Document and Entity Information
Document and Entity Information | 12 Months Ended |
Dec. 31, 2023 shares | |
Document Information | |
Document Type | 20-F |
Document Registration Statement | false |
Document Annual Report | true |
Document Period End Date | Dec. 31, 2023 |
Document Transition Report | false |
Document Shell Company Report | false |
Entity File Number | 001-40736 |
Entity Registrant Name | Lilium N.V. |
Entity Incorporation, State or Country Code | P7 |
Entity Address, Address Line One | Galileostraße 335 |
Entity Address, Postal Zip Code | 82131 |
Entity Address, City or Town | Gauting |
Entity Address, Country | DE |
Entity Well-known Seasoned Issuer | No |
Entity Voluntary Filers | No |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Entity Filer Category | Accelerated Filer |
Entity Emerging Growth Company | true |
Entity Ex Transition Period | false |
ICFR Auditor Attestation Flag | false |
Document Financial Statement Error Correction [Flag] | false |
Entity Central Index Key | 0001855756 |
Amendment Flag | false |
Document Fiscal Year Focus | 2023 |
Document Fiscal Period Focus | FY |
Current Fiscal Year End Date | --12-31 |
Document Accounting Standard | International Financial Reporting Standards |
Entity Shell Company | false |
Auditor Name | PricewaterhouseCoopers GmbH |
Auditor Firm ID | 1275 |
Auditor Location | Munich, Germany |
Business contact member | |
Document Information | |
Entity Address, Address Line One | 2385 N.W. Executive Center Drive, Suite 300 |
Entity Address, Postal Zip Code | 33431 |
Entity Address, City or Town | Boca Raton |
Entity Address, State or Province | FL |
Contact Personnel Name | Roger Franks |
City Area Code | 561 |
Local Phone Number | 526-8460 |
Class A ordinary shares | |
Document Information | |
Title of 12(b) Security | Class A ordinary shares, nominal value €0.01 per share |
Trading Symbol | LILM |
Security Exchange Name | NASDAQ |
Entity Common Stock, Shares Outstanding | 503,466,142 |
Class B ordinary shares | |
Document Information | |
Entity Common Stock, Shares Outstanding | 23,113,065 |
Warrants to purchase Class A ordinary shares | |
Document Information | |
Title of 12(b) Security | Warrants to purchase Class A ordinary shares |
Trading Symbol | LILMW |
Security Exchange Name | NASDAQ |
Consolidated Statements of Oper
Consolidated Statements of Operations and Other Comprehensive (Loss) / Income - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Consolidated Statements of Operations and Other Comprehensive (Loss) / Income | |||
Revenue | € 47 | ||
Cost of sales | (11) | ||
Gross profit | 36 | ||
Research and development expenses | € (183,760) | € (175,618) | (144,558) |
General and administrative expenses | (81,280) | (93,887) | (239,093) |
Selling expenses | (10,759) | (12,929) | (17,189) |
Other income | 8,136 | 6,808 | 2,274 |
Other expenses | (3,028) | (3,268) | (2,036) |
Operating loss | (270,691) | (278,894) | (400,566) |
Finance income | 15,335 | 30,322 | 11,288 |
Finance expenses | (131,059) | (1,995) | (20,201) |
Financial result | (115,724) | 28,327 | (8,913) |
Share of loss in a joint venture / associate | (2,370) | (2,823) | (848) |
Loss before income tax | (388,785) | (253,390) | (410,327) |
Income tax (expense) / benefit | (334) | 326 | (709) |
Net loss for the year | (389,119) | (253,064) | (411,036) |
Other comprehensive (loss) / income | |||
Other comprehensive (loss) / income that may be reclassified to profit or loss | (60) | 33 | 44 |
Exchange differences on translation of foreign business units | (60) | 33 | 44 |
Items that will not be subsequently reclassified to profit or loss | 22 | 28 | 162 |
Remeasurement of defined pension benefit obligation | 22 | 28 | 162 |
Other comprehensive (loss) / income | (38) | 61 | 206 |
Total consolidated comprehensive loss for the year | € (389,157) | € (253,003) | € (410,830) |
Loss per share basic (in Euro per share) | € (0.71) | € (0.80) | € (1.91) |
Loss per share diluted (in Euro per share) | € (0.71) | € (0.80) | € (1.91) |
Consolidated Statement of Finan
Consolidated Statement of Financial Position - EUR (€) € in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
ASSETS | ||
Intangible assets | € 494 | € 870 |
Property, plant and equipment | 63,991 | 36,699 |
Investment in equity instrument | 11,040 | 13,410 |
Other financial assets | 7,991 | 3,386 |
Non-financial assets | 9,769 | 13,487 |
Non-current assets | 93,285 | 67,852 |
Other financial assets | 111,616 | 22,581 |
Non-financial assets | 22,781 | 18,648 |
Income tax receivable | 751 | 169 |
Cash and cash equivalents | 83,508 | 179,581 |
Current assets | 218,656 | 220,979 |
Total Assets | 311,941 | 288,831 |
SHAREHOLDERS' EQUITY AND LIABILITIES | ||
Subscribed capital | 5,728 | 53,104 |
Share premium | 1,008,759 | 843,074 |
Other capital reserves | 381,778 | 277,654 |
Treasury shares | (279) | |
Accumulated loss | (1,359,317) | (970,198) |
Accumulated other comprehensive income | 110 | 148 |
Shareholders' equity | 37,058 | 203,503 |
Other financial liabilities | 17 | 21 |
Lease liabilities | 8,224 | 8,353 |
Provisions | 1,264 | 445 |
Trade and other payables | 3,362 | 3,483 |
Deferred tax liabilities | 10 | |
Other non-financial liabilities | 2,000 | |
Non-current liabilities | 14,867 | 12,312 |
Other current financial liabilities | 4 | 4 |
Lease liabilities | 2,943 | 2,616 |
Shares-based payment liability | 1,046 | |
Provisions | 311 | 730 |
Income tax payable | 435 | 128 |
Warrants | 205,013 | 26,267 |
Trade and other payables | 44,601 | 33,658 |
Other non-financial liabilities | 6,709 | 8,567 |
Current liabilities | 260,016 | 73,016 |
Total Shareholders' Equity and Liabilities | € 311,941 | € 288,831 |
Consolidated Statement of Chang
Consolidated Statement of Changes in Equity - EUR (€) € in Thousands | Subscribed capital ELOC | Subscribed capital PIPE 2021 | Subscribed capital 2022 PIPE & RDO | Subscribed capital CMPO & 2023 PIPE | Subscribed capital Class B shares | Subscribed capital | Share premium ELOC | Share premium PIPE 2021 | Share premium 2022 PIPE & RDO | Share premium CMPO & 2023 PIPE | Share premium Class B shares | Share premium | Other capital reserves 2022 PIPE & RDO | Other capital reserves | Treasury shares Class B shares | Treasury shares | Accumulated loss | Currency translation reserve | Remeasurement of defined pension benefit obligation | ELOC | PIPE 2021 | 2022 PIPE & RDO | CMPO & 2023 PIPE | Class B shares | Total |
Beginning balance at Dec. 31, 2020 | € 29,550 | € 224,359 | € 110,055 | € (25) | € (306,098) | € 39 | € (158) | € 57,722 | |||||||||||||||||
Loss for the year | (411,036) | (411,036) | |||||||||||||||||||||||
Other comprehensive income / (loss) | 44 | 162 | 206 | ||||||||||||||||||||||
Total comprehensive income / (loss) | (411,036) | 44 | 162 | (410,830) | |||||||||||||||||||||
Share-based payment awards | 53,350 | 53,350 | |||||||||||||||||||||||
Convertible loans | 2,464 | 127,813 | (34,084) | 96,193 | |||||||||||||||||||||
Reorganization | 2,724 | 51,116 | 111,109 | (81) | 164,868 | ||||||||||||||||||||
Share capital increase | € 5,400 | € 375,808 | € 381,208 | ||||||||||||||||||||||
Share buy-back | 45 | (45) | |||||||||||||||||||||||
Ending balance at Dec. 31, 2021 | 40,138 | 779,141 | 240,430 | (151) | (717,134) | 83 | 4 | 342,511 | |||||||||||||||||
Loss for the year | (253,064) | (253,064) | |||||||||||||||||||||||
Other comprehensive income / (loss) | 33 | 28 | 61 | ||||||||||||||||||||||
Total comprehensive income / (loss) | (253,064) | 33 | 28 | (253,003) | |||||||||||||||||||||
Share-based payment awards | 27,380 | 27,380 | |||||||||||||||||||||||
Convertible loans | 1,303 | € 126 | 207 | (2,072) | € (126) | (562) | |||||||||||||||||||
Reorganization | 0 | 0 | 0 | ||||||||||||||||||||||
Share capital increase | € (674) | € 10,983 | € (12,520) | € 50,095 | € 11,916 | € (13,194) | € 72,994 | ||||||||||||||||||
Share buy-back | € 6 | 108 | (108) | € 6 | |||||||||||||||||||||
Sale of treasury shares held by consolidated entity | 877 | 106 | 983 | ||||||||||||||||||||||
Ending balance at Dec. 31, 2022 | 53,104 | 843,074 | 277,654 | (279) | (970,198) | 116 | 32 | 203,503 | |||||||||||||||||
Loss for the year | (389,119) | (389,119) | |||||||||||||||||||||||
Other comprehensive income / (loss) | (60) | 22 | (38) | ||||||||||||||||||||||
Total comprehensive income / (loss) | (389,119) | (60) | 22 | (389,157) | |||||||||||||||||||||
Share-based payment awards | 22,805 | 22,805 | |||||||||||||||||||||||
Convertible loans | 1,471 | € 84 | 0 | (1,510) | (84) | (39) | |||||||||||||||||||
Share capital increase | € 9,046 | € 81,387 | € 90,433 | ||||||||||||||||||||||
Initial recognition of May 2023 Warrants | 82,829 | 82,829 | |||||||||||||||||||||||
Exercise of May 2023 Warrants | € 2,453 | € 24,231 | € 26,684 | ||||||||||||||||||||||
Cancellation of issued shares | € (194) | (194) | € 194 | (194) | |||||||||||||||||||||
Reduction in nominal value of Class A, B and C shares | (60,152) | 59,983 | € 169 | ||||||||||||||||||||||
Ending balance at Dec. 31, 2023 | € 5,728 | € 1,008,759 | € 381,778 | € (1,359,317) | € 56 | € 54 | € 37,058 |
Consolidated Statement of Cash
Consolidated Statement of Cash Flows - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Cash flow from operating activities | |||
Net loss for the year | € (389,119) | € (253,064) | € (411,036) |
Adjustments to reconcile consolidated net loss to net cash flows: | |||
Income tax expense/(benefits) | 334 | (326) | 709 |
Net interest (income) / expense | (4,813) | 958 | 4,289 |
Depreciation, amortization and impairment | 12,694 | 8,267 | 6,476 |
Share listing expense | 111,109 | ||
Expenses for other share-based payments | 22,539 | 24,261 | 61,378 |
Net losses from the disposal of intangibles and PP&E | 17 | ||
Share of loss in a joint venture / associate | 2,370 | 2,823 | 848 |
Gain on dilution in investment in joint venture / associate | (1,179) | ||
Fair value and foreign exchange changes of financial instruments and expected credit losses | 120,592 | (29,050) | 4,625 |
Net exchange differences | (812) | ||
Income tax paid | (617) | (266) | (196) |
Change in provisions | (345) | (1,640) | 2,392 |
Working capital adjustments: | |||
Changes in trade and other payables | 10,633 | (1,451) | 20,517 |
Change in other assets and liabilities | (5,445) | (6,935) | (16,177) |
Cash flow used in operating activities | (231,989) | (257,585) | (215,066) |
Cash flow from investing activities | |||
Purchases of intangible assets | (79) | (200) | (1,597) |
Purchases of and advance payments on property, plant and equipment | (28,671) | (8,942) | (17,099) |
Disposals of intangible assets, property, plant and equipment | 1 | ||
Proceeds from short-term investments | 110,000 | 319,773 | 50,000 |
Payments for short-term investments | (200,000) | (120,000) | (220,006) |
Payments for acquisition of an associate | (13,680) | ||
Payment for acquisition of equity instruments | (5,159) | ||
Payments for promissory notes | (1,051) | ||
Interest paid | (466) | ||
Interest received | 4,160 | 129 | 6 |
Cash flow (used in) / from investing activities | (119,749) | 190,294 | (203,426) |
Cash flow from financing activities | |||
Proceeds from share capital increase and issue of warrants - CMPO & 2023 PIPE | 104,409 | ||
Proceeds from issue of May 2023 Warrants | 159,227 | ||
Proceeds from share capital increase and issue of warrants - RDO & 2022 PIPE | 113,971 | ||
Proceeds from other share capital increase - ELOC | 12,498 | ||
Proceeds from the Reorganization | 83,393 | ||
Proceeds from the 2021 PIPE capital increase | 381,208 | ||
Proceeds from exercise of May 2023 Warrants | 1,091 | ||
Proceeds from convertible loans | 1,850 | ||
Proceeds from other share capital increase and capital contributions | 290 | 288 | 7 |
Payments of transaction costs for capital contributions | (6,112) | (7,402) | (2,227) |
Proceeds from sale of shares held in treasury | 983 | ||
Payment for foreign exchange contract | (423,372) | ||
Proceeds from foreign exchange contract | 407,840 | ||
Principal elements of lease payments | (3,425) | (2,720) | (1,781) |
Interest paid | (604) | (534) | (734) |
Cash flow from financing activities | 254,876 | 117,084 | 446,184 |
Cash-based changes in cash and cash equivalents | (96,862) | 49,793 | 27,692 |
Effect of foreign exchange rate changes on cash and cash equivalents | 789 | (13) | 20 |
Effect of change in expected credit loss provisions | (55) | ||
Net (decrease) / increase in cash and cash equivalents | (96,073) | 49,725 | 27,712 |
Cash and cash equivalents at the beginning of the year | 179,581 | 129,856 | 102,144 |
Cash and cash equivalents at the end of the year | € 83,508 | € 179,581 | € 129,856 |
Corporate Information
Corporate Information | 12 Months Ended |
Dec. 31, 2023 | |
Corporate Information | |
Corporate Information | 1. Corporate Information Lilium N.V. (“the Company”), together with its consolidated entities (“Lilium” or the “Group”), is a start-up in the field of urban air mobility and intends to make regional air mobility a reality. Since its founding, Lilium has primarily engaged in research and development of a self-developed electric Vertical Takeoff and Landing (eVTOL) jet (the “Lilium Jet”) for production and operation of a regional air mobility service as well as related services. Lilium N.V. is a public company under Dutch law and is registered under the Dutch trade register number 82165874. Lilium N.V. has its activities exclusively in Germany. The consolidated financial statements of the Group for the year ended December 31, 2023, were authorized for issue by the Management Board on March 14, 2024. The Reorganization On September 14, 2021, Lilium GmbH consummated the Business Combination Agreement, with Qell Acquisition Corp (“Qell”), Lilium GmbH, Lilium N.V., and Queen Cayman Merger LLC. The transaction was accounted for as a capital reorganization (“Reorganization”) with Lilium GmbH being the accounting acquirer. Lilium N.V. acquired 100% of the share capital of Lilium GmbH in exchange for Class A and Class B shares of Lilium N.V., and Lilium N.V. acquired the net assets of Qell in exchange for the issuance of Class A shares of Lilium N.V. As of the date of Reorganization, Lilium N.V. succeeded Lilium GmbH as the parent company of the Group. The accounting impact of the Reorganization is described in note 21. |
Basis of Preparation
Basis of Preparation | 12 Months Ended |
Dec. 31, 2023 | |
Basis of Preparation | |
Basis of Preparation and Changes to the Group's Accounting Policies | 2. Basis of Preparation The Group’s consolidated financial statements are prepared in accordance with International Financial Reporting Standards (“IFRS”), as issued by the International Accounting Standards Board (“IASB”) and the related interpretations issued by the IFRS Interpretations Committee. The consolidated financial statements have been prepared on a going concern basis, applying a historical cost convention, unless otherwise indicated. They are prepared and reported in thousands of Euro (“€ thousand”) except where otherwise stated. Due to rounding, numbers presented may not add up precisely to the totals provided and percentages may not precisely reflect the absolute figures. Going Concern The financial statements have been prepared on a basis that the Group will continue as a going concern and which contemplates the realization of assets and satisfaction of liabilities and commitments in the ordinary course of business. Management assessed the Group ’ ’ Historically, the Group has funded its operations primarily through capital raises and loans from shareholders. Since its inception, the Group has incurred recurring losses and negative cash flows from operations (accumulated losses of € Lilium ’ Additionally, the Group must reach several milestones, including completion of its research and development program, and obtaining regulatory approvals, which will have an increased importance as the company progresses towards commercialization. Consequently, the Group ’ “ ” There is no certainty that the Group will be successful in obtaining sufficient funding through any or a combination of these financing measures. If the Group is unsuccessful in raising sufficient capital, the Group ’ Based on its recurring losses from operations since inception, expectation of continuing operating losses for the foreseeable future and the need to raise additional capital to finance its future operations, which is not assured yet, the Group has concluded that there is substantial doubt about its ability to continue as a going concern, and, therefore, that it may be unable to realize its assets and discharge its liabilities in the normal course of business. The financial statements do not include any adjustments that might result from the outcome of this uncertainty. Despite this substantial doubt, management is continuing to take actions to secure sufficient financing, and thus believes that the application of the going concern assumption for the preparation of these consolidated financial statements is appropriate. Group information Consolidated entities are as follows: Country of Date of % equity interest owned Name Incorporation incorporation 12/31/ 2023 12/31/ 2022 Lilium N.V. Netherlands March 11, 2021 100.0 % 100.0 % Lilium GmbH Germany February 11, 2015 100.0 % 100.0 % Lilium Schweiz GmbH Switzerland December 8, 2017 100.0 % 100.0 % Lilium Aviation UK Ltd. United Kingdom December 20, 2017 100.0 % 100.0 % Lilium Aviation Inc. United States July 1, 2020 100.0 % 100.0 % Lilium eAircraft GmbH Germany August 17, 2020 100.0 % 100.0 % Stichting JSOP Netherlands September 10, 2021 0.0 % 0.0 % Lilium Aviation Spain SLU Spain April 7, 2022 100.0 % 100.0 % Lilium Aviation France SAS France December 29, 2023 100.0 % n/a The Netherlands trust “Stichting JSOP” (“Stichting”) has been fully consolidated, as Lilium has the right to appoint the members of the board of the trust and therefore controls the trust. Lilium is exposed to a variable return risk as it bears the responsibility for all operational costs associated with the trust. Principles of consolidation The consolidated financial statements incorporate the financial positions and the results of operations of the Group. Control is achieved when the Group is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. The financial statements of the subsidiaries are prepared for the same reporting period as Lilium N.V. using consistent accounting policies. Intercompany transactions, balances and unrealized gains on transactions between group companies are eliminated. Segment The Group operates its business as a single operating segment, which is also its reporting segment. An operating segment is defined as a component of an entity for which discrete financial information is available and whose results of operations are regularly reviewed by the chief operating decision maker. The Group’s chief operating decision maker is the Chief Executive Officer, who reviews results of operations to make decisions about allocating resources and assessing performance based on consolidated financial information. Regarding the geographical split of non-current assets, the investment in a joint venture is located in the United States, and the geographic location of property, plant and equipment is disclosed in note 15. Most of the remaining non-current assets are located in Germany. Foreign currency The Group’s consolidated financial statements are presented using the Euro, which is the Group’s functional currency. The functional currency of all foreign consolidated entities included in these consolidated financial statements is their local currency. Lilium translates the financial statements of these subsidiaries to Euro using year-end exchange rates for assets and liabilities, and average exchange rates for income and expenses. Adjustments resulting from translating foreign functional currency financial statements into Euro are recorded as a separate component in the consolidated statements of comprehensive income. Monetary assets and liabilities that are denominated in currencies other than the respective functional currencies are initially recognized at the foreign exchange rate on recognition date and remeasured at the foreign currency rates as of the reporting date. Foreign currency transaction gains and losses from the remeasurement are included in other income, other expenses, financial income or financial expenses, as appropriate, in the consolidated statements of operations for the period. New standards, interpretations and amendments adopted by the Group The accounting policies adopted in the preparation of the consolidated financial statements are consistent with those followed in the preparation of the Group’s annual consolidated financial statements for the year ended December 31, 2022, except for the adoption of new standards effective as of January 1, 2023. The following standards, amendments and interpretations were adopted by the Group for the first time for its annual reporting period commencing January 1, 2023: Standard/amendment/ interpretation Effective date IFRS 17, ‘Insurance contracts’ as amended in June 2020 by amendments to IFRS 17, Insurance Contracts Annual periods on or after January 1, 2023 Amendment to IAS 1, ‘Presentation of financial statements’, IFRS Practice statement 2 and IAS 8, ‘Accounting policies, changes in accounting estimates and errors’ Annual periods on or after January 1, 2023 Deferred Tax related to Assets and Liabilities arising from a Single Transaction – Amendments to IAS 12 Annual periods on or after January 1, 2023 Amendments to IFRS 17: First-time Adoption of IFRS 17 and IFRS 9 - Comparative Information Annual periods on or after January 1, 2023 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. The Group has not early adopted any standard, interpretation or amendment that has been issued but is not yet effective (see below). New Standards and Interpretations not yet adopted by the Group Certain new accounting standards and amendments to accounting standards and interpretations have been published that are not mandatory for December 31, 2023 reporting periods and have not been early adopted by the Group. None of these standards are expected to have a material impact on the consolidated financial statements of the Group: Standard/amendment/ interpretation Effective date Amendment to IAS 1, Non-current liabilities with Covenants Annual periods on or after January 1, 2024 Amendment to IFRS 16 – Leases on sale and leaseback Annual periods on or after January 1, 2024 Amendment to IAS 1, ‘Presentation of financial statements’, on classification of liabilities as current or non-current Annual periods on or after January 1, 2024 Amendment to IAS 7 and IFRS 7, on supplier finance arrangements Annual periods on or after January 1, 2024 |
Material Accounting Policies
Material Accounting Policies | 12 Months Ended |
Dec. 31, 2023 | |
Material Accounting Policies | |
Material Accounting Policies | 3. Material Accounting Policies Intangible assets Research and development costs In developing its novel eVTOL technology, the Group incurs significant research and development costs. The costs for internally generated research and development are expensed when incurred. A portion of costs for internally generated development is capitalized if: ● the product or process is technically feasible; ● adequate resources are available to successfully complete the development; ● the benefits from the assets are demonstrated; ● the costs attributable to the projects are reliably measured; and ● the Group intends to produce and market or use the developed product or process and can demonstrate its market relevance. Management recognizes there is interest for an air mobility service, especially within heavily populated urban areas; however, there is not yet an established market for this new industry. The self-developed eVTOL technology used in the development of the Lilium Jet is highly innovative and there are uncertainties related to successful completion of the development. Purchased intangibles Purchased intangible assets are initially measured and recorded at cost. Following initial recognition, intangible assets are carried at cost less any accumulated amortization and accumulated impairment losses. Amortization on intangible assets with a limited useful life is calculated on a straight-line basis over the following periods: Useful life Software 2 – 15 years Purchased concessions, rights and other intangible assets 10 – 20 years Impairment tests At the end of each reporting period, the Group assesses whether there is an indication that an asset may be impaired. If any indication exists, or when annual impairment testing for an asset is required, the Group estimates the asset’s recoverable amount. The recoverable amount is determined for an individual asset, unless the asset does not generate cash inflows that are largely independent of those from other assets or groups of assets. An asset’s recoverable amount is the higher of an asset’s or cash generating unit (“CGU”)’s fair value less costs of disposal and its value in use. When the carrying amount of an asset or CGU exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable amount. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. In determining fair value less costs of disposal, recent market transactions are taken into account. If no such transactions can be identified, an appropriate valuation model is used. Property, Plant and Equipment Property, plant and equipment are measured at cost, net of accumulated depreciation and any accumulated impairment losses. Costs of construction recognized include all attributable direct costs including material and production overheads and, where applicable, an initial estimate of the cost of dismantling and removing the item and restoring the site on which it is located. Borrowing costs are capitalized as part of the underlying asset under construction if there is a qualifying asset. Subsequent expenditures on assets are capitalized only when it is probable that future economic benefits associated with the expenditure will flow to the Group and the cost of the item can be measured reliably. Repairs and maintenance are expensed in the period the costs are incurred. If items of property, plant and equipment are sold or disposed of, the gain or loss arising from the disposal is recognized as other operating income or expense in the consolidated statement of operations and other comprehensive income (loss). Depreciation is calculated on a straight-line basis over the estimated useful lives of the assets, as follows: Useful life Rights to land and buildings including leasehold improvements 2 – 9 years Technical equipment and machinery 3 – 25 years Office and other equipment 3 – 13 years Vehicles 5 – 11 years Assets qualifying as low value assets with a value of up to €1 thousand are aggregated into groups and depreciated over a useful life of 5 years . Leasehold improvements are amortized over the unexpired portion of the lease term or the estimated useful life of the improvements, whichever is shorter. The residual value, useful lives and methods of depreciation of property, plant and equipment are reviewed at each financial year end and adjusted prospectively, if appropriate. Assets under construction are presented net of additions and transfers during the financial period in the property, plant and equipment movement schedule in the notes to the consolidated financial statements. Leases The Group’s lease obligations primarily relate to rights to buildings mainly for its office and research and development premises. As lease contracts are negotiated on an individual basis, lease terms contain a range of different terms and conditions. Lease contracts are typically entered for a period of 2 - 9 years and regularly include renewal and termination options, which provide operational flexibility to Lilium. 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. As a lessee, at the inception of a contract, the Group assesses whether the contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. At the commencement date of the lease, which is the date at which the leased asset is available for use, the Group recognizes a right-of-use asset, which represents a right to use the underlying leased asset, and a corresponding lease liability, which represents the present value of future lease payments, in the consolidated statement of financial position. Short-term leases (leases with lease term of 12 months or less from lease commencement and that do not contain a purchase option) and leases of low value assets are not capitalized. Payments associated with short-term leases and leases of low-value assets are recognized on a straight-line basis as an expense in the consolidated statement of operations. Liabilities arising from a lease are initially measured at the present value of the remaining lease payments discounted using the interest rate implicit in the lease or the incremental borrowing rate in case the interest rate implicit in the lease is not readily determinable. The main components of the lease payments included in the measurement of the lease liability comprise the following: ● fixed lease payments; ● variable lease payments that are linked to an index (consumer price index); and ● lease payments in an optional renewal period if the Group is reasonably certain to exercise an extension option. Lease payments contain two elements, principal and interest. Interest expense is presented as part of finance costs in the consolidated statements of operations and other comprehensive income and measured using the effective interest method. Principal and interest portions of lease payments have been presented within financing activities in the consolidated statement of cash flows. The carrying amount of lease liabilities is remeasured if there is change in the future lease payments due to change in index or rate. At lease commencement right-of-use assets are initially measured at cost and are subsequently measured at cost less any accumulated depreciation and impairment losses and adjusted for any remeasurement of lease liabilities recognized. Cost of right-of-use assets includes lease liabilities, initial direct costs, prepayments made on or before the commencement date and less any lease incentives received. Right-of-use assets are depreciated on a straight-line basis from the commencement date to the earlier of the end of the useful life of the right-of-use asset and the end of the lease term. The estimated useful lives of right-of-use assets are determined on the same basis as those of the leased property and equipment. The right-of-use asset is periodically assessed for impairment. The Group has presented right-of-use assets within “Property, plant and equipment”. Assets related to retirement obligations for leased buildings are included in the cost of right-of-use assets for the respective underlying building lease. The Group does not have any contracts as a lessor as of the date of the consolidated statement of financial position. Investment in joint venture / associate company Under the equity accounting method, the investment in a joint venture or an associate is initially recognized at cost. The carrying amount of the investment is subsequently adjusted to recognize changes in the Group’s share of net assets of the joint venture or associate since the acquisition date. On acquisition of the investment, any difference between the cost of the investment and the entity’s share of the net fair value of the investee’s identifiable assets and liabilities is accounted for as follows: (a) Goodwill relating to a joint venture or associate is included in the carrying amount of the investment. Amortization of that goodwill is not permitted. (b) Any excess of the entity’s share of the net fair value of the investee’s identifiable assets and liabilities over the cost of the investment is included as income in the determination of the entity’s share of the joint venture or associate’s profit or loss in the period in which the investment is acquired. The consolidated statement of operations and other comprehensive income (loss) reflects the Group’s share of the results of operations of the joint venture or associate. Any change in other comprehensive income (loss) (“OCI”) of those investees is presented as part of the Group’s OCI. Gains and losses resulting from transactions between the Group and the joint venture or associate would be eliminated to the extent of the interest in the joint venture or associate. After application of the equity method, the Group determines whether it is necessary to recognize an impairment loss on its investment in joint venture or associate. At each reporting date, the Group determines whether there is objective evidence that the investment in joint venture or associate is impaired. If there is such evidence, the Group calculates the amount of impairment as the difference between the recoverable amount of the joint venture or associate and its carrying value, and then recognizes the loss within ‘Share of profit/loss in a joint venture/ associate’ in the consolidated statements of operations. Upon loss of joint control or significant influence over the joint venture or the associate, the Group measures and recognizes any retained investment at its fair value. Any difference between the carrying amount of the joint venture or associate upon loss of joint control or significant influence and the fair value of the retained investment and proceeds from disposal is recognized consolidated statements of operations. Non-financial Assets Insurance recoveries are recognized for virtually certain reimbursements for damaged assets from insurers. Other non-financial assets are recognized at cost. Cash and Cash Equivalents Cash and cash equivalents in the consolidated statement of financial position and consolidated statement of cash flows comprise cash at banks and on hand and short-term highly liquid deposits with an initial maturity of three months or less that are readily convertible to a known amount of cash and subject to an insignificant risk of changes in value. Depending on the classification, these financial assets are measured at amortized cost or fair value with changes through profit or loss – see financial instruments, note 29. Treasury Shares The treasury shares represent the consideration paid or payable for own shares held in treasury. The nominal value of the shares is shown in the treasury share reserve, which is part of the capital reserves. Acquisition values higher or lower than the nominal value are reduced from or added to the share premium reserve. Financial Instruments Financial instruments are contracts that give rise to a financial asset for one entity and to a financial liability or equity instrument for another entity. Financial instruments are recognized when the Group becomes a counterparty to it. Purchases or sales of financial assets that require delivery of assets within a time frame established by regulation or convention in the marketplace (regular way trades) are recognized on the settlement date. Financial assets and financial liabilities are offset, and the net amount is reported in the consolidated statement of financial position, if there is a currently enforceable legal right to offset the recognized amounts and there is an intention to settle on a net basis, or to realize the assets and settle the liabilities simultaneously. The Group has no such assets and liabilities. Financial assets The Group’s financial assets include cash and cash equivalents and other financial assets. Other financial assets include security deposits, investment in equity instruments, fixed-term deposits and money market funds. Financial assets are initially measured at fair value plus, in the case of a financial asset not measured at fair value through profit or loss, transaction costs that are directly attributable to the acquisition of the financial asset. As an exception to this general rule, trade receivables are measured at their transaction price. Transaction costs are expensed as incurred for financial assets initially measured at fair value through profit or loss (“FVTPL”). Financial assets are classified at initial recognition as either measured at amortized cost (“AC”), fair value through other comprehensive income (“FVOCI”), or FVTPL depending on the contractual cash flows and the Group’s business model for managing them. For certain financial assets that are debt instruments, the Group has the objective to hold financial assets in order to collect the contractual cash flows. If the contractual terms of the financial assets give rise on specified dates to cash flows that are solely payments of principal and interest on the principal outstanding amount, the Group will measure these financial assets at AC under consideration of impairment (see following section). All of the Group’s financial assets are measured at AC, with the exception of money market funds and investment in equity instruments. The money market funds are required to be measured at FVTPL because the cash flows are not solely payments of principal and interest on the principal outstanding amount. The Group classifies its investment in equity instruments in FVTPL. Gains and losses from financial assets measured at FVTPL are presented in the consolidated statements of operations in finance income and finance expense. Gains and losses from financial assets measured at AC including effects resulting from impairment are also presented in finance income and finance expense. Generally, the gains and losses from foreign currency translation effects are presented in other income and other expenses. A financial asset is derecognized (i.e., removed from the Group’s consolidated statement of financial position) when the rights to receive cash flows from the asset have expired or have been transferred. Impairment of financial assets – expected credit losses (“ECL”) All financial assets measured at AC are required to be impaired at initial recognition in the amount of their expected credit loss (“ECL”). ECLs are based on the difference between the contractual cash flows due in accordance with the contract and all the cash flows that the Group expects to receive. Lilium recognizes an allowance for ECLs for other financial assets according to the “general approach”. This means that ECLs are recognized in three stages. For credit exposures at initial recognition, ECLs are provided for credit losses that result from default events which may be possible within the next 12-months (Stage 1: a 12-month ECL). For credit exposures for which there has been a significant increase in credit risk since initial recognition (which is deemed to have occurred if a payment is more than 30 days past due), a loss allowance is required for credit losses expected over the remaining life of the exposure, irrespective of the timing of the default (Stage 2: a lifetime ECL). The same applies if objective indications exist that a default event has occurred (Stage 3: an incurred loss). In this case, any interest income is measured on the basis of the net carrying amount, while for Stage 1 and 2 the basis is the gross carrying amount. Examples of objective evidence are significant financial difficulties experienced by the debtor, payment default or delays, a lowering of the credit rating, insolvency or where measures are taken to secure a debtor’s financial situation, or if other observable data indicates that expected cash flows deriving from financial assets may be appreciably reduced. For cash and cash equivalents as well as other financial assets, the simplification available for financial instruments with a low credit risk (“low credit risk exemption”) is applied as of the reporting date. Factors that can contribute to a low credit risk assessment are debtor-specific rating information and related outlooks. The requirement for classification with a low credit risk is deemed to be fulfilled for counterparties that have at least an investment grade rating; in this case there is no need to monitor credit risks for financial instruments with a low credit risk. The default probabilities applied to determine the ECL for cash and cash equivalents and other financial assets are based on credit default swap spreads that are quoted on markets, which take future-oriented macroeconomic data into account. In general, Lilium defines a default event as a situation in which the debt is no longer recoverable. If the financial instrument is perceived to be unrecoverable, then the expectation is that future contractual cash flows will not occur. At this point in time, the balance is written off after giving consideration to any possible collateral that is available. Impairment losses (including reversals of impairment losses on financial assets) are not presented as a separate item in accordance with IAS 1.82(ba) as they are considered immaterial. Impairment losses or income from the reversal of impairment losses on financial assets are reported net under finance income or finance expenses. Financial liabilities The Group’s financial liabilities include warrants and other derivatives, lease liabilities (see note 16), trade and other payables, and other financial liabilities. Financial liabilities are classified as measured at AC or FVTPL. All financial liabilities are recognized initially at fair value less, in the case of a financial liability not at FVTPL, directly attributable transaction costs. Transaction costs are expensed as incurred for financial liabilities initially measured at FVTPL. Financial liabilities at FVTPL are measured at fair value and gains and losses resulting from changes in fair value are recognized in finance income and finance expenses. The Group only accounts for separated embedded derivatives of convertible loans and warrants as well as for other derivatives as a financial liability measured at FVTPL. All other financial liabilities are subsequently measured at AC using the effective interest rate (“EIR”) method. When applying the EIR method, the Group generally amortizes any fees, points paid or received, transaction costs and other premiums or discounts that are included in the calculation of the EIR over the expected life of the financial instrument. Gains and losses are recognized in interest expense when the liabilities are derecognized as well as through the EIR amortization process. For financial liabilities subsequently measured at AC, the foreign currency translation effects are presented in other income and other expenses. Foreign currency translation effects on financial liabilities at FVTPL are recognized in finance income or finance expenses. Where there are hybrid instruments, transaction costs are apportioned between the liability and equity components based on the allocation of proceeds to the liability and equity components when the instruments are initially recognized. An embedded derivative in a hybrid contract, with a financial liability or a non-financial host, is separated from the host and accounted for as a separate derivative if: the economic characteristics and risks are not closely related to the host; a separate instrument with the same terms as the embedded derivative would meet the definition of a derivative; and the hybrid contract is not measured at FVTPL. The assessment whether to separate an embedded derivative is done at initial recognition of the hybrid contract. Reassessment only occurs if there is a change in the terms of the contract that significantly modifies the cash flows. A financial liability is derecognized when the obligation under the liability is discharged or cancelled or expired. