Current income tax payables - Receivables from financial institutions The estimates applied are more likely to be materially adjusted due to inaccurate estimates and or assumptions applied. Therefore, a write-off of EUR 250 was recognized under Miscellaneous operating expenses (as disclosed in Note 4 'Other operating expenses').
Europe (42% year-on-year growth) and Asia-Pacific (28%) were outpaced by growth in Latin America (55%) and North America (54%). For the six months ended December 31, 2019, net revenue was EUR 275,585, up 43.2% from 2018 (for the six months ended December 31, 2018: EUR 192,482). Of these, sales and marketing costs made up the largest slice, totaling €18.7 million in the second half of 2019, up 89% from €9.9 million in the second half of 2018.
The first two tranches of the derivative liability resulting from a merchant contract were reclassified from derivative liability to warrant reserve in equity in 2018, the current amount as per December 31, 2019 is EUR 53,401 (net of EUR 14,799 deferred tax assets).
Take rate was 20.4 bps in the second half of 2019, compared to 21.6 bps in the second half of 2018. We announced Adyen Issuing in November 2019. H2 2019 Shareholder letter Share-based compensation Net income for the year
H2 2019 Shareholder letter
H2 2019 Shareholder letter Adyen assesses if a lease exists or a contract contains a lease at the contract inception date, concluding whether an asset is identifiable, and Adyen has control to direct its use and all economic benefits related.
Within the enterprise segment, the growing share of platform business models is especially noteworthy. Adyen has assessed all jurisdictions in which it operates for possible corporate tax impact for the respective entities within Adyen to which such tax benefits pertain, that would arise from taxes paid by employees in these jurisdictions. We also continue to work closely with industry partners and card networks - Currency translation adjustments This enhanced hiring rate is a result of us growing off a larger base, and due to several improvements that we have made in the structure of our team onboarding process. For the full year, net revenue came in at €348.9 million, with total transactions processed at €159 billion.“Though a total processed volume of €159 billion will be disappointing to the market, the high take-rate and strong cost control positively surprises us,” analysts at Management pushed future growth opportunities as it expanded outside Europe, and moved into the more competitive waters in the United States. H2 2019 Shareholder letter H2 2019 Shareholder letter For the six months ended December 31, 2019 and December 31, 2018 (all amounts in EUR thousands unless otherwise stated)
Full year 2019 net income was €204.0 million, up 56% from €131.1 million in 2018. Income before tax at statutory rate of 25% This includes unparalleled ease-of- use and full unified commerce without compromising on risk mitigation.
H2 2019 Shareholder letter For the exercised options, the deduction generates a permanent difference in the corporate income tax calculation, turning taxable profits into carryforward losses, the balance as per December 31, 2019 is EUR 28,380.
H2 2019 Shareholder letter Other financial assets at amortized cost (government bonds; hold to collect) Free cash flow was €259.4 million in full year 2019, up 54% from €168.1 million in full year 2018. H2 2019 Shareholder letter Derivative financial instrument
New hires in H2 2019 were primarily in commercial (43%) and tech roles (37%).
Amortization and depreciation Purchases of financial assets at amortized cost Recent additions to the merchant portfolio in retail include HUGO BOSS, Dubarry and Acne Studios. Financial instruments at Fair Value through Profit & Loss Notes to the condensed interim consolidated financial statements
These are a few of the wider macroeconomic trends that affect the space, and from which we also benefit.
We have redefined mid-market merchants as those processing up to €25 million annually on our platform. In the United States, during 2019 Adyen has proceeded with its assessment regarding the recognition of deferred tax asset on windfall benefits linked to the share-based compensation plan.
Adyen has EUR 23,892 (as per December 31, 2018: EUR 18,777) of outstanding bank guarantees and letters of credit as per December 31, 2019. Following success in retail, we have begun targeting QSRs, as the recently evolved needs of merchants in this space are largely similar to those in retail. Adyen's net revenue in key regions (by billing address in EUR millions) in H1 2019 and H1 2020 Net revenue growth reflecting continued diversification across regions Net revenue for the first half of the year was €279.9 million 3, up 27% year- on-year. Total operating expenses were €134.1 million in the second half of 2019, up 57% year-on-year. These represented 49% of H2 2019 net revenue.
As is required by section 5.25d of the Dutch Financial Supervision Act (Wet op het financieel toezicht) we state that according to the best of our knowledge: The disclosures of accumulated year to date comprehensive income and cash flows are included at the end of the financial statements for reference purposes. Dilutive effect share options The tax on Adyen's profit before tax differs from the amount that would arise using the weighted average tax rate applicable to profits of the consolidated entities.
Our investments in expansion into Japan and India come on the back of merchant demand.
Retaining the flexibility to invest has always been critical to us, and in line with this philosophy we grew the team at a faster rate in the second half of 2019 - without this new hiring rate being dilutive to culture.
Fair value re-measurement of (refer to Note 10 - 'Financial Instruments')