Cover
Cover | 12 Months Ended | |
Dec. 31, 2021shares | ||
Entity Addresses [Line Items] | ||
Document Type | 20-F | |
Amendment Flag | false | |
Document Registration Statement | false | |
Document Annual Report | true | |
Document Transition Report | false | |
Document Shell Company Report | false | |
Document Period End Date | Dec. 31, 2021 | |
Document Fiscal Period Focus | FY | |
Document Fiscal Year Focus | 2021 | |
Current Fiscal Year End Date | --12-31 | |
Entity File Number | 001-40377 | |
Entity Registrant Name | Valneva SE | |
Entity Central Index Key | 0001836564 | |
Entity Incorporation, State or Country Code | I0 | |
Entity Address, Address Line One | 6 rue Alain Bombard | |
Entity Address, City or Town | Saint-Herblain | |
Entity Address, Country | FR | |
Entity Address, Postal Zip Code | 44800 | |
Entity Well-known Seasoned Issuer | No | |
Entity Voluntary Filers | No | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Emerging Growth Company | true | |
Elected Not To Use the Extended Transition Period | false | |
Document Accounting Standard | International Financial Reporting Standards | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 105,190,223 | |
ICFR Auditor Attestation Flag | false | |
Auditor Name | PricewaterhouseCoopers Audit | |
Auditor Location | Neuilly-sur-Seine, France | |
Auditor Firm ID | 1347 | |
American Depositary Shares, each representing two ordinary shares, 0.15 nominal value per share [Member] | ||
Entity Addresses [Line Items] | ||
Title of 12(b) Security | American Depositary Shares, each representing two ordinary shares, €0.15 nominal value per share | |
Trading Symbol | VALN | |
Security Exchange Name | NASDAQ | |
Ordinary shares, 0.15 nominal value per share [Member] | ||
Entity Addresses [Line Items] | ||
Title of 12(b) Security | Ordinary shares, €0.15 nominal value per share | |
No Trading Symbol Flag | true | [1] |
Security Exchange Name | NASDAQ | [1] |
Business Contact [Member] | ||
Entity Addresses [Line Items] | ||
Entity Address, Address Line One | 6 rue Alain Bombard | |
Entity Address, City or Town | Saint-Herblain | |
Entity Address, Country | FR | |
Entity Address, Postal Zip Code | 44800 | |
Country Region | +33 | |
City Area Code | 2 | |
Local Phone Number | 28 07 37 10 | |
Contact Personnel Name | Thomas Lingelbach | |
[1] | Not for trading, but only in connection with the registration of the American Depositary Shares. |
Consolidated Statements of Inco
Consolidated Statements of Income (Loss) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Profit or loss [abstract] | |||
Product sales | € 62,984 | € 65,938 | € 129,511 |
Other revenues | 285,101 | 44,383 | (3,315) |
Revenues | 348,086 | 110,321 | 126,196 |
Cost of goods and services | (187,920) | (54,302) | (52,781) |
Research and development expenses | (173,283) | (84,454) | (38,022) |
Marketing and distribution expenses | (23,643) | (18,264) | (24,145) |
General and administrative expenses | (47,606) | (27,539) | (18,398) |
Other income and expenses, net | 22,976 | 19,117 | 6,338 |
OPERATING LOSS | (61,390) | (55,120) | (811) |
Finance income | 8,379 | 689 | 1,449 |
Finance expenses | (16,964) | (10,738) | (3,082) |
Result from investments in associates | (5) | (133) | 1,574 |
LOSS BEFORE INCOME TAX | (69,979) | (65,302) | (870) |
Income tax income/(expense) | (3,446) | 909 | (874) |
LOSS FOR THE PERIOD | € (73,425) | € (64,393) | € (1,744) |
Losses per share for loss for the period attributable to the equity holders of the Company, expressed in € per share | |||
- basic | € (0.75) | € (0.71) | € (0.02) |
- diluted | € (0.75) | € (0.71) | € (0.02) |
Comprehensive Income (Loss)
Comprehensive Income (Loss) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Profit or loss [abstract] | |||
Loss for the period | € (73,425) | € (64,393) | € (1,744) |
Items that may be reclassified to profit or loss | |||
Currency translation differences | (2,877) | 2,438 | 656 |
Items that will not be reclassified to profit or loss | |||
Defined benefit plan actuarial gains/(losses) | 205 | (78) | (13) |
Other comprehensive income/(loss) for the year, net of tax | (2,672) | 2,360 | 644 |
TOTAL COMPREHENSIVE LOSS FOR THE YEAR ATTRIBUTABLE TO THE OWNERS OF THE COMPANY | € (76,097) | € (62,033) | € (1,100) |
Consolidated Balance Sheets
Consolidated Balance Sheets - EUR (€) € in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
ASSETS | ||
Non-current assets | € 231,520 | € 140,737 |
Intangible assets | 32,700 | 35,409 |
Right of use assets | 48,285 | 43,374 |
Property, plant and equipment | 125,545 | 34,779 |
Investments in associates | 2,124 | 2,130 |
Deferred tax assets | 3,582 | 5,570 |
Other non-current assets | 19,282 | 19,476 |
Current assets | 585,832 | 308,427 |
Inventories | 124,098 | 26,933 |
Trade receivables | 44,013 | 19,232 |
Other current assets | 71,036 | 57,828 |
Cash and cash equivalents | 346,686 | 204,435 |
Total assets | 817,352 | 449,164 |
EQUITY | ||
Capital and reserves attributable to the Company’s equity holders | 170,581 | 77,422 |
Share capital | 15,786 | 13,646 |
Share premium | 409,258 | 244,984 |
Other reserves | 52,512 | 52,342 |
Retained earnings/(Accumulated deficit) | (233,549) | (169,156) |
Loss for the period | (73,425) | (64,393) |
LIABILITIES | ||
Non-current liabilities | 277,791 | 195,872 |
Borrowings | 50,726 | 46,375 |
Lease liabilities | 53,687 | 49,392 |
Contract liabilities | 4,741 | 58 |
Refund liabilities | 158,970 | 97,205 |
Provisions | 8,308 | 2,358 |
Deferred tax liabilities | 1,290 | 412 |
Other liabilities | 69 | 72 |
Current liabilities | 368,979 | 175,870 |
Borrowings | 7,107 | 6,988 |
Trade payables and accruals | 68,119 | 36,212 |
Income tax liability | 83 | |
Tax and Employee-related liabilities | 17,249 | 13,165 |
Lease liabilities | 3,135 | 2,696 |
Contract liabilities | 124,017 | 89,578 |
Refund liabilities | 95,611 | 14,222 |
Provisions | 48,708 | 10,169 |
Other liabilities | 4,950 | 2,841 |
Total liabilities | 646,771 | 371,742 |
Total equity and liabilities | € 817,352 | € 449,164 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Cash flows from operating activities | |||
Loss for the year | € (73,425) | € (64,393) | € (1,744) |
Adjustments for non-cash transactions | 56,476 | 37,941 | 12,704 |
Changes in non-current operating assets and liabilities | 59,353 | 88,472 | 3,597 |
Changes in working capital | 36,127 | 77,740 | (6,682) |
Cash generated from operations | 78,532 | 139,759 | 7,875 |
Income tax paid | (1,631) | (2,021) | (2,346) |
Net cash generated from operating activities | 76,901 | 137,738 | 5,529 |
Cash flows from investing activities | |||
Purchases of property, plant and equipment | (92,229) | (18,936) | (10,502) |
Purchases of intangible assets | (942) | (535) | (382) |
Proceeds from sale of intangible assets | 24 | ||
Interest received | 54 | 107 | 199 |
Net cash used in investing activities | (93,116) | (19,340) | (10,685) |
Cash flows from financing activities | |||
Proceeds from issuance of common stock, net of costs of equity transactions | 166,614 | 75 | (2,484) |
Disposal of treasury shares | 209 | 215 | 21 |
Proceeds from borrowings, net of transaction costs | 859 | 50,266 | 11,781 |
Repayment of borrowings | (1,956) | (21,995) | (11,684) |
Payment of lease liabilities | (2,805) | (2,111) | (2,709) |
Interest paid | (8,417) | (4,711) | (2,621) |
Net cash generated from/(used in) financing activities | 154,504 | 21,740 | (7,696) |
Net change in cash and cash equivalents | 138,288 | 140,138 | (12,852) |
Cash and cash equivalents at beginning of the year | 204,394 | 64,439 | 77,084 |
Exchange gains/(losses) on cash | 3,960 | (183) | 207 |
Restricted cash | 44 | 41 | |
Cash and cash equivalents at end of the year | € 346,686 | € 204,435 | € 64,439 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Equity € in Thousands | Issued capital [member]EUR (€)shares | Share premium [member]EUR (€) | Other reserves [member]EUR (€) | Retained earnings [member]EUR (€) | Profit loss for the period [member]EUR (€) | EUR (€)shares |
Balance as at January 1, 2019 before IFRS 16 adoption at Dec. 31, 2018 | € 13,638 | € 244,900 | € 52,060 | € (170,676) | € 3,264 | € 143,186 |
Number of shares issued before IFRS 16 adoption, beginning at Dec. 31, 2018 | shares | 90,917,837 | |||||
Changes in Accounting Policy –Initial Application of IFRS 16 at Dec. 31, 2018 | (9,474) | (9,474) | ||||
Balance at Dec. 31, 2018 | € 13,638 | 244,900 | 42,587 | (170,676) | 3,264 | 133,712 |
Number of shares issued, beginning at Dec. 31, 2018 | shares | 90,917,837 | |||||
Total comprehensive loss | 644 | (1,744) | (1,100) | |||
Income appropriation | 3,264 | (3,264) | ||||
Share-based compensation expense: | ||||||
- value of services | 2,504 | 2,504 | ||||
- exercises | € 4 | 12 | 16 | |||
Exercises, number of shares issued | shares | 25,975 | |||||
Treasury shares | 21 | 21 | ||||
Balance at Dec. 31, 2019 | € 13,642 | 244,912 | 45,756 | (167,412) | (1,744) | 135,153 |
Number of shares issued, ending at Dec. 31, 2019 | shares | 90,943,812 | |||||
Total comprehensive loss | 2,360 | (64,393) | (62,033) | |||
Income appropriation | (1,744) | 1,744 | ||||
Share-based compensation expense: | ||||||
- value of services | 4,012 | 4,012 | ||||
- exercises | € 4 | 71 | 75 | |||
Exercises, number of shares issued | shares | 26,750 | |||||
Treasury shares | 215 | 215 | ||||
Balance at Dec. 31, 2020 | € 13,646 | 244,984 | 52,342 | (169,156) | (64,393) | € 77,422 |
Number of shares issued, ending at Dec. 31, 2020 | shares | 90,970,562 | 90,970,562 | ||||
Total comprehensive loss | (2,672) | (73,425) | € (76,097) | |||
Income appropriation | (64,393) | 64,393 | ||||
Share-based compensation expense: | ||||||
- value of services | 2,632 | 2,632 | ||||
- exercises | € 143 | 2,114 | 2,257 | |||
Exercises, number of shares issued | shares | 952,372 | |||||
Treasury shares | € (1) | 209 | 209 | |||
Treasury shares | shares | (4,025) | |||||
Issuance of ordinary shares, May 2021 | € 1,222 | 88,375 | 89,597 | |||
Issuance of ordinary shares, May 2021 | shares | 8,145,176 | |||||
Issuance of ordinary shares, November 2021 | € 776 | 87,199 | 87,975 | |||
Issuance of ordinary shares, November 2021 | shares | 5,175,000 | |||||
Cost of equity transactions, net of tax | (13,414) | (13,414) | ||||
Balance at Dec. 31, 2021 | € 15,786 | € 409,258 | € 52,512 | € (233,549) | € (73,425) | € 170,581 |
Number of shares issued, ending at Dec. 31, 2021 | shares | 105,239,085 | 105,239,085 |
General information and signifi
General information and significant events of the period | 12 Months Ended |
Dec. 31, 2021 | |
General Information And Significant Events Of Period | |
General information and significant events of the period | 5.1 General information and significant events of the period Valneva SE (“the Company”) together with its subsidiaries (the “Group” or ”Valneva”) is a company focused on the development and commercialization of prophylactic vaccines for infectious diseases with significant unmet medical needs. The Company takes a highly specialized and targeted approach to vaccine development and then applies its deep understanding of vaccine science to develop prophylactic vaccines addressing these diseases. Valneva has leveraged its expertise and capabilities both to successfully commercialize two vaccines and to rapidly advance a broad range of vaccine candidates into and through the clinic, including candidates against Lyme disease, the chikungunya virus and COVID-19. The Group’s portfolio includes two commercial vaccines for travelers: IXIARO (also marketed as JESPECT) indicated for the prevention of Japanese encephalitis and DUKORAL indicated for the prevention of cholera, and, in some countries, prevention of diarrhea caused by enterotoxigenic Escherichia coli. Valneva has operations in Austria, Sweden, the United Kingdom, France, Canada and the United States and over 750 Valneva SE is a public company listed on the Euronext Paris (symbol: VLA) and on the Nasdaq Global Select Market (symbol: VALN) since May 2021. List of direct or indirect interests held by the Company: Name Country of incorporation Consolidation method Interest held as at December 31, 2021 2020 BliNK Biomedical SAS 1 FR Equity method 48.9 48.9 Vaccines Holdings Sweden AB SE Consolidation 100 100 Valneva Austria GmbH AT Consolidation 100 100 Valneva Canada Inc. CA Consolidation 100 100 Valneva France SAS FR Consolidation 100 100 Valneva Scotland Ltd. UK Consolidation 100 100 Valneva Sweden AB SE Consolidation 100 100 Valneva UK Ltd. UK Consolidation 100 100 Valneva USA, Inc. US Consolidation 100 100 The closing date for the consolidated financial statements is December 31 st The Company is registered at 6 rue Alain Bombard, 44800 Saint-Herblain, France. The Company’s site in Saint-Herblain (Nantes, France) includes general and administrative functions and research and development Vaccines Holdings Sweden AB is the holding company of Valneva Sweden AB. Valneva Austria GmbH (Vienna, Austria) focuses on pre-clinical and clinical development activities of vaccines. The facilities accommodate departments for pre-clinical R&D, (technical/clinical) product development, quality and regulatory affairs, general and administrative as well as commercial functions. Valneva Austria GmbH commercializes IXIARO, DUKORAL and third-party products such as Flucelvax, Fluad, Moskito Guard, Rabipur and Encepur. 1 see Note 5.15 Valneva Canada Inc. (Montreal, Quebec) commercializes IXIARO, DUKORAL and third-party products as KamRAB in 2020 and Vivotif in 2019. Valneva France SAS (Lyon, France) was founded in February 2019 and commercializes IXIARO and DUKORAL since 2020. Valneva Scotland Ltd. (Livingston, United Kingdom) is primarily involved in the production of Valneva’s Japanese encephalitis vaccine, IXIARO, as well as in the production of chikungunya and COVID-19 vaccines, which are currently in the development phase. Valneva Sweden AB (Solna, Sweden) manufactures the DUKORAL vaccine and commercializes DUKORAL, IXIARO and third-party products such as Moskito Guard and Vivotif in the Nordic countries. In addition, Valneva Sweden AB provides R&D services. Valneva UK Ltd. (based nearby London, United Kingdom) commercializes DUKORAL, IXIARO and third-party products such as Moskito Guard in the United Kingdom. Valneva USA, Inc. focuses on the commercialization of IXIARO to the US military and the US private market. SIGNIFICANT EVENTS OF THE PERIOD COVID-19 The Group has been and could continue to be materially adversely affected by the current COVID-19 pandemic in regions where Valneva has significant manufacturing facilities, concentrations of clinical trial sites, or other business operations. COVID-19 has adversely impacted sales of travel vaccines, with travel to endemic areas significantly reduced compared to 2019 (pre-pandemic). DUKORAL and IXIARO are aimed at diseases that primarily threaten travelers to particular regions (e.g. Asia). As a result, sales of these vaccines have decreased significantly, adversely impacting the Group’s financial results. The Group has been and expects to continue to be impacted by the significant reduction in international travel following the onset of the global COVID-19 pandemic. In its November 2021 report, the United Nations World Tourism Organization, or UNWTO, noted that despite the improvement in the third quarter of the year, the pace of recovery remains slow and uneven across world regions due to varying degrees of mobility restrictions, vaccination rates and traveler confidence. Rising concerns over the Delta and Omicron variants of the virus have led several countries to re-impose restrictive measures. In addition, the volatility and lack of clear information on entry requirements could continue to affect the resumption of international travel during the Northern Hemisphere’s summer season. However, vaccination programs worldwide, together with fewer restrictions for vaccinated travelers and the use of digital tools such as the EU Digital COVID Certificate, have contributed to the gradual normalization of travel. The recovery of international travel is forecast by leading international travel organizations, such as the International Air Transport Association and the UNWTO, to recover to 2019 demand levels between mid-2023 to end of 2024. If international travel does not resume as quickly or as much as expected, the Group’s product sales will continue to be severely affected, and Valneva may not be able to complete the development of its vaccine candidates without additional financing. Valneva continues to closely monitor how the pandemic and related response measures are affecting the Company’s business. Valneva reported cash and cash equivalents of € 346.7 million Impact from COVID-19 is described in the Impact from COVID-19 Note COVID segment 5.1/5.28/5.29 The Company has developed a COVID-19 vaccine candidate VLA2001 and reported positive topline results from its pivotal Phase 3 trial in 2021. Regulatory submissions are ongoing and Valneva expects potential regulatory approvals in the first quarter of 2022. Valneva signed an Advance Purchase Agreement with the European Commission to supply up to 60 million Valneva and the Kingdom of Bahrain signed an Advance Purchase Agreement to supply 1 million 190 million Revenues from contracts with customers 5.5 In 2021, commercialized products revenues from DUKORAL and IXIARO continued to be adversely impacted by the worldwide reduction in travelling due to the COVID-19 pandemic, with DUKORAL experiencing the greatest impact. In 2021, IXIARO product sales were € 45.1 million 3.4 million 48.5 million 2.4 million 10.9 million 13.3 million Impairment testing 5.16 Impairment tests for commercialized products IXIARO and DUKORAL were performed and resulted in no impairment charges for 2021. Inventories 5.18 The income statement included a € 5.7 million Trade receivables 5.19 An assessment of expected credit loss resulted in only minor impact on the Group’s figures Effects of climate change on the consolidated financial statements In preparing the consolidated financial statements, Valneva’s management has considered the impact of climate change. These considerations did not have a material impact on the financial reporting judgements and estimates in 2021. Public offering in May 2021 In May 2021, Valneva announced the closing of a global offering to specified categories of investors of an aggregate of 8,145,176 82.8 million Public offering in November 2021 In November 2021, Valneva announced the closing of a global offering to specified categories of investors of an aggregate of 5,175,000 81.3 million Significant agreements signed in the periods presented In January 2019, Valneva and the U.S. Government Department of Defense (DoD) signed a new contract for the supply of its Japanese encephalitis vaccine IXIARO through 2019 and the beginning of 2020 with a value of $ 59 million 70 million In June 2019, Valneva and GSK (Glaxo Smith Kline) announced a mutual agreement to terminate the Strategic Alliance Agreement (“SAA”), originally agreed between Novartis and Intercell (predecessor companies of GSK and Valneva, respectively). Valneva paid € 9.0 million 7.0 million 10.7 million In July 2019, Valneva and Coalition for Epidemic Preparedness Innovations (“CEPI”) announced a new partnering agreement. CEPI will provide Valneva up to $ 23.4 million In February 2020, the Group signed a debt financing agreement with US healthcare funds Deerfield and OrbiMed. The loan agreement has a borrowing capacity of up to $ 85 million In April 2020, Valneva and Dynavax announced a collaboration to advance vaccine development for COVID-19. Dynavax is providing CpG 1018, a component of the US FDA- and EMA-approved HEPLISAV-B vaccine, to support the development of Valneva’s COVID-19 vaccine candidate VLA2001, while Valneva is leveraging its technical and platform capabilities to develop an inactivated, whole virus vaccine candidate against COVID-19. In September 2020, Valneva and Dynavax announced a commercial partnership for the supply of Dynavax’s CpG 1018 adjuvant for use in VLA2001. This commercial agreement includes a purchase order commitment amount of up to $ 136.8 million 31.1 million 47.9 million 40.7 million 7.2 million 41.9 million In April 2020, a new collaboration to co-develop and commercialize the Group’s Lyme disease vaccine candidate (VLA15) was signed with Pfizer Inc. (NYSE: PFE). This agreement was entered into with a customer as defined by IFRS 15 guidance on revenue contracts with customers, it included a $ 130 million 116.9 million 30 19 81.9 million 31.6 million 2.8 million 14.3 million 3.0 million 79.6 million In June 2020, Valneva and Bavarian Nordic A/S (OMX: BAVA) announced a marketing and distribution partnership for their commercial products. Pursuant to the agreement, Valneva commercializes Bavarian Nordic’s marketed vaccines, leveraging its commercial infrastructure in Canada, the UK, France and Austria. Valneva also markets and distributes these products in Belgium and the Netherlands. The partnership includes vaccines that protect against rabies, Japanese encephalitis, tick-borne encephalitis and cholera. This agreement had no material financial impact on the Group’s consolidated financial statements as at and for the year ended December 31, 2020. Revenues are recognized at a point in time when products are delivered to the customer. In 2021, those product sales (mainly Rabipur, Encepur) amounted to € 8.2 million In September 2020, the U.S. Department of Defense (DoD) awarded Valneva a new contract for the supply of IXIARO. The terms of the agreement, as subsequently amended in September 2021, contemplate an initial base year followed by two option years, each with a range of minimum and maximum potential dose orders. The base year had a minimum value of approximately $ 53 million 370,000 28.8 million 200,000 36 million 250,000 118 million 135 million 5.4 million nil In September 2020, Valneva announced an agreement with the UK Authority for the supply Valneva’s inactivated COVID-19 vaccine, VLA2001 (the UK Supply Agreement). Under the agreement, Valneva was to provide the UK Authority with 60 million 40 million 90 million 40 million In January 2021, Valneva and Instituto Butantan, a producer of immunobiologic products, announced the signing of definitive agreements for the development, manufacturing and marketing of Valneva’s single-shot chikungunya vaccine candidate, VLA1553, in Low- and Middle-Income Countries (LMICs). This finalization follows the signing of a binding term sheet in May 2020. The collaboration falls within the framework of the $ 23.4 million 2.1 million 0.8 million 1.0 million In November 2021, Valneva signed an Advance Purchase Agreement (APA) with the European Commission (EC) to supply up to 60 million 24.3 million 35.7 million 116.9 million In November 2021, Valneva and the Kingdom of Bahrain, signed an APA for the supply of one million doses of VLA2001. As at December 31, 2021, accounts receivable and contract liabilities related to this agreement comprised € 3.8 million In November 2021, Valneva and IDT Biologika announced their collaboration for the production of VLA2001. Under the collaboration, IDT Biologika will produce VLA2001’s drug substance at its Biosafety Level 3 facilities in Dessau-Roßlau, Germany, in addition to production taking place at Valneva’s manufacturing site in Livingston, Scotland. As at December 31, 2021, advance payments related to the agreement with IDT Biologika to produce the COVID-19 vaccine in amount of € 16.4 million |
Summary of significant accounti
Summary of significant accounting policies | 12 Months Ended |
Dec. 31, 2021 | |
Summary Of Significant Accounting Policies | |
Summary of significant accounting policies | 5.2 Summary of significant accounting policies The principal accounting policies applied in preparing these consolidated financial statements are outlined below. These policies have been consistently applied to all years presented. 5.2.1 Basis of preparation These 2021 Consolidated Financial Statements have been prepared in accordance with the International financial reporting standards, which comprise IFRS (International Financial Reporting Standards), IAS (International Accounting Standard) and their interpretations, SIC (Standards Interpretations Committee) and IFRIC (International Financial Reporting Interpretations Committee), as issued by the International Accounting Standards Board (“IASB”). The preparation of financial statements in conformity with IFRS as issued by the IASB requires the use of certain critical accounting estimates. It also requires the Group’s management to exercise its judgement in applying the Group’s accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the consolidated financial statements are disclosed in Note 5.3. For ease of presentation, numbers have been rounded and, where indicated, are presented in thousands of Euros. Calculations, however, are based on exact figures. Therefore, the sum of the numbers in a column of a table may not conform to the total figure displayed in the column. These consolidated financial statements were approved by the Management Board on March 23, 2022 and authorized for issuance by the Supervisory Board on March 23, 2022. 5.2.2 Impact of new, revised or amended Standards and Interpretations (a) New and amended standards adopted by the Group Standard - Interpretation – Amendment Effective Date Effects Amendments to IFRS 4 Insurance Contracts – deferral of IFRS 9 January 1, 2021 None Amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16 Interest Rate Benchmark Reform – Phase 2 January 1, 2021 None Amendments to IFRS 16 (I) COVID-19-Related Rent Concessions (II) COVID-19-Related Rent Concessions beyond June 30, 2021 January 1, 2021 None The amendments listed above did not have any impact on the amounts recognized in prior periods and are not expected to significantly affect the current or future periods. Interpretations Committees agenda decisions Effective Date Effects IAS 38 Configuration or Customisation Costs in a Cloud Computing Arrangement (IAS 38 Intangible Assets) January 1, 2021 None IAS 19 Attributing Benefit to Periods of Service (IAS 19 Employee Benefits) January 1, 2021 No material effects The interpretations listed above did not have any material impact on the amounts recognized in prior periods and are not expected to significantly affect the current or future periods. (b) New standards, amendments and interpretations issued but not effective for the financial year beginning January 1, 2021, and not early adopted. The Group did not elect for early application of the following new standards, amendments and interpretations which were issued by the IASB but not mandatory as at January 1, 2021: ● IFRS 17 – Insurance contracts ● Amendments to IAS 1 – Classification of Liabilities as Current or Non-current ● Amendments to IFRS 3 – Reference to the Conceptual Framework ● Amendments to IAS 16 – Property, Plant and Equipment—Proceeds before Intended Use ● Amendments to IAS 37 – Onerous Contracts - Cost of Fulfilling a Contract ● Amendments to IAS 12 – Deferred Tax related to Assets and Liabilities arising from a Single Transaction ● Annual Improvements to IFRS Standards 2018-2020 Cycle – Amendments to IFRS 1 First-time Adoption of IFRS, IFRS 9 Financial Instruments, IFRS 16 Leases, and IAS 41 Agriculture. These standards are not expected to have a material impact on the entity in the current reporting periods and on foreseeable future transactions. 5.2.3 Consolidation Subsidiaries Subsidiaries are entities over which the Company has control. The Company controls an entity when the Company is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Company. They are deconsolidated from the date that control ceases. The Group uses the acquisition method of accounting to account for business combinations. The consideration transferred for the acquisition of a subsidiary is the fair value of assets transferred, the liabilities incurred, and the equity interests issued by the Company. The consideration transferred includes the fair value of any asset or liability resulting from a contingent consideration arrangement. Acquisition-related costs, other than those associated with the issue of debt or equity securities, are expensed as incurred. Identifiable assets acquired, liabilities, and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. The excess of the consideration transferred over the fair value of the Company’s share of the identifiable net assets acquired is recorded as goodwill. If the fair value of the net assets of the acquired subsidiary exceeds the consideration, the difference is recognized directly in the income statement as a bargain purchase gain. Intercompany transactions, balances and unrealized gains on transactions between Group companies are eliminated. Associates Associates are entities over which the Company has significant influence. 5.2.4 Foreign currency translation (a) Functional and presentation currency Items included in the financial statements of each of the Group’s entities are measured using the currency of the primary economic environment in which the entity operates (the functional currency). The consolidated financial statements are presented in Euros which is Valneva SE’s functional and presentation currency. (b) Transactions and balances Foreign currency transactions are converted into the functional currency using exchange rates applicable on the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation of monetary assets and liabilities denominated in foreign currencies at year-end exchange rates are recognized in the income statement. (c) Subsidiaries The results and financial position of all subsidiaries (none of which having the currency of a hyperinflationary economy) that have a functional currency different from the presentation currency are converted into the presentation currency as follows: + assets and liabilities presented for each balance sheet are converted according to the exchange rate valid on the balance sheet date; + from 2021 onward, income and expenses for each income statement are converted at monthly average exchange rates (unless this average is not a reasonable approximation of the cumulative effect of the rates prevailing on the transaction dates, in which case income and expenses are converted on the dates of the transactions). In 2020 and 2019, income and expenses for each income statement were converted using exchange rates applicable on the dates of the transactions); and + all resulting exchange differences are recognized as other comprehensive income and are shown as other reserves. When a foreign operation is partially disposed of or sold, exchange differences that had been recorded in equity are recognized in the income statement as part of the gain or loss on sale. 5.2.5 Financial risk management The Group’s activities expose it to a variety of financial risks: market risk (including currency risk and interest rate risk), credit risk, and liquidity risk. The Group’s overall risk management program focuses on the unpredictability of financial markets and seeks to minimize potential adverse effects on the Group’s financial performance. Financial risk management is carried out under the CFO’s responsibility and is closely supervised by the Management Board. The Group’s risk management systems identify, evaluate and manage financial risks. The Management Board submits regular reports on its risk management systems, including the management of financial risks, to the Audit Committee of the Supervisory Board. (a) Market risk Foreign exchange risk The Group operates internationally and is exposed to foreign exchange risks arising from various currencies, primarily with respect to the British Pound (GBP), the Canadian Dollar (CAD), the Swedish Krona (SEK) and the US Dollar ($). The foreign exchange risks from the exposure to other currencies, including the Danish Krone, the Swiss Franc and the Norwegian Krone, are relatively limited. Foreign exchange risks arise from future commercial transactions, recognized assets and liabilities, and net investments in foreign operations. The objective of the Group is to limit the potential negative impact of the foreign exchange rate changes, for example by currency conversion of cash and cash equivalents denominated in foreign currency and by using foreign currency options. The Group has certain investments in foreign operations, the net assets of which are exposed to foreign currency translation risk. The following table details the Group’s sensitivity to a 10% increase and decrease in currency units against the relevant foreign currencies. Year ended December 31, € in thousand 2021 2020 EUR/$ +10% 6,818 3,229 EUR/$ -10% (8,334 ) (3,947 ) EUR/GBP +10% (11,986 ) (10,022 ) EUR/GBP -10% 14,650 12,249 EUR/SEK +10% (2,884 ) (400 ) EUR/SEK -10% 3,525 489 EUR/CAD +10% (557 ) (228 ) EUR/CAD -10% 681 279 As at December 31, 2021, the changes in impact from an increase or a decrease in $ were mainly caused by a decrease in cash and cash equivalents and in intercompany (IC) receivables denominated in $ in Valneva Austria GmbH. As at December 31, 2021, the increase in the Foreign Currency Exchange Risk in GBP was caused by higher refund liabilities denominated in GBP in Valneva Austria GmbH and by increased IC liabilities denominated in Euro in Valneva Scotland Ltd, both relating to the COVID-19 vaccine program (see Note 5.1). As at December 31, 2021, the increase in the Foreign Currency Exchange Risk in SEK was caused by increased IC receivables within the group denominated in SEK. While the Group utilized a hedging strategy to lower its exposure to non-Euro currencies, there is a business need to keep a certain level of non-Euro funds available in its accounts at any time in order to cover payment obligations denominated in GBP or $. In addition, revaluation of certain non-Euro cash balances is offset by revaluation of non-Euro denominated refund liabilities on the Group’s balance sheet (see Note 5.29). Interest rate risks The Group is exposed to market risks in connection with hedging both its liquid assets and its medium and long-term indebtedness and borrowings subject to variable interest rates. Borrowings issued at variable rates expose the Group to cash flow interest rate risks, which are offset by cash and financial assets held at variable rates. During 2021, as well as 2020, the Group’s investments at variable rates, as well as the borrowings at variable rates, were denominated in €, SEK, $, CAD and GBP. The Group analyzes its interest rate exposure on a dynamic basis. Based on this analysis, the Group calculates the impact on profit and loss of a defined interest rate change. The same interest rate change is used for all currencies. The calculation only includes investments in financial instruments and cash in banks that represent major interest-bearing positions. As at December 31, 2021 and December 31, 2020, no material interest risk was identified. In case of increasing interest rates the positive effect from cash in banks will be higher than the negative effect from variable interest-bearing liabilities, in case of decreasing interest rates there will be no material negative impact. (b) Credit risks The Group is exposed to credit risk. Valneva holds bank accounts, cash balances, and securities at sound financial institutions with high credit ratings. To monitor the credit quality of its counterparts, the Group relies on credit ratings as published by specialized rating agencies such as Standard & Poor’s, Moody’s, and Fitch. The Group has policies that limit the amount of credit exposure to any single financial institution. The Group is also exposed to credit risks from its trade debtors, as its income from product sales, collaborations, licensing and services arises from a small number of transactions. The Group has policies in place to enter into such transactions only with highly reputable, financially sound counterparts. If customers are independently rated, these ratings are used. Otherwise, when there is no independent rating , a risk assessment of the credit quality of the customer is performed, taking into account its financial position, past payment experience and other relevant factors. Individual credit limits are set based on internal or external ratings in accordance with signature authority limits as set by the Management Board. Most of the trade receivables are receivables from governmental institutions with high credit rating (AAA-country or AA-country). The credit quality of financial assets is described in Note 5.17.3 (c) Liquidity risks The Group is exposed to liquidity risk due to the maturity of its financial liabilities and the fluctuations of its operating cash-flow, and the potential implementation of early repayment clauses in loan or grant agreements. Furthermore, fluctuations in the Group’s operating cash flow during accounting periods also generate liquidity risks. Prudent liquidity risk management therefore implies maintaining sufficient cash resources, cash equivalents and short-term deposits in order to satisfy ongoing operating requirements and the ability to close out market positions. Extraordinary conditions on the financial markets may, however, temporarily restrict the possibility to liquidate certain financial assets. Although it is difficult to predict future liquidity requirements, the Group considers that the existing cash and cash equivalents as at December 31, 2021 will be sufficient to fund the operations for at least the 12 months from the date of authorization for issuance of these consolidated financial statements. For the existing loan agreement with covenants, amendments were agreed to reduce the minimum liquidity covenant and the minimum revenue covenant to prevent a breach of the covenants (see Note 5.24.1). The table below analyzes the Group’s financial liabilities into relevant maturity groupings based on the remaining period from the balance sheet date to the contractual maturity date As at December 31, 2020 Less than 1 year Between 1 and 3 years Between 3 and 5 years Between 5 and 10 years Between 10 and 15 years Over 15 years Total Borrowings 7,004 25,569 37,900 5,148 — — 75,621 Lease liabilities 3,442 28,078 3,677 9,446 9,963 3,850 58,456 Refund liabilities 20,025 82,670 48,566 — — — 151,260 Trade payables and accruals 36,212 — — — — — 36,212 Tax and employee-related liabilities 2 8,300 — — — — — 8,300 Other liabilities 27 25 — — — — 52 75,010 136,342 90,142 14,594 9,963 3,850 329,901 As at December 31, 2021 Less than 1 year Between 1 and 3 years Between 3 and 5 years Between 5 and 10 years Between 10 and 15 years Over 15 years Total Borrowings 7,121 48,560 20,534 1,765 — — 77,980 Lease liabilities 4,060 29,011 5,761 12,798 9,928 1,905 63,464 Refund liabilities 101,070 132,355 55,000 12,720 — — 301,145 Trade payables and accruals 68,119 — — — — — 68,119 Tax and employee-related liabilities 2 10,101 — — — — — 10,101 Other liabilities 27 25 — — — — 52 190,499 209,952 81,295 27,282 9,928 1,905 520,861 The fair values as well as the book values of the Group’s borrowings are disclosed in Note 5.24 . To manage liquidity risk, the Group holds sufficient cash, cash equivalents and short-term deposit balances. 5.2.6 Capital risk management The Group’s objectives when managing capital are to safeguard the Group’s ability to continue as a going concern in order to provide benefits for shareholders and for other stakeholders and to maintain an optimal capital structure to reduce the cost of capital. The Group actively manages its funds to primarily ensure liquidity and principal preservation while seeking to maximize returns. The Group’s cash and short-term deposits are located at several different banks. In order to maintain or adjust the capital structure, the Group may issue new shares or sell assets to reduce debt. In order to pursue its business strategy to grow into a major, self-sustainable vaccine company through organic growth and opportunistic mergers & acquisitions, the Group may rely on additional equity and debt financing. Capital consists of “Equity” as shown in the consolidated balance sheet. 5.2.7 Fair value estimation The carrying value less impairment provision of trade receivables and payables are assumed to approximate their fair values due to the relatively short maturity of the respective instruments. 2 Social security and other tax payables are excluded from the tax and employee-related liabilities balance, as this analysis is required for financial instruments only. |
Critical accounting judgements
Critical accounting judgements and key sources of estimation uncertainty | 12 Months Ended |
Dec. 31, 2021 | |
Critical Accounting Judgements And Key Sources Of Estimation Uncertainty | |