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as the derecognition of the original liability and the recognition of a new liability. The resulting gain or loss is recognized in the consolidated statement of operations. Convertible Loans Convertible loans are assessed at issuance for any components of equity and liability. Convertible loans are bifurcated into a debt component and an equity instrument, if there is a conversion right that fulfils equity criteria. The conversion right of a convertible loan is classified as a liability if some conversion features of the loan lead to a conversion into a variable number of shares. Embedded derivatives resulting from conversion rights are assessed and, if needed, are separated from the host contract. The remaining host contract is measured at AC and the separated embedded derivative is measured at FVTPL until the loan is converted into equity or becomes due for repayment. If there are other derivative features provided for in the contract besides the conversion right, they are treated as a combined embedded derivative if they share the same risk exposure and are interdependent. Derivative Financial Instruments The Group evaluates all of its financial instruments, including issued stock purchase warrants, to determine if such instruments are derivatives or contain features that qualify as embedded derivatives, pursuant to “IFRS 9 Financial Instruments” (“IFRS 9”). Warrants are recognized as derivative financial instruments in accordance with IAS 32. Accordingly, the Group generally classifies warrants as financial liabilities at FVTPL. The liabilities are subject to re-measurement at each balance sheet date until exercised or expired, and any change in fair value is recognized in the finance income or finance expenses. The Group recognizes all warrant liabilities as current liabilities as the date of settlement is outside of the Group’s control and can occur within twelve months from the balance sheet date. Upon exercise of warrants the Group recognizes an increase in subscribed capital and share premium equal to the exercise price paid upon settlement and the fair value of the derivative warrant liability as at the date of exercise. Income Taxes Current income taxes Current income tax assets and liabilities are measured at the amount expected to be recovered from or paid to the taxation authorities. The tax rates and tax laws used to compute the amount are those that are enacted or substantively enacted at the reporting date in the countries where the Group operates and generates taxable income. Management periodically evaluates positions taken in the tax returns with respect to situations in which applicable tax regulations are subject to interpretation and establishes provisions where appropriate. Deferred taxes The Group uses the liability method of accounting for income taxes. Deferred income tax assets and liabilities represent temporary differences between the carrying amounts of assets and liabilities in the consolidated financial statements and their corresponding tax basis used in the computation of taxable income. Deferred tax, however, is not recognized on the initial recognition of goodwill or the initial recognition of an asset or liability (other than in a business combination) in a transaction that affects neither tax nor accounting income. Deferred tax assets are in principle recognized for all deductible temporary differences, carry forward of unused tax credits and any unused tax losses. However deferred tax assets are only recognized to the extent it is sufficiently probable that taxable profit will be available against which the deductible temporary differences, the carry forward of unused tax credits and the unused tax losses can be utilized. Deferred tax liabilities are recognized for all taxable temporary differences associated with investments in subsidiaries and associates, except where the Group is able to control the reversal of the temporary differences and it is probable that the temporary difference will not reverse in the foreseeable future. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the year in which the asset is realized, or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted at the reporting date. Deferred tax liabilities and assets are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when they relate to income taxes levied by the same taxation authority and the Group intends to settle its current tax assets and liabilities on a net basis. Current and deferred tax items are recognized similar to the underlying transaction either in profit or loss, other comprehensive income or directly in equity. Changes in deferred tax assets or liabilities are recognized as a component of tax expense (benefit) in the consolidated statement of operations, except where they relate to items that are recognized in other comprehensive income or directly in equity, in which case the related deferred tax is also recognized in other comprehensive income or equity, respectively. Where deferred tax arises from the initial accounting for a business combination, the tax effect is included in the accounting for the business combination. Deferred tax assets and deferred tax liabilities are not discounted. Deferred taxes are always classified as non-current. Provisions Provisions are recognized when the Group has a present obligation (legal or constructive) as a result of a past event, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. Fair Values of Assets and Liabilities Fair value is a market-based measurement. For some assets and liabilities, observable market transactions or market information is available. For other assets and liabilities, observable market transactions or market information might not be available. When a price for an identical asset or liability is not observable, another valuation technique is used. To increase consistency and comparability in fair value measurements, there are three levels of the fair value hierarchy that categorizes the inputs to valuation techniques used to measure fair value: ● Level 1: contains the use of unadjusted quoted prices in active markets for identical assets or liabilities ● Level 2: using inputs other than quoted prices included within Level 1, that are observable for the asset or liability either directly or indirectly ● Level 3: inputs are based on unobservable data If the inputs used to measure the fair value of an asset or a liability fall into different levels of the fair value hierarchy, 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 of financial instruments is included in note 29.1. In cases where a gain or loss arises on initial recognition of a financial asset or a financial liability because the fair value deviates from the transaction price and is neither evidenced by a quoted price in an active market for an identical asset or liability (i.e., a Level 1 input) nor based on a valuation technique that uses only data from observable markets (i.e., a Level 2 input), this gain or loss remains unrecognized until all market inputs become observable. In case such gain or loss results from a transaction with shareholders, this amount is to be considered as capital contribution to the Group and is therefore to be recognized in equity. Share-based Payments General accounting principles The Group grants certain share-based payment awards to the Group’s employees, advisors and vendors in exchange for their service. These share-based payment awards qualify either as cash-settled or equity-settled transactions depending on the terms of settlement. When the settlement choice (i.e. cash versus shares) lies with the recipient, awards are classified as compound financial instruments. Only in the case the equity component is zero, the award is accounted for as a cash-settled option. When the settlement choice lies with the Group, the award is classified as an equity-settled grant unless the Group has a present obligation to settle in cash. For cash-settled awards a liability is recognized at fair value. The fair value is measured initially and at each reporting date up to and including the settlement date, with changes in fair value recognized in profit or loss for the period. An equity-settled award is measured based on the fair value determined at grant date. The fair value usually remains unchanged after the grant date. In case of a modification of an award after grant date, an incremental fair value is determined at the modification date for modifications that are beneficial to the recipients. Goods or services received or acquired in an equity-settled share-based payment transaction with vendors is recognized when the goods are obtained or as the services are received with a corresponding increase in equity, are measured directly, at the fair value of the good or services received. When the goods or services received do not qualify for recognition as assets, they are recognized as expenses. Refer to note 22 for the measurement approach of the fair value of share-based payments. The expenses for services received are recognized when the recipient renders services over the applicable vesting period with a corresponding increase of either the liability or equity, depending on the classification of the awards. The related share-based payment awards expense is recorded in the functional cost category to which the recipient’s costs are classified. Non-financial liabilities Non-financial liabilities are recognized at their nominal amounts. Revenue Recognition Revenues from contracts are recognized when the customer gains the ability to direct the use of and obtain substantially all the remaining benefits from the goods delivered or services performed. The consideration which the Group expects to receive is allocated to each of the performance obligations, using the relative stand-alone selling price method. Revenue from sale of Lilium Jet Revenue is recognized at a point in time (i.e. when the customer accepts the delivery of the aircraft). The Group identifies the performance obligations of the contract and allocates the transaction price to these performance obligations. Advances and customer deposits for aircraft are received in the normal course of business and are intended to protect the Group from the customer failing to complete its contractual obligations and therefore not considered to be a significant financing component. A contract liability for the Group’s obligation to deliver the aircraft is rec |
Significant Accounting Judgment
Significant Accounting Judgments, Estimates and Assumptions | 12 Months Ended |
Dec. 31, 2023 | |
Significant Accounting Judgments, Estimates and Assumptions | |
Significant Accounting Judgments, Estimates and Assumptions | 4. Significant Accounting Judgments, Estimates and Assumptions The preparation of the Group’s consolidated financial statements requires management to make judgements, estimates and assumptions that affect the reported amounts in the consolidated financial statements. In preparing these consolidated financial statements, management exercises its best judgement based upon its experience and the circumstances prevailing at that time. The estimates and assumptions are based on available information and conditions at the end of the financial period presented and are reviewed on an ongoing basis. Actual results may differ from these estimates under different assumptions and conditions and may materially affect the financial results or the financial position reported in future periods. Assumptions and estimates relating to the Group’s ability to continue as a going concern are described in note 2. Key estimates and judgements that have a significant influence on the amounts recognized in the Group’s consolidated financial statements are described below: Leases – Lease Term The Group has lease agreements for rental properties with material renewal options. The Group applies judgement in evaluating whether it is reasonably certain to exercise the option to extend or terminate the lease. The Group considers all relevant factors that create an economic incentive for it to exercise the respective extension option. After the commencement date, the Group reassesses the lease term if there is a significant event or change in circumstances that is within its control and affects whether the Group is reasonably certain to exercise or not to exercise the option to extend or terminate the lease (e.g., more than insignificant penalty, construction of significant leasehold improvements or significant customization to the leased asset). Leases – Incremental Borrowing Rate The Group cannot readily determine the interest rate implicit in the majority of its leases, therefore, it uses its incremental borrowing rate (“IBR”) to measure lease liabilities. The IBR is the rate of interest that the Group would have to pay to borrow over a similar term, and with a similar security, the funds necessary to obtain an asset of a similar value to the right-of-use asset in a similar economic environment. The IBRs used by the Group are calculated based on the risk-free rate, individual country risk premiums of underlying country and credit spread. The weighted average IBR in 2023 is 5.12% (2022: 3.53%). Investment in joint venture/ associate – Purchase Price Allocation The Group holds 27.7% of Ionblox, Inc (“Ionblox”), described in detail in note 17. Management calculated the goodwill acquired during purchase by performing a purchase price allocation, allocating the total consideration between the fair value of the identified net assets acquired and the goodwill acquired upon purchase. Assessing the fair value of the identified net assets acquired requires significant judgement. Management concluded that the fair value of the technology portfolio and the brand value acquired significantly exceeded their carrying value. Management used the Multi-Period Excess Earnings Method (MPEEM) for the valuation of the technology portfolio. The MPEEM estimates the fair value of an intangible asset as a residual value after deducting charges for all other assets. It is assumed that the Group holds only the intangible asset to be valued and leases all other assets necessary to operate the business. Contributory asset charges (CACs) reflect all return on and of the supporting assets and are deducted for the use of all other assets. The Remaining Useful Life for the technology portfolio was estimated to be 15 years at the point of purchase. Management used the Relief-from-Royalty (RfR) method for valuation of the Ionblox brand. This method is based on the assumption that if the Group did not own the brand, it would be willing to enter a licensing agreement for the brand. As part of this hypothetical licensing transaction, the licensee would have to pay royalty fees to the licensor. The value of the brand can thus be estimated as the present value of all future royalty payments in a hypothetical licensing transaction. Management has applied a hypothetical royalty rate of 0.93 % based on comparable industry peers. The remaining useful life for the brand asset was estimated to be 15 years at the point of purchase. Investment in equity instrument The Group purchased a non-controlling interest in a supplier to the Group (investment in equity instrument). Management calculated the fair value of the equity instrument in accordance with IFRS 13 based on the residual interest in the identified net assets acquired upon purchase. Assessing the fair value of the identified net assets acquired requires significant judgement as the instrument is not quoted on an open market. As this is the case, management will assess all available information at the period end to determine the most appropriate fair value. Management has deemed the most appropriate method of valuation to be either the purchase price used by a third party during a recent market transaction close to the relevant period end, or if there is no appropriate transaction, an income approach using discounted cash flow analysis which assesses the fair value of the asset based on its expected future cash flow. As there has been a recent market transaction close to the end of the financial year, Management has used this method to determine the fair value of the investment in equity instrument as of December 31, 2023. Share-based Payments An option pricing model (Black-Scholes) has been used for the determination of the fair value of awards. A simplified approach has been used in cases where share options have been deep in the money, so that the intrinsic value could serve as an approximation for the value of the option. Performance-based Stock Options “PSO” For the performance-based stock options, the service-based vesting condition is predetermined and does not require any assumptions or estimates. For the performance-based vesting condition management must estimate when the Group will earn its first dollar or any equivalent currency of revenue recognized in the Group’s consolidated financial statements directly from providing service to a customer by the operation of its own developed and certified aircraft by either the European Union Aviation Safety Agency or the Federal Aviation Administration and the customer has also paid for such services. This date is reassessed at every reporting date. Warrants The Group has issued warrants to issue Class A shares. The terms and conditions and financial impact of the issued warrants are described in note 24, with the exception of the Azul Warrants which are accounted for as a share-based payment and disclosed in note 22. For each of the warrants disclosed in note 24 the Group assessed that the warrants have the characteristics of a derivative financial instrument. The warrants are accounted at inception as a financial liability at FVTPL, with the exception of the May 2023 Warrants. At initial recognition the May 2023 Warrants had a positive fair value to Lilium, considering the expected prefunding to be received, the market conditions at date of initial recognition and the exercise price. The Group concluded that the instrument is accounted at inception as a financial asset at FVTPL. The investor, Aceville Pte. Limited (“Aceville”) is an affiliate of Tencent Holdings Limited (“Tencent”), a major shareholder of the Group, and so the issue of the financial asset is recognized as an equity contribution from Tencent in other capital reserves. During the period the prefunding was received in full, and the May 2023 Warrants are subsequently accounted for as a financial liability at FVTPL. Valuation of Level 2 warrants The Reorganization warrants consist of the Private Warrants and the Public Warrants. The Public Warrants trade on the NASDAQ stock exchange (ticker: LILMW). The fair value of the Private Warrants is deemed to be equal to the fair value of the Public Warrants. The Private Warrants are identical to the Public Warrants, except that the Private Warrants were not transferable, assignable or salable until 30 days after the completion of the Business Combination. Additionally, the Private Warrants will not be redeemable by Lilium so long as they are held by the initial purchasers or such purchasers’ permitted transferees. If the Private Warrants are held by holders other than the initial purchaser or their permitted transferees, the Private Warrants will be redeemable by Lilium and exercisable by such holders on the same basis as the Public Warrants. The Group has certain redemption rights depending on the share price of which one only relates to the Public Warrants, but given the other elements in the agreement, the Group has a certain economic incentive to call for redemption of all Warrants before a certain share price. Consequently, management has applied the same valuation to both the Private Warrants and Public Warrants. The Public Warrants are Level 1 and the Private Warrants are Level 2 in the fair value hierarchy. Valuation of Level 3 warrants The RDO & 2022 PIPE Warrants, May 2023 Warrants and 2023 PIPE Warrants are all Level 3 in the fair value hierarchy. The fair value has been determined using a Monte Carlo simulation in a risk neutral framework. The primary inputs into the simulation included the following: closing Lilium N.V. stock price as of the valuation date, expected stock price volatility, term, risk-free rate and dividend yield. The expected stock price volatility was based on Lilium N.V. implied volatilities calculated over a period matching the remaining life of these warrants. The term input is equal to the warrants’ remaining contractual term. The risk-free interest rate is based on interpolated US Dollar (“USD”) Secured Overnight Financing Rate (“SOFR”) swap rate for a maturity equal to the remaining life of the warrants. The dividend rate is based on the historical rate, which the Company anticipates remaining at zero. Additionally, the May 2023 Warrants (issued to a related party as described in note 31) initially included the probability of the receipt of the Additional Funding Amount as an independent input factor. The Additional Funding Amount was received in July 2023, therefore this input factor is no longer required for subsequent measurements after July 2023. Over-allotment option in Confidentially Marketed Public Offering (“CMPO”) During the 2023 Public Offering as disclosed in note 21, the Company entered into an underwriting agreement for the purchase and sale of its Class A shares. The transaction includes an over-allotment option which grants the underwriter the right to purchase additional shares from the Company at a fixed price to cover any over-allotments at public offerings. The Group has determined that the over-allotment option meets the criteria to be recognized at inception as a derivative financial liability. In accordance with IFRS 9, the Group classifies derivative financial liabilities at FVTPL. The over-allotment option is recognized initially at fair value. The Level 3 fair value is determined using a Monte Carlo simulation in a risk neutral framework. The primary inputs into the simulation included the following: closing Lilium N.V. stock price as of initial recognition date, expected stock price volatility, term, risk-free rate and dividend yield. The expected stock price volatility was based on Lilium N.V. implied volatilities calculated over a period matching the remaining life of the option. The term input is equal to the option’s remaining term. The risk-free interest rate is based on interpolated USD SOFR swap rates for a maturity equal to the remaining life of the option. The dividend rate is based on the historical rate, which the Company anticipates remaining at zero. Upon expiry of the over-allotment option, the carrying amount of the liability, after performing a last subsequent measurement, is derecognized against the profit or loss in line with the Group’s policy for financial liabilities. Covid-19 Risks and Uncertainties, War in Ukraine and Geopolitical Conflicts The Board is actively monitoring the impact on the Group from uncertainty regarding the consequences and lingering impact of the COVID-19 pandemic. The Group had implemented logistical and organizational changes to bolster the Group’s resilience to the COVID-19 pandemic. The extent that COVID-19 continues to impact our business, prospects and results of operations will depend on future developments, which are highly uncertain and cannot be predicted. However, based on the latest developments, the Group expects business operations to continue with minimal to no ongoing impact from the COVID-19 pandemic for the foreseeable future. The Board is also actively monitoring the impact on the Group from the war in Ukraine. The Group does not and does not intend to have any operations in Ukraine, Belarus or Russia, or engage with direct suppliers located in Ukraine, Belarus or Russia. There is currently no direct impact on the Group from the war in Ukraine and sanctions imposed on Russia and Belarus as the Group does not have any operations or direct suppliers located in these jurisdictions. Finally, the Board is also actively monitoring other geopolitical conflicts and tension, including the imposition of and changes in foreign investment, economic sanctions and trade control regulations that could adversely impact our business. There is currently no material impact on the Group’s operations from applicable foreign investment, economic sanctions and trade control regulations. However, the imposition of and changes in such regulations in the future could adversely impact our business. The Group continues to closely monitor the impact on general economic factors from the war in Ukraine, including the impact of inflation, changing interest rate environment, and the access to capital or debt at a favorable cost, as such puts pressure on the Group’s costs for employees, raw materials and other parts provided by suppliers. |
Revenue from Contracts with Cus
Revenue from Contracts with Customers and Cost of Sales | 12 Months Ended |
Dec. 31, 2023 | |
Revenue from Contracts with Customers and Cost of Sales | |
Revenue from Contracts with Customers and Cost of Sales | 5. Revenue from Contracts with Customers and Cost of Sales During the year, the Group entered into revenue generating contracts to deliver aircraft. No revenue was recognized during the current year (2022: nil) as no goods or services were transferred to customers. In 2021, revenue amounting to €47 thousand was recognized from one customer at a point in time upon receipt of acceptance in relation to provision of infrastructure and mobility consultation services provided to airport authorities. The geographic region which recognized revenues was Germany based on the Group’s location which bills the customer. Related costs are captured in costs of sales and comprise of personnel expenses. |
Research and Development Expens
Research and Development Expenses | 12 Months Ended |
Dec. 31, 2023 | |
Research and Development Expenses | |
Research and Development Expenses | 6. Research and Development Expenses Research and development expenses consist of the following: In € thousand 2023 2022 2021 Salaries and social security 76,453 77,455 75,672 Professional services 75,573 72,840 49,421 Materials 9,743 7,808 9,009 Depreciation/amortization/impairment 10,448 6,386 4,541 IT and communication expense 4,249 3,709 1,248 Other research and development expenses 7,294 7,420 4,667 Total research and development expenses 183,760 175,618 144,558 Expenses for salaries and social security mainly include salary, salary-related expenses and share-based payment awards recognized from the Group’s share-based payment award programs (note 22). Professional services include €66,217 thousand (2022: €54,734 thousand; 2021: €31,576 thousand) for consulting services and supply-chain development costs and €9,356 thousand (2022: €18,105 thousand; 2021: €17,845 thousand) for contractors. Consulting, supply-chain development, and contractor services are in relation to research and development activities being conducted with suppliers and partners in readiness for entry into service (EIS). Materials include various components used in development of the Lilium Jet. Other research and development expenses include occupancy costs, travel expenses and other operating expenses. |
General and Administrative Expe
General and Administrative Expenses | 12 Months Ended |
Dec. 31, 2023 | |
General and Administrative Expenses | |
General and Administrative Expenses | 7. General and Administrative Expenses General and administrative expenses consist of the following: In € thousand 2023 2022 2021 Share listing expense — — 111,109 Professional services 19,383 28,851 70,380 Salaries and social security 31,742 30,187 35,395 IT and communication expense 19,457 20,374 12,391 Depreciation/amortization/impairment 2,057 1,816 1,870 Insurances 3,161 6,457 1,698 HR related expenses (training, recruitment) 492 1,466 1,617 Other administrative expenses 4,988 4,736 4,633 Total administrative expenses 81,280 93,887 239,093 Professional services related to general legal advice, external contractors, consultants, audit expense, staff lease and bookkeeping services. In 2021, professional services also included Lilium’s consulting and legal fees in relation to the Reorganization which are not capitalizable, investor relations costs not deducted from capital reserves (in total €33,127 thousand), and €13,030 thousand for the issue of Azul Warrants (see note 22). Expenses for salaries and social security include employee remunerations, benefits and share-based payment awards recognized from the Group’s share-based payment award programs (note 22). IT and communication expense relate to IT maintenance and development costs for general tools used by all functions in the Group. In 2023, these expenses include €8,895 thousand (2022: €13,527 thousand; 2021: € 6,590 thousand) incurred for a cloud-based data analytics tool. Insurance expenses mainly relate to Directors & Officers liability insurance. Other administrative expenses include occupancy costs, travel expenses, membership fees and other operating expenses. In 2021 the share listing expense was the fair value of the shares issued by Lilium N.V. in excess of the net assets acquired from Qell as a result of the Reorganization (see note 1 for details). |
Selling Expenses
Selling Expenses | 12 Months Ended |
Dec. 31, 2023 | |
Selling Expenses | |
Selling Expenses | 8. Selling Expenses Selling expenses consist of the following: In € thousand 2023 2022 2021 Salaries, social security 7,320 8,915 11,971 Professional services 291 1,690 1,983 Marketing 1,956 1,448 2,059 Travel 588 523 626 Depreciation/amortization/impairment 189 65 65 Other selling expenses 415 288 485 Total selling expenses 10,759 12,929 17,189 The Group recognizes costs related to the commercialization of the Lilium Jet as selling expenses. Expenses for salaries and social security mainly include employee remunerations, benefits and share-based payment awards recognized from the Group’s share-based payment award programs (note 22). In 2021, marketing costs mainly related to the Reorganization. |
Other Income
Other Income | 12 Months Ended |
Dec. 31, 2023 | |
Other Income | |
Other Income | 9. Other Income Other income consists of the following: In € thousand 2023 2022 2021 Foreign currency gains 5,698 3,842 1,689 Insurance recoveries 22 483 456 Income received from grants 2,039 1,038 51 At-equity income from dilution — 1,179 — Other miscellaneous income 377 266 78 Total other income 8,136 6,808 2,274 Foreign currency gains of €5,698 thousand (2022: €3,842 thousand; 2021: €1,689 thousand) are primarily derived from favorable exchange rate movements on foreign trade payables and the Group’s cash holdings denominated in USD. Lilium has been granted government funds for conducting research on future mobility infrastructure and technology. The conditions connected with the grants have been fulfilled by the Group and therefore, have been recognized in other income. At-equity income from dilution in 2022 of €1,179 thousand relates to the Group’s gain on dilution in the investment in Ionblox (see note 17). |
Other Expenses
Other Expenses | 12 Months Ended |
Dec. 31, 2023 | |
Other Expenses | |
Other Expenses | 10. Other Expenses Other expenses consist of the following: In € thousand 2023 2022 2021 Foreign currency losses 3,027 3,264 1,054 Miscellaneous other items 1 4 982 Total other expenses 3,028 3,268 2,036 Foreign currency losses of €3,027 thousand in 2023 (2022: €3,264 thousand; 2021: €1,054 thousand) are primarily derived from unfavorable exchange rate movements on the Group’s cash holdings denominated in US Dollar and from currency losses on foreign trade payables. |
Financial Result
Financial Result | 12 Months Ended |
Dec. 31, 2023 | |
Financial Result | |
Financial Result | 11. Financial Result Financial result is comprised of the following: In € thousand 2023 2022 2021 Finance income 15,335 30,322 11,288 thereof: fair value changes 9,565 29,922 11,280 thereof: impairment losses net of reversal 57 125 — thereof: interest income 5,713 275 8 Finance expenses (131,059) (1,995) (20,201) thereof: fair value changes (130,159) (763) (15,645) thereof: interest portion of lease payments (604) (443) (437) thereof: other interest expense (296) (789) (376) thereof: impairment losses net of reversal — — (260) thereof: interest on convertible loans — — (3,483) Financial result (115,724) 28,327 (8,913) Finance Income Fair value changes mainly resulted from changes in value of warrants of €6,219 thousand (2022: €29,688 thousand; 2021: €4,454 thousand) consisting of fair value changes of the 2023 PIPE Warrants of €2,599 thousand (2022: €30,196 thousand; 2021: €5,492 thousand) and the gain from the foreign exchange translation of warrants of €3,620 thousand (2022: (€508 As part of the CMPO financing transaction described in note 21, the underwriter had an over-allotment option to purchase additional shares within 30 days of the underwriting agreement. The option expired without being exercised, resulting in fair value changes of €3,346 thousand being recognized upon subsequent measurement in finance income. Finance income also consists of interest income of €5,713 thousand (2022: €275 thousand; 2021: €8 thousand) primarily earned from fixed-term deposits and cash at bank. In 2021, finance income further included €6,351 thousand from fair value changes of embedded derivatives of convertible loans. Finance expense Fair value changes mainly resulted from changes in fair value of warrants of €129,609 thousand (2022 and 2021: nil), consisting of realised fair value changes of €15,765 thousand (2022 and 2021: nil) from the exercise of 2023 May Warrants and changes in value of unexercised warrants of €113,844 thousand (2022 and 2021: nil), consisting of fair value changes of warrants of €113,733 thousand (2022 and 2021: nil) and the loss from the foreign exchange translation of 2023 PIPE Warrants of €111 thousand (2022 and 2021: nil). In 2022, the finance expenses that resulted from fair value changes consisted of fair value changes in money market funds of €67 thousand (2021: €87 thousand) and fair value changes in the ELOC purchased put option of €696 thousand (2021: nil) (see note 21). In 2021, fair value changes also included the loss from a foreign currency exchange contract of €15,532 thousand. The foreign currency exchange contract was related to the funds from the Reorganization expected to be received in USD. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2023 | |
Income Taxes | |
Income Taxes | 12. Income Taxes Income Tax Expenses/ (Benefits) The expenses/ benefits for income taxes are comprised of the following: In € thousand 2023 2022 2021 Current income tax charge (363) (169) (556) Current income tax related to prior years 19 495 (143) Current taxes (344) 326 (699) Deferred taxes 10 — (10) Income tax benefits / (expense) (334) 326 (709) The income tax expenses/ (benefits) mainly relate to foreign subsidiaries. At German companies, a corporate tax rate of 15% was used for the calculation of deferred taxes. In addition, a solidarity surcharge of 5.5% on corporate tax and a trade tax rate of 11.73% were taken into account. This resulted in an overall tax rate of 27.55% for German companies, which is also the group tax rate (previous year: 27.55%). At international group companies, the respective country-specific tax rates were used for the calculation of current and deferred taxes. Tax Rate Reconciliation The following table presents the reconciliation of expected tax expense and recorded tax expense. Expected tax expense is determined by multiplying consolidated loss before tax from continuing operations by the total group tax rate of 27.55%: In € thousand 2023 2022 2021 Profit (Loss) before income tax (388,785) (253,390) (410,327) Income tax rate 27.55 % 27.55 % 27.55 % Expected income taxes on this 107,110 69,809 113,045 Effects deriving from differences in foreign tax rates 54 9 40 Taxes for prior years 19 495 — Other non-deductible expenses and taxes (155) (59) (209) Changes in the realization of deferred tax assets (72,434) (76,074) (67,465) Other (34,928) 6,146 (46,120) Income tax as per consolidated statement of operations (334) 326 (709) Effective tax rate in % (0.1) % 0.1 % (0.2) % The other effects mainly relate to share-based payments (€10,444 thousand; resulting in a reconciliation effect of (€2,877 thousand)), change in value of warrants (€123,389 thousand; resulting in a reconciliation effect of (€33,994 thousand)), transaction costs deducted for equity (€6,112 thousand; resulting in a reconciliation effect of €1,683 thousand). The other effects in 2022 mainly relate to share-based payments (€22,817 thousand; resulting in a reconciliation effect of (€6,286 thousand)), fair value adjustments of Reorganization Warrants and RDO & 2022 PIPE Warrants (€29,689 thousand; resulting in a reconciliation effect of €8,179 thousand) and transaction costs deducted from equity (€7,402 thousand; resulting in a reconciliation effect of €2,039 thousand). The other effects in 2021 mainly relate to expenses resulting from non-cash share listing expense (€111,109 thousand; resulting in a reconciliation effect of €30,610 thousand), equity-settled share-based payments (€40,321 thousand; resulting in a reconciliation effect of €11,108 thousand) and fair value adjustments of the Azul Warrants (€13,030 thousand; resulting in a reconciliation effect of €3,590 thousand) as well as finance income resulting from the embedded derivatives of the convertible loans (€6,351 thousand; resulting in a reconciliation effect of €1,750 thousand) and fair value adjustments of Reorganization warrants (€4,454 thousand; resulting in a reconciliation effect of €1,227 thousand). Deferred Taxes Deferred taxes relate to the following: Deferred tax assets Deferred tax liabilities In € thousand 12/31/2023 12/31/2022 12/31/2023 12/31/2022 Non-current assets 2,669 2,378 3,106 2,913 Intangible assets 2,596 2,341 — — Property, plant and equipment 72 37 3,106 2,903 Financial assets 1 — — 10 Current assets 478 149 — — Inventories 475 123 — — Receivables and other assets 3 26 — — Non-current liabilities 442 446 429 — Provisions — 10 — — Liabilities 442 436 429 — Current liabilities 153 138 207 208 Provisions — — — 47 Liabilities 153 138 207 161 Total value 3,742 3,111 3,742 3,121 Netting (3,742) (3,111) (3,742) (3,111) Recognition in the consolidated statement of financial position — — — 10 The Group has offset deferred tax asset and liabilities when it has the right to settle on a net basis. As of December 31, 2023, and 2022, there were the following tax attributes (gross): In € thousand 12/31/2023 12/31/2022 Corporation tax loss carryforwards 939,479 661,501 Trade tax loss carryforwards 935,268 659,161 Interest carryforwards 10,151 15,348 The reported tax loss and interest carryforwards mainly relate to the German Lilium entities and can be carried forward indefinitely. Tax loss carryforwards in the amount of €56,891 thousand can’t be used during the time of the tax group between Lilium GmbH as controlling entity and Lilium eAircraft GmbH as controlled entity. German minimum taxation rules and interest stripping rules apply. These tax attributes may be subject to restrictions of the German change in ownership rules (Sec. 8c KStG) going forward. The closing of the de-SPAC transaction did not result in the forfeiture of the tax loss carryforwards. These tax attributes relate to entities that have a history of losses which have been accumulated in the previous years. The respective entities neither have any taxable temporary difference exceeding the deductible temporary differences nor any tax planning opportunities and documentation available that could partly support the recognition of these tax attributes as deferred tax assets. On this basis, the Group has determined that it cannot recognize deferred tax assets on the tax attributes carried forward. For the following deductible temporary differences and tax loss and interest carryforwards, no deferred tax assets were recognized in the consolidated financial statements: Deferred tax assets on Interest Temporary Tax carry In € thousand differences losses forward Total Unrecognized deferred tax assets as of January 1, 2022 13,850 106,264 3,929 124,043 Addition 1,541 75,705 436 77,682 Deductions — — (137) (137) Unrecognized deferred tax assets as of December 31, 2022 15,391 181,969 4,228 201,588 Addition 2,676 76,702 — 79,378 Deductions — (338) (1,729) (2,067) Unrecognized deferred tax assets as of December 31, 2023 18,067 258,333 2,499 278,899 |
