these instruments to equity have not been satisfied at the reporting

date. When the Business Combination has occurred, the redeemable ordinary shares will become

equity and will no longer be a financial liability, hence the dilutive effect is not considered in the

diluted earnings per share calculation. As a result, diluted earnings per share is deemed to be the

same as basic earnings per share as at 31 December 2021 (see note 12.1).

13.Related party transactions

All legal entities that can be controlled, jointly controlled or significantly influenced by the Company

are considered to be a related party. Also, entities which can control, jointly control or significantly

influence the Company are considered a related party. In addition, statutory and supervisory directors

and close relatives are regarded as related parties.

The Sponsor Entity made payments of €331 related to expenses paid on behalf of the Company, of

which all was paid at 31 December 2021.

Hedosophia European Growth

Notes to the Financial Statements (continued)

For the period ended 31 December 2021

13. Related party transactions (continued)

Share based payments between the Company and the Sponsor Entity have been recognised, as

disclosed in note 8.

A deferred financial advisory fee is payable by the Company to Connaught (the “Financial Advisor”),

an affiliate of the Sponsor Entity. The Financial Advisor will assist the Company in respect of

strategy, tactics, timing and structure of the Business Combination. As consideration for services

provided the Company will pay advisor fees of €5,516,917, contingent on a successful Business

Combination. The deferred financial advisory fee will be paid from amounts held in the escrow

account.

The sponsor shares carry voting rights of 25% of total shares eligible to vote of which the directors

hold 0.34%.

Other than the issuance of sponsor shares, sponsor warrants and share based payments to the

Sponsor Entity and non-executive directors, there have been no related party transactions.

Directors’ shareholding

31 December 2021	Number of shares, beginning of period	Issued	Transferred	Forfeited/ Dispossessed	Number of shares, end of period
Sponsor shares
Hedosophia Group Limited	-	15,333,333	(200,000)	(621,555)	14,511,778
Jochen Engert (Independent non-executive director)	-	-	50,000	-	50,000
Maximilian Bittner (Independent non- executive director)	-	-	50,000	-	50,000
Jan Kemper (Independent non-executive director)	-	-	50,000	-	50,000
Stephanie Phair (Independent non- executive director)	-	-	50,000	-	50,000
		15,333,333	-	(621,555)	14,711,778

31 December 2021	Number of warrants, beginning of period	Issued	Transferred	Forfeited/ Dispossessed	Number of warrants, end of period
Sponsor warrants
Hedosophia Group Limited	-	10,580,149		-	10,580,149

Hedosophia European Growth

Notes to the Financial Statements (continued)

For the period ended 31 December 2021

13.Related party transactions (continued)

Directors’ shareholding (continued)

31 December 2021	Number of warrants, beginning of period	Issued	Transferre d	Forfeited/ Dispossessed	Number of warrants, end of period
Units
Hedosophia Group Limited	-	2,000,000	-	(2,000,000)	-

14. Contingent settlement provision

The underwriter has agreed to defer part of its underwriting commission, amounting to €10,533,834

or 2.5% of the aggregate gross proceeds of the Offering. This deferred underwriter commission will

become payable to the underwriter from the amounts held in escrow solely in the event that the

Company completes a Business Combination, subject to the terms of the underwriting agreement.

The Company has recognised a contingent settlement provision related to deferred underwriter

commission in these financial statements. This contingent settlement provision was initially

recognised at fair value as at the Settlement Date and subsequently recognised at amortised cost. The

fair value at initial recognition of the contingent liability was determined by discounting the total

deferred commissions using management's estimate of the probability of Business Combination and

the adjusted risk free rate at the Settlement Date. Further, fair value of the contingent settlement

provision is estimated for the purposes of disclosure in note 16. Management's estimate of the

probability of business combination at Settlement Date for the purposes of initial recognition and as

at the financial reporting date for the purposes of disclosure in note 16, is an unobservable input that

requires significant judgment. Subsequent measurement of the contingent settlement provision at

amortised cost is determined by estimating the rate that exactly discounts the estimated future cash

payments through the expected life of the financial liability to the amortised cost of the financial

liability. As of 31 December 2021, management determined that it was probable that a business

combination would occur (i.e. that there is a greater than 50% probability that a business

combination would occur). Accordingly, estimated future cash payments are 100% of the amount

required to be settled. Significant judgment has been applied in the determination of the probability

of business combination. The fair value of the contingent settlement provision as at 31 December

2021 has been estimated at $7,872,181.

15. Income tax

The Company is domiciled in the Cayman Islands. Under the current laws of the Cayman Islands,

there is no income, estate, corporation, capital gains or other taxes payable by the Company. As a

result, no provision for Cayman Islands’ taxes has been made in the financial statements.

Overseas withholding taxes may be charged on certain investment income and capital gains of the

Company. No withholding taxes have been incurred or paid during the period ended 31 December

2021.

The Company has concluded that there was no impact on the results of its operations relating to

taxation for the period ended 31 December 2021.

Hedosophia European Growth

Notes to the Financial Statements (continued)

For the period ended 31 December 2021

16. Accounting classification and fair value

The following table shows the carrying amounts and fair values of financial assets and financial liabilities,

including their levels in the fair value hierarchy.

31 December 2021	Carrying Value	Fair Value	Fair value hierarchy level
Financial assets measured at amortised cost
Cash	603,198	603,198	Level 1
Cash held in escrow	445,377,754	445,377,754	Level 1
	445,980,952	445,980,952
Financial liabilities measured at fair value
Public warrant liabilities attributable to units	2,801,339	2,801,339	Level 2
Public warrant liabilities	11,895,727	11,895,727	Level 2
Sponsor warrant liabilities	10,654,210	10,654,210	Level 3
	25,351,276	25,351,276
Financial liabilities measured at amortised cost
Redeemable ordinary shares attributable to units	80,160,613	83,956,041	Level 2
Redeemable ordinary shares	340,397,522	350,084,469	Level 2
Contingent settlement provision	9,889,671	7,872,181	Level 3
Accrued expenses	91,744	91,744	Level 2
	430,539,550	442,004,435

17. Subsequent events

The Company has evaluated the effect of all subsequent events occurring through 1 July 2022, the date the

financial statements were available to be issued, and has determined that there were no subsequent events

requiring adjustment to or disclosure in the financial statements.

Hedosophia European Growth

Notes to the Financial Statements (continued)

For the period ended 31 December 2021

	Page(s)

Directors’ Report	1 - 2
Independent Auditors’ Report	3 - 9
Statement of Financial Position	10
Statement of Comprehensive Income	11
Statement of Changes in Equity	12
Statement of Cash Flows	13
Notes to the Financial Statements	14 - 40