Critical accounting judgements and key sources of estimation uncertainty | 5.3 Critical accounting judgements and key sources of estimation uncertainty In applying the Group’s accounting policies, which are described in Note 5.2 Summary of significant accounting policies 5.3.1 The following are the critical judgements, apart from those involving estimations (which are presented separately below), that the directors have made in the process of applying the Group’s accounting policies and that have the most significant effect on the amounts recognised in financial statements: ● Note 5.2.2 and note 5.29: Revenue recognition of other revenues: Management’s judgement is required to determine the identification and separation of performance obligations (especially when determining whether the license is distinct, which is the case when the customer can benefit from the license without further involvement), the determination of the transaction price (including the judgement of payables to customers), and allocation of the transaction price to the performance obligations on relative standalone selling price. The standalone selling price is sometimes not available or is based on hard-to-value intangible assets, so various valuation techniques are used. In addition, Management’s judgement is required whether revenue from collaborations, licensing and service agreements is recognized over time or at a point in time. In particular, Note 5.5.2. underlines the judgements made in applying accounting policies in the context of the terminations, particularly regarding probability of repayment obligations in the context of revenue recognition, of - Valneva’s COVID-19 vaccine UK Supply Agreement in 2021 - Valneva’s strategic alliance agreements ( ● Notes 5.8 and 5.31: Other income: The Group receives funding from CEPI, which include performance obligations and refund obligations. Management’s judgement is required to determine whether such components of an agreement are revenues from customers or fall within the standard of accounting for government grants. CEPI has global partnership between public, private, philanthropic, and civil society organizations. Because CEPI is an NGO and is acting in a way a government organization would, it was accounted for under IAS 20. In addition, the valuation of the various components required Management’s judgement. ● Note 5.13: Lease term: When determining lease terms, the Group makes judgements whether it is reasonably certain to exercise renewal or early termination options . 5.3.2 The key assumptions concerning the future, and other key sources of estimation uncertainty in the reporting period that may have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year, are discussed below: ● Note 5.5: Revenue recognition of product sales: estimate of expected returns and replacements, and supply of products free of charge; ● Note 5.5: Other revenues: likelihoods for refund liabilities; for revenues recognition in accordance to the actual costs compared to the budget; ● Notes 5.8 and 5.31: ● Note 5.10: Recognition of deferred tax assets: availability of future taxable profit against which deductible temporary differences and tax losses carried forward can be utilized and whether sufficient evidence is provided for entities ● Note 5.12: Intangible assets: Amortization period of development expenditures and acquired technologies; The most significant criteria considered for the determination of the useful life include the patent life as well as the estimated period where Valneva can benefit from this intangible. These assumptions are considered to be a key source of estimation uncertainty as relatively small changes in the assumptions used may have a significant effect on the Group’s financial statements within the next year. ● Note 5.16 Impairment test of intangible, tangible assets, and investments in associates: key assumptions underlying recoverable amounts; Budgets comprise forecasts of revenue, staff costs and overheads based on current and anticipated market conditions that have been considered and approved by the Management board. The revenue projections are inherently uncertain due to the short-term nature of the business and unstable market conditions. If the Group does not successfully develop VLA2001 and receive regulatory approval, or if Valneva fails to successfully manufacture or commercialize VLA2001 if approved, an impairment may be required. For the main estimates and sensitivities related to the impairment test regarding the CGU refer to note 5.16. ● Note 5.18: Write down analysis for inventories: For the assessment of write-down of raw material the current production plans have been taken into account. Raw material which will not be used before expiry date was written down. For this assessment the status of the expiry dates as of the balance sheet date was taken. For the assessment of write-downs of work in progress, finished goods and purchased goods, the forecasted sales plans for 2022 and a minimum shelf life at the time of selling has been taken into account. In addition, those inventory have been assessed on the likelihood of the release of those products. ● Note 5.23: Share-based payments and related expected employer contribution costs: assumption for fair value determination as well as the determination of accelerated vesting in the event of a change of control (as considered remotely); ● Note 5.29: Refund liability related to the UK Supply agreement: As at December 31, 2021 the royalty obligation was assessed at the maximum amount (maximum royalty payment of €100 million), as all COVID sales are expected to occur outside the UK. As of December 31, 2020 the royalty obligation was assessed at a lower level, as the main production capacity was planned for sales within the UK. As at December 2021, a sensitive estimate were the revenue forecast and the timing of the expected cash payments. The major part of the royalty obligation is expected to be non-current, and therefore thoese amounts have been discounted. The related estimated cash-outs are expected to happen from 2022 to 2026. ● Notes 5.30 and 5.33: Recognition and measurement of provisions and contingencies: key assumptions about the likelihood and magnitude of an outflow of resources. In estimating the provision for onerous contracts, the management made assumption regarding the likelihood of termination costs for certain agreements. 5.3.3 A number of the Group’s accounting policies and disclosures require the measurement of fair values, for both financial and non-financial assets and liabilities. When measuring the fair value of an asset or a liability, the Group uses observable market data as far as possible. Fair values are categorized into different levels in a fair value hierarchy based on the inputs used in the valuation techniques as follows: ● Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities. ● Level 2: inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices). ● Level 3: inputs for the asset or liability that are not based on observable market data (unobservable inputs). 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 categorized 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 Group recognizes transfers between levels of the fair value hierarchy at the end of the reporting period during which the change has occurred. Further information about the assumptions made in measuring fair values is included in the following Notes: ● Note 5.16: financial instruments; and ● Note 5.23: share-based payment arrangements. |
Segment information
Segment information | 12 Months Ended |
Dec. 31, 2021 | |
Segment Information | |
Segment information | 5.4 Segment information The Company’s Management Board, as its chief operating decision maker, considers the operational business from a product rather than geographic perspective and has identified four reportable segments. Key performance indicators include revenue and operating profitability. As at January 1, 2021, the following changes were implemented into the Group’s segment reporting structure. - Given the materiality of the Group’s COVID-19 business, a separate segment was introduced covering all activities related to the development, manufacturing, and distribution of the SARS-CoV-2 vaccine candidate. The individual segments consist of the following: ● “Commercialized products” (marketed vaccines, currently the Group’s vaccines IXIARO and DUKORAL as well as third -party products ● “COVID” (development, manufacturing, and distribution related to Valneva’s SARS-CoV-2 vaccine candidate) ● “Vaccine candidates” (proprietary research and development programs aiming to generate new approvable products in order to generate future cash flows from product sales or from commercialization through partnering with pharmaceutical companies, excluding COVID-19 vaccine candidates, which is presented separately With the transfer of the license of Valneva’s VLA15 Lyme vaccine candidate to Pfizer in December 2020, all related revenues and costs were moved from the “Vaccine candidates” segment to the “Technologies and services” segment. ● “Technologies and services” (services and inventions at the commercialization stage, i.e. revenue generating through collaborations, service, and licensing agreements ). With the transfer of the license of Valneva’s VLA15 Lyme vaccine candidate to Pfizer in December 2020, all related revenues and costs were moved from the “Vaccine candidates” segment to the “Technologies and services” segment. As at January 1, 2021, the Group changed its internal reporting process and amended the following allocation rule: general and administrative (G&A) costs were allocated to the four operational segments based on three key criteria (each equally weighted): 1) Revenues, 2) R&D spend and 3) full-time equivalent personnel (FTEs). The allocation of local G&A spend is based on the above criteria measured on local level, whereas the allocation of global functional G&A spend is based on global key criteria. The Group also monitors G&A spend dedicated to corporate projects and any project which is 1) material in spend, 2) one-time in nature, and 3) supports the entire business remains reported under “Corporate Overhead”. In 2021 the major items included in “Corporate Overhead” were costs related to the placement of new shares on Nasdaq in May and November 2021. Segment reporting information for earlier periods has been restated to conform to these changes. 5.4.1 Income statement by segment for the year ended December 31, 2019 Schedule of income statement by segment € in thousand Commercialized products COVID Vaccine candidates Technologies and services Corporate Overhead Total Product sales 129,511 — — — — 129,511 Other Revenues 163 — (10,516 ) 7,038 — (3,315 ) Revenues 129,674 — (10,516 ) 7,038 — 126,196 Cost of goods and services (47,789 ) — (1 ) (4,991 ) — (52,781 ) Research and development expenses (3,928 ) — (32,864 ) (1,229 ) — (38,022 ) Marketing and distribution expenses (22,930 ) — (895 ) (261 ) — (24,145 ) General and administrative expenses (10,161 ) — (7,124 ) (795 ) (318 ) (18,398 ) Other income and expenses, net 7 — 7,709 484 (1,861 ) 6,338 Operating profit/(loss) 44,873 — (43,691 ) (245 ) (2,238 ) (811 ) Income statement by segment for the year ended December 31, 2020 € in thousand Commercialized products COVID Vaccine candidates Technologies and services Corporate Overhead Total Product sales 65,938 — — — — 65,938 Other Revenues 1 — 31,604 12,779 — 44,383 Revenues 65,939 — 31,604 12,779 — 110,321 Cost of goods and services (41,830 ) — (3,305 ) (9,167 ) — (54,302 ) Research and development expenses (2,711 ) (18,962 ) (62,140 ) (640 ) — (84,454 ) Marketing and distribution expenses (17,554 ) — (638 ) (72 ) — (18,264 ) General and administrative expenses (13,412 ) (2,374 ) (7,781 ) (2,274 ) (1,697 ) (27,539 ) Other income and expenses, net 1,101 1,578 14,073 117 2,248 19,117 Operating profit/(loss) (8,466 ) (19,759 ) (28,189 ) 743 551 (55,120 ) Income statement by segment for the year ended December 31, 2021 € in thousand Commercialized products COVID Vaccine candidates Technologies and services Corporate Overhead Total Product sales 62,984 — — — — 62,984 Other Revenues 18 253,314 3,257 28,512 — 285,101 Revenues 63,002 253,314 3,257 28,512 — 348,086 Cost of goods and services (40,017 ) (122,843 ) — (25,061 ) — (187,920 ) Research and development expenses (2,094 ) (113,907 ) (53,181 ) (4,101 ) — (173,283 ) Marketing and distribution expenses (18,455 ) (1,182 ) (3,811 ) (194 ) — (23,642 ) General and administrative expenses (6,102 ) (23,003 ) (8,323 ) (5,495 ) (4,684 ) (47,606 ) Other income and expenses, net 2,196 11,546 7,033 2,458 (257 ) 22,976 Operating profit/(loss) (1,469 ) 3,927 (55,025 ) (3,881 ) (4,941 ) (61,390 ) 5.4.2 In presenting information on the basis of geographical segments, segment revenue is based on the final location where Valneva’s distribution partner sells the product or where the customer/partner is located. Segment assets are based on the geographical location of the assets. Product sales per geographical segment € in thousand Year ended December 31, 2021 2020 2019 United States 40,339 36,414 63,700 Canada 4,226 8,965 24,396 Austria 9,341 3,333 2,668 United Kingdom 2,707 1,847 8,594 Nordics 2,436 2,866 11,027 Germany 726 7,060 10,345 Other Europe 3,075 2,068 4,961 Rest of World 134 3,384 3,819 Product sales 62,984 65,938 129,511 Non-current operating assets per geographical segment € in thousand As at December 31, 2021 2020 United States 66 93 Canada 239 98 Austria 61,237 58,896 Nordics 53,020 27,540 United Kingdom 87,387 21,977 Other Europe 4,582 4,958 Non-current assets 206,531 113,562 Non-current operating assets for this purpose consist of intangible assets, right of use assets and property, plant and equipment. The main non-current operating assets are allocated on sites where production and research and development activities are performed. Sales activities by distribution sites do not require major non-current operating assets. Revenues are structured where the final customer is. In some countries there are customers, but no assets. 5.4.3 Product sales to the largest customer amounted to € 41.8 million 33.8 million 46.7 million 253.3 million 31.6 million 7.5 million 4.1 million 0.8 million |
Revenues from contracts with cu
Revenues from contracts with customers | 12 Months Ended |
Dec. 31, 2021 | |
Revenues From Contracts With Customers | |
Revenues from contracts with customers | 5.5 Revenues from contracts with customers Within the Group the following revenue streams were identified: a. Product Sales b. Other revenues 5.5.1 The Group’s product sales contracts, normally concluded with retailers and, in the United States, with the DoD (“direct product sales”) as well as with distributors (“indirect sales – sales through distributors”), generally include one performance obligation. Revenue is recognized at the point in time when the identified performance obligation is transferred to the customer, so when the customer obtains control over the goods. Some of the Group’s product sales agreements include retrospective rebates, charge-back clauses, discounts and under certain conditions return rights which give rise to variable consideration under IFRS 15. The expected rebates, discounts and considerations for product returns are recognized on an accrual basis and reported as refund liabilities in the consolidated balance sheet. In most cases, Valneva sells the products through retailers. When more than one party is involved in providing/distributing goods or services, the standard requires an entity to determine whether itself and its retailers are principals or agents in these transactions by evaluating the nature of its promises to the customer. An entity is a principal if it controls a promised good or service before transferring that good or service to the customer. An entity is an agent if its role is to arrange for another entity to provide the goods or services. Indicators that control has been transferred are that a) the retailer is primarily responsible to fulfill the promise to its customers, b) the retailer has inventory risk and c) the retailer has discretion in establishing the price for the sale to its customers. One of Valneva’s retailers has extensive rights to return and consequently no inventory risk and does not have the power to establish the price for the sales to its customers. Therefore, this retailer acts as agent rather than as principal. All other of Valneva’s retailers act as principal. While revenues to principals are recognized when the control is transferred to the principals, revenue from product sales to agents are recognized when the control is transferred to the final customer, when the goods are delivered to the final customer. Payables to customers are deducted from revenue for principals, costs paid to agents are recognized as “ Marketing and distribution expenses” Valneva also sells products acquired from third parties. Valneva considers that it is acting as principal given that it controls products before transferring them to the final customer. More specifically, Valneva has an inventory risk before the goods have been transferred to customers and has discretion in establishing the prices. Revenue is recognized when the product is delivered to the customers. Products purchased from third parties are recognized as “inventory” in the balance sheets and when sold as “cost of goods” in the statements of income. 5.5.2 The Group generates other revenues for its product candidates and proprietary technologies. The contracts in place often include several different promised goods or services such as research licenses, commercial licenses and further R&D services. The Group’s license contracts in place provide distinct right to use licenses, therefore the revenue is recognized at the point in time at which the licensee is able to direct the use and benefit from the license. The consideration for licensing contracts may consist of fixed and variable parts. In case of right-to-use licenses, the fixed part of the consideration is recognized at the point in time when the licensee is able to direct the use and benefit from the license. For any variable consideration, revenue is recognized at the point in time when the variable constraint is removed. Revenue for research and development services within the Group’s contracts currently in place is recognized over time. For those contracts including constraints, once the constraint is removed the transaction price is updated and revenue is recognized in line with the revenue recognition of the corresponding performance obligation. The progress is measured on an input basis (costs incurred related to total costs expected). It is considered that this input method is an appropriate measure of the progress towards complete satisfaction of these performance obligations under IFRS 15. Variable considerations are included in revenues only to the extent that it is highly probable that a significant reversal in the amount of the cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is subsequently resolved. At the end of each reporting period, the Group updates the estimated transaction price and its assessment of whether an estimate of variable consideration is constrained. Amounts allocated to a satisfied performance obligation are recognized as revenue, or as a reduction of revenue, in the period in which the transaction price changes. Vaccine Supply Agreement with the UK Authority In September 2020, Valneva entered into a supply agreement, or the UK Supply Agreement, with the Secretary of State for Business, Energy and Industrial Strategy of the United Kingdom, or the UK Authority 359.2 million 408.3 million Under the UK Supply Agreement, Valneva was obligated to use commercially reasonable efforts to develop the vaccine candidate, to secure marketing authorization (and to proceed with the application for minimum viable marketing authorization) in the UK, to conduct assigned activities in accordance with the facility and manufacturing plans and to perform other activities, including working with third parties to maintain sufficient manufacturing capacity. Pursuant to the terms of the UK Supply Agreement, the UK Authority placed an initial order for 60 million 40 million 90 million 40 million non-UK customers of product manufactured using any facilities used under the UK Supply Agreement, Valneva is obligated to pay the UK Authority a low single-digit royalty on such net sales, subject to a maximum royalty payment. In September 2021, Valneva received notice of the UK Authority’s decision to terminate the UK Supply Agreement. Valneva had not received any indication from the UK Authority, prior to this time, of the UK Authority’s intention to serve the notice. In the termination notice, the UK Authority purported to terminate the contract on one of two different bases detailed thereafter, each with different potential or actual consequences. First, the UK Authority purported to terminate the UK Supply Agreement on the common law (non-contractual) ground that Valneva would allegedly, at some time in the future, breach its obligations regarding the delivery schedule under the UK Supply Agreement. Valneva strongly disputes the UK Authority’s purported termination based on an alleged anticipated breach of the UK Supply Agreement and did not consider such termination to be valid. However, if the UK Authority were to successfully bring proceedings for damages against Valneva in respect of the alleged anticipatory breach, it could be argued that the applicable contractual cap on the liability under the UK Supply Agreement could be as high as an amount equivalent to the sums paid by the UK Authority prior to termination. However, Management believed that it was very unlikely that any such claim by the UK Authority would be successful. In any event, the UK Authority did not notify Valneva of any specific claim for damages in connection with the purported termination for alleged anticipatory breach nor did it indicate the amount of any possible claim as of the date these financial statements are authorized for issue. Second, the UK Authority purported to terminate the UK Supply Agreement on 30 days’ notice based on its discretionary right under the UK Supply Agreement to terminate for convenience. Valneva acknowledged the UK Authority’s termination of the UK Supply Agreement on the basis of this discretionary right, and, as such, the termination became effective in October 2021. The UK Supply Agreement provided that, in the case of termination for convenience by the UK Authority, Valneva shall not be obliged to refund or repay any amount paid by the UK Authority. The above-mentioned royalty on sales and other certain obligations survived termination of the UK Supply Agreement.. The other obligations are related to investments in manufacturing, such as the Alemida manufacturing facility, which were acquired with funds advanced by the UK, Valneva may have certain obligation to the UK Authority, such as a partial return of funding received, in respect of those assets if they are sold, disposed or repurposed. The impact of the termination of the UK Supply Agreement was assessed. Payments received, where the likelihood of repayment is remote, totaled € 253.3 million 166.9 million Valneva will update this estimate of the refund liability in accordance with IFRS 15.55 in 2022 when these uncertainties are resolved and would recognize revenue in the future, to the extent that it becomes highly probable that no future significant reversal in the amount of cumulative revenue recognized will occur. Disaggregated revenue information Revenues as presented in the Consolidated Income Statement and in the Segment Reporting (see Note 5.4) include both revenues from contracts with customers and other revenues (mainly subleases), which are out of scope from IFRS 15: Schedule of disaggregated revenue information Year ended December 31, 2019 Commercialized products COVID Vaccine candidates Technologies and services Total Revenues from contracts with customers 129,674 — (10,516 ) 5,768 124,926 Other revenues — — — 1,270 1,270 Revenues 129,674 — (10,516 ) 7,038 126,196 Year ended December 31, 2020 Commercialized products COVID Vaccine candidates Technologies and services Total Revenues from contracts with customers 65,939 — 31,604 11,814 109,357 Other revenues — — — 965 965 Revenues 65,939 — 31,604 12,779 110,321 Year ended December 31, 2021 Commercialized products COVID Vaccine candidates Technologies and services Total Revenues from contracts with customers 63,002 253,314 3,257 27,613 347,186 Other revenues — — — 899 899 Revenues 63,002 253,314 3,257 28,512 348,086 Valneva’s total revenues for 2019 include a negative revenue of € 10.7 million Schedule of recognition of negative revenues € in thousand 2019 Settlement fee (fixed) (9,000 ) Settlement fee (variable; excluding financing component) (5,987 ) Release of SAA related contract liabilities 4,274 Net effect of SAA termination (10,714 ) The Group’s revenues from contracts with customers are disaggregated as follows: Type of goods or service Schedule of type of goods or service Year ended December 31, 2019 Commercialized products COVID Vaccine candidates Technologies and services Total IXIARO 94,307 — — — 94,307 DUKORAL 31,471 — — — 31,471 Third party products 3,896 — — — 3,896 Others — — (10,516 ) 5,768 (4,748 ) Revenues from contracts with customers 129,674 — (10,516 ) 5,768 124,926 Year ended December 31, 2020 Commercialized products COVID Vaccine candidates Technologies and services Total IXIARO 48,480 — — — 48,480 DUKORAL 13,300 — — — 13,300 Third party products 4,158 — — — 4,158 Lyme VLA15 — — 31,604 — 31,604 Services related to clinical trial material — — — 7,997 7,997 Others — — — 3,817 3,817 Revenues from contracts with customers 65,939 — 31,604 11,814 109,357 Year ended December 31, 2021 Commercialized products COVID Vaccine candidates Technologies and services Total IXIARO 45,118 — — — 45,118 DUKORAL 2,444 — — — 2,444 Third party products 15,440 — — — 15,440 COVID VLA2001 — 253,314 — — 253,314 Chikungunya VLA1553 — — 3,257 — 3,257 Lyme VLA15 — — — 14,265 14,265 Services related to clinical trial material — — — 10,001 10,001 Others — — — 3,346 3,346 Revenues from contracts with customers 63,002 253,314 3,257 27,613 347,186 In 2020, commercialized products revenues from DUKORAL and IXIARO were adversely impacted by the worldwide reduction in travel due to the COVID-19 pandemic: ● in 2020, IXIARO product sales were € 48.5 million 45.8 million 94.3 million ● in 2020, DUKORAL product sales were € 13.3 million 18.2 million 31.5 million ● In 2020 commercialized products revenues from third party products were € 4.2 million 0.3 million 3.9 million In 2021, commercialized products revenues from DUKORAL and IXIARO continued to be adversely impacted by the worldwide reduction in travel due to the COVID-19 pandemic: ● in 2021, IXIARO product sales were € 45.1 million 3.4 million 48.5 million ● in 2021, DUKORAL product sales were € 2.4 million 10.9 million 13.3 million ● in 2021 commercialized products revenues from third party products were € 15.4 million 11.3 million 4.2 million € 253.3 million The revenues within the vaccine candidates segment in 2020 related to the Lyme vaccine candidate and amounted to € 31.6 million 3.3 million In 2021 revenues from technologies and services amounted to € 27.6 million 11.8 million 5.8 million 14.3 million Geographical markets Schedule of geographical markets Year ended December 31, 2019 Commercialized products COVID Vaccine candidates Technologies and services Total United States 63,700 — 162 130 63,992 Canada 24,396 — — — 24,396 Austria 2,668 — — 4,136 6,803 United Kingdom 8,596 — — 15 8,610 Nordics 11,027 — — 5 11,032 Germany 10,345 — — 150 10,495 Other Europe 4,961 — (10,678 ) 440 (5,277 ) Other markets 3,980 — — 893 4,873 Revenues from contracts with customers 129,674 — (10,516 ) 5,768 124,926 Year ended December 31, 2020 Commercialized products COVID Vaccine candidates Technologies and services Total United States 36,414 — 31,604 341 68,359 Canada 8,965 — — — 8,965 Austria 3,333 — — 6,928 10,261 United Kingdom 1,848 — — 1,038 2,886 Nordics 2,866 — — 5 2,871 Germany 7,060 — — 200 7,260 Other Europe 2,068 — — 2,373 4,441 Other markets 3,384 — — 930 4,314 Revenues from contracts with customers 65,939 — 31,604 11,814 109,357 Year ended December 31, 2021 Commercialized products COVID Vaccine candidates Technologies and services Total United States 40,339 — — 14,452 54,791 Canada 4,226 — — — 4,226 Austria 9,341 — — 8,376 17,718 United Kingdom 2,721 253,314 — 40 256,075 Nordics 2,440 — — — 2,440 Germany 726 — — 240 966 Other Europe 3,075 — — 3,210 6,286 Other markets 134 — 3,257 1,294 4,684 Revenues from contracts with customers 63,002 253,314 3,257 27,613 347,186 Sales channels Commercialized products are sold via the following sales channels: Schedule of commercialized products Year ended December 31, € in thousand 2021 2020 2019 Direct product sales 60,325 54,160 110,386 Indirect product sales (Sales through distributors) 2,678 11,778 19,125 Total product sales 63,002 65,939 129,511 5.5.4 See Note 5.19 for details on trade receivables, Note 5.20 for details on costs to obtain a contract, Note 5.28 for details of contract liabilities and Note 5.29 for details of refund liabilities. |
Expenses by nature
Expenses by nature | 12 Months Ended |
Dec. 31, 2021 | |
Expenses By Nature | |
Expenses by nature | 5.6 Expenses by nature The consolidated income statement line items cost of goods and services, research and development expenses, marketing and distribution expenses and general and administrative expenses include the following items by nature of cost: Schedule of cost of goods and services, research and development expenses, marketing and distribution expenses and general and administrative expenses Year ended December 31, € in thousand Notes 2021 2020 2019 Consulting and other purchased services 169,158 65,212 29,840 Cost of services and change in inventory 105,648 10,778 5,320 Employee benefit expense other than share-based compensation 5.7 85,334 58,264 46,219 Share-based compensation expense 5.7 14,678 6,328 2,552 Raw materials and consumables used 14,676 12,434 9,844 Depreciation and amortization and impairment 5.12/5.13/ 5.14 14,281 9,939 8,607 Building and energy costs 10,960 8,140 6,995 Supply, office and IT costs 7,409 3,333 3,281 License fees and royalties 4,865 4,384 7,553 Advertising costs 2,176 2,496 6,801 Warehousing and distribution costs 1,419 1,898 3,013 Travel and transportation costs 538 529 1,921 Other expenses 1,309 822 1,399 Operating expenses 432,452 184,558 133,345 The increase in operating expenses of € 244.0 million Principal Accountant Fees and Services: € in thousand Year ended December 31, PricewaterhouseCoopers Deloitte & Associés 2021 % 2020 % 2021 % 2020 % Audit fees 1,122 91% 607 78% 1,114 93% 589 77% provided by the statutory auditor 937 — 517 — 939 — 492 — provided by the statutory auditor's network 185 — 90 — 174 — 97 — Audit-related Fees 90 7% 170 22% 85 7% 173 23% provided by the statutory auditor 85 — 145 — 85 — 155 — provided by the statutory auditor's network 5 — 25 — 0 — 18 — Tax Fees 25 2% 0 — 0 — 0 — provided by the statutory auditor's network 25 — 0 — 0 — 0 — All other Fees 0 — 0 — 0 — 0 — Total 1,238 100% 777 100% 1,199 100% 762 100% In 2021 audit-related fees comprised mainly the aggregate fees billed for assurance and related services that are reasonably related to the performance of the audit and are not reported under Audit Fees. |
Employee benefit expense
Employee benefit expense | 12 Months Ended |
Dec. 31, 2021 | |
Employee Benefit Expense | |
Employee benefit expense | 5.7 Employee benefit expense Employee benefit expenses include the following: € in thousand Year ended December 31, 2021 2020 2019 Salaries 47,717 38,515 34,128 Social security contributions 35,923 18,555 10,621 Share-based compensation expense 14,678 6,328 2,552 Training and education 603 351 672 Other employee benefits 1,091 842 798 Total Employee benefit expense 100,012 64,592 48,771 The social security contributions included a provision of € 26.5 million 7.4 million nil share-based payment programs which are due at exercise of the programs. During 2021, the Group had an average of 722 532 508 |
Other income _ (expenses), net
Other income / (expenses), net | 12 Months Ended |
Dec. 31, 2021 | |
Other Income Expenses Net | |
Other income / (expenses), net | 5.8 Other income / (expenses), net 5.8.1 Grants from governmental agencies and non-governmental organizations are recognized where there is reasonable assurance that the grant will be received, and the Group will comply with all conditions. Grant monies received as reimbursement of approved research and development expenses are recognized as other income when the respective expenses have been incurred and there is reasonable assurance that funds will be received. Advance payments received under such grants are deferred and recognized when these conditions have been met. Advanced payments received which need to be repaid are recognized as borrowings (see Note 5.24.1). Government grant monies received to support the purchase of property, plant and equipment are included in non-current liabilities as deferred government grants and are credited to the income statement on a straight-line basis over the expected lives of the related assets. In 2019 the Group signed a funding agreement with CEPI. Valneva will receive up to $ 23.4 million 0.9 million 5.8 million 5.8.2 Research and development tax credits granted by tax authorities are accounted for as grants under IAS 20. As a consequence, the portion of the research tax credit covering operating expenses is recognized in the income statement under “Grants” in “Other income and expenses, net” and the portion covering capitalized development expenditures under “Intangible assets” is recorded as deduction from the assets relating to fixed assets. Other income and expenses, net include the following : € in thousand Year ended December 31, 2021 2020 2019 Research and development tax credit 21,949 9,937 6,314 Grant income 1,684 7,680 1,886 Profit/(loss) on disposal of fixed assets and intangible assets, net (42 ) (10 ) (92 ) Profit/(loss) from revaluation of lease agreements — 1,584 — Taxes, duties, fees, charges, other than income tax (212 ) (168 ) (146 ) Miscellaneous income/(expenses), net (403 ) 95 (1,623 ) Other income and expenses, net 22,976 19,117 6,338 |
Finance income _ (expenses), ne
Finance income / (expenses), net | 12 Months Ended |
Dec. 31, 2021 | |
Finance Income Expenses Net | |
Finance income / (expenses), net | 5.9 Finance income / (expenses), net Interest income is recognized on a time-proportion basis using the effective interest method. € in thousand Year ended December 31, 2021 2020 2019 Finance income Interest income from other parties 249 119 199 Fair value gains on derivative financial instruments — 397 — Foreign exchange gains, net 8,130 173 1,250 Total finance income 8,379 689 1,449 Finance expenses Interest expense on loans (7,273 ) (6,162 ) (1,588 ) Interest expense on refund liabilities (8,478 ) (3,640 ) (89 ) Interest expenses on lease liabilities (903 ) (907 ) (926 ) Other interest expense (309 ) (30 ) (30 ) Fair value losses on derivative financial instruments — — (449 ) Total finance expenses (16,964 ) (10,738 ) (3,082 ) Finance income/(expenses), net (8,584 ) (10,049 ) (1,633 ) In 2021, the net finance result amounted to minus € 8.6 million compared to minus € 10.0 million in the year 2020 and compared to minus € 1.5 million he decrease in net finance expense was mainly due to positive net foreign exchange gains which were partially offset by increased interest expenses on non-current refund liabilities. In 2020 the increase in net finance expenses was mainly due to higher borrowings and the increase in non-current refund liabilities. |
Income tax income _ (expense)
Income tax income / (expense) | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Income | |
Income tax income / (expense) | 5.10 Income tax income / (expense) The tax expense for the period comprises current and deferred tax. Tax is recognized in the income statement, except to the extent that it relates to items recognized in other comprehensive income or directly in equity. In this case, the tax is also recognized in other comprehensive income or directly in equity, respectively. The current Income tax income/(expense) is calculated on the basis of the tax laws enacted or substantively enacted at the balance sheet date in the countries where the Group’s subsidiaries operate and generate taxable income. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation. It establishes provisions, where appropriate, based on amounts expected to be paid to the tax authorities. Deferred income tax is provided in full, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. Deferred income tax is determined using tax rates (and laws) that have been enacted or substantially enacted by the balance sheet date and are expected to apply when the related deferred income tax asset is realized, or the deferred income tax liability is settled. Deferred income tax assets are recognized to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilized. Deferred income tax is provided on temporary differences arising on investments in subsidiaries and associates, except where the timing of the reversal of the temporary difference is controlled by the Group and it is probable that the temporary difference will not be reversed within the foreseeable future. 5.10.1 Income tax income/(expense) is comprised of current and deferred tax. € in thousand Year ended December 31, 2021 2020 2019 Current tax Current income tax charge (32 ) (69 ) (2,849 ) Adjustments in respect of current income tax of previous year (19 ) 109 (258 ) Deferred tax Relating to origination and reversal of temporary differences (3,395 ) 869 2,233 Income tax income/(expense) (3,446 ) 909 (874 ) The individual entities’ reconciliations – prepared on the basis of the tax rates applicable in each country while taking consolidation procedures into account have been summarized in the reconciliation below. The estimated tax charge is reconciled to the effective tax charge disclosed. The tax on the Group’s loss before tax differs from the theoretical amount that would arise using the weighted average tax rate applicable to profits of the consolidated companies as follows: € in thousand Year ended December 31, 2021 2020 2019 Loss before tax (69,979 ) (65,302 ) (870 ) Tax calculated at domestic tax rates applicable to profits in the respective countries 18,824 16,675 1,431 Income not subject to tax (mainly R&D tax credit) 10,739 2,612 1,727 Expenses not deductible for tax purposes (2,509 ) (1,789 ) (169 ) Deferred tax asset not recognized (26,902 ) (15,852 ) (7,405 ) Utilization of previously unrecognized tax losses — — 5,480 Income tax credit (459 ) 109 105 Effect of change in applicable tax rate (3,291 ) (771 ) (1,708 ) Exchange differences 296 (105 ) 62 Income tax of prior years (64 ) 170 (256 ) Minimum income tax (80 ) (141 ) (142 ) Income tax income/(expense) (3,446 ) 909 (874 ) Effective income tax rate — — — Although the Group operates at a loss overall, there are profitable jurisdictions. 5.10.2 As at December 31, 2021, the deferred tax assets of € 153.8 million 126.3 million As at December 31, 2021, the Group had tax losses carried forward of € 628.3 million (December 31, 2020: € 529.5 million , of which € 234.9 million were related to Valneva (December 31, 2020: € 192.0 million ), € 380.0 million were related to Valneva Austria GmbH (December 31, 2020: € 321.1 million ), € 0 million were related to Valneva USA, (December 31, 2020: € 0.4 million ), € 0.8 million 3.1 million 12.6 million 12.9 million Tax losses carried forward in France, Austria, United Kingdom and Sweden have no expiry date, whereas the tax loss from US entities will begin to expire in the year 2033 if unused. The gross movement on the deferred income tax account was as follows: € in thousand 2021 2020 2019 Beginning of year 5,158 4,988 2,689 Exchange differences (529 ) (699 ) 66 Income statement charge / (credit) (3,395 ) 869 2,233 End of year 2,292 5,158 4,988 The deferred tax assets and liabilities are allocable to the various balance sheet items as follows: € in thousand As at December 31, 2021 2020 Deferred tax asset from Tax losses carried forward 156,470 131,633 Fixed assets 2,007 2,033 Inventory 1,837 4,108 Borrowings and accrued interest 1,284 1,161 Provision 1,611 1,564 Other items 2,891 2,019 Non-recognition of deferred tax assets (153,836 ) (126,283 ) Total deferred tax assets 12,264 16,235 Deferred tax liability from Fixed assets (2,359 ) (1,187 ) Intangible assets (6,855 ) (7,480 ) Other items (758 ) (2,410 ) Total deferred tax liability (9,972 ) (11,077 ) Deferred tax, net 2,292 5,158 The corporate income tax rate in the United Kingdom was 19% 25% The corporate income tax rate in France will be gradually reduced over the next years to 25% 26.5% 25% The deferred tax assets and liabilities presented above as at December 31, 2021 and December 31, 2020 have been adjusted for these changes in tax rates. |
Earnings (Losses) per share
Earnings (Losses) per share | 12 Months Ended |
Dec. 31, 2021 | |
Earnings Losses Per Share | |
Earnings (Losses) per share | 5.11 Earnings (Losses) per share (a) Basic Basic earnings (losses) per share are calculated by dividing the profit attributable to equity holders of the Company by the weighted average number of outstanding shares during the year, excluding shares purchased by the Company and held as treasury shares (see Notes 5.22 and 5.23 ). Schedule of earning per share Basic Year ended December 31, 2021 2020 2019 Net profit (loss) from continuing operations attributable to equity holders of the Company (€ in thousand) (73,425 ) (64,393 ) (1,744 ) Weighted average number of outstanding shares 97,619,320 90,757,173 91,744,268 Basic earnings (losses) from continuing operations per share (€ per share) (0.75 ) (0.71 ) (0.02 ) (b) Diluted Diluted earnings per share are calculated by adjusting the weighted average number of ordinary outstanding shares to assume conversion of all dilutive potential ordinary shares. The Company has share options as dilutive potential ordinary shares. For the share options, a calculation is done to determine the number of shares that could have been acquired at fair value (determined as the average annual market share price of the Company’s shares) based on the monetary value of the subscription rights attached to outstanding share options. The number of shares calculated as above is compared with the number of shares that would have been issued assuming the exercise of the share options. Schedule of earning per share Diluted Year ended December 31, 2021 2020 2019 Profit used to determine diluted earnings per share (€ in thousand) (73,425 ) (64,393 ) (1,744 ) Weighted average number of outstanding shares for diluted earnings (losses) per share 3 97,619,320 90,757,173 91,744,268 Diluted earnings/(losses) from continuing operations per share (€ per share) (0.75) (0.71) (0.02) |