Loss per Share
Loss per Share | 12 Months Ended |
Dec. 31, 2023 | |
Loss per Share | |
Loss per Share | 13. Loss per Share Basic loss per share (LPS) is calculated by dividing the net loss for the year by the weighted average number of ordinary shares outstanding during the year. The weighted average number of ordinary shares is calculated inclusive of the prefunded 175,000,000 units of Class A shares issuable from the May 2023 Warrants as the shares will be issued either upon exercise by the warrant holder or otherwise at the end of the contractual term of the warrants. Diluted LPS is calculated by dividing the net loss for the year by the weighted average number of ordinary shares outstanding during the year plus the ordinary shares that would be issued upon conversion of all outstanding employee stock options and warrants into ordinary shares. For the periods included in these consolidated financial statements, the Group incurred net losses; therefore, anti-dilutive stock options, outstanding equity awards during the period (as described in note 22), the Reorganization Warrants, RDO & 2022 PIPE Warrants, the 2023 PIPE Warrants, the option component of the May 2023 Warrants and the Azul Warrants are excluded from the diluted LPS calculation. The following table reflects the income and share data used in the basic and diluted LPS calculations: 2023 2022 2021 Net loss for the year (389,119) (253,064) (411,036) (in € thousand) Weighted average number of shares outstanding Basic and diluted 547,391,640 316,474,576 214,858,203 Basic and diluted loss per share (in €) (0.71) (0.80) (1.91) |
Intangible Assets
Intangible Assets | 12 Months Ended |
Dec. 31, 2023 | |
Intangible Assets | |
Intangible Assets | 14. Intangible Assets Intangible assets comprise the following: Purchased concessions, rights and other In € thousand Software intangible assets Total Costs of acquisition January 1, 2023 4,161 145 4,306 Additions 79 — 79 Disposal (3,470) (18) (3,488) December 31, 2023 770 127 897 Accumulated amortization/write downs January 1, 2023 3,411 25 3,436 Amortization 386 8 394 Disposal (3,470) (18) (3,488) Impairment 60 1 61 December 31, 2023 387 16 403 Carrying amount: December 31, 2022 750 120 870 December 31, 2023 383 111 494 Purchased concessions, rights, and other In € thousand Software in-tangible assets Total Costs of acquisition January 1, 2022 3,998 108 4,106 Additions 163 37 200 Transfer from property, plant and equipment — — — December 31, 2022 4,161 145 4,306 Accumulated amortization/write downs January 1, 2022 2,694 18 2,712 Amortization 717 7 724 December 31, 2022 3,411 25 3,436 Carrying amount: December 31, 2021 1,304 90 1,394 December 31, 2022 750 120 870 In 2023, 2022 and 2021 all amortization was recognized in the profit or loss in each given year. During the year, an impairment loss of €61 thousand (2022: nil and 2021: nil) relating to assets that were obsolete was recognized in the consolidated statement of operations. |
Property, Plant and Equipment
Property, Plant and Equipment | 12 Months Ended |
Dec. 31, 2023 | |
Property, Plant and Equipment | |
Property, Plant and Equipment | 15. Property, Plant and Equipment Property, plant and equipment is comprised of the following: Rights to land and Technical buildings equipment Office Assets and leasehold and and other under In € thousand improvements Vehicles machinery equipment construction Total Costs of acquisition or construction: January 1, 2023 22,887 139 19,520 9,683 2,887 55,116 Additions 5,060 14 15,185 1,026 16,984 38,269 Disposals (795) (20) (3,646) (5,725) — (10,186) Transfers 819 — 458 38 (1,315) — Indexation impact 1,256 — — — — 1,256 Foreign exchange — — — 7 — 7 December 31, 2023 29,227 133 31,517 5,029 18,556 84,462 Accumulated depreciation: January 1, 2023 9,080 52 3,877 5,408 — 18,417 Depreciation 4,675 30 4,024 1,627 — 10,356 Disposals (795) (20) (3,646) (5,725) — (10,186) Impairment 104 6 1,359 414 — 1,883 Foreign exchange — — — 1 — 1 December 31, 2023 13,064 68 5,614 1,725 — 20,471 Carrying amount: December 31, 2022 13,807 87 15,643 4,275 2,887 36,699 December 31, 2023 16,163 65 25,903 3,304 18,556 63,991 Rights to land and Technical buildings equipment Office Assets and leasehold and and other under In € thousand improvements Vehicles machinery equipment construction Total Costs of acquisition or construction: January 1, 2022 19,903 166 10,738 8,243 2,611 41,661 Additions 2,366 67 6,328 1,519 2,894 13,174 Disposals — (94) (12) (95) — (201) Transfers 130 — 2,466 22 (2,618) — Indexation impact 488 — — — — 488 Foreign exchange — — — (6) — (6) December 31, 2022 22,887 139 19,520 9,683 2,887 55,116 Accumulated depreciation: January 1, 2022 5,438 82 1,669 3,862 — 11,051 Depreciation 3,642 64 2,168 1,617 — 7,491 Disposals — (94) (12) (68) — (174) Impairment — — 52 — — 52 Foreign exchange — — — (3) — (3) December 31, 2022 9,080 52 3,877 5,408 — 18,417 Carrying amount: December 31, 2021 14,465 84 9,069 4,381 2,611 30,610 December 31, 2022 13,807 87 15,643 4,275 2,887 36,699 In 2023, 2022 and 2021 all depreciation was recognized in the profit or loss in each given year. Property, plant and equipment includes right-of-use assets for an amount of €11,275 thousand as of December 31, 2023 (December 31, 2022: €10,499 thousand). For further information refer to note 16. The transfers from assets under construction mainly relate to leasehold improvements and equipment which are required for construction of the Lilium Jet. There are no security pledges. The Group test for impairment on an annual basis. During the year, an impairment loss of €1,883 thousand (2022: €52 thousand and 2021: nil) relating to assets that were obsolete and in the process of being disposed of was recognized in the consolidated statement of operations. Property, plant and equipment is distributed among geographical areas as follows: In € thousand 12/31/2023 12/31/2022 Property, plant and equipment Germany 39,757 26,063 Spain 12,012 5 Rest of the World 947 132 Right-of-use assets Germany 11,083 10,033 Spain 192 466 Total 63,991 36,699 |
Leases
Leases | 12 Months Ended |
Dec. 31, 2023 | |
Leases | |
Leases | 16. Leases The Group has lease contracts for facilities, which contain variable lease payments and for vehicles, equipment and other assets which contain fixed-rate payment terms. The carrying amounts of right-of-use assets recognized and the movements during the period were as follows: Technical equipment Office Rights and and other In € thousand to buildings Vehicles machinery equipment Total January 1, 2022 10,910 43 428 144 11,525 Additions to right-of-use assets 1,526 63 23 — 1,612 Transfer — — — (144) (144) Disposal of right-of-use assets — (3) (1) — (4) Depreciation (2,889) (49) (39) — (2,977) Indexation impact 488 — — — 488 December 31, 2022 10,034 54 411 — 10,499 Additions to right-of-use assets 3,126 — 17 — 3,143 Depreciation (3,553) (19) (51) — (3,623) Indexation impact 1,256 — — — 1,256 December 31, 2023 10,863 35 377 — 11,275 Some lease payments for rights to buildings are indexed to the German consumer price index, which is adjusted on a yearly basis. The carrying amounts of lease liabilities and the movements during the period were as follows: In € thousand Lease Liability January 1, 2022 11,823 Additions 1,385 Accrued interest (7) Interest 443 Payments (3,163) Indexation impact 488 December 31, 2022 10,969 Additions 2,369 Accrued interest (2) Interest 604 Payments (4,029) Indexation impact 1,256 December 31, 2023 11,167 The current and non-current portion of lease liabilities are as follows: In € thousand 12/31/2023 12/31/2022 Current 2,943 2,616 Non-current 8,224 8,353 Total lease liabilities 11,167 10,969 The consolidated statement of operations and other comprehensive income (loss) include the following amounts of lease related expense: In € thousand 2023 2022 2021 Depreciation of right of-use-assets 3,623 2,977 1,941 Interest expense on lease liabilities 604 443 437 Short-term lease expenses 214 6 488 Lease expenses for low-value assets 94 137 220 Total amount recognized in expense 4,535 3,563 3,086 Variable lease payments result from indexed rental payments for facility leases and are included in lease liabilities. The following table provides further information about the composition of the lease payments as included in the above movement schedule of lease liabilities: In € thousand 2023 2022 Fixed lease payments 1,502 1,212 Variable lease payments 2,527 1,951 Total amount of lease payments 4,029 3,163 The below table provides information on the total cash outflow from all leases during the year: In € thousand 2023 2022 2021 Principal paid 3,425 2,720 1,781 Interest paid 604 443 437 Short term and low value leases 308 143 708 Total amount paid 4,337 3,306 2,926 |
Investment in a Joint Venture _
Investment in a Joint Venture / Associate | 12 Months Ended |
Dec. 31, 2023 | |
Investment in a Joint Venture / Associate | |
Investment in a Joint Venture / Associate | 17. Investment in a Joint Venture / Associate Investment in Ionblox On March 10, 2021, the Group entered into a Stock Purchase Agreement in which the Group acquired 25.7% of the shares of Ionblox for a purchase price of €8,502 thousand, including transactions costs (see note 4 for additional information on Ionblox). Ionblox is a supplier of battery technology for Lilium. The principal place of business for Ionblox is the United States of America. On July 15, 2021, the Group entered into an additional Stock Purchase Agreement in which the Group acquired a further 9.1% of the shares of Ionblox across two transactions on July 16, 2021 and September 27, 2021, for a total consideration of €7,400 thousand. The consideration included the conversion of outstanding promissory notes at a fair value of €2,222 thousand, including a €1,051 thousand promissory note purchased on March 19, 2021. Lilium holds preferred stock in Ionblox, which give Lilium preferred dividend rights as well as rights of preferential payments in certain events. Preferred dividends are not cumulative, and payment is at the discretion of the Board of Directors of Ionblox out of any funds and assets legally available. In a deemed liquidation event, which is defined in the preferred stock purchase agreement as mergers and consolidations and certain asset sales, Lilium is entitled to redeem cash or other assets from Ionblox which provides Lilium a share in Ionblox net assets. In the event of liquidation, dissolution or winding up or deemed liquidation event, Lilium is entitled to preferential payments if there are sufficient funds in Ionblox to pay the preferred stockholders. The preferred stocks carry the same shareholder voting rights as holders of equivalent common stock. The preferred stocks also entitle the Group to nominate two directors to the Board of Directors of Ionblox. As such, the Group is considered to have significant influence over Ionblox. The significant influence together with other features of the preferred stock result in Lilium participating in a share of gains or losses from Ionblox; as such, the investment was initially recognized as an investment in associate and accounted for at-equity under IAS 28 ‘Investment in associates and joint ventures’. For each date of acquisition of Ionblox, the fair value of Ionblox’s identifiable net assets and liabilities were identified, and the difference between the purchase price and the fair value of identified net assets has been accounted for as goodwill. The goodwill is included within the carrying value of the Investment in Associate. The total fair value of the identifiable net assets acquired is €8,344 thousand, generating goodwill upon purchase of €7,558 thousand. The fair value of the identifiable net assets acquired includes a carrying value of €2,248 thousand and a fair value step-up of €8,688 thousand for Ionblox’s brand and technology portfolio, offset by €2,592 thousand for deferred taxation. In 2022, the Group’s share in Ionblox was diluted to 27.7% share of outstanding capital, representing 31.4% of the shareholder voting rights, through the issuance of 1,092,908 series B preferred stock by Ionblox to other investors, offset by a share buyback of 273,227 common stock, resulting in a gain on dilution of €1,179 thousand in other income. As part of the transactions, Lilium signed new Investors’ Agreements in May and November 2022, under which management have concluded that Lilium has joint control of Ionblox with another Preferred Stock investor. Lilium subsequently accounts for Ionblox as a Joint Venture, continuing to apply the equity method of accounting. As of December 31, 2023, there were no indicators that an impairment expense (2022: Nil) should be recognized on the carrying value of the investment in a joint venture. Shares in Ionblox are currently unlisted, hence there is no quoted price to determine the fair value of the investment in Ionblox. The following table illustrates the movements in carrying value of the Group’s investment in Ionblox: Carrying Value In € thousand 2023 2022 January 1 13,410 15,054 Gain on dilution — 1,179 Share of loss in a joint venture/ associate (2,370) (2,823) December 31 11,040 13,410 The following is the summarized financial information for Ionblox, based on their consolidated financial statements prepared in accordance with IFRS, modified for fair value adjustments on acquisition. The numbers presented reflect the amounts in Ionblox’s IFRS consolidated financial statements, not of Lilium’s ownership share in these amounts. Ionblox, Inc. - Consolidated Statement of Operations for the year ended December 31, 2023 In € thousand 01/01/2023 – 12/31/2023 01/01/2022 – 12/31/2022 Revenue 2,789 1,927 Loss from continued operations (9,022) (7,777) Net loss for the year (8,478) (7,369) Ionblox, Inc. - Consolidated Statement of Financial Position as of December 31, 2023 In € thousand 12/31/2023 12/31/2022 Non-current assets 22,993 25,438 Current assets 9,944 13,487 Preferred stock reclassification 1 21,434 21,619 Non-current liabilities (29,965) (31,482) Current liabilities (4,624) (933) Shareholders’ equity 19,782 28,129 Reconciliation to carrying amounts of Lilium’s Interest in Ionblox Group’s effective interest in the joint venture / associate 27.7 % 27.7 % Group’s share in shareholders’ equity 5,480 7,780 Goodwill 8,079 8,370 Currency translation difference (2,519) (2,740) Investment in a joint venture / associate 11,040 13,410 1 |
Other Financial Assets
Other Financial Assets | 12 Months Ended |
Dec. 31, 2023 | |
Other Financial Assets | |
Other Financial Assets | 18. Other Financial Assets Other financials assets are as follows: In € thousand 12/31/2023 12/31/2022 Security deposits 3,350 3,386 Investment in equity instrument 4,641 — Total non-current financial assets 7,991 3,386 Fixed-term deposits 111,498 19,987 Security deposits 118 2,594 Total current other financial assets 111,616 22,581 Total other financial assets 119,607 25,967 Security deposits include €3,157 thousand (December 31, 2022: €2,941 thousand) pledged as collateral for facility leases, and nil (December 31, 2022: €2,530 thousand) for deposits to suppliers. The security deposits for facility leases are expected to be returned to the Group at the cessation of the lease contracts, provided that the Group have fulfilled all contractual obligations under the lease. In 2023, the Group invested in an equity instrument with an initial fair value of €5,159 thousand. During the year ended December 31, 2023, the group recognized a fair value loss of €518 thousand. For further information see note 29. As of December 31, 2023, the Group has invested in fixed-term deposits amounting to €110,000 thousand with a term of 3-7 months. The group recognized accrued interest income of €1,559 thousand and an expected credit loss of €61 thousand. The deposits were not redeemable before maturity. As of December 31, 2022, the Group had invested in a fixed-term deposit amounting to €20,000 thousand with a term of 4 months. The group recognized accrued interest income of €17 thousand and an expected credit loss of €30 thousand. The deposits were not redeemable before maturity. |
Non-Financial Assets
Non-Financial Assets | 12 Months Ended |
Dec. 31, 2022 | |
Non-Financial Assets | |
Non-Financial Assets | 19. Non-Financial Assets Non-financial assets are as follows: In € thousand 12/31/2023 12/31/2022 Advance payments 7,998 4,069 Prepaid expenses 1,771 9,418 Total non-current non-financial assets 9,769 13,487 Value added tax claims 6,072 1,696 Prepaid expenses 16,299 16,241 Miscellaneous other current non-financial assets 410 711 Total current non-financial assets 22,781 18,648 Total non-financial assets 32,550 32,135 Advance payments are payments made for the acquisition of fixed assets amounting to €7,998 thousand (2022: €4,069 thousand). Non-current prepaid expenses of €1,771 thousand (2022: €9,418) mainly consist of multi-year supplier contracts. Current prepaid expenses of €16,299 thousand (2022: €16,241 thousand) mainly relate to prepaid supply-chain development costs and prepaid software costs. |
Cash and Cash Equivalents
Cash and Cash Equivalents | 12 Months Ended |
Dec. 31, 2023 | |
Cash and Cash Equivalents | |
Cash and Cash Equivalents | 20. Cash and Cash Equivalents Cash and cash equivalents are as follows: In € thousand 12/31/2023 12/31/2022 Short-term fixed-term deposits — 49,385 Cash at banks 83,508 130,196 Total cash and cash equivalents 83,508 179,581 The Group invests in fixed-term deposits as part of its capital management strategy. As of December 31, 2023 the Group holds no (2022: €49,385 thousand) short-term fixed-term deposits with an initial maturity of 90 days or less. Fixed-term deposits with a term of greater than 90 days are classified as financial assets, please see note 18. |
Shareholders' Equity
Shareholders' Equity | 12 Months Ended |
Dec. 31, 2023 | |
Shareholders' Equity | |
Shareholders' Equity | 21. Shareholders’ Equity Class A shares have a nominal value of €0.01 (2022: €0.12) per share and are freely transferrable (subject to any lock-up as may be contractually agreed from time to time) and each Class A share confers the right to cast one (2022: twelve) votes in Lilium’s shareholders meeting, subject to a so-called voting cap as defined in Article 1 of Lilium’s articles of association and as may be elected by a certain shareholder to apply it. Class B shares have a nominal value of €0.03 (2022: €0.36) per share and may only be transferred to (i) permitted transferees or (ii) Lilium. One Class B share will be converted into one Class A share and one Class C ordinary share, nominal value €0.02 (2022: €0.24) per share (a “Class C share”) upon the occurrence of certain conversion events. A conversion event is triggered in respect of Class B shares (i) at the discretion of the Class B holder or (ii) in case the holder of Class B shares is not qualified to hold such Class B shares anymore as defined in Lilium’s articles of association. The result of the conversion of Class B shares is that a Lilium shareholder acquires one Class A share for each converted Class B share, and one Class C share is transferred immediately to Lilium treasury. The Class B share is immediately canceled. During the year the conversion of 350,000 (2022: 525,000) Class B shares and the transfer of 350,000 (2022: 525,000) Class C shares to the Group were conducted. If a Class C share is held by anyone else other than Lilium (regardless of the consequence of conversion), such holder of Class C shares (a transferor) must notify Lilium of this fact by written notice within three days after the occurrence of such event, following the failure of which Lilium is irrevocably empowered and authorized to offer and transfer the relevant Class C shares. The transferor, other than Lilium itself, must transfer such Class C shares to Lilium for no consideration. As of year-end no (2022: 525,000 ) Class C shares were issued and held in treasury. Each Class B share confers the right to cast three (2022: thirty-six) votes and each Class C share confers the right to cast two (2022: twenty-four) votes in Lilium’s shareholders meeting. The holders of Class A shares and Class B shares shall be entitled pari passu pro rata Supervoting Ordinary Common shares shares shares (in units) (Class A) (Class B) (Class C) Total Issued at January 1, 2021 173,014,206 24,413,065 — 197,427,271 Issued shares – convertible loans 20,533,259 — — 20,533,259 Reorganization as of September 14, 2021 22,697,450 — — 22,697,450 Capital increase 2021 PIPE 45,000,000 — — 45,000,000 Issued as of December 31, 2021 261,244,915 24,413,065 — 285,657,980 Treasury shares (375,000) — — (375,000) Treasury shares (due to consolidation) (879,691) — — (879,691) Outstanding as of December 31, 2021 259,990,224 24,413,065 — 284,403,289 Common shares Supervoting shares Ordinary shares (in units) (Class A) (Class B) (Class C) Total Issued at January 1, 2022 261,244,915 24,413,065 — 285,657,980 Issued shares for share-based payment awards exercised 10,857,264 — — 10,857,264 Exercise of Reorganization Warrants 10 — — 10 Issued shares – ELOC 5,618,697 — — 5,618,697 Capital increase RDO & 2022 PIPE 91,524,935 — — 91,524,935 Conversion of Class B Shares 525,000 (525,000) 525,000 525,000 Repurchase of Class B Shares 50,000 — — 50,000 Issued as of December 31, 2022 369,820,821 23,888,065 525,000 394,233,886 Treasury shares — (425,000) (525,000) (950,000) Outstanding as of December 31, 2022 369,820,821 23,463,065 — 393,283,886 Common shares Supervoting shares Ordinary shares (in units) (Class A) (Class B) (Class C) Total Issued at January 1, 2023 369,820,821 23,888,065 525,000 394,233,886 Issued shares for share-based payment awards 19,449,259 — — 19,449,259 Issued shares – CMPO & 2023 PIPE 89,838,455 — — 89,838,455 Exercise of May 2023 Warrants 24,007,607 — — 24,007,607 Conversion of Class B shares 350,000 (350,000) 350,000 350,000 Cancellation of issued shares — (425,000) (875,000) (1,300,000) Issued as of December 31, 2023 503,466,142 23,113,065 — 526,579,207 Treasury shares — — — - Outstanding as of December 31, 2023 503,466,142 23,113,065 — 526,579,207 As of December 31, 2023, there were 130,664,910 (2022: 196,385,439 ) shares with a par value each of €0.01 (2022: €0.12 ) authorized for issue by the management. Reduction in nominal value of Class A, B and C shares In May 2023, an extraordinary general meeting (“EGM”) of shareholders was held and the shareholders approved the proposed reduction of subscribed capital by reducing the nominal value of each Class A Share, Class B Share and Class C Share from €0.12, €0.36, and €0.24 per share respectively, to €0.01, €0.03, and €0.02 per share respectively. The reduction of subscribed capital was effective as of August 1, 2023. The difference between the prior nominal value per issued ordinary share and the reduced nominal value per issued ordinary share was added to reserves of the Company. The impact of the transaction resulted in a reduction from the subscribed capital and treasury shares by €60,152 thousand and €169 thousand respectively and increase to share premium by €59,983 thousand. 2021 convertible loans and Reorganization On March 26, 2021, the convertible loan of €85,900 thousand and the accrued interest were converted into shares. In order to facilitate the transaction, the Group issued 20,533,259 shares, subscribed capital increased by €2,464 thousand, share premium by €127,813 thousand and other capital reserves decreased by €34,084 thousand due to the conversion as described above. On March 30, 2021, Lilium entered into the Business Combination Agreement leading to the Reorganization, as described in note 1. Concurrently, Lilium entered into Subscription Agreements with certain investors for PIPE Financing (“2021 PIPE”). As a result of the Reorganization and the 2021 PIPE, the Group has increased shareholders’ equity by €164,868 thousand and €381,208 thousand, respectively. Subscribed capital increased by €2,724 thousand, share premium by €51,116 thousand (net of €2,227 thousand transaction costs) and other capital reserves by the IFRS 2 share listing expense of €111,109 thousand. The amounts related to the Reorganization also reflect the impact of (i) the conversion of the convertible loan into 274,272 Lilium N.V. shares, which increased subscribed capital by €33 thousand and share premium by €2,023 thousand, and (ii) the additional 293,230 Lilium N.V. shares related to the success fee, which increased subscribed capital by €35 thousand and share premium by €1 thousand. Additionally, the reserve for treasury shares decreased by €81 thousand. From the 2021 PIPE capital increase, subscribed capital increased by €5,400 thousand and share premium by €375,808 thousand. For the Reorganization, Lilium’s total transaction costs amounted to €29,029 thousand. Share Purchase Agreement (“ELOC”) On June 3, 2022, the Group had entered into a Share Purchase Agreement and a Registration Rights Agreement with Tumim Stone Capital LLC (“Tumim Stone”), pursuant to which (a) the Group agreed to issue 262,697 (the “Commitment Shares”) of the Group’s Class A shares to Tumim Stone and (b) Tumim Stone had committed to purchase, subject to certain limitations, up to US$75 million of Class A shares. While the Group had the right, but not the obligation, to sell the Class A shares to Tumim Stone, the latter was obligated to purchase the Class A shares up to the total committed amount as and when the Group required funding via a purchase notice to Tumin Stone. Under this Agreement, the Group issues Class A shares at a discount to the volume-weighted average price on the date of the purchase notice. The Group determined that the right to issue Class A shares represents a freestanding purchased put option, and the purchased put option was classified as a derivative asset with a fair value at the inception of €696 thousand equal to the market value of the Commitment Shares paid as consideration. The issuance of the Commitment Shares resulted in a €31 thousand increase in subscribed capital and a €665 thousand increase in share premium. As all shares were issued at a discount to the market value, the put option was immediately considered to have a fair value of nil and a €696 thousand fair value loss was recognized in financial expenses. Between July 5, 2022, and October 31, 2022, Lilium N.V. issued 5,356,000 Class A shares under this Share Purchase Agreement for cash proceeds of €12,498 thousand. Lilium N.V. recorded the issued Class A shares at fair value net of equity issuance cost (represented by the discount) by increasing subscribed capital by €643 thousand and share premium by €11,855 thousand. The agreement was terminated on November 17, 2022. Registered Direct Offering (“RDO”) In November 2022, the Group entered into securities purchase agreements (“RDO Securities Purchase Agreement”) with certain investors in a registered direct offering for the purchase and sale of 22,499,997 Class A shares and warrants to purchase up to 11,249,997 Class A shares at US$1.30 per share for aggregate gross cash proceeds of €28,217 thousand (the “Registered Direct Offering”). €8,541 thousand were recognized as a derivative liability for issued warrants. Details of the warrants (“RDO Warrants”) are disclosed in note 24. 2022 Private Placement (“2022 PIPE”) In November 2022, the Group entered into securities purchase agreements (“2022 PIPE Securities Purchase Agreement”) with certain investors for the purchase and sale of 69,024,938 Class A shares and warrants to purchase up to 34,512,464 Class A shares at US$1.30 per share for aggregate cash proceeds of €85,754 thousand and a non-cash contribution of €975 thousand. Each Class A Share sold in the 2022 PIPE will also be accompanied by a 2022 PIPE Warrant to purchase 0.5 Class A Share. Under the 2022 PIPE agreement, the 2022 PIPE transaction concluded concurrently with the RDO transaction and the purchase price of the 2022 PIPE transaction was determined in connection with the pricing of the RDO transaction. The terms and pricing of the 2022 PIPE transaction is similar with the RDO transaction. The contribution from two investors, who are also suppliers of the Group, was accounted for as an IFRS 2 share-based payment in exchange for non-recurring cost (“NRC”) supplies. The share-based payments resulted in €11,916 thousand recognized in other capital reserves. The closing of the 2022 PIPE occurred in November 2022. €26,009 thousand were recognized as a derivative liability for issued warrants. Details of the 2022 PIPE Warrants are disclosed in note 24. May 2023 Warrants During the year ended December 31, 2023, €82,829 thousand was recognized as an increase in other capital reserves in relation to the May 2023 Warrants derivative financial instrument, as described in note 24. The May 2023 Warrants were issued to Aceville as described in note 31. Management has concluded that the financial asset of €82,829 thousand recognized at inception of the contract represents an equity contribution from Tencent Holdings Limited. During the year a total of 24,007,607 Class A shares were issued upon exercise of some May 2023 Warrants. Proceeds of €1,091 thousand were received from the payment of the strike price of US$0.05 per share. The receipt of the strike price and the conversion of the remaining warrant liability (note 24) to equity resulted in an increase of €2,453 thousand in subscribed capital and €24,231 thousand in share premium. Confidentially marketed public offering (“CMPO”) In July 2023, the Company entered into an underwriting agreement with B. Riley Securities, Inc., which acted as the sole underwriter for the purchase and sale, in a confidentially marketed public offering (the “CMPO” or “2023 Public Offering”) of 57,692,308 Class A Shares at a price of US $1.30 per share. The transaction includes an over-allotment option to purchase additional 8,653,846 Class A shares of Lilium at a purchase price of US $1.30 per share exercisable within 30-days from the date of signing of underwriting agreement. The option expired without being exercised. The issue of CMPO shares were subject to a 6% underwriter’s fee. Gross proceeds of €66,785 thousand were received from the transaction, of which €63,473 thousand was recognized in equity and €3,312 thousand recognized as a derivative financial liability in relation to the over-allotment option (refer to note 29). Transaction costs of €5,561 thousand were incurred, including the 6% underwriter’s fee, and were allocated proportionally between the issue of Class A Shares and the over-allotment option. €5,287 thousand transaction costs were recognized as deduction from share premium in relation to the issue of Class A shares, and €274 thousand were recognized in general and administrative expenses in relation to the over-allotment option. The transaction resulted in an increase in subscribed capital of €6,923 thousand and a net increase in share premium of €51,263 thousand. 2023 Private Placement (“2023 PIPE”) Concurrent with the CMPO, the Group also entered into securities purchase agreements with certain investors for the purchase and sale of 32,146,147 Class A shares at a purchase price of US $1.30 per share, together with warrants to purchase up to 8,036,528 Class A shares at an exercise price of US $2.00 per share. The expiry term of the 2023 PIPE Warrants (“2023 PIPE Warrants”) is 18 months from the date of issuance. Gross proceeds of €37,624 thousand were received, of which €33,072 thousand were recognized in equity and €4,552 thousand recognized as a warrant liability (note 24). Transaction costs of €940 thousand were incurred and allocated proportionally between the issue of Class A shares and the issue of the 2023 PIPE Warrants. €825 thousand transaction costs were recognized as deduction from share premium in relation to the issue of Class A shares, and €115 thousand were recognized in general and administrative expenses in relation to the issue of 2023 PIPE Warrants. The transaction resulted in an increase in subscribed capital of €2,123 thousand and a net increase in share premium of €30,124 thousand. Share-based payments During the year ended December 31, 2023, a total of 19,449,259 (2022: 10,857,264) shares have been issued due to the distribution or exercise of vested share-based payment awards; €1,471 thousand (2022: €1,303 thousand) have been added to subscribed capital, thereof €1,179 thousand (2022: €1,227 thousand) is transferred from other capital reserves, and nil (2022: €207 thousand) to share premium. A further €331 thousand (2022: €845 thousand) is deducted from other capital reserves in relation to net settlement of employee income taxation obligations. During the year ended December 31, 2023, €22,805 thousand (2022: €27,380 thousand) was recognized in other capital reserves in relation to equity-settled share-based payment arrangements, as described in note 22. Treasury Shares The reserve for treasury shares represents the nominal amount of own shares held in treasury. Payments for treasury shares above or below nominal value are deducted from or added to share premium, respectively. The movement of treasury shares during years are as follows: Common shares Supervoting shares Ordinary shares (in units) (Class A) (Class B) (Class C) Total At January 1, 2022 1,254,691 — — 1,254,691 Repurchase of Class B shares for Class A shares held in treasury (375,000) 375,000 — — Repurchase of Class B shares for newly issued Class A shares — 50,000 — 50,000 Conversion of Class B shares — — 525,000 525,000 Treasury shares sold by Stichting JSOP (879,691) — — (879,691) At December 31, 2022 — 425,000 525,000 950,000 Conversion of Class B shares — — 350,000 350,000 Cancellation of issued shares — (425,000) (875,000) (1,300,000) At December 31, 2023 — — — — During 2022, the Group repurchased 375,000 class B shares for no consideration against the transfer of 375,000 class A shares held in treasury, increasing the treasury share reserve by €90 thousand due to the difference in nominal capital between class B and class A shares. Additionally, the Group repurchased 50,000 Class B shares for no consideration and issued and transferred 50,000 Class A shares, increasing treasury reserve by € 18 thousand. As there was no consideration paid by the Group the share premium increased by €108 thousand and the subscribed capital increased by €6 thousand. In December 2022, the Group sold 879,691 shares held in treasury resulting in total consideration of €983 thousand of which €877 thousand was recognized in share premium. The sale was triggered due to the settlement of JSOP with a related party. Further details are in note 30. During 2023, a shareholder converted 350,000 (2022: 525,000) Class B shares into 350,000 (2022: 525,000) Class A shares and 350,000 (2022: 525,000) Class C shares and transferred the Class C shares back to the Group for no consideration in line with the articles of association, increasing treasury share reserve by €84 thousand (2022: €126 thousand). As no consideration was paid for these Class C shares by the Group, the nominal amount of €84 thousand (2022: €126 thousand) has been recorded in share premium. During 2023 the Group cancelled 425,000 Class B shares and 875,000 Class C shares. All shares were held in treasury at the point of cancellation. The cancellation of the Class B and Class C shares resulted in a decrease of €194 thousand in subscribed capital and a reduction in treasury shares reserve by €194 thousand. |
Share-based Payments
Share-based Payments | 12 Months Ended |
Dec. 31, 2023 | |
Share-based Payments | |
Share-based Payments | 22. Share-based Payments Overview Lilium offers several share-based plans as summarized in the table below. All plans are equity-settled, except for success fees which are treated as cash-settled. The table below summarizes the expense / (income) recorded for share-based payments in the year ended 31 st In € thousand 2023 2022 2021 Equity-settled General population and executives – Employee Stock Option Program (ESOP) 1,298 7,942 29,286 General population – Restricted stock units (RSU) 5,156 4,977 77 General population and executives – Retention and Recognition (RNR) 925 — — Executives – Employee Stock Option Program (ESOP) special vesting 598 1,101 2,135 Executives – Restricted stock units (RSU) 4,273 3,259 1,178 Executives – Performance-based stock awards 2,368 (375) 2,296 Executives – Time-based stock options (TSO) 932 2,200 3,505 Share-based payment – Vendors 5,632 9,726 — Executives – Equity-based annual bonus 1,357 — — Cash-settled Executives - Success fees — (4,569) 9,872 Total expense 22,539 24,261 48,349 In August 2023, the nominal value of Lilium Class A shares was reduced from €0.12 to €0.01. Management chose to reduce the corresponding exercise price, where the exercise price equals the nominal value, accounted for as a modification of the affected awards. The modification resulted in additional expense of €495 thousand to the share-based payment reserve for the year. The modification to the agreements also details that where the exercise price is equal to the nominal amount, the exercise price will change in line with the change in the nominal amount. The exercise price for new grants generally equals the nominal value and is thus significantly lower than the share price at grant date. Accordingly for new grants, the intrinsic value of the new shares granted has generally been used, i.e. the share price at grant date less the exercise price. Where another valuation method is used, the methodology is detailed below. General population and Executives – standard Employee Stock Option Program (“ESOP”) The Group maintains an Employee Stock Option Program (“ESOP”), originally established in 2017, which allows for the issuance of options to purchase Lilium shares to its employees, executives and certain advisors. Share options typically follow a vesting schedule over a four-year period. 