Intangible assets
Intangible assets | 12 Months Ended |
Dec. 31, 2021 | |
Intangible Assets | |
Intangible assets | 5.12 Intangible assets Computer software Acquired computer software licenses are capitalized on the basis of the costs incurred to acquire and implement the specific software. These costs are amortized on a straight-line basis over their estimated useful lives, generally three to six years. Costs associated with developing or maintaining computer software programs are recognized as expenses when they were incurred. The costs of computer software subject to a software as a service agreement (SaaS) are recognized as expenses when they are incurred. Acquired research and development technology and projects Acquired research and development technology projects are capitalized. Amortization of the intangible asset over its useful life starts when the product has been fully developed and is ready for use. These costs are amortized on a straight-line basis over their useful lives. This useful life is determined on a case-by-case basis according to the nature and characteristics of the items included under this heading. The main current acquired research and development technology project is amortized over periods of 24 years, which is based on the patent life and technological replacement of a newer vaccine generation. Development costs Research expenses are recognized as ● it is technically feasible to complete the intangible asset so that it will be available for use or sale; ● management intends to complete the intangible asset and to utilize or sell it; ● there is an ability to utilize or sell the intangible asset; ● it can be demonstrated how the intangible asset will generate probable future economic benefits; 3 Potentially dilutive securities (2021: 5,846,267 share options; 2020: 5,481,763 share options) have been excluded from the computation of diluted weighted-average shares outstanding, because such securities had an antidilutive impact due to the losses reported. ● adequate technical, financial, and/or other resources to complete the development and to utilize or sell the intangible asset are available; and ● the expenditure attributable to the intangible asset during its development can be reliably measured. Other development expenditures that do not meet these criteria are recognized as expenses when they are incurred. Development costs previously recognized as an expense are not recognized as an asset in a subsequent period. Capitalized development costs are recorded as intangible assets and amortized from the point at which the asset is ready for use on a straight-line basis over its useful life, generally 10 15 Amortization Amortization of intangible assets is calculated using the straight-line method to allocate their cost amounts to their residual values over their estimated useful lives, as follows: ● Software 3 6 ● Acquired R&D technology and projects 1 15 ● Development costs 1 15 The useful life is determined on a case-by-case basis according to the nature and characteristics of the items included under this heading. The main current acquired research and development technology project is amortized over periods of 24 years, which is based on estimated period where Valneva benefits from the patent. Schedule of intangible assets € in thousand Software Acquired R&D technology and projects Development costs Intangible assets in the course Total Year ended December 31, 2020 Opening net book value 1,629 38,183 1,953 48 41,813 Additions 48 401 — 86 535 Amortization charge (569) (2,723) (194) — (3,486) Disposals — (3,329) (5) — (3,333) Exchange rate differences 3 (108) (16) 3 (119) Closing net book value 1,112 32,423 1,737 137 35,409 As at December 31, 2020 Cost 5,589 80,183 9,851 137 95,759 Accumulated amortization and impairment (4,477) (47,759) (8,113) — (60,350) Closing net book value 1,112 32,423 1,737 137 35,409 € in thousand Software Acquired R&D technology Development costs Intangible assets in the course Total Year ended December 31, 2021 Opening net book value 1,112 32,423 1,737 137 35,409 Additions 802 140 — — 942 Amortization charge (719 ) (2,919 ) (178 ) — (3,816 ) Disposals — — — — — Exchange rate differences 22 123 21 (2 ) 165 Closing net book value 1,217 29,768 1,581 134 32,700 As at December 31, 2021 Cost 6,254 80,724 9,895 134 97,007 Accumulated amortization and impairment (5,037 ) (50,956 ) (8,314 ) — (64,307 ) Closing net book value 1,217 29,768 1,581 134 32,700 The disposal of acquired R&D technology and projects in 2020 included € 3.3 million 3.3 million As at December 31, 2021 and December 31, 2020, there were no acquired research and development technology projects assets with a definite useful life which are not yet amortized. Significant intangible assets (included in acquired R&D technology and projects as well as in the development costs) with definite useful life are comprised primarily of the already commercialized vaccine against Japanese encephalitis (IXIARO) with acquisition costs amounting to € 79.0 million 30.6 million 33.2 million For impairment test refer to Note 5.16. |
Leases (right of use assets and
Leases (right of use assets and lease liabilities) | 12 Months Ended |
Dec. 31, 2021 | |
Leases | |
Leases (right of use assets and lease liabilities) | 5.13 Leases (right of use assets and lease liabilities) The Group leases various premises, equipment, and vehicles. Rental contracts are typically made for fixed periods ranging from a few months to five years. The rental contracts for the premises in Sweden (10 and 20 years) and Austria (15 years) include a significantly longer fixed period. Generally, the rental contracts do not include an option for early termination or prolongation of the rental period. The rental contracts for the premises in Solna, Sweden include options to terminate the agreements earlier. The notice period is between one and six years. At the commencement date, it was not reasonably certain that these early termination options were to be exercised, so they were not included in the valuation of the lease liabilities and right of use assets. The Group changed the manner in which it accounts for leases effective January 1, 2019 due to the adoption of IFRS 16 – Leases. Contracts may contain both lease and non-lease components. The Group allocates the consideration in the contract to the lease and non-lease components based on their relative stand-alone prices. Lease terms are negotiated on an individual basis and contain a wide range of different terms and conditions. The lease agreements do not impose any covenants other than the security interests in the leased assets that are held by the lessor. Leased assets may not be used as security for borrowing purposes. The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted by using the rate implicit in the lease. If this rate cannot be readily determined, which is generally the case for leases in the Group, the Group uses its incremental borrowing rate. The incremental borrowing rate depends on the term, currency and start date of the lease and is determined based on a series of inputs including: the risk-free rate based on government bond rates; a country-specific risk adjustment; a credit risk adjustment based on bond yields; and an entity-specific adjustment when the risk profile of the entity that enters into the lease is different than that of the Group and the lease does not benefit from a guarantee from the Group. Valneva uses incremental borrowing rates between 0.013 % and 3.186 %, depending on the currency and the remaining term until maturity. For the rental contracts for the premises in Sweden interest rates of 2.493 % and 3.401 % were determined. The Group is exposed to potential future increases in variable lease payments based on an index or rate, which are not included in the lease liability until they take effect. When adjustments to lease payments based on an index or rate take effect, the lease liability is reassessed and adjusted against the right-of-use asset. This includes also the major contracts for the premises in Austria and Sweden, contain variable payments based on inflation rates or on published interest rates. Lease payments are allocated between principal and finance cost. The finance cost is charged to profit or loss over the lease period so as to produce a constant periodic rate of interest on the remaining balance of the liability for each period. RoU assets are generally depreciated over the shorter of the asset’s useful life and the lease term on a straight-line basis. If the Group is reasonably certain to exercise a purchase option, the right-of-use asset is depreciated over the underlying asset’s useful life. Payments associated with short-term leases of equipment and vehicles and all leases of low-value assets (below €5,000) are recognized on a straight-line basis as an expense in profit or loss. Short-term leases are leases with a lease term of 12 months or less and without an option for the lessee to prolong the contract to more than 12 months or it is not reasonably certain to exercise such an option. Low-value assets comprise mainly IT equipment and small items of office furniture. The Group does not have residual value guarantees in the rental contracts. 5.13.1 Schedule of right of use assets and lease liabilities Right-of-use assets Lease liabilities € in thousand Land, buildings and leasehold improvements Manufacturing and laboratory equipment Furniture, fittings and other Total assets Total Lease liabilities Year ended December 31, 2020 Opening net book value 49,039 58 236 49,334 58,901 Additions 117 — 151 267 267 Amortization (2,309 ) (22 ) (141 ) (2,471 ) — Revaluation due to variable payments (4,507 ) — 2 (4,505 ) (6,096 ) Termination of contracts — — (33 ) (33 ) (26 ) Lease payments — — — — (2,910 ) Interest expenses — — — — 800 Exchange rate differences 782 — 1 782 1,152 Closing net book value 43,121 37 216 43,374 52,088 Right-of-use assets Lease liabilities € in thousand Land, buildings and leasehold improvements Manufacturing and laboratory equipment Furniture, fittings and other Total assets Total Lease liabilities Year ended December 31, 2021 Opening net book value 43,121 37 216 43,374 52,088 Additions 7,642 — 231 7,874 7,873 Amortization (2,628 ) (22 ) (135 ) (2,784 ) — Revaluation 199 — 3 202 202 Termination of contracts — — (41 ) (41 ) (44 ) Lease payments — — — — (3,601 ) Interest expenses — — — — 802 Exchange rate differences (341 ) — 3 (339 ) (496 ) Closing net book value 47,993 15 278 48,285 56,822 Revaluation of right of use (RoU) assets for land, buildings and leasehold improvements and lease liabilities in 2020 mainly refers to the partial early termination of the rental contract in Sweden. For impairment test refer to Note 5.16. As at December 31, 2021, RoU assets increased to € 48.3 million 43.4 million 6.4 million 0.5 million 1.2 million 24.0 million 24.8 million 22.1 million 17.6 million For more details on lease liabilities see Note 5.27. 5.13.2 Schedule of other amounts recognized in the consolidated income statements € in thousand Year ended December 31, 2021 2020 2019 Expense relating to short-term leases (included in other income and expenses) 340 96 146 Expense relating to leases of low-value assets that are not shown above as short-term leases (included in other income and expenses) 21 — 3 Income relating to revaluation of lease liabilities (included in other income and expenses) 42 1,591 — Expenses relating to termination of lease contracts (included in other income and expenses) (38 ) (7 ) — Income relating to revaluation of lease liabilities in 2020 referred to the partial early termination of the rental contract in Sweden. |
Property, plant and equipment
Property, plant and equipment | 12 Months Ended |
Dec. 31, 2021 | |
Property, plant and equipment [abstract] | |
Property, plant and equipment | 5.14 Property, plant and equipment Property, plant and equipment mainly comprise a manufacturing facility and leasehold improvements in rented office and laboratory space. All Property, plant and equipment are stated at historical cost less depreciation and less impairment losses when necessary. Historical cost includes expenditure that is directly attributable to the acquisition of the items. Subsequent costs are included in the asset’s carrying amount or are recognized as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Group and that the cost of the item can be measured reliably. All other repairs and maintenance are charged to the income statement during the financial period in which they incur. Property, plant and equipment include machinery, for which validation is required to bring the asset to its working condition. The costs of such validation activities are capitalized together with the cost of the asset. Validation costs beyond the normal validation costs, which are usually required to bring an asset to its working condition, are expensed immediately. The usual validation costs are capitalized on the asset and depreciated over the remaining life of the asset or the shorter period until the next validation is usually required. Depreciation of assets is calculated using the straight-line method to allocate their cost amounts to their residual values over their estimated useful lives, as follows: ● Buildings, leasehold improvements 5 40 ● Machinery, laboratory equipment 1 15 ● Furniture, fittings and office equipment 4 10 ● Hardware 3 5 Leasehold improvements are depreciated over the shorter of their useful life or the lease term, unless the entity expects to use the assets beyond the lease term. The assets’ residual values and useful lives are reviewed , and adjusted if appropriate, at each balance sheet date. An asset’s carrying amount is immediately written-down to its recoverable amount if the asset’s carrying amount is greater than its estimated recoverable amount. Gains and losses on disposals are determined by comparing proceeds with the carrying amount. These gains and losses are included in the income statement “other income and expenses, net” (see Note 5.8). Schedule of property, plant and equipment € in thousand Land, buildings and leasehold improvements Manufacturing and laboratory equipment Computer hardware Furniture, fittings and other Assets in the course Total Year ended December 31, 2020 Opening net book value 9,248 5,944 707 313 3,791 20,003 Additions 2,578 8,553 241 30 7,535 18,936 Depreciation charge (1,087 ) (2,471 ) (211 ) (73 ) — (3,842 ) Impairment charge — — — — (140 ) (140 ) Disposals — (2 ) (1 ) (3 ) — (6 ) Exchange rate differences (87 ) 16 (10 ) (9 ) (82 ) (172 ) Closing net book value 10,651 12,041 726 257 11,105 34,779 December 31, 2020 Cost 24,062 28,743 2,573 1,453 11,105 67,935 Accumulated depreciation and impairment (13,411 ) (16,702 ) (1,847 ) (1,196 ) — (33,156 ) Closing net book value 10,651 12,041 726 257 11,105 34,779 € in thousand Land, buildings and leasehold improvements Manufacturing and laboratory equipment Computer hardware Furniture, fittings and other Assets in the course Total Year ended December 31, 2021 Opening net book value 10,651 12,041 726 257 11,105 34,779 Additions 664 14,360 912 16 79,897 95,848 Depreciation charge (1,160 ) (6,129 ) (333 ) (59 ) — (7,681 ) Impairment charge — — — — — — Disposals — (19 ) (2 ) (21 ) (4 ) (46 ) Exchange rate differences 129 813 32 9 1,662 2,645 Closing net book value 10,284 21,066 1,335 202 92,659 125,545 December 31, 2021 Cost 25,554 44,127 3,204 1,454 92,659 166,999 Accumulated depreciation and impairment (15,269 ) (23,062 ) (1,870 ) (1,252 ) — (41,453 ) Closing net book value 10,284 21,066 1,335 202 92,659 125,545 Additions in 2020 and 2021 mainly referred to investments in Scotland and Sweden and related to the production of the COVID-19 vaccine VLA2001. From the total of € 14.3 million 9.9 million 8.9 million 5.0 million 4.7 million 4.1 million 0.4 million 0.5 million 0.3 million 0.3 million |
Investments in associates
Investments in associates | 12 Months Ended |
Dec. 31, 2021 | |
Investments In Associates | |
Investments in associates | 5.15 Investments in associates An associate is an entity over which the Company has significant influence. Significant influence is the power to participate in the financial and operating policy decisions of the investee but is not control or joint control over those policies. The results and assets and liabilities of associates are incorporated in these consolidated financial statements using the equity method of accounting, except when the investment, or a portion thereof, is classified as held for sale, in which case it is accounted for in accordance with IFRS 5. Under the equity method, an investment in an associate is initially recognized in the consolidated statement of financial position at cost and adjusted thereafter to recognize the Company’s share of the profit or loss and other comprehensive income of the associate. When the Company’s share of losses of an associate exceeds the Company’s interest in that associate (which includes any long-term interests that, in substance, form part of the Company’s net investment in the associate), the Company discontinues recognizing its share of further losses. Additional losses are recognized only to the extent that the Company has incurred legal or constructive obligations or made payments on behalf of the associate. The requirements of IAS 28 are applied to determine whether there is any objective evidence that its net investment in the associate is impaired after the initial recognition of the net investment (a ‘loss event’). When and only when, there is a loss event existing and the impact on the estimated future cash flows from the net investment can be reliably estimated, the entire carrying amount of the investment is tested for impairment in accordance with IAS 36 as a single asset by comparing its recoverable amount (higher of value in use and fair value less costs of disposal) with its carrying amount. Any impairment loss recognized forms part of the carrying amount of the investment. Any reversal of that impairment loss is recognized in accordance with IAS 36 to the extent that the recoverable amount of the investment subsequently increases. Details of the Group’s material associate are as follows: Name of associate Place of business Measurement method % of ownership interest 2021 2020 BliNK Biomedical SAS FR Equity method 48.9 % 48.9 % In January 2015, the Company and the UK Company BliNK Therapeutics Ltd founded BliNK Biomedical SAS (“BliNK”), a private company specialized in the discovery of innovative monoclonal antibodies . The Company contributed assets and liabilities in conjunction with the VIVA│Screen ® BliNK is a private company and its shares are not listed on a stock exchange . While the Company retains a substantial ownership interest in the entity, BliNK is run as an independent business by its own management team. The Company does not have control over BliNK in the regards of IFRS 10, but rather holds a significant influence in BliNK in accordance with IAS 28.3, and therefore the investment in associates is accounted for by using the equity method in accordance with IAS 28. In 2021, the Company recorded a loss of € 0.0 million 0.3 million 4.3 million 4.4 million 5.15.1 The summarized financial information below represents amounts shown in the associate’s financial statements prepared in accordance with IFRS (adjusted by the Group for equity accounting purposes). Schedule of summarized financial information € in thousand As at December 31, 2021 2020 BliNK Biomedical SAS Non-current assets 2 3 Current assets 4,782 4,759 Non-current liabilities 209 209 Current liabilities 93 38 Revenue 810 836 Loss from continuing operations (16 ) (272 ) Total comprehensive income (16 ) (272 ) 5.15.2 Reconciliation to the carrying amount Schedule of reconciliation the carrying amount € in thousand As at December 31, 2021 2020 Net assets of associate 4,344 4,355 Proportion of the Company’s ownership interest in BliNK Biomedical SAS 48.9 % 48.9 % Balance 2,121 2,130 |
Impairment testing
Impairment testing | 12 Months Ended |
Dec. 31, 2021 | |
Impairment Testing | |
Impairment testing | 5.16 Impairment testing At the end of each reporting period Valneva assesses whether there is any indication that an asset may be impaired. Indicators for the necessity of an impairment test are, among others, actual or expected declines in sales or margins and significant changes in the economic environment with an adverse effect on Valneva’s business. An impairment loss is recognized for the amount by which the asset’s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset’s fair value less selling costs and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (cash-generating units). The cash-generating units correspond with the specific vaccine products and vaccine candidates. Non-financial assets, other than goodwill, that suffered impairment are reviewed for possible reversal of the impairment at each reporting date. As at December 31, 2021, impairment tests were performed on the IXIARO, the DUKORAL and the COVID cash-generating units (CGUs). IXIARO annual product sales in 2021 declined moderately due to the COVID-19 crisis and travel restrictions. No triggering event was identified in 2021. However, an impairment test has been performed for the IXIARO CGU as at December 31, 2021 on a voluntary basis. For the DUKORAL CGU a more significant year-over-year reduction in product sales was experienced and a triggering event was identified during H1 2021. In addition to the impairment test performed in June 2021 another voluntary impairment test was performed in December 2021. Schedule of impairment test Year ended December 31, € in thousand 2021 2020 % 2021 vs 2020 Product Sales IXIARO 45,118 48,480 (6.9 %) DUKORAL 2,440 13,300 (81.7 %) For the first time an impairment test has been performed for the COVID CGU, where the termination of the UK Supply Agreement represented a triggering event (‘loss of a major customer’). As a basis, the long-range business model including product specific financial plans covering a period of five years was used consistently across all CGUs tested. The Group’s long range business model includes assumptions on market size / market share, product sales and resulting profitability. The value in use calculations are based on the plans for the next five years and a terminal value applied for the periods beyond 2026. A terminal value has been applied on the IXIARO and DUKORAL CGUs while no terminal value has been applied on the COVID CGU. Business plan assumptions have been revised to reflect reductions in expected sales and assuming a recovery of IXIARO sales to pre-COVID levels by 2025 to 2026. The calculation used post tax risk-adjusted cash flow projections and a discount rate of 7.49% 7.49% 0.20% 6.68% 0.37% 1.03% 1.12 48.2 million 46.7 million During 2021, due to the impact of the COVID-19 pandemic situation affecting future profitability and cash generation of the DUKORAL CGU, the Group tested the related product line for impairment. While there were no material intangible assets held for DUKORAL the carrying amount of property, plant and equipment and RoU assets as well as working capital were tested. For DUKORAL sales recovery to pre-COVID levels is not expected, driven by the expected entry of a competing product in some European markets within the coming years. The calculations used post tax risk-adjusted cash flow projections based on the Group’s long-range business plan and a discount rate of 7.23% 7.23% 0.20% 6.68% 0.36% 0.74% 1.13 13.7 million 15.1 million During 2021, the Group invested significant funds into building up COVID manufacturing capacities across both the Livingston and Solna production sites. In addition to property, plant and equipment, RoU assets as well as intangible assets the Group holds significant working capital (mainly inventories) related to the COVID CGU. Business plan assumptions have been revised after termination of the UK Supply Agreement and after signing of supply agreements with the European Commission and Bahrain and foresee a continuation of COVID-19 vaccine sales during the planning horizon of 5 years. The calculations used post tax risk-adjusted cash flow projections based on the Group’s long-range business plan and a discount rate of 7.77% 7.77% 0.20% 6.68% 0.49% 0.46% 1.12 214.5 million The impairment tests resulted in no impairment charges. No triggering event was identified for the CGUs. Sensitivity to changes in assumptions The net present value calculations are most sensitive to the following assumptions: + discount rate + reduction of expected revenues The net present value calculation uses a discount rate of 7.23 7.49 7.30 7.55 7.77 7.49 53.11 4,689 7.55 54.44 7.23 13.10 328 7.30 10.58 7.77 75.34 Schedule of sensitivity analysis Sensitivity analysis 2021 2020 IXIARO DUKORAL COVID IXARO DUKORAL WACC 7.49 % 7.23 % 7.77 % 7.55 % 7.30 % Break-even WACC 53.11 % 13.10 % 75.34 % 54.44 % 10.58 % Impairment if WACC increases by 1% NO NO NO NO NO Impairment if sales reduce by 10% NO NO NO NO NO The net present value calculations are based upon assumptions regarding market size, expected sales volumes resulting in sales value expectations, expected royalty income or expected milestone payments. A reduction in IXIARO and DUKORAL revenues of 10% 10% As at December 31, 2021 an impairment test was performed on the investment held in BliNK Biomedical SAS. A triggering event was identified given the net income of BliNK showed a loss giving situation for the year ended December 31, 2021. As a basis the BliNK business plan for the next 5 years has been used. No terminal value has been applied for the period beyond the planning horizon of 5 years. The calculation used post tax risk-adjusted cash flow projections and a discount rate of 6.84% 6.84% 0.20% 6.49% 1.12 As at December 31, 2020 impairment charges amounted to € 0.1 million As at December 31, 2019, impairment charges amounting to € 0.1 million 0.1 million |
Financial instruments
Financial instruments | 12 Months Ended |
Dec. 31, 2021 | |
Financial Instruments | |
Financial instruments | 5.17 Financial instruments Derivatives are initially recognized at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value at each balance sheet date. The valuation techniques utilized for measuring the fair values of assets and liabilities are based on observable and unobservable inputs. Observable inputs reflect readily obtainable data from independent sources, while unobservable inputs reflect management’s market assumptions. The fair value of instruments that are quoted in active markets are determined using the quoted prices where they represent those at which regularly and recently occurring transactions take place. Furthermore, the Group uses valuation techniques to establish the fair value of instruments where prices, quoted in active markets, are not available. 5.17.1 Financial instruments by category As at December 31, 2020 Assets at fair value through profit and loss Assets at amortized cost Total Assets as per balance sheet Trade receivables — 19,232 19,232 Other assets 4 — 11,918 11,918 Cash and cash equivalents — 204,435 204,435 Assets — 235,584 235,584 Liabilities at fair value through profit and loss Liabilities at amortized cost Total Liabilities as per balance sheet Borrowings — 53,363 53,363 Trade payables and accruals — 36,212 36,212 Tax and employee-related liabilities 5 — 8,300 8,300 Lease liabilities — 52,088 52,088 Refund liabilities — 111,426 111,426 Other liabilities 6 — 51 51 Liabilities — 261,439 261,439 As at December 31, 2021 Assets at fair value through profit and loss Assets at amortized cost Total Assets as per balance sheet Trade receivables — 44,013 44,013 Other assets 4 — 11,522 11,522 Cash and cash equivalents — 346,686 346,686 Assets — 402,221 402,221 Liabilities at fair value through profit and loss Liabilities at amortized cost Total Liabilities as per balance sheet Borrowings — 57,834 57,834 Trade payables and accruals — 68,119 68,119 Tax and employee-related liabilities 5 — 10,101 10,101 Lease liabilities — 56,822 56,822 Refund liabilities — 254,582 254,582 Other liabilities 6 — 44 44 Liabilities — 447,502 447,502 4 Prepayments and tax receivables and other non-financial assets are excluded from the other assets balance, as this analysis is required only for financial instruments. 5 Social security and other tax payables are excluded from the tax and employee-related liabilities balance, as this analysis is required only for financial instruments. 6 Deferred income is excluded from the other liabilities balance, as this analysis is required only for financial instruments. 5.17.2 As at December 31, 2021 and December 31, In 2020, the Group entered into various foreign currency option and forward contracts to limit the risk of foreign currency losses on expected future cash flows. The underlying currency amount and the duration of the options depend on the amount and timing of the expected future cash flows. As at December 31, 2021 and December 31, 2020, the Company did not have open foreign currency options nor foreign currency forwards. 5.17.3 Credit quality of financial assets The credit quality of financial assets that are not impaired can be assessed by reference to external credit ratings (if available) or to historical information about counterparty default rates as follows: € in thousand As at December 31, 2021 2020 Trade receivables Receivables from governmental institutions (AAA-country) 289 36 Receivables from governmental institutions (AA-country) 23,086 15,595 Receivables from governmental institutions (A-country) 606 — AA 2 188 A 3,442 787 Counterparties without external credit rating or rating below A 16,589 2,631 Trade receivables 44,013 19,237 Other assets A 11,296 11,644 Assets from governmental institutions (AA-country) 199 — Counterparties without external credit rating or rating below A 27 336 Other assets 11,522 11,979 Cash and cash equivalents AA 3,457 3,984 A 332,361 149,477 Counterparties without external credit rating or rating below A 10,868 50,973 Cash and cash equivalents 346,686 204,435 The rating information refers to long-term credit ratings as published by Standard & Poor’s or another rating organization (equivalent to the Standard & Poor’s rating). The maximum exposure to credit risk at the reporting date is the fair value of the financial assets. 5.17.4 Trade receivables According to IFRS 9.5.5.15, the simplified approach (measure the loss allowance at an amount equal to lifetime expected credit losses) has to be used for trade receivables, which do not contain a significant financing component. This is the case for the Group, as all trade receivables are short term with a maturity lasting less than 12 months. Loss allowances have to be established for each trade receivable based on the expected credit losses. Accordingly, at the end of each reporting period, trade receivables were adjusted through a loss allowance in accordance with the revised expected outcome. According to IFRS 9.5.5.17 default probabilities are to be determined on the basis of historical data, but must be adjusted on the balance sheet date on the basis of up-to-date information and forward looking information. The analysis of the historical data showed as at December 31, 2021 and December 31, 2020 that losses incurred were immaterial, taking further into account the limited number of customers as well as credit checks mentioned in Note 5.2.5. Therefore, loss allowance was considered immaterial as at December 31, 2021 and December 31, 2020. Other assets and cash and cash equivalents Historically, no losses have been incurred on other assets measured at amortized costs and on cash and cash equivalents. As at December 31, 2021 and December 31, 2020, the expected credit loss was calculated using the cumulative expected default rate based on the counterparties’ ratings and was immaterial. |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2021 | |
Schedule Of Inventories | |
Inventories | 5.18 Inventories Inventories are stated at the lower of cost and net realizable value. The cost of finished goods and work in progress comprises raw materials, direct labor, other direct costs and related production overheads (based on normal operating capacity) at standard costs. The variances between the actual costs and the standard costs are calculated monthly and allocated to the inventory, so there is no difference between actual and standard costs. Inventories exclude borrowing costs. Provisions for batches which fail to meet quality requirements and may not be sold (failed batches) are deducted from the value of inventories. Schedule of Inventories € in thousand As at December 31, 2021 2020 Raw materials 102,082 4,790 Work in progress 55,681 14,914 Finished goods 8,135 13,625 Purchased goods (third party products) 7,362 1,303 Gross amount of inventories before write-down 173,260 34,631 Less: write-down provision (49,162 ) (7,698 ) Inventories 124,098 26,933 The increase in raw materials and work in progress is primarily related to the production of the COVID-19 vaccine. In 2021, the cost of inventories, which is recognized as an expense and is included in the position “Cost of goods and services”, amounted to € 145.3 million 27.0 million 127.1 million 9.6 million 121.4 million nil 5.7 million 9.6 million Write-down provisions related to the inventory categories as follows: € in thousand As at December 31, 2021 2020 Raw materials 29,751 470 Work in progress 15,096 2,730 Finished goods 3,974 4,435 Purchased goods (third party products) 342 63 Total Write-down provision 49,162 7,698 Given the expected reductions in product sales related to Valneva’s commercialized vaccines IXIARO and DUKORAL due to the current COVID-19 pandemic, the Company has performed a review of both commercial and raw material inventories and has included write-downs in the COGS as at December 31, 2021 and December 31, 2020. Commercial inventories not carrying a minimum residual shelf-life at the expected time of sale on the basis of the most current sales expectations have been written down. These write-downs totaled € 7.6 million 7.4 million 4.0 million 4.4 million 3.3 million 2.4 million 0.3 million 0.5 million 0.1 million 29.8 million 11.8 million |
Trade receivables
Trade receivables | 12 Months Ended |
Dec. 31, 2021 | |
Trade Receivables | |
Trade receivables | 5.19 Trade receivables Trade receivables and other assets are initially recognized at fair value. The carrying amount of trade receivables is reduced through an allowance for doubtful account. When a trade receivable is considered uncollectible, it is written off against this allowance account. Subsequent recoveries of amounts previously written off are credited against the allowance account. Changes in the carrying amount of the allowance account are recognized in the profit or loss. Loans and receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. They arise when the Group provides money, goods, or services directly to a debtor with no intention of trading the receivable. They are included in current assets, except those with maturities beyond 12 months after the balance sheet date. These are classified as non-current assets. Loans and receivables are classified as “trade receivables and other assets” in the balance sheet. Trade receivables include the following: € in thousand As at December 31, 2021 2020 Trade receivables 44,030 19,237 Less: loss allowance of receivables (17 ) (6 ) Trade receivables, net 44,013 19,232 In 2021 and 2020, no material impairment losses were recognized . As at December 31, 2021, the amount of trade receivables past due amounted to € 21.2 million (2020: € 0.4 million ) and mainly related to accounts receivable due from highly rated governmental authorities. In the months of January 2022 and February 2022 this amount of trade receivables past due of € 21.2 million was lowered by € 18.7 million due to payments received in the months of January 2022 and February 2022. Due to the short-term nature of the current receivables, their carrying amount is considered to be the same as their fair value. As at December 31, 2021, trade receivables included € 40.9 million 18.7 million |
Other assets
Other assets | 12 Months Ended |
Dec. 31, 2021 | |
Other Assets | |
Other assets | 5.20 Other assets Other assets include the following: € in thousand As at December 31, 2021 2020 R&D tax credit receivables 35,390 19,637 Advance payments 27,375 33,671 Tax receivables 6,145 5,468 Prepaid expenses 5,131 2,544 Contract costs 3,010 2,846 Consumables and supplies on stock 1,722 1,061 Miscellaneous current assets 23 158 Other non-financial assets 78,796 65,385 Deposits 11,339 11,358 Miscellaneous financial assets 183 560 Other financial assets 11,522 11,918 Other assets 90,318 77,303 Less non-current portion (19,282 ) (19,476 ) Current portion 71,036 57,828 Due to the short-term nature of the financial instruments included in other assets, their carrying amount is considered to be the same as their fair value. The increase in R&D tax credit receivables is mainly related to increased research and development expenditures primarily in connection to the COVID-19 and chikungunya vaccine candidates. As at December 31, 2021 and December 31, 2020, the deposits mainly related to a deposit associated with a lease agreement. As at December 31, 2021, advance payments amounting to € 16.4 million 7.2 million (see Note 5.1) . As at December 31, 2020, advance payments amounting to € 31.1 million related to Contract costs mainly relate to the collaboration with Pfizer (see Note 5.1) and refer to costs to obtain a contract. It will be amortized in line with the pattern of revenue recognition. |
Cash and cash equivalents
Cash and cash equivalents | 12 Months Ended |
Dec. 31, 2021 | |
Cash and cash equivalents [abstract] | |
Cash and cash equivalents | 5.21 Cash and cash equivalents Cash includes cash-at-bank, cash in hand, and deposits held at call with banks. Cash equivalents include short-term bank deposits and medium-term notes that can be assigned or sold on very short notice and are subject to insignificant risk of changes in value in response to fluctuations in interest rates with a maximum maturity of 3 months. Cash and cash equivalents € in thousand As at December 31, 2021 2020 Cash in hand 3 2 Cash at bank 346,639 173,107 Short-term bank deposits (maximum maturity of 3 months) — 31,285 Restricted cash 44 41 Cash and cash equivalents 346,686 204,435 As at December 31, 2021 and December 31, 2020, the restricted cash was a Certificate of Deposit with restricted limited access to secure the credit limit for the 75.0 million 50.0 million 35.0 million |
Equity
Equity | 12 Months Ended |
Dec. 31, 2021 | |
EQUITY | |
Equity | 5.22 Equity The ordinary shares and convertible preferred shares are classified as equity. Number of shares As at December 31, 2021 2020 Ordinary shares issued (€ 0.15 105,190,223 90,950,048 Convertible preferred shares registered 48,862 20,514 Total shares issued 105,239,085 90,970,562 Less Treasury shares (124,322 ) (146,322 ) Outstanding shares 105,114,763 90,824,240 Incremental costs directly attributable to the issue of new shares are shown in equity as a deduction, net of tax, if any, from the proceeds. When the Company purchases its own equity share capital (treasury shares), the consideration paid, including any directly attributable incremental costs (net of income taxes, if any) is deducted from equity attributable to the Company’s equity holders until the shares are cancelled, reissued or otherwise disposed of. In cases where such shares are subsequently sold or reissued, any consideration received, net of any directly attributable incremental transaction costs and related income tax effects is included in equity attributable to the Company’s equity holders. The profit or loss for the year is fully included in net result, while other comprehensive income solely affects retained earnings and other reserves. In January 2021, 790,075 stock options (of which 363,050 427,025 which resulted in an increase in ordinary shares. In May 2021, the Company announced the closing of its global offering to specified categories of investors of an aggregate of 8,145,176 2,850,088 26.41 2,445,000 11.00 107.6 million 89.6 million The cost of equity transactions in the amount of € 6.8 million In November 2021, the Company announced the closing of its global offering to specified categories of investors of an aggregate of 5,175,000 354,060 39.42 4,466,880 17.00 102.0 million 88.0 million 6.7 million Conditional and authorized capital As at December 31, 2021, the Company had 6,572,937 (see Note 5.23): + the possible exercise of existing stock options; + the possible exercise of existing equity warrants (BSAs); + the possible final grant of existing Free Ordinary Shares; + the possible final grant and conversion of existing Free Convertible Preferred Shares; Pursuant to resolution No. 21 of the Combined General Meeting held on June 23, 2021, the maximum aggregate amount of capital increases that may be carried out, with immediate effect or in the future, under resolutions 13 to 20 of said Meeting, may not exceed € 5,175 . Schedule of other reserves 5.22.1 € in thousand Other regulated reserves Other comprehensive income Treasury shares Capital from Share-based compensation Other revenue reserves Total Balance as at January 1, 2020 52,820 (4,836 ) (1,112 ) 8,357 (9,474 ) 45,756 Currency translation differences — 2,438 — — — 2,438 Defined benefit plan actuarial losses — (78 ) — — — (78 ) Share-based compensation expense: - value of services — — — 4,012 — 4,012 Purchase/sale of treasury shares — — 215 — — 215 Balance as at December 31, 2020 52,820 (2,474 ) (898 ) 12,368 (9,474 ) 52,342 € in thousand Other regulated reserves Other comprehensive income Treasury shares Capital from Share-based compensation Other revenue reserves Total Balance as at January 1, 2021 52,820 (2,474 ) (898 ) 12,368 (9,474 ) 52,342 Currency translation differences — (2,877 ) — — — (2,877 ) Defined benefit plan actuarial gains — 205 — — — 205 Share-based compensation expense: - value of services — — — 2,632 — 2,632 Purchase/sale of treasury shares — — 253 (43 ) 209 Balance as at December 31, 2021 52,820 (5,146 ) (645 ) 15,000 (9,517 ) 52,512 Regulated non-distributable reserve relates to a mandatory legal reserve from the merger with Intercell AG. The Company did not obtain a dividend from its subsidiaries or associates nor paid a dividend to its shareholders in 2021 and 2020. |
Share-based compensation
Share-based compensation | 12 Months Ended |
Dec. 31, 2021 | |
Share-based Compensation | |
Share-based compensation | 5.23 Share-based compensation The Company operates various share-based compensation plans, both equity-settled and cash-settled plans. The profit and loss statement includes the following expenses arising from share-based payments: € in thousand Year ended December 31, 2021 2020 2019 Stock option plans 646 1,182 1,177 Free convertible preferred share plans 652 1,266 1,198 Free ordinary shares program 1,334 1,563 130 Equity warrants — — — Phantom shares 11,877 2,317 74 Share-based compensation expense 14,509 6,328 2,578 5.23.1 The fair value of such share-based compensation is recognized as an expense for employee services received in exchange for the grant of the options. The total amount to be expensed over the vesting period is determined by reference to the fair value of the options granted, excluding the impact of any non-market vesting conditions. Non-market vesting conditions are included in assumptions about the number of options that are expected to become exercisable. Annually, the Group revises its estimates of the number of options that are expected to become exercisable. It recognizes the impact of the revision of original estimates, if any, in the income statement and makes a corresponding adjustment to equity. The proceeds received net of any directly attributable transaction costs are credited to nominal capital (nominal value) and share premium (amount exceeding nominal value) when the options are exercised. Since 2013, the Company granted stock options to employees and management pursuant to five successive plans. Since 2015, the employee stock option plans have primarily been for the benefit of non-executive employees, while members of the Management Board and the Management Committee, as well as the Manufacturing site Heads (since 2017), would have the opportunity to participate in four-year free share programs (convertible preferred shares or ordinary). Stock options granted from 2013 to 2017 are exercisable in two equal portions after being held for two and for four years (the vesting periods), while stock options granted from 2019 onwards are exercisable in three equal portions after being held for one year, two years and three years. Stock Options granted in 2019 are subject to performance conditions. All options expire no later than ten years after being granted. Stock options are not transferable or negotiable and unvested options lapse without compensation upon termination of employment with the Group (forfeiture). Stock options granted from 2013 onwards vest with the effectiveness of the takeover of more than 50% Changes in the number of stock options outstanding and their related weighted average exercise prices are as follows 2021 2020 Number of options Number of shares available Average exercise price in € per share Number of Number of shares available Average exercise price in € per share Outstanding as at January 1 4,911,410 4,975,831 3.06 5,247,110 5,313,098 3.06 Granted — — — — — — Forfeited (187,950 ) (189,168 ) 3.07 (335,700 ) (337,267 ) 3.06 Exercised (790,075 ) (790,075 ) 2.79 — — — Outstanding at year end 3,933,385 3,996,588 3.11 4,911,410 4,975,831 3.06 Exercisable at year end 3,203,817 3,267,020 2,855,570 2,919,991 790,075 stock options (of which 363,050 427,025 in January 2021. Stock options outstanding at the end of the period have the following expiry dates and exercise prices: Exercise price Number of options as at December 31, Expiry date in € per share 2021 2020 2023 2.919 696,903 645,900 2025 3.92 522,500 533,000 2026 2.71 36,200 399,250 2027 2.85 552,725 998,000 2029 3.05 2,188,260 2,335,260 Outstanding at year end 3,996,588 4,911,410 In 2021 and 2020, no stock options were granted. The fair value of the granted options was determined using the Black Scholes valuation model. 5.23.2 In 2019, Company’s Management Board granted free ordinary shares for the benefit of Management Board and Management Committee members. The purpose of this free share plan 2019-2023 is to provide a long-term incentive program for the Company’s senior management. No further free ordinary shares were granted in 2021 and 2020. In 2019, the number of free ordinary shares granted was as follows : Number of free ordinary shares granted Management Board 1,381,947 Other Management Committee members 810,000 Free ordinary shares granted 2,191,947 In accordance with the foregoing, changes in the outstanding free ordinary shares are as follows Number of free shares 2021 2020 Outstanding as at January 1 1,842,404 2,191,947 Forfeited — 349,543 Outstanding at year end — 1,842,404 Subject to vesting conditions (including performance and presence conditions), the free share granted to a participant will vest in and be delivered to that participant (“ seront définitivement attribuées The first tranche vested on December 19, 2021, the second tranche will vest on December 19, 2022, and the third tranche will vest on December 19, 2023. Vesting is subject to performance conditions. Following the vesting of the free shares, no compulsory holding period will apply to the vested shares. The plan further provides for accelerated vesting of the free shares in the event of a Change of Control (as defined in the applicable terms & conditions) occurring no earlier than December 19, 2023. As this was considered remote at the grant date (judgement by Management), this was not included in the determination of the vesting period. In addition, the plan provides for the possibility to remain entitled to a prorated number of shares, for any unvested tranche, in case of retirement of a beneficiary before complete vesting. However, this is subject to meeting the performance conditions defined for the plan. Finally, the terms and conditions applicable to the free share plan state that if a Change of Control takes place before December 19, 2021, and section III of Article L. 225-197-1 of the French Commercial Code does not apply, the plan will be canceled and the Company will indemnify the participants for the loss of unvested free shares, subject again to meeting the performance conditions and, for the Management Board members, to getting all required shareholder approvals. The gross amount of this indemnity will be calculated as though such free shares had been vested upon the Change of Control. The conditions and limitations set forth in the applicable terms and conditions of the plan will apply to this calculation, mutatis mutandis In accordance with section II (4 th 5.23.3 In 2017, the FCPS Program 2017-2021, a long-term incentive plan for the Group’s Executive Managers was implemented. As a prerequisite to the possibility of participating in the program, each potential beneficiary was required to make a cash investment in the Company, by purchasing the Company’s ordinary shares . The FCPS will be convertible into the Company’s ordinary shares four years after their initial granting if the conversion conditions set out below are met. Upon expiration in December 2021 (the Conversion Date The “ Final Share Price 18.21 As the Final Share Price was higher than € 8.00 8.00 Following the full payment of the amount of personal investment required, the Management Board conditionally granted the program beneficiaries a number of FCPS Number of FCPS 2017 granted to the beneficiaries Management Board 24,200 Other Executive Managers 9,817 Free convertible preferred shares granted 34,017 Changes in the FCPS are as follows Number of shares Number of FCPS 2021 2021 2020 Outstanding as at January 1 32,463 34,017 Granted — — Expired — (1,554 ) Outstanding at year end 32,463 32,463 Exercisable at year end (number of shares) 884,144 The fair value of FCPS 2017 was determined using the Monte Carlo valuation model. 5.23.4 In 2017 and 2019, phantom share plans were issued for employees who are US citizens, with the same conditions as the stock options program (see above) but which will not be settled in equity, but in cash. Therefore, it is considered as a cash settled plan. The liability for the phantom shares is measured (initially and at the end of each reporting period until settled) at the fair value of the share options rights, by applying an option pricing model taking into account the terms and conditions on which the phantom rights were granted and the extent to which the employees have rendered services to date. In 2020, 690,000 The carrying amount of the liability relating to the phantom shares as at December 31, 2021 was € 14.3 million 2.3 million Phantom shares outstanding at the end of the period have the following expiry dates and exercise prices Exercise price Number of phantom shares as at December 31, Expiry date in € per share 2021 2020 2023 2.919 4,950 10,450 2025 3.92 6,000 14,000 2026 2.71 — 9,000 2027 2.85 6,250 32,000 2029 3.05 134,250 176,750 2030 — 690,000 690,000 Outstanding at year end 841,450 932,200 Schedule of Significant inputs into the models The significant inputs into the models were: As at December 31, 2021 2020 Expected volatility (%) 72.97 43.81 Expected vesting period (term in years) 0.25 4.39 0.25 5.40 Risk-free interest rate (%) ( 0.78 0.64 ( 0.82 0.71 Equity warrants In 2017, the Company granted equity warrants to members of the Supervisory Board. The warrants granted in 2017 (BSA 27) are exercisable in four equal portions after 12, 24, 36 and 48 months. The subscription price for one new ordinary share under the 2017 plan (BSA 27) amounts to € 2.574 Changes in the equity warrants outstanding are as follows Number of equity warrants 2021 2020 Outstanding as at January 1 43,750 103,875 Granted — — Exercised (21,875 ) (26,750 ) Forfeited — (33,375 ) Outstanding at year end 21,875 43,750 |
Borrowings
Borrowings | 12 Months Ended |
Dec. 31, 2021 | |
Borrowings [abstract] | |
Borrowings | 5.24 Borrowings Borrowings are initially recognized at fair value if determinable, net of transaction costs incurred. Borrowings are subsequently stated at amortized cost. Any difference between the proceeds (net of transaction costs) and the redemption value is recognized in the income statement over the period of the borrowings using the effective interest method. Borrowings are classified as current liabilities unless the Group has an unconditional right to defer settlement of the liability for at least 12 months after the balance sheet date. Borrowings of the Group at year-end include the following: Schedule of borrowings € in thousand As at December 31, 2021 2020 Non-current Other loans 50,726 46,375 Non-current borrowings 50,726 46,375 Current Other loans 7,107 6,988 Current borrowings 7,107 6,988 Total borrowings 57,834 53,363 The maturity of non-current borrowings is as follows: Schedule of maturity of non-current borrowings € in thousand As at December 31, 2021 2020 Between 1 and 2 years 21,102 5,925 Between 2 and 3 years 15,502 14,270 Between 3 and 4 years 12,306 12,559 Between 4 and 5 years 674 10,524 Over 5 years 1,143 3,097 Non-current borrowings 50,726 46,375 Current borrowings 7,107 6,988 Total borrowings 57,834 53,363 The carrying amounts of the Group’s borrowings are denominated in the following currencies: Schedule of borrowings are denominated € in thousand As at December 31, 2021 2020 Borrowings denominated in EUR 4,708 5,855 Borrowings denominated in USD 53,126 47,508 Total borrowings 57,834 53,363 Other loans In February 2020, Valneva Austria GmbH signed a loan agreement (the Loan Agreement) with US healthcare funds Deerfield Management Company and OrbiMed (the Lenders). Principal payments will start in 2023, while the loan will mature in 2026. The intended use of proceeds was to repay existing borrowings from the European Investment Bank and allow the Group to continue to advance its leading Lyme and chikungunya development programs in the short term. As at December 31, 2021, $ 60.0 million 54.1 million 49.7 million 9.95 10.09 Noting the COVID-19 pandemic impact on the travel industry and following a temporary waiver of the revenue covenant for the second half of 2020, Valneva, Deerfield and OrbiMed agreed to modify this covenant for 2021 and 2022, replacing the twelve-month rolling € 115 million 64 million 103.75 million 50 million 35 million If the Group’s consolidated liquidity or net revenues were to fall below the covenant minimum values, Valneva would not be able to comply with the financial covenants in the Loan Agreement, which could result in additional costs (up to additional 10 8 The loan was included in the balance sheet item “Borrowings”. Schedule of loan € in thousand 2021 2020 Balance as at January 1 46,190 — Proceeds of issue — 52,935 Transaction costs — (4,162 ) Accrued interest 6,167 4,538 Payment of interest (6,459 ) (2,698 ) Exchange rate difference 3,774 (4,423 ) Balance as at December 31 49,671 46,190 Less: non-current portion (44,360 ) (41,261 ) Current portion 5,311 4,929 As at December 31, 2021, Other loans also included borrowings related to financing of Research and Development expenses and CIR (R&D tax credit in France) of € 4.7 million 5.9 million the amount related to CEPI of € 3.5 million 1.3 million 5.24.2 As at December 31, 2021, € 54.4 million 52.0 million 5.24.3 For the majority of the borrowings and other loans, the fair values are not materially different from their carrying amounts, since the interest payable on those borrowings is either close to current market rates or the borrowings are of a short-term nature. As at December 31, 2021, material differences were identified only for guaranteed other loans. Based on an estimated arms’ length interest rate of 9.55 4.2 million 4.7 million |
Trade payables and accruals
Trade payables and accruals | 12 Months Ended |
Dec. 31, 2021 | |
Trade Payables And Accruals | |
Trade payables and accruals | 5.25 Trade payables and accruals Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. Trade payables are recognized initially at fair value. Short-term trade payables are subsequently measured at the repayment amount. Trade payables and accruals include the following: Schedule of trade and other payables € in thousand As at December 31, 2021 2020 Trade payables 16,035 24,898 Accrued expenses 52,084 11,314 Balance as at December 31 68,119 36,212 Less non-current portion — — Current portion 68,119 36,212 The carrying amounts of trade and other payables are considered to be the same as their fair values, due to their short-term nature. |
Tax and employee-related liabil
Tax and employee-related liabilities | 12 Months Ended |
Dec. 31, 2021 | |
Tax And Employee-related Liabilities | |
Tax and employee-related liabilities | 5.26 Tax and employee-related liabilities The Group recognizes a liability and an expense for bonuses. The Group recognizes a liability when it has assumed a contractual obligation or when there is a past practice that has created a constructive obligation. Schedule of tax and employee related liabilities € in thousand As at December 31, 2021 2020 Employee-related liabilities 10,101 8,300 Social security and other taxes 7,148 4,866 Balance as at December 31 17,249 13,165 Less non-current portion — — Current portion 17,249 13,165 |
Lease liabilities
Lease liabilities | 12 Months Ended |
Dec. 31, 2021 | |
Lease liabilities [abstract] | |
Lease liabilities | 5.27 Lease liabilities are effectively secured as the rights to the leased assets revert to the lessor in the event of default. The development of lease liabilities is described in Note 5.13. The maturity of non-current lease liabilities is as follows: Schedule of present value of lease liabilities € in thousand As at December 31, 2021 2020 Between 1 and 2 years 25,301 2,296 Between 2 and 3 years 2,150 24,434 Between 3 and 4 years 2,214 1,280 Between 4 and 5 years 2,289 1,331 Between 5 and 10 years 10,733 7,384 Between 10 and 15 years 9,114 8,907 Over 15 years 1,886 3,759 Non-current lease liabilities 53,687 49,392 Current lease liabilities 3,135 2,696 Total Lease liabilities 56,822 52,088 The carrying amounts of the Group’s lease liabilities are denominated in the following currencies: Schedule of lease liabilities € in thousand As at December 31, 2021 2020 EUR 24,650 25,633 SEK 30,657 26,166 Other 1,515 289 Total lease liabilities 56,822 52,088 |
Contract liabilities
Contract liabilities | 12 Months Ended |
Dec. 31, 2021 | |
Contract liabilities [abstract] | |
Contract liabilities | Contract liabilities A contract liability has to be recognized, when the customer already provided the consideration or part of the consideration, before an entity has fulfilled its performance obligation (agreed goods or services which should be delivered or provided), resulting from the “contract”. Development of contract liabilities is presented in the table below: € in thousand 2021 2020 Balance as at January 1 89,636 1,426 Revenue recognition (89,364 ) (594 ) Exchange rate differences 7 101 Addition 128,479 88,703 Balance as at December 31 128,758 89,636 Less non-current portion (4,741 ) (58 ) Current portion 124,017 89,578 With regards to additions in 2021, € 116.9 million APA with the European Commission to supply up to 60 million 3.8 million 4.7 million 87.0 As at December 31, 2020, € 87.0 1.6 million 1.0 |
Refund liabilities
Refund liabilities | 12 Months Ended |
Dec. 31, 2021 | |
Refund Liabilities | |
Refund liabilities | Refund liabilities A refund liability has to be recognized when the customer already provided a consideration which is expected to be refunded partially or totally. It is measured at the amount the Company has an obligation to repay or amounts which did not meet the criteria for revenue recognition in the past, but there are no remaining goods and services to be provided in future. Development of refund liabilities: € in thousand 2021 2020 Balance as at January 1 111,426 6,553 Additions 159,179 109,296 Payments (18,022 ) (477 ) Other releases (15,198 ) — Interest expense capitalized 8,478 3,640 Exchange rate difference 8,718 (7,586 ) Balance as at December 31 254,581 111,426 Less non-current portion (158,970 ) (97,205 ) Current portion 95,611 14,222 As at December 31, 2021, € 79.6 million 75.2 million 166.9 million 77.3 million 6.4 million 6.3 million As at December 31, 2020, € 81.9 million 70.0 million 20.9 million 6.3 million 2.3 million Expected cash outflows for refund liabilities are disclosed under Note 5.2.5. |
Provisions
Provisions | 12 Months Ended |
Dec. 31, 2021 | |
Provisions [abstract] | |
Provisions | 5.30 Provisions 5.30.1 Schedule of provision for employee commitments € in thousand As at December 31, 2021 2020 Employer contribution costs on 26,520 7,351 Phantom shares 14,267 2,390 Retirement termination benefits 422 550 Leaving indemnities — 112 Balance as at December 31 41,210 10,403 Less non-current portion 8,308 2,358 Current portion 32,901 8,045 (a) Share-based provisions Employer contribution costs on share-based compensation plans and Phantom shares are calculated at the balance sheet date using the share price of Valneva as at December 31, 2021: € 24.5 7.75 (b) Retirement termination benefits Some Group companies provide retirement termination benefits to their retirees. For defined benefit plans, retirement costs are determined once a year using the projected unit credit method. This method sees each period of service as giving rise to an additional unit of benefit entitlement and measures each unit separately to determine the final obligation. The final obligation is then discounted. These calculations mainly use the following assumptions: + a discount rate; + a salary increase rate; + an employee turnover rate. Actuarial gains and losses arising from experience adjustments and changes in actuarial assumptions are charged or credited to equity in other comprehensive income in the period in which they arise. For basic schemes and defined contribution plans, the Group recognizes the contributions as expenses when payable, as it has no obligations over and above the amount of contributions paid. Assumptions used As at December 31, 2021 2020 Discount rate 1.00 0.50 Salary increase rate 2.00 2.00 Turnover rate 0 21.35 0 21.35 Social security rate 43.00 47.00 43.00 47.00 Average remaining lifespan of employees (in years) 22 22 Changes in defined benefit obligation Present value of obligation development: € in thousand 2021 2020 Balance as at January 1 550 404 Current service cost 77 68 Actuarial losses/(gains) (205 ) 78 Balance as at December 31 422 550 5.30.2 Schedule of other provisions € in thousand As at December 31, 2021 2020 Non-current - - Current 15,806 2,124 Provisions 15,806 2,124 As at December 31, 2021, the significantly increased provision related mainly to onerous purchase agreements related to the termination of the UK Supply Agreement (€ 13.5 million 2.1 million 1.9 million |
Other liabilities
Other liabilities | 12 Months Ended |
Dec. 31, 2021 | |
Other Liabilities | |
Other liabilities | Other liabilities Schedule of other liabilities € in thousand As at December 31, 2021 2020 Deferred income 4,966 2,861 Other financial liabilities 44 51 Miscellaneous liabilities 8 2 Other liabilities 5,019 2,913 Less non-current portion (69 ) (72 ) Current portion 4,950 2,841 Deferred income mainly includes conditional advances from a grant from CEPI (see Note 5.8). |
Cash flow information
Cash flow information | 12 Months Ended |
Dec. 31, 2021 | |
Cash Flow Information | |
Cash flow information | 5.32 Cash flow information 5.32.1 The following table shows the adjustments to reconcile net loss to net cash generated from operations: € in thousand Note Year ended December 31, 2021 2020 2019 Loss for the year (73,425 ) (64,393 ) (1,744 ) Adjustments for ● Depreciation and amortization 5.12/5.13/5.14 14,281 9,799 8,532 ● Write-off / impairment fixed assets/intangibles 5.12/5.13/5.14 — 140 75 ● Share-based compensation expense 5.23 14,509 6,328 2,552 ● Income tax expense/(income) 5.10 3,446 (909 ) 874 ● Dividends received from associated companies 5.15 — — 433 ● (Profit)/loss from disposal of property, plant, equipment and intangible assets 5.8 46 10 92 ● Share of (profit)/loss from associates 5.15 5 133 (1,574 ) ● Fair value losses on derivative financial instruments — — 178 ● Provision for employer contribution costs on share-based compensation plans 5.30.1 19,079 7,351 — ● Other non-cash (income)/expense (11,604 ) 4,470 (892 ) ● Interest income 5.9 (249 ) (119 ) (199 ) ● Interest expense 5.9 16,964 10,738 2,633 Changes in non-current operating assets and liabilities (excluding the effects of acquisition and exchange rate differences on consolidation): ● Other non-current assets 194 (2,303 ) 79 ● Long term contract liabilities 5.28 4,662 (674 ) (2,321 ) ● Long term refund liabilities 5.29 54,501 90,653 6,016 ● Other non-current liabilities and provisions (3 ) 795 (178 ) Changes in working capital (excluding the effects of acquisition and exchange rate differences on consolidation): ● Inventory (92,373 ) (4,196 ) (2,415 ) ● Trade and other receivables (21,349 ) (24,023 ) (17,278 ) ● Contract liabilities 5.28 34,453 88,801 (989 ) ● Refund liabilities 5.29 80,160 10,614 448 ● Trade and other payables and provisions 35,236 6,544 13,552 Cash generated from operations 78,532 139,759 7,875 In 2021, other non-cash (income)/expense mainly related to net foreign exchange gains. In 2020, other non-cash (income)/expense included € 3.3 million 1.6 million 2.6 million The following table shows the adjustments to reconcile profit/loss from the disposal of property, plant, equipment and intangible assets to proceeds from the disposal of fixed assets: Schedule of disposal of property, plant, equipment € in thousand Year ended December 31, 2021 2020 2019 Net book value 46 34 92 Loss on disposal of fixed assets (46 ) (10 ) (92 ) Proceeds from disposal of property, plant, equipment and intangible assets — 24 — 5.32.2 Reconciliation of liabilities arising from financing activities The table below details changes in the Group’s liabilities arising from financing activities, including both cash and non-cash changes. Liabilities arising from financing activities are those for which cash flows were (or future cash flows will be) classified in the Group’s consolidated statement of cash flows as cash flows from financing activities. For development of lease liabilities see Note 5.13. € in thousand Bank borrowings Other loans Total Balance as at January 1, 2020 19,759 6,557 26,316 Repayments (20,000 ) (1,995 ) (21,995 ) Additions, net of transaction costs — 50,266 50,266 Foreign exchange movements — (4,556 ) (4,556 ) Other changes 8 241 3,090 3,331 Balance as at December 31, 2020 — 53,363 53,363 Balance as at January 1, 2021 — 53,363 53,363 Repayments — (1,956 ) (1,956 ) Additions, net of transaction costs — 859 859 Foreign exchange movements — 3,998 3,998 Other changes 8 — 1,570 1,570 Balance as at December 31, 2021 — 57,834 57,834 8 Other changes include interest accruals and payments. |
Commitments and contingencies
Commitments and contingencies | 12 Months Ended |
Dec. 31, 2021 | |
Commitments And Contingencies | |
Commitments and contingencies | 5.33 Commitments and contingencies As at December 31, 2021, there were € 23.6 million (December 31, 2020: 48.0 million ). 5.33.1 The other commitments relate to minimum payments consist of: Schedule of other commitments relate to minimum payments € in thousand As at December 31, 2021 2020 Loans and grants 143 1,454 Royalties 8,941 9,393 Other commitments 9,084 10,846 The pledges consist of: Schedule of pledges € in thousand As at December 31, 2021 2020 Pledges on consolidated investments 19,901 19,474 Pledges on bank accounts 292,257 150,642 Pledges on receivable 344,519 160,511 Guarantees and pledges 656,677 330,626 5.33.2 Following the merger between the companies Vivalis SA and Intercell AG in 2013, certain former Intercell shareholders initiated legal proceedings before the Commercial Court of Vienna to request a revision of either the cash compensation paid to departing shareholders or the exchange ratio between Intercell and Valneva shares used in the merger. In October 2021, a court-appointed expert recommended an increase in the cash compensation as well as further valuation work on the exchange ratio. The Company therefore held a provision of € 2.1 million 1.9 million 0.3 million In July 2016, a claim for additional payment was raised and litigation was filed in December 2016, in connection with the 2009 acquisition of Humalys SAS, from which the Company had acquired a technology, which was later combined with other antibody discovery technologies and spun off to BliNK Biomedical SAS in early 2015. Former shareholders of Humalys claimed additional consideration as a result of the spin-off transaction. A first instance decision in the Humalys case is expected in the first half of 2022. After consultation with its external advisors the Company believes that this claim is unsubstantiated, and the filed litigation is not likely to succeed in court. Detailed information on the potential specific financial consequences, which might result from a successful claim could adversely affect the Company’s ability to defend its interests in this case and therefore is not provided, in accordance with IAS 37.92. |
Related-party transactions
Related-party transactions | 12 Months Ended |
Dec. 31, 2021 | |
Related party transactions [abstract] | |
Related-party transactions | Related-party transactions 5.34.1 Services provided by Valneva to Groupe Grimaud La Corbière SAS, being shareholder of Valneva are considered related party transactions and consist of services within a Collaboration and Research License agreement and of the provision of premises and equipment. Schedule of rendering of services € in thousand Year ended December 31, 2021 2020 2019 Provision of services: Operating activities 231 187 236 Provision of services 231 187 236 5.34.2 The aggregate compensation of the members of the Company’s Management Board included the following: Schedule of key management compensation € in thousand Year ended December 31, 2021 2020 2019 Salaries and other short-term employee benefits 9 1,930 2,950 2,449 Other long-term benefits 24 18 15 Share-based payments (expense of the year) 856 1,786 1,174 Key management compensation 2,809 4,755 3,638 5.34.3 In 2021, the aggregate compensation of the members of the Company’s Supervisory Board amounted to € 0.3 million 0.2 million 0.3 million For more information, see Note 5.23. |
Events after the reporting peri
Events after the reporting period | 12 Months Ended |
Dec. 31, 2021 | |
Events After Reporting Period | |
Events after the reporting period | 5.35 Events after the reporting period Valneva Scotland was awarded two grants worth up to £ 20 million 23.9 million At year end, the Company assessed the inventory valuation taking into consideration the residual shelf life and production plan for 2022. This analysis resulted in a write-down of raw material for an amount of € 23 million |
Summary of significant accoun_2
Summary of significant accounting policies (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
Summary Of Significant Accounting Policies | |
Basis of preparation | 5.2.1 Basis of preparation These 2021 Consolidated Financial Statements have been prepared in accordance with the International financial reporting standards, which comprise IFRS (International Financial Reporting Standards), IAS (International Accounting Standard) and their interpretations, SIC (Standards Interpretations Committee) and IFRIC (International Financial Reporting Interpretations Committee), as issued by the International Accounting Standards Board (“IASB”). The preparation of financial statements in conformity with IFRS as issued by the IASB requires the use of certain critical accounting estimates. It also requires the Group’s management to exercise its judgement in applying the Group’s accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the consolidated financial statements are disclosed in Note 5.3. For ease of presentation, numbers have been rounded and, where indicated, are presented in thousands of Euros. Calculations, however, are based on exact figures. Therefore, the sum of the numbers in a column of a table may not conform to the total figure displayed in the column. These consolidated financial statements were approved by the Management Board on March 23, 2022 and authorized for issuance by the Supervisory Board on March 23, 2022. |
Impact of new, revised or amended Standards and Interpretations | 5.2.2 Impact of new, revised or amended Standards and Interpretations (a) New and amended standards adopted by the Group Standard - Interpretation – Amendment Effective Date Effects Amendments to IFRS 4 Insurance Contracts – deferral of IFRS 9 January 1, 2021 None Amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16 Interest Rate Benchmark Reform – Phase 2 January 1, 2021 None Amendments to IFRS 16 (I) COVID-19-Related Rent Concessions (II) COVID-19-Related Rent Concessions beyond June 30, 2021 January 1, 2021 None The amendments listed above did not have any impact on the amounts recognized in prior periods and are not expected to significantly affect the current or future periods. Interpretations Committees agenda decisions Effective Date Effects IAS 38 Configuration or Customisation Costs in a Cloud Computing Arrangement (IAS 38 Intangible Assets) January 1, 2021 None IAS 19 Attributing Benefit to Periods of Service (IAS 19 Employee Benefits) January 1, 2021 No material effects The interpretations listed above did not have any material impact on the amounts recognized in prior periods and are not expected to significantly affect the current or future periods. (b) New standards, amendments and interpretations issued but not effective for the financial year beginning January 1, 2021, and not early adopted. The Group did not elect for early application of the following new standards, amendments and interpretations which were issued by the IASB but not mandatory as at January 1, 2021: ● IFRS 17 – Insurance contracts ● Amendments to IAS 1 – Classification of Liabilities as Current or Non-current ● Amendments to IFRS 3 – Reference to the Conceptual Framework ● Amendments to IAS 16 – Property, Plant and Equipment—Proceeds before Intended Use ● Amendments to IAS 37 – Onerous Contracts - Cost of Fulfilling a Contract ● Amendments to IAS 12 – Deferred Tax related to Assets and Liabilities arising from a Single Transaction ● Annual Improvements to IFRS Standards 2018-2020 Cycle – Amendments to IFRS 1 First-time Adoption of IFRS, IFRS 9 Financial Instruments, IFRS 16 Leases, and IAS 41 Agriculture. These standards are not expected to have a material impact on the entity in the current reporting periods and on foreseeable future transactions. |
Consolidation | 5.2.3 Consolidation Subsidiaries Subsidiaries are entities over which the Company has control. The Company controls an entity when the Company is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Company. They are deconsolidated from the date that control ceases. The Group uses the acquisition method of accounting to account for business combinations. The consideration transferred for the acquisition of a subsidiary is the fair value of assets transferred, the liabilities incurred, and the equity interests issued by the Company. The consideration transferred includes the fair value of any asset or liability resulting from a contingent consideration arrangement. Acquisition-related costs, other than those associated with the issue of debt or equity securities, are expensed as incurred. Identifiable assets acquired, liabilities, and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. The excess of the consideration transferred over the fair value of the Company’s share of the identifiable net assets acquired is recorded as goodwill. If the fair value of the net assets of the acquired subsidiary exceeds the consideration, the difference is recognized directly in the income statement as a bargain purchase gain. Intercompany transactions, balances and unrealized gains on transactions between Group companies are eliminated. Associates Associates are entities over which the Company has significant influence. |
Foreign currency translation | 5.2.4 Foreign currency translation (a) Functional and presentation currency Items included in the financial statements of each of the Group’s entities are measured using the currency of the primary economic environment in which the entity operates (the functional currency). The consolidated financial statements are presented in Euros which is Valneva SE’s functional and presentation currency. (b) Transactions and balances Foreign currency transactions are converted into the functional currency using exchange rates applicable on the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation of monetary assets and liabilities denominated in foreign currencies at year-end exchange rates are recognized in the income statement. (c) Subsidiaries The results and financial position of all subsidiaries (none of which having the currency of a hyperinflationary economy) that have a functional currency different from the presentation currency are converted into the presentation currency as follows: + assets and liabilities presented for each balance sheet are converted according to the exchange rate valid on the balance sheet date; + from 2021 onward, income and expenses for each income statement are converted at monthly average exchange rates (unless this average is not a reasonable approximation of the cumulative effect of the rates prevailing on the transaction dates, in which case income and expenses are converted on the dates of the transactions). In 2020 and 2019, income and expenses for each income statement were converted using exchange rates applicable on the dates of the transactions); and + all resulting exchange differences are recognized as other comprehensive income and are shown as other reserves. When a foreign operation is partially disposed of or sold, exchange differences that had been recorded in equity are recognized in the income statement as part of the gain or loss on sale. |
Financial risk management | 5.2.5 Financial risk management The Group’s activities expose it to a variety of financial risks: market risk (including currency risk and interest rate risk), credit risk, and liquidity risk. The Group’s overall risk management program focuses on the unpredictability of financial markets and seeks to minimize potential adverse effects on the Group’s financial performance. Financial risk management is carried out under the CFO’s responsibility and is closely supervised by the Management Board. The Group’s risk management systems identify, evaluate and manage financial risks. The Management Board submits regular reports on its risk management systems, including the management of financial risks, to the Audit Committee of the Supervisory Board. (a) Market risk Foreign exchange risk The Group operates internationally and is exposed to foreign exchange risks arising from various currencies, primarily with respect to the British Pound (GBP), the Canadian Dollar (CAD), the Swedish Krona (SEK) and the US Dollar ($). The foreign exchange risks from the exposure to other currencies, including the Danish Krone, the Swiss Franc and the Norwegian Krone, are relatively limited. Foreign exchange risks arise from future commercial transactions, recognized assets and liabilities, and net investments in foreign operations. The objective of the Group is to limit the potential negative impact of the foreign exchange rate changes, for example by currency conversion of cash and cash equivalents denominated in foreign currency and by using foreign currency options. The Group has certain investments in foreign operations, the net assets of which are exposed to foreign currency translation risk. The following table details the Group’s sensitivity to a 10% increase and decrease in currency units against the relevant foreign currencies. Year ended December 31, € in thousand 2021 2020 EUR/$ +10% 6,818 3,229 EUR/$ -10% (8,334 ) (3,947 ) EUR/GBP +10% (11,986 ) (10,022 ) EUR/GBP -10% 14,650 12,249 EUR/SEK +10% (2,884 ) (400 ) EUR/SEK -10% 3,525 489 EUR/CAD +10% (557 ) (228 ) EUR/CAD -10% 681 279 As at December 31, 2021, the changes in impact from an increase or a decrease in $ were mainly caused by a decrease in cash and cash equivalents and in intercompany (IC) receivables denominated in $ in Valneva Austria GmbH. As at December 31, 2021, the increase in the Foreign Currency Exchange Risk in GBP was caused by higher refund liabilities denominated in GBP in Valneva Austria GmbH and by increased IC liabilities denominated in Euro in Valneva Scotland Ltd, both relating to the COVID-19 vaccine program (see Note 5.1). As at December 31, 2021, the increase in the Foreign Currency Exchange Risk in SEK was caused by increased IC receivables within the group denominated in SEK. While the Group utilized a hedging strategy to lower its exposure to non-Euro currencies, there is a business need to keep a certain level of non-Euro funds available in its accounts at any time in order to cover payment obligations denominated in GBP or $. In addition, revaluation of certain non-Euro cash balances is offset by revaluation of non-Euro denominated refund liabilities on the Group’s balance sheet (see Note 5.29). Interest rate risks The Group is exposed to market risks in connection with hedging both its liquid assets and its medium and long-term indebtedness and borrowings subject to variable interest rates. Borrowings issued at variable rates expose the Group to cash flow interest rate risks, which are offset by cash and financial assets held at variable rates. During 2021, as well as 2020, the Group’s investments at variable rates, as well as the borrowings at variable rates, were denominated in €, SEK, $, CAD and GBP. The Group analyzes its interest rate exposure on a dynamic basis. Based on this analysis, the Group calculates the impact on profit and loss of a defined interest rate change. The same interest rate change is used for all currencies. The calculation only includes investments in financial instruments and cash in banks that represent major interest-bearing positions. As at December 31, 2021 and December 31, 2020, no material interest risk was identified. In case of increasing interest rates the positive effect from cash in banks will be higher than the negative effect from variable interest-bearing liabilities, in case of decreasing interest rates there will be no material negative impact. (b) Credit risks The Group is exposed to credit risk. Valneva holds bank accounts, cash balances, and securities at sound financial institutions with high credit ratings. To monitor the credit quality of its counterparts, the Group relies on credit ratings as published by specialized rating agencies such as Standard & Poor’s, Moody’s, and Fitch. The Group has policies that limit the amount of credit exposure to any single financial institution. The Group is also exposed to credit risks from its trade debtors, as its income from product sales, collaborations, licensing and services arises from a small number of transactions. The Group has policies in place to enter into such transactions only with highly reputable, financially sound counterparts. If customers are independently rated, these ratings are used. Otherwise, when there is no independent rating , a risk assessment of the credit quality of the customer is performed, taking into account its financial position, past payment experience and other relevant factors. Individual credit limits are set based on internal or external ratings in accordance with signature authority limits as set by the Management Board. Most of the trade receivables are receivables from governmental institutions with high credit rating (AAA-country or AA-country). The credit quality of financial assets is described in Note 5.17.3 (c) Liquidity risks The Group is exposed to liquidity risk due to the maturity of its financial liabilities and the fluctuations of its operating cash-flow, and the potential implementation of early repayment clauses in loan or grant agreements. Furthermore, fluctuations in the Group’s operating cash flow during accounting periods also generate liquidity risks. Prudent liquidity risk management therefore implies maintaining sufficient cash resources, cash equivalents and short-term deposits in order to satisfy ongoing operating requirements and the ability to close out market positions. Extraordinary conditions on the financial markets may, however, temporarily restrict the possibility to liquidate certain financial assets. Although it is difficult to predict future liquidity requirements, the Group considers that the existing cash and cash equivalents as at December 31, 2021 will be sufficient to fund the operations for at least the 12 months from the date of authorization for issuance of these consolidated financial statements. For the existing loan agreement with covenants, amendments were agreed to reduce the minimum liquidity covenant and the minimum revenue covenant to prevent a breach of the covenants (see Note 5.24.1). The table below analyzes the Group’s financial liabilities into relevant maturity groupings based on the remaining period from the balance sheet date to the contractual maturity date As at December 31, 2020 Less than 1 year Between 1 and 3 years Between 3 and 5 years Between 5 and 10 years Between 10 and 15 years Over 15 years Total Borrowings 7,004 25,569 37,900 5,148 — — 75,621 Lease liabilities 3,442 28,078 3,677 9,446 9,963 3,850 58,456 Refund liabilities 20,025 82,670 48,566 — — — 151,260 Trade payables and accruals 36,212 — — — — — 36,212 Tax and employee-related liabilities 2 8,300 — — — — — 8,300 Other liabilities 27 25 — — — — 52 75,010 136,342 90,142 14,594 9,963 3,850 329,901 As at December 31, 2021 Less than 1 year Between 1 and 3 years Between 3 and 5 years Between 5 and 10 years Between 10 and 15 years Over 15 years Total Borrowings 7,121 48,560 20,534 1,765 — — 77,980 Lease liabilities 4,060 29,011 5,761 12,798 9,928 1,905 63,464 Refund liabilities 101,070 132,355 55,000 12,720 — — 301,145 Trade payables and accruals 68,119 — — — — — 68,119 Tax and employee-related liabilities 2 10,101 — — — — — 10,101 Other liabilities 27 25 — — — — 52 190,499 209,952 81,295 27,282 9,928 1,905 520,861 The fair values as well as the book values of the Group’s borrowings are disclosed in Note 5.24 . To manage liquidity risk, the Group holds sufficient cash, cash equivalents and short-term deposit balances. |