25% will vest after the one-year anniversary of the applicable vesting commencement date (the “Cliff Period”) and then monthly thereafter on a graded vesting basis through the end of the vesting period. Individuals must continue to provide services to a Group entity to vest. Upon termination, all unvested options are forfeited. The options will expire on the 10 th anniversary of the date on which vested options became exercisable. The Group has the right but no present obligation to settle the options in cash at its own discretion. The expense recognized for participant services received during the year is shown in the following table: In € thousand 2023 2022 2021 Expense arising from equity-settled share-based payment awards 1,298 7,942 29,286 This plan is now closed for new participants, therefore no options were granted during the year (2022: fair value of options granted of €17 thousand). Movements during the year The following table illustrates the number and weighted average exercise prices (“WAEP”) of, and movements in, Lilium N.V. share options during the years: Equity-settled options: 2023 2022 Number of 2023 Number of 2022 (in units) options WAEP options WAEP Outstanding at January 1 8,049,568 € 0.00 19,573,307 € 0.00 Granted during the year — — 5,714 € 0.00 Forfeited during the year (657,381) € 0.00 (1,188,512) € 0.00 Exercised during the year (2,577,144) € 0.00 (10,318,085) € 0.00 Transferred to cash-settled — — (22,856) € 0.00 Outstanding at December 31 4,815,043 € 0.00 8,049,568 € 0.00 Under the ESOP program, two external consultants were offered cash-settled options. These plans were due to be settled during 2023 provided the participants remained in continuous service until 31 July, 2023. Both participants have now forfeited their remaining shares due to no longer remaining in continuous service with Lilium. Cash-settled options: 2023 2022 Number of 2023 Number of 2022 (in units) options WAEP options WAEP Outstanding at January 1 5,714 € 0.00 — — Forfeited during the year (5,714) € 0.00 — — Exercised during the year — — (17,142) € 0.00 Transferred from equity-settled — — 22,856 € 0.00 Outstanding at December 31 — — 5,714 € 0.00 The exact WAEP for all options is €1 divided by 2,857, which is 0.00035 and rounded to nil . The Group waived the employee’s liability for the share capital. The weighted-average remaining contractual life is 9.6 years. Total options that vested during the year were 1,351,378 options (2022: 979,661 options). The weighted average share price for options exercised during 2023 was €0.99 (2022 As of December 31, 2023, 4,661,231 options (2022: 7,043,620) are vested and are exercisable at the request of the employee with a WAEP of General population – Restricted Stock Units (“RSU”) The Group started offering Restricted Stock Units to its employees in 2021 based on their grade. Upon vesting, the plan participants are eligible to acquire shares at a nominal value of €0.01 (until July 30, 2023: €0.12 ). There are several vesting schedules with differing installment periods. The RSU are settled in shares of Lilium N.V., and hence are accounted as equity-settled awards. The vesting periods are between 1 to 4 years depending on terms of the grant agreement, with a 12-month cliff period. Upon termination, the employee is entitled to the vested portion of the RSU. All unvested RSU are forfeited. The Group has the right but no present obligation to settle the options in cash at its own discretion. The expense recognized for participant services received during the years is shown in the following table: In € thousand 2023 2022 2021 Expense arising from equity-settled RSU 5,156 4,977 77 Movements during the year The following table illustrates the number and weighted average exercise prices (“WAEP”) of, and movements in, RSU during the years ended December 31, 2023 and 2022: 2023 2022 Number of 2023 Number of 2022 (in units) RSU WAEP RSU WAEP Outstanding at January 1 4,275,098 € 0.12 162,800 € 0.12 Assigned during the year 6,826,462 € 0.01 4,886,077 € 0.12 Exercised during the year (2,473,089) € 0.05 (638,470) € 0.12 Forfeited during the year (888,909) € 0.04 (135,309) € 0.12 Outstanding at December 31 7,739,562 € 0.01 4,275,098 € 0.12 6,826 thousand RSU (2022: 4,886 thousand) were granted during the year. As RSU are exercised on vesting, none of the RSU were exercisable as of December 31, 2023 (2022: None ). The weighted average remaining contractual life of RSU outstanding at the end of 2023 is 1.03 years (2022: 0.58 years). During the year the exercise price was reduced from € 0.12 to € 0.01 resulting in additional expense of € 368 thousand for the period. The weighted average fair value of RSU granted during the year is €1.12 (2022: €1.92 ). The weighted average share price for options exercised during 2023 was €0.82 (2022: €2.40 ). General population and Executives – Retention and Recognition (“RNR”) The Group offered RNR plans to certain members of staff in 2023, both in the executive and general population pools. The participants were eligible to RSU subject to the group achieving certain liquidity targets in 2023. The targets were assessed at monthly intervals during 2023, with the last measurement of the liquidity position taking place on 1 January 2024. As a result of the final measurement, 50% of the RSU were granted and the remaining 50% were forfeited. The granted RSU are subject to continuous service. The vesting is as follows; 33% as soon as practicable on the achievement of the targets, however, no sooner than October 2023, 33% on the first anniversary of the achievement of the targets, 34% at the earlier of the second anniversary of the achievement of the targets or the first manned flight of the Group’s type conforming aircraft. As for almost all grants under the executive incentive program, an alternative settlement in cash is at the discretion of the company. The expense recognized for participant services received during the years is shown in the following table: In € thousand 2023 2022 2021 Expense arising from equity-settled RNR 925 — — Movements during the year The following table illustrates the number and weighted average exercise prices (“WAEP”) of, and movements in, RNR during the year ended December 31, 2023: 2023 2022 Number of 2023 Number of 2022 (in units) RNR WAEP RNR WAEP Outstanding at January 1 — — — — Assigned during the year 2,432,424 € 0.01 — — Exercised during the year (405,401) € 0.01 — — Forfeited during the year (1,216,207) € 0.01 — — Outstanding at December 31 810,816 € 0.01 — — 2,432 thousand RNR (2022: n/a) were granted during the year. As of December 31, 2023 no RNR are exercisable (2022: n/a). The weighted average remaining contractual life of RNR outstanding at the end of 2023 is 1.2 years (2022: n/a). The weighted average fair value of RNR granted during the year is €1.49 (2022: n/a). The weighted average share price for options exercised during 2023 was €0.61 (2022: n/a). Executives – Employee Stock Option Program (“ESOP”) special vesting Some executives have received ESOP comparable with the general ESOP program, but with individual conditions in respect to the vesting scheme and with different exercise prices. The expense recognized for participant services received during the year is shown in the following table: In € thousand 2023 2022 2021 Expense arising from equity-settled share-based payment awards 598 1,101 2,135 The following table illustrates the number and weighted average exercise prices (“WAEP”) of, and movements in, Lilium N.V. share options during the years: 2023 2022 Number of 2023 Number of 2022 (in units) options WAEP options WAEP Outstanding at January 1 728,020 € 6.94 1,888,477 € 7.90 Granted during the year — — — — Forfeited during the year (302,327) € 8.50 (1,160,457) € 8.50 Outstanding at December 31 425,693 € 5.85 728,020 € 6.94 Total options in Lilium N.V. shares vested during the year were 93,718 options (2022: 430,431 options). As of December 31, 2023, 322,840 (2022: 531,449 ) of the options granted under the ESOP plan have vested and are available to be exercised, with a WAEP of €0.00. The weighted average remaining contractual life of the ESOP option outstanding at the end of 2023 is 11.6 years (2022: 11.4 years). The range of exercise prices for the outstanding ESOPs are between €0.00 - €8.47 in 2023 (2022: € 0.00 -€ 8.90 ). Executives – Restricted Stock Units (“RSU”) The Group offered RSU of Lilium N.V. to executives, they are accounted for as equity-settled awards. RSU are exercisable with a nominal amount of € 0.01 (July 30, 2022: €0.12 ) per share. All RSU are subject to participants’ continuous service, additionally upon termination of employment, all unvested RSU are forfeited. The range for vesting periods for executive RSU’s are between 1 - 4 years. The Group has the right but no present obligation to settle the options in cash at its own discretion. The expense recognized for participant services received during the year is shown in the following table: In € thousand 2023 2022 2021 Expense arising from equity-settled RSU 4,273 3,259 1,178 Movements during the year The following table illustrates the number and weighted average exercise prices (“WAEP”) of, and movements in, RSU during the years ended December 31, 2023 and 2022: 2023 2022 Number of 2023 Number of 2022 (in units) RSU WAEP RSU WAEP Outstanding at January 1 2,324,725 € 0.12 1,050,913 € 0.12 Granted during the year 4,931,937 € 0.01 1,699,411 € 0.12 Forfeited during the year (438,570) € 0.03 (134,400) € 0.12 Exercised during the year (1,178,419) € 0.03 (291,199) € 0.12 Outstanding at December 31 5,639,673 € 0.01 2,324,725 € 0.12 There were 4,932 thousand shares (2022: 1,699 thousand) granted under the executive RSU plan during 2023. The weighted average remaining contractual life of RSU outstanding at the end of 2023 is 1.2 years (2022: 1.5 years). During the year the exercise price was reduced from €0.12 to €0.01 resulting in additional expense of €127 thousand for the period. The weighted average fair value of options granted during the period was €1.37 (2022: €1.67). The weighted average share price for options exercised during 2023 was €1.30 (2022: €1.66). Executives – Performance-based stock awards The Group offers performance-based stock plans to executives. These options vest and are exercisable upon the satisfaction of both the service-based vesting condition and the performance-based vesting condition. The Group has the right but no present obligation to settle the options in cash at its own discretion. The service-based vesting conditions are between 4-5 years. The maximum term of options granted is 10 years from the date of grant for PSO, PSU are exercised immediately on vesting. For performance-based stock options (“PSO”), the performance-based vesting condition will be satisfied when the Group earns its first dollar or any equivalent currency of revenue recognized in the Group’s consolidated financial statements directly from providing service to a customer by the operation of its own developed and certified aircraft by either the European Union Aviation Safety Agency or the Federal Aviation Administration and the customer has also paid for such services. The fair value of PSO has been determined using the Black-Scholes option pricing model. For performance-based stock units (“PSU”), the performance-based vesting condition is based on peer related performance, tested 3 years after grant date. The PSU have a performance objective based on total shareholder returns (TSR) against 34 peer group companies. To obtain 100% Lilium would have to finish in the top 8 of the peer group for TSR. Based on current market conditions and expected performance, Lilium expects to fully meet this target. As a result, the PSU were treated as 100% of granted amount. The performance test is completed at the end of the third year. The fair value of PSU are calculated using the intrinsic value, which is share price at grant minus exercise price (€0.01) . The expense / (income) recognized for participant services received during the years is shown in the following table: In € thousand 2023 2022 2021 Expense / (income) arising from performance-based stock awards 2,368 (375) 2,296 Movements during the year The following table illustrates the number and weighted average exercise prices (“WAEP”) of, and movements in, share awards during the years ended December 31, 2023 and 2022: 2023 2022 Number of 2023 Number of 2022 (in units) options WAEP options WAEP Outstanding at January 1 3,596,721 € 7.94 7,036,501 € 8.15 Granted during the year 657,608 € 0.01 1,272,059 € 9.45 Forfeited during the year — — (4,711,839) € 8.66 Outstanding at December 31 4,254,329 € 6.71 3,596,721 € 7.94 There were 657,608 new awards granted on this plan in 2023 (2022: 1,272 thousand). The awards in 2023 have been solely PSU (2022: solely PSO). No awards (2022: no awards) are exercisable as of December 31, 2023. The weighted average remaining contractual life of the performance-based plans outstanding at the end of 2023 is 8.5 years (2022: 9.5 years). The weighted average fair value of awards granted during 2023 was €1.54 (2022: €1.14 ). The range of exercise prices for the outstanding PSO are between €7.11 - €9.71 in 2023 (2022: €7.11 - €9.71 ). The exercise prices for the outstanding PSU are €0.01 in 2023 (2022: n/a). Executives – Time-based stock options (“TSO”) In 2022, the group offered time-based stock options for three participants. Time-based stock options are settled in shares of Lilium N.V. and are treated as equity-settled. The options vest in equal quarterly installments commencing April 19, 2022 (with one year cliff) or October 31, 2022 and ending April 1, 2026 or July 31, 2026, subject to participants’ continuous service in the Group. These options can be exercised until expiration or until 90 days after the participant ceases to be an employee. The maximum term of options granted is 10 years from date of grant. As for almost all grants under the executive incentive program, an alternative settlement in cash is at the discretion of the company. Upon termination, the participants are entitled to the vested portion of the options. All unvested options are forfeited. In 2023, one participant left the Company, and 31% of this participant’s options had vested by December 31, 2022 with the remainder forfeited in 2022 as it was known the participant was due to leave. The expense recognized for participant services received during the years is shown in the following table: In € thousand 2023 2022 2021 Expense arising from time-based stock options 932 2,200 3,505 Movements during the year The following table illustrates the number and weighted average exercise prices (“WAEP”) of, and movements in, share options during the years ended December 31, 2023 and 2022: 2023 2022 Number of 2023 Number of 2022 (in units) options WAEP options WAEP Outstanding at January 1 3,107,488 € 4.07 2,951,000 € 7.25 Granted during the year — — 2,199,488 € 2.76 Forfeited during the year — — (2,043,000) € 7.25 Outstanding at December 31 3,107,488 € 4.07 3,107,488 € 4.07 There were no new options granted on this plan in 2023 (2022: 2,199 thousand). 1,643 thousand stock options (2022: 908 thousand options) are exercisable as of December 31, 2023. The weighted average remaining contractual life of time-based stock options outstanding at the end of 2023 is 8.5 years (2022: 9.5 years). The range of exercise prices for the outstanding TSO are between €2.30-€7.25 Executives – Success fees The Group had granted success fees to certain key management personnel for successful fundraising. The success fees had been treated as cash-settled. All success fee arrangements were terminated in the fourth quarter of 2022. The termination was a result of the participant’s completion of their service with the Group. No further share-based payment success fees were granted to executives in 2023. The (income) / expense recognized for participant services received during the years is shown in the following table: In € thousand 2023 2022 2021 (Income) / expense for success fees — (4,569) 9,872 Total (Income) / expense — (4,569) 9,872 The remaining liability of €1,003 thousand was paid in 2023. As of December 31, 2023, the liability is nil (2022: €1,003 thousand). Share-based payment – Executive bonuses During the year ended December 31, 2023, certain executives of the Group were issued Lilium N.V. Class A shares in lieu of cash bonuses pursuant to a resolution by the Compensation Committee approving such arrangement in March 2023. These bonuses amounting to €225 thousand were accrued in December 31, 2022, and in 2023 have been transferred to other capital reserves and subscribed capital. In 2023, the Group offered a new bonus plan for the executives. The new plan is designed with a combination of financial, operational, and strategic measures which support the delivery of Group’s long term strategic plan. The targets and metric are set on an annual basis by the Chief Executive Officer and agreed with the Compensation Committee. The remuneration will either be cash-settled or equity-settled, subject to the discretion of the Group’s Compensation Committee. The Group has the final choice of settlement and there is no present obligation to settle in cash, therefore the bonus is recorded as an equity-settled share-based payment. The Group considers the cash value of the bonus award to be the fair value of the award issued. Consequently, €1,357 thousand (2022: nil) was recorded in other capital reserves. Share-based payment – Vendors In November 2022, the Group entered into a Share Issuance Agreement with a third-party vendor, with the option at the Group’s discretion to pay for the IT services to be rendered by the vendor either via the issuance of 3,101,523 units of Class A shares of Lilium N.V. or cash of US$4,500 thousand. The Group has opted to settle the invoiced amount via issuance of shares and have recognized an expense in 2022 amounting to €4,558 thousand. The settlement by way of issuing 3,101,523 Class A shares occurred in 2023. During 2023, the Group amended its contract with the same vendor to settle the first part of the 2023 annual subscription in relation to cloud services provided by the vendor at the Group’s discretion either via the issuance of 4,672,897 Class A Shares or cash of US $5,000 thousand. The Group opted to settle the invoiced amount of €4,674 thousand (US$5,000 thousand) via issuance of shares pursuant to a share issuance agreement. Further, the Group had the option to settle the remaining part of the annual subscription of US$5,000 thousand in either cash or shares in second half of 2023. The Group issued 5,000 thousand Class A shares to settle the balance. The amounts are accounted for as equity-settled share-based payments and expenditure of €5,632 thousand (2022: €9,726 thousand) has been recognized in the consolidated statement of operations. In November 2022, the Group entered into share-based payment arrangements with two third-party vendors as part of the 2022 PIPE transaction in exchange for prepayment of the goods and services to the vendors amounting to €19,502 thousand. The prepayment value was deemed to be the fair value of the securities issued. There were no further share-based payment PIPE transactions during 2023. Advisors – Strategic Collaboration Agreement (Azul Warrants) In 2021 Lilium executed a term sheet in which Lilium agreed to enter into negotiations with Brazilian airline Azul S.A. and Azul Linhas Aereas Brasileiras S.A. (collectively, “Azul”) to establish a strategic collaboration whereby Azul and Lilium will negotiate contracts to buy a certain number of Lilium Jets. The term was extended in 2023. Except for the up-front warrants (“Azul Warrants”), the term sheet is legally non-binding. As of the date these consolidated financial statements were approved, no contracts with respect to the acquisition of Lilium Jets or any other collaboration have been executed. The Azul Warrants are within the scope of IFRS 2 Share-Based Payment as they were granted in contemplation of signing a service agreement to explore the feasibility of eVTOL in Brazil and are expected to be settled in our Class A shares. In consideration of the commercial collaboration, Lilium agreed to use all efforts to grant Azul the warrants to purchase up to 8,000,000 Class A shares at an exercise price of €0.12 per share, consisting of (i) Azul Warrants to purchase 1,800,000 Class A shares, which were issued on a fully vested basis on October 22, 2021, granted upon the signing of term sheet and (ii) subject to the execution of definitive agreements and legally non-binding, warrants to purchase additional 6,200,000 Class A shares (“Azul Additional Warrants”), which are expected to vest in three tranches. These warrants are subject to the execution of the above-mentioned definitive agreements and legally non-binding. As of December 31, 2023 they have not yet been granted. The Azul Warrants entitle Azul to purchase 1,800,000 Class A shares at an exercise price of €0.12 per share. The Azul Warrants will expire on October 22, 2026 (“Expiration Date”), five years after their issuance. The warrants and any Class A shares issuable upon exercise of the warrants may not be transferred until the twelve-month anniversary of issuance (the “Lockup”). Lilium has the option to settle the awards in shares or cash. The Azul Warrants are accounted for as equity-settled awards, as Lilium had no present obligation to settle the awards in cash. They are considered fully vested once both parties signed the term sheet, which occurred on July 31, 2021. After that date, no services were required to be provided by Azul for the warrants to vest thereafter. Due to the unique nature of the services provided by Azul, Lilium considered direct measurement of the services provided unreliable and referred to the fair value of the Azul Warrants to indirectly measure the compensation arrangement. The 1,800,000 warrants have been expensed as of July 31, 2021 based on a hybrid valuations model, using different scenarios and a deduction of 5% for the lack of marketability at this point of time. For the valuation of the share price, multiple connected Black-Scholes models have been used and for the IPO scenario a simplified valuation based on past financing rounds. The General & Administration expense (professional fees) amount of €13,030 thousand was posted directly into other capital reserves in 2021. The Azul Warrants have not been exercised by Azul as of December 31, 2023. |
Other Financial Liabilities
Other Financial Liabilities | 12 Months Ended |
Dec. 31, 2023 | |
Other Financial Liabilities | |
Other Financial Liabilities | 23. Other Financial Liabilities Other financial liabilities relate to amounts for which the Group has a contractual obligation to deliver cash. |
Warrants
Warrants | 12 Months Ended |
Dec. 31, 2023 | |
Warrants | |
Warrants | 24. Warrants Warrants are as follows: in € thousand 12/31/2023 12/31/2022 Reorganization Warrants 2,854 1,811 RDO & 2022 PIPE Warrants 29,590 24,456 May 2023 Warrants 170,505 — 2023 PIPE Warrants 2,064 — Warrants 205,013 26,267 The movements of the warrants were as follows: in € thousand 2023 2022 At January 1 26,267 21,405 Initial recognition of RDO & 2022 PIPE Warrants — 34,550 Initial recognition of 2023 PIPE Warrants 4,552 — Initial recognition of May 2023 Warrants (82,829) — Settlement of Initial Funding Amount on May 2023 Warrants 91,811 — Settlement of Additional Funding Amount on May 2023 Warrants 67,416 — Exercise of May 2023 Warrants (25,593) — Foreign currency translation (3,510) 508 Fair value changes to profit or loss 126,899 (30,196) At December 31 205,013 26,267 The settlement of any exercise of the Warrants will be via the issuance of Class A shares against the applicable exercise price as determined by the terms of the respective warrant agreements. Reorganization Warrants Upon the Reorganization, 12,649,946 Public Warrants and 7,060,000 Private Warrants (collectively the “Reorganization Warrants”) were assigned from Qell to Lilium. The terms of the Reorganization Warrants remain unchanged following the assignment. During the year no (2022: 10) Public Warrants and no (2022: nil) Private Warrants were exercised. As of December 31, 2023, 12,649,936 Public Warrants (2022: 12,649,936) and 7,060,000 Private Warrants (2022: 7,060,000) were outstanding. The Reorganization Warrants give the holder the right, but not the obligation, to subscribe to Lilium’s shares at a fixed or determinable price for a specified period of time subject to the provision of the warrant agreement. The Reorganization Warrants became exercisable 30 days after the consummation of the Reorganization. The Reorganization Warrants will expire five years after the completion of the Reorganization or earlier upon redemption, liquidation or expiration in accordance with their terms. Public Warrants are listed and publicly traded in USD on the Nasdaq stock exchange (ticker: LILMW). Private Warrants share the same characteristics as Public Warrants and the same price has been used to calculate the fair value as described in note 29. RDO & 2022 PIPE Warrants As part of the RDO & 2022 PIPE transaction as described in note 21, the Company also entered into a warrant agreement dated November 18, 2022, (the “RDO & 2022 PIPE Warrants”) with each of the RDO & 2022 PIPE investors. The RDO & 2022 PIPE Warrants entitle each warrant holder to purchase 0.5 Class A share of the Company for US $1.30 per share with a minimum of the USD equivalent of the nominal value of €0.01 (2022: €0.12 ) per share . The total units of RDO Warrants and 2022 PIPE Warrants issued was 11,249,997 and 34,512,464 respectively. The RDO Warrants are identical to the 2022 PIPE Warrants as these share the same terms except that the RDO Warrants and the underlying shares are registered securities and the 2022 PIPE Warrants and the underlying shares are unregistered and would need an effective registration statement for resale. Subsequent to the issuance of the 2022 PIPE Warrants, the Group registered the securities underlying the 2022 PIPE Warrants on December 13, 2022. The RDO & 2022 PIPE Warrants are unlisted warrants. The RDO & 2022 PIPE Warrants are exercisable for a four -year period at an exercise price of US$ 1.30 per share and contain customary anti-dilution adjustments, including adjustments in connection with the issuance of Class A shares at a price below US $1.30 , subject to exceptions. Beginning on November 22, 2024, the Group can redeem the warrants for US $0.01 per share if the market price of the Class A shares is equal or exceeds US $2.60 per share as reported by Nasdaq, for at least twenty (20) trading days (whether or not consecutive) during a thirty (30) consecutive trading day period by giving at least twenty ( 20 ) trading days’ prior written notice to the registered holders of the warrants. During the current period, the exercise price of the RDO & 2022 PIPE Warrants was reduced from US$1.30 per share to US$1.00 per share triggered by the issuance of the May 2023 Warrants and in line with the warrant agreement. As of December 31, 2023, 11,249,997 (2022: 11,249,997) RDO Warrants and 34,512,464 (2022: 34,512,464) 2022 PIPE Warrants were outstanding. May 2023 Warrants In May 2023, the Group executed a Securities Purchase Agreement (the “2023 SPA”) to issue to Aceville (an affiliate of Tencent Holdings Limited, a major shareholder of Lilium N.V.) 184,210,526 warrants (the “May 2023 Warrants”) in a private placement to purchase one Class A share for an initial exercise price of US$1.00 per warrant. The maturity of the May 2023 Warrants is ten years from the date of issuance with an automatic five-year extension that can be waived by the Group subject to the consent of Aceville. On the closing date, Aceville has partially prefunded the aggregate exercise price of the May 2023 Warrants in an amount of US$100,000 thousand (the “Initial Funding Amount”) and also committed to prefund to the Group an additional US$75,000 thousand (the “Additional Funding Amount”) of the aggregate exercise price, contingent upon the Group securing US$75,000 thousand in additional funding from third parties. In July 2023, the Group satisfied the aforementioned condition by concluding the CMPO and 2023 PIPE (refer to note 21) and received the Additional Funding Amount. Following the Group’s receipt of the Initial Funding Amount and the Additional Funding Amount, the May 2023 Warrants are exercisable at the remaining unpaid exercise price of US$0.05 per Class A share. Following the receipt of the Additional Funding Amount, Aceville has the right to cashless net settlement of remaining outstanding warrants. At initial recognition, the Group recorded a derivative financial asset of €82,829 thousand, recognized as a contribution from shareholder in other capital reserves, as described in note 21. At the initial recognition date, the Group used a probability of receiving the Additional Funding Amount of 85% in the initial valuation of the May 2023 Warrants. If for each of the annual conditional probabilities of the Additional Funding Amount an absolute shift of +/- 10% would have been assumed, the impact to the initial fair value would have been (€7,706 thousand)/ €5,847 thousand. During the year, 24,007,607 (2022: n/a) of the May 2023 Warrants were exercised. As of December 31, 2023, 160,202,919 (2022: n/a) May 2023 Warrants were outstanding. 2023 PIPE Warrants As part of the 2023 PIPE transaction as described in note 21, each warrant holder is entitled to purchase a Class A share of the Company for US$2.00 per share. The Group issued 8,036,528 warrants exercisable for an 18-month period from the date of issue. The 2023 PIPE Warrants contain customary anti-dilution adjustments, including adjustments in connection with the issuance of Class A shares at a price below US $1.00 , subject to exceptions. The table below shows the sensitivity analysis of the fair value for the 2023 PIPE Warrants at initial recognition: Absolute shift Fair value Effect on in € thousand in base volatility of warrants initial fair value Base — (4,552) — Up 10 % (5,089) (537) Down (10) % (3,998) 554 |
Provisions
Provisions | 12 Months Ended |
Dec. 31, 2023 | |
Provisions | |
Provisions | 25. Provisions The movement in provisions during the year is as follows: In € thousand 01/01/2023 Additions Reversals Utilization Discount Effects Foreign Exchange 12/31/2023 Asset retirement obligations 302 765 — — 58 — 1,125 Post-employment benefits (note 26) 75 — — — — 5 80 Record retention obligations 68 — — (9) — — 59 Total non-current provisions 445 765 — (9) 58 5 1,264 Legal Claims 420 384 — (662) — (54) 88 Severance payments 114 — (97) (17) — — — Other 196 107 (63) (18) — 1 223 Total current provisions 730 491 (160) (697) — (53) 311 In € thousand 01/01/2022 Additions Reversals Utilization Discount Effects Foreign Exchange 12/31/2022 Asset retirement obligations 233 66 — — 3 — 302 Post-employment benefits (note 26) 84 15 (24) — — — 75 Record retention obligations 56 22 — — (10) — 68 Total non-current provisions 373 103 (24) — (7) — 445 Year-end audit 1,067 — (1,067) — — — — Legal Claims — 426 — (6) — — 420 Severance payments 619 — (505) — — — 114 Other 736 1,384 (701) (1,223) — — 196 Total current provisions 2,422 1,810 (2,273) (1,229) — — 730 Asset retirement obligations originate from the Group’s lease rental contracts (removal of tenant fixtures – refer to note 16) and they are expected to be settled in May 2027 at the lease contract end. Accrued severance payments from prior year have been paid. Other provisions closing balance relates to social security provisions with reversals during the year primarily relating to board remuneration, payroll, social security, and HR provisions. In 2023 the accrual for the year end audit is presented in trade and other payables. Legal claims relate to the expected legal fees in relation to US litigation proceedings. On April 18, 2022, a putative class action was filed against Lilium N.V., Daniel Wiegand, Geoffrey Richardson and Barry Engle for purported violations of United States securities laws (the “Lawsuit”). The Lawsuit was filed in the U.S. District Court for the Central District of California, but was later transferred to the U.S. District Court for the Southern District of Florida. The Lawsuit is presently captioned as: Maniraj Ashirwad Gnanaraj v. Lilium N.V. et al., 23-CV-80232-Rosenberg/Reinhart. On March 10, 2023, the Lead Plaintiff filed an amended complaint, which Defendants moved to dismiss. On January 3, 2024, the court granted Defendants’ motion to dismiss but allowed the Lead Plaintiff to file a second amended complaint. On January 24, 2024, the Lead Plaintiff filed a second amended complaint, which Defendants have moved to dismiss. The Company’s management believes the claims are without merit and intend to vigorously defend this litigation. The Lawsuit is currently at a preliminary stage and Lilium cannot predict its outcome, so the Company therefore cannot determine the likelihood of loss or estimate a range of possible loss. |
Post-Employment Benefits
Post-Employment Benefits | 12 Months Ended |
Dec. 31, 2023 | |
Post-Employment Benefits | |
Post-Employment Benefits | 26. Post-Employment Benefits Defined contribution plans The Group participates in defined contribution plans in the UK and Germany that are funded through payments by employees and by the Group to funds administered by third parties. The Group’s expenses for these plans were €569 thousand (2022: €635 thousand, 2021: €465 thousand). There are no liabilities (2022: nil) that are recognized in the Group’s balance sheet in respect of such plans along with regular prepayments and accruals of the contributions withheld from employees’ wages and salaries and of the Group’s contributions. Contributions totaling nil (2022: €1 thousand) were payable to the fund at the reporting date and are included in creditors. Defined benefit plans Corporate post-retirement benefits are provided by the Group to employees in Switzerland in accordance with local law through defined benefit plans, these employees make up a very small portion of the Groups total employees. Current pension arrangements for employees in Switzerland are made through plans governed by the Swiss Federal Occupational Old Age, Survivors and Disability Pension Act (‘BVG’). The Group’s pension plans are administered by separate legal foundations, which are funded by regular employee and company contributions. The final benefit is contribution based with certain guarantees regarding the benefits provided. Due to these guarantees, such Swiss pension plans are treated as defined benefit plans. In case the pension foundation becomes underfunded, the employer together with the employees can be obliged to refinance a plan until the funding level has reached 100% again. Such measures might include increasing employee and company contributions, lowering the interest rate on retirement account balances, reducing prospective benefits and a suspension of the early withdrawal facility. The Group in Switzerland is currently affiliated to a fully reinsured collective pension foundation which cannot become underfunded as all risks are reinsured with a life insurance company. However, the Group is exposed to certain refinancing risk in the future as the current affiliation contract can be cancelled or amended by both contractual parties. The defined benefit obligation is €80 thousand (2022: €76 thousand) with €105 thousand (2022: €101 thousand, 2021: €117 thousand) recognized as an expense and €22 thousand (2022: €28 thousand, 2021: €162 thousand) as other comprehensive income during the year. Due to the size of the pension plan, the Swiss defined benefit plans will not have a material impact on the amount, timing or uncertainty of the Group’s future cash flows. |
Trade and other Payables
Trade and other Payables | 12 Months Ended |
Dec. 31, 2023 | |
Trade and other Payables | |
Trade and other Payables | 27. Trade and other Payables Trade and other payables are as follows: In € thousand 12/31/2023 12/31/2022 Long-term accruals 3,362 3,483 Non-current trade and other payables 3,362 3,483 Trade payables 22,540 19,195 Accruals for outstanding invoices 22,061 14,463 Current trade and other payables 44,601 33,658 Total trade and other payables 47,963 37,141 Long-term accruals consist of non-recurring cost (NRC’s) arrangements with suppliers. These costs relate to |
Other Non-Financial Liabilities
Other Non-Financial Liabilities | 12 Months Ended |
Dec. 31, 2023 | |
Other Non-Financial Liabilities | |
Other Non-Financial Liabilities | 28. Other Non-Financial Liabilities Other non-financial liabilities are as follows: In € thousand 12/31/2023 12/31/2022 Non-current other non-financial liabilities Non-current contract liabilities 2,000 — Total non-current other non-financial liabilities 2,000 — Current other non-financial liabilities Vacation accruals 2,010 2,474 Value added tax payables — — Payroll tax and social security 2,816 3,497 Miscellaneous other current non-financial liabilities 1,883 2,596 Total current other non-financial liabilities 6,709 8,567 Total other non-financial liabilities 8,709 8,567 Payroll tax and social security mainly comprise of personnel-related taxes. Miscellaneous other non-financial liabilities mainly result from personnel-related liabilities. |
Financial Instruments
Financial Instruments | 12 Months Ended |
Dec. 31, 2023 | |
Financial Instruments | |
Financial Instruments | 29. Financial Instruments 29.1 Carrying Amounts and Fair Values The following tables disclose the carrying amounts of each class of financial instruments together with its corresponding fair value and the aggregated carrying amount per category: Financial instruments, analyzed by classes and categories 12/31/2023 In € thousand Category Carrying amount Fair value Financial assets, by class Cash and cash equivalents AC 83,508 n/a Fixed-term deposits AC 111,498 n/a Non-current security deposits AC 3,350 3,276 Security deposits AC 118 n/a Investment in equity instrument FVTPL 4,641 4,641 Total financial assets 203,115 Financial liabilities, by class Non-current trade and other payables AC 3,362 3,679 Current trade and other payables AC 44,601 n/a Non-current other financial liabilities AC 17 17 Current other financial liabilities AC 4 n/a Warrants: Level 1 FVTPL 1,832 1,832 Level 2 FVTPL 1,022 1,022 Level 3 FVTPL 202,159 202,159 Total financial liabilities 252,997 Carrying Thereof aggregated to categories according to IFRS 9 amount Financial assets measured at AC 198,474 Financial assets measured at FVTPL 4,641 Financial liabilities measured at FVTPL 205,013 Financial liabilities measured at AC 47,984 Financial instruments, analyzed by classes and categories 12/31/2022 In € thousand Category Carrying amount Fair value Financial assets, by class Cash and cash equivalents AC 179,581 n/a Fixed-term deposits AC 19,987 n/a Non-current security deposits AC 3,386 3,265 Security deposits AC 2,594 n/a Investment in equity instrument FVTPL — — Total financial assets 205,548 Financial liabilities, by class Non-current trade and other payables AC 3,483 3,239 Current trade and other payables AC 33,658 n/a Non-current other liabilities AC 21 21 Current other financial liabilities AC 4 n/a Warrants: Level 1 FVTPL 1,162 1,162 Level 2 FVTPL 649 649 Level 3 FVTPL 24,456 24,456 Total financial liabilities 63,433 Carrying Thereof aggregated to categories according to IFRS 9 amount Financial assets measured at AC 205,548 Financial assets measured at FVTPL — Financial liabilities measured at FVTPL 26,267 Financial liabilities measured at AC 37,166 Financial assets and liabilities measured at AC The fair value of current financial assets and liabilities are assumed to be equal to their carrying value. Non-current financial assets measured at AC The fair values of the non-current security deposits measured at AC are determined as the principal balance discounted using market-based credit risk adjusted interest rate curves that are applicable for the counterparties. The presented fair value is classified as level 2 on the fair value hierarchy. Non-current financial liabilities measured at AC The fair values of the non-current financial liabilities measured at AC are determined as expected cash flows discounted using market-based credit risk adjusted interest rate curves that are applicable for the Group and specific for the residual term of each financial instrument. The presented fair value is classified as level 3 on the fair value hierarchy due to the Group’s credit risk profile. This has no impact on the valuation as non-current financial liabilities were measured at AC. Financial assets and liabilities measured at FVTPL During the year there have been no transfers between different levels of the fair value hierarchy. Investment in equity instrument measured at FVTPL The fair value of the investment in equity instrument has been determined by considering the price of a recent market transaction close to the end of the financial year. Management considers this the best indicator of the fair value of the investment in equity instrument. Due to the instrument not being publicly traded, the investment in equity instrument has been classified as level 3 on the fair value hierarchy. The effect of a 10% increase / (decrease) of the price of the recent market transaction on the financial result would be €464 thousand / (€464 thousand). Reorganization Warrants measured at FVTPL The Public Warrants are traded in an active market and are therefore classified as level 1 of the fair value hierarchy. The Private Warrants have been classified as level 2 of the fair value hierarchy as they are not traded on an open market, however as the Private Warrants have the same characteristics as the Public Warrants, the quoted price of the Public Warrants has been used to calculate their fair value (see note 4 on Warrants). RDO & 2022 PIPE Warrants measured at FVTPL The RDO & 2022 PIPE Warrants were classified as level 3 of the fair value hierarchy, due to the inputs used to determine the fair value of these warrants. The fair value has been determined using a Monte Carlo simulation in a risk neutral framework. The primary inputs into the simulation included the following: closing price of a Class A share as of December 31, 2023, expected stock price volatility for the expected term, term, risk-free rate, and dividend yield. The expected stock price volatility was based on Lilium N.V. implied volatilities of 97% (December 31, 2022: 70%) which was derived from the price of LILMW. The term input used is equal to the initial 4 years from date of issuance of the RDO & 2022 PIPE Warrants, less the time since issuance. The risk-free interest rate is based on USD SOFR swap rates for a maturity equal to the remaining life of the warrants. The dividend rate is based on the historical rate, which the Company anticipates remaining at zero. The RDO & 2022 PIPE Warrants contain a strike price reduction clause that has not been explicitly modelled, since the indication of the triggering event was deemed remote at issuance and at the end of FY2022. As a result of the issuance of the May 2023 Warrants in May 2023, the anti-dilution clause of the RDO & 2022 PIPE Warrants was triggered and resulted in a reduction of the strike price of the RDO & 2022 PIPE Warrants from US$1.30 to US$1.00. Since the likelihood of future issuances of new warrants with a lower strike price is deemed to be very low, the clause was not explicitly modelled within the valuation model at the reporting date. May 2023 Warrants measured at FVTPL The May 2023 Warrants were classified as level 3 of the fair value hierarchy, due to the inputs used to determine the fair value of these warrants. The May 2023 Warrants included an additional funding clause, which has been triggered as of July 2023, this allows for a net settlement option to be exercised. From a valuation perspective, the Warrants can be split into a forward component and an option component. The fair value of the forward component can be derived from the price of Lilium N.V. shares. The fair value of the option component has been determined using a Monte Carlo simulation in a risk neutral framework. The primary inputs into the simulation included the following: closing price of a Class A share as of December 31, 2023, expected stock price volatility for the expected term, term, risk-free rate, and dividend yield. The May 2023 Warrants’ volatility was based on Lilium N.V. implied volatilities which was derived from the price of LILMW and was adjusted to 87% to reflect a more established status of the Company and Class A shares at the long-term expiry. The term input used is equal to the initial 15 years, it has been assumed for the fair value calculation that the option to waive the automatic extension has not been taken by the Group, from date of issuance of the May 2023 Warrants, less the time since issuance. The risk-free interest rate is based on USD SOFR swap rates for a maturity equal to the remaining life of the warrants. The dividend rate is based on the historical rate, which the Company anticipates remaining at zero. 2023 PIPE Warrants measured at FVTPL The 2023 PIPE Warrants were classified as level 3 of the fair value hierarchy, due to the inputs used to determine the fair value of these warrants. The fair value has been determined using a Monte Carlo simulation in a risk neutral framework. The primary inputs into the simulation included the following: closing price of a Class A share as of December 31, 2023, expected stock price volatility for the expected term, term, risk-free rate, and dividend yield. The expected stock price volatility was based on Lilium N.V. implied volatilities of 97% (December 31, 2022: 70%) which was derived from the price of LILMW. The term input used is equal to the initial 1.5 years from date of issuance of the 2023 PIPE Warrants, less the time since issuance. The risk-free interest rate is based on USD SOFR swap rates for a maturity equal to the remaining life of the warrants. The dividend rate is based on the historical rate, which the Company anticipates remaining at zero. The Group engages external, independent, valuation specialists to determine the fair value of the Group’s RDO & 2022 PIPE Warrants, May 2023 Warrants and 2023 PIPE Warrants. The Group has internal processes in place to review the qualifications of the valuation specialists and the results from the valuation. The tables below show the sensitivity analysis for the RDO & 2022 PIPE Warrants, the May 2023 Warrants, and the 2023 PIPE Warrants (“Level 3 Warrants”): December 31, 2023 Absolute shift Fair Value Effect on financial in € thousand in base volatility of warrants result Base — (202,159) — Up 10 % (204,254) (2,095) Down (10) % (199,866) 2,293 December 31, 2022 Absolute shift Fair Value Effect on financial in € thousand in base volatility of warrants result Base — (24,455) — Up 10 % (27,029) (2,574) Down (10) % (21,881) 2,575 The movements in level 3 fair values are as follows: Equity Over-allotment In € thousand instruments Warrants option January 1, 2022 — — — Initial recognition of RDO & 2022 PIPE Warrants — (34,550) — Unrealized gains/losses: — — — Change in fair value - Finance income — 8,979 — Changes in fair value - Finance expense — — — Foreign exchange effects - Finance income — 1,116 — Foreign exchange effects - Finance expense — — — December 31, 2022 — (24,455) — Purchase of equity instrument 5,159 — — Initial recognition of May 2023 Warrants — 82,829 — Initial recognition of 2023 PIPE Warrants — (4,552) — Initial recognition of over-allotment option — — (3,312) Settlement of Initial Funding Amount on May 2023 Warrants — (91,811) — Settlement of Additional Funding Amount on May 2023 Warrants — (67,416) — Exercise of May 2023 Warrants — 25,593 — Realized gains/losses: — — — Changes in fair value - Finance income — — 3,346 Changes in fair value - Finance expense — (15,765) — Foreign exchange effects - Finance income — 128 — Foreign exchange effects - Finance expense — — (34) Unrealized gains/losses: — — — Changes in fair value - Finance income — 2,599 — Changes in fair value - Finance expense (518) (112,603) — Foreign exchange effects - Finance income — 3,405 — Foreign exchange effects - Finance expense — (111) — December 31, 2023 4,641 (202,159) — Net gains and losses of financial instruments The net gains or losses for each of the financial instrument measurement categories were as follows: 2023 Subsequent measurement Foreign Impairment exchange losses net of Total per In € thousand Interest conversion Fair value reversal category Financial assets measured at AC 5,713 82 — 57 5,852 Financial liabilities measured at AC (296) (887) — — (1,183) Financial assets and liabilities measured at FVTPL — 3,476 (124,070) — (120,594) Total 5,417 2,671 (124,070) 57 (115,925) 2022 Subsequent measurement Foreign Impairment exchange losses net of Total per In € thousand Interest conversion Fair value reversal category Financial assets measured at AC (412) 1,147 — 125 860 Financial liabilities measured at AC (236) (560) — — (796) Financial assets and liabilities measured at FVTPL — (508) 29,667 — 29,159 Total (648) 79 29,667 125 29,223 2021 Subsequent measurement Foreign Impairment exchange losses net of Total per In € thousand Interest conversion Fair value reversal category Financial assets measured at AC (364) 1,061 — (260) 437 Financial liabilities measured at AC (3,483) (446) — — (3,929) Financial assets and liabilities measured at FVTPL — (1,018) (3,327) — (4,345) Total (3,847) (403) (3,327) (260) (7,837) The total interest income for financial assets that are not measured at FVTPL is €5,713 thousand (2022: €145 thousand; 2021: €5 thousand), while the total interest expense for these financial assets is nil (2022: €557 thousand; 2021: €369 thousand). The total interest expense for financial liabilities that are not measured at FVTPL is €296 thousand (2022: €236 thousand; 2021: €3,483 thousand). 