Capital risk management | 5.2.6 Capital risk management The Group’s objectives when managing capital are to safeguard the Group’s ability to continue as a going concern in order to provide benefits for shareholders and for other stakeholders and to maintain an optimal capital structure to reduce the cost of capital. The Group actively manages its funds to primarily ensure liquidity and principal preservation while seeking to maximize returns. The Group’s cash and short-term deposits are located at several different banks. In order to maintain or adjust the capital structure, the Group may issue new shares or sell assets to reduce debt. In order to pursue its business strategy to grow into a major, self-sustainable vaccine company through organic growth and opportunistic mergers & acquisitions, the Group may rely on additional equity and debt financing. Capital consists of “Equity” as shown in the consolidated balance sheet. |
Fair value estimation | 5.2.7 Fair value estimation The carrying value less impairment provision of trade receivables and payables are assumed to approximate their fair values due to the relatively short maturity of the respective instruments. 2 Social security and other tax payables are excluded from the tax and employee-related liabilities balance, as this analysis is required for financial instruments only. |
General information and signi_2
General information and significant events of the period (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
General Information And Significant Events Of Period | |
List of direct or indirect interests held by the Company: | List of direct or indirect interests held by the Company: Name Country of incorporation Consolidation method Interest held as at December 31, 2021 2020 BliNK Biomedical SAS 1 FR Equity method 48.9 48.9 Vaccines Holdings Sweden AB SE Consolidation 100 100 Valneva Austria GmbH AT Consolidation 100 100 Valneva Canada Inc. CA Consolidation 100 100 Valneva France SAS FR Consolidation 100 100 Valneva Scotland Ltd. UK Consolidation 100 100 Valneva Sweden AB SE Consolidation 100 100 Valneva UK Ltd. UK Consolidation 100 100 Valneva USA, Inc. US Consolidation 100 100 |
Summary of significant accoun_3
Summary of significant accounting policies (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Summary Of Significant Accounting Policies | |
New and amended standards adopted by the Group | (a) New and amended standards adopted by the Group Standard - Interpretation – Amendment Effective Date Effects Amendments to IFRS 4 Insurance Contracts – deferral of IFRS 9 January 1, 2021 None Amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16 Interest Rate Benchmark Reform – Phase 2 January 1, 2021 None Amendments to IFRS 16 (I) COVID-19-Related Rent Concessions (II) COVID-19-Related Rent Concessions beyond June 30, 2021 January 1, 2021 None The amendments listed above did not have any impact on the amounts recognized in prior periods and are not expected to significantly affect the current or future periods. Interpretations Committees agenda decisions Effective Date Effects IAS 38 Configuration or Customisation Costs in a Cloud Computing Arrangement (IAS 38 Intangible Assets) January 1, 2021 None IAS 19 Attributing Benefit to Periods of Service (IAS 19 Employee Benefits) January 1, 2021 No material effects |
The following table details the Group’s sensitivity to a 10% increase and decrease in currency units against the relevant foreign currencies. | The following table details the Group’s sensitivity to a 10% increase and decrease in currency units against the relevant foreign currencies. Year ended December 31, € in thousand 2021 2020 EUR/$ +10% 6,818 3,229 EUR/$ -10% (8,334 ) (3,947 ) EUR/GBP +10% (11,986 ) (10,022 ) EUR/GBP -10% 14,650 12,249 EUR/SEK +10% (2,884 ) (400 ) EUR/SEK -10% 3,525 489 EUR/CAD +10% (557 ) (228 ) EUR/CAD -10% 681 279 |
The table below analyzes the Group’s financial liabilities into relevant maturity groupings based on the remaining period from the balance sheet date to the contractual maturity date | The table below analyzes the Group’s financial liabilities into relevant maturity groupings based on the remaining period from the balance sheet date to the contractual maturity date As at December 31, 2020 Less than 1 year Between 1 and 3 years Between 3 and 5 years Between 5 and 10 years Between 10 and 15 years Over 15 years Total Borrowings 7,004 25,569 37,900 5,148 — — 75,621 Lease liabilities 3,442 28,078 3,677 9,446 9,963 3,850 58,456 Refund liabilities 20,025 82,670 48,566 — — — 151,260 Trade payables and accruals 36,212 — — — — — 36,212 Tax and employee-related liabilities 2 8,300 — — — — — 8,300 Other liabilities 27 25 — — — — 52 75,010 136,342 90,142 14,594 9,963 3,850 329,901 As at December 31, 2021 Less than 1 year Between 1 and 3 years Between 3 and 5 years Between 5 and 10 years Between 10 and 15 years Over 15 years Total Borrowings 7,121 48,560 20,534 1,765 — — 77,980 Lease liabilities 4,060 29,011 5,761 12,798 9,928 1,905 63,464 Refund liabilities 101,070 132,355 55,000 12,720 — — 301,145 Trade payables and accruals 68,119 — — — — — 68,119 Tax and employee-related liabilities 2 10,101 — — — — — 10,101 Other liabilities 27 25 — — — — 52 190,499 209,952 81,295 27,282 9,928 1,905 520,861 |
Segment information (Tables)
Segment information (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Segment Information | |
Schedule of income statement by segment | Income statement by segment for the year ended December 31, 2019 Schedule of income statement by segment € in thousand Commercialized products COVID Vaccine candidates Technologies and services Corporate Overhead Total Product sales 129,511 — — — — 129,511 Other Revenues 163 — (10,516 ) 7,038 — (3,315 ) Revenues 129,674 — (10,516 ) 7,038 — 126,196 Cost of goods and services (47,789 ) — (1 ) (4,991 ) — (52,781 ) Research and development expenses (3,928 ) — (32,864 ) (1,229 ) — (38,022 ) Marketing and distribution expenses (22,930 ) — (895 ) (261 ) — (24,145 ) General and administrative expenses (10,161 ) — (7,124 ) (795 ) (318 ) (18,398 ) Other income and expenses, net 7 — 7,709 484 (1,861 ) 6,338 Operating profit/(loss) 44,873 — (43,691 ) (245 ) (2,238 ) (811 ) Income statement by segment for the year ended December 31, 2020 € in thousand Commercialized products COVID Vaccine candidates Technologies and services Corporate Overhead Total Product sales 65,938 — — — — 65,938 Other Revenues 1 — 31,604 12,779 — 44,383 Revenues 65,939 — 31,604 12,779 — 110,321 Cost of goods and services (41,830 ) — (3,305 ) (9,167 ) — (54,302 ) Research and development expenses (2,711 ) (18,962 ) (62,140 ) (640 ) — (84,454 ) Marketing and distribution expenses (17,554 ) — (638 ) (72 ) — (18,264 ) General and administrative expenses (13,412 ) (2,374 ) (7,781 ) (2,274 ) (1,697 ) (27,539 ) Other income and expenses, net 1,101 1,578 14,073 117 2,248 19,117 Operating profit/(loss) (8,466 ) (19,759 ) (28,189 ) 743 551 (55,120 ) Income statement by segment for the year ended December 31, 2021 € in thousand Commercialized products COVID Vaccine candidates Technologies and services Corporate Overhead Total Product sales 62,984 — — — — 62,984 Other Revenues 18 253,314 3,257 28,512 — 285,101 Revenues 63,002 253,314 3,257 28,512 — 348,086 Cost of goods and services (40,017 ) (122,843 ) — (25,061 ) — (187,920 ) Research and development expenses (2,094 ) (113,907 ) (53,181 ) (4,101 ) — (173,283 ) Marketing and distribution expenses (18,455 ) (1,182 ) (3,811 ) (194 ) — (23,642 ) General and administrative expenses (6,102 ) (23,003 ) (8,323 ) (5,495 ) (4,684 ) (47,606 ) Other income and expenses, net 2,196 11,546 7,033 2,458 (257 ) 22,976 Operating profit/(loss) (1,469 ) 3,927 (55,025 ) (3,881 ) (4,941 ) (61,390 ) |
Product sales per geographical segment | Product sales per geographical segment € in thousand Year ended December 31, 2021 2020 2019 United States 40,339 36,414 63,700 Canada 4,226 8,965 24,396 Austria 9,341 3,333 2,668 United Kingdom 2,707 1,847 8,594 Nordics 2,436 2,866 11,027 Germany 726 7,060 10,345 Other Europe 3,075 2,068 4,961 Rest of World 134 3,384 3,819 Product sales 62,984 65,938 129,511 |
Non-current operating assets per geographical segment | Non-current operating assets per geographical segment € in thousand As at December 31, 2021 2020 United States 66 93 Canada 239 98 Austria 61,237 58,896 Nordics 53,020 27,540 United Kingdom 87,387 21,977 Other Europe 4,582 4,958 Non-current assets 206,531 113,562 |
Revenues from contracts with _2
Revenues from contracts with customers (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Revenues From Contracts With Customers | |
Schedule of disaggregated revenue information | Revenues as presented in the Consolidated Income Statement and in the Segment Reporting (see Note 5.4) include both revenues from contracts with customers and other revenues (mainly subleases), which are out of scope from IFRS 15: Schedule of disaggregated revenue information Year ended December 31, 2019 Commercialized products COVID Vaccine candidates Technologies and services Total Revenues from contracts with customers 129,674 — (10,516 ) 5,768 124,926 Other revenues — — — 1,270 1,270 Revenues 129,674 — (10,516 ) 7,038 126,196 Year ended December 31, 2020 Commercialized products COVID Vaccine candidates Technologies and services Total Revenues from contracts with customers 65,939 — 31,604 11,814 109,357 Other revenues — — — 965 965 Revenues 65,939 — 31,604 12,779 110,321 Year ended December 31, 2021 Commercialized products COVID Vaccine candidates Technologies and services Total Revenues from contracts with customers 63,002 253,314 3,257 27,613 347,186 Other revenues — — — 899 899 Revenues 63,002 253,314 3,257 28,512 348,086 |
Schedule of recognition of negative revenues | Valneva’s total revenues for 2019 include a negative revenue of € 10.7 million Schedule of recognition of negative revenues € in thousand 2019 Settlement fee (fixed) (9,000 ) Settlement fee (variable; excluding financing component) (5,987 ) Release of SAA related contract liabilities 4,274 Net effect of SAA termination (10,714 ) |
Schedule of type of goods or service | Type of goods or service Schedule of type of goods or service Year ended December 31, 2019 Commercialized products COVID Vaccine candidates Technologies and services Total IXIARO 94,307 — — — 94,307 DUKORAL 31,471 — — — 31,471 Third party products 3,896 — — — 3,896 Others — — (10,516 ) 5,768 (4,748 ) Revenues from contracts with customers 129,674 — (10,516 ) 5,768 124,926 Year ended December 31, 2020 Commercialized products COVID Vaccine candidates Technologies and services Total IXIARO 48,480 — — — 48,480 DUKORAL 13,300 — — — 13,300 Third party products 4,158 — — — 4,158 Lyme VLA15 — — 31,604 — 31,604 Services related to clinical trial material — — — 7,997 7,997 Others — — — 3,817 3,817 Revenues from contracts with customers 65,939 — 31,604 11,814 109,357 Year ended December 31, 2021 Commercialized products COVID Vaccine candidates Technologies and services Total IXIARO 45,118 — — — 45,118 DUKORAL 2,444 — — — 2,444 Third party products 15,440 — — — 15,440 COVID VLA2001 — 253,314 — — 253,314 Chikungunya VLA1553 — — 3,257 — 3,257 Lyme VLA15 — — — 14,265 14,265 Services related to clinical trial material — — — 10,001 10,001 Others — — — 3,346 3,346 Revenues from contracts with customers 63,002 253,314 3,257 27,613 347,186 |
Schedule of geographical markets | Geographical markets Schedule of geographical markets Year ended December 31, 2019 Commercialized products COVID Vaccine candidates Technologies and services Total United States 63,700 — 162 130 63,992 Canada 24,396 — — — 24,396 Austria 2,668 — — 4,136 6,803 United Kingdom 8,596 — — 15 8,610 Nordics 11,027 — — 5 11,032 Germany 10,345 — — 150 10,495 Other Europe 4,961 — (10,678 ) 440 (5,277 ) Other markets 3,980 — — 893 4,873 Revenues from contracts with customers 129,674 — (10,516 ) 5,768 124,926 Year ended December 31, 2020 Commercialized products COVID Vaccine candidates Technologies and services Total United States 36,414 — 31,604 341 68,359 Canada 8,965 — — — 8,965 Austria 3,333 — — 6,928 10,261 United Kingdom 1,848 — — 1,038 2,886 Nordics 2,866 — — 5 2,871 Germany 7,060 — — 200 7,260 Other Europe 2,068 — — 2,373 4,441 Other markets 3,384 — — 930 4,314 Revenues from contracts with customers 65,939 — 31,604 11,814 109,357 Year ended December 31, 2021 Commercialized products COVID Vaccine candidates Technologies and services Total United States 40,339 — — 14,452 54,791 Canada 4,226 — — — 4,226 Austria 9,341 — — 8,376 17,718 United Kingdom 2,721 253,314 — 40 256,075 Nordics 2,440 — — — 2,440 Germany 726 — — 240 966 Other Europe 3,075 — — 3,210 6,286 Other markets 134 — 3,257 1,294 4,684 Revenues from contracts with customers 63,002 253,314 3,257 27,613 347,186 |
Schedule of commercialized products | Commercialized products are sold via the following sales channels: Schedule of commercialized products Year ended December 31, € in thousand 2021 2020 2019 Direct product sales 60,325 54,160 110,386 Indirect product sales (Sales through distributors) 2,678 11,778 19,125 Total product sales 63,002 65,939 129,511 |
Expenses by nature (Tables)
Expenses by nature (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Expenses By Nature | |
Schedule of cost of goods and services, research and development expenses, marketing and distribution expenses and general and administrative expenses | The consolidated income statement line items cost of goods and services, research and development expenses, marketing and distribution expenses and general and administrative expenses include the following items by nature of cost: Schedule of cost of goods and services, research and development expenses, marketing and distribution expenses and general and administrative expenses Year ended December 31, € in thousand Notes 2021 2020 2019 Consulting and other purchased services 169,158 65,212 29,840 Cost of services and change in inventory 105,648 10,778 5,320 Employee benefit expense other than share-based compensation 5.7 85,334 58,264 46,219 Share-based compensation expense 5.7 14,678 6,328 2,552 Raw materials and consumables used 14,676 12,434 9,844 Depreciation and amortization and impairment 5.12/5.13/ 5.14 14,281 9,939 8,607 Building and energy costs 10,960 8,140 6,995 Supply, office and IT costs 7,409 3,333 3,281 License fees and royalties 4,865 4,384 7,553 Advertising costs 2,176 2,496 6,801 Warehousing and distribution costs 1,419 1,898 3,013 Travel and transportation costs 538 529 1,921 Other expenses 1,309 822 1,399 Operating expenses 432,452 184,558 133,345 |
Principal Accountant Fees and Services: | Principal Accountant Fees and Services: € in thousand Year ended December 31, PricewaterhouseCoopers Deloitte & Associés 2021 % 2020 % 2021 % 2020 % Audit fees 1,122 91% 607 78% 1,114 93% 589 77% provided by the statutory auditor 937 — 517 — 939 — 492 — provided by the statutory auditor's network 185 — 90 — 174 — 97 — Audit-related Fees 90 7% 170 22% 85 7% 173 23% provided by the statutory auditor 85 — 145 — 85 — 155 — provided by the statutory auditor's network 5 — 25 — 0 — 18 — Tax Fees 25 2% 0 — 0 — 0 — provided by the statutory auditor's network 25 — 0 — 0 — 0 — All other Fees 0 — 0 — 0 — 0 — Total 1,238 100% 777 100% 1,199 100% 762 100% |
Employee benefit expense (Table
Employee benefit expense (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Employee Benefit Expense | |
Employee benefit expenses include the following: | Employee benefit expenses include the following: € in thousand Year ended December 31, 2021 2020 2019 Salaries 47,717 38,515 34,128 Social security contributions 35,923 18,555 10,621 Share-based compensation expense 14,678 6,328 2,552 Training and education 603 351 672 Other employee benefits 1,091 842 798 Total Employee benefit expense 100,012 64,592 48,771 |
Other income _ (expenses), net
Other income / (expenses), net (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Other Income Expenses Net | |
Other income and expenses, net include the following | Other income and expenses, net include the following : € in thousand Year ended December 31, 2021 2020 2019 Research and development tax credit 21,949 9,937 6,314 Grant income 1,684 7,680 1,886 Profit/(loss) on disposal of fixed assets and intangible assets, net (42 ) (10 ) (92 ) Profit/(loss) from revaluation of lease agreements — 1,584 — Taxes, duties, fees, charges, other than income tax (212 ) (168 ) (146 ) Miscellaneous income/(expenses), net (403 ) 95 (1,623 ) Other income and expenses, net 22,976 19,117 6,338 |
Finance income _ (expenses), _2
Finance income / (expenses), net (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Finance Income Expenses Net | |
Interest income is recognized on a time-proportion basis using the effective interest method. | Interest income is recognized on a time-proportion basis using the effective interest method. € in thousand Year ended December 31, 2021 2020 2019 Finance income Interest income from other parties 249 119 199 Fair value gains on derivative financial instruments — 397 — Foreign exchange gains, net 8,130 173 1,250 Total finance income 8,379 689 1,449 Finance expenses Interest expense on loans (7,273 ) (6,162 ) (1,588 ) Interest expense on refund liabilities (8,478 ) (3,640 ) (89 ) Interest expenses on lease liabilities (903 ) (907 ) (926 ) Other interest expense (309 ) (30 ) (30 ) Fair value losses on derivative financial instruments — — (449 ) Total finance expenses (16,964 ) (10,738 ) (3,082 ) Finance income/(expenses), net (8,584 ) (10,049 ) (1,633 ) |
Income tax income _ (expense) (
Income tax income / (expense) (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Income | |
Income tax income/(expense) is comprised of current and deferred tax. | Income tax income/(expense) is comprised of current and deferred tax. € in thousand Year ended December 31, 2021 2020 2019 Current tax Current income tax charge (32 ) (69 ) (2,849 ) Adjustments in respect of current income tax of previous year (19 ) 109 (258 ) Deferred tax Relating to origination and reversal of temporary differences (3,395 ) 869 2,233 Income tax income/(expense) (3,446 ) 909 (874 ) |
The tax on the Group’s loss before tax differs from the theoretical amount that would arise using the weighted average tax rate applicable to profits of the consolidated companies as follows: | The tax on the Group’s loss before tax differs from the theoretical amount that would arise using the weighted average tax rate applicable to profits of the consolidated companies as follows: € in thousand Year ended December 31, 2021 2020 2019 Loss before tax (69,979 ) (65,302 ) (870 ) Tax calculated at domestic tax rates applicable to profits in the respective countries 18,824 16,675 1,431 Income not subject to tax (mainly R&D tax credit) 10,739 2,612 1,727 Expenses not deductible for tax purposes (2,509 ) (1,789 ) (169 ) Deferred tax asset not recognized (26,902 ) (15,852 ) (7,405 ) Utilization of previously unrecognized tax losses — — 5,480 Income tax credit (459 ) 109 105 Effect of change in applicable tax rate (3,291 ) (771 ) (1,708 ) Exchange differences 296 (105 ) 62 Income tax of prior years (64 ) 170 (256 ) Minimum income tax (80 ) (141 ) (142 ) Income tax income/(expense) (3,446 ) 909 (874 ) Effective income tax rate — — — |
The gross movement on the deferred income tax account was as follows: | The gross movement on the deferred income tax account was as follows: € in thousand 2021 2020 2019 Beginning of year 5,158 4,988 2,689 Exchange differences (529 ) (699 ) 66 Income statement charge / (credit) (3,395 ) 869 2,233 End of year 2,292 5,158 4,988 |
The deferred tax assets and liabilities are allocable to the various balance sheet items as follows: | The deferred tax assets and liabilities are allocable to the various balance sheet items as follows: € in thousand As at December 31, 2021 2020 Deferred tax asset from Tax losses carried forward 156,470 131,633 Fixed assets 2,007 2,033 Inventory 1,837 4,108 Borrowings and accrued interest 1,284 1,161 Provision 1,611 1,564 Other items 2,891 2,019 Non-recognition of deferred tax assets (153,836 ) (126,283 ) Total deferred tax assets 12,264 16,235 Deferred tax liability from Fixed assets (2,359 ) (1,187 ) Intangible assets (6,855 ) (7,480 ) Other items (758 ) (2,410 ) Total deferred tax liability (9,972 ) (11,077 ) Deferred tax, net 2,292 5,158 |
Earnings (Losses) per share (Ta
Earnings (Losses) per share (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Earnings Losses Per Share | |
Schedule of earning per share Basic | Schedule of earning per share Basic Year ended December 31, 2021 2020 2019 Net profit (loss) from continuing operations attributable to equity holders of the Company (€ in thousand) (73,425 ) (64,393 ) (1,744 ) Weighted average number of outstanding shares 97,619,320 90,757,173 91,744,268 Basic earnings (losses) from continuing operations per share (€ per share) (0.75 ) (0.71 ) (0.02 ) |
Schedule of earning per share Diluted | Schedule of earning per share Diluted Year ended December 31, 2021 2020 2019 Profit used to determine diluted earnings per share (€ in thousand) (73,425 ) (64,393 ) (1,744 ) Weighted average number of outstanding shares for diluted earnings (losses) per share 3 97,619,320 90,757,173 91,744,268 Diluted earnings/(losses) from continuing operations per share (€ per share) (0.75) (0.71) (0.02) |
Intangible assets (Tables)
Intangible assets (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Intangible Assets | |
Schedule of intangible assets | Schedule of intangible assets € in thousand Software Acquired R&D technology and projects Development costs Intangible assets in the course Total Year ended December 31, 2020 Opening net book value 1,629 38,183 1,953 48 41,813 Additions 48 401 — 86 535 Amortization charge (569) (2,723) (194) — (3,486) Disposals — (3,329) (5) — (3,333) Exchange rate differences 3 (108) (16) 3 (119) Closing net book value 1,112 32,423 1,737 137 35,409 As at December 31, 2020 Cost 5,589 80,183 9,851 137 95,759 Accumulated amortization and impairment (4,477) (47,759) (8,113) — (60,350) Closing net book value 1,112 32,423 1,737 137 35,409 € in thousand Software Acquired R&D technology Development costs Intangible assets in the course Total Year ended December 31, 2021 Opening net book value 1,112 32,423 1,737 137 35,409 Additions 802 140 — — 942 Amortization charge (719 ) (2,919 ) (178 ) — (3,816 ) Disposals — — — — — Exchange rate differences 22 123 21 (2 ) 165 Closing net book value 1,217 29,768 1,581 134 32,700 As at December 31, 2021 Cost 6,254 80,724 9,895 134 97,007 Accumulated amortization and impairment (5,037 ) (50,956 ) (8,314 ) — (64,307 ) Closing net book value 1,217 29,768 1,581 134 32,700 |
Leases (right of use assets a_2
Leases (right of use assets and lease liabilities) (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Leases | |
Schedule of right of use assets and lease liabilities | Schedule of right of use assets and lease liabilities Right-of-use assets Lease liabilities € in thousand Land, buildings and leasehold improvements Manufacturing and laboratory equipment Furniture, fittings and other Total assets Total Lease liabilities Year ended December 31, 2020 Opening net book value 49,039 58 236 49,334 58,901 Additions 117 — 151 267 267 Amortization (2,309 ) (22 ) (141 ) (2,471 ) — Revaluation due to variable payments (4,507 ) — 2 (4,505 ) (6,096 ) Termination of contracts — — (33 ) (33 ) (26 ) Lease payments — — — — (2,910 ) Interest expenses — — — — 800 Exchange rate differences 782 — 1 782 1,152 Closing net book value 43,121 37 216 43,374 52,088 Right-of-use assets Lease liabilities € in thousand Land, buildings and leasehold improvements Manufacturing and laboratory equipment Furniture, fittings and other Total assets Total Lease liabilities Year ended December 31, 2021 Opening net book value 43,121 37 216 43,374 52,088 Additions 7,642 — 231 7,874 7,873 Amortization (2,628 ) (22 ) (135 ) (2,784 ) — Revaluation 199 — 3 202 202 Termination of contracts — — (41 ) (41 ) (44 ) Lease payments — — — — (3,601 ) Interest expenses — — — — 802 Exchange rate differences (341 ) — 3 (339 ) (496 ) Closing net book value 47,993 15 278 48,285 56,822 |
Schedule of other amounts recognized in the consolidated income statements | Schedule of other amounts recognized in the consolidated income statements € in thousand Year ended December 31, 2021 2020 2019 Expense relating to short-term leases (included in other income and expenses) 340 96 146 Expense relating to leases of low-value assets that are not shown above as short-term leases (included in other income and expenses) 21 — 3 Income relating to revaluation of lease liabilities (included in other income and expenses) 42 1,591 — Expenses relating to termination of lease contracts (included in other income and expenses) (38 ) (7 ) — |
Property, plant and equipment (
Property, plant and equipment (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Property, plant and equipment [abstract] | |
Schedule of property, plant and equipment | Gains and losses on disposals are determined by comparing proceeds with the carrying amount. These gains and losses are included in the income statement “other income and expenses, net” (see Note 5.8). Schedule of property, plant and equipment € in thousand Land, buildings and leasehold improvements Manufacturing and laboratory equipment Computer hardware Furniture, fittings and other Assets in the course Total Year ended December 31, 2020 Opening net book value 9,248 5,944 707 313 3,791 20,003 Additions 2,578 8,553 241 30 7,535 18,936 Depreciation charge (1,087 ) (2,471 ) (211 ) (73 ) — (3,842 ) Impairment charge — — — — (140 ) (140 ) Disposals — (2 ) (1 ) (3 ) — (6 ) Exchange rate differences (87 ) 16 (10 ) (9 ) (82 ) (172 ) Closing net book value 10,651 12,041 726 257 11,105 34,779 December 31, 2020 Cost 24,062 28,743 2,573 1,453 11,105 67,935 Accumulated depreciation and impairment (13,411 ) (16,702 ) (1,847 ) (1,196 ) — (33,156 ) Closing net book value 10,651 12,041 726 257 11,105 34,779 € in thousand Land, buildings and leasehold improvements Manufacturing and laboratory equipment Computer hardware Furniture, fittings and other Assets in the course Total Year ended December 31, 2021 Opening net book value 10,651 12,041 726 257 11,105 34,779 Additions 664 14,360 912 16 79,897 95,848 Depreciation charge (1,160 ) (6,129 ) (333 ) (59 ) — (7,681 ) Impairment charge — — — — — — Disposals — (19 ) (2 ) (21 ) (4 ) (46 ) Exchange rate differences 129 813 32 9 1,662 2,645 Closing net book value 10,284 21,066 1,335 202 92,659 125,545 December 31, 2021 Cost 25,554 44,127 3,204 1,454 92,659 166,999 Accumulated depreciation and impairment (15,269 ) (23,062 ) (1,870 ) (1,252 ) — (41,453 ) Closing net book value 10,284 21,066 1,335 202 92,659 125,545 |
Investments in associates (Tabl
Investments in associates (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Investments In Associates | |
Details of the Group’s material associate are as follows: | Details of the Group’s material associate are as follows: Name of associate Place of business Measurement method % of ownership interest 2021 2020 BliNK Biomedical SAS FR Equity method 48.9 % 48.9 % |
Schedule of summarized financial information | Schedule of summarized financial information € in thousand As at December 31, 2021 2020 BliNK Biomedical SAS Non-current assets 2 3 Current assets 4,782 4,759 Non-current liabilities 209 209 Current liabilities 93 38 Revenue 810 836 Loss from continuing operations (16 ) (272 ) Total comprehensive income (16 ) (272 ) |
Schedule of reconciliation the carrying amount | Schedule of reconciliation the carrying amount € in thousand As at December 31, 2021 2020 Net assets of associate 4,344 4,355 Proportion of the Company’s ownership interest in BliNK Biomedical SAS 48.9 % 48.9 % Balance 2,121 2,130 |
Impairment testing (Tables)
Impairment testing (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Impairment Testing | |
Schedule of impairment test | Schedule of impairment test Year ended December 31, € in thousand 2021 2020 % 2021 vs 2020 Product Sales IXIARO 45,118 48,480 (6.9 %) DUKORAL 2,440 13,300 (81.7 %) |
Schedule of sensitivity analysis | Schedule of sensitivity analysis Sensitivity analysis 2021 2020 IXIARO DUKORAL COVID IXARO DUKORAL WACC 7.49 % 7.23 % 7.77 % 7.55 % 7.30 % Break-even WACC 53.11 % 13.10 % 75.34 % 54.44 % 10.58 % Impairment if WACC increases by 1% NO NO NO NO NO Impairment if sales reduce by 10% NO NO NO NO NO |
Financial instruments (Tables)
Financial instruments (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Financial Instruments | |
Financial instruments by category | 5.17.1 Financial instruments by category As at December 31, 2020 Assets at fair value through profit and loss Assets at amortized cost Total Assets as per balance sheet Trade receivables — 19,232 19,232 Other assets 4 — 11,918 11,918 Cash and cash equivalents — 204,435 204,435 Assets — 235,584 235,584 Liabilities at fair value through profit and loss Liabilities at amortized cost Total Liabilities as per balance sheet Borrowings — 53,363 53,363 Trade payables and accruals — 36,212 36,212 Tax and employee-related liabilities 5 — 8,300 8,300 Lease liabilities — 52,088 52,088 Refund liabilities — 111,426 111,426 Other liabilities 6 — 51 51 Liabilities — 261,439 261,439 As at December 31, 2021 Assets at fair value through profit and loss Assets at amortized cost Total Assets as per balance sheet Trade receivables — 44,013 44,013 Other assets 4 — 11,522 11,522 Cash and cash equivalents — 346,686 346,686 Assets — 402,221 402,221 Liabilities at fair value through profit and loss Liabilities at amortized cost Total Liabilities as per balance sheet Borrowings — 57,834 57,834 Trade payables and accruals — 68,119 68,119 Tax and employee-related liabilities 5 — 10,101 10,101 Lease liabilities — 56,822 56,822 Refund liabilities — 254,582 254,582 Other liabilities 6 — 44 44 Liabilities — 447,502 447,502 4 Prepayments and tax receivables and other non-financial assets are excluded from the other assets balance, as this analysis is required only for financial instruments. 5 Social security and other tax payables are excluded from the tax and employee-related liabilities balance, as this analysis is required only for financial instruments. 6 Deferred income is excluded from the other liabilities balance, as this analysis is required only for financial instruments. |
Credit quality of financial assets | 5.17.3 Credit quality of financial assets The credit quality of financial assets that are not impaired can be assessed by reference to external credit ratings (if available) or to historical information about counterparty default rates as follows: € in thousand As at December 31, 2021 2020 Trade receivables Receivables from governmental institutions (AAA-country) 289 36 Receivables from governmental institutions (AA-country) 23,086 15,595 Receivables from governmental institutions (A-country) 606 — AA 2 188 A 3,442 787 Counterparties without external credit rating or rating below A 16,589 2,631 Trade receivables 44,013 19,237 Other assets A 11,296 11,644 Assets from governmental institutions (AA-country) 199 — Counterparties without external credit rating or rating below A 27 336 Other assets 11,522 11,979 Cash and cash equivalents AA 3,457 3,984 A 332,361 149,477 Counterparties without external credit rating or rating below A 10,868 50,973 Cash and cash equivalents 346,686 204,435 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Schedule Of Inventories | |
Schedule of Inventories | Schedule of Inventories € in thousand As at December 31, 2021 2020 Raw materials 102,082 4,790 Work in progress 55,681 14,914 Finished goods 8,135 13,625 Purchased goods (third party products) 7,362 1,303 Gross amount of inventories before write-down 173,260 34,631 Less: write-down provision (49,162 ) (7,698 ) Inventories 124,098 26,933 |
Write-down provisions related to the inventory categories as follows: | Write-down provisions related to the inventory categories as follows: € in thousand As at December 31, 2021 2020 Raw materials 29,751 470 Work in progress 15,096 2,730 Finished goods 3,974 4,435 Purchased goods (third party products) 342 63 Total Write-down provision 49,162 7,698 |
Trade receivables (Tables)
Trade receivables (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Trade Receivables | |
Trade receivables include the following: | Trade receivables include the following: € in thousand As at December 31, 2021 2020 Trade receivables 44,030 19,237 Less: loss allowance of receivables (17 ) (6 ) Trade receivables, net 44,013 19,232 |
Other assets (Tables)
Other assets (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Other Assets | |
Other assets include the following: | Other assets include the following: € in thousand As at December 31, 2021 2020 R&D tax credit receivables 35,390 19,637 Advance payments 27,375 33,671 Tax receivables 6,145 5,468 Prepaid expenses 5,131 2,544 Contract costs 3,010 2,846 Consumables and supplies on stock 1,722 1,061 Miscellaneous current assets 23 158 Other non-financial assets 78,796 65,385 Deposits 11,339 11,358 Miscellaneous financial assets 183 560 Other financial assets 11,522 11,918 Other assets 90,318 77,303 Less non-current portion (19,282 ) (19,476 ) Current portion 71,036 57,828 |
Cash and cash equivalents (Tabl
Cash and cash equivalents (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Cash and cash equivalents [abstract] | |
Cash and cash equivalents | Cash and cash equivalents € in thousand As at December 31, 2021 2020 Cash in hand 3 2 Cash at bank 346,639 173,107 Short-term bank deposits (maximum maturity of 3 months) — 31,285 Restricted cash 44 41 Cash and cash equivalents 346,686 204,435 |
Equity (Tables)
Equity (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
EQUITY | |
The ordinary shares and convertible preferred shares are classified as equity. | The ordinary shares and convertible preferred shares are classified as equity. Number of shares As at December 31, 2021 2020 Ordinary shares issued (€ 0.15 105,190,223 90,950,048 Convertible preferred shares registered 48,862 20,514 Total shares issued 105,239,085 90,970,562 Less Treasury shares (124,322 ) (146,322 ) Outstanding shares 105,114,763 90,824,240 |
Schedule of other reserves | Schedule of other reserves 5.22.1 € in thousand Other regulated reserves Other comprehensive income Treasury shares Capital from Share-based compensation Other revenue reserves Total Balance as at January 1, 2020 52,820 (4,836 ) (1,112 ) 8,357 (9,474 ) 45,756 Currency translation differences — 2,438 — — — 2,438 Defined benefit plan actuarial losses — (78 ) — — — (78 ) Share-based compensation expense: - value of services — — — 4,012 — 4,012 Purchase/sale of treasury shares — — 215 — — 215 Balance as at December 31, 2020 52,820 (2,474 ) (898 ) 12,368 (9,474 ) 52,342 € in thousand Other regulated reserves Other comprehensive income Treasury shares Capital from Share-based compensation Other revenue reserves Total Balance as at January 1, 2021 52,820 (2,474 ) (898 ) 12,368 (9,474 ) 52,342 Currency translation differences — (2,877 ) — — — (2,877 ) Defined benefit plan actuarial gains — 205 — — — 205 Share-based compensation expense: - value of services — — — 2,632 — 2,632 Purchase/sale of treasury shares — — 253 (43 ) 209 Balance as at December 31, 2021 52,820 (5,146 ) (645 ) 15,000 (9,517 ) 52,512 |
Share-based compensation (Table
Share-based compensation (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Share-based Compensation | |
The profit and loss statement includes the following expenses arising from share-based payments: | The Company operates various share-based compensation plans, both equity-settled and cash-settled plans. The profit and loss statement includes the following expenses arising from share-based payments: € in thousand Year ended December 31, 2021 2020 2019 Stock option plans 646 1,182 1,177 Free convertible preferred share plans 652 1,266 1,198 Free ordinary shares program 1,334 1,563 130 Equity warrants — — — Phantom shares 11,877 2,317 74 Share-based compensation expense 14,509 6,328 2,578 |
Changes in the number of stock options outstanding and their related weighted average exercise prices are as follows | Changes in the number of stock options outstanding and their related weighted average exercise prices are as follows 2021 2020 Number of options Number of shares available Average exercise price in € per share Number of Number of shares available Average exercise price in € per share Outstanding as at January 1 4,911,410 4,975,831 3.06 5,247,110 5,313,098 3.06 Granted — — — — — — Forfeited (187,950 ) (189,168 ) 3.07 (335,700 ) (337,267 ) 3.06 Exercised (790,075 ) (790,075 ) 2.79 — — — Outstanding at year end 3,933,385 3,996,588 3.11 4,911,410 4,975,831 3.06 Exercisable at year end 3,203,817 3,267,020 2,855,570 2,919,991 |
Stock options outstanding at the end of the period have the following expiry dates and exercise prices: | Stock options outstanding at the end of the period have the following expiry dates and exercise prices: Exercise price Number of options as at December 31, Expiry date in € per share 2021 2020 2023 2.919 696,903 645,900 2025 3.92 522,500 533,000 2026 2.71 36,200 399,250 2027 2.85 552,725 998,000 2029 3.05 2,188,260 2,335,260 Outstanding at year end 3,996,588 4,911,410 |
In 2019, the number of free ordinary shares granted was as follows | In 2019, the number of free ordinary shares granted was as follows : Number of free ordinary shares granted Management Board 1,381,947 Other Management Committee members 810,000 Free ordinary shares granted 2,191,947 |
In accordance with the foregoing, changes in the outstanding free ordinary shares are as follows | In accordance with the foregoing, changes in the outstanding free ordinary shares are as follows Number of free shares 2021 2020 Outstanding as at January 1 1,842,404 2,191,947 Forfeited — 349,543 Outstanding at year end — 1,842,404 |
Following the full payment of the amount of personal investment required, the Management Board conditionally granted the program beneficiaries a number of FCPS | Following the full payment of the amount of personal investment required, the Management Board conditionally granted the program beneficiaries a number of FCPS Number of FCPS 2017 granted to the beneficiaries Management Board 24,200 Other Executive Managers 9,817 Free convertible preferred shares granted 34,017 |
Changes in the FCPS are as follows | Changes in the FCPS are as follows Number of shares Number of FCPS 2021 2021 2020 Outstanding as at January 1 32,463 34,017 Granted — — Expired — (1,554 ) Outstanding at year end 32,463 32,463 Exercisable at year end (number of shares) 884,144 |