29.2 Financial Instrument Risk Management Objectives and Policies The Group is exposed to market risks (especially foreign exchange risk), liquidity risk and credit risk. The Group’s senior management oversees the management of these risks. The CFO in combination with Treasury ensure on behalf of the Group’s senior management that the Group’s financial risk activities are governed by appropriate procedures and that financial risks are identified, measured and managed in accordance with the Group’s risk objectives. The Board of Directors reviews and agrees on procedures for managing each of these risks, which are summarized below. Credit Risk The following tables provide information about the maximum exposure to credit risk for all financial assets that are not measured at FVTPL and therefore are generally subject to the impairment regulations of IFRS 9. The tables present the 12/31/2023 Equivalent to external Gross Impairment credit rating carrying loss Credit- in € thousand [S&P] amount allowance impaired Grades 1–6: Low risk BBB- to AAA 198,552 (78) No Of which: Cash and cash equivalents 83,512 (4) No Fixed-term deposits 111,559 (61) No Security deposits 3,481 (13) No 12/31/2022 Equivalent to external Gross Impairment credit rating carrying loss Credit- in € thousand [S&P] amount allowance impaired Grades 1–6: Low risk BBB- to AAA 205,683 (135) No Of which: Cash and cash equivalents 179,640 (59) No Fixed-term deposits 20,017 (30) No Security deposits 6,026 (46) No The tables below show the movement in the impairment loss allowance for the financial assets exposed to credit risks that are not measured at FVPTL: 12/31/2022 12/31/2023 Impairment loss Reversals of Additions to Impairment loss allowance expected expected credit allowance in € thousand brought forward credit losses losses carried forward Cash and Cash equivalents (59) 56 (1) (4) Fixed-term deposits (30) 30 (61) (61) Security deposits (46) 33 — (13) Total (135) 119 (62) (78) 12/31/2021 12/31/2022 Impairment loss Reversals of Additions to Impairment loss allowance expected credit expected credit allowance carried in € thousand brought forward losses losses forward Cash and Cash equivalents (3) — (56) (59) Fixed-term deposits (256) 256 (30) (30) Security deposits (1) — (45) (46) Total (260) 256 (131) (135) The above financial assets are primarily held with reputable financial institutions with high credit ratings. As of December 31, 2023, 64% (2022: 52%) of the Group’s cash and cash equivalents and fixed - term deposits are held with a single financial institution. The Group regularly monitors its cash and cash equivalents and fixed-term deposits and takes corrective actions should it identify any possible changes in creditworthiness of these financial institutions. Foreign Currency Risk The Group operates globally and is exposed to foreign currency risk arising from exposure to various currencies in the ordinary course of business. The Group’s foreign currency exposures primarily consist of the British pound (“GBP”), Japanese Yen (“JPY”) and US Dollar (“USD”). Foreign currency exchange risk mainly arises from commercial and financing transactions that resulted in recognized financial assets and liabilities denominated in a currency other than the local functional currency. The following tables demonstrate the Group’s exposure to rate changes in foreign currency. USD JPY GBP Total exposure At December 31, 2023 (in € thousand) (in € thousand) (in € thousand) (in € thousand) Cash and cash equivalents 10,827 16 52 10,895 Non-current receivables from affiliated companies 119 — 715 834 Current receivables from affiliated companies 7,388 — 1,946 9,334 Non-current trade and other payables — — — — Current trade and other payables (13,345) (5,842) (121) (19,308) Non-current payables to affiliated companies — — (757) (757) Current payables to affiliated companies (2,863) — — (2,863) Warrants (205,013) — — (205,013) (202,887) (5,826) 1,835 (206,878) USD JPY GBP Total exposure At December 31, 2022 (in € thousand) (in € thousand) (in € thousand) (in € thousand) Cash and cash equivalents 17,927 — — 17,927 Non-current receivables from affiliated companies 5,424 — 6,369 11,793 Current receivables from affiliated companies 2,158 — 3,793 5,951 Non-current trade and other payables (2,885) (901) — (3,786) Current trade and other payables (7,097) — (138) (7,235) Current payables to affiliated companies (8,358) — (10,107) (18,465) Warrants (26,267) — — (26,267) (19,098) (901) (83) (20,082) The Group manages foreign currency risk on future cash flows by closely monitoring the forecast exposure and ensuring sufficient foreign currency is held to meet foreign currency obligations as they fall due. The following tables demonstrate the sensitivity of the Group to a reasonably possible appreciation and depreciation of the foreign exchange rates consisting of USD, GBP, and JPY towards the EUR by 10%, with all other variables held constant. The impact on the Group’s profit or loss before tax is due to changes in the carrying amount of monetary assets and liabilities as of year-end: As of December 31, 2023 Effect of EUR appreciation on Effect of EUR depreciation on profit before tax profit before tax Currency (in € thousand) (in € thousand) USD 19,331 (23,523) GBP 208 (210) JPY 530 (647) As of December 31, 2022 Effect of EUR appreciation on Effect of EUR depreciation on profit profit before tax before tax Currency (in € thousand) (in € thousand) USD 1,736 (2,122) GBP 8 (9) JPY 82 (100) Interest Rate Risk Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. Interest rate risks from financial instruments can in general arise in connection with financial liabilities. Our cash equivalents and investment portfolio can also be subject to market risk due to changes in interest rates. Banks are adjusting the interest rate depending on changes of the respective reference rates set by central banks. The carrying value of variable interest-bearing cash at banks is €45,793 thousand (2022: €82,128 thousand). A hypothetical reasonable increase / decrease of 50 basis points (2022: 50 basis points) in interest rates would have an effect on the Group’s consolidated financial statements of € 229 thousand / (€ 229 thousand) (2022: € 411 thousand / (€ 411 thousand)) arising from cash at banks. A change in interest rates would further affect the fair value of fixed-term deposits held. As the fixed-term deposits are measured at AC, this does not lead to an impact on the consolidated financial statements. Other Price Risk The Group holds financial assets and liabilities that are exposed to changes in value derived from changes in various share prices. The Group recognizes liabilities of €205,013 thousand (2022: €26,267 thousand) to settle 233,711 thousand warrants as at December 31, 2023 (2022: 65,472 thousand) (Please refer to note 24). The value of the Reorganization Warrants is based on the publicly traded price of the Public Warrants (ticker: LILMW). A reasonably possible increase or decrease in the warrant price by 10%, with all other variables held constant, would have led to a (decrease) / increase in financial result of (€285 thousand) / €285 thousand (2022: (€181 thousand) / €181 thousand). The value of the RDO & 2022 PIPE Warrants, May 2023 Warrants and 2023 PIPE Warrants are estimated from a Monte-Carlo simulation in a risk-neutral framework with its key parameters include the risk-free rate, volatility, and the closing stock price of Lilium N.V.’s publicly traded Class A share. An increase or decrease in the stock price of Lilium N.V.’s Class A shares by 10% would have led to a (decrease) / increase of financial result of (€21,507 thousand) / €21,324 thousand (2022: (€3,861 thousand) / €3,432 thousand). The Group recognizes an investment in an equity instrument. The value of the instrument has been determined to be €4,641 thousand (2022: n/a) by considering the price of a recent market transaction close to the end of the financial year. The sensitivity of the value to changes in the market price is disclosed in note 29.1. The Group monitors other price risks and takes corrective action when negative impacts on business objectives are identified. Liquidity Risk Liquidity risk is the risk that the Group will encounter difficulty in meeting its obligations associated with its financial liabilities as they fall due. The Group is expanding very rapidly which results in increasingly stringent requirements regarding the corporate planning for budgeting and procuring of financial resources in such a way that the development program of the Lilium Jet is not delayed. Consequently, the continuation of development is based on the Group’s ability to raise financing from investors in the form of financing rounds, and ability to raise funds from other sources, such as grants and pre-delivery payments. The Group aims for sufficient supply of liquidity to settle financial liabilities that are due for payment through regular cash flow forecasting. Liquidity is evaluated and maintained using forecasts based on fixed planning horizons covering several months and through the cash and cash equivalent balances that are available. The following table provides details of the (undiscounted) cash outflows of financial liabilities (including interest payments). Note that the Group expects to settle the Warrants in own equity instruments. 12/31/2023 2029 and in € thousand 2024 2025 2026 to 2028 thereafter Lease liabilities 3,460 3,394 5,433 — Trade and other payables 44,601 1,301 3,617 — 12/31/2022 2028 and in € thousand 2023 2024 2025 to 2027 thereafter Lease liabilities 2,970 2,457 6,463 — Trade and other payables 33,658 1,974 2,770 — Capital Management For the purpose of the Group’s capital management, capital includes all share capital and other equity reserves attributable to the equity holders. The primary objectives of capital management are to support operating activities and maximize the shareholder value through investment in the development activities of the Group. Based on the ongoing development of the Lilium Jet, the Group continue to rely substantially on equity funding by its shareholders, debt financing, PDPs, and grants. The Group’s finance department reviews the total amount of cash of the Group on a monthly basis. As part of this review, management considers the total cash and cash equivalents, the cash outflow, currency translation differences and funding activities. The Group monitors cash using a burn rate. The cash burn rate is defined as the average monthly operational net cash flow. The Group is not subject to externally imposed capital requirements. The objectives of the Group’s capital management were achieved in the reporting year. No changes were made in the objectives, policies or processes for managing cash during the years ended December 31, 2023 and 2022. 29.3 Reconciliation of Changes in Liabilities arising from Financing Activities Over-allotment In € thousand Lease liabilities Warrants option Total Statement of Financial Position as of December 31, 2022 10,969 26,267 — 37,236 Principal elements of lease payments (3,425) — — (3,425) Interest paid (604) — — (604) Settlement of Initial Funding Amount on May 2023 Warrants — 91,811 — 91,811 Settlement of Additional Funding Amount on May 2023 Warrants — 67,416 — 67,416 Proceeds from issue of 2023 PIPE Warrants — 4,552 — 4,552 Proceeds from issue of over-allotment option — — 3,312 3,312 Change in the cash flow from financing activities 2023 (4,029) 163,779 3,312 163,062 Additions to lease liabilities due to new lease contracts 3,625 — — 3,625 Initial recognition of May 2023 Warrants — (82,829) — (78,277) Fair value changes — 126,899 (3,346) 123,553 Effects of foreign exchange conversion — (3,510) 34 (3,476) Exercised May 2023 Warrants — (25,593) — (25,293) Interest expenses 602 — — 602 Statement of Financial Position as of December 31, 2023 11,167 205,013 — 216,180 Lease Over-allotment In € thousand liabilities Warrants option Total Statement of Financial Position as of December 31, 2021 11,823 21,405 — 33,228 Principal elements of lease payments (2,720) — — (2,720) Interest paid (443) — — (443) Change in the cash flow from financing activities 2022 (3,163) — — (3,163) Additions to lease liabilities due to new lease contracts 1,873 — — 1,873 Additions to warrants — 34,550 — 34,550 Fair value changes — (30,196) — (30,196) Effects of foreign exchange conversion — 508 — 508 Interest expenses 436 — — 436 Statement of Financial Position as of December 31, 2022 10,969 26,267 — 37,236 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2023 | |
Commitments and Contingencies. | |
Commitments and Contingencies | 30. Commitments and Contingencies The Group has no lease contracts that have not yet commenced as at December 31, 2023. The Group had various lease contracts not yet commenced as of December 31, 2022. The future lease payments for these lease contracts as of December 31, 2022 were €400 thousand within one year, €1,601 thousand between one and five years and nil thereafter. The Group has commitments under operating contracts. The future payments for the operating contracts are €82,690 thousand (2022: €73,779 thousand) within one year, €100,805 thousand (2022: €100,177 thousand) between one and five years and €194 thousand (2022: €18,558 thousand) thereafter. Further, the Group has commitments of €5,376 thousand (2022: €5,016 thousand) to acquire items of property, plant & equipment and commitments of €3 thousand (2022: €4,344 thousand) to acquire items of intangible assets. The Group is required to issue, subject to the execution of definitive agreements, Azul Additional Warrants, which are expected to vest in three tranches upon achieving certain performance and market conditions. Please refer to the Strategic Collaboration Agreement with Azul in note 22. On April 18, 2022, a putative class action was filed against Lilium N.V., Daniel Wiegand, Geoffrey Richardson and Barry Engle for purported violations of United States securities laws (the “Lawsuit”). The Lawsuit was filed in the U.S. District Court for the Central District of California, but was later transferred to the U.S. District Court for the Southern District of Florida. The Lawsuit is presently captioned as: Maniraj Ashirwad Gnanaraj v. Lilium N.V. et al., 23-CV-80232- In November 2022, the Group entered into a success fee arrangement with an entity controlled by a former member of key management personnel shortly after cessation of employment, in which the Company will pay a percentage of future fundraising up to a cap of US $9,900 thousand. During the year, €906 thousand (2022: nil ) was paid out in relation to successful fundraising, and the contract expired with no further payments due. In 2023, the Group entered into a success fee arrangement with a third-party entity (the “Provider”) with a contractual term of 12 months until December 2024. In the event of any fundraising transaction during the contractual term with a party defined in the success fee arrangement, Lilium must pay the Provider a percentage of the gross proceeds as a success fee. The arrangement also includes a retainer payment, of which €181 thousand remains committed as of December 31, 2023. |
Related Party Disclosures
Related Party Disclosures | 12 Months Ended |
Dec. 31, 2023 | |
Related Party Disclosures | |
Related Party Disclosures | 31. Related Party Disclosures The Group has no parent and no ultimate controlling party. Furthermore, the management holds shares. Shares (in thousand units) Ownership Interest (%) Function 12/31/2023 12/31/2022 12/31/2023 12/31/2022 Key management 32,703 28,302 6.2 % 7.2 % Other related parties 152,686 128,679 29.0 % 32.7 % Total 185,389 156,981 35.2 % 39.9 % 2022 PIPE participation Members of key management personnel and other related parties participated in the 2022 PIPE transaction described in note 21. The related parties contributed €15,461 thousand in exchange for 12,192,306 shares and 6,096,151 warrants, acquiring additional beneficial ownership of 3.1% based on outstanding shares after the transaction. May 2023 Warrants In May 2023, the Group executed a Securities Purchase Agreement (the “2023 SPA”) to issue to Aceville warrants to purchase up to 184,210,526 Class A shares (the “May 2023 Warrants”) for an initial exercise price of US$1.00 per share. On the closing date, Aceville has partially prefunded the aggregate exercise price of the May 2023 Warrants in an amount of US$100,000 thousand (the “Initial Funding Amount”) and also committed to prefund to the Group an additional US$75,000 thousand (the “Additional Funding Amount”) of the aggregate exercise price, contingent upon the Group securing US$75,000 thousand in additional funding from third parties. In July 2023, the Group satisfied the aforementioned condition and received the Additional Funding Amount. Details of the May 2023 Warrants are disclosed in note 24. The initial valuation resulted in a derivative financial asset of €82,829 thousand. Management have concluded that the financial asset represents an equity contribution from Tencent Holdings Limited, resulting in an increase of €82,829 thousand in other capital reserves. During the year 24,007,607 Class A shares were issued upon exercise of May 2023 Warrants. Proceeds of €1,091 thousand were received from the payment of the strike price of US$0.05 per share. The receipt of the strike price and the conversion of the remaining warrant liability (note 24) to equity resulted in an increase of €2,453 thousand in subscribed capital and €24,231 thousand in share premium. 2023 PIPE participation Members of key management personnel and other related parties participated in the 2023 PIPE transaction described in note 21. The related parties contributed €2,142 thousand in exchange for 1,838,459 shares and 459,612 warrants, acquiring additional beneficial ownership of 0.4% based on outstanding shares after the transaction. Subsidiaries Interests in subsidiaries are set out in note 2. Transactions with Key Management Key management personnel have been defined as the members of the Board of Directors and Senior Leadership Team of Lilium. The annual remuneration and related compensation costs recognized as expense during the reporting period is comprised of the following: In € thousand 2023 2022 Short-term employee benefits 2,889 4,657 Termination remuneration — 52 Post-employment benefits 84 45 Share-based payment remuneration 10,630 7,364 Success fees and JSOP — (4,568) Total 13,603 7,550 During the year €298 thousand (2022: €320 thousand) were recognized as expense for cash remuneration of the board members of Lilium N.V. Short-term benefits Short-term benefits include salaries, bonuses and other benefits such as medical, death and disability coverage, company car and other usual facilities as applicable. Share-based payment remuneration The share-based payment remuneration represents the compensation cost of the equity-settled award schemes operated by Lilium during the period. Refer to note 22. During the year, 7,925 thousand (2022: 3,557 thousand) awards were granted to key management personnel. Further, 2,623 thousand (2022: 1,872 thousand) awards were exercised, and 3,878 thousand (2022: 6,553 thousand) awards were forfeited. As of December 31, 2023, 14,153 thousand (2022: 12,437 thousand) awards were held by key management personnel, including awards that were granted before certain individuals were members of key management personnel. Success fees and JSOP JSOP and bonus Success fee remuneration included the creation of the Joint Stock Ownership Plan (Stichting JSOP) and the bonus issued to one former member of key management personnel (refer to note 22). An amount of €1,003 thousand for the bonus was fully settled during the current year. As of December 31, 2023, the liability is nil (2022: €1,003 thousand) and the JSOP and bonus are now closed. Success fees and related arrangements with related parties In November 2022, the success fee award for one member of key management personnel was replaced with a cash bonus agreement conditional on certain liquidity targets being met during the period which resulted in a payment in December 2022. Subsequently, in December 2022 the member signed a separation agreement with the Group and the liquidity bonus was terminated. In November 2022, a success fee arrangement was cancelled upon the recipient leaving the employment of Lilium. A new arrangement was signed with an entity controlled by the former member of key management personnel shortly after cessation of employment, in which Lilium would pay a percentage of some future fundraising up to a cap of US $9.9m. During 2023 an amount of €906 During the year Lilium made total cash payments of €906 thousand (2022: €2,457 thousand) to related parties in relation to success fees and related arrangements. Other transactions with Key Management Personnel The following transactions occurred with entities controlled or significantly influenced by members of key management personnel: (in € thousand) 2023 2022 Research and development expenses 2 17 General and administration expenses 46 — Selling expenses — 289 Finance income — 7 Finance expenses — 6 Purchase of property, plant and equipment 19 24 Lilium have committed to indemnification agreements for several of its directors and executive officers of the Group in relation to any possible claims, suits or proceedings arising from their service to Lilium. As of December 31, 2023 the Group recognized €46 thousand (2022: €20 thousand) in current trade and other payables, nil (2022: €149 thousand) in non-current trade and other payables, and prepaid expenses of nil (2022: €1 thousand) in non-financial assets in relation to transactions with entities controlled or significantly influenced by members of key management personnel. As of December 31, 2023, the Group had non-cancelable commitments of €226 thousand (2022: nil) with entities controlled by Key Management Personnel. A member of key management personnel returned 350,000 (2022: 950,000) Lilium N.V. Class B shares in exchange for 350,000 (2022: 950,000) Class A shares in 2023, described in note 21. No further consideration was paid under the transactions. Transactions with other related parties Investment in joint venture In June 2021, the Group closed a licensing agreement for the use of Ionblox’s intellectual property, to be paid as a royalty rate on battery capacity manufactured for the Lilium Jet. The licensing agreement stipulates a minimum fee to be paid from 2026 onward for use of Ionblox’s battery technology. In the same month, the Group signed an amendment to an existing Development agreement with Ionblox, extending an exclusivity period for the use of Ionblox’s licensed technology. During the year ended December 31, 2023, the Group recognized €254 thousand (2022: €1,323 thousand) in research and development expenses under the existing Development agreement with Ionblox. As of December 31, 2023, a balance of €22 thousand (2022: €1,226 thousand) is held in trade and other payables. As of December 31, 2023, the Group has a non-cancelable commitment of €7,240 thousand (2022: €7,702 thousand) on the Development agreement. Transactions with shareholders Cloud subscription In 2021, the Group entered into a non-cancelable purchase obligation for a cloud subscription with a shareholder (which provides advanced data analytics capability), including support services, updates and related professional services, for €42,433 thousand ($50,000 thousand) payable in incremental annual installments over five years. The agreement was revised in 2023 with a fee reduction of €1,810 thousand ($2,000 thousand) which would be allocated to the remaining years. Additionally, during the same year in 2023 the Group also agreed to a fee increase of €205 thousand ($227 thousand). The shareholder has no significant influence over the Group. During the year, the Group recognized €8,895 thousand In November 2022, the Group entered into a contract to increase the scope of services delivered by €4,558 thousand ($4,500 thousand). During 2023 the Group settled the balance by issuing 3,101,523 Class A shares as disclosed in note 22. As of December 31, 2023, the Group has remaining commitments under the contract of €18,846 thousand (2022: €26,894 thousand). |
Events after the Reporting Peri
Events after the Reporting Period | 12 Months Ended |
Dec. 31, 2023 | |
Events after the Reporting Period | |
Events after the Reporting Period | 32. Events after the Reporting Period There were no material adjusting or non-adjusting subsequent events after December 31, 2023. |
Material Accounting Policies (P
Material Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Material Accounting Policies | |
Intangible assets | Intangible assets Research and development costs In developing its novel eVTOL technology, the Group incurs significant research and development costs. The costs for internally generated research and development are expensed when incurred. A portion of costs for internally generated development is capitalized if: ● the product or process is technically feasible; ● adequate resources are available to successfully complete the development; ● the benefits from the assets are demonstrated; ● the costs attributable to the projects are reliably measured; and ● the Group intends to produce and market or use the developed product or process and can demonstrate its market relevance. Management recognizes there is interest for an air mobility service, especially within heavily populated urban areas; however, there is not yet an established market for this new industry. The self-developed eVTOL technology used in the development of the Lilium Jet is highly innovative and there are uncertainties related to successful completion of the development. Purchased intangibles Purchased intangible assets are initially measured and recorded at cost. Following initial recognition, intangible assets are carried at cost less any accumulated amortization and accumulated impairment losses. Amortization on intangible assets with a limited useful life is calculated on a straight-line basis over the following periods: Useful life Software 2 – 15 years Purchased concessions, rights and other intangible assets 10 – 20 years |
Impairment tests | Impairment tests At the end of each reporting period, the Group assesses whether there is an indication that an asset may be impaired. If any indication exists, or when annual impairment testing for an asset is required, the Group estimates the asset’s recoverable amount. The recoverable amount is determined for an individual asset, unless the asset does not generate cash inflows that are largely independent of those from other assets or groups of assets. An asset’s recoverable amount is the higher of an asset’s or cash generating unit (“CGU”)’s fair value less costs of disposal and its value in use. When the carrying amount of an asset or CGU exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable amount. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. In determining fair value less costs of disposal, recent market transactions are taken into account. If no such transactions can be identified, an appropriate valuation model is used. |
Property, Plant and Equipment | Property, Plant and Equipment Property, plant and equipment are measured at cost, net of accumulated depreciation and any accumulated impairment losses. Costs of construction recognized include all attributable direct costs including material and production overheads and, where applicable, an initial estimate of the cost of dismantling and removing the item and restoring the site on which it is located. Borrowing costs are capitalized as part of the underlying asset under construction if there is a qualifying asset. Subsequent expenditures on assets are capitalized only when it is probable that future economic benefits associated with the expenditure will flow to the Group and the cost of the item can be measured reliably. Repairs and maintenance are expensed in the period the costs are incurred. If items of property, plant and equipment are sold or disposed of, the gain or loss arising from the disposal is recognized as other operating income or expense in the consolidated statement of operations and other comprehensive income (loss). Depreciation is calculated on a straight-line basis over the estimated useful lives of the assets, as follows: Useful life Rights to land and buildings including leasehold improvements 2 – 9 years Technical equipment and machinery 3 – 25 years Office and other equipment 3 – 13 years Vehicles 5 – 11 years Assets qualifying as low value assets with a value of up to €1 thousand are aggregated into groups and depreciated over a useful life of 5 years . Leasehold improvements are amortized over the unexpired portion of the lease term or the estimated useful life of the improvements, whichever is shorter. The residual value, useful lives and methods of depreciation of property, plant and equipment are reviewed at each financial year end and adjusted prospectively, if appropriate. Assets under construction are presented net of additions and transfers during the financial period in the property, plant and equipment movement schedule in the notes to the consolidated financial statements. |
Leases | Leases The Group’s lease obligations primarily relate to rights to buildings mainly for its office and research and development premises. As lease contracts are negotiated on an individual basis, lease terms contain a range of different terms and conditions. Lease contracts are typically entered for a period of 2 - 9 years and regularly include renewal and termination options, which provide operational flexibility to Lilium. 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. As a lessee, at the inception of a contract, the Group assesses whether the contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. At the commencement date of the lease, which is the date at which the leased asset is available for use, the Group recognizes a right-of-use asset, which represents a right to use the underlying leased asset, and a corresponding lease liability, which represents the present value of future lease payments, in the consolidated statement of financial position. Short-term leases (leases with lease term of 12 months or less from lease commencement and that do not contain a purchase option) and leases of low value assets are not capitalized. Payments associated with short-term leases and leases of low-value assets are recognized on a straight-line basis as an expense in the consolidated statement of operations. Liabilities arising from a lease are initially measured at the present value of the remaining lease payments discounted using the interest rate implicit in the lease or the incremental borrowing rate in case the interest rate implicit in the lease is not readily determinable. The main components of the lease payments included in the measurement of the lease liability comprise the following: ● fixed lease payments; ● variable lease payments that are linked to an index (consumer price index); and ● lease payments in an optional renewal period if the Group is reasonably certain to exercise an extension option. Lease payments contain two elements, principal and interest. Interest expense is presented as part of finance costs in the consolidated statements of operations and other comprehensive income and measured using the effective interest method. Principal and interest portions of lease payments have been presented within financing activities in the consolidated statement of cash flows. The carrying amount of lease liabilities is remeasured if there is change in the future lease payments due to change in index or rate. At lease commencement right-of-use assets are initially measured at cost and are subsequently measured at cost less any accumulated depreciation and impairment losses and adjusted for any remeasurement of lease liabilities recognized. Cost of right-of-use assets includes lease liabilities, initial direct costs, prepayments made on or before the commencement date and less any lease incentives received. Right-of-use assets are depreciated on a straight-line basis from the commencement date to the earlier of the end of the useful life of the right-of-use asset and the end of the lease term. The estimated useful lives of right-of-use assets are determined on the same basis as those of the leased property and equipment. The right-of-use asset is periodically assessed for impairment. The Group has presented right-of-use assets within “Property, plant and equipment”. Assets related to retirement obligations for leased buildings are included in the cost of right-of-use assets for the respective underlying building lease. The Group does not have any contracts as a lessor as of the date of the consolidated statement of financial position. |
Investment in joint venture / associate company | Investment in joint venture / associate company Under the equity accounting method, the investment in a joint venture or an associate is initially recognized at cost. The carrying amount of the investment is subsequently adjusted to recognize changes in the Group’s share of net assets of the joint venture or associate since the acquisition date. On acquisition of the investment, any difference between the cost of the investment and the entity’s share of the net fair value of the investee’s identifiable assets and liabilities is accounted for as follows: (a) Goodwill relating to a joint venture or associate is included in the carrying amount of the investment. Amortization of that goodwill is not permitted. (b) Any excess of the entity’s share of the net fair value of the investee’s identifiable assets and liabilities over the cost of the investment is included as income in the determination of the entity’s share of the joint venture or associate’s profit or loss in the period in which the investment is acquired. The consolidated statement of operations and other comprehensive income (loss) reflects the Group’s share of the results of operations of the joint venture or associate. Any change in other comprehensive income (loss) (“OCI”) of those investees is presented as part of the Group’s OCI. Gains and losses resulting from transactions between the Group and the joint venture or associate would be eliminated to the extent of the interest in the joint venture or associate. After application of the equity method, the Group determines whether it is necessary to recognize an impairment loss on its investment in joint venture or associate. At each reporting date, the Group determines whether there is objective evidence that the investment in joint venture or associate is impaired. If there is such evidence, the Group calculates the amount of impairment as the difference between the recoverable amount of the joint venture or associate and its carrying value, and then recognizes the loss within ‘Share of profit/loss in a joint venture/ associate’ in the consolidated statements of operations. Upon loss of joint control or significant influence over the joint venture or the associate, the Group measures and recognizes any retained investment at its fair value. Any difference between the carrying amount of the joint venture or associate upon loss of joint control or significant influence and the fair value of the retained investment and proceeds from disposal is recognized consolidated statements of operations. |
Non-financial Assets | Non-financial Assets Insurance recoveries are recognized for virtually certain reimbursements for damaged assets from insurers. Other non-financial assets are recognized at cost. |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents in the consolidated statement of financial position and consolidated statement of cash flows comprise cash at banks and on hand and short-term highly liquid deposits with an initial maturity of three months or less that are readily convertible to a known amount of cash and subject to an insignificant risk of changes in value. Depending on the classification, these financial assets are measured at amortized cost or fair value with changes through profit or loss – see financial instruments, note 29. |
Treasury Shares | Treasury Shares The treasury shares represent the consideration paid or payable for own shares held in treasury. The nominal value of the shares is shown in the treasury share reserve, which is part of the capital reserves. Acquisition values higher or lower than the nominal value are reduced from or added to the share premium reserve. |