Phantom shares outstanding at the end of the period have the following expiry dates and exercise prices | Phantom shares outstanding at the end of the period have the following expiry dates and exercise prices Exercise price Number of phantom shares as at December 31, Expiry date in € per share 2021 2020 2023 2.919 4,950 10,450 2025 3.92 6,000 14,000 2026 2.71 — 9,000 2027 2.85 6,250 32,000 2029 3.05 134,250 176,750 2030 — 690,000 690,000 Outstanding at year end 841,450 932,200 |
Schedule of Significant inputs into the models | Schedule of Significant inputs into the models The significant inputs into the models were: As at December 31, 2021 2020 Expected volatility (%) 72.97 43.81 Expected vesting period (term in years) 0.25 4.39 0.25 5.40 Risk-free interest rate (%) ( 0.78 0.64 ( 0.82 0.71 |
Changes in the equity warrants outstanding are as follows | Changes in the equity warrants outstanding are as follows Number of equity warrants 2021 2020 Outstanding as at January 1 43,750 103,875 Granted — — Exercised (21,875 ) (26,750 ) Forfeited — (33,375 ) Outstanding at year end 21,875 43,750 |
Borrowings (Tables)
Borrowings (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Borrowings [abstract] | |
Schedule of borrowings | Borrowings of the Group at year-end include the following: Schedule of borrowings € in thousand As at December 31, 2021 2020 Non-current Other loans 50,726 46,375 Non-current borrowings 50,726 46,375 Current Other loans 7,107 6,988 Current borrowings 7,107 6,988 Total borrowings 57,834 53,363 |
Schedule of maturity of non-current borrowings | The maturity of non-current borrowings is as follows: Schedule of maturity of non-current borrowings € in thousand As at December 31, 2021 2020 Between 1 and 2 years 21,102 5,925 Between 2 and 3 years 15,502 14,270 Between 3 and 4 years 12,306 12,559 Between 4 and 5 years 674 10,524 Over 5 years 1,143 3,097 Non-current borrowings 50,726 46,375 Current borrowings 7,107 6,988 Total borrowings 57,834 53,363 |
Schedule of borrowings are denominated | The carrying amounts of the Group’s borrowings are denominated in the following currencies: Schedule of borrowings are denominated € in thousand As at December 31, 2021 2020 Borrowings denominated in EUR 4,708 5,855 Borrowings denominated in USD 53,126 47,508 Total borrowings 57,834 53,363 |
Schedule of loan | The loan was included in the balance sheet item “Borrowings”. Schedule of loan € in thousand 2021 2020 Balance as at January 1 46,190 — Proceeds of issue — 52,935 Transaction costs — (4,162 ) Accrued interest 6,167 4,538 Payment of interest (6,459 ) (2,698 ) Exchange rate difference 3,774 (4,423 ) Balance as at December 31 49,671 46,190 Less: non-current portion (44,360 ) (41,261 ) Current portion 5,311 4,929 |
Trade payables and accruals (Ta
Trade payables and accruals (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Trade Payables And Accruals | |
Schedule of trade and other payables | Trade payables and accruals include the following: Schedule of trade and other payables € in thousand As at December 31, 2021 2020 Trade payables 16,035 24,898 Accrued expenses 52,084 11,314 Balance as at December 31 68,119 36,212 Less non-current portion — — Current portion 68,119 36,212 |
Tax and employee-related liab_2
Tax and employee-related liabilities (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Tax And Employee-related Liabilities | |
Schedule of tax and employee related liabilities | Schedule of tax and employee related liabilities € in thousand As at December 31, 2021 2020 Employee-related liabilities 10,101 8,300 Social security and other taxes 7,148 4,866 Balance as at December 31 17,249 13,165 Less non-current portion — — Current portion 17,249 13,165 |
Lease liabilities (Tables)
Lease liabilities (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Lease liabilities [abstract] | |
Schedule of present value of lease liabilities | Schedule of present value of lease liabilities € in thousand As at December 31, 2021 2020 Between 1 and 2 years 25,301 2,296 Between 2 and 3 years 2,150 24,434 Between 3 and 4 years 2,214 1,280 Between 4 and 5 years 2,289 1,331 Between 5 and 10 years 10,733 7,384 Between 10 and 15 years 9,114 8,907 Over 15 years 1,886 3,759 Non-current lease liabilities 53,687 49,392 Current lease liabilities 3,135 2,696 Total Lease liabilities 56,822 52,088 |
Schedule of lease liabilities | The carrying amounts of the Group’s lease liabilities are denominated in the following currencies: Schedule of lease liabilities € in thousand As at December 31, 2021 2020 EUR 24,650 25,633 SEK 30,657 26,166 Other 1,515 289 Total lease liabilities 56,822 52,088 |
Contract liabilities (Tables)
Contract liabilities (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Contract liabilities [abstract] | |
Development of contract liabilities is presented in the table below: | Development of contract liabilities is presented in the table below: € in thousand 2021 2020 Balance as at January 1 89,636 1,426 Revenue recognition (89,364 ) (594 ) Exchange rate differences 7 101 Addition 128,479 88,703 Balance as at December 31 128,758 89,636 Less non-current portion (4,741 ) (58 ) Current portion 124,017 89,578 |
Refund liabilities (Tables)
Refund liabilities (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Refund Liabilities | |
Development of refund liabilities: | Development of refund liabilities: € in thousand 2021 2020 Balance as at January 1 111,426 6,553 Additions 159,179 109,296 Payments (18,022 ) (477 ) Other releases (15,198 ) — Interest expense capitalized 8,478 3,640 Exchange rate difference 8,718 (7,586 ) Balance as at December 31 254,581 111,426 Less non-current portion (158,970 ) (97,205 ) Current portion 95,611 14,222 |
Provisions (Tables)
Provisions (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Provisions [abstract] | |
Schedule of provision for employee commitments | Schedule of provision for employee commitments € in thousand As at December 31, 2021 2020 Employer contribution costs on 26,520 7,351 Phantom shares 14,267 2,390 Retirement termination benefits 422 550 Leaving indemnities — 112 Balance as at December 31 41,210 10,403 Less non-current portion 8,308 2,358 Current portion 32,901 8,045 |
Assumptions used | Assumptions used As at December 31, 2021 2020 Discount rate 1.00 0.50 Salary increase rate 2.00 2.00 Turnover rate 0 21.35 0 21.35 Social security rate 43.00 47.00 43.00 47.00 Average remaining lifespan of employees (in years) 22 22 |
Present value of obligation development: | Present value of obligation development: € in thousand 2021 2020 Balance as at January 1 550 404 Current service cost 77 68 Actuarial losses/(gains) (205 ) 78 Balance as at December 31 422 550 |
Schedule of other provisions | Schedule of other provisions € in thousand As at December 31, 2021 2020 Non-current - - Current 15,806 2,124 Provisions 15,806 2,124 |
Other liabilities (Tables)
Other liabilities (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Other Liabilities | |
Schedule of other liabilities | Schedule of other liabilities € in thousand As at December 31, 2021 2020 Deferred income 4,966 2,861 Other financial liabilities 44 51 Miscellaneous liabilities 8 2 Other liabilities 5,019 2,913 Less non-current portion (69 ) (72 ) Current portion 4,950 2,841 |
Cash flow information (Tables)
Cash flow information (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Cash Flow Information | |
The following table shows the adjustments to reconcile net loss to net cash generated from operations: | The following table shows the adjustments to reconcile net loss to net cash generated from operations: € in thousand Note Year ended December 31, 2021 2020 2019 Loss for the year (73,425 ) (64,393 ) (1,744 ) Adjustments for ● Depreciation and amortization 5.12/5.13/5.14 14,281 9,799 8,532 ● Write-off / impairment fixed assets/intangibles 5.12/5.13/5.14 — 140 75 ● Share-based compensation expense 5.23 14,509 6,328 2,552 ● Income tax expense/(income) 5.10 3,446 (909 ) 874 ● Dividends received from associated companies 5.15 — — 433 ● (Profit)/loss from disposal of property, plant, equipment and intangible assets 5.8 46 10 92 ● Share of (profit)/loss from associates 5.15 5 133 (1,574 ) ● Fair value losses on derivative financial instruments — — 178 ● Provision for employer contribution costs on share-based compensation plans 5.30.1 19,079 7,351 — ● Other non-cash (income)/expense (11,604 ) 4,470 (892 ) ● Interest income 5.9 (249 ) (119 ) (199 ) ● Interest expense 5.9 16,964 10,738 2,633 Changes in non-current operating assets and liabilities (excluding the effects of acquisition and exchange rate differences on consolidation): ● Other non-current assets 194 (2,303 ) 79 ● Long term contract liabilities 5.28 4,662 (674 ) (2,321 ) ● Long term refund liabilities 5.29 54,501 90,653 6,016 ● Other non-current liabilities and provisions (3 ) 795 (178 ) Changes in working capital (excluding the effects of acquisition and exchange rate differences on consolidation): ● Inventory (92,373 ) (4,196 ) (2,415 ) ● Trade and other receivables (21,349 ) (24,023 ) (17,278 ) ● Contract liabilities 5.28 34,453 88,801 (989 ) ● Refund liabilities 5.29 80,160 10,614 448 ● Trade and other payables and provisions 35,236 6,544 13,552 Cash generated from operations 78,532 139,759 7,875 |
Schedule of disposal of property, plant, equipment | The following table shows the adjustments to reconcile profit/loss from the disposal of property, plant, equipment and intangible assets to proceeds from the disposal of fixed assets: Schedule of disposal of property, plant, equipment € in thousand Year ended December 31, 2021 2020 2019 Net book value 46 34 92 Loss on disposal of fixed assets (46 ) (10 ) (92 ) Proceeds from disposal of property, plant, equipment and intangible assets — 24 — |
Reconciliation of liabilities arising from financing activities | 5.32.2 Reconciliation of liabilities arising from financing activities The table below details changes in the Group’s liabilities arising from financing activities, including both cash and non-cash changes. Liabilities arising from financing activities are those for which cash flows were (or future cash flows will be) classified in the Group’s consolidated statement of cash flows as cash flows from financing activities. For development of lease liabilities see Note 5.13. € in thousand Bank borrowings Other loans Total Balance as at January 1, 2020 19,759 6,557 26,316 Repayments (20,000 ) (1,995 ) (21,995 ) Additions, net of transaction costs — 50,266 50,266 Foreign exchange movements — (4,556 ) (4,556 ) Other changes 8 241 3,090 3,331 Balance as at December 31, 2020 — 53,363 53,363 Balance as at January 1, 2021 — 53,363 53,363 Repayments — (1,956 ) (1,956 ) Additions, net of transaction costs — 859 859 Foreign exchange movements — 3,998 3,998 Other changes 8 — 1,570 1,570 Balance as at December 31, 2021 — 57,834 57,834 8 Other changes include interest accruals and payments. |
Commitments and contingencies (
Commitments and contingencies (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Commitments And Contingencies | |
Schedule of other commitments relate to minimum payments | The other commitments relate to minimum payments consist of: Schedule of other commitments relate to minimum payments € in thousand As at December 31, 2021 2020 Loans and grants 143 1,454 Royalties 8,941 9,393 Other commitments 9,084 10,846 |
Schedule of pledges | The pledges consist of: Schedule of pledges € in thousand As at December 31, 2021 2020 Pledges on consolidated investments 19,901 19,474 Pledges on bank accounts 292,257 150,642 Pledges on receivable 344,519 160,511 Guarantees and pledges 656,677 330,626 |
Related-party transactions (Tab
Related-party transactions (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Related party transactions [abstract] | |
Schedule of rendering of services | Services provided by Valneva to Groupe Grimaud La Corbière SAS, being shareholder of Valneva are considered related party transactions and consist of services within a Collaboration and Research License agreement and of the provision of premises and equipment. Schedule of rendering of services € in thousand Year ended December 31, 2021 2020 2019 Provision of services: Operating activities 231 187 236 Provision of services 231 187 236 |
Schedule of key management compensation | The aggregate compensation of the members of the Company’s Management Board included the following: Schedule of key management compensation € in thousand Year ended December 31, 2021 2020 2019 Salaries and other short-term employee benefits 9 1,930 2,950 2,449 Other long-term benefits 24 18 15 Share-based payments (expense of the year) 856 1,786 1,174 Key management compensation 2,809 4,755 3,638 |
List of direct or indirect inte
List of direct or indirect interests held by the Company: (Details) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | ||
BliNK Biomedical SAS [member] | |||
IfrsStatementLineItems [Line Items] | |||
Country of incorporation | [1] | FR | |
Consolidation method | [1] | Equity method | |
Interest held | [1] | 48.90% | 48.90% |
Vaccines Holdings Sweden AB [member] | |||
IfrsStatementLineItems [Line Items] | |||
Country of incorporation | SE | ||
Consolidation method | Consolidation | ||
Interest held | 100.00% | 100.00% | |
Valneva Austria GmbH [member] | |||
IfrsStatementLineItems [Line Items] | |||
Country of incorporation | AT | ||
Consolidation method | Consolidation | ||
Interest held | 100.00% | 100.00% | |
Valneva Canada Inc. [member] | |||
IfrsStatementLineItems [Line Items] | |||
Country of incorporation | CA | ||
Consolidation method | Consolidation | ||
Interest held | 100.00% | 100.00% | |
Valneva France SAS [member] | |||
IfrsStatementLineItems [Line Items] | |||
Country of incorporation | FR | ||
Consolidation method | Consolidation | ||
Interest held | 100.00% | 100.00% | |
Valneva Scotland Ltd. [member] | |||
IfrsStatementLineItems [Line Items] | |||
Country of incorporation | UK | ||
Consolidation method | Consolidation | ||
Interest held | 100.00% | 100.00% | |
Valneva Sweden AB [member] | |||
IfrsStatementLineItems [Line Items] | |||
Country of incorporation | SE | ||
Consolidation method | Consolidation | ||
Interest held | 100.00% | 100.00% | |
Valneva UK Ltd. [member] | |||
IfrsStatementLineItems [Line Items] | |||
Country of incorporation | UK | ||
Consolidation method | Consolidation | ||
Interest held | 100.00% | 100.00% | |
Valneva USA, Inc. [member] | |||
IfrsStatementLineItems [Line Items] | |||
Country of incorporation | US | ||
Consolidation method | Consolidation | ||
Interest held | 100.00% | 100.00% | |
[1] | see Note 5.15 |
General information and signi_3
General information and significant events of the period (Details Narrative) | Dec. 31, 2021EUR (€)Number | Nov. 30, 2021EUR (€)shares | Sep. 30, 2020USD ($)Number | Apr. 30, 2020EUR (€) | Apr. 30, 2020USD ($) | Apr. 30, 2020EUR (€) | Jan. 31, 2020USD ($) | Jul. 31, 2019USD ($) | Jan. 31, 2019USD ($) | May 31, 2021EUR (€)shares | Jan. 31, 2021Number | Apr. 30, 2020EUR (€) | Apr. 30, 2020USD ($) | Feb. 28, 2020USD ($) | Dec. 31, 2021EUR (€)Number | Dec. 31, 2020EUR (€) | Dec. 31, 2019EUR (€) | Dec. 31, 2021USD ($)Number |
IfrsStatementLineItems [Line Items] | ||||||||||||||||||
Cash and cash equivalents | € 346,686,000 | € 346,686,000 | € 204,435,000 | € 64,439,000 | ||||||||||||||
Revenue from contracts with customers | 347,186,000 | 109,357,000 | 124,926,000 | |||||||||||||||
Inventories write-down | 5,700,000 | |||||||||||||||||
Issuance of new shares | shares | 5,175,000 | 8,145,176 | ||||||||||||||||
Proceeds from issuing shares | € 81,300,000 | € 82,800,000 | ||||||||||||||||
Other revenue | 285,101,000 | 44,383,000 | (3,315,000) | |||||||||||||||
Inventories | 124,098,000 | 124,098,000 | 26,933,000 | |||||||||||||||
Contract Liabilities | 128,758,000 | 128,758,000 | 89,636,000 | 1,426,000 | ||||||||||||||
Revenue from sale of goods | 62,984,000 | 65,938,000 | 129,511,000 | |||||||||||||||
Revenue | 348,086,000 | 110,321,000 | € 126,196,000 | |||||||||||||||
GlaxoSmithKline [member] | ||||||||||||||||||
IfrsStatementLineItems [Line Items] | ||||||||||||||||||
Amount paid to terminate contract | 9,000,000 | |||||||||||||||||
Amount to be paid to terminate contract | 7,000,000 | |||||||||||||||||
Other revenue | (10,700,000) | |||||||||||||||||
Coalition For Epidemic Preparedness Innovations [member] | ||||||||||||||||||
IfrsStatementLineItems [Line Items] | ||||||||||||||||||
Amount to be released under contract | $ | $ 23,400,000 | |||||||||||||||||
Maximum borrowing capacity | $ | $ 85,000,000 | |||||||||||||||||
Dynavax [member] | ||||||||||||||||||
IfrsStatementLineItems [Line Items] | ||||||||||||||||||
Commitments made by entity related party transactions | $ | $ 136,800,000 | |||||||||||||||||
Payments for product | 47,900,000 | € 31,100,000 | ||||||||||||||||
Amount written off | € 40,700,000 | |||||||||||||||||
Other current assets | 7,200,000 | 7,200,000 | ||||||||||||||||
Inventories | 41,900,000 | 41,900,000 | ||||||||||||||||
Pfizer Inc. [member] | ||||||||||||||||||
IfrsStatementLineItems [Line Items] | ||||||||||||||||||
Percentage of development cost to be paid | 30.00% | 30.00% | ||||||||||||||||
Percentage of Royalty | 19.00% | 19.00% | ||||||||||||||||
Contract Liabilities | 79,600,000 | € 81,900,000 | € 81,900,000 | € 81,900,000 | 79,600,000 | |||||||||||||
Other revenue | 31,600,000 | |||||||||||||||||
Cost To Obtain Contract | 3,000,000 | |||||||||||||||||
Bavarian Nordic [member] | ||||||||||||||||||
IfrsStatementLineItems [Line Items] | ||||||||||||||||||
Revenue from sale of goods | 8,200,000 | |||||||||||||||||
Instituto Butantan [member] | ||||||||||||||||||
IfrsStatementLineItems [Line Items] | ||||||||||||||||||
Contract Liabilities | 800,000 | 800,000 | 1,000,000 | |||||||||||||||
Other revenue | 2,100,000 | |||||||||||||||||
IDT Biologika [member] | ||||||||||||||||||
IfrsStatementLineItems [Line Items] | ||||||||||||||||||
Contract Liabilities | 16,400,000 | 16,400,000 | ||||||||||||||||
IXIARO [member] | ||||||||||||||||||
IfrsStatementLineItems [Line Items] | ||||||||||||||||||
Revenue from contracts with customers | 45,100,000 | 48,500,000 | ||||||||||||||||
Decrease in revenue | 3,400,000 | |||||||||||||||||
IXIARO [member] | US Government Department of Defense [member] | ||||||||||||||||||
IfrsStatementLineItems [Line Items] | ||||||||||||||||||
Supply Contract Guaranteed Amount | $ | $ 59,000,000 | |||||||||||||||||
Supply Contract Potential Amount | $ | $ 70,000,000 | |||||||||||||||||
Contract Liabilities | 0 | $ 5,400,000 | ||||||||||||||||
IXIARO [member] | US Government Department of Defense [member] | Base Year [member] | ||||||||||||||||||
IfrsStatementLineItems [Line Items] | ||||||||||||||||||
Revenue from sale of goods | $ | $ 53,000,000 | |||||||||||||||||
Number of doses | Number | 370,000 | |||||||||||||||||
Revenue | $ | $ 135,000,000 | |||||||||||||||||
IXIARO [member] | US Government Department of Defense [member] | First Option Year [member] | ||||||||||||||||||
IfrsStatementLineItems [Line Items] | ||||||||||||||||||
Revenue from sale of goods | $ | $ 28,800,000 | |||||||||||||||||
Number of doses | Number | 200,000 | |||||||||||||||||
IXIARO [member] | US Government Department of Defense [member] | Second Option Year [member] | ||||||||||||||||||
IfrsStatementLineItems [Line Items] | ||||||||||||||||||
Revenue from sale of goods | $ | $ 36,000,000 | |||||||||||||||||
Number of doses | Number | 250,000 | |||||||||||||||||
Revenue | $ | $ 118,000,000 | |||||||||||||||||
DUKORAL [member] | ||||||||||||||||||
IfrsStatementLineItems [Line Items] | ||||||||||||||||||
Revenue from contracts with customers | 2,400,000 | 13,300,000 | ||||||||||||||||
Decrease in revenue | 10,900,000 | |||||||||||||||||
VLA15 [member] | ||||||||||||||||||
IfrsStatementLineItems [Line Items] | ||||||||||||||||||
Upfront Payment | € 116,900,000 | |||||||||||||||||
VLA15 [member] | United States of America, Dollars | ||||||||||||||||||
IfrsStatementLineItems [Line Items] | ||||||||||||||||||
Upfront Payment | $ | $ 130,000,000 | |||||||||||||||||
Other assets [member] | Pfizer Inc. [member] | ||||||||||||||||||
IfrsStatementLineItems [Line Items] | ||||||||||||||||||
Cost To Obtain Contract | € 2,800,000 | |||||||||||||||||
Licensing and Services [member] | Pfizer Inc. [member] | ||||||||||||||||||
IfrsStatementLineItems [Line Items] | ||||||||||||||||||
Other revenue | € 14,300,000 | |||||||||||||||||
European Commission [member] | ||||||||||||||||||
IfrsStatementLineItems [Line Items] | ||||||||||||||||||
Number of VLA2001 Doses under Advance Purchase Agreement | Number | 60,000,000 | |||||||||||||||||
Contract Liabilities | 116,900,000 | € 116,900,000 | ||||||||||||||||
Kingdom of Bahrain [member] | ||||||||||||||||||
IfrsStatementLineItems [Line Items] | ||||||||||||||||||
Number of VLA2001 Doses under Advance Purchase Agreement | Number | 1,000,000 | |||||||||||||||||
Contract Liabilities | € 3,800,000 | € 3,800,000 | ||||||||||||||||
UK Authority [member] | ||||||||||||||||||
IfrsStatementLineItems [Line Items] | ||||||||||||||||||
Number of VLA2001 Doses under Terminated Agreement | Number | 190,000,000 | |||||||||||||||||
Number Of VLA 2001 Doses Ordered | Number | 40,000,000 | |||||||||||||||||
UK Authority Second Half of 2021 [member] | ||||||||||||||||||
IfrsStatementLineItems [Line Items] | ||||||||||||||||||
Number of VLA2001 Doses under Terminated Agreement | Number | 60,000,000 | |||||||||||||||||
UK Authority 2022 [member] | ||||||||||||||||||
IfrsStatementLineItems [Line Items] | ||||||||||||||||||
Number of VLA2001 Doses under Terminated Agreement | Number | 40,000,000 | |||||||||||||||||
UK Authority 2023 to 2025 [member] | ||||||||||||||||||
IfrsStatementLineItems [Line Items] | ||||||||||||||||||
Number of VLA2001 Doses under Terminated Agreement | Number | 90,000,000 | |||||||||||||||||
European Commission 2022 [member] | ||||||||||||||||||
IfrsStatementLineItems [Line Items] | ||||||||||||||||||
Number of VLA2001 Doses under Advance Purchase Agreement | Number | 24,300,000 | |||||||||||||||||
European Commission 2023 [member] | ||||||||||||||||||
IfrsStatementLineItems [Line Items] | ||||||||||||||||||
Number of VLA2001 Doses under Advance Purchase Agreement | Number | 35,700,000 | |||||||||||||||||
Bottom of range [member] | ||||||||||||||||||
IfrsStatementLineItems [Line Items] | ||||||||||||||||||
Number of employees | Number | 750 | 750 | 750 |
New and amended standards adopt
New and amended standards adopted by the Group (Details) | 12 Months Ended |
Dec. 31, 2021 | |
IfrsStatementLineItems [Line Items] | |
Description | (I) COVID-19-Related Rent Concessions |
Insurance contracts deferral [member] | |
IfrsStatementLineItems [Line Items] | |
Standard | Amendments to IFRS 4 |
Description | Insurance Contracts – deferral of IFRS 9 |
Effective date | Jan. 1, 2021 |
Interest rate benchmark reform [member] | |
IfrsStatementLineItems [Line Items] | |
Standard | Amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16 |
Description | Interest Rate Benchmark Reform – Phase 2 |
Effective date | Jan. 1, 2021 |
Amendments to IFRS 16 [member] | |
IfrsStatementLineItems [Line Items] | |
Standard | Amendments to IFRS 16 |
Description | (I) COVID-19-Related Rent Concessions (II) COVID-19-Related Rent Concessions beyond June 30, 2021 |
Effective date | Jan. 1, 2021 |
IAS 38 [member] | |
IfrsStatementLineItems [Line Items] | |
Standard | IAS 38 |
Description | Configuration or Customisation Costs in a Cloud Computing Arrangement (IAS 38 Intangible Assets) |
Effective date | Jan. 1, 2021 |
IAS 19 [member] | |
IfrsStatementLineItems [Line Items] | |
Standard | IAS 19 |
Description | Attributing Benefit to Periods of Service (IAS 19 Employee Benefits) |
Effective date | Jan. 1, 2021 |
The following table details the
The following table details the Group’s sensitivity to a 10% increase and decrease in currency units against the relevant foreign currencies. (Details) - EUR (€) € in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Increase 10% [member] | ||
IfrsStatementLineItems [Line Items] | ||
Total exposure | € 6,818 | € 3,229 |
Increase 10% [member] | United Kingdom, Pounds | ||
IfrsStatementLineItems [Line Items] | ||
Total exposure | (11,986) | (10,022) |
Increase 10% [member] | Sweden, Kronor | ||
IfrsStatementLineItems [Line Items] | ||
Total exposure | (2,884) | (400) |
Increase 10% [member] | Canada, Dollars | ||
IfrsStatementLineItems [Line Items] | ||
Total exposure | (557) | (228) |
Decrease 10% [member] | ||
IfrsStatementLineItems [Line Items] | ||
Total exposure | (8,334) | (3,947) |
Decrease 10% [member] | United Kingdom, Pounds | ||
IfrsStatementLineItems [Line Items] | ||
Total exposure | 14,650 | 12,249 |
Decrease 10% [member] | Sweden, Kronor | ||
IfrsStatementLineItems [Line Items] | ||
Total exposure | 3,525 | 489 |
Decrease 10% [member] | Canada, Dollars | ||
IfrsStatementLineItems [Line Items] | ||
Total exposure | € 681 | € 279 |
The table below analyzes the Gr
The table below analyzes the Group’s financial liabilities into relevant maturity groupings based on the remaining period from the balance sheet date to the contractual maturity date (Details) - EUR (€) € in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
IfrsStatementLineItems [Line Items] | ||||
Borrowings | € 57,834 | € 53,363 | € 26,316 | |
Lease liabilities | 56,822 | 52,088 | ||
Refund liabilities | 254,581 | 111,426 | € 6,553 | |
Trade payables and accruals | 16,035 | 24,898 | ||
Tax and employee-related liabilities | 83 | |||
Other liabilities | 5,019 | 2,913 | ||
Liquidity risk [member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Borrowings | 75,621 | 77,980 | ||
Lease liabilities | 58,456 | 63,464 | ||
Refund liabilities | 151,260 | 301,145 | ||
Trade payables and accruals | 36,212 | 68,119 | ||
Tax and employee-related liabilities | [1] | 8,300 | 10,101 | |
Other liabilities | 52 | 52 | ||
329,901 | 520,861 | |||
Liquidity risk [member] | Not later than one year [member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Borrowings | 7,004 | 7,121 | ||
Lease liabilities | 3,442 | 4,060 | ||
Refund liabilities | 20,025 | 101,070 | ||
Trade payables and accruals | 36,212 | 68,119 | ||
Tax and employee-related liabilities | [1] | 8,300 | 10,101 | |
Other liabilities | 27 | 27 | ||
75,010 | 190,499 | |||
Liquidity risk [member] | Later than one year and not later than three years [member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Borrowings | 25,569 | 48,560 | ||
Lease liabilities | 28,078 | 29,011 | ||
Refund liabilities | 82,670 | 132,355 | ||
Trade payables and accruals | ||||
Tax and employee-related liabilities | [1] | |||
Other liabilities | 25 | 25 | ||
136,342 | 209,952 | |||
Liquidity risk [member] | Later than three years and not later than five years [member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Borrowings | 37,900 | 20,534 | ||
Lease liabilities | 3,677 | 5,761 | ||
Refund liabilities | 48,566 | 55,000 | ||
Trade payables and accruals | ||||
Tax and employee-related liabilities | [1] | |||
Other liabilities | ||||
90,142 | 81,295 | |||
Liquidity risk [member] | Later than five years and not later than ten years [member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Borrowings | 5,148 | 1,765 | ||
Lease liabilities | 9,446 | 12,798 | ||
Refund liabilities | 12,720 | |||
Trade payables and accruals | ||||
Tax and employee-related liabilities | [1] | |||
Other liabilities | ||||
14,594 | 27,282 | |||
Liquidity risk [member] | Later than ten years and not later than fifteen years [member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Borrowings | ||||
Lease liabilities | 9,963 | 9,928 | ||
Refund liabilities | ||||
Trade payables and accruals | ||||
Tax and employee-related liabilities | [1] | |||
Other liabilities | ||||
9,963 | 9,928 | |||
Liquidity risk [member] | Later than ten years [member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Borrowings | ||||
Lease liabilities | 3,850 | 1,905 | ||
Refund liabilities | ||||
Trade payables and accruals | ||||
Tax and employee-related liabilities | [1] | |||
Other liabilities | ||||
€ 3,850 | € 1,905 | |||
[1] | Social security and other tax payables are excluded from the tax and employee-related liabilities balance, as this analysis is required for financial instruments only. |
Schedule of income statement by
Schedule of income statement by segment (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
IfrsStatementLineItems [Line Items] | |||
Product sales | € 62,984 | € 65,938 | € 129,511 |
Other Revenues | 285,101 | 44,383 | (3,315) |
Revenues | 348,086 | 110,321 | 126,196 |
Cost of goods and services | (187,920) | (54,302) | (52,781) |
Research and development expenses | (173,283) | (84,454) | (38,022) |
Marketing and distribution expenses | (23,642) | (18,264) | (24,145) |
General and administrative expenses | (47,606) | (27,539) | (18,398) |
Other income and expenses, net | 22,976 | 19,117 | 6,338 |
Operating profit/(loss) | (61,390) | (55,120) | (811) |
Commercialized products [member] | |||
IfrsStatementLineItems [Line Items] | |||
Product sales | 62,984 | 65,938 | 129,511 |
Other Revenues | 18 | 1 | 163 |
Revenues | 63,002 | 65,939 | 129,674 |
Cost of goods and services | (40,017) | (41,830) | (47,789) |
Research and development expenses | (2,094) | (2,711) | (3,928) |
Marketing and distribution expenses | (18,455) | (17,554) | (22,930) |
General and administrative expenses | (6,102) | (13,412) | (10,161) |
Other income and expenses, net | 2,196 | 1,101 | 7 |
Operating profit/(loss) | (1,469) | (8,466) | 44,873 |
COVID [member] | |||
IfrsStatementLineItems [Line Items] | |||
Product sales | |||
Other Revenues | 253,314 | ||
Revenues | 253,314 | ||
Cost of goods and services | (122,843) | ||
Research and development expenses | (113,907) | (18,962) | |
Marketing and distribution expenses | (1,182) | ||
General and administrative expenses | (23,003) | (2,374) | |
Other income and expenses, net | 11,546 | 1,578 | |
Operating profit/(loss) | 3,927 | (19,759) | |
Vaccine candidates [member] | |||
IfrsStatementLineItems [Line Items] | |||
Product sales | |||
Other Revenues | 3,257 | 31,604 | (10,516) |
Revenues | 3,257 | 31,604 | (10,516) |
Cost of goods and services | (3,305) | (1) | |
Research and development expenses | (53,181) | (62,140) | (32,864) |
Marketing and distribution expenses | (3,811) | (638) | (895) |
General and administrative expenses | (8,323) | (7,781) | (7,124) |
Other income and expenses, net | 7,033 | 14,073 | 7,709 |
Operating profit/(loss) | (55,025) | (28,189) | (43,691) |
Technologies and services [member] | |||
IfrsStatementLineItems [Line Items] | |||
Product sales | |||
Other Revenues | 28,512 | 12,779 | 7,038 |
Revenues | 28,512 | 12,779 | 7,038 |
Cost of goods and services | (25,061) | (9,167) | (4,991) |
Research and development expenses | (4,101) | (640) | (1,229) |
Marketing and distribution expenses | (194) | (72) | (261) |
General and administrative expenses | (5,495) | (2,274) | (795) |
Other income and expenses, net | 2,458 | 117 | 484 |
Operating profit/(loss) | (3,881) | 743 | (245) |
Corporate overhead [member] | |||
IfrsStatementLineItems [Line Items] | |||
Product sales | |||
Other Revenues | |||
Revenues | |||
Cost of goods and services | |||
Research and development expenses | |||
Marketing and distribution expenses | |||
General and administrative expenses | (4,684) | (1,697) | (318) |
Other income and expenses, net | (257) | 2,248 | (1,861) |
Operating profit/(loss) | € (4,941) | € 551 | € (2,238) |
Product sales per geographical
Product sales per geographical segment (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
IfrsStatementLineItems [Line Items] | |||
Product Sales | € 62,984 | € 65,938 | € 129,511 |
United States [member] | |||
IfrsStatementLineItems [Line Items] | |||
Product Sales | 40,339 | 36,414 | 63,700 |
Canada [member] | |||
IfrsStatementLineItems [Line Items] | |||
Product Sales | 4,226 | 8,965 | 24,396 |
Austria [member] | |||
IfrsStatementLineItems [Line Items] | |||
Product Sales | 9,341 | 3,333 | 2,668 |
United Kingdom [member] | |||
IfrsStatementLineItems [Line Items] | |||
Product Sales | 2,707 | 1,847 | 8,594 |
Nordics [member] | |||
IfrsStatementLineItems [Line Items] | |||
Product Sales | 2,436 | 2,866 | 11,027 |
Germany [member] | |||
IfrsStatementLineItems [Line Items] | |||
Product Sales | 726 | 7,060 | 10,345 |
Other Europe [member] | |||
IfrsStatementLineItems [Line Items] | |||
Product Sales | 3,075 | 2,068 | 4,961 |
Rest of World [member] | |||
IfrsStatementLineItems [Line Items] | |||
Product Sales | € 134 | € 3,384 | € 3,819 |
Non-current operating assets pe
Non-current operating assets per geographical segment (Details) - EUR (€) € in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
IfrsStatementLineItems [Line Items] | ||
Non-current operating assets | € 206,531 | € 113,562 |
United States [member] | ||
IfrsStatementLineItems [Line Items] | ||
Non-current operating assets | 66 | 93 |
Canada [member] | ||
IfrsStatementLineItems [Line Items] | ||
Non-current operating assets | 239 | 98 |
Austria [member] | ||
IfrsStatementLineItems [Line Items] | ||
Non-current operating assets | 61,237 | 58,896 |
Nordics [member] | ||
IfrsStatementLineItems [Line Items] | ||
Non-current operating assets | 53,020 | 27,540 |
United Kingdom [member] | ||
IfrsStatementLineItems [Line Items] | ||
Non-current operating assets | 87,387 | 21,977 |
Other Europe [member] | ||
IfrsStatementLineItems [Line Items] | ||
Non-current operating assets | € 4,582 | € 4,958 |
Segment information (Details Na
Segment information (Details Narrative) - EUR (€) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
IfrsStatementLineItems [Line Items] | |||
Product sales | € 62,984,000 | € 65,938,000 | € 129,511,000 |
Largest customer [member] | |||
IfrsStatementLineItems [Line Items] | |||
Product sales | 41,800,000 | 33,800,000 | 46,700,000 |
Other revenue | € 253,300,000 | ||
Largest customer one [member] | |||
IfrsStatementLineItems [Line Items] | |||
Other revenue | 31,600,000 | 4,100,000 | |
Largest customer two [member] | |||
IfrsStatementLineItems [Line Items] | |||
Other revenue | € 7,500,000 | € 800,000 |
Schedule of disaggregated reven
Schedule of disaggregated revenue information (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
IfrsStatementLineItems [Line Items] | |||
Revenues from contracts with customers | € 347,186 | € 109,357 | € 124,926 |
Other revenues | 899 | 965 | 1,270 |
Revenues | 348,086 | 110,321 | 126,196 |
Commercialized products [member] | |||
IfrsStatementLineItems [Line Items] | |||
Revenues from contracts with customers | 63,002 | 65,939 | 129,674 |
Other revenues | |||
Revenues | 63,002 | 65,939 | 129,674 |
COVID [member] | |||
IfrsStatementLineItems [Line Items] | |||
Revenues from contracts with customers | 253,314 | ||
Other revenues | |||
Revenues | 253,314 | ||
Vaccine candidates [member] | |||
IfrsStatementLineItems [Line Items] | |||
Revenues from contracts with customers | 3,257 | 31,604 | (10,516) |
Other revenues | |||
Revenues | 3,257 | 31,604 | (10,516) |
Technologies and services [member] | |||
IfrsStatementLineItems [Line Items] | |||
Revenues from contracts with customers | 27,613 | 11,814 | 5,768 |
Other revenues | 899 | 965 | 1,270 |
Revenues | € 28,512 | € 12,779 | € 7,038 |
Schedule of recognition of nega
Schedule of recognition of negative revenues (Details) € in Thousands | 12 Months Ended |
Dec. 31, 2019EUR (€) | |
Revenues From Contracts With Customers | |
Settlement fee (fixed) | € (9,000) |
Settlement fee (variable; excluding financing component) | (5,987) |
Release of SAA related contract liabilities | 4,274 |
Net effect of SAA termination | € (10,714) |
Schedule of type of goods or se
Schedule of type of goods or service (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
IfrsStatementLineItems [Line Items] | |||
Revenue from contracts with customers | € 347,186 | € 109,357 | € 124,926 |
IXIARO [member] | |||
IfrsStatementLineItems [Line Items] | |||
Revenue from contracts with customers | 45,118 | 48,480 | 94,307 |
DUKORAL [member] | |||
IfrsStatementLineItems [Line Items] | |||
Revenue from contracts with customers | 2,444 | 13,300 | 31,471 |
Third party products [member] | |||
IfrsStatementLineItems [Line Items] | |||
Revenue from contracts with customers | 15,440 | 4,158 | 3,896 |
Others [member] | |||
IfrsStatementLineItems [Line Items] | |||
Revenue from contracts with customers | 3,346 | 3,817 | (4,748) |
Lyme VLA15 [member] | |||
IfrsStatementLineItems [Line Items] | |||
Revenue from contracts with customers | 14,265 | 31,604 | |
Services related to clinical trial material [member] | |||
IfrsStatementLineItems [Line Items] | |||
Revenue from contracts with customers | 10,001 | 7,997 | |
COVID VLA2001 [member] | |||
IfrsStatementLineItems [Line Items] | |||
Revenue from contracts with customers | 253,314 | ||
Chikungunya VLA1553 [member] | |||
IfrsStatementLineItems [Line Items] | |||
Revenue from contracts with customers | 3,257 | ||
Commercialized products [member] | |||
IfrsStatementLineItems [Line Items] | |||
Revenue from contracts with customers | 63,002 | 65,939 | 129,674 |
Commercialized products [member] | IXIARO [member] | |||
IfrsStatementLineItems [Line Items] | |||
Revenue from contracts with customers | 45,118 | 48,480 | 94,307 |
Commercialized products [member] | DUKORAL [member] | |||
IfrsStatementLineItems [Line Items] | |||
Revenue from contracts with customers | 2,444 | 13,300 | 31,471 |
Commercialized products [member] | Third party products [member] | |||
IfrsStatementLineItems [Line Items] | |||
Revenue from contracts with customers | 15,440 | 4,158 | 3,896 |
Commercialized products [member] | Others [member] | |||
IfrsStatementLineItems [Line Items] | |||
Revenue from contracts with customers | |||
Commercialized products [member] | Lyme VLA15 [member] | |||
IfrsStatementLineItems [Line Items] | |||
Revenue from contracts with customers | |||
Commercialized products [member] | Services related to clinical trial material [member] | |||
IfrsStatementLineItems [Line Items] | |||
Revenue from contracts with customers | |||
COVID [member] | |||
IfrsStatementLineItems [Line Items] | |||
Revenue from contracts with customers | 253,314 | ||
COVID [member] | IXIARO [member] | |||
IfrsStatementLineItems [Line Items] | |||
Revenue from contracts with customers | |||
COVID [member] | DUKORAL [member] | |||
IfrsStatementLineItems [Line Items] | |||
Revenue from contracts with customers | |||
COVID [member] | Third party products [member] | |||
IfrsStatementLineItems [Line Items] | |||
Revenue from contracts with customers | |||
COVID [member] | Others [member] | |||
IfrsStatementLineItems [Line Items] | |||
Revenue from contracts with customers | |||
COVID [member] | Lyme VLA15 [member] | |||
IfrsStatementLineItems [Line Items] | |||
Revenue from contracts with customers | |||
COVID [member] | Services related to clinical trial material [member] | |||
IfrsStatementLineItems [Line Items] | |||
Revenue from contracts with customers | |||
COVID [member] | COVID VLA2001 [member] | |||
IfrsStatementLineItems [Line Items] | |||
Revenue from contracts with customers | 253,314 | ||
Vaccine candidates [member] | |||
IfrsStatementLineItems [Line Items] | |||
Revenue from contracts with customers | 3,257 | 31,604 | (10,516) |
Vaccine candidates [member] | IXIARO [member] | |||
IfrsStatementLineItems [Line Items] | |||
Revenue from contracts with customers | |||
Vaccine candidates [member] | DUKORAL [member] | |||
IfrsStatementLineItems [Line Items] | |||
Revenue from contracts with customers | |||
Vaccine candidates [member] | Third party products [member] | |||
IfrsStatementLineItems [Line Items] | |||
Revenue from contracts with customers | |||
Vaccine candidates [member] | Others [member] | |||
IfrsStatementLineItems [Line Items] | |||
Revenue from contracts with customers | (10,516) | ||
Vaccine candidates [member] | Lyme VLA15 [member] | |||
IfrsStatementLineItems [Line Items] | |||
Revenue from contracts with customers | 31,604 | ||
Vaccine candidates [member] | Services related to clinical trial material [member] | |||
IfrsStatementLineItems [Line Items] | |||
Revenue from contracts with customers | |||
Vaccine candidates [member] | Chikungunya VLA1553 [member] | |||
IfrsStatementLineItems [Line Items] | |||
Revenue from contracts with customers | 3,257 | ||
Technologies and services [member] | |||
IfrsStatementLineItems [Line Items] | |||
Revenue from contracts with customers | 27,613 | 11,814 | 5,768 |
Technologies and services [member] | IXIARO [member] | |||
IfrsStatementLineItems [Line Items] | |||
Revenue from contracts with customers | |||
Technologies and services [member] | DUKORAL [member] | |||
IfrsStatementLineItems [Line Items] | |||
Revenue from contracts with customers | |||
Technologies and services [member] | Third party products [member] | |||
IfrsStatementLineItems [Line Items] | |||
Revenue from contracts with customers | |||
Technologies and services [member] | Others [member] | |||
IfrsStatementLineItems [Line Items] | |||
Revenue from contracts with customers | 3,346 | 3,817 | € 5,768 |
Technologies and services [member] | Lyme VLA15 [member] | |||
IfrsStatementLineItems [Line Items] | |||
Revenue from contracts with customers | 14,265 | ||
Technologies and services [member] | Services related to clinical trial material [member] | |||
IfrsStatementLineItems [Line Items] | |||
Revenue from contracts with customers | € 10,001 | € 7,997 |
Schedule of geographical market
Schedule of geographical markets (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
IfrsStatementLineItems [Line Items] | |||
Revenue from contracts with customers | € 347,186 | € 109,357 | € 124,926 |
United States [member] | |||
IfrsStatementLineItems [Line Items] | |||
Revenue from contracts with customers | 54,791 | 68,359 | 63,992 |
Canada [member] | |||
IfrsStatementLineItems [Line Items] | |||
Revenue from contracts with customers | 4,226 | 8,965 | 24,396 |