Financial Instruments | Financial Instruments Financial instruments are contracts that give rise to a financial asset for one entity and to a financial liability or equity instrument for another entity. Financial instruments are recognized when the Group becomes a counterparty to it. Purchases or sales of financial assets that require delivery of assets within a time frame established by regulation or convention in the marketplace (regular way trades) are recognized on the settlement date. Financial assets and financial liabilities are offset, and the net amount is reported in the consolidated statement of financial position, if there is a currently enforceable legal right to offset the recognized amounts and there is an intention to settle on a net basis, or to realize the assets and settle the liabilities simultaneously. The Group has no such assets and liabilities. Financial assets The Group’s financial assets include cash and cash equivalents and other financial assets. Other financial assets include security deposits, investment in equity instruments, fixed-term deposits and money market funds. Financial assets are initially measured at fair value plus, in the case of a financial asset not measured at fair value through profit or loss, transaction costs that are directly attributable to the acquisition of the financial asset. As an exception to this general rule, trade receivables are measured at their transaction price. Transaction costs are expensed as incurred for financial assets initially measured at fair value through profit or loss (“FVTPL”). Financial assets are classified at initial recognition as either measured at amortized cost (“AC”), fair value through other comprehensive income (“FVOCI”), or FVTPL depending on the contractual cash flows and the Group’s business model for managing them. For certain financial assets that are debt instruments, the Group has the objective to hold financial assets in order to collect the contractual cash flows. If the contractual terms of the financial assets give rise on specified dates to cash flows that are solely payments of principal and interest on the principal outstanding amount, the Group will measure these financial assets at AC under consideration of impairment (see following section). All of the Group’s financial assets are measured at AC, with the exception of money market funds and investment in equity instruments. The money market funds are required to be measured at FVTPL because the cash flows are not solely payments of principal and interest on the principal outstanding amount. The Group classifies its investment in equity instruments in FVTPL. Gains and losses from financial assets measured at FVTPL are presented in the consolidated statements of operations in finance income and finance expense. Gains and losses from financial assets measured at AC including effects resulting from impairment are also presented in finance income and finance expense. Generally, the gains and losses from foreign currency translation effects are presented in other income and other expenses. A financial asset is derecognized (i.e., removed from the Group’s consolidated statement of financial position) when the rights to receive cash flows from the asset have expired or have been transferred. Impairment of financial assets – expected credit losses (“ECL”) All financial assets measured at AC are required to be impaired at initial recognition in the amount of their expected credit loss (“ECL”). ECLs are based on the difference between the contractual cash flows due in accordance with the contract and all the cash flows that the Group expects to receive. Lilium recognizes an allowance for ECLs for other financial assets according to the “general approach”. This means that ECLs are recognized in three stages. For credit exposures at initial recognition, ECLs are provided for credit losses that result from default events which may be possible within the next 12-months (Stage 1: a 12-month ECL). For credit exposures for which there has been a significant increase in credit risk since initial recognition (which is deemed to have occurred if a payment is more than 30 days past due), a loss allowance is required for credit losses expected over the remaining life of the exposure, irrespective of the timing of the default (Stage 2: a lifetime ECL). The same applies if objective indications exist that a default event has occurred (Stage 3: an incurred loss). In this case, any interest income is measured on the basis of the net carrying amount, while for Stage 1 and 2 the basis is the gross carrying amount. Examples of objective evidence are significant financial difficulties experienced by the debtor, payment default or delays, a lowering of the credit rating, insolvency or where measures are taken to secure a debtor’s financial situation, or if other observable data indicates that expected cash flows deriving from financial assets may be appreciably reduced. For cash and cash equivalents as well as other financial assets, the simplification available for financial instruments with a low credit risk (“low credit risk exemption”) is applied as of the reporting date. Factors that can contribute to a low credit risk assessment are debtor-specific rating information and related outlooks. The requirement for classification with a low credit risk is deemed to be fulfilled for counterparties that have at least an investment grade rating; in this case there is no need to monitor credit risks for financial instruments with a low credit risk. The default probabilities applied to determine the ECL for cash and cash equivalents and other financial assets are based on credit default swap spreads that are quoted on markets, which take future-oriented macroeconomic data into account. In general, Lilium defines a default event as a situation in which the debt is no longer recoverable. If the financial instrument is perceived to be unrecoverable, then the expectation is that future contractual cash flows will not occur. At this point in time, the balance is written off after giving consideration to any possible collateral that is available. Impairment losses (including reversals of impairment losses on financial assets) are not presented as a separate item in accordance with IAS 1.82(ba) as they are considered immaterial. Impairment losses or income from the reversal of impairment losses on financial assets are reported net under finance income or finance expenses. Financial liabilities The Group’s financial liabilities include warrants and other derivatives, lease liabilities (see note 16), trade and other payables, and other financial liabilities. Financial liabilities are classified as measured at AC or FVTPL. All financial liabilities are recognized initially at fair value less, in the case of a financial liability not at FVTPL, directly attributable transaction costs. Transaction costs are expensed as incurred for financial liabilities initially measured at FVTPL. Financial liabilities at FVTPL are measured at fair value and gains and losses resulting from changes in fair value are recognized in finance income and finance expenses. The Group only accounts for separated embedded derivatives of convertible loans and warrants as well as for other derivatives as a financial liability measured at FVTPL. All other financial liabilities are subsequently measured at AC using the effective interest rate (“EIR”) method. When applying the EIR method, the Group generally amortizes any fees, points paid or received, transaction costs and other premiums or discounts that are included in the calculation of the EIR over the expected life of the financial instrument. Gains and losses are recognized in interest expense when the liabilities are derecognized as well as through the EIR amortization process. For financial liabilities subsequently measured at AC, the foreign currency translation effects are presented in other income and other expenses. Foreign currency translation effects on financial liabilities at FVTPL are recognized in finance income or finance expenses. Where there are hybrid instruments, transaction costs are apportioned between the liability and equity components based on the allocation of proceeds to the liability and equity components when the instruments are initially recognized. An embedded derivative in a hybrid contract, with a financial liability or a non-financial host, is separated from the host and accounted for as a separate derivative if: the economic characteristics and risks are not closely related to the host; a separate instrument with the same terms as the embedded derivative would meet the definition of a derivative; and the hybrid contract is not measured at FVTPL. The assessment whether to separate an embedded derivative is done at initial recognition of the hybrid contract. Reassessment only occurs if there is a change in the terms of the contract that significantly modifies the cash flows. A financial liability is derecognized when the obligation under the liability is discharged or cancelled or expired. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as the derecognition of the original liability and the recognition of a new liability. The resulting gain or loss is recognized in the consolidated statement of operations. Convertible Loans Convertible loans are assessed at issuance for any components of equity and liability. Convertible loans are bifurcated into a debt component and an equity instrument, if there is a conversion right that fulfils equity criteria. The conversion right of a convertible loan is classified as a liability if some conversion features of the loan lead to a conversion into a variable number of shares. Embedded derivatives resulting from conversion rights are assessed and, if needed, are separated from the host contract. The remaining host contract is measured at AC and the separated embedded derivative is measured at FVTPL until the loan is converted into equity or becomes due for repayment. If there are other derivative features provided for in the contract besides the conversion right, they are treated as a combined embedded derivative if they share the same risk exposure and are interdependent. Derivative Financial Instruments The Group evaluates all of its financial instruments, including issued stock purchase warrants, to determine if such instruments are derivatives or contain features that qualify as embedded derivatives, pursuant to “IFRS 9 Financial Instruments” (“IFRS 9”). Warrants are recognized as derivative financial instruments in accordance with IAS 32. Accordingly, the Group generally classifies warrants as financial liabilities at FVTPL. The liabilities are subject to re-measurement at each balance sheet date until exercised or expired, and any change in fair value is recognized in the finance income or finance expenses. The Group recognizes all warrant liabilities as current liabilities as the date of settlement is outside of the Group’s control and can occur within twelve months from the balance sheet date. Upon exercise of warrants the Group recognizes an increase in subscribed capital and share premium equal to the exercise price paid upon settlement and the fair value of the derivative warrant liability as at the date of exercise. |
Income Taxes | Income Taxes Current income taxes Current income tax assets and liabilities are measured at the amount expected to be recovered from or paid to the taxation authorities. The tax rates and tax laws used to compute the amount are those that are enacted or substantively enacted at the reporting date in the countries where the Group operates and generates taxable income. Management periodically evaluates positions taken in the tax returns with respect to situations in which applicable tax regulations are subject to interpretation and establishes provisions where appropriate. Deferred taxes The Group uses the liability method of accounting for income taxes. Deferred income tax assets and liabilities represent temporary differences between the carrying amounts of assets and liabilities in the consolidated financial statements and their corresponding tax basis used in the computation of taxable income. Deferred tax, however, is not recognized on the initial recognition of goodwill or the initial recognition of an asset or liability (other than in a business combination) in a transaction that affects neither tax nor accounting income. Deferred tax assets are in principle recognized for all deductible temporary differences, carry forward of unused tax credits and any unused tax losses. However deferred tax assets are only recognized to the extent it is sufficiently probable that taxable profit will be available against which the deductible temporary differences, the carry forward of unused tax credits and the unused tax losses can be utilized. Deferred tax liabilities are recognized for all taxable temporary differences associated with investments in subsidiaries and associates, except where the Group is able to control the reversal of the temporary differences and it is probable that the temporary difference will not reverse in the foreseeable future. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the year in which the asset is realized, or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted at the reporting date. Deferred tax liabilities and assets are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when they relate to income taxes levied by the same taxation authority and the Group intends to settle its current tax assets and liabilities on a net basis. Current and deferred tax items are recognized similar to the underlying transaction either in profit or loss, other comprehensive income or directly in equity. Changes in deferred tax assets or liabilities are recognized as a component of tax expense (benefit) in the consolidated statement of operations, except where they relate to items that are recognized in other comprehensive income or directly in equity, in which case the related deferred tax is also recognized in other comprehensive income or equity, respectively. Where deferred tax arises from the initial accounting for a business combination, the tax effect is included in the accounting for the business combination. Deferred tax assets and deferred tax liabilities are not discounted. Deferred taxes are always classified as non-current. |
Provisions | Provisions Provisions are recognized when the Group has a present obligation (legal or constructive) as a result of a past event, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. |
Fair Values of Assets and Liabilities | Fair Values of Assets and Liabilities Fair value is a market-based measurement. For some assets and liabilities, observable market transactions or market information is available. For other assets and liabilities, observable market transactions or market information might not be available. When a price for an identical asset or liability is not observable, another valuation technique is used. To increase consistency and comparability in fair value measurements, there are three levels of the fair value hierarchy that categorizes the inputs to valuation techniques used to measure fair value: ● Level 1: contains the use of unadjusted quoted prices in active markets for identical assets or liabilities ● Level 2: using inputs other than quoted prices included within Level 1, that are observable for the asset or liability either directly or indirectly ● Level 3: inputs are based on unobservable data If the inputs used to measure the fair value of an asset or a liability fall into different levels of the fair value hierarchy, 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 of financial instruments is included in note 29.1. In cases where a gain or loss arises on initial recognition of a financial asset or a financial liability because the fair value deviates from the transaction price and is neither evidenced by a quoted price in an active market for an identical asset or liability (i.e., a Level 1 input) nor based on a valuation technique that uses only data from observable markets (i.e., a Level 2 input), this gain or loss remains unrecognized until all market inputs become observable. In case such gain or loss results from a transaction with shareholders, this amount is to be considered as capital contribution to the Group and is therefore to be recognized in equity. |
Share-based Payments | Share-based Payments General accounting principles The Group grants certain share-based payment awards to the Group’s employees, advisors and vendors in exchange for their service. These share-based payment awards qualify either as cash-settled or equity-settled transactions depending on the terms of settlement. When the settlement choice (i.e. cash versus shares) lies with the recipient, awards are classified as compound financial instruments. Only in the case the equity component is zero, the award is accounted for as a cash-settled option. When the settlement choice lies with the Group, the award is classified as an equity-settled grant unless the Group has a present obligation to settle in cash. For cash-settled awards a liability is recognized at fair value. The fair value is measured initially and at each reporting date up to and including the settlement date, with changes in fair value recognized in profit or loss for the period. An equity-settled award is measured based on the fair value determined at grant date. The fair value usually remains unchanged after the grant date. In case of a modification of an award after grant date, an incremental fair value is determined at the modification date for modifications that are beneficial to the recipients. Goods or services received or acquired in an equity-settled share-based payment transaction with vendors is recognized when the goods are obtained or as the services are received with a corresponding increase in equity, are measured directly, at the fair value of the good or services received. When the goods or services received do not qualify for recognition as assets, they are recognized as expenses. Refer to note 22 for the measurement approach of the fair value of share-based payments. The expenses for services received are recognized when the recipient renders services over the applicable vesting period with a corresponding increase of either the liability or equity, depending on the classification of the awards. The related share-based payment awards expense is recorded in the functional cost category to which the recipient’s costs are classified. |
Non-financial Liabilities | Non-financial liabilities Non-financial liabilities are recognized at their nominal amounts. |
Revenue Recognition | Revenue Recognition Revenues from contracts are recognized when the customer gains the ability to direct the use of and obtain substantially all the remaining benefits from the goods delivered or services performed. The consideration which the Group expects to receive is allocated to each of the performance obligations, using the relative stand-alone selling price method. Revenue from sale of Lilium Jet Revenue is recognized at a point in time (i.e. when the customer accepts the delivery of the aircraft). The Group identifies the performance obligations of the contract and allocates the transaction price to these performance obligations. Advances and customer deposits for aircraft are received in the normal course of business and are intended to protect the Group from the customer failing to complete its contractual obligations and therefore not considered to be a significant financing component. A contract liability for the Group’s obligation to deliver the aircraft is recognized upon the receipt of customer deposits for aircraft. The Group will continue to monitor the progress of contracts entered with customers and will recognize revenue when it is probable that the economic benefits will flow to the Group and the amount of revenue can be measured reliably. |
Government Grants | Government Grants Grants from governments are recognized at their fair value, when there is reasonable assurance that the grant will be received, and the Group will comply with all attached conditions. Government grants relating to costs are deferred and recognized gross in other operating income over the period necessary to match them with the costs that they are intended to compensate. |
Basis of Preparation (Tables)
Basis of Preparation (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Basis of Preparation | |
Schedule of equity interest owned by the company in subsidiaries | Country of Date of % equity interest owned Name Incorporation incorporation 12/31/ 2023 12/31/ 2022 Lilium N.V. Netherlands March 11, 2021 100.0 % 100.0 % Lilium GmbH Germany February 11, 2015 100.0 % 100.0 % Lilium Schweiz GmbH Switzerland December 8, 2017 100.0 % 100.0 % Lilium Aviation UK Ltd. United Kingdom December 20, 2017 100.0 % 100.0 % Lilium Aviation Inc. United States July 1, 2020 100.0 % 100.0 % Lilium eAircraft GmbH Germany August 17, 2020 100.0 % 100.0 % Stichting JSOP Netherlands September 10, 2021 0.0 % 0.0 % Lilium Aviation Spain SLU Spain April 7, 2022 100.0 % 100.0 % Lilium Aviation France SAS France December 29, 2023 100.0 % n/a |
Schedule of new standards, interpretations and amendments adopted | Standard/amendment/ interpretation Effective date IFRS 17, ‘Insurance contracts’ as amended in June 2020 by amendments to IFRS 17, Insurance Contracts Annual periods on or after January 1, 2023 Amendment to IAS 1, ‘Presentation of financial statements’, IFRS Practice statement 2 and IAS 8, ‘Accounting policies, changes in accounting estimates and errors’ Annual periods on or after January 1, 2023 Deferred Tax related to Assets and Liabilities arising from a Single Transaction – Amendments to IAS 12 Annual periods on or after January 1, 2023 Amendments to IFRS 17: First-time Adoption of IFRS 17 and IFRS 9 - Comparative Information Annual periods on or after January 1, 2023 |
Schedule of new standards and interpretations not yet adopted | Standard/amendment/ interpretation Effective date Amendment to IAS 1, Non-current liabilities with Covenants Annual periods on or after January 1, 2024 Amendment to IFRS 16 – Leases on sale and leaseback Annual periods on or after January 1, 2024 Amendment to IAS 1, ‘Presentation of financial statements’, on classification of liabilities as current or non-current Annual periods on or after January 1, 2024 Amendment to IAS 7 and IFRS 7, on supplier finance arrangements Annual periods on or after January 1, 2024 |
Material Accounting Policies (T
Material Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Material Accounting Policies | |
Schedule of purchase of intangible assets | Useful life Software 2 – 15 years Purchased concessions, rights and other intangible assets 10 – 20 years |
Schedule of estimated useful lives of property plant and equipment | Useful life Rights to land and buildings including leasehold improvements 2 – 9 years Technical equipment and machinery 3 – 25 years Office and other equipment 3 – 13 years Vehicles 5 – 11 years |
Research and Development Expe_2
Research and Development Expenses (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Research and Development Expenses | |
Schedule of research and development expenses | In € thousand 2023 2022 2021 Salaries and social security 76,453 77,455 75,672 Professional services 75,573 72,840 49,421 Materials 9,743 7,808 9,009 Depreciation/amortization/impairment 10,448 6,386 4,541 IT and communication expense 4,249 3,709 1,248 Other research and development expenses 7,294 7,420 4,667 Total research and development expenses 183,760 175,618 144,558 |
General and Administrative Ex_2
General and Administrative Expenses (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
General and Administrative Expenses | |
Schedule of general and administrative expenses | In € thousand 2023 2022 2021 Share listing expense — — 111,109 Professional services 19,383 28,851 70,380 Salaries and social security 31,742 30,187 35,395 IT and communication expense 19,457 20,374 12,391 Depreciation/amortization/impairment 2,057 1,816 1,870 Insurances 3,161 6,457 1,698 HR related expenses (training, recruitment) 492 1,466 1,617 Other administrative expenses 4,988 4,736 4,633 Total administrative expenses 81,280 93,887 239,093 |
Selling Expenses (Tables)
Selling Expenses (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Selling Expenses | |
Selling Expenses | In € thousand 2023 2022 2021 Salaries, social security 7,320 8,915 11,971 Professional services 291 1,690 1,983 Marketing 1,956 1,448 2,059 Travel 588 523 626 Depreciation/amortization/impairment 189 65 65 Other selling expenses 415 288 485 Total selling expenses 10,759 12,929 17,189 |
Other Income (Tables)
Other Income (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Other Income | |
Schedule of other income | In € thousand 2023 2022 2021 Foreign currency gains 5,698 3,842 1,689 Insurance recoveries 22 483 456 Income received from grants 2,039 1,038 51 At-equity income from dilution — 1,179 — Other miscellaneous income 377 266 78 Total other income 8,136 6,808 2,274 |
Other Expenses (Tables)
Other Expenses (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Other Expenses | |
Schedule of other expenses | In € thousand 2023 2022 2021 Foreign currency losses 3,027 3,264 1,054 Miscellaneous other items 1 4 982 Total other expenses 3,028 3,268 2,036 |
Financial Result (Tables)
Financial Result (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Financial Result | |
Schedule of financial results | In € thousand 2023 2022 2021 Finance income 15,335 30,322 11,288 thereof: fair value changes 9,565 29,922 11,280 thereof: impairment losses net of reversal 57 125 — thereof: interest income 5,713 275 8 Finance expenses (131,059) (1,995) (20,201) thereof: fair value changes (130,159) (763) (15,645) thereof: interest portion of lease payments (604) (443) (437) thereof: other interest expense (296) (789) (376) thereof: impairment losses net of reversal — — (260) thereof: interest on convertible loans — — (3,483) Financial result (115,724) 28,327 (8,913) |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Income Taxes | |
Schedule of income tax expense benefits | In € thousand 2023 2022 2021 Current income tax charge (363) (169) (556) Current income tax related to prior years 19 495 (143) Current taxes (344) 326 (699) Deferred taxes 10 — (10) Income tax benefits / (expense) (334) 326 (709) |
Schedule of reconciliation of expected tax expense and reported tax expense | In € thousand 2023 2022 2021 Profit (Loss) before income tax (388,785) (253,390) (410,327) Income tax rate 27.55 % 27.55 % 27.55 % Expected income taxes on this 107,110 69,809 113,045 Effects deriving from differences in foreign tax rates 54 9 40 Taxes for prior years 19 495 — Other non-deductible expenses and taxes (155) (59) (209) Changes in the realization of deferred tax assets (72,434) (76,074) (67,465) Other (34,928) 6,146 (46,120) Income tax as per consolidated statement of operations (334) 326 (709) Effective tax rate in % (0.1) % 0.1 % (0.2) % |
Schedule of deferred taxes | Deferred tax assets Deferred tax liabilities In € thousand 12/31/2023 12/31/2022 12/31/2023 12/31/2022 Non-current assets 2,669 2,378 3,106 2,913 Intangible assets 2,596 2,341 — — Property, plant and equipment 72 37 3,106 2,903 Financial assets 1 — — 10 Current assets 478 149 — — Inventories 475 123 — — Receivables and other assets 3 26 — — Non-current liabilities 442 446 429 — Provisions — 10 — — Liabilities 442 436 429 — Current liabilities 153 138 207 208 Provisions — — — 47 Liabilities 153 138 207 161 Total value 3,742 3,111 3,742 3,121 Netting (3,742) (3,111) (3,742) (3,111) Recognition in the consolidated statement of financial position — — — 10 |
Schedule of tax attributes (gross) | In € thousand 12/31/2023 12/31/2022 Corporation tax loss carryforwards 939,479 661,501 Trade tax loss carryforwards 935,268 659,161 Interest carryforwards 10,151 15,348 |
Schedule of deductible temporary differences and tax loss and interest carryforwards | Deferred tax assets on Interest Temporary Tax carry In € thousand differences losses forward Total Unrecognized deferred tax assets as of January 1, 2022 13,850 106,264 3,929 124,043 Addition 1,541 75,705 436 77,682 Deductions — — (137) (137) Unrecognized deferred tax assets as of December 31, 2022 15,391 181,969 4,228 201,588 Addition 2,676 76,702 — 79,378 Deductions — (338) (1,729) (2,067) Unrecognized deferred tax assets as of December 31, 2023 18,067 258,333 2,499 278,899 |
Loss per Share (Tables)
Loss per Share (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Loss per Share | |
Schedule of income and share data used in the basic and diluted LPS calculations | 2023 2022 2021 Net loss for the year (389,119) (253,064) (411,036) (in € thousand) Weighted average number of shares outstanding Basic and diluted 547,391,640 316,474,576 214,858,203 Basic and diluted loss per share (in €) (0.71) (0.80) (1.91) |
Intangible Assets (Tables)
Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Intangible Assets | |
Schedule of intangible assets | Purchased concessions, rights and other In € thousand Software intangible assets Total Costs of acquisition January 1, 2023 4,161 145 4,306 Additions 79 — 79 Disposal (3,470) (18) (3,488) December 31, 2023 770 127 897 Accumulated amortization/write downs January 1, 2023 3,411 25 3,436 Amortization 386 8 394 Disposal (3,470) (18) (3,488) Impairment 60 1 61 December 31, 2023 387 16 403 Carrying amount: December 31, 2022 750 120 870 December 31, 2023 383 111 494 Purchased concessions, rights, and other In € thousand Software in-tangible assets Total Costs of acquisition January 1, 2022 3,998 108 4,106 Additions 163 37 200 Transfer from property, plant and equipment — — — December 31, 2022 4,161 145 4,306 Accumulated amortization/write downs January 1, 2022 2,694 18 2,712 Amortization 717 7 724 December 31, 2022 3,411 25 3,436 Carrying amount: December 31, 2021 1,304 90 1,394 December 31, 2022 750 120 870 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Property, Plant and Equipment | |
Schedule of Property, plant and equipment | Rights to land and Technical buildings equipment Office Assets and leasehold and and other under In € thousand improvements Vehicles machinery equipment construction Total Costs of acquisition or construction: January 1, 2023 22,887 139 19,520 9,683 2,887 55,116 Additions 5,060 14 15,185 1,026 16,984 38,269 Disposals (795) (20) (3,646) (5,725) — (10,186) Transfers 819 — 458 38 (1,315) — Indexation impact 1,256 — — — — 1,256 Foreign exchange — — — 7 — 7 December 31, 2023 29,227 133 31,517 5,029 18,556 84,462 Accumulated depreciation: January 1, 2023 9,080 52 3,877 5,408 — 18,417 Depreciation 4,675 30 4,024 1,627 — 10,356 Disposals (795) (20) (3,646) (5,725) — (10,186) Impairment 104 6 1,359 414 — 1,883 Foreign exchange — — — 1 — 1 December 31, 2023 13,064 68 5,614 1,725 — 20,471 Carrying amount: December 31, 2022 13,807 87 15,643 4,275 2,887 36,699 December 31, 2023 16,163 65 25,903 3,304 18,556 63,991 Rights to land and Technical buildings equipment Office Assets and leasehold and and other under In € thousand improvements Vehicles machinery equipment construction Total Costs of acquisition or construction: January 1, 2022 19,903 166 10,738 8,243 2,611 41,661 Additions 2,366 67 6,328 1,519 2,894 13,174 Disposals — (94) (12) (95) — (201) Transfers 130 — 2,466 22 (2,618) — Indexation impact 488 — — — — 488 Foreign exchange — — — (6) — (6) December 31, 2022 22,887 139 19,520 9,683 2,887 55,116 Accumulated depreciation: January 1, 2022 5,438 82 1,669 3,862 — 11,051 Depreciation 3,642 64 2,168 1,617 — 7,491 Disposals — (94) (12) (68) — (174) Impairment — — 52 — — 52 Foreign exchange — — — (3) — (3) December 31, 2022 9,080 52 3,877 5,408 — 18,417 Carrying amount: December 31, 2021 14,465 84 9,069 4,381 2,611 30,610 December 31, 2022 13,807 87 15,643 4,275 2,887 36,699 |
Schedule of Property, plant and equipment is distributed among geographical areas | In € thousand 12/31/2023 12/31/2022 Property, plant and equipment Germany 39,757 26,063 Spain 12,012 5 Rest of the World 947 132 Right-of-use assets Germany 11,083 10,033 Spain 192 466 Total 63,991 36,699 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Leases | |
Schedule of right-of-use assets and lease liabilities | Technical equipment Office Rights and and other In € thousand to buildings Vehicles machinery equipment Total January 1, 2022 10,910 43 428 144 11,525 Additions to right-of-use assets 1,526 63 23 — 1,612 Transfer — — — (144) (144) Disposal of right-of-use assets — (3) (1) — (4) Depreciation (2,889) (49) (39) — (2,977) Indexation impact 488 — — — 488 December 31, 2022 10,034 54 411 — 10,499 Additions to right-of-use assets 3,126 — 17 — 3,143 Depreciation (3,553) (19) (51) — (3,623) Indexation impact 1,256 — — — 1,256 December 31, 2023 10,863 35 377 — 11,275 |
Schedule of carrying amounts of lease liabilities and the movements | In € thousand Lease Liability January 1, 2022 11,823 Additions 1,385 Accrued interest (7) Interest 443 Payments (3,163) Indexation impact 488 December 31, 2022 10,969 Additions 2,369 Accrued interest (2) Interest 604 Payments (4,029) Indexation impact 1,256 December 31, 2023 11,167 In € thousand 12/31/2023 12/31/2022 Current 2,943 2,616 Non-current 8,224 8,353 Total lease liabilities 11,167 10,969 |
Schedule of lease related expense recognised in consolidated statement of operations and comprehensive income | In € thousand 2023 2022 2021 Depreciation of right of-use-assets 3,623 2,977 1,941 Interest expense on lease liabilities 604 443 437 Short-term lease expenses 214 6 488 Lease expenses for low-value assets 94 137 220 Total amount recognized in expense 4,535 3,563 3,086 |
Schedule of information about the composition of the lease payments | In € thousand 2023 2022 Fixed lease payments 1,502 1,212 Variable lease payments 2,527 1,951 Total amount of lease payments 4,029 3,163 |
Schedule of information on the total cash outflow from all leases | In € thousand 2023 2022 2021 Principal paid 3,425 2,720 1,781 Interest paid 604 443 437 Short term and low value leases 308 143 708 Total amount paid 4,337 3,306 2,926 |
Investment in a Joint Venture_2
Investment in a Joint Venture / Associate (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Investment in a Joint Venture / Associate | |
Schedule of valuation of investment in Zenlabs | Carrying Value In € thousand 2023 2022 January 1 13,410 15,054 Gain on dilution — 1,179 Share of loss in a joint venture/ associate (2,370) (2,823) December 31 11,040 13,410 |
Schedule of financial information for Zenlabs | In € thousand 01/01/2023 – 12/31/2023 01/01/2022 – 12/31/2022 Revenue 2,789 1,927 Loss from continued operations (9,022) (7,777) Net loss for the year (8,478) (7,369) In € thousand 12/31/2023 12/31/2022 Non-current assets 22,993 25,438 Current assets 9,944 13,487 Preferred stock reclassification 1 21,434 21,619 Non-current liabilities (29,965) (31,482) Current liabilities (4,624) (933) Shareholders’ equity 19,782 28,129 Reconciliation to carrying amounts of Lilium’s Interest in Ionblox Group’s effective interest in the joint venture / associate 27.7 % 27.7 % Group’s share in shareholders’ equity 5,480 7,780 Goodwill 8,079 8,370 Currency translation difference (2,519) (2,740) Investment in a joint venture / associate 11,040 13,410 1 |
Other Financial Assets (Tables)
Other Financial Assets (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Other Financial Assets | |
Schedule of other financials assets | In € thousand 12/31/2023 12/31/2022 Security deposits 3,350 3,386 Investment in equity instrument 4,641 — Total non-current financial assets 7,991 3,386 Fixed-term deposits 111,498 19,987 Security deposits 118 2,594 Total current other financial assets 111,616 22,581 Total other financial assets 119,607 25,967 |
Non-Financial Assets (Tables)
Non-Financial Assets (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Non-Financial Assets | |
Schedule of Non-financial assets | In € thousand 12/31/2023 12/31/2022 Advance payments 7,998 4,069 Prepaid expenses 1,771 9,418 Total non-current non-financial assets 9,769 13,487 Value added tax claims 6,072 1,696 Prepaid expenses 16,299 16,241 Miscellaneous other current non-financial assets 410 711 Total current non-financial assets 22,781 18,648 Total non-financial assets 32,550 32,135 |
Cash and Cash Equivalents (Tabl
Cash and Cash Equivalents (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Cash and Cash Equivalents | |
Schedule of cash and cash equivalents | In € thousand 12/31/2023 12/31/2022 Short-term fixed-term deposits — 49,385 Cash at banks 83,508 130,196 Total cash and cash equivalents 83,508 179,581 |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Shareholders' Equity | |
Schedule of amount of common and preferred shares | Supervoting Ordinary Common shares shares shares (in units) (Class A) (Class B) (Class C) Total Issued at January 1, 2021 173,014,206 24,413,065 — 197,427,271 Issued shares – convertible loans 20,533,259 — — 20,533,259 Reorganization as of September 14, 2021 22,697,450 — — 22,697,450 Capital increase 2021 PIPE 45,000,000 — — 45,000,000 Issued as of December 31, 2021 261,244,915 24,413,065 — 285,657,980 Treasury shares (375,000) — — (375,000) Treasury shares (due to consolidation) (879,691) — — (879,691) Outstanding as of December 31, 2021 259,990,224 24,413,065 — 284,403,289 Common shares Supervoting shares Ordinary shares (in units) (Class A) (Class B) (Class C) Total Issued at January 1, 2022 261,244,915 24,413,065 — 285,657,980 Issued shares for share-based payment awards exercised 10,857,264 — — 10,857,264 Exercise of Reorganization Warrants 10 — — 10 Issued shares – ELOC 5,618,697 — — 5,618,697 Capital increase RDO & 2022 PIPE 91,524,935 — — 91,524,935 Conversion of Class B Shares 525,000 (525,000) 525,000 525,000 Repurchase of Class B Shares 50,000 — — 50,000 Issued as of December 31, 2022 369,820,821 23,888,065 525,000 394,233,886 Treasury shares — (425,000) (525,000) (950,000) Outstanding as of December 31, 2022 369,820,821 23,463,065 — 393,283,886 Common shares Supervoting shares Ordinary shares (in units) (Class A) (Class B) (Class C) Total Issued at January 1, 2023 369,820,821 23,888,065 525,000 394,233,886 Issued shares for share-based payment awards 19,449,259 — — 19,449,259 Issued shares – CMPO & 2023 PIPE 89,838,455 — — 89,838,455 Exercise of May 2023 Warrants 24,007,607 — — 24,007,607 Conversion of Class B shares 350,000 (350,000) 350,000 350,000 Cancellation of issued shares — (425,000) (875,000) (1,300,000) Issued as of December 31, 2023 503,466,142 23,113,065 — 526,579,207 Treasury shares — — — - Outstanding as of December 31, 2023 503,466,142 23,113,065 — 526,579,207 |
Schedule of movement of treasury shares | Common shares Supervoting shares Ordinary shares (in units) (Class A) (Class B) (Class C) Total At January 1, 2022 1,254,691 — — 1,254,691 Repurchase of Class B shares for Class A shares held in treasury (375,000) 375,000 — — Repurchase of Class B shares for newly issued Class A shares — 50,000 — 50,000 Conversion of Class B shares — — 525,000 525,000 Treasury shares sold by Stichting JSOP (879,691) — — (879,691) At December 31, 2022 — 425,000 525,000 950,000 Conversion of Class B shares — — 350,000 350,000 Cancellation of issued shares — (425,000) (875,000) (1,300,000) At December 31, 2023 — — — — |
Share-based Payments (Tables)
Share-based Payments (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Share-based Payments | |
Schedule of share-based payment arrangement expense | In € thousand 2023 2022 2021 Equity-settled General population and executives – Employee Stock Option Program (ESOP) 1,298 7,942 29,286 General population – Restricted stock units (RSU) 5,156 4,977 77 General population and executives – Retention and Recognition (RNR) 925 — — Executives – Employee Stock Option Program (ESOP) special vesting 598 1,101 2,135 Executives – Restricted stock units (RSU) 4,273 3,259 1,178 Executives – Performance-based stock awards 2,368 (375) 2,296 Executives – Time-based stock options (TSO) 932 2,200 3,505 Share-based payment – Vendors 5,632 9,726 — Executives – Equity-based annual bonus 1,357 — — Cash-settled Executives - Success fees — (4,569) 9,872 Total expense 22,539 24,261 48,349 |
General population and executives - Employee Stock Option Program (ESOP) | |
Share-based Payments | |
Schedule of expense from share-based payment arrangement | In € thousand 2023 2022 2021 Expense arising from equity-settled share-based payment awards 1,298 7,942 29,286 |
Schedule of movements | Equity-settled options: 2023 2022 Number of 2023 Number of 2022 (in units) options WAEP options WAEP Outstanding at January 1 8,049,568 € 0.00 19,573,307 € 0.00 Granted during the year — — 5,714 € 0.00 Forfeited during the year (657,381) € 0.00 (1,188,512) € 0.00 Exercised during the year (2,577,144) € 0.00 (10,318,085) € 0.00 Transferred to cash-settled — — (22,856) € 0.00 Outstanding at December 31 4,815,043 € 0.00 8,049,568 € 0.00 Cash-settled options: 2023 2022 Number of 2023 Number of 2022 (in units) options WAEP options WAEP Outstanding at January 1 5,714 € 0.00 — — Forfeited during the year (5,714) € 0.00 — — Exercised during the year — — (17,142) € 0.00 Transferred from equity-settled — — 22,856 € 0.00 Outstanding at December 31 — — 5,714 € 0.00 |
General population - Restricted Stock units (RSU) | |
Share-based Payments | |
Schedule of expense from share-based payment arrangement | In € thousand 2023 2022 2021 Expense arising from equity-settled RSU 5,156 4,977 77 |
Schedule of movements | 2023 2022 Number of 2023 Number of 2022 (in units) RSU WAEP RSU WAEP Outstanding at January 1 4,275,098 € 0.12 162,800 € 0.12 Assigned during the year 6,826,462 € 0.01 4,886,077 € 0.12 Exercised during the year (2,473,089) € 0.05 (638,470) € 0.12 Forfeited during the year (888,909) € 0.04 (135,309) € 0.12 Outstanding at December 31 7,739,562 € 0.01 4,275,098 € 0.12 |
General population and executives - Retention and Recognition (RNR) | |
Share-based Payments | |
Schedule of expense from share-based payment arrangement | In € thousand 2023 2022 2021 Expense arising from equity-settled RNR 925 — — |
Schedule of movements | 2023 2022 Number of 2023 Number of 2022 (in units) RNR WAEP RNR WAEP Outstanding at January 1 — — — — Assigned during the year 2,432,424 € 0.01 — — Exercised during the year (405,401) € 0.01 — — Forfeited during the year (1,216,207) € 0.01 — — Outstanding at December 31 810,816 € 0.01 — — |
Executives - Employee Stock Option Program (ESOP) special vesting | |
Share-based Payments | |
Schedule of expense from share-based payment arrangement | In € thousand 2023 2022 2021 Expense arising from equity-settled share-based payment awards 598 1,101 2,135 |
Schedule of movements | 2023 2022 Number of 2023 Number of 2022 (in units) options WAEP options WAEP Outstanding at January 1 728,020 € 6.94 1,888,477 € 7.90 Granted during the year — — — — Forfeited during the year (302,327) € 8.50 (1,160,457) € 8.50 Outstanding at December 31 425,693 € 5.85 728,020 € 6.94 |
Executives - Restricted Stock units (RSU) | |
Share-based Payments | |
Schedule of expense from share-based payment arrangement | In € thousand 2023 2022 2021 Expense arising from equity-settled RSU 4,273 3,259 1,178 |
Schedule of movements | 2023 2022 Number of 2023 Number of 2022 (in units) RSU WAEP RSU WAEP Outstanding at January 1 2,324,725 € 0.12 1,050,913 € 0.12 Granted during the year 4,931,937 € 0.01 1,699,411 € 0.12 Forfeited during the year (438,570) € 0.03 (134,400) € 0.12 Exercised during the year (1,178,419) € 0.03 (291,199) € 0.12 Outstanding at December 31 5,639,673 € 0.01 2,324,725 € 0.12 |
Executives - Performance-based stock awards | |
Share-based Payments | |
Schedule of expense from share-based payment arrangement | In € thousand 2023 2022 2021 Expense / (income) arising from performance-based stock awards 2,368 (375) 2,296 |