Austria [member] | |||
IfrsStatementLineItems [Line Items] | |||
Revenue from contracts with customers | 17,718 | 10,261 | 6,803 |
United Kingdom [member] | |||
IfrsStatementLineItems [Line Items] | |||
Revenue from contracts with customers | 256,075 | 2,886 | 8,610 |
Nordics [member] | |||
IfrsStatementLineItems [Line Items] | |||
Revenue from contracts with customers | 2,440 | 2,871 | 11,032 |
Germany [member] | |||
IfrsStatementLineItems [Line Items] | |||
Revenue from contracts with customers | 966 | 7,260 | 10,495 |
Other Europe [member] | |||
IfrsStatementLineItems [Line Items] | |||
Revenue from contracts with customers | 6,286 | 4,441 | (5,277) |
Other markets [member] | |||
IfrsStatementLineItems [Line Items] | |||
Revenue from contracts with customers | 4,684 | 4,314 | 4,873 |
Commercialized products [member] | |||
IfrsStatementLineItems [Line Items] | |||
Revenue from contracts with customers | 63,002 | 65,939 | 129,674 |
Commercialized products [member] | United States [member] | |||
IfrsStatementLineItems [Line Items] | |||
Revenue from contracts with customers | 40,339 | 36,414 | 63,700 |
Commercialized products [member] | Canada [member] | |||
IfrsStatementLineItems [Line Items] | |||
Revenue from contracts with customers | 4,226 | 8,965 | 24,396 |
Commercialized products [member] | Austria [member] | |||
IfrsStatementLineItems [Line Items] | |||
Revenue from contracts with customers | 9,341 | 3,333 | 2,668 |
Commercialized products [member] | United Kingdom [member] | |||
IfrsStatementLineItems [Line Items] | |||
Revenue from contracts with customers | 2,721 | 1,848 | 8,596 |
Commercialized products [member] | Nordics [member] | |||
IfrsStatementLineItems [Line Items] | |||
Revenue from contracts with customers | 2,440 | 2,866 | 11,027 |
Commercialized products [member] | Germany [member] | |||
IfrsStatementLineItems [Line Items] | |||
Revenue from contracts with customers | 726 | 7,060 | 10,345 |
Commercialized products [member] | Other Europe [member] | |||
IfrsStatementLineItems [Line Items] | |||
Revenue from contracts with customers | 3,075 | 2,068 | 4,961 |
Commercialized products [member] | Other markets [member] | |||
IfrsStatementLineItems [Line Items] | |||
Revenue from contracts with customers | 134 | 3,384 | 3,980 |
COVID [member] | |||
IfrsStatementLineItems [Line Items] | |||
Revenue from contracts with customers | 253,314 | ||
COVID [member] | United States [member] | |||
IfrsStatementLineItems [Line Items] | |||
Revenue from contracts with customers | |||
COVID [member] | United Kingdom [member] | |||
IfrsStatementLineItems [Line Items] | |||
Revenue from contracts with customers | 253,314 | ||
Vaccine candidates [member] | |||
IfrsStatementLineItems [Line Items] | |||
Revenue from contracts with customers | 3,257 | 31,604 | (10,516) |
Vaccine candidates [member] | United States [member] | |||
IfrsStatementLineItems [Line Items] | |||
Revenue from contracts with customers | 31,604 | 162 | |
Vaccine candidates [member] | Other Europe [member] | |||
IfrsStatementLineItems [Line Items] | |||
Revenue from contracts with customers | (10,678) | ||
Vaccine candidates [member] | Other markets [member] | |||
IfrsStatementLineItems [Line Items] | |||
Revenue from contracts with customers | 3,257 | ||
Technologies and services [member] | |||
IfrsStatementLineItems [Line Items] | |||
Revenue from contracts with customers | 27,613 | 11,814 | 5,768 |
Technologies and services [member] | United States [member] | |||
IfrsStatementLineItems [Line Items] | |||
Revenue from contracts with customers | 14,452 | 341 | 130 |
Technologies and services [member] | Austria [member] | |||
IfrsStatementLineItems [Line Items] | |||
Revenue from contracts with customers | 8,376 | 6,928 | 4,136 |
Technologies and services [member] | United Kingdom [member] | |||
IfrsStatementLineItems [Line Items] | |||
Revenue from contracts with customers | 40 | 1,038 | 15 |
Technologies and services [member] | Nordics [member] | |||
IfrsStatementLineItems [Line Items] | |||
Revenue from contracts with customers | 5 | 5 | |
Technologies and services [member] | Germany [member] | |||
IfrsStatementLineItems [Line Items] | |||
Revenue from contracts with customers | 240 | 200 | 150 |
Technologies and services [member] | Other Europe [member] | |||
IfrsStatementLineItems [Line Items] | |||
Revenue from contracts with customers | 3,210 | 2,373 | 440 |
Technologies and services [member] | Other markets [member] | |||
IfrsStatementLineItems [Line Items] | |||
Revenue from contracts with customers | € 1,294 | € 930 | € 893 |
Schedule of commercialized prod
Schedule of commercialized products (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Revenues From Contracts With Customers | |||
Direct product sales | € 60,325 | € 54,160 | € 110,386 |
Indirect product sales (Sales through distributors) | 2,678 | 11,778 | 19,125 |
Total product sales | € 63,002 | € 65,939 | € 129,511 |
Revenues from contracts with _3
Revenues from contracts with customers (Details Narrative) | 1 Months Ended | 12 Months Ended | |||
Jan. 31, 2021Number | Dec. 31, 2021EUR (€)Number | Dec. 31, 2020EUR (€) | Dec. 31, 2019EUR (€) | Dec. 31, 2021GBP (£) | |
IfrsStatementLineItems [Line Items] | |||||
Revenues from technologies and services | € 27,600,000 | € 11,800,000 | € 5,800,000 | ||
Third party products [member] | |||||
IfrsStatementLineItems [Line Items] | |||||
Products revenues | 15,400,000 | 4,200,000 | 3,900,000 | ||
Products revenues increase | 11,300,000 | 300,000 | |||
COVID [member] | |||||
IfrsStatementLineItems [Line Items] | |||||
Products revenues | 253,300,000 | ||||
Lyme Candidate Vaccine [member] | |||||
IfrsStatementLineItems [Line Items] | |||||
Revenues from technologies and services | 14,300,000 | ||||
IXIARO [member] | |||||
IfrsStatementLineItems [Line Items] | |||||
Products revenues | 45,100,000 | 48,500,000 | 94,300,000 | ||
Product sales decrease | 3,400,000 | 45,800,000 | |||
DUKORAL [member] | |||||
IfrsStatementLineItems [Line Items] | |||||
Products revenues | 2,400,000 | 13,300,000 | € 31,500,000 | ||
Product sales decrease | 10,900,000 | 18,200,000 | |||
Lyme VLA15 [member] | |||||
IfrsStatementLineItems [Line Items] | |||||
Products revenues | € 31,600,000 | ||||
Chikungunya VLA1553 [member] | |||||
IfrsStatementLineItems [Line Items] | |||||
Products revenues | 3,300,000 | ||||
UK Authority [member] | |||||
IfrsStatementLineItems [Line Items] | |||||
Aggregate supply agreement | € 408,300,000 | ||||
Number of VLA2001 Doses under Terminated Agreement | Number | 190,000,000 | ||||
Number Of VLA 2001 Doses Ordered | Number | 40,000,000 | ||||
Recognized as revenue | € 253,300,000 | ||||
Refund liability | € 166,900,000 | ||||
UK Authority Second Half of 2021 [member] | |||||
IfrsStatementLineItems [Line Items] | |||||
Number of VLA2001 Doses under Terminated Agreement | Number | 60,000,000 | ||||
UK Authority 2022 [member] | |||||
IfrsStatementLineItems [Line Items] | |||||
Number of VLA2001 Doses under Terminated Agreement | Number | 40,000,000 | ||||
UK Authority 2023 to 2025 [member] | |||||
IfrsStatementLineItems [Line Items] | |||||
Number of VLA2001 Doses under Terminated Agreement | Number | 90,000,000 | ||||
United Kingdom, Pounds | UK Authority [member] | |||||
IfrsStatementLineItems [Line Items] | |||||
Aggregate supply agreement | £ | £ 359,200,000 |
Schedule of cost of goods and s
Schedule of cost of goods and services, research and development expenses, marketing and distribution expenses and general and administrative expenses (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
IfrsStatementLineItems [Line Items] | |||
Operating expenses | € 432,452 | € 184,558 | € 133,345 |
Consulting and other purchased services [member] | |||
IfrsStatementLineItems [Line Items] | |||
Operating expenses | 169,158 | 65,212 | 29,840 |
Cost of services and change in inventory [member] | |||
IfrsStatementLineItems [Line Items] | |||
Operating expenses | 105,648 | 10,778 | 5,320 |
Employee eenefit expense other than share based compensation [member] | |||
IfrsStatementLineItems [Line Items] | |||
Operating expenses | 85,334 | 58,264 | 46,219 |
Share based compensation expense [member] | |||
IfrsStatementLineItems [Line Items] | |||
Operating expenses | 14,678 | 6,328 | 2,552 |
Raw material sand consumables used [member] | |||
IfrsStatementLineItems [Line Items] | |||
Operating expenses | 14,676 | 12,434 | 9,844 |
Depreciation and amortization and impairment [member] | |||
IfrsStatementLineItems [Line Items] | |||
Operating expenses | 14,281 | 9,939 | 8,607 |
Building and energy costs [member] | |||
IfrsStatementLineItems [Line Items] | |||
Operating expenses | 10,960 | 8,140 | 6,995 |
Supply office and i tcosts [member] | |||
IfrsStatementLineItems [Line Items] | |||
Operating expenses | 7,409 | 3,333 | 3,281 |
License fees and royalties [member] | |||
IfrsStatementLineItems [Line Items] | |||
Operating expenses | 4,865 | 4,384 | 7,553 |
Advertising costs [member] | |||
IfrsStatementLineItems [Line Items] | |||
Operating expenses | 2,176 | 2,496 | 6,801 |
Ware housing and distribution costs [member] | |||
IfrsStatementLineItems [Line Items] | |||
Operating expenses | 1,419 | 1,898 | 3,013 |
Travel and transportation costs [member] | |||
IfrsStatementLineItems [Line Items] | |||
Operating expenses | 538 | 529 | 1,921 |
Other expenses [member] | |||
IfrsStatementLineItems [Line Items] | |||
Operating expenses | € 1,309 | € 822 | € 1,399 |
Principal Accountant Fees and S
Principal Accountant Fees and Services: (Details) - EUR (€) € in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
PricewaterhouseCoopers [member] | ||
Reserve Quantities [Line Items] | ||
Audit fees | € 1,122 | € 607 |
Audit fees percentage | 91.00% | 78.00% |
Audit-related Fees | € 90 | € 170 |
Audit-related Fees percentage | 7.00% | 22.00% |
Tax Fees | € 25 | € 0 |
Tax Fees percentage | 2.00% | |
All other Fees | € 0 | 0 |
Total | € 1,238 | € 777 |
Total percentage | 100.00% | 100.00% |
PricewaterhouseCoopers [member] | Statutory auditor [member] | ||
Reserve Quantities [Line Items] | ||
Audit fees | € 937 | € 517 |
Audit-related Fees | 85 | 145 |
PricewaterhouseCoopers [member] | Statutory auditors network [member] | ||
Reserve Quantities [Line Items] | ||
Audit fees | 185 | 90 |
Audit-related Fees | 5 | 25 |
Tax Fees | 25 | 0 |
Deloitte & Associes [member] | ||
Reserve Quantities [Line Items] | ||
Audit fees | € 1,114 | € 589 |
Audit fees percentage | 93.00% | 77.00% |
Audit-related Fees | € 85 | € 173 |
Audit-related Fees percentage | 7.00% | 23.00% |
Tax Fees | € 0 | € 0 |
All other Fees | 0 | 0 |
Total | € 1,199 | € 762 |
Total percentage | 100.00% | 100.00% |
Deloitte & Associes [member] | Statutory auditor [member] | ||
Reserve Quantities [Line Items] | ||
Audit fees | € 939 | € 492 |
Audit-related Fees | 85 | 155 |
Deloitte & Associes [member] | Statutory auditors network [member] | ||
Reserve Quantities [Line Items] | ||
Audit fees | 174 | 97 |
Audit-related Fees | 0 | 18 |
Tax Fees | € 0 | € 0 |
Expenses by nature (Details Nar
Expenses by nature (Details Narrative) | 12 Months Ended |
Dec. 31, 2021EUR (€) | |
Research and development [member] | |
IfrsStatementLineItems [Line Items] | |
Increase in operating expenses | € 244,000,000 |
Employee benefit expenses inclu
Employee benefit expenses include the following: (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Employee Benefit Expense | |||
Salaries | € 47,717 | € 38,515 | € 34,128 |
Social security contributions | 35,923 | 18,555 | 10,621 |
Share-based compensation expense | 14,678 | 6,328 | 2,552 |
Training and education | 603 | 351 | 672 |
Other employee benefits | 1,091 | 842 | 798 |
Total Employee benefit expense | € 100,012 | € 64,592 | € 48,771 |
Employee benefit expense (Detai
Employee benefit expense (Details Narrative) | 12 Months Ended | ||
Dec. 31, 2021EUR (€)Number | Dec. 31, 2020EUR (€)Number | Dec. 31, 2019EUR (€)Number | |
Employee Benefit Expense | |||
Provision | € | € 26,500,000 | € 7,400,000 | € 0 |
Average number of employees | Number | 722 | 532 | 508 |
Other income and expenses, net
Other income and expenses, net include the following (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Other Income Expenses Net | |||
Research and development tax credit | € 21,949 | € 9,937 | € 6,314 |
Grant income | 1,684 | 7,680 | 1,886 |
Profit/(loss) on disposal of fixed assets and intangible assets, net | (42) | (10) | (92) |
Profit/(loss) from revaluation of lease agreements | 1,584 | ||
Taxes, duties, fees, charges, other than income tax | (212) | (168) | (146) |
Miscellaneous income/(expenses), net | (403) | 95 | (1,623) |
Other income and expenses, net | € 22,976 | € 19,117 | € 6,338 |
Other income _ (expenses), ne_2
Other income / (expenses), net (Details Narrative) - EUR (€) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
IfrsStatementLineItems [Line Items] | |||
Amount of borrowings | € 1,684,000 | € 7,680,000 | € 1,886,000 |
Instituto Butantan [member] | |||
IfrsStatementLineItems [Line Items] | |||
Amount of borrowings | € 900,000 | € 5,800,000 | |
Chikungunya [member] | |||
IfrsStatementLineItems [Line Items] | |||
Receivable for vaccine development | € 23,400,000 |
Interest income is recognized o
Interest income is recognized on a time-proportion basis using the effective interest method. (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Finance income | |||
Interest income from other parties | € 249 | € 119 | € 199 |
Fair value gains on derivative financial instruments | 397 | ||
Foreign exchange gains, net | 8,130 | 173 | 1,250 |
Total finance income | 8,379 | 689 | 1,449 |
Finance expenses | |||
Interest expense on loans | (7,273) | (6,162) | (1,588) |
Interest expense on refund liabilities | (8,478) | (3,640) | (89) |
Interest expenses on lease liabilities | (903) | (907) | (926) |
Other interest expense | (309) | (30) | (30) |
Fair value losses on derivative financial instruments | (449) | ||
Total finance expenses | (16,964) | (10,738) | (3,082) |
Finance income/(expenses), net | € (8,584) | € (10,049) | € (1,633) |
Finance income _ (expenses), _3
Finance income / (expenses), net (Details Narrative) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Finance Income Expenses Net | |||
Finance income (cost) | € (8,584) | € (10,049) | € (1,633) |
Income tax income_(expense) is
Income tax income/(expense) is comprised of current and deferred tax. (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Current tax | |||
Current income tax charge | € (32) | € (69) | € (2,849) |
Adjustments in respect of current income tax of previous year | (19) | 109 | (258) |
Relating to origination and reversal of temporary differences | (3,395) | 869 | 2,233 |
Income tax income/(expense) | € (3,446) | € 909 | € (874) |
The tax on the Group_s loss bef
The tax on the Group’s loss before tax differs from the theoretical amount that would arise using the weighted average tax rate applicable to profits of the consolidated companies as follows: (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Tax Income | |||
Loss before tax | € (69,979) | € (65,302) | € (870) |
Tax calculated at domestic tax rates applicable to profits in the respective countries | 18,824 | 16,675 | 1,431 |
Income not subject to tax (mainly R&D tax credit) | 10,739 | 2,612 | 1,727 |
Expenses not deductible for tax purposes | (2,509) | (1,789) | (169) |
Deferred tax asset not recognized | (26,902) | (15,852) | (7,405) |
Utilization of previously unrecognized tax losses | 5,480 | ||
Income tax credit | (459) | 109 | 105 |
Effect of change in applicable tax rate | (3,291) | (771) | (1,708) |
Exchange differences | 296 | (105) | 62 |
Income tax of prior years | (64) | 170 | (256) |
Minimum income tax | (80) | (141) | (142) |
Income tax income/(expense) | € (3,446) | € 909 | € (874) |
Effective income tax rate |
The gross movement on the defer
The gross movement on the deferred income tax account was as follows: (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Tax Income | |||
Beginning of year | € 5,158 | € 4,988 | € 2,689 |
Exchange differences | (529) | (699) | 66 |
Income statement charge / (credit) | (3,395) | 869 | 2,233 |
End of year | € 2,292 | € 5,158 | € 4,988 |
The deferred tax assets and lia
The deferred tax assets and liabilities are allocable to the various balance sheet items as follows: (Details) - EUR (€) € in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Deferred tax asset from | ||
Tax losses carried forward | € 156,470 | € 131,633 |
Fixed assets | 2,007 | 2,033 |
Inventory | 1,837 | 4,108 |
Borrowings and accrued interest | 1,284 | 1,161 |
Provision | 1,611 | 1,564 |
Other items | 2,891 | 2,019 |
Non-recognition of deferred tax assets | (153,836) | (126,283) |
Total deferred tax assets | 12,264 | 16,235 |
Deferred tax liability from | ||
Fixed assets | (2,359) | (1,187) |
Intangible assets | (6,855) | (7,480) |
Other items | (758) | (2,410) |
Total deferred tax liability | (9,972) | (11,077) |
Deferred tax, net | € 2,292 | € 5,158 |
Income tax income _ (expense)_2
Income tax income / (expense) (Details Narrative) - EUR (€) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
IfrsStatementLineItems [Line Items] | ||
Deferred tax assets not recognized | € 153,836,000 | € 126,283,000 |
Tax losses | € 628,300,000 | 529,500,000 |
United Kingdom [member] | ||
IfrsStatementLineItems [Line Items] | ||
Tax rate | 19.00% | |
United Kingdom [member] | Later than one year and not later than two years [member] | ||
IfrsStatementLineItems [Line Items] | ||
Tax rate | 25.00% | |
France [member] | ||
IfrsStatementLineItems [Line Items] | ||
Tax rate | 26.50% | |
France [member] | Later than one year and not later than five years [member] | ||
IfrsStatementLineItems [Line Items] | ||
Tax rate | 25.00% | |
Parent [member] | ||
IfrsStatementLineItems [Line Items] | ||
Tax losses | € 234,900,000 | 192,000,000 |
Valneva Austria GmbH [member] | ||
IfrsStatementLineItems [Line Items] | ||
Tax losses | 380,000,000 | 321,100,000 |
Valneva USA, Inc. [member] | ||
IfrsStatementLineItems [Line Items] | ||
Tax losses | 0 | 400,000 |
Valneva Scotland, Ltd. [member] | ||
IfrsStatementLineItems [Line Items] | ||
Tax losses | 800,000 | 3,100,000 |
Valneva Sweden AB [member] | ||
IfrsStatementLineItems [Line Items] | ||
Tax losses | € 12,600,000 | € 12,900,000 |
Schedule of earning per share B
Schedule of earning per share Basic (Details) - EUR (€) € / shares in Units, € in Thousands | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
Earnings Losses Per Share | ||||
Net profit (loss) from continuing operations attributable to equity holders of the Company (€ in thousand) | € (73,425) | € (64,393) | € (1,744) | |
Weighted average number of outstanding shares | [1] | 97,619,320 | 90,757,173 | 91,744,268 |
Basic earnings (losses) from continuing operations per share (€ per share) | € (0.75) | € (0.71) | € (0.02) | |
[1] | Potentially dilutive securities (2021: 5,846,267 |
Schedule of earning per share D
Schedule of earning per share Diluted (Details) - EUR (€) € / shares in Units, € in Thousands | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
Earnings Losses Per Share | ||||
Profit used to determine diluted earnings per share (€ in thousand) | € (73,425) | € (64,393) | € (1,744) | |
Weighted average number of outstanding shares for diluted earnings (losses) per share | [1] | 97,619,320 | 90,757,173 | 91,744,268 |
Diluted earnings/(losses) from continuing operations per share (€ per share) | € (0.75) | € (0.71) | € (0.02) | |
Number of Options with Potential Future Dilutive Effect Not Included in Calculation of Diluted Earnings per Share | 5,846,267 | 5,481,763 | ||
[1] | Potentially dilutive securities (2021: 5,846,267 |
Schedule of intangible assets (
Schedule of intangible assets (Details) - EUR (€) € in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
IfrsStatementLineItems [Line Items] | ||
Opening balance | € 35,409 | € 41,813 |
Additions | 942 | 535 |
Amortization charges | (3,816) | (3,486) |
Disposals | (3,333) | |
Exchange rate differences | 165 | (119) |
Closing balance | 32,700 | 35,409 |
Gross carrying amount [member] | ||
IfrsStatementLineItems [Line Items] | ||
Opening balance | 95,759 | |
Closing balance | 97,007 | 95,759 |
Accumulated depreciation and amortisation [member] | ||
IfrsStatementLineItems [Line Items] | ||
Opening balance | (60,350) | |
Closing balance | (64,307) | (60,350) |
Software development costs [member] | ||
IfrsStatementLineItems [Line Items] | ||
Opening balance | 1,112 | 1,629 |
Additions | 802 | 48 |
Amortization charges | (719) | (569) |
Disposals | ||
Exchange rate differences | 22 | 3 |
Closing balance | 1,217 | 1,112 |
Software development costs [member] | Gross carrying amount [member] | ||
IfrsStatementLineItems [Line Items] | ||
Opening balance | 5,589 | |
Closing balance | 6,254 | 5,589 |
Software development costs [member] | Accumulated depreciation and amortisation [member] | ||
IfrsStatementLineItems [Line Items] | ||
Opening balance | (4,477) | |
Closing balance | (5,037) | (4,477) |
Acquired R&D technology and projects [member] | ||
IfrsStatementLineItems [Line Items] | ||
Opening balance | 32,423 | 38,183 |
Additions | 140 | 401 |
Amortization charges | (2,919) | (2,723) |
Disposals | (3,329) | |
Exchange rate differences | 123 | (108) |
Closing balance | 29,768 | 32,423 |
Acquired R&D technology and projects [member] | Gross carrying amount [member] | ||
IfrsStatementLineItems [Line Items] | ||
Opening balance | 80,183 | |
Closing balance | 80,724 | 80,183 |
Acquired R&D technology and projects [member] | Accumulated depreciation and amortisation [member] | ||
IfrsStatementLineItems [Line Items] | ||
Opening balance | (47,759) | |
Closing balance | (50,956) | (47,759) |
Development costs [member] | ||
IfrsStatementLineItems [Line Items] | ||
Opening balance | 1,737 | 1,953 |
Additions | ||
Amortization charges | (178) | (194) |
Disposals | (5) | |
Exchange rate differences | 21 | (16) |
Closing balance | 1,581 | 1,737 |
Development costs [member] | Gross carrying amount [member] | ||
IfrsStatementLineItems [Line Items] | ||
Opening balance | 9,851 | |
Closing balance | 9,895 | 9,851 |
Development costs [member] | Accumulated depreciation and amortisation [member] | ||
IfrsStatementLineItems [Line Items] | ||
Opening balance | (8,113) | |
Closing balance | (8,314) | (8,113) |
Intangible assets in the course of construction [member] | ||
IfrsStatementLineItems [Line Items] | ||
Opening balance | 137 | 48 |
Additions | 86 | |
Amortization charges | ||
Disposals | ||
Exchange rate differences | (2) | 3 |
Closing balance | 134 | 137 |
Intangible assets in the course of construction [member] | Gross carrying amount [member] | ||
IfrsStatementLineItems [Line Items] | ||
Opening balance | 137 | |
Closing balance | 134 | 137 |
Intangible assets in the course of construction [member] | Accumulated depreciation and amortisation [member] | ||
IfrsStatementLineItems [Line Items] | ||
Opening balance | ||
Closing balance |
Intangible assets (Details Narr
Intangible assets (Details Narrative) - EUR (€) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
IfrsStatementLineItems [Line Items] | |||
Intangible assets other than goodwill | € 32,700,000 | € 35,409,000 | € 41,813,000 |
Gross carrying amount [member] | |||
IfrsStatementLineItems [Line Items] | |||
Intangible assets other than goodwill | € 97,007,000 | 95,759,000 | |
Capitalized Development Costs [member] | Bottom of range [member] | |||
IfrsStatementLineItems [Line Items] | |||
Useful life measured as period of time, intangible assets other than goodwill | 10 years | ||
Capitalized Development Costs [member] | Top of range [member] | |||
IfrsStatementLineItems [Line Items] | |||
Useful life measured as period of time, intangible assets other than goodwill | 15 years | ||
Software development costs [member] | |||
IfrsStatementLineItems [Line Items] | |||
Intangible assets other than goodwill | € 1,217,000 | 1,112,000 | 1,629,000 |
Software development costs [member] | Gross carrying amount [member] | |||
IfrsStatementLineItems [Line Items] | |||
Intangible assets other than goodwill | € 6,254,000 | 5,589,000 | |
Software development costs [member] | Bottom of range [member] | |||
IfrsStatementLineItems [Line Items] | |||
Useful life measured as period of time, intangible assets other than goodwill | 3 years | ||
Software development costs [member] | Top of range [member] | |||
IfrsStatementLineItems [Line Items] | |||
Useful life measured as period of time, intangible assets other than goodwill | 6 years | ||
Acquired R&D technology and projects [member] | |||
IfrsStatementLineItems [Line Items] | |||
Intangible assets other than goodwill | € 29,768,000 | 32,423,000 | 38,183,000 |
Acquired R&D technology and projects [member] | Gross carrying amount [member] | |||
IfrsStatementLineItems [Line Items] | |||
Intangible assets other than goodwill | € 80,724,000 | 80,183,000 | |
Acquired R&D technology and projects [member] | Bottom of range [member] | |||
IfrsStatementLineItems [Line Items] | |||
Useful life measured as period of time, intangible assets other than goodwill | 1 year | ||
Acquired R&D technology and projects [member] | Top of range [member] | |||
IfrsStatementLineItems [Line Items] | |||
Useful life measured as period of time, intangible assets other than goodwill | 15 years | ||
Development costs [member] | |||
IfrsStatementLineItems [Line Items] | |||
Intangible assets other than goodwill | € 1,581,000 | 1,737,000 | € 1,953,000 |
Development costs [member] | Gross carrying amount [member] | |||
IfrsStatementLineItems [Line Items] | |||
Intangible assets other than goodwill | € 9,895,000 | 9,851,000 | |
Development costs [member] | Bottom of range [member] | |||
IfrsStatementLineItems [Line Items] | |||
Useful life measured as period of time, intangible assets other than goodwill | 1 year | ||
Development costs [member] | Top of range [member] | |||
IfrsStatementLineItems [Line Items] | |||
Useful life measured as period of time, intangible assets other than goodwill | 15 years | ||
Lyme Candidate Vaccine [member] | |||
IfrsStatementLineItems [Line Items] | |||
Intangible Asset Derecognized | 3,300,000 | ||
IXIARO [member] | |||
IfrsStatementLineItems [Line Items] | |||
Intangible assets other than goodwill | € 30,600,000 | € 33,200,000 | |
IXIARO [member] | Gross carrying amount [member] | |||
IfrsStatementLineItems [Line Items] | |||
Intangible assets other than goodwill | € 79,000,000 |
Schedule of right of use assets
Schedule of right of use assets and lease liabilities (Details) - EUR (€) € in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
IfrsStatementLineItems [Line Items] | ||
Opening balnce | € 43,374 | |
Additions | 942 | € 535 |
Amortization | (3,816) | (3,486) |
Increase (decrease) through net exchange differences, intangible assets other than goodwill | 165 | (119) |
Closing net book value | 48,285 | 43,374 |
Land and buildings [member] | ||
IfrsStatementLineItems [Line Items] | ||
Opening balnce | 43,121 | 49,039 |
Additions | 7,642 | 117 |
Amortization | (2,628) | (2,309) |
Revaluation due to variable payments | 199 | (4,507) |
Termination of contracts | ||
Lease payment | ||
Interest expenses | ||
Increase (decrease) through net exchange differences, intangible assets other than goodwill | (341) | 782 |
Closing net book value | 47,993 | 43,121 |
Manufacturing and laboratory equipment [member] | ||
IfrsStatementLineItems [Line Items] | ||
Opening balnce | 37 | 58 |
Additions | ||
Amortization | (22) | (22) |
Revaluation due to variable payments | ||
Termination of contracts | ||
Lease payment | ||
Interest expenses | ||
Increase (decrease) through net exchange differences, intangible assets other than goodwill | ||
Closing net book value | 15 | 37 |
Furniture fittings and other [member] | ||
IfrsStatementLineItems [Line Items] | ||
Opening balnce | 216 | 236 |
Additions | 231 | 151 |
Amortization | (135) | (141) |
Revaluation due to variable payments | 3 | 2 |
Termination of contracts | (41) | (33) |
Lease payment | ||
Interest expenses | ||
Increase (decrease) through net exchange differences, intangible assets other than goodwill | 3 | 1 |
Closing net book value | 278 | 216 |
Total assets [member] | ||
IfrsStatementLineItems [Line Items] | ||
Opening balnce | 43,374 | 49,334 |
Additions | 7,874 | 267 |
Amortization | (2,784) | (2,471) |
Revaluation due to variable payments | 202 | (4,505) |
Termination of contracts | (41) | (33) |
Lease payment | ||
Interest expenses | ||
Increase (decrease) through net exchange differences, intangible assets other than goodwill | (339) | 782 |
Closing net book value | 48,285 | 43,374 |
Lease liablities [member] | ||
IfrsStatementLineItems [Line Items] | ||
Opening balnce | 52,088 | 58,901 |
Additions | 7,873 | 267 |
Amortization | ||
Revaluation due to variable payments | 202 | (6,096) |
Termination of contracts | (44) | (26) |
Lease payment | (3,601) | (2,910) |
Interest expenses | 802 | 800 |
Increase (decrease) through net exchange differences, intangible assets other than goodwill | (496) | 1,152 |
Closing net book value | € 56,822 | € 52,088 |
Schedule of other amounts recog
Schedule of other amounts recognized in the consolidated income statements (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Leases | |||
Expense relating to short-term leases (included in other income and expenses) | € 340 | € 96 | € 146 |
Expense relating to leases of low-value assets that are not shown above as short-term leases (included in other income and expenses) | 21 | 3 | |
Income relating to revaluation of lease liabilities (included in other income and expenses) | 42 | 1,591 | |
Expenses relating to termination of lease contracts (included in other income and expenses) | € (38) | € (7) |
Leases (right of use assets a_3
Leases (right of use assets and lease liabilities) (Details Narrative) - EUR (€) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
IfrsStatementLineItems [Line Items] | ||
Borrowings, interest rate | 9.95% | |
Assets | € 48,300,000 | € 43,400,000 |
Sweden [member] | ||
IfrsStatementLineItems [Line Items] | ||
Land and buildings | 6,400,000 | |
Amortisation expense | 500,000 | |
Scotland [member] | ||
IfrsStatementLineItems [Line Items] | ||
Land and buildings | 1,200,000 | |
Austria [member] | ||
IfrsStatementLineItems [Line Items] | ||
Land and buildings | 24,000,000 | 24,800,000 |
Sweden [member] | ||
IfrsStatementLineItems [Line Items] | ||
Land and buildings | € 22,100,000 | € 17,600,000 |
Bottom of range [member] | ||
IfrsStatementLineItems [Line Items] | ||
Borrowings, interest rate | 0.013% | |
Rental conracts interest rate percentage | 2.493% | |
Top of range [member] | ||
IfrsStatementLineItems [Line Items] | ||
Borrowings, interest rate | 3.186% | |
Rental conracts interest rate percentage | 3.401% |
Schedule of property, plant and
Schedule of property, plant and equipment (Details) - EUR (€) € in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
IfrsStatementLineItems [Line Items] | ||
Balance at the beginning period | € 34,779 | € 20,003 |
Additions | 95,848 | 18,936 |
Depreciation charge | (7,681) | (3,842) |
Write-downs (reversals of write-downs) of property, plant and equipment | (140) | |
Disposals | (46) | (6) |
Exchange rate differences | 2,645 | (172) |
Balance at end of period | 125,545 | 34,779 |
Property, plant and equipment | 125,545 | 34,779 |
Gross carrying amount [member] | ||
IfrsStatementLineItems [Line Items] | ||
Balance at the beginning period | 67,935 | |
Balance at end of period | 166,999 | 67,935 |
Property, plant and equipment | 166,999 | 67,935 |
Accumulated depreciation, amortisation and impairment [member] | ||
IfrsStatementLineItems [Line Items] | ||
Balance at the beginning period | (33,156) | |
Balance at end of period | (41,453) | (33,156) |
Property, plant and equipment | (41,453) | (33,156) |
Land and buildings [member] | ||
IfrsStatementLineItems [Line Items] | ||
Balance at the beginning period | 10,651 | 9,248 |
Additions | 664 | 2,578 |
Depreciation charge | (1,160) | (1,087) |
Write-downs (reversals of write-downs) of property, plant and equipment | ||
Disposals | ||
Exchange rate differences | 129 | (87) |
Balance at end of period | 10,284 | 10,651 |
Property, plant and equipment | 10,284 | 10,651 |
Land and buildings [member] | Gross carrying amount [member] | ||
IfrsStatementLineItems [Line Items] | ||
Balance at the beginning period | 24,062 | |
Balance at end of period | 25,554 | 24,062 |
Property, plant and equipment | 25,554 | 24,062 |
Land and buildings [member] | Accumulated depreciation, amortisation and impairment [member] | ||
IfrsStatementLineItems [Line Items] | ||
Balance at the beginning period | (13,411) | |
Balance at end of period | (15,269) | (13,411) |
Property, plant and equipment | (15,269) | (13,411) |
Machinery [member] | ||
IfrsStatementLineItems [Line Items] | ||
Balance at the beginning period | 12,041 | 5,944 |
Additions | 14,360 | 8,553 |
Depreciation charge | (6,129) | (2,471) |
Write-downs (reversals of write-downs) of property, plant and equipment | ||
Disposals | (19) | (2) |
Exchange rate differences | 813 | 16 |
Balance at end of period | 21,066 | 12,041 |
Property, plant and equipment | 21,066 | 12,041 |
Machinery [member] | Gross carrying amount [member] | ||
IfrsStatementLineItems [Line Items] | ||
Balance at the beginning period | 28,743 | |
Balance at end of period | 44,127 | 28,743 |
Property, plant and equipment | 44,127 | 28,743 |
Machinery [member] | Accumulated depreciation, amortisation and impairment [member] | ||
IfrsStatementLineItems [Line Items] | ||
Balance at the beginning period | (16,702) | |
Balance at end of period | (23,062) | (16,702) |
Property, plant and equipment | (23,062) | (16,702) |
Computer equipment [member] | ||
IfrsStatementLineItems [Line Items] | ||
Balance at the beginning period | 726 | 707 |
Additions | 912 | 241 |
Depreciation charge | (333) | (211) |
Write-downs (reversals of write-downs) of property, plant and equipment | ||
Disposals | (2) | (1) |
Exchange rate differences | 32 | (10) |
Balance at end of period | 1,335 | 726 |
Property, plant and equipment | 1,335 | 726 |
Computer equipment [member] | Gross carrying amount [member] | ||
IfrsStatementLineItems [Line Items] | ||
Balance at the beginning period | 2,573 | |
Balance at end of period | 3,204,000 | 2,573 |
Property, plant and equipment | 3,204,000 | 2,573 |
Computer equipment [member] | Accumulated depreciation, amortisation and impairment [member] | ||
IfrsStatementLineItems [Line Items] | ||
Balance at the beginning period | (1,847) | |
Balance at end of period | (1,870) | (1,847) |
Property, plant and equipment | (1,870) | (1,847) |
Fixtures and fittings [member] | ||
IfrsStatementLineItems [Line Items] | ||
Balance at the beginning period | 257 | 313 |
Additions | 16 | 30 |
Depreciation charge | (59) | (73) |
Write-downs (reversals of write-downs) of property, plant and equipment | ||
Disposals | (21) | (3) |
Exchange rate differences | 9 | (9) |
Balance at end of period | 202 | 257 |
Property, plant and equipment | 202 | 257 |
Fixtures and fittings [member] | Gross carrying amount [member] | ||
IfrsStatementLineItems [Line Items] | ||
Balance at the beginning period | 1,453 | |
Balance at end of period | 1,454 | 1,453 |
Property, plant and equipment | 1,454 | 1,453 |
Fixtures and fittings [member] | Accumulated depreciation, amortisation and impairment [member] | ||
IfrsStatementLineItems [Line Items] | ||
Balance at the beginning period | (1,196) | |
Balance at end of period | (1,252) | (1,196) |
Property, plant and equipment | (1,252) | (1,196) |
Construction in progress [member] | ||
IfrsStatementLineItems [Line Items] | ||
Balance at the beginning period | 11,105 | 3,791 |
Additions | 79,897 | 7,535 |
Depreciation charge | ||
Write-downs (reversals of write-downs) of property, plant and equipment | (140) | |
Disposals | (4) | |
Exchange rate differences | 1,662 | (82) |
Balance at end of period | 92,659 | 11,105 |
Property, plant and equipment | 92,659 | 11,105 |
Construction in progress [member] | Gross carrying amount [member] | ||
IfrsStatementLineItems [Line Items] | ||
Balance at the beginning period | 11,105 | |
Balance at end of period | 92,659 | 11,105 |
Property, plant and equipment | 92,659 | 11,105 |
Construction in progress [member] | Accumulated depreciation, amortisation and impairment [member] | ||
IfrsStatementLineItems [Line Items] | ||
Balance at the beginning period | ||
Balance at end of period | ||
Property, plant and equipment |
Property, plant and equipment_2
Property, plant and equipment (Details Narrative) - EUR (€) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
IfrsStatementLineItems [Line Items] | ||
Depreciation and amortization expenses | € 14,300,000 | € 9,900,000 |
Cost of goods and services | 8,900,000 | 5,000,000 |
Research and development expenses | 4,700,000 | 4,100,000 |
Marketing and distribution expenses | 400,000 | 500,000 |
General and administrative expenses | € 300,000 | € 300,000 |
Bottom of range [member] | Land and buildings [member] | ||
IfrsStatementLineItems [Line Items] | ||
Estimated useful lives | 5 years | |
Bottom of range [member] | Machinery [member] | ||
IfrsStatementLineItems [Line Items] | ||
Estimated useful lives | 1 year | |
Bottom of range [member] | Fixtures and fittings [member] | ||
IfrsStatementLineItems [Line Items] | ||
Estimated useful lives | 4 years | |
Bottom of range [member] | Hardware [member] | ||
IfrsStatementLineItems [Line Items] | ||
Estimated useful lives | 3 years | |
Top of range [member] | Land and buildings [member] | ||
IfrsStatementLineItems [Line Items] | ||
Estimated useful lives | 40 years | |
Top of range [member] | Machinery [member] | ||
IfrsStatementLineItems [Line Items] | ||
Estimated useful lives | 15 years | |
Top of range [member] | Fixtures and fittings [member] | ||
IfrsStatementLineItems [Line Items] | ||
Estimated useful lives | 10 years | |
Top of range [member] | Hardware [member] | ||
IfrsStatementLineItems [Line Items] | ||
Estimated useful lives | 5 years |
Details of the Group_s material
Details of the Group’s material associate are as follows: (Details) - Associates [member] | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
IfrsStatementLineItems [Line Items] | ||
Name of associate | BliNK Biomedical SAS | |
Place of business | FR | |
Measurement method | Equity method | |
Proportion of ownership interest in subsidiary | 48.90% | 48.90% |
Schedule of summarized financia
Schedule of summarized financial information (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
IfrsStatementLineItems [Line Items] | |||
Non-current assets | € 231,520 | € 140,737 | |
Current assets | 585,832 | 308,427 | |
Non-current liabilities | 69 | 72 | |
Current liabilities | 368,979 | 175,870 | |
Revenue | 348,086 | 110,321 | € 126,196 |
BliNK Biomedical SAS [member] | |||
IfrsStatementLineItems [Line Items] | |||
Non-current assets | 2 | 3 | |
Current assets | 4,782 | 4,759 | |
Non-current liabilities | 209 | 209 | |
Current liabilities | 93 | 38 | |
Revenue | 810 | 836 | |
Loss from continuing operations | (16) | (272) | |
Total comprehensive income | € (16) | € (272) |
Schedule of reconciliation the
Schedule of reconciliation the carrying amount (Details) - BliNK Biomedical SAS [member] - EUR (€) € in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
IfrsStatementLineItems [Line Items] | ||
Net assets of associate | € 4,344 | € 4,355 |
Proportion of the Company’s ownership interest in BliNK Biomedical SAS | 48.90% | 48.90% |
Balance | € 2,121 | € 2,130 |
Investments in associates (Deta
Investments in associates (Details Narrative) - BliNK Biomedical SAS [member] - EUR (€) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
IfrsStatementLineItems [Line Items] | ||
Loss related to share of equity | € 0 | € 300,000 |
Equity of Associate | € 4,300,000 | € 4,400,000 |
Schedule of impairment test (De
Schedule of impairment test (Details) - EUR (€) € in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
IXIARO [member] | ||
IfrsStatementLineItems [Line Items] | ||
Product sales | € 45,118 | € 48,480 |
Percentage sale of product | (6.90%) | |
DUKORAL [member] | ||
IfrsStatementLineItems [Line Items] | ||
Product sales | € 2,440 | € 13,300 |
Percentage sale of product | (81.70%) |
Schedule of sensitivity analysi
Schedule of sensitivity analysis (Details) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
IXIARO [member] | ||
IfrsStatementLineItems [Line Items] | ||
Weighted average cost of capital | 7.49% | 7.55% |
Break-even weighted average cost of capital | 53.11% | 54.44% |
DUKORAL [member] | ||
IfrsStatementLineItems [Line Items] | ||
Weighted average cost of capital | 7.23% | 7.30% |
Break-even weighted average cost of capital | 13.10% | 10.58% |
COVID [member] | ||
IfrsStatementLineItems [Line Items] | ||
Weighted average cost of capital | 7.77% | |
Break-even weighted average cost of capital | 75.34% |
Impairment testing (Details Nar
Impairment testing (Details Narrative) - EUR (€) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
IfrsStatementLineItems [Line Items] | ||
Assets | € 817,352,000 | € 449,164,000 |
IXIARO [member] | ||
IfrsStatementLineItems [Line Items] | ||
Discount Rate | 7.49% | |
Risk Free Rate | 0.20% | |
Market Risk Premium | 6.68% | |
Country Risk Premium | 0.37% | |
Currency Risk | 1.03% | |
Leveraged Beta | 1.12 | |
Assets | € 48,200,000 | € 46,700,000 |
Discount rates | 7.49% | 7.55% |
Increased discount rates applied to cash flow projections | 53.11% | 54.44% |
Increase in discount rates applied to cash flow projections | 46.89% | |
Reduced Revenue Percentage For No Impairmen tLoss | 10.00% | |
DUKORAL [member] | ||
IfrsStatementLineItems [Line Items] | ||
Discount Rate | 7.23% | |
Risk Free Rate | 0.20% | |
Market Risk Premium | 6.68% | |
Country Risk Premium | 0.36% | |
Currency Risk | 0.74% | |
Leveraged Beta | 1.13 | |
Assets | € 13,700,000 | € 15,100,000 |
Discount rates | 7.23% | 7.30% |