Schedule of movements | 2023 2022 Number of 2023 Number of 2022 (in units) options WAEP options WAEP Outstanding at January 1 3,596,721 € 7.94 7,036,501 € 8.15 Granted during the year 657,608 € 0.01 1,272,059 € 9.45 Forfeited during the year — — (4,711,839) € 8.66 Outstanding at December 31 4,254,329 € 6.71 3,596,721 € 7.94 |
Executives - Time-based stock options (TSO) | |
Share-based Payments | |
Schedule of expense from share-based payment arrangement | In € thousand 2023 2022 2021 Expense arising from time-based stock options 932 2,200 3,505 |
Schedule of movements | 2023 2022 Number of 2023 Number of 2022 (in units) options WAEP options WAEP Outstanding at January 1 3,107,488 € 4.07 2,951,000 € 7.25 Granted during the year — — 2,199,488 € 2.76 Forfeited during the year — — (2,043,000) € 7.25 Outstanding at December 31 3,107,488 € 4.07 3,107,488 € 4.07 |
Executives - Success fees (cash-settled) | |
Share-based Payments | |
Schedule of expense from share-based payment arrangement | In € thousand 2023 2022 2021 (Income) / expense for success fees — (4,569) 9,872 Total (Income) / expense — (4,569) 9,872 |
Warrants (Tables)
Warrants (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Warrants | |
Schedule of components of warrants | in € thousand 12/31/2023 12/31/2022 Reorganization Warrants 2,854 1,811 RDO & 2022 PIPE Warrants 29,590 24,456 May 2023 Warrants 170,505 — 2023 PIPE Warrants 2,064 — Warrants 205,013 26,267 |
Schedule of movements of warrants liabilities | in € thousand 2023 2022 At January 1 26,267 21,405 Initial recognition of RDO & 2022 PIPE Warrants — 34,550 Initial recognition of 2023 PIPE Warrants 4,552 — Initial recognition of May 2023 Warrants (82,829) — Settlement of Initial Funding Amount on May 2023 Warrants 91,811 — Settlement of Additional Funding Amount on May 2023 Warrants 67,416 — Exercise of May 2023 Warrants (25,593) — Foreign currency translation (3,510) 508 Fair value changes to profit or loss 126,899 (30,196) At December 31 205,013 26,267 |
Schedule of sensitivity analysis for the May 2023 Warrants at initial recognition | Absolute shift Fair value Effect on in € thousand in base volatility of warrants initial fair value Base — (4,552) — Up 10 % (5,089) (537) Down (10) % (3,998) 554 |
Provisions (Tables)
Provisions (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Provisions | |
Summary of movement in provisions | In € thousand 01/01/2023 Additions Reversals Utilization Discount Effects Foreign Exchange 12/31/2023 Asset retirement obligations 302 765 — — 58 — 1,125 Post-employment benefits (note 26) 75 — — — — 5 80 Record retention obligations 68 — — (9) — — 59 Total non-current provisions 445 765 — (9) 58 5 1,264 Legal Claims 420 384 — (662) — (54) 88 Severance payments 114 — (97) (17) — — — Other 196 107 (63) (18) — 1 223 Total current provisions 730 491 (160) (697) — (53) 311 In € thousand 01/01/2022 Additions Reversals Utilization Discount Effects Foreign Exchange 12/31/2022 Asset retirement obligations 233 66 — — 3 — 302 Post-employment benefits (note 26) 84 15 (24) — — — 75 Record retention obligations 56 22 — — (10) — 68 Total non-current provisions 373 103 (24) — (7) — 445 Year-end audit 1,067 — (1,067) — — — — Legal Claims — 426 — (6) — — 420 Severance payments 619 — (505) — — — 114 Other 736 1,384 (701) (1,223) — — 196 Total current provisions 2,422 1,810 (2,273) (1,229) — — 730 |
Trade and other Payables (Table
Trade and other Payables (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Trade and other Payables | |
Summary of trade and other payables | Trade and other payables are as follows: In € thousand 12/31/2023 12/31/2022 Long-term accruals 3,362 3,483 Non-current trade and other payables 3,362 3,483 Trade payables 22,540 19,195 Accruals for outstanding invoices 22,061 14,463 Current trade and other payables 44,601 33,658 Total trade and other payables 47,963 37,141 |
Other Non-Financial Liabiliti_2
Other Non-Financial Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Other Non-Financial Liabilities | |
Summary of other non-financial liabilities | In € thousand 12/31/2023 12/31/2022 Non-current other non-financial liabilities Non-current contract liabilities 2,000 — Total non-current other non-financial liabilities 2,000 — Current other non-financial liabilities Vacation accruals 2,010 2,474 Value added tax payables — — Payroll tax and social security 2,816 3,497 Miscellaneous other current non-financial liabilities 1,883 2,596 Total current other non-financial liabilities 6,709 8,567 Total other non-financial liabilities 8,709 8,567 |
Financial Instruments (Tables)
Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Financial Instruments | |
Summary of financial instruments, analyzed by classes and categories | 12/31/2023 In € thousand Category Carrying amount Fair value Financial assets, by class Cash and cash equivalents AC 83,508 n/a Fixed-term deposits AC 111,498 n/a Non-current security deposits AC 3,350 3,276 Security deposits AC 118 n/a Investment in equity instrument FVTPL 4,641 4,641 Total financial assets 203,115 Financial liabilities, by class Non-current trade and other payables AC 3,362 3,679 Current trade and other payables AC 44,601 n/a Non-current other financial liabilities AC 17 17 Current other financial liabilities AC 4 n/a Warrants: Level 1 FVTPL 1,832 1,832 Level 2 FVTPL 1,022 1,022 Level 3 FVTPL 202,159 202,159 Total financial liabilities 252,997 Carrying Thereof aggregated to categories according to IFRS 9 amount Financial assets measured at AC 198,474 Financial assets measured at FVTPL 4,641 Financial liabilities measured at FVTPL 205,013 Financial liabilities measured at AC 47,984 12/31/2022 In € thousand Category Carrying amount Fair value Financial assets, by class Cash and cash equivalents AC 179,581 n/a Fixed-term deposits AC 19,987 n/a Non-current security deposits AC 3,386 3,265 Security deposits AC 2,594 n/a Investment in equity instrument FVTPL — — Total financial assets 205,548 Financial liabilities, by class Non-current trade and other payables AC 3,483 3,239 Current trade and other payables AC 33,658 n/a Non-current other liabilities AC 21 21 Current other financial liabilities AC 4 n/a Warrants: Level 1 FVTPL 1,162 1,162 Level 2 FVTPL 649 649 Level 3 FVTPL 24,456 24,456 Total financial liabilities 63,433 Carrying Thereof aggregated to categories according to IFRS 9 amount Financial assets measured at AC 205,548 Financial assets measured at FVTPL — Financial liabilities measured at FVTPL 26,267 Financial liabilities measured at AC 37,166 |
Summary of effect of reasonable changes of the most significant input parameters on the fair values of the embedded derivatives | December 31, 2023 Absolute shift Fair Value Effect on financial in € thousand in base volatility of warrants result Base — (202,159) — Up 10 % (204,254) (2,095) Down (10) % (199,866) 2,293 December 31, 2022 Absolute shift Fair Value Effect on financial in € thousand in base volatility of warrants result Base — (24,455) — Up 10 % (27,029) (2,574) Down (10) % (21,881) 2,575 |
Summary of financial instruments, changes in fair Value of level 3 instruments | Equity Over-allotment In € thousand instruments Warrants option January 1, 2022 — — — Initial recognition of RDO & 2022 PIPE Warrants — (34,550) — Unrealized gains/losses: — — — Change in fair value - Finance income — 8,979 — Changes in fair value - Finance expense — — — Foreign exchange effects - Finance income — 1,116 — Foreign exchange effects - Finance expense — — — December 31, 2022 — (24,455) — Purchase of equity instrument 5,159 — — Initial recognition of May 2023 Warrants — 82,829 — Initial recognition of 2023 PIPE Warrants — (4,552) — Initial recognition of over-allotment option — — (3,312) Settlement of Initial Funding Amount on May 2023 Warrants — (91,811) — Settlement of Additional Funding Amount on May 2023 Warrants — (67,416) — Exercise of May 2023 Warrants — 25,593 — Realized gains/losses: — — — Changes in fair value - Finance income — — 3,346 Changes in fair value - Finance expense — (15,765) — Foreign exchange effects - Finance income — 128 — Foreign exchange effects - Finance expense — — (34) Unrealized gains/losses: — — — Changes in fair value - Finance income — 2,599 — Changes in fair value - Finance expense (518) (112,603) — Foreign exchange effects - Finance income — 3,405 — Foreign exchange effects - Finance expense — (111) — December 31, 2023 4,641 (202,159) — |
Summary of net gains and losses for each of the financial instrument measurement categories | 2023 Subsequent measurement Foreign Impairment exchange losses net of Total per In € thousand Interest conversion Fair value reversal category Financial assets measured at AC 5,713 82 — 57 5,852 Financial liabilities measured at AC (296) (887) — — (1,183) Financial assets and liabilities measured at FVTPL — 3,476 (124,070) — (120,594) Total 5,417 2,671 (124,070) 57 (115,925) 2022 Subsequent measurement Foreign Impairment exchange losses net of Total per In € thousand Interest conversion Fair value reversal category Financial assets measured at AC (412) 1,147 — 125 860 Financial liabilities measured at AC (236) (560) — — (796) Financial assets and liabilities measured at FVTPL — (508) 29,667 — 29,159 Total (648) 79 29,667 125 29,223 2021 Subsequent measurement Foreign Impairment exchange losses net of Total per In € thousand Interest conversion Fair value reversal category Financial assets measured at AC (364) 1,061 — (260) 437 Financial liabilities measured at AC (3,483) (446) — — (3,929) Financial assets and liabilities measured at FVTPL — (1,018) (3,327) — (4,345) Total (3,847) (403) (3,327) (260) (7,837) |
Summary of exposures to credit risk for all financial assets that are not measured at fair value through profit or loss | 12/31/2023 Equivalent to external Gross Impairment credit rating carrying loss Credit- in € thousand [S&P] amount allowance impaired Grades 1–6: Low risk BBB- to AAA 198,552 (78) No Of which: Cash and cash equivalents 83,512 (4) No Fixed-term deposits 111,559 (61) No Security deposits 3,481 (13) No 12/31/2022 Equivalent to external Gross Impairment credit rating carrying loss Credit- in € thousand [S&P] amount allowance impaired Grades 1–6: Low risk BBB- to AAA 205,683 (135) No Of which: Cash and cash equivalents 179,640 (59) No Fixed-term deposits 20,017 (30) No Security deposits 6,026 (46) No |
Movement in the impairment loss allowance for the financial assets exposed to credit risks | 12/31/2022 12/31/2023 Impairment loss Reversals of Additions to Impairment loss allowance expected expected credit allowance in € thousand brought forward credit losses losses carried forward Cash and Cash equivalents (59) 56 (1) (4) Fixed-term deposits (30) 30 (61) (61) Security deposits (46) 33 — (13) Total (135) 119 (62) (78) 12/31/2021 12/31/2022 Impairment loss Reversals of Additions to Impairment loss allowance expected credit expected credit allowance carried in € thousand brought forward losses losses forward Cash and Cash equivalents (3) — (56) (59) Fixed-term deposits (256) 256 (30) (30) Security deposits (1) — (45) (46) Total (260) 256 (131) (135) |
Schedule of exposure to possible appreciation and depreciation in foreign currency | USD JPY GBP Total exposure At December 31, 2023 (in € thousand) (in € thousand) (in € thousand) (in € thousand) Cash and cash equivalents 10,827 16 52 10,895 Non-current receivables from affiliated companies 119 — 715 834 Current receivables from affiliated companies 7,388 — 1,946 9,334 Non-current trade and other payables — — — — Current trade and other payables (13,345) (5,842) (121) (19,308) Non-current payables to affiliated companies — — (757) (757) Current payables to affiliated companies (2,863) — — (2,863) Warrants (205,013) — — (205,013) (202,887) (5,826) 1,835 (206,878) |
Summary of sensitivity of a change in foreign currency | As of December 31, 2023 Effect of EUR appreciation on Effect of EUR depreciation on profit before tax profit before tax Currency (in € thousand) (in € thousand) USD 19,331 (23,523) GBP 208 (210) JPY 530 (647) As of December 31, 2022 Effect of EUR appreciation on Effect of EUR depreciation on profit profit before tax before tax Currency (in € thousand) (in € thousand) USD 1,736 (2,122) GBP 8 (9) JPY 82 (100) |
Summary of details of the (undiscounted) cash outflows of financial liabilities | 12/31/2023 2029 and in € thousand 2024 2025 2026 to 2028 thereafter Lease liabilities 3,460 3,394 5,433 — Trade and other payables 44,601 1,301 3,617 — 12/31/2022 2028 and in € thousand 2023 2024 2025 to 2027 thereafter Lease liabilities 2,970 2,457 6,463 — Trade and other payables 33,658 1,974 2,770 — |
Summary of reconciliation of changes in liabilities arising from financing activities | Over-allotment In € thousand Lease liabilities Warrants option Total Statement of Financial Position as of December 31, 2022 10,969 26,267 — 37,236 Principal elements of lease payments (3,425) — — (3,425) Interest paid (604) — — (604) Settlement of Initial Funding Amount on May 2023 Warrants — 91,811 — 91,811 Settlement of Additional Funding Amount on May 2023 Warrants — 67,416 — 67,416 Proceeds from issue of 2023 PIPE Warrants — 4,552 — 4,552 Proceeds from issue of over-allotment option — — 3,312 3,312 Change in the cash flow from financing activities 2023 (4,029) 163,779 3,312 163,062 Additions to lease liabilities due to new lease contracts 3,625 — — 3,625 Initial recognition of May 2023 Warrants — (82,829) — (78,277) Fair value changes — 126,899 (3,346) 123,553 Effects of foreign exchange conversion — (3,510) 34 (3,476) Exercised May 2023 Warrants — (25,593) — (25,293) Interest expenses 602 — — 602 Statement of Financial Position as of December 31, 2023 11,167 205,013 — 216,180 Lease Over-allotment In € thousand liabilities Warrants option Total Statement of Financial Position as of December 31, 2021 11,823 21,405 — 33,228 Principal elements of lease payments (2,720) — — (2,720) Interest paid (443) — — (443) Change in the cash flow from financing activities 2022 (3,163) — — (3,163) Additions to lease liabilities due to new lease contracts 1,873 — — 1,873 Additions to warrants — 34,550 — 34,550 Fair value changes — (30,196) — (30,196) Effects of foreign exchange conversion — 508 — 508 Interest expenses 436 — — 436 Statement of Financial Position as of December 31, 2022 10,969 26,267 — 37,236 |
Related Party Disclosures (Tabl
Related Party Disclosures (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Related Party Disclosures | |
Schedule of share based ultimate controlling party | Shares (in thousand units) Ownership Interest (%) Function 12/31/2023 12/31/2022 12/31/2023 12/31/2022 Key management 32,703 28,302 6.2 % 7.2 % Other related parties 152,686 128,679 29.0 % 32.7 % Total 185,389 156,981 35.2 % 39.9 % |
Schedule of annual remuneration and related compensation costs recognized as expense | In € thousand 2023 2022 Short-term employee benefits 2,889 4,657 Termination remuneration — 52 Post-employment benefits 84 45 Share-based payment remuneration 10,630 7,364 Success fees and JSOP — (4,568) Total 13,603 7,550 |
Schedule of balances held by entities with significant influence over the company | (in € thousand) 2023 2022 Research and development expenses 2 17 General and administration expenses 46 — Selling expenses — 289 Finance income — 7 Finance expenses — 6 Purchase of property, plant and equipment 19 24 |
Corporate Information (Details)
Corporate Information (Details) | Dec. 31, 2022 | Sep. 14, 2021 |
Corporate Information | ||
Percentage of shares acquired | 31.40% | |
Business Combination Agreement | ||
Corporate Information | ||
Percentage of shares acquired | 100% |
Basis of Preparation - Going Co
Basis of Preparation - Going Concern (Details) - EUR (€) € in Thousands | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2020 | |
Basis of Preparation and Changes to the Group's Accounting Policies | ||||
Cash flows from operations including accumulated losses | € 1,359,300 | |||
Accumulated loss | 1,359,317 | € 970,198 | ||
Shareholders' deficit | € (37,058) | € (342,511) | € (203,503) | € (57,722) |
Proceeds from the 2021 PIPE capital increase | € 381,208 |
Basis of Preparation - Group In
Basis of Preparation - Group Information (Details) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Lilium N.V. | ||
Basis of Preparation | ||
Proportion of interest in subsidiary | 100% | 100% |
Lilium GmbH | ||
Basis of Preparation | ||
Proportion of interest in subsidiary | 100% | 100% |
Lilium Schweiz GmbH | ||
Basis of Preparation | ||
Proportion of interest in subsidiary | 100% | 100% |
Lilium Aviation UK Ltd. | ||
Basis of Preparation | ||
Proportion of interest in subsidiary | 100% | 100% |
Lilium Aviation Inc. | ||
Basis of Preparation | ||
Proportion of interest in subsidiary | 100% | 100% |
Lilium eAircraft GmbH | ||
Basis of Preparation | ||
Proportion of interest in subsidiary | 100% | 100% |
Stichting JSOP | ||
Basis of Preparation | ||
Proportion of interest in subsidiary | 0% | 0% |
Lilium Aviation Spain SLU | ||
Basis of Preparation | ||
Proportion of interest in subsidiary | 100% | 100% |
Lilium Aviation France SAS | ||
Basis of Preparation | ||
Proportion of interest in subsidiary | 100% |
Material Accounting Policies -
Material Accounting Policies - Purchase of intangible assets (Details) | 12 Months Ended |
Dec. 31, 2023 | |
Minimum | Software | |
Significant Accounting Policies | |
Useful life of intangible assets | 2 years |
Minimum | Purchased concessions, rights and other intangible assets | |
Significant Accounting Policies | |
Useful life of intangible assets | 10 years |
Maximum | Software | |
Significant Accounting Policies | |
Useful life of intangible assets | 15 years |
Maximum | Purchased concessions, rights and other intangible assets | |
Significant Accounting Policies | |
Useful life of intangible assets | 20 years |
Material Accounting Policies _2
Material Accounting Policies - Estimated useful lives of property plant and equipment (Details) | 12 Months Ended |
Dec. 31, 2023 | |
Significant Accounting Policies | |
Useful life of property and equipment | 5 years |
Minimum | Rights to land and buildings including leasehold improvements | |
Significant Accounting Policies | |
Useful life of property and equipment | 2 years |
Minimum | Technical equipment and machinery | |
Significant Accounting Policies | |
Useful life of property and equipment | 3 years |
Minimum | Office and other equipment | |
Significant Accounting Policies | |
Useful life of property and equipment | 3 years |
Minimum | Vehicles | |
Significant Accounting Policies | |
Useful life of property and equipment | 5 years |
Maximum | Rights to land and buildings including leasehold improvements | |
Significant Accounting Policies | |
Useful life of property and equipment | 9 years |
Maximum | Technical equipment and machinery | |
Significant Accounting Policies | |
Useful life of property and equipment | 25 years |
Maximum | Office and other equipment | |
Significant Accounting Policies | |
Useful life of property and equipment | 13 years |
Maximum | Vehicles | |
Significant Accounting Policies | |
Useful life of property and equipment | 11 years |
Material Accounting Policies (D
Material Accounting Policies (Details) € in Thousands | 12 Months Ended |
Dec. 31, 2023 EUR (€) | |
Significant Accounting Policies | |
Low value assets | € 1 |
Useful life of property and equipment | 5 years |
Minimum | |
Significant Accounting Policies | |
Lease term | 2 years |
Maximum | |
Significant Accounting Policies | |
Lease term | 9 years |
Significant Accounting Judgme_2
Significant Accounting Judgments, Estimates and Assumptions (Details) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Significant Accounting Judgments, Estimates and Assumptions | ||
Weighted average IBR | 5.12% | 3.53% |
Period of ownership restriction for Private Warrants after the completion of the Business Combination | 30 days |
Significant Accounting Judgme_3
Significant Accounting Judgments, Estimates and Assumptions - Investment in associate - Purchase Price Allocation (Details) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Significant Accounting Judgments, Estimates and Assumptions | ||
Percentage of ownership interest in associate | 27.70% | 27.70% |
Zenlabs Energy Inc | ||
Significant Accounting Judgments, Estimates and Assumptions | ||
Percentage of ownership interest in associate | 27.70% | |
Hypothetical royalty rate | 0.93% | |
Technology portfolio | Zenlabs Energy Inc | ||
Significant Accounting Judgments, Estimates and Assumptions | ||
Useful life of intangible assets | 15 years | |
Brand asset | Zenlabs Energy Inc | ||
Significant Accounting Judgments, Estimates and Assumptions | ||
Useful life of intangible assets | 15 years |
Revenue from Contracts with C_2
Revenue from Contracts with Customers and Cost of Sales (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Revenue from Contracts with Customers and Cost of Sales | |||
Revenue recognized | € 0 | € 0 | € 47 |
Research and Development Expe_3
Research and Development Expenses (Details) - Research and Development Expenses - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Research and Development Expenses | |||
Salaries and social security | € 76,453 | € 77,455 | € 75,672 |
Professional services | 75,573 | 72,840 | 49,421 |
Materials | 9,743 | 7,808 | 9,009 |
Depreciation/amortization/impairment | 10,448 | 6,386 | 4,541 |
IT and communication expense | 4,249 | 3,709 | 1,248 |
Other expenses by nature | 7,294 | 7,420 | 4,667 |
Total | € 183,760 | € 175,618 | € 144,558 |
Research and Development Expe_4
Research and Development Expenses - Additional Information (Details) - Research and Development Expenses - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Research and Development Expenses | |||
Professional fees, consulting services | € 66,217 | € 54,734 | € 31,576 |
Professional fees, contractors | € 9,356 | € 18,105 | € 17,845 |
General and Administrative Ex_3
General and Administrative Expenses (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
General and Administrative Expenses | |||
Share listing expense | € 111,109 | ||
General and Administrative Expenses | |||
General and Administrative Expenses | |||
Share listing expense | 111,109 | ||
Professional services | € 19,383 | € 28,851 | 70,380 |
Salaries and social security | 31,742 | 30,187 | 35,395 |
IT and communication expense | 19,457 | 20,374 | 12,391 |
Depreciation/amortization | 2,057 | 1,816 | 1,870 |
Insurances | 3,161 | 6,457 | 1,698 |
HR related expenses (training, recruitment) | 492 | 1,466 | 1,617 |
Other administrative expenses | 4,988 | 4,736 | 4,633 |
Total | € 81,280 | € 93,887 | € 239,093 |
General and Administrative Ex_4
General and Administrative Expenses - Additional Information (Details) - General and Administrative Expenses - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
General and Administrative Expenses | |||
Professional services, consulting and legal fees | € 33,127 | ||
Professional services, issue of Azul warrants expenses | 13,030 | ||
IT and communication expense incurred for cloud-based data analytics tool | € 8,895 | € 13,527 | € 0 |
Selling Expenses (Details)
Selling Expenses (Details) - Selling Expenses - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Selling Expenses | |||
Salaries, social security | € 7,320 | € 8,915 | € 11,971 |
Professional services | 291 | 1,690 | 1,983 |
Marketing | 1,956 | 1,448 | 2,059 |
Travel | 588 | 523 | 626 |
Depreciation/amortization | 189 | 65 | 65 |
Other expenses by nature | 415 | 288 | 485 |
Total | € 10,759 | € 12,929 | € 17,189 |
Other Income (Details)
Other Income (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Other Income | |||
Foreign currency gains | € 5,698 | € 3,842 | € 1,689 |
Insurance recoveries | 22 | 483 | 456 |
Income received from grants | 2,039 | 1,038 | 51 |
At-equity income from dilution | 1,179 | ||
Other miscellaneous income | 377 | 266 | 78 |
Total other income | € 8,136 | € 6,808 | € 2,274 |
Other Income - Additional Infor
Other Income - Additional Information (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Other Income | |||
Foreign currency gains derived from favorable exchange rate movements | € 5,698 | € 3,842 | € 1,689 |
Gain on dilution in the investment | € 1,179 |
Other Expenses (Details)
Other Expenses (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Other Expenses | |||
Foreign currency losses | € 3,027 | € 3,264 | € 1,054 |
Miscellaneous other items | 1 | 4 | 982 |
Total other expenses | € 3,028 | € 3,268 | € 2,036 |
Financial Result (Details)
Financial Result (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Financial Result | |||
Finance income | € 15,335 | € 30,322 | € 11,288 |
thereof: fair value changes | 9,565 | 29,922 | 11,280 |
thereof: reversal of expected credit losses | 57 | 125 | |
thereof: interest income | 5,713 | 275 | 8 |
Finance expenses | (131,059) | (1,995) | (20,201) |
thereof: fair value changes | 130,159 | 763 | 15,645 |
thereof: interest portion of lease payments | (604) | (443) | (437) |
thereof: other interest expense | (296) | (789) | (376) |
thereof: expected credit losses | (260) | ||
thereof: interest on convertible loans | (3,483) | ||
Financial result | € (115,724) | € 28,327 | € (8,913) |
Financial Result - Additional I
Financial Result - Additional Information (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Financial Result | |||
Changes in fair value of warrants included in finance income | € 6,219 | € 29,688 | € 4,454 |
Fair value changes in the price of the warrants | 2,599 | 30,196 | 5,492 |
Gain on foreign exchange conversion of RDO & 2022 PIPE Warrants | 3,620 | 508 | 1,038 |
Gain on foreign currency contract | € 5,713 | 275 | 8 |
Fair value changes of money market funds included in finance expense | 67 | 87 | |
Fair value changes in the ELOC purchased put option | 696 | 0 | |
Fair value changes of foreign currency exchange contract included in finance expense | 15,532 | ||
Additional shares in days | 30 days | ||
Fair value changes | € 3,346 | ||
Fair value changes of convertible loans included in finance income | 6,351 | ||
Fair value changes of the warrant revaluation in finance expense | 129,609 | 0 | 0 |
Fair value changes | 15,765 | 0 | 0 |
Unexercised warrants | 113,844 | 0 | 0 |
Changes of warrants | € 113,733 | 0 | 0 |
PIPE warrants | € 111 | € 0 |
Income Taxes - Expense for Inco
Income Taxes - Expense for Income Tax Expense (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Taxes | |||
Current income tax expense | € (363) | € (169) | € (556) |
Current income tax expense related to prior years | 19 | 495 | (143) |
Current taxes | 344 | (326) | 699 |
Deferred tax expense | 10 | (10) | |
Income tax benefits / (expense) | € (334) | € 326 | € (709) |
Income Taxes - Income Tax Expen
Income Taxes - Income Tax Expense (Details) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Taxes | |||
Corporation tax rate | 15% | ||
Solidarity surcharge on corporation tax rate | 5.50% | ||
Trade tax rate | 11.73% | ||
Total group tax rate (in %) | 27.55% | 27.55% | 27.55% |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of expected tax expense (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Taxes | |||
Profit (Loss) before income tax | € (388,785) | € (253,390) | € (410,327) |
Income tax rate | 27.55% | 27.55% | 27.55% |
Expected income taxes on this | € 107,110 | € 69,809 | € 113,045 |
Effects deriving from differences to the expected tax rate | 54 | 9 | 40 |
Taxes for prior years | 19 | 495 | |
Other non-deductible expenses and taxes | (155) | (59) | (209) |
Changes in the realization of deferred tax assets | (72,434) | (76,074) | (67,465) |
Other | (34,928) | 6,146 | (46,120) |
Income tax as per consolidated statement of operations | € (334) | € 326 | € (709) |
Effective tax rate in % | (0.10%) | 0.10% | (0.20%) |
Equity settled share-based payments | € 22,805 | € 27,380 | € 53,350 |
Equity settled share-based payments | 10,444 | 22,817 | |
Reconciliation effect of share-based payments | 2,877 | 6,286 | |
Fair value adjustments of Warrants | 123,389 | 29,689 | |
Reconciliation effect of fair value adjustments of warrants | 33,994 | 8,179 | |
Transaction costs deducted from equity | 6,112 | 7,402 | |
Reconciliation effect of transaction costs deducted from equity | 1,683 | 2,039 | |
Non-cash share listing expense | 111,109 | ||
Income tax reconciliation effect of non-cash share listing expense | 30,610 | ||
Other share-based payments | 40,321 | ||
Income tax reconciliation effect of other share-based payments | 11,108 | ||
Conversion | € (39) | € (562) | 96,193 |
Reorganization Warrants | |||
Income Taxes | |||
Fair value adjustments of Warrants | 4,454 | ||
Reconciliation effect of fair value adjustments of warrants | 1,227 | ||
Azul | |||
Income Taxes | |||
Fair value adjustments of Warrants | 13,030 | ||
Reconciliation effect of fair value adjustments of warrants | 3,590 | ||
Conversion | 6,351 | ||
Income tax reconciliation effect of embedded derivative of the convertible loans | € 1,750 |
Income Taxes - Deferred tax rel
Income Taxes - Deferred tax related to Assets and Liabilities (Details) - EUR (€) € in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Deferred Taxes | ||
Deferred tax assets, Total value | € 3,742 | € 3,111 |
Deferred tax liabilities, Total value | 3,742 | 3,121 |
Deferred tax assets, Netting | (3,742) | (3,111) |
Deferred tax liabilities, Netting | (3,742) | (3,111) |
Recognition of deferred tax liabilities in the statement of financial position | 10 | |
Non-current assets | ||
Deferred Taxes | ||
Deferred tax assets, Total value | 2,669 | 2,378 |
Deferred tax liabilities, Total value | 3,106 | 2,913 |
Intangible assets | ||
Deferred Taxes | ||
Deferred tax assets, Total value | 2,596 | 2,341 |
Property, plant and equipment | ||
Deferred Taxes | ||
Deferred tax assets, Total value | 72 | 37 |
Deferred tax liabilities, Total value | 3,106 | 2,903 |
Financial assets | ||
Deferred Taxes | ||
Deferred tax assets, Total value | 1 | |
Deferred tax liabilities, Total value | 10 | |
Current assets | ||
Deferred Taxes | ||
Deferred tax assets, Total value | 478 | 149 |
Inventories | ||
Deferred Taxes | ||
Deferred tax assets, Total value | 475 | 123 |
Receivables and other assets | ||
Deferred Taxes | ||
Deferred tax assets, Total value | 3 | 26 |
Non-current liabilities | ||
Deferred Taxes | ||
Deferred tax assets, Total value | 442 | 446 |
Deferred tax liabilities, Total value | 429 | |
Provisions | ||
Deferred Taxes | ||
Deferred tax assets, Total value | 10 | |
Liabilities | ||
Deferred Taxes | ||
Deferred tax assets, Total value | 442 | 436 |
Deferred tax liabilities, Total value | 429 | |
Current liabilities | ||
Deferred Taxes | ||
Deferred tax assets, Total value | 153 | 138 |
Deferred tax liabilities, Total value | 207 | 208 |
Provisions | ||
Deferred Taxes | ||
Deferred tax liabilities, Total value | 47 | |
Liabilities | ||
Deferred Taxes | ||
Deferred tax assets, Total value | 153 | 138 |
Deferred tax liabilities, Total value | € 207 | € 161 |
Income Taxes - Tax attributes (
Income Taxes - Tax attributes (gross) (Details) - EUR (€) € in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Income Taxes | ||
Corporation tax loss carryforwards | € 939,479 | € 661,501 |
Trade tax loss carryforwards | 935,268 | 659,161 |
Interest carryforwards | 10,151 | € 15,348 |
Tax loss carryforwards cannot be used | € 56,891 |
Income Taxes - Deductible tempo
Income Taxes - Deductible temporary differences and tax loss and interest carryforwards (Details) - EUR (€) € in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Income Taxes | ||
Unrecognized deferred tax assets, Beginning balance | € 201,588 | € 124,043 |
Addition | 79,378 | 77,682 |
Deductions | (2,067) | (137) |
Unrecognized deferred tax assets, Ending balance | 278,899 | 201,588 |
Temporary differences | ||
Income Taxes | ||
Unrecognized deferred tax assets, Beginning balance | 15,391 | 13,850 |
Addition | 2,676 | 1,541 |
Unrecognized deferred tax assets, Ending balance | 18,067 | 15,391 |
Tax losses | ||
Income Taxes | ||
Unrecognized deferred tax assets, Beginning balance | 181,969 | 106,264 |
Addition | 76,702 | 75,705 |
Deductions | (338) | |
Unrecognized deferred tax assets, Ending balance | 258,333 | 181,969 |
Interest carry forward | ||
Income Taxes | ||
Unrecognized deferred tax assets, Beginning balance | 4,228 | 3,929 |
Addition | 436 | |
Deductions | (1,729) | (137) |
Unrecognized deferred tax assets, Ending balance | € 2,499 | € 4,228 |
Loss per Share (Details)
Loss per Share (Details) - EUR (€) € / shares in Units, € in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Loss per Share | |||
Net loss for the year | € (389,157) | € (253,003) | € (410,830) |
Net loss for the year | € (389,119) | € (253,064) | € (411,036) |
Weighted average number of ordinary shares outstanding, Basic (in shares) | 547,391,640 | 316,474,576 | 214,858,203 |
Weighted average number of ordinary shares outstanding, Diluted (in shares) | 546,570,776 | 316,474,576 | 214,858,203 |
Basic EPS (in Euros per share) | € (0.71) | € (0.80) | € (1.91) |
Diluted EPS (in Euros per share) | € (0.71) | € (0.80) | € (1.91) |
May 2023 Warrants | |||
Loss per Share | |||
Weighted average number of ordinary shares outstanding, Basic (in shares) | 175,000,000 |
Intangible Assets (Details)
Intangible Assets (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Intangible Assets | |||
Beginning balance | € 870 | € 1,394 | |
Impairment loss | 61 | 0 | € 0 |
Ending balance | 494 | 870 | 1,394 |
Software | |||
Intangible Assets | |||
Beginning balance | 750 | 1,304 | |
Ending balance | 383 | 750 | 1,304 |
Purchased concessions, rights and other intangible assets | |||
Intangible Assets | |||
Beginning balance | 120 | 90 | |
Ending balance | 111 | 120 | 90 |
Costs of acquisition | |||
Intangible Assets | |||
Beginning balance | 4,306 | 4,106 | |
Additions | 79 | 200 | |
Transfer from property, plant and equipment | (3,488) | ||
Ending balance | 897 | 4,306 | 4,106 |
Costs of acquisition | Software | |||
Intangible Assets | |||
Beginning balance | 4,161 | 3,998 | |
Additions | 79 | 163 | |
Transfer from property, plant and equipment | (3,470) | ||
Ending balance | 770 | 4,161 | 3,998 |
Costs of acquisition | Purchased concessions, rights and other intangible assets | |||
Intangible Assets | |||
Beginning balance | 145 | 108 | |
Additions | 37 | ||
Transfer from property, plant and equipment | (18) | ||
Ending balance | 127 | 145 | 108 |
Accumulated amortization/write downs | |||
Intangible Assets | |||
Beginning balance | (3,436) | (2,712) | |
Disposal | (3,488) | ||
Amortization | (394) | (724) | |
Impairment loss | 61 | ||
Ending balance | (403) | (3,436) | (2,712) |
Accumulated amortization/write downs | Software | |||
Intangible Assets | |||
Beginning balance | (3,411) | (2,694) | |
Disposal | (3,470) | ||
Amortization | (386) | (717) | |
Impairment loss | 60 | ||
Ending balance | (387) | (3,411) | (2,694) |
Accumulated amortization/write downs | Purchased concessions, rights and other intangible assets | |||
Intangible Assets | |||
Beginning balance | (25) | (18) | |
Disposal | (18) | ||
Amortization | (8) | (7) | |
Impairment loss | 1 | ||
Ending balance | € (16) | € (25) | € (18) |
Property, Plant and Equipment_2
Property, Plant and Equipment (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Reconciliation of changes in property, plant and equipment | |||
Property, plant and equipment at beginning of period | € 36,699 | € 30,610 | |
Disposals | (174) | ||
Property, plant and equipment at end of period | 63,991 | 36,699 | |
Impairment loss relating to assets that were obsolute and in process of being disposed of | 1,883 | 52 | € 0 |
Costs of acquisition or construction | |||
Reconciliation of changes in property, plant and equipment | |||
Property, plant and equipment at beginning of period | 55,116 | 41,661 | |
Additions | 38,269 | 13,174 | |
Disposals | (10,186) | (201) | |
Indexation impact | 1,256 | 488 | |
Foreign exchange | 7 | (6) | |
Property, plant and equipment at end of period | 84,462 | 55,116 | |
Accumulated depreciation | |||
Reconciliation of changes in property, plant and equipment | |||
Property, plant and equipment at beginning of period | (18,417) | (11,051) | |
Disposals | 10,186 | ||
Foreign exchange | 1 | (3) | |
Depreciation | 10,356 | 7,491 | |
Impairment | (1,883) | 52 | |
Property, plant and equipment at end of period | (20,471) | (18,417) | |
Rights to land and buildings including leasehold improvements | |||
Reconciliation of changes in property, plant and equipment | |||
Property, plant and equipment at beginning of period | 13,807 | 14,465 | |
Property, plant and equipment at end of period | 16,163 | 13,807 | |
Rights to land and buildings including leasehold improvements | Costs of acquisition or construction | |||
Reconciliation of changes in property, plant and equipment | |||
Property, plant and equipment at beginning of period | 22,887 | 19,903 | |
Additions | 5,060 | 2,366 | |
Disposals | (795) | ||
Transfers | 819 | 130 | |
Indexation impact | 1,256 | 488 | |
Property, plant and equipment at end of period | 29,227 | 22,887 | |
Rights to land and buildings including leasehold improvements | Accumulated depreciation | |||
Reconciliation of changes in property, plant and equipment | |||
Property, plant and equipment at beginning of period | (9,080) | (5,438) | |
Disposals | 795 | ||
Depreciation | 4,675 | 3,642 | |
Impairment | (104) | ||
Property, plant and equipment at end of period | (13,064) | (9,080) | |
Vehicles | |||
Reconciliation of changes in property, plant and equipment | |||
Property, plant and equipment at beginning of period | 87 | 84 | |
Disposals | (94) | ||
Property, plant and equipment at end of period | 65 | 87 | |
Vehicles | Costs of acquisition or construction | |||
Reconciliation of changes in property, plant and equipment | |||
Property, plant and equipment at beginning of period | 139 | 166 | |
Additions | 14 | 67 | |
Disposals | (20) | (94) | |
Property, plant and equipment at end of period | 133 | 139 | |
Vehicles | Accumulated depreciation | |||
Reconciliation of changes in property, plant and equipment | |||
Property, plant and equipment at beginning of period | (52) | (82) | |
Disposals | 20 | ||
Depreciation | 30 | 64 | |
Impairment | (6) | ||
Property, plant and equipment at end of period | (68) | (52) | |
Technical equipment and machinery | |||
Reconciliation of changes in property, plant and equipment | |||
Property, plant and equipment at beginning of period | 15,643 | 9,069 | |
Disposals | (12) | ||
Property, plant and equipment at end of period | 25,903 | 15,643 | |
Technical equipment and machinery | Costs of acquisition or construction | |||
Reconciliation of changes in property, plant and equipment | |||
Property, plant and equipment at beginning of period | 19,520 | 10,738 | |
Additions | 15,185 | 6,328 | |
Disposals | (3,646) | (12) | |
Transfers | 458 | 2,466 | |
Property, plant and equipment at end of period | 31,517 | 19,520 | |
Technical equipment and machinery | Accumulated depreciation | |||
Reconciliation of changes in property, plant and equipment | |||
Property, plant and equipment at beginning of period | (3,877) | (1,669) | |
Disposals | 3,646 | 52 | |
Depreciation | 4,024 | 2,168 | |
Impairment | (1,359) | ||
Property, plant and equipment at end of period | (5,614) | (3,877) | |
Office and other equipment | |||
Reconciliation of changes in property, plant and equipment | |||
Property, plant and equipment at beginning of period | 4,275 | 4,381 | |
Disposals | (68) | ||
Property, plant and equipment at end of period | 3,304 | 4,275 | |
Office and other equipment | Costs of acquisition or construction | |||
Reconciliation of changes in property, plant and equipment | |||
Property, plant and equipment at beginning of period | 9,683 | 8,243 | |
Additions | 1,026 | 1,519 | |
Disposals | (5,725) | (95) | |
Transfers | 38 | 22 | |
Foreign exchange | 7 | (6) | |
Property, plant and equipment at end of period | 5,029 | 9,683 | |
Office and other equipment | Accumulated depreciation | |||
Reconciliation of changes in property, plant and equipment | |||
Property, plant and equipment at beginning of period | (5,408) | (3,862) | |
Disposals | 5,725 | ||
Foreign exchange | 1 | (3) | |
Depreciation | 1,627 | 1,617 | |
Impairment | (414) | ||
Property, plant and equipment at end of period | (1,725) | (5,408) | |
Assets under construction | |||
Reconciliation of changes in property, plant and equipment | |||
Property, plant and equipment at beginning of period | 2,887 | 2,611 | |
Property, plant and equipment at end of period | 18,556 | 2,887 | |
Assets under construction | Costs of acquisition or construction | |||
Reconciliation of changes in property, plant and equipment | |||
Property, plant and equipment at beginning of period | 2,887 | 2,611 | |
Additions | 16,984 | 2,894 | |
Transfers | (1,315) | (2,618) | |
Property, plant and equipment at end of period | 18,556 | 2,887 | |
Right-of-use assets | |||
Reconciliation of changes in property, plant and equipment | |||
Property, plant and equipment at beginning of period | 10,499 | ||
Property, plant and equipment at end of period | € 11,275 | € 10,499 |
Property, Plant and Equipment -
Property, Plant and Equipment - Property, plant and equipment is distributed among geographical areas (Details) - EUR (€) € in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of detailed information about property, plant and equipment | |||
Right-of-use assets | € 11,275 | € 10,499 | € 11,525 |
Total | 63,991 | 36,699 | € 30,610 |
Germany | |||
Disclosure of detailed information about property, plant and equipment | |||
Property, plant and equipment | 39,757 | 26,063 | |
Right-of-use assets | 11,083 | 10,033 | |
Spain | |||
Disclosure of detailed information about property, plant and equipment | |||
Property, plant and equipment | 12,012 | 5 | |
Right-of-use assets | 192 | 466 | |
Rest of the World | |||
Disclosure of detailed information about property, plant and equipment | |||
Property, plant and equipment | € 947 | € 132 |
Leases - Right-of-use assets (D
Leases - Right-of-use assets (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of quantitative information about right-of-use assets | |||
Beginning balance | € 10,499 | € 11,525 | |
Additions to right-of-use assets | 3,143 | 1,612 | |
Transfer | (144) | ||
Disposal of right-of-use assets | (4) | ||
Depreciation | (3,623) | (2,977) | € (1,941) |
Indexation impact | 1,256 | 488 | |
Ending balance | 11,275 | 10,499 | 11,525 |
Rights to land and buildings including leasehold improvements [Member] | |||
Disclosure of quantitative information about right-of-use assets | |||
Beginning balance | 10,034 | 10,910 | |
Additions to right-of-use assets | 3,126 | 1,526 | |
Depreciation | (3,553) | (2,889) | |
Indexation impact | 1,256 | 488 | |
Ending balance | 10,863 | 10,034 | 10,910 |
Vehicles [Member] | |||
Disclosure of quantitative information about right-of-use assets | |||
Beginning balance | 54 | 43 | |
Additions to right-of-use assets | 63 | ||
Disposal of right-of-use assets | (3) | ||
Depreciation | (19) | (49) | |
Ending balance | 35 | 54 | 43 |
Property, plant and equipment | |||
Disclosure of quantitative information about right-of-use assets | |||
Beginning balance | 411 | 428 | |
Additions to right-of-use assets | 17 | 23 | |
Disposal of right-of-use assets | (1) | ||
Depreciation | (51) | (39) | |
Ending balance | € 377 | 411 | 428 |
Office and other equipment [Member] | |||
Disclosure of quantitative information about right-of-use assets | |||
Beginning balance | 144 | ||
Transfer | € (144) | ||
Ending balance | € 144 |
Leases - Lease liabilities (Det
Leases - Lease liabilities (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Leases | |||
Beginning balance | € 10,969 | € 11,823 | |
Additions | 2,369 | 1,385 | |
Accrued interest | (2) | (7) | |
Interest | 604 | 443 | € 437 |
Payments | (4,029) | (3,163) | |
Indexation impact | 1,256 | 488 | |
Ending balance | € 11,167 | € 10,969 | € 11,823 |
Leases - Current and non-curren
Leases - Current and non-current portion of lease liabilities (Details) - EUR (€) € in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Leases | |||
Current | € 2,943 | € 2,616 | |
Non-current | 8,224 | 8,353 | |
Total lease liabilities | € 11,167 | € 10,969 | € 11,823 |
Leases - Related expense (Detai
Leases - Related expense (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Leases | |||
Depreciation of right of-use-assets | € 3,623 | € 2,977 | € 1,941 |
Interest expense on lease liabilities | 604 | 443 | 437 |
Short-term lease expenses | 214 | 6 | 488 |
Lease expenses for low-value assets | 94 | 137 | 220 |
Total amount recognized in expense | € 4,535 | € 3,563 | € 3,086 |
Leases - Composition of lease p
Leases - Composition of lease payments (Details) - EUR (€) € in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Leases | ||
Fixed lease payments | € 1,502 | € 1,212 |
Variable lease payments | 2,527 | 1,951 |
Total amount of lease payments | € 4,029 | € 3,163 |
Leases - Total cash outflow (De
Leases - Total cash outflow (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Leases | |||
Principal paid | € 3,425 | € 2,720 | € 1,781 |
Interest paid | 604 | 443 | 437 |
Short term and low value leases | 308 | 143 | 708 |
Total amount paid | € 4,337 | € 3,306 | € 2,926 |
Investment in a Joint Venture_3
Investment in a Joint Venture / Associate (Details) - EUR (€) € in Thousands | 12 Months Ended | ||||||
Dec. 31, 2022 | Dec. 31, 2023 | Sep. 27, 2021 | Jul. 16, 2021 | Jul. 15, 2021 | Mar. 19, 2021 | Mar. 10, 2021 | |
Investment in a Joint Venture | |||||||
Percentage of shares acquired | 31.40% | ||||||
Percentage of outstanding capital diluted | 27.70% | ||||||
Shareholder voting rights | 31.40% | ||||||
Gain on dilution | € 1,179 | ||||||
Share capital | |||||||
Investment in a Joint Venture | |||||||
Share buyback common stock | 273,227 | ||||||
Series B preferred stock | |||||||
Investment in a Joint Venture | |||||||
Number of shares issued | 1,092,908 | ||||||
Zenlabs Energy Inc | |||||||
Investment in a Joint Venture | |||||||
Percentage of shares acquired | 9.10% | 25.70% | |||||
Purchase price | € 7,400 | € 7,400 | € 8,502 | ||||
Conversion of outstanding promissory notes at a fair value included in consideration | € 2,222 | ||||||
Promissory notes held included in conversion | € 1,051 | ||||||
Total fair value of identifiable net assets acquired | € 8,344 | ||||||
Goodwill | 7,558 | ||||||
Identifiable net assets acquired | 2,248 | ||||||
Fair value step-up brand and technology portfolio | 8,688 | ||||||
Deferred taxation | € 2,592 | ||||||
Shareholder voting rights | 9.10% | 25.70% |
Investment in a Joint Venture_4
Investment in a Joint Venture / Associate - Valuation of investment in Zenlabs (Details) - EUR (€) € in Thousands | 12 Months Ended | |||||
Dec. 31, 2022 | Dec. 31, 2023 | Sep. 27, 2021 | Jul. 16, 2021 | Mar. 19, 2021 | Mar. 10, 2021 | |
Investment in a Joint Venture | ||||||
Ending Balance | € 13,410 | |||||
Zenlabs Energy Inc | ||||||
Investment in a Joint Venture | ||||||
Beginning Balance | 15,054 | |||||
Initial recognition | € 7,400 | € 7,400 | € 8,502 | |||
Conversion of promissory notes (July 2021) | € 2,222 | |||||
Gain on dilution | 1,179 | |||||
Share of loss in a joint venture/ associate | (2,823) | € (2,370) | ||||
Ending Balance | € 13,410 |
Investment in a Joint Venture_5
Investment in a Joint Venture / Associate - Financial information for Zenlabs (Details) - EUR (€) € in Thousands | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Investment in a Joint Venture | ||||
Revenue | € 0 | € 0 | € 47 | |
Net loss for the year | (389,119) | (253,064) | (411,036) | |
Current assets | 218,656 | 220,979 | ||
Non-current assets | 93,285 | 67,852 | ||
Non-current liabilities | (14,867) | (12,312) | ||
Current liabilities | (260,016) | (73,016) | ||
Shareholders' equity | € 37,058 | € 203,503 | 342,511 | € 57,722 |
Reconciliation to the Group's interest in at equity-accounted investee: | ||||
Group's effective interest in the joint venture / associate | 27.70% | 27.70% | ||
Group's share in shareholders' equity | € 5,480 | € 7,780 | ||
Goodwill | 8,079 | 8,370 | ||
Currency translation difference | (2,519) | (2,740) | ||
Investment in equity instrument | 11,040 | 13,410 | ||
Zenlabs Energy Inc | ||||
Investment in a Joint Venture | ||||
Revenue | 2,789 | 1,927 | ||
Loss from continued operations | (9,022) | (7,777) | ||
Net loss for the year | (8,478) | (7,369) | ||
Current assets | 9,944 | 13,487 | ||
Non-current assets | 22,993 | 25,438 | ||
Preferred stock reclassification | 21,434 | 21,619 | ||
Non-current liabilities | (29,965) | (31,482) | ||
Current liabilities | (4,624) | (933) | ||
Shareholders' equity | € 19,782 | 28,129 | ||
Reconciliation to the Group's interest in at equity-accounted investee: | ||||
Group's effective interest in the joint venture / associate | 27.70% | |||
Investment in equity instrument | € 11,040 | € 13,410 | € 15,054 |
Other Financial Assets - Other
Other Financial Assets - Other financial assets (Details) - EUR (€) € in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Other Financial Assets | ||
Security deposits | € 3,350 | € 3,386 |
Investment in equity instrument | 4,641 | |
Total non-current financial assets | 7,991 | 3,386 |
Fixed term deposits | 111,498 | 19,987 |
Security deposits | 118 | 2,594 |
Total current other financial assets | 111,616 | 22,581 |
Total other financial assets | € 119,607 | € 25,967 |
Other Financial Assets - Fixed
Other Financial Assets - Fixed term deposit (Details) - EUR (€) € in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Disclosure of financial assets [line items] | ||
Fair value | € 5,159 | |
Recognized fair value | 518 | |
Accrued interest income | € 17 | |
Fixed term deposit | ||
Disclosure of financial assets [line items] | ||
Notional amount | 110,000 | € 20,000 |
Term of deposits (in months) | 4 months | |
Expected credit loss | 61 | € 30 |
Accrued interest income | € 1,559 | |
Fixed term deposit | Minimum | ||
Disclosure of financial assets [line items] | ||
Term of deposits (in months) | 3 months | |
Fixed term deposit | Maximum | ||
Disclosure of financial assets [line items] | ||
Term of deposits (in months) | 7 months | |
Security deposits | ||
Disclosure of financial assets [line items] | ||
Amount pledged as collateral for facility leases | € 3,157 | 2,941 |
Amount of deposits pledged as collateral for deposits to suppliers. | € 0 | € 2,530 |
Non-Financial Assets (Details)
Non-Financial Assets (Details) - EUR (€) € in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Non-Financial Assets | ||
Advance payments | € 7,998 | € 4,069 |
Prepaid expenses | 1,771 | 9,418 |
Total non-current non-financial assets | 9,769 | 13,487 |
Value added tax claims | 6,072 | 1,696 |
Current prepaid expenses | 16,299 | 16,241 |
Miscellaneous other current non-financial assets | 410 | 711 |
Total current non-financial assets | 22,781 | 18,648 |
Total non-financial assets | € 32,550 | € 32,135 |
Non-Financial Assets - Prepaid
Non-Financial Assets - Prepaid expenses (Details) - EUR (€) € in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Non-Financial Assets | ||
Prepayments for acquisition of fixed assets | € 7,998 | € 4,069 |
Non current prepaid expenses | 1,771 | 9,418 |
Current prepaid expenses | € 16,299 | € 16,241 |
Cash and Cash Equivalents (Deta
Cash and Cash Equivalents (Details) - EUR (€) € in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Cash and Cash Equivalents | ||||
Short-term fixed-term deposits | € 0 | € 49,385 | ||
Cash at banks | 83,508 | 130,196 | ||
Total cash and cash equivalents | € 83,508 | € 179,581 | € 129,856 | € 102,144 |
Shareholders' Equity - Addition
Shareholders' Equity - Additional information (Details) € / shares in Units, € in Thousands | 1 Months Ended | 4 Months Ended | 12 Months Ended | |||||||
Mar. 30, 2021 EUR (€) shares | Mar. 26, 2021 EUR (€) shares | May 31, 2023 EUR (€) € / shares | Oct. 31, 2022 EUR (€) shares | Dec. 31, 2023 EUR (€) Vote € / shares shares | Dec. 31, 2022 EUR (€) Vote € / shares shares | Dec. 31, 2021 EUR (€) shares | Aug. 31, 2023 € / shares | Aug. 01, 2023 € / shares | Dec. 31, 2020 EUR (€) shares | |
Shareholders' Equity | ||||||||||
Nominal value per share | € / shares | € 0.01 | € 0.12 | ||||||||
Share capital | € 5,728 | € 53,104 | ||||||||
Number of Class B shares converted to Class C share | shares | 1 | |||||||||
Number of Class B shares converted to Class A share | shares | 1 | |||||||||
Witten notice period (in days) | 3 days | |||||||||
Consideration value for transfer of shares | € 0 | |||||||||
Increase in share capital | € 381,208 | |||||||||
Convertible loans, shares | shares | 274,272 | 20,533,259 | ||||||||
Conversion | (39) | (562) | € 96,193 | |||||||
Transaction costs | € 29,029 | |||||||||
Amount of convertible loan | € 85,900 | |||||||||
Share capital increased through reorganization | € 164,868 | 0 | 164,868 | |||||||
Proceeds From Reorganization | 83,393 | |||||||||
Shareholders' deficit | 37,058 | 203,503 | 342,511 | € 57,722 | ||||||
Proceeds from the 2021 PIPE capital increase | € 381,208 | |||||||||
Other capital reserves | 381,778 | 277,654 | ||||||||
Share premium | 1,008,759 | 843,074 | ||||||||
Equity settled share-based payments | € 10,444 | € 22,817 | ||||||||
Number of shares authorized for issue | shares | 130,664,910 | 196,385,439 | ||||||||
Success Fee | ||||||||||
Shareholders' Equity | ||||||||||
Convertible loans, shares | shares | 293,230 | |||||||||
After reorganization | ||||||||||
Shareholders' Equity | ||||||||||
Number of shares outstanding | shares | 526,579,207 | 394,233,886 | 285,657,980 | 197,427,271 | ||||||
Number of shares issued during period | shares | 89,838,455 | 91,524,935 | 45,000,000 | |||||||
Convertible loans, shares | shares | 20,533,259 | |||||||||
Shares converted | shares | 350,000 | 525,000 | ||||||||
Shares held under consolidation | shares | (879,691) | |||||||||
Class A shares | ||||||||||
Shareholders' Equity | ||||||||||
Exchange of shares | shares | 5,356,000 | |||||||||
Nominal value per share | € / shares | € 0.12 | € 0.01 | € 0.12 | € 0.12 | € 0.01 | |||||
Number of votes | Vote | 1 | 12 | ||||||||
Number of shares outstanding | shares | 503,466,142 | 369,820,821 | 261,244,915 | 173,014,206 | ||||||
Number of shares issued during period | shares | 89,838,455 | 91,524,935 | 45,000,000 | |||||||
Convertible loans, shares | shares | 20,533,259 | |||||||||
Proceeds from the 2021 PIPE capital increase | € 12,498 | |||||||||
Shares converted | shares | 350,000 | 525,000 | ||||||||
Shares held under consolidation | shares | (879,691) | |||||||||
Class B shares | ||||||||||
Shareholders' Equity | ||||||||||
Nominal value per share | € / shares | 0.36 | € 0.03 | € 0.36 | 0.03 | ||||||
Number of votes | Vote | 3 | 36 | ||||||||
Number of shares outstanding | shares | 23,113,065 | 23,888,065 | 24,413,065 | 24,413,065 | ||||||
Transfer of shares | € 6 | |||||||||
Shares converted | shares | 350,000 | 525,000 | ||||||||
Class C shares | ||||||||||
Shareholders' Equity | ||||||||||
Number of shares transferred to Class B shares | shares | 350,000 | 525,000 | ||||||||
Exchange of shares | shares | 0 | 525,000 | ||||||||
Nominal value per share | € / shares | € 0.24 | € 0.02 | € 0.24 | € 0.02 | ||||||
Number of votes | Vote | 2 | 24 | ||||||||
Number of shares outstanding | shares | 525,000 | |||||||||
Percentage of maximum profits on nominal value per share (in percent) | 0.10% | |||||||||
Shares converted | shares | 350,000 | 525,000 | ||||||||
Shares transferred | shares | 350,000 | 525,000 | ||||||||
Subscribed capital | ||||||||||
Shareholders' Equity | ||||||||||
Increase in share capital | € 5,400 | |||||||||
Conversion | 2,464 | € 1,471 | € 1,303 | € 2,464 | ||||||
Share capital increased through reorganization | 2,724 | 0 | 2,724 | |||||||
Shareholders' deficit | 5,728 | 53,104 | 40,138 | € 29,550 | ||||||
Impact of the transaction | € 60,152 | (60,152) | ||||||||
Subscribed capital | Success Fee | ||||||||||
Shareholders' Equity | ||||||||||
Conversion | 35 | |||||||||
Subscribed capital | After reorganization | ||||||||||
Shareholders' Equity | ||||||||||
Conversion | 33 | |||||||||
Subscribed capital | Class B shares | ||||||||||
Shareholders' Equity | ||||||||||
Transfer of shares | 6 | |||||||||
Share premium | ||||||||||
Shareholders' Equity | ||||||||||
Increase in share capital | 375,808 | |||||||||
Conversion | 127,813 | 0 | 207 | 127,813 | ||||||
Transaction costs | 2,227 | |||||||||
Transfer of shares | 45 | |||||||||
Share capital increased through reorganization | 51,116 | 0 | 51,116 | |||||||
Shareholders' deficit | 1,008,759 | 843,074 | 779,141 | 224,359 | ||||||
Impact of the transaction | 59,983 | 59,983 | ||||||||
Share premium | Success Fee | ||||||||||
Shareholders' Equity | ||||||||||
Conversion | 1 | |||||||||
Share premium | After reorganization | ||||||||||
Shareholders' Equity | ||||||||||
Conversion | 2,023 | |||||||||
Share premium | Class B shares | ||||||||||
Shareholders' Equity | ||||||||||
Conversion | 84 | 126 | ||||||||
Transfer of shares | 108 | |||||||||
Other capital reserves | ||||||||||
Shareholders' Equity | ||||||||||
Conversion | € (34,084) | (1,510) | (2,072) | (34,084) | ||||||
Share capital increased through reorganization | 111,109 | 111,109 | ||||||||
Shareholders' deficit | 381,778 | 277,654 | 240,430 | 110,055 | ||||||
Treasury shares | ||||||||||
Shareholders' Equity | ||||||||||
Transfer of shares | (45) | |||||||||
Share capital increased through reorganization | (81) | |||||||||
Shareholders' deficit | (279) | € (151) | € (25) | |||||||
Impact of the transaction | € 169 | 169 | ||||||||
Treasury shares | Success Fee | ||||||||||
Shareholders' Equity | ||||||||||
Conversion | € 81 | |||||||||
Treasury shares | Class B shares | ||||||||||
Shareholders' Equity | ||||||||||
Conversion | € (84) | (126) | ||||||||
Transfer of shares | € (108) | |||||||||
Treasury shares | Class C shares | ||||||||||
Shareholders' Equity | ||||||||||
Number of shares outstanding | shares | 0 | 525,000 |
Shareholders' Equity - Movement
Shareholders' Equity - Movements of the shares issued (Details) - shares | 12 Months Ended | ||||
Mar. 30, 2021 | Mar. 26, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Shareholders' Equity | |||||
Issued shares - convertible loans | 274,272 | 20,533,259 | |||
Issued shares for share-based payments exercised | 19,449,259 | 10,857,264 | |||
After reorganization | |||||
Shareholders' Equity | |||||
Number of shares outstanding, beginning balance | 394,233,886 | 285,657,980 | 197,427,271 | ||
Outstanding as adjusted, beginning balance | 393,283,886 | 284,403,289 | |||
Issued shares - convertible loans | 20,533,259 | ||||
Reorganization as of September 14, 2021 | 22,697,450 | ||||
Issued shares for share-based payments exercised | 19,449,259 | 10,857,264 | |||
Warrants exercised | 24,007,607 | 10 | |||
Issued shares - ELOC | 5,618,697 | ||||
Number of shares issued during period | 89,838,455 | 91,524,935 | 45,000,000 | ||
Conversion of Class B Shares | 350,000 | 525,000 | |||
Cancellation of issued shares | (1,300,000) | ||||
Repurchase of Class B Shares | 50,000 | ||||
Number of shares outstanding, ending balance | 526,579,207 | 394,233,886 | 285,657,980 | ||
Treasury shares | (950,000) | (375,000) | |||
Treasury shares (due to consolidation) | (879,691) | ||||
Outstanding as adjusted, ending balance | 526,579,207 | 393,283,886 | 284,403,289 | ||
Class A shares | |||||
Shareholders' Equity | |||||
Number of shares outstanding, beginning balance | 369,820,821 | 261,244,915 | 173,014,206 | ||
Outstanding as adjusted, beginning balance | 369,820,821 | 259,990,224 | |||
Issued shares - convertible loans | 20,533,259 | ||||
Reorganization as of September 14, 2021 | 22,697,450 | ||||
Issued shares for share-based payments exercised | 19,449,259 | 10,857,264 | |||
Warrants exercised | 24,007,607 | 10 | |||
Issued shares - ELOC | 5,618,697 | ||||
Number of shares issued during period | 89,838,455 | 91,524,935 | 45,000,000 | ||
Conversion of Class B Shares | 350,000 | 525,000 | |||
Repurchase of Class B Shares | 50,000 | ||||
Number of shares outstanding, ending balance | 503,466,142 | 369,820,821 | 261,244,915 | ||
Treasury shares | (375,000) | ||||
Treasury shares (due to consolidation) | (879,691) | ||||
Outstanding as adjusted, ending balance | 503,466,142 | 369,820,821 | 259,990,224 | ||
Class B shares | |||||
Shareholders' Equity | |||||
Number of shares outstanding, beginning balance | 23,888,065 | 24,413,065 | 24,413,065 | ||
Outstanding as adjusted, beginning balance | 23,463,065 | 24,413,065 | |||
Conversion of Class B Shares | 350,000 | 525,000 | |||
Cancellation of issued shares | 425,000 | ||||
Number of shares outstanding, ending balance | 23,113,065 | 23,888,065 | 24,413,065 | ||
Treasury shares | 425,000 | ||||
Outstanding as adjusted, ending balance | 23,113,065 | 23,463,065 | 24,413,065 | ||
Class C shares | |||||
Shareholders' Equity | |||||
Number of shares outstanding, beginning balance | 525,000 | ||||
Conversion of Class B Shares | 350,000 | 525,000 | |||
Cancellation of issued shares | 875,000 | ||||
Number of shares outstanding, ending balance | 525,000 | ||||
Treasury shares | 525,000 |
Shareholders' Equity - Share Pu
Shareholders' Equity - Share Purchase Agreement ("ELOC") (Details) € in Thousands, $ in Millions | 4 Months Ended | 12 Months Ended | ||||
Jun. 03, 2022 EUR (€) shares | Jun. 03, 2022 USD ($) shares | Oct. 31, 2022 EUR (€) shares | Dec. 31, 2023 EUR (€) | Dec. 31, 2022 EUR (€) | Dec. 31, 2021 EUR (€) | |
Shareholders' Equity | ||||||
Fair value loss was recognized in financial expenses | € 0 | € 696 | ||||
Gross proceeds | € 381,208 | |||||
Class A shares | ||||||
Shareholders' Equity | ||||||
Commitment Shares paid as consideration | € 696 | |||||
Number of shares issued | shares | 5,356,000 | |||||
Gross proceeds | € 12,498 | |||||
Class A shares | Subscribed capital | ||||||
Shareholders' Equity | ||||||
Commitment Shares paid as consideration | 31 | |||||
Equity issuance cost | 643 | |||||
Class A shares | Share premium | ||||||
Shareholders' Equity | ||||||
Commitment Shares paid as consideration | € 665 | |||||
Equity issuance cost | € 11,855 | |||||
Class A shares | Agreement with Tumim Stone | ||||||
Shareholders' Equity | ||||||
Number of commitment shares | shares | 262,697 | 262,697 | ||||
Maximum amount committed to purchase subject to certain limitations | $ | $ 75 |
Shareholders' Equity - Register
Shareholders' Equity - Registered Direct Offering ("RDO") (Details) € in Thousands | 1 Months Ended | 12 Months Ended | |||
Nov. 30, 2022 EUR (€) shares | Dec. 31, 2023 EUR (€) shares | Dec. 31, 2022 shares | Dec. 31, 2021 shares | Nov. 30, 2022 $ / shares | |
Shareholders' Equity | |||||
Proceeds from exercise of May 2023 Warrants | € | € 1,091 | ||||
Class A shares | |||||
Shareholders' Equity | |||||
Shares issued | 89,838,455 | 91,524,935 | 45,000,000 | ||
Class A shares | RDO Securities Purchase Agreement | |||||
Shareholders' Equity | |||||
Shares issued | 22,499,997 | ||||
Warrants to purchase class A shares | 11,249,997 | ||||
Price per share | $ / shares | $ 1.30 | ||||
Proceeds from exercise of May 2023 Warrants | € | € 28,217 | ||||
Class A shares | RDO Warrants | |||||
Shareholders' Equity | |||||
Shares issued | 69,024,938 | ||||
Warrants to purchase class A shares | 34,512,464 | ||||
Price per share | $ / shares | $ 1.30 | ||||
Proceeds from exercise of May 2023 Warrants | € | € 85,754 | ||||
Amount of liability to issue warrants | € | € 26,009 | € 8,541 |
Shareholders' Equity - 2022 Pri
Shareholders' Equity - 2022 Private Placement ("2022 PIPE") (Details) € in Thousands | 1 Months Ended | 12 Months Ended | |||
Nov. 30, 2022 EUR (€) shares | Dec. 31, 2023 EUR (€) shares | Dec. 31, 2022 EUR (€) shares | Dec. 31, 2021 EUR (€) shares | Nov. 30, 2022 $ / shares | |
Shareholders' Equity | |||||
Aggregate cash proceeds | € 1,091 | ||||
Share-based payment awards | € 22,805 | € 27,380 | € 53,350 | ||
Class A shares | |||||
Shareholders' Equity | |||||
Shares issued | shares | 89,838,455 | 91,524,935 | 45,000,000 | ||
Class A shares | 2022 PIPE Securities Purchase Agreement | |||||
Shareholders' Equity | |||||
Shares issued | shares | 69,024,938 | ||||
Warrants to purchase class A shares | shares | 34,512,464 | ||||
Price per share | $ / shares | $ 1.30 | ||||
Aggregate cash proceeds | € 85,754 | ||||
Non-cash contribution | 975 | ||||
Share-based payment awards | € 11,916 | ||||
Number of shares called by each warrant | shares | 0.5 | ||||
Amount of liability to issue warrants | € 26,009 | € 8,541 |
Shareholders' Equity - May 2023
Shareholders' Equity - May 2023 Warrants (Details) € in Thousands | 1 Months Ended | 12 Months Ended | ||||
May 31, 2023 EUR (€) shares | Dec. 31, 2022 EUR (€) | Dec. 31, 2023 EUR (€) shares | Dec. 31, 2022 EUR (€) shares | Dec. 31, 2023 $ / shares | May 31, 2023 $ / shares | |
Shareholders' Equity | ||||||
Proceeds from exercise of May 2023 Warrants | € 1,091 | |||||
Shares converted | shares | 350,000 | 525,000 | ||||
Consideration transferred | € 983 | |||||
Initial recognition of May 2023 Warrants | € 82,829 | |||||
May 2023 Warrants | ||||||
Shareholders' Equity | ||||||
Exercise price | $ / shares | $ 0.05 | |||||
May 2023 Warrants | Aceville | ||||||
Shareholders' Equity | ||||||
Proceeds from exercise of May 2023 Warrants | € 1,091 | 1,091 | ||||
Exercise price | $ / shares | $ 0.05 | $ 1 | ||||
Other capital reserves | ||||||
Shareholders' Equity | ||||||
Initial recognition of May 2023 Warrants | 82,829 | 82,829 | ||||
Other capital reserves | Aceville | ||||||
Shareholders' Equity | ||||||
Initial recognition of May 2023 Warrants | 82,829 | |||||
Subscribed capital | May 2023 Warrants | ||||||
Shareholders' Equity | ||||||
Exercise of May 2023 Warrants | 2,453 | |||||
Subscribed capital | May 2023 Warrants | Aceville | ||||||
Shareholders' Equity | ||||||
Exercise of May 2023 Warrants | 2,453 | |||||
Share premium | May 2023 Warrants | ||||||
Shareholders' Equity | ||||||
Exercise of May 2023 Warrants | € 24,231 | |||||
Share premium | May 2023 Warrants | Aceville | ||||||
Shareholders' Equity | ||||||
Exercise of May 2023 Warrants | € 24,231 | |||||
Class A shares | ||||||
Shareholders' Equity | ||||||
Warrants exercised | shares | 24,007,607 | 10 | ||||
Shares converted | shares | 350,000 | 525,000 | ||||
Class A shares | May 2023 Warrants | Aceville | ||||||
Shareholders' Equity | ||||||
Warrants exercised | shares | 24,007,607 | 24,007,607 | ||||
Class B shares | ||||||
Shareholders' Equity | ||||||
Shares converted | shares | 350,000 | 525,000 | ||||
Consideration transferred | € 0 | |||||
Class C shares | ||||||
Shareholders' Equity | ||||||
Shares converted | shares | 350,000 | 525,000 | ||||
Consideration transferred | € 0 | |||||
Increase in treasury share reserve due to conversion and buyback | € 84 | € 126 |
Shareholders' Equity - Confiden
Shareholders' Equity - Confidentially Marketed Public Offering ("CMPO") (Details) € in Thousands | 1 Months Ended | 12 Months Ended | ||||
Mar. 30, 2021 EUR (€) | Jul. 31, 2023 EUR (€) shares | Dec. 31, 2023 EUR (€) | Dec. 31, 2022 EUR (€) | Dec. 31, 2021 EUR (€) | Jul. 31, 2023 $ / shares | |
Shareholders' Equity | ||||||
Proceeds from the 2021 PIPE capital increase | € 381,208 | |||||
Share capital increase | € 381,208 | |||||
Share issue related cost | € 6,112 | € 7,402 | ||||
Subscribed capital | ||||||
Shareholders' Equity | ||||||
Share capital increase | 5,400 | |||||
Share premium | ||||||
Shareholders' Equity | ||||||
Share capital increase | € 375,808 | |||||
2023 Public Offering | ||||||
Shareholders' Equity | ||||||
Term Of The Over-Allotment Option | 30 days | |||||
Underwriter Fee Percentage | 6% | |||||
Proceeds from the 2021 PIPE capital increase | € 66,785 | |||||
Share capital increase | 63,473 | |||||
Derivative financial liabilities | 3,312 | |||||
Share issue related cost | 5,561 | |||||
Transaction Costs Recognized In General And Administrative Expenses | 274 | |||||
2023 Public Offering | Subscribed capital | ||||||
Shareholders' Equity | ||||||
Share capital increase | 6,923 | |||||
2023 Public Offering | Share premium | ||||||
Shareholders' Equity | ||||||
Share capital increase | € 51,263 | |||||
2023 Public Offering | Class A ordinary shares | ||||||
Shareholders' Equity | ||||||
Number of shares issued during period | shares | 57,692,308 | |||||
Sale price per share | $ / shares | $ 1.30 | |||||
2023 Public Offering | Class A ordinary shares | Share premium | ||||||
Shareholders' Equity | ||||||
Decrease In Equity Through Transaction Related Costs | € 5,287 | |||||
2023 PIPE | ||||||
Shareholders' Equity | ||||||
Proceeds from the 2021 PIPE capital increase | 37,624 | |||||
Share capital increase | 33,072 | |||||
Share issue related cost | 940 | |||||
Transaction Costs Recognized In General And Administrative Expenses | 115 | |||||
2023 PIPE | Subscribed capital | ||||||
Shareholders' Equity | ||||||
Share capital increase | 2,123 | |||||
2023 PIPE | Share premium | ||||||
Shareholders' Equity | ||||||
Share capital increase | € 30,124 | |||||
2023 PIPE | Class A ordinary shares | ||||||
Shareholders' Equity | ||||||
Number of shares issued during period | shares | 32,146,147 | |||||
Sale price per share | $ / shares | $ 1.30 | |||||
2023 PIPE | Class A ordinary shares | Share premium | ||||||
Shareholders' Equity | ||||||
Decrease In Equity Through Transaction Related Costs | € 825 | |||||
Over-allotment option | Class A ordinary shares | ||||||
Shareholders' Equity | ||||||
Number of shares issued during period | shares | 8,653,846 |
Shareholders' Equity - 2023 Pri
Shareholders' Equity - 2023 Private Placement (Details) € in Thousands | 1 Months Ended | 12 Months Ended | ||||
Mar. 30, 2021 EUR (€) | Jul. 31, 2023 EUR (€) shares | Dec. 31, 2023 EUR (€) | Dec. 31, 2022 EUR (€) | Dec. 31, 2021 EUR (€) | Jul. 31, 2023 $ / shares | |
Shareholders' Equity | ||||||
Proceeds from the 2021 PIPE capital increase | € 381,208 | |||||
Transaction cost | € 6,112 | € 7,402 | ||||
Share capital increase | € 381,208 | |||||
Share issue related cost | € 6,112 | € 7,402 | ||||
Subscribed capital | ||||||
Shareholders' Equity | ||||||
Share capital increase | 5,400 | |||||
Share premium | ||||||
Shareholders' Equity | ||||||
Share capital increase | € 375,808 | |||||
2023 Public Offering | ||||||
Shareholders' Equity | ||||||
Term Of The Over-Allotment Option | 30 days | |||||
Underwriter Fee Percentage | 6% | |||||
Proceeds from the 2021 PIPE capital increase | € 66,785 | |||||
Transaction cost | 5,561 | |||||
Share capital increase | 63,473 | |||||
Share issue related cost | 5,561 | |||||
Derivative financial liabilities | 3,312 | |||||
Transaction Costs Recognized In General And Administrative Expenses | 274 | |||||
2023 Public Offering | Subscribed capital | ||||||
Shareholders' Equity | ||||||
Share capital increase | 6,923 | |||||
2023 Public Offering | Share premium | ||||||
Shareholders' Equity | ||||||
Share capital increase | € 51,263 | |||||
2023 Public Offering | Class A ordinary shares | ||||||
Shareholders' Equity | ||||||
Number of shares issued during period | shares | 57,692,308 | |||||
Sale price per share | $ / shares | $ 1.30 | |||||
2023 Public Offering | Class A ordinary shares | Share premium | ||||||
Shareholders' Equity | ||||||
Decrease In Equity Through Transaction Related Costs | € 5,287 | |||||
2023 PIPE | ||||||
Shareholders' Equity | ||||||
Proceeds from the 2021 PIPE capital increase | 37,624 | |||||
Transaction cost | 940 | |||||
Share capital increase | 33,072 | |||||
Warrant liability | 4,552 | |||||
Share issue related cost | 940 | |||||
Transaction Costs Recognized In General And Administrative Expenses | 115 | |||||
2023 PIPE | Subscribed capital | ||||||
Shareholders' Equity | ||||||
Share capital increase | 2,123 | |||||
2023 PIPE | Share premium | ||||||
Shareholders' Equity | ||||||
Share capital increase | € 30,124 | |||||
2023 PIPE | Class A ordinary shares | ||||||
Shareholders' Equity | ||||||
Number of shares issued during period | shares | 32,146,147 | |||||
Sale price per share | $ / shares | 1.30 | |||||
Ifrs Class of Warrant or Right, Number of Securities Called by Warrants or Rights | shares | 8,036,528 | |||||
2023 PIPE | Class A ordinary shares | Share premium | ||||||
Shareholders' Equity | ||||||
Decrease In Equity Through Transaction Related Costs | € 825 | |||||
2023 PIPE | Warrants to purchase Class A ordinary shares | ||||||
Shareholders' Equity | ||||||
Expiration period (in years) | 18 months | |||||
Exercise price of warrant | $ / shares | $ 2 |
Shareholders' Equity - Share-ba
Shareholders' Equity - Share-based payments (Details) - EUR (€) € in Thousands | 12 Months Ended | |||
Mar. 26, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Shareholders' Equity | ||||
Issued shares for share-based payments exercised | 19,449,259 | 10,857,264 | ||
Convertible loans | € (39) | € (562) | € 96,193 | |
Share-based payment awards | 22,805 | 27,380 | 53,350 | |
Subscribed capital | ||||
Shareholders' Equity | ||||
Convertible loans | € 2,464 | 1,471 | 1,303 | 2,464 |
Share premium | ||||
Shareholders' Equity | ||||
Convertible loans | 127,813 | 0 | 207 | 127,813 |
Other capital reserves | ||||
Shareholders' Equity | ||||
Convertible loans | € (34,084) | (1,510) | (2,072) | (34,084) |
Increase Decrease Through Conversion Of Convertible Instruments Excluding Tax Obligations | 1,179 | 1,227 | ||
Increase Decrease Through Conversion Of Convertible Instruments, Tax Obligations | 331 | 845 | ||
Share-based payment awards | € 22,805 | € 27,380 | € 53,350 |
Shareholders' Equity - Treasury
Shareholders' Equity - Treasury Shares (Details) - shares | 1 Months Ended | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | |
Shareholders' Equity | |||
Beginning balance | 950,000 | 1,254,691 | |
Repurchase of Class B shares for newly issued Class A shares | 879,691 | 50,000 | |
Conversion of Class B shares | 350,000 | 525,000 | |
Cancellation of Class B shares | (1,300,000) | ||
Treasury shares sold by Stichting JSOP | (879,691) | ||
Shares buyback | 950,000 | 950,000 | |
Ending balance | 950,000 | 950,000 | |
Class A shares | |||
Shareholders' Equity | |||
Beginning balance | 1,254,691 | ||
Repurchase of Class B shares for Class A shares held in treasury | (375,000) | ||
Repurchase of Class B shares for newly issued Class A shares | 50,000 | ||
Conversion of Class B shares | 350,000 | 525,000 | |
Treasury shares sold by Stichting JSOP | (879,691) | ||
Shares buyback | |||
Class B shares | |||
Shareholders' Equity | |||
Beginning balance | 425,000 | ||
Repurchase of Class B shares for Class A shares held in treasury | 425,000 | 375,000 | |
Repurchase of Class B shares for newly issued Class A shares | 50,000 | ||
Conversion of Class B shares | 350,000 | 525,000 | |
Cancellation of Class B shares | (425,000) | ||
Shares buyback | 425,000 | 425,000 | |
Ending balance | 425,000 | 425,000 | |
Class C shares | |||
Shareholders' Equity | |||
Beginning balance | 525,000 | ||
Repurchase of Class B shares for Class A shares held in treasury | 875,000 | ||
Conversion of Class B shares | 350,000 | 525,000 | |
Cancellation of Class B shares | (875,000) | ||
Shares buyback | 525,000 | 525,000 | |
Ending balance | 525,000 | 525,000 |
Shareholders' Equity - Treasu_2
Shareholders' Equity - Treasury Shares - Additional Information (Details) - EUR (€) € in Thousands | 1 Months Ended | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Shareholders' Equity | ||||
Consideration transferred | € 983 | |||
Shares repurchased, issued and transferred | 879,691 | 50,000 | ||
Increase in share premium | € 877 | |||
Shares converted | 350,000 | 525,000 | ||
Shares buyback | 950,000 | 950,000 | 1,254,691 | |
Share premium | € 877 | |||
Subscribed capital | ||||
Shareholders' Equity | ||||
Cancellation of treasury shares | € 194 | |||
Treasury shares | ||||
Shareholders' Equity | ||||
Cancellation of treasury shares | € 194 | |||
Class A shares | ||||
Shareholders' Equity | ||||
Shares repurchased against transfer of shares held in treasury | (375,000) | |||
Shares repurchased, issued and transferred | 50,000 | |||
Increase in treasury reserve for newly issued shares | € 18 | |||
Increase in share premium | 108 | |||
Increase in subscribed capital | € 6 | |||
Shares converted | 350,000 | 525,000 | ||
Shares buyback | 1,254,691 | |||
Share premium | € 108 | |||
Class B shares | ||||
Shareholders' Equity | ||||
Shares repurchased against transfer of shares held in treasury | 425,000 | 375,000 | ||
Consideration transferred | € 0 | |||
Increase in treasury share reserve due to difference in nominal capital | € 90 | |||
Shares repurchased, issued and transferred | 50,000 | |||
Shares converted | 350,000 | 525,000 | ||
Shares buyback | 425,000 | 425,000 | ||
Class B shares | Subscribed capital | ||||
Shareholders' Equity | ||||
Cancellation of treasury shares | € 194 | |||
Class B shares | Treasury shares | ||||
Shareholders' Equity | ||||
Cancellation of treasury shares | € (194) | |||
Class C shares | ||||
Shareholders' Equity | ||||
Shares repurchased against transfer of shares held in treasury | 875,000 | |||
Consideration transferred | € 0 | |||
Increase in share premium | € 84 | € 126 | ||
Shares converted | 350,000 | 525,000 | ||
Shares buyback | 525,000 | 525,000 | ||
Increase in treasury share reserve due to conversion and buyback | € 84 | € 126 | ||
Share premium | € 84 | € 126 |
Share-based Payments - Other pl
Share-based Payments - Other plans (Details) € in Thousands, $ in Thousands | 1 Months Ended | 6 Months Ended | 12 Months Ended | ||||
Nov. 30, 2022 EUR (€) | Dec. 31, 2023 USD ($) | Jun. 30, 2023 EUR (€) | Jun. 30, 2023 USD ($) | Dec. 31, 2023 EUR (€) | Dec. 31, 2022 EUR (€) | Dec. 31, 2021 EUR (€) | |
Share-based Payments | |||||||
Total expense | € 22,539 | € 24,261 | € 48,349 | ||||
General population and executives - Employee Stock Option Program (ESOP) | |||||||
Share-based Payments | |||||||
Total expense | 1,298 | 7,942 | 29,286 | ||||
General population - Restricted Stock units (RSU) | |||||||
Share-based Payments | |||||||
Total expense | 5,156 | 4,977 | 77 | ||||
General population and executives - Retention and Recognition (RNR) | |||||||
Share-based Payments | |||||||
Total expense | 925 | ||||||
Executives - Employee Stock Option Program (ESOP) special vesting | |||||||
Share-based Payments | |||||||
Total expense | 598 | 1,101 | 2,135 | ||||
Executives - Restricted Stock units (RSU) | |||||||
Share-based Payments | |||||||
Total expense | 4,273 | 3,259 | 1,178 | ||||
Executives - Performance-based stock awards | |||||||
Share-based Payments | |||||||
Total expense | 2,368 | (375) | 2,296 | ||||
Executives - Time-based stock options (TSO) | |||||||
Share-based Payments | |||||||
Total expense | 932 | 2,200 | 3,505 | ||||
Share-based payment - Vendors | |||||||
Share-based Payments | |||||||
Total expense | € 4,558 | $ 5,000 | € 4,674 | $ 5,000 | 5,632 | 9,726 | |
Executives - Equity-based annual bonus | |||||||
Share-based Payments | |||||||
Total expense | € 1,357 | ||||||
Executives - Success fees (cash-settled) | |||||||
Share-based Payments | |||||||
Total expense | € (4,569) | € 9,872 |
Share-based Payments - Expense
Share-based Payments - Expense recognized for participant services received (Details) € in Thousands, $ in Thousands | 1 Months Ended | 6 Months Ended | 12 Months Ended | ||||
Nov. 30, 2022 EUR (€) | Dec. 31, 2023 USD ($) | Jun. 30, 2023 EUR (€) | Jun. 30, 2023 USD ($) | Dec. 31, 2023 EUR (€) | Dec. 31, 2022 EUR (€) | Dec. 31, 2021 EUR (€) | |
Share-based Payments | |||||||
Expense recognized | € 22,539 | € 24,261 | € 48,349 | ||||
General population and executives - Employee Stock Option Program (ESOP) | |||||||
Share-based Payments | |||||||
Expense arising from equity-settled share-based payments | 1,298 | 7,942 | 29,286 | ||||
Expense recognized | 1,298 | 7,942 | 29,286 | ||||
General population - Restricted Stock units (RSU) | |||||||
Share-based Payments | |||||||
Expense arising from equity-settled share-based payments | 5,156 | 4,977 | 77 | ||||
Expense recognized | 5,156 | 4,977 | 77 | ||||
Executives - Employee Stock Option Program (ESOP) special vesting | |||||||
Share-based Payments | |||||||
Expense arising from equity-settled share-based payments | 598 | 1,101 | 2,135 | ||||
Expense recognized | 598 | 1,101 | 2,135 | ||||
Executives - Restricted Stock units (RSU) | |||||||
Share-based Payments | |||||||
Expense arising from equity-settled share-based payments | 4,273 | 3,259 | 1,178 | ||||
Expense recognized | 4,273 | 3,259 | 1,178 | ||||
Executives - Performance-based stock awards | |||||||
Share-based Payments | |||||||
Expense arising from equity-settled share-based payments | 2,368 | (375) | 2,296 | ||||
Expense recognized | 2,368 | (375) | 2,296 | ||||
Executives - Time-based stock options (TSO) | |||||||
Share-based Payments | |||||||
Expense recognized | 932 | 2,200 | 3,505 | ||||
Share-based payment - Vendors | |||||||
Share-based Payments | |||||||
Expense arising from equity-settled share-based payments | 5,632 | 9,726 | |||||
Expense recognized | € 4,558 | $ 5,000 | € 4,674 | $ 5,000 | 5,632 | 9,726 | |
Executives - Success fees (cash-settled) | |||||||
Share-based Payments | |||||||
Expense arising from cash-settled share-based payments | (4,569) | 9,872 | |||||
Expense recognized | € (4,569) | € 9,872 | |||||
Executives - Equity-based annual bonus | |||||||
Share-based Payments | |||||||
Expense recognized | € 1,357 |
Share-based Payments - Movement
Share-based Payments - Movements during the year (Details) | 12 Months Ended | ||||
Dec. 31, 2023 shares EUR (€) Options € / shares | Dec. 31, 2023 Options shares EUR (€) | Dec. 31, 2023 shares EUR (€) Options | Dec. 31, 2023 shares EUR (€) Options | Dec. 31, 2022 Options € / shares shares EUR (€) | |
Weighted average exercise prices | |||||
Number of RSU exercisable | Options | 2,199 | 2,199 | 2,199 | 2,199 | 908 |
General population and executives - Employee Stock Option Program (ESOP) | |||||
Number of options | |||||
Exercised during the period | (0.99) | (2.52) | |||
WAEP | |||||
Outstanding at December 31 | € 0 | ||||
General population - Restricted Stock units (RSU) | |||||
Number of options | |||||
Outstanding at January 1 | shares | 162,800 | ||||
Granted during the year | € | 6,826,000 | 4,886,000 | |||
Forfeited during the year | shares | (135,309) | ||||
WAEP | |||||
Outstanding at January 1 | € 0.12 | € 0.12 | |||
Assigned during the year | 0.01 | 0.12 | |||
Forfeited during the year | € 0.04 | € 0.12 | |||
Outstanding at December 31 | € 0.01 | € 0.12 | |||
Number of RSU | |||||
Outstanding at January 1 | shares | 7,739,562 | 7,739,562 | 7,739,562 | 7,739,562 | 4,275,098 |
Assigned during the year | shares | 6,826,462 | 4,886,077 | |||
Exercised during the year | shares | (2,473,089) | (638,470) | |||
Forfeited during the year | shares | (888,909) | ||||
Outstanding at December 31 | shares | 7,739,562 | 7,739,562 | 7,739,562 | 7,739,562 | 4,275,098 |
Weighted average exercise prices | |||||
Exercised during the year | € 0.05 | € 0.12 | |||
General population and executives - Retention and Recognition (RNR) | |||||
WAEP | |||||
Assigned during the year | 0.01 | ||||
Forfeited during the year | € 0.01 | ||||
Exercised during the period | 0.01 | ||||
Outstanding at December 31 | € 0.01 | ||||
Number of RSU | |||||
Outstanding at January 1 | shares | 810,816 | 810,816 | 810,816 | 810,816 | |
Assigned during the year | 2,432,424 | 2,432,000 | |||
Exercised during the year | shares | (405,401) | ||||
Forfeited during the year | shares | (1,216,207) | ||||
Outstanding at December 31 | shares | 810,816 | 810,816 | 810,816 | 810,816 | |
Weighted average exercise prices | |||||
Number of RSU exercisable | € | 0 | 0 | 0 | 0 | |
Executives - Employee Stock Option Program (ESOP) special vesting | |||||
Number of options | |||||
Outstanding at January 1 | Options | 728,020 | 1,888,477 | |||
Granted during the year | Options | 322,840 | 531,449 | |||
Forfeited during the year | Options | (302,327) | (1,160,457) | |||
Exercised during the period | Options | (93,718) | (430,431) | |||
Outstanding at December 31 | Options | 425,693 | 728,020 | |||
WAEP | |||||
Outstanding at January 1 | € 6.