Increased discount rates applied to cash flow projections | 13.10% | 10.58% |
Increase in discount rates applied to cash flow projections | 3.28% | |
Reduced Revenue Percentage For No Impairmen tLoss | 10.00% | |
COVID [member] | ||
IfrsStatementLineItems [Line Items] | ||
Discount Rate | 7.77% | |
Risk Free Rate | 0.20% | |
Market Risk Premium | 6.68% | |
Country Risk Premium | 0.49% | |
Currency Risk | 0.46% | |
Leveraged Beta | 1.12 | |
Assets | € 214,500,000 | |
Discount rates | 7.77% | |
Increased discount rates applied to cash flow projections | 75.34% | |
Reduced Revenue Percentage For No Impairmen tLoss | 10.00% | |
BliNK Biomedical SAS [member] | ||
IfrsStatementLineItems [Line Items] | ||
Discount Rate | 6.84% | |
Risk Free Rate | 0.20% | |
Market Risk Premium | 6.49% | |
Leveraged Beta | 1.12 | |
Assets in Course of Construction [member] | ||
IfrsStatementLineItems [Line Items] | ||
Impairment loss recognised in profit or loss | € 100,000 | |
Acquired R&D technology and projects [member] | ||
IfrsStatementLineItems [Line Items] | ||
Impairment loss recognised in profit or loss | € 100,000 |
Financial instruments by catego
Financial instruments by category (Details) - EUR (€) € in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
IfrsStatementLineItems [Line Items] | ||||
Trade receivables | € 44,013 | € 19,237 | ||
Other assets | 11,522 | 11,979 | ||
Cash and cash equivalents | 346,686 | 204,435 | € 64,439 | |
Assets | 817,352 | 449,164 | ||
Borrowings | 57,834 | 53,363 | 26,316 | |
Trade payables and accruals | 16,035 | 24,898 | ||
Tax and employee-related liabilities | 83 | |||
Lease liabilities | 56,822 | 52,088 | ||
Refund liabilities | 254,581 | 111,426 | € 6,553 | |
Other liabilities | 5,019 | 2,913 | ||
Liabilities | 646,771 | 371,742 | ||
At fair value [member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Trade receivables | ||||
Other assets | [1] | |||
Cash and cash equivalents | ||||
Assets | ||||
Borrowings | ||||
Trade payables and accruals | ||||
Tax and employee-related liabilities | [2] | |||
Lease liabilities | ||||
Refund liabilities | ||||
Other liabilities | [3] | |||
Liabilities | ||||
Not measured at fair value in statement of financial position but for which fair value is disclosed [member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Trade receivables | 44,013 | 19,232 | ||
Other assets | [1] | 11,522 | 11,918 | |
Cash and cash equivalents | 346,686 | 204,435 | ||
Assets | 402,221 | 235,584 | ||
Borrowings | 57,834 | 53,363 | ||
Trade payables and accruals | 68,119 | 36,212 | ||
Tax and employee-related liabilities | [2] | 10,101 | 8,300 | |
Lease liabilities | 56,822 | 52,088 | ||
Refund liabilities | 254,582 | 111,426 | ||
Other liabilities | [3] | 44 | 51 | |
Liabilities | 447,502 | 261,439 | ||
Total [member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Trade receivables | 44,013 | 19,232 | ||
Other assets | [1] | 11,522 | 11,918 | |
Cash and cash equivalents | 346,686 | 204,435 | ||
Assets | 402,221 | 235,584 | ||
Borrowings | 57,834 | 53,363 | ||
Trade payables and accruals | 68,119 | 36,212 | ||
Tax and employee-related liabilities | [2] | 10,101 | 8,300 | |
Lease liabilities | 56,822 | 52,088 | ||
Refund liabilities | 254,582 | 111,426 | ||
Other liabilities | [3] | 44 | 51 | |
Liabilities | € 447,502 | € 261,439 | ||
[1] | Prepayments and tax receivables and other non-financial assets are excluded from the other assets balance, as this analysis is required only for financial instruments. | |||
[2] | Social security and other tax payables are excluded from the tax and employee-related liabilities balance, as this analysis is required only for financial instruments. | |||
[3] | Deferred income is excluded from the other liabilities balance, as this analysis is required only for financial instruments. |
Credit quality of financial ass
Credit quality of financial assets (Details) - EUR (€) € in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
IfrsStatementLineItems [Line Items] | |||
Trade receivables | € 44,013 | € 19,237 | |
Other assets | 11,522 | 11,979 | |
Cash and cash equivalents | 346,686 | 204,435 | € 64,439 |
Receivables from governmental institutions (AAA-country) [member] | |||
IfrsStatementLineItems [Line Items] | |||
Trade receivables | 289 | 36 | |
Receivables from governmental institutions (AA-country) [member] | |||
IfrsStatementLineItems [Line Items] | |||
Trade receivables | 23,086 | 15,595 | |
Other assets | 199 | ||
Receivables from governmental institutions (A-country) [member] | |||
IfrsStatementLineItems [Line Items] | |||
Trade receivables | 606 | ||
AA [member] | |||
IfrsStatementLineItems [Line Items] | |||
Trade receivables | 2 | 188 | |
Cash and cash equivalents | 3,457 | 3,984 | |
A [member] | |||
IfrsStatementLineItems [Line Items] | |||
Trade receivables | 3,442 | 787 | |
Other assets | 11,296 | 11,644 | |
Cash and cash equivalents | 332,361 | 149,477 | |
Counterparties without external credit rating or rating below A [member] | |||
IfrsStatementLineItems [Line Items] | |||
Trade receivables | 16,589 | 2,631 | |
Other assets | 27 | 336 | |
Cash and cash equivalents | € 10,868 | € 50,973 |
Schedule of Inventories (Detail
Schedule of Inventories (Details) - EUR (€) € in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Schedule Of Inventories | ||
Raw materials | € 102,082 | € 4,790 |
Work in progress | 55,681 | 14,914 |
Finished goods | 8,135 | 13,625 |
Purchased goods (third party products) | 7,362 | 1,303 |
Gross amount of inventories before write-down | 173,260 | 34,631 |
Less: write-down provision | (49,162) | (7,698) |
Inventories | € 124,098 | € 26,933 |
Write-down provisions related t
Write-down provisions related to the inventory categories as follows: (Details) - EUR (€) € in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Schedule Of Inventories | ||
Raw materials | € 29,751 | € 470 |
Work in progress | 15,096 | 2,730 |
Finished goods | 3,974 | 4,435 |
Purchased goods (third party products) | 342 | 63 |
Total Write-down provision | € 49,162 | € 7,698 |
Inventories (Details Narrative)
Inventories (Details Narrative) - EUR (€) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Schedule Of Inventories | ||
Cost of inventories recognized as an expense | € 145,300,000 | € 27,000,000 |
Cost of inventories recognized as an raw material expense | 127,100,000 | 9,600,000 |
Cost of inventories recognized as an COVID 19 expense | 121,400,000 | 0 |
Cost of inventories recognized as an writedown expense | 5,700,000 | 9,600,000 |
Commercial inventories writedown | 7,600,000 | 7,400,000 |
Finished goods writedown | 4,000,000 | 4,400,000 |
Work in progress writedown | 3,300,000 | 2,400,000 |
Purchased goods writedown | 300,000 | 100,000 |
Raw materials writedown | 29,800,000 | € 500,000 |
Work in progress COVID writedown | € 11,800,000 |
Trade receivables include the f
Trade receivables include the following: (Details) - EUR (€) € in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Trade Receivables | ||
Trade receivables | € 44,030 | € 19,237 |
Less: loss allowance of receivables | (17) | (6) |
Trade receivables, net | € 44,013 | € 19,232 |
Trade receivables (Details Narr
Trade receivables (Details Narrative) - EUR (€) | 2 Months Ended | ||
Feb. 28, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
IfrsStatementLineItems [Line Items] | |||
Trade receivables past due | € 21,200,000 | € 400,000 | |
Receivables from contracts with customers | € 40,900,000 | € 18,700,000 | |
Payments Received [member] | |||
IfrsStatementLineItems [Line Items] | |||
Trade receivables past due received | € 18,700,000 |
Other assets include the follow
Other assets include the following: (Details) - EUR (€) € in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Other Assets | ||
R&D tax credit receivables | € 35,390 | € 19,637 |
Advance payments | 27,375 | 33,671 |
Tax receivables | 6,145 | 5,468 |
Prepaid expenses | 5,131 | 2,544 |
Contract costs | 3,010 | 2,846 |
Consumables and supplies on stock | 1,722 | 1,061 |
Miscellaneous current assets | 23 | 158 |
Other non-financial assets | 78,796 | 65,385 |
Deposits | 11,339 | 11,358 |
Miscellaneous financial assets | 183 | 560 |
Other financial assets | 11,522 | 11,918 |
Other assets | 90,318 | 77,303 |
Less non-current portion | (19,282) | (19,476) |
Current portion | € 71,036 | € 57,828 |
Other assets (Details Narrative
Other assets (Details Narrative) - EUR (€) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
IDT Biologika [member] | ||
IfrsStatementLineItems [Line Items] | ||
Advance payment | € 16,400,000 | |
Dynavax [member] | ||
IfrsStatementLineItems [Line Items] | ||
Advance payment | € 7,200,000 | € 31,100,000 |
Cash and cash equivalents (Deta
Cash and cash equivalents (Details) - EUR (€) € in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Cash and cash equivalents [abstract] | |||
Cash in hand | € 3 | € 2 | |
Cash at bank | 346,639 | 173,107 | |
Short-term bank deposits (maximum maturity of 3 months) | 31,285 | ||
Restricted cash | 44 | 41 | |
Cash and cash equivalents | € 346,686 | € 204,435 | € 64,439 |
Cash and cash equivalents (De_2
Cash and cash equivalents (Details Narrative) - EUR (€) | Jan. 31, 2021 | Dec. 31, 2020 |
IfrsStatementLineItems [Line Items] | ||
Minimum liquidity requirement | € 50,000,000 | € 75,000,000 |
Later than one year and not later than two years [member] | ||
IfrsStatementLineItems [Line Items] | ||
Minimum liquidity requirement | € 35,000,000 |
The ordinary shares and convert
The ordinary shares and convertible preferred shares are classified as equity. (Details) - € / shares | Dec. 31, 2021 | Dec. 31, 2020 |
EQUITY | ||
Ordinary shares issued (€0.15 par value per share) | 105,190,223 | 90,950,048 |
Par value per share | € 0.15 | |
Convertible preferred shares registered | 48,862 | 20,514 |
Total shares issued | 105,239,085 | 90,970,562 |
Less Treasury shares | (124,322) | (146,322) |
Outstanding shares | 105,114,763 | 90,824,240 |
Schedule of other reserves (Det
Schedule of other reserves (Details) - EUR (€) € in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
IfrsStatementLineItems [Line Items] | ||
Balance as at January 1, 2021 | € 52,342 | € 45,756 |
Currency translation differences | (2,877) | 2,438 |
Defined benefit plan actuarial gains | 205 | (78) |
- value of services | 2,632 | 4,012 |
Purchase/sale of treasury shares | 209 | 215 |
Balance as at December 31, 2021 | 52,512 | 52,342 |
Other regulated reserves [member] | ||
IfrsStatementLineItems [Line Items] | ||
Balance as at January 1, 2021 | 52,820 | 52,820 |
Currency translation differences | ||
Defined benefit plan actuarial gains | ||
- value of services | ||
Purchase/sale of treasury shares | ||
Balance as at December 31, 2021 | 52,820 | 52,820 |
Accumulated other comprehensive income [member] | ||
IfrsStatementLineItems [Line Items] | ||
Balance as at January 1, 2021 | (2,474) | (4,836) |
Currency translation differences | (2,877) | 2,438 |
Defined benefit plan actuarial gains | 205 | (78) |
- value of services | ||
Purchase/sale of treasury shares | ||
Balance as at December 31, 2021 | (5,146) | (2,474) |
Treasury shares [member] | ||
IfrsStatementLineItems [Line Items] | ||
Balance as at January 1, 2021 | (898) | (1,112) |
Currency translation differences | ||
Defined benefit plan actuarial gains | ||
- value of services | ||
Purchase/sale of treasury shares | 253 | 215 |
Balance as at December 31, 2021 | (645) | (898) |
Share premium [member] | ||
IfrsStatementLineItems [Line Items] | ||
Balance as at January 1, 2021 | 12,368 | 8,357 |
Currency translation differences | ||
Defined benefit plan actuarial gains | ||
- value of services | 2,632 | 4,012 |
Purchase/sale of treasury shares | ||
Balance as at December 31, 2021 | 15,000 | 12,368 |
Other reserves [member] | ||
IfrsStatementLineItems [Line Items] | ||
Balance as at January 1, 2021 | (9,474) | (9,474) |
Currency translation differences | ||
Defined benefit plan actuarial gains | ||
- value of services | ||
Purchase/sale of treasury shares | (43) | |
Balance as at December 31, 2021 | € (9,517) | € (9,474) |
Equity (Details Narrative)
Equity (Details Narrative) | 1 Months Ended | 12 Months Ended | ||||
Nov. 30, 2021EUR (€)€ / sharesshares | Nov. 30, 2021USD ($)$ / sharesshares | May 31, 2021EUR (€)€ / sharesshares | May 31, 2021USD ($)$ / sharesshares | Jan. 31, 2021shares | Dec. 31, 2021EUR (€)shares | |
IfrsStatementLineItems [Line Items] | ||||||
Number of share options exercised in share-based payment arrangement | 790,075 | |||||
Number of ordinary shares issued | 5,175,000 | 5,175,000 | 8,145,176 | 8,145,176 | ||
Number of American Depositary Shares Issued | 354,060 | 354,060 | 2,850,088 | 2,850,088 | ||
Payments for share issue costs | € | € 6,700,000 | € 6,800,000 | ||||
Conditional capital shares | 6,572,937 | |||||
Maximum Capital Increase | € | € 5,175,000,000 | |||||
Ordinary shares [member] | ||||||
IfrsStatementLineItems [Line Items] | ||||||
Proceeds from issue of ordinary shares | € | € 88,000,000 | € 89,600,000 | ||||
Europe [Member] | ||||||
IfrsStatementLineItems [Line Items] | ||||||
Number of ordinary shares issued | 4,466,880 | 4,466,880 | 2,445,000 | 2,445,000 | ||
Offering Price Per Share | € / shares | € 17 | € 11 | ||||
United States of America, Dollars | ||||||
IfrsStatementLineItems [Line Items] | ||||||
Offering Price Per Share | $ / shares | $ 39.42 | $ 26.41 | ||||
United States of America, Dollars | Ordinary shares [member] | ||||||
IfrsStatementLineItems [Line Items] | ||||||
Proceeds from issue of ordinary shares | $ | $ 102,000,000 | $ 107,600,000 | ||||
ESOP 2016 [member] | ||||||
IfrsStatementLineItems [Line Items] | ||||||
Number of share options exercised in share-based payment arrangement | 363,050 | |||||
ESOP 2017 [member] | ||||||
IfrsStatementLineItems [Line Items] | ||||||
Number of share options exercised in share-based payment arrangement | 427,025 |
The profit and loss statement i
The profit and loss statement includes the following expenses arising from share-based payments: (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Share-based Compensation | |||
Stock option plans | € 646 | € 1,182 | € 1,177 |
Free convertible preferred share plans | 652 | 1,266 | 1,198 |
Free ordinary shares program | 1,334 | 1,563 | 130 |
Equity warrants | |||
Phantom shares | 11,877 | 2,317 | 74 |
Share-based compensation expense | € 14,509 | € 6,328 | € 2,578 |
Changes in the number of stock
Changes in the number of stock options outstanding and their related weighted average exercise prices are as follows (Details) | 1 Months Ended | 12 Months Ended | |
Jan. 31, 2021shares€ / shares | Dec. 31, 2021shares€ / shares | Dec. 31, 2020shares€ / shares | |
IfrsStatementLineItems [Line Items] | |||
Exercised | (790,075) | ||
Stock option plan [member] | |||
IfrsStatementLineItems [Line Items] | |||
Beginning Balance | 4,911,410 | 4,911,410 | 5,247,110 |
Beginning Balance | 4,975,831 | 4,975,831 | 5,313,098 |
Beginning Balance | € / shares | € 3.06 | € 3.06 | € 3.06 |
Granted | |||
Granted | |||
Granted | € / shares | |||
Forfeited | (187,950) | (335,700) | |
Forfeited | (189,168) | (337,267) | |
Forfeited | € / shares | € 3.07 | € 3.06 | |
Exercised | (790,075) | (790,075) | |
Exercised | (790,075) | ||
Exercised | € / shares | € 2.79 | ||
Ending Balance | 3,933,385 | 4,911,410 | |
Ending Balance | 3,996,588 | 4,975,831 | |
Ending Balance | € / shares | € 3.11 | € 3.06 | |
Exercisable at year end | 3,203,817 | 2,855,570 | |
Exercisable at year end | 3,267,020 | 2,919,991 |
Stock options outstanding at th
Stock options outstanding at the end of the period have the following expiry dates and exercise prices: (Details) - Stock option plan [member] | Dec. 31, 2021shares€ / shares | Dec. 31, 2020shares€ / shares | Dec. 31, 2019€ / shares |
IfrsStatementLineItems [Line Items] | |||
Exercise Price | € / shares | € 3.11 | € 3.06 | € 3.06 |
Outstanding at year end | shares | 3,996,588 | 4,911,410 | |
Later than one year [member] | |||
IfrsStatementLineItems [Line Items] | |||
Exercise Price | € / shares | € 2.919 | ||
Outstanding at year end | shares | 696,903 | 645,900 | |
Later than two years and not later than three years [member] | |||
IfrsStatementLineItems [Line Items] | |||
Exercise Price | € / shares | € 3.92 | ||
Outstanding at year end | shares | 522,500 | 533,000 | |
Later than three years and not later than four years [member] | |||
IfrsStatementLineItems [Line Items] | |||
Exercise Price | € / shares | € 2.71 | ||
Outstanding at year end | shares | 36,200 | 399,250 | |
Later than four years and not later than five years [member] | |||
IfrsStatementLineItems [Line Items] | |||
Exercise Price | € / shares | € 2.85 | ||
Outstanding at year end | shares | 552,725 | 998,000 | |
Later than five years [member] | |||
IfrsStatementLineItems [Line Items] | |||
Exercise Price | € / shares | € 3.05 | ||
Outstanding at year end | shares | 2,188,260 | 2,335,260 |
In 2019, the number of free ord
In 2019, the number of free ordinary shares granted was as follows (Details) - Free ordinary shares [member] | 12 Months Ended |
Dec. 31, 2019shares | |
IfrsStatementLineItems [Line Items] | |
Management Board | 1,381,947 |
Other Management Committee members | 810,000 |
Free ordinary shares granted | 2,191,947 |
In accordance with the foregoin
In accordance with the foregoing, changes in the outstanding free ordinary shares are as follows (Details) - Free ordinary shares [member] - shares | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
IfrsStatementLineItems [Line Items] | ||
Outstanding as at January 1 | 1,842,404 | 2,191,947 |
Forfeited | 349,543 | |
Outstanding at year end | 1,842,404 |
Following the full payment of t
Following the full payment of the amount of personal investment required, the Management Board conditionally granted the program beneficiaries a number of FCPS (Details) - Free ordinary shares [member] | 12 Months Ended |
Dec. 31, 2021shares | |
IfrsStatementLineItems [Line Items] | |
Management Board | 24,200 |
Other Executive Managers | 9,817 |
Free convertible preferred shares granted | 34,017 |
Changes in the FCPS are as foll
Changes in the FCPS are as follows (Details) - Free ordinary shares [member] - shares | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
IfrsStatementLineItems [Line Items] | ||
Beginning Balance | 32,463 | 34,017 |
Granted | ||
Expired | (1,554) | |
Ending Balance | 32,463 | 32,463 |
Number of share options exercisable in share-based payment arrangement | 884,144 |
Phantom shares outstanding at t
Phantom shares outstanding at the end of the period have the following expiry dates and exercise prices (Details) - Phantom shares [member] | Dec. 31, 2021shares€ / shares | Dec. 31, 2020shares |
IfrsStatementLineItems [Line Items] | ||
Outstanding at year end | 841,450 | 932,200 |
Later than one year and not later than two years [member] | ||
IfrsStatementLineItems [Line Items] | ||
Exercise Price | € / shares | € 2.919 | |
Outstanding at year end | 4,950 | 10,450 |
Later than two years and not later than three years [member] | ||
IfrsStatementLineItems [Line Items] | ||
Exercise Price | € / shares | € 3.92 | |
Outstanding at year end | 6,000 | 14,000 |
Later than three years and not later than four years [member] | ||
IfrsStatementLineItems [Line Items] | ||
Exercise Price | € / shares | € 2.71 | |
Outstanding at year end | 9,000 | |
Later than four years and not later than five years [member] | ||
IfrsStatementLineItems [Line Items] | ||
Exercise Price | € / shares | € 2.85 | |
Outstanding at year end | 6,250 | 32,000 |
Later than five years and not later than ten years [member] | ||
IfrsStatementLineItems [Line Items] | ||
Exercise Price | € / shares | € 3.05 | |
Outstanding at year end | 134,250 | 176,750 |
Later than five years [member] | ||
IfrsStatementLineItems [Line Items] | ||
Exercise Price | € / shares | ||
Outstanding at year end | 690,000 | 690,000 |
Schedule of Significant inputs
Schedule of Significant inputs into the models (Details) - Phantom shares [member] | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
IfrsStatementLineItems [Line Items] | ||
Expected volatility (%) | 72.97% | 43.81% |
Bottom of range [member] | ||
IfrsStatementLineItems [Line Items] | ||
Expected vesting period (term in years) | 3 months | 3 months |
Risk free interest rate, share options granted | 0.78% | 0.82% |
Top of range [member] | ||
IfrsStatementLineItems [Line Items] | ||
Expected vesting period (term in years) | 4 years 4 months 20 days | 5 years 4 months 24 days |
Risk free interest rate, share options granted | 0.64% | 0.71% |
Changes in the equity warrants
Changes in the equity warrants outstanding are as follows (Details) - Equity warrants [member] - shares | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
IfrsStatementLineItems [Line Items] | ||
Outstanding as at January 1 | 43,750 | 103,875 |
Granted | ||
Exercised | (21,875) | (26,750) |
Forfeited | (33,375) | |
Outstanding at year end | 21,875 | 43,750 |
Share-based compensation (Detai
Share-based compensation (Details Narrative) | 1 Months Ended | 12 Months Ended | ||
Dec. 31, 2021EUR (€)€ / shares | Jan. 31, 2021shares | Dec. 31, 2021EUR (€)shares€ / shares | Dec. 31, 2020EUR (€)shares | |
IfrsStatementLineItems [Line Items] | ||||
Number of share options exercised in share-based payment arrangement | 790,075 | |||
Final share price | € / shares | € 18.21 | |||
Minimum final share price | € / shares | € 8 | |||
Phantom share liability | € | € 14,300,000 | € 14,300,000 | € 2,300,000 | |
Warrant subscription price per share | € / shares | € 2.574 | |||
Stock option plan [member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Percentage of voting rights | 50.00% | 50.00% | ||
Number of share options exercised in share-based payment arrangement | 790,075 | 790,075 | ||
Number of share options granted in share-based payment arrangement | ||||
ESOP 2016 [member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Number of share options exercised in share-based payment arrangement | 363,050 | |||
ESOP 2017 [member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Number of share options exercised in share-based payment arrangement | 427,025 | |||
Phantom shares [member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Number of share options granted in share-based payment arrangement | 690,000 |
Schedule of borrowings (Details
Schedule of borrowings (Details) - EUR (€) € in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Non-current | |||
Other loans | € 50,726 | € 46,375 | |
Non-current borrowings | 50,726 | 46,375 | |
Current | |||
Other loans | 7,107 | 6,988 | |
Current borrowings | 7,107 | 6,988 | |
Total borrowings | € 57,834 | € 53,363 | € 26,316 |
Schedule of maturity of non-cur
Schedule of maturity of non-current borrowings (Details) - EUR (€) € in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
IfrsStatementLineItems [Line Items] | |||
Non-current borrowings | € 50,726 | € 46,375 | |
Current borrowings | 7,107 | 6,988 | |
Total borrowings | 57,834 | 53,363 | € 26,316 |
Later than one year and not later than two years [member] | |||
IfrsStatementLineItems [Line Items] | |||
Non-current borrowings | 21,102 | 5,925 | |
Later than two years and not later than three years [member] | |||
IfrsStatementLineItems [Line Items] | |||
Non-current borrowings | 15,502 | 14,270 | |
Later than three years and not later than four years [member] | |||
IfrsStatementLineItems [Line Items] | |||
Non-current borrowings | 12,306 | 12,559 | |
Later than four years and not later than five years [member] | |||
IfrsStatementLineItems [Line Items] | |||
Non-current borrowings | 674 | 10,524 | |
Later than five years [member] | |||
IfrsStatementLineItems [Line Items] | |||
Non-current borrowings | € 1,143 | € 3,097 |
Schedule of borrowings are deno
Schedule of borrowings are denominated (Details) - EUR (€) € in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
IfrsStatementLineItems [Line Items] | |||
Total borrowings | € 57,834 | € 53,363 | € 26,316 |
Euro Member Countries, Euro | |||
IfrsStatementLineItems [Line Items] | |||
Total borrowings | 4,708 | 5,855 | |
United States of America, Dollars | |||
IfrsStatementLineItems [Line Items] | |||
Total borrowings | € 53,126 | € 47,508 |
Schedule of loan (Details)
Schedule of loan (Details) - EUR (€) € in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Borrowings [abstract] | ||
Balance as at January 1 | € 46,190 | |
Proceeds of issue | 52,935 | |
Transaction costs | (4,162) | |
Accrued interest | 6,167 | 4,538 |
Payment of interest | (6,459) | (2,698) |
Exchange rate difference | 3,774 | (4,423) |
Balance as at December 31 | 49,671 | 46,190 |
Less: non-current portion | (44,360) | (41,261) |
Current portion | € 5,311 | € 4,929 |
Borrowings (Details Narrative)
Borrowings (Details Narrative) | 12 Months Ended | |||
Dec. 31, 2021EUR (€) | Dec. 31, 2020EUR (€) | Dec. 31, 2019EUR (€) | Dec. 31, 2021USD ($) | |
IfrsStatementLineItems [Line Items] | ||||
Borrowings | € 57,834,000 | € 53,363,000 | € 26,316,000 | |
Carrying amount of other loans | € 49,700,000 | |||
Interest rate | 9.95% | 9.95% | ||
Annual basis | 10.09% | 10.09% | ||
Twelve Month Rolling Revenue Covenant | € 115,000,000 | |||
Minimum Revenue Covenant | 64,000,000 | |||
Minimum Cash Covenant | € 50,000,000 | |||
Default Interest Rate | 10.00% | 10.00% | ||
Increased Principal Payment Percentage | 8.00% | 8.00% | ||
Research and development expenses | € 173,283,000 | 84,454,000 | € 38,022,000 | |
Borrowings and other loans secured | € 54,400,000 | 52,000,000 | ||
Arms' length interest rate | 9.55% | 9.55% | ||
Fair value of borrowings and other loans | € 4,200,000 | |||
Carrying amounts | 4,700,000 | |||
Later than one year and not later than two years [member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Minimum Revenue Covenant | 103,750,000 | |||
Later than one year [member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Minimum Cash Covenant | 35,000,000 | |||
United States of America, Dollars | ||||
IfrsStatementLineItems [Line Items] | ||||
Borrowings | 53,126,000 | 47,508,000 | ||
Loan agreement [member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Borrowings | 54,100,000 | |||
Loan agreement [member] | United States of America, Dollars | ||||
IfrsStatementLineItems [Line Items] | ||||
Borrowings | $ | $ 60,000,000 | |||
CIR [member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Research and development expenses | 4,700,000 | 5,900,000 | ||
CEPI [member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Research and development expenses | € 3,500,000 | € 1,300,000 |
Schedule of trade and other pay
Schedule of trade and other payables (Details) - EUR (€) € in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Trade Payables And Accruals | ||
Trade payables | € 16,035 | € 24,898 |
Accrued expenses | 52,084 | 11,314 |
Balance as at December 31 | 68,119 | 36,212 |
Less non-current portion | ||
Current portion | € 68,119 | € 36,212 |
Schedule of tax and employee re
Schedule of tax and employee related liabilities (Details) - EUR (€) € in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Tax And Employee-related Liabilities | ||
Employee-related liabilities | € 10,101 | € 8,300 |
Social security and other taxes | 7,148 | 4,866 |
Balance as at December 31 | 17,249 | 13,165 |
Less non-current portion | ||
Current portion | € 17,249 | € 13,165 |
Schedule of present value of le
Schedule of present value of lease liabilities (Details) - EUR (€) € in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
IfrsStatementLineItems [Line Items] | ||
Non-current lease liabilities | € 53,687 | € 49,392 |
Current lease liabilities | 3,135 | 2,696 |
Total Lease liabilities | 56,822 | 52,088 |
Later than one years and not later than two years [member] | ||
IfrsStatementLineItems [Line Items] | ||
Nominal value of lease payments | 25,301 | 2,296 |
Later than two years and not later than three years [member] | ||
IfrsStatementLineItems [Line Items] | ||
Nominal value of lease payments | 2,150 | 24,434 |
Later than three years and not later than four years [member] | ||
IfrsStatementLineItems [Line Items] | ||
Nominal value of lease payments | 2,214 | 1,280 |
Later than four years and not later than five years [member] | ||
IfrsStatementLineItems [Line Items] | ||
Nominal value of lease payments | 2,289 | 1,331 |
Later than five years and not later than ten years [member] | ||
IfrsStatementLineItems [Line Items] | ||
Nominal value of lease payments | 10,733 | 7,384 |
Later than ten years and not later than fifteen years [member] | ||
IfrsStatementLineItems [Line Items] | ||
Nominal value of lease payments | 9,114 | 8,907 |
Later Than Fifteen Years [member] | ||
IfrsStatementLineItems [Line Items] | ||
Nominal value of lease payments | € 1,886 | € 3,759 |
Schedule of lease liabilities (
Schedule of lease liabilities (Details) - EUR (€) € in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
IfrsStatementLineItems [Line Items] | ||
Total lease liabilities | € 56,822 | € 52,088 |
Euro Member Countries, Euro | ||
IfrsStatementLineItems [Line Items] | ||
Total lease liabilities | 24,650 | 25,633 |
Sweden, Kronor | ||
IfrsStatementLineItems [Line Items] | ||
Total lease liabilities | 30,657 | 26,166 |
Other [member] | ||
IfrsStatementLineItems [Line Items] | ||
Total lease liabilities | € 1,515 | € 289 |
Development of contract liabili
Development of contract liabilities is presented in the table below: (Details) - EUR (€) € in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Contract liabilities [abstract] | ||
Balance as at January 1 | € 89,636 | € 1,426 |
Revenue recognition | (89,364) | (594) |
Exchange rate differences | 7 | 101 |
Addition | 128,479 | 88,703 |
Balance as at December 31 | 128,758 | 89,636 |
Less non-current portion | (4,741) | (58) |
Current portion | € 124,017 | € 89,578 |
Contract liabilities (Details N
Contract liabilities (Details Narrative) | 12 Months Ended | |||
Dec. 31, 2021EUR (€)Number | Dec. 31, 2021USD ($) | Dec. 31, 2020EUR (€) | Dec. 31, 2019EUR (€) | |
IfrsStatementLineItems [Line Items] | ||||
Contract liabilities | € 128,758,000 | € 89,636,000 | € 1,426,000 | |
IXIARO [member] | US Government Department of Defense [member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Contract liabilities | $ 5,400,000 | 0 | ||
Advance Payment Received | 4,700,000 | |||
Advance Purchase Agreement [member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Contract liabilities | € 116,900,000 | |||
Number of doses | Number | 60,000,000 | |||
Kingdom of Bahrain [member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Contract liabilities | € 3,800,000 | |||
UK Supply Agreement [member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Contract liabilities | 87,000,000 | |||
Revenue recognized | € 87,000,000 | |||
CTM Services [member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Contract liabilities | 1,600,000 | |||
Manufacturing and marketing [member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Contract liabilities | € 1,000,000 |
Development of refund liabiliti
Development of refund liabilities: (Details) - EUR (€) € in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Refund Liabilities | ||
Balance as at January 1 | € 111,426 | € 6,553 |
Additions | 159,179 | 109,296 |
Payments | (18,022) | (477) |
Other releases | (15,198) | |
Interest expense capitalized | 8,478 | 3,640 |
Exchange rate difference | 8,718 | (7,586) |
Balance as at December 31 | 254,581 | 111,426 |
Less non-current portion | (158,970) | (97,205) |
Current portion | € 95,611 | € 14,222 |
Refund liabilities (Details Nar
Refund liabilities (Details Narrative) - EUR (€) | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
IfrsStatementLineItems [Line Items] | |||
Refund liabilities | € 254,581,000 | € 111,426,000 | € 6,553,000 |
Refund liabilities non current | 158,970,000 | 97,205,000 | |
Pfizer Inc. [member] | |||
IfrsStatementLineItems [Line Items] | |||
Refund liabilities | 79,600,000 | 81,900,000 | |
Refund liabilities non current | 75,200,000 | 70,000,000 | |
UK Supply Agreement [member] | |||
IfrsStatementLineItems [Line Items] | |||
Refund liabilities | 166,900,000 | 20,900,000 | |
Refund liabilities non current | 77,300,000 | ||
GSK [member] | |||
IfrsStatementLineItems [Line Items] | |||
Refund liabilities | 6,400,000 | 6,300,000 | |
Refund liabilities non current | € 6,300,000 | ||
Rebate and Right to Return [member] | |||
IfrsStatementLineItems [Line Items] | |||
Refund liabilities | € 2,300,000 |
Schedule of provision for emplo
Schedule of provision for employee commitments (Details) - EUR (€) € in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Provisions [abstract] | ||
Employer contribution costs on share-based compensation plans | € 26,520 | € 7,351 |
Phantom shares | 14,267 | 2,390 |
Retirement termination benefits | 422 | 550 |
Leaving indemnities | 112 | |
Balance as at December 31 | 41,210 | 10,403 |
Less non-current portion | 8,308 | 2,358 |
Current portion | € 32,901 | € 8,045 |
Assumptions used (Details)
Assumptions used (Details) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
IfrsStatementLineItems [Line Items] | ||
Discount rate | 1.00% | 0.50% |
Salary increase rate | 2.00% | 2.00% |
Average remaining lifespan of employees (in years) | 22 years | 22 years |
Bottom of range [member] | ||
IfrsStatementLineItems [Line Items] | ||
Turnover rate | 0.00% | 0.00% |
Social security rate | 43.00% | 43.00% |
Top of range [member] | ||
IfrsStatementLineItems [Line Items] | ||
Turnover rate | 21.35% | 21.35% |
Social security rate | 47.00% | 47.00% |
Present value of obligation dev
Present value of obligation development: (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Provisions [abstract] | |||
Balance as at January 1 | € 550 | € 404 | |
Current service cost | 77 | 68 | |
Actuarial losses/(gains) | (205) | 78 | € 13 |
Balance as at December 31 | € 422 | € 550 | € 404 |
Schedule of other provisions (D
Schedule of other provisions (Details) - EUR (€) € in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Provisions [abstract] | ||
Non-current | ||
Current | 15,806 | 2,124 |
Provisions | € 15,806 | € 2,124 |
Provisions (Details Narrative)
Provisions (Details Narrative) - EUR (€) | Dec. 31, 2021 | Dec. 31, 2020 |
IfrsStatementLineItems [Line Items] | ||
Share price | € 24.5 | € 7.75 |
Other provisions | € 15,806,000 | € 2,124,000 |
UK Supply Agreement [member] | ||
IfrsStatementLineItems [Line Items] | ||
Other provisions | 13,500,000 | |
Legal proceedings provision [member] | ||
IfrsStatementLineItems [Line Items] | ||
Other provisions | € 2,100,000 | |
Proceedings of settlement costs provision [member] | ||
IfrsStatementLineItems [Line Items] | ||
Other provisions | € 1,900,000 |
Schedule of other liabilities (
Schedule of other liabilities (Details) - EUR (€) € in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Other Liabilities | ||
Deferred income | € 4,966 | € 2,861 |
Other financial liabilities | 44 | 51 |
Miscellaneous liabilities | 8 | 2 |
Other liabilities | 5,019 | 2,913 |
Less non-current portion | (69) | (72) |
Current portion | € 4,950 | € 2,841 |
The following table shows the a
The following table shows the adjustments to reconcile net loss to net cash generated from operations: (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
IfrsStatementLineItems [Line Items] | |||
Loss for the year | € (73,425) | € (64,393) | € (1,744) |
Adjustments for | |||
● Share-based compensation expense | 2,632 | 4,012 | |
● Income tax expense/(income) | 3,446 | (909) | 874 |
Changes in working capital (excluding the effects of acquisition and exchange rate differences on consolidation): | |||
Cash generated from operations | 76,901 | 137,738 | 5,529 |
Individual assets or cash-generating units [member] | |||
IfrsStatementLineItems [Line Items] | |||
Loss for the year | (73,425) | (64,393) | (1,744) |
Adjustments for | |||
● Depreciation and amortization | 14,281 | 9,799 | 8,532 |
● Write-off / impairment fixed assets/intangibles | 140 | 75 | |
● Share-based compensation expense | 14,509 | 6,328 | 2,552 |
● Income tax expense/(income) | 3,446 | (909) | 874 |
● Dividends received from associated companies | 433 | ||
● (Profit)/loss from disposal of property, plant, equipment and intangible assets | 46 | 10 | 92 |
● Share of (profit)/loss from associates | 5 | 133 | (1,574) |
● Fair value losses on derivative financial instruments | 178 | ||
● Provision for employer contribution costs on share-based compensation plans | 19,079 | 7,351 | |
● Other non-cash (income)/expense | (11,604) | 4,470 | (892) |
● Interest income | (249) | (119) | (199) |
● Interest expense | 16,964 | 10,738 | 2,633 |
Changes in non-current operating assets and liabilities (excluding the effects of acquisition and exchange rate differences on consolidation): | |||
● Other non-current assets | 194 | (2,303) | 79 |
● Long term contract liabilities | 4,662 | (674) | (2,321) |
● Long term refund liabilities | 54,501 | 90,653 | 6,016 |
● Other non-current liabilities and provisions | (3) | 795 | (178) |
Changes in working capital (excluding the effects of acquisition and exchange rate differences on consolidation): | |||
● Inventory | (92,373) | (4,196) | (2,415) |
● Trade and other receivables | (21,349) | (24,023) | (17,278) |
● Contract liabilities | 34,453 | 88,801 | (989) |
● Refund liabilities | 80,160 | 10,614 | 448 |
● Trade and other payables and provisions | 35,236 | 6,544 | 13,552 |
Cash generated from operations | € 78,532 | € 139,759 | € 7,875 |
Schedule of disposal of propert
Schedule of disposal of property, plant, equipment (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Cash Flow Information | |||
Net book value | € 46 | € 34 | € 92 |
Loss on disposal of fixed assets | (46) | (10) | (92) |
Proceeds from disposal of property, plant, equipment and intangible assets | € 24 |
Reconciliation of liabilities a
Reconciliation of liabilities arising from financing activities (Details) - EUR (€) € in Thousands | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
IfrsStatementLineItems [Line Items] | ||||
Balance as at January 1, 2021 | € 53,363 | € 26,316 | ||
Repayments | (1,956) | (21,995) | € (11,684) | |
Additions, net of transaction costs | 859 | 50,266 | ||
Foreign exchange movements | 3,998 | (4,556) | ||
Other changes | [1] | 1,570 | 3,331 | |
Balance as at December 31, 2021 | 57,834 | 53,363 | 26,316 | |
Bank borrowings [member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Balance as at January 1, 2021 | 19,759 | |||
Repayments | (20,000) | |||
Additions, net of transaction costs | ||||
Foreign exchange movements | ||||
Other changes | [1] | 241 | ||
Balance as at December 31, 2021 | 19,759 | |||
Other loans [member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Balance as at January 1, 2021 | 53,363 | 6,557 | ||
Repayments | (1,956) | (1,995) | ||
Additions, net of transaction costs | 859 | 50,266 | ||
Foreign exchange movements | 3,998 | (4,556) | ||
Other changes | [1] | 1,570 | 3,090 | |
Balance as at December 31, 2021 | € 57,834 | € 53,363 | € 6,557 | |
[1] | Other changes include interest accruals and payments. |
Cash flow information (Details
Cash flow information (Details Narrative) | 12 Months Ended |
Dec. 31, 2020EUR (€) | |
Cash Flow Information | |
Other Noncash Expenses From Disposal | € 3,300,000 |
Revaluation of Lease Liabilities Income | 1,600,000 |
Foreign Exchange Losses | € 2,600,000 |
Schedule of other commitments r
Schedule of other commitments relate to minimum payments (Details) - EUR (€) € in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Commitments And Contingencies | ||
Loans and grants | € 143 | € 1,454 |
Royalties | 8,941 | 9,393 |
Other commitments | € 9,084 | € 10,846 |
Schedule of pledges (Details)
Schedule of pledges (Details) - EUR (€) € in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Commitments And Contingencies | ||
Pledges on consolidated investments | € 19,901 | € 19,474 |
Pledges on bank accounts | 292,257 | 150,642 |
Pledges on receivable | 344,519 | 160,511 |
Guarantees and pledges | € 656,677 | € 330,626 |
Commitments and contingencies_2
Commitments and contingencies (Details Narrative) - EUR (€) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Commitments And Contingencies | ||
Contracted Capital Expenditure | € 23,600,000 | € 48,000,000 |
Settlement costs | 2,100,000 | € 1,900,000 |
Additional expenses related to litigation | € 300,000 |
Schedule of rendering of servic
Schedule of rendering of services (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Provision of services: | |||
Operating activities | € 231 | € 187 | € 236 |
Provision of services | € 231 | € 187 | € 236 |
Schedule of key management comp
Schedule of key management compensation (Details) - EUR (€) | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
Related party transactions [abstract] | ||||
Salaries and other short-term employee benefits | [1] | € 1,930,000 | € 2,950,000 | € 2,449,000 |
Other long-term benefits | 24,000 | 18,000 | 15,000 | |
Share-based payments (expense of the year) | 856,000 | 1,786,000 | 1,174,000 | |
Key management compensation | € 2,809,000 | 4,755,000 | € 3,638,000 | |
Leaving indemnities | € 900,000 | |||
[1] | In 2020 leaving indemnities of € 0.9 million |
Related-party transactions (Det
Related-party transactions (Details Narrative) - EUR (€) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Related party transactions [abstract] | |||
Supervisory Board aggregate compensation | € 300,000 | € 200,000 | € 300,000 |
Events after the reporting pe_2
Events after the reporting period (Details Narrative) | Dec. 31, 2021EUR (€) | Mar. 23, 2022EUR (€) | Mar. 23, 2022GBP (£) |
IfrsStatementLineItems [Line Items] | |||
Write-down of raw material | € 23,000,000 | ||
Grants Awarded [member] | |||
IfrsStatementLineItems [Line Items] | |||
Maximum value of grants awarded | € 23,900,000 | ||
Grants Awarded [member] | United Kingdom, Pounds | |||
IfrsStatementLineItems [Line Items] | |||
Maximum value of grants awarded | £ | £ 20,000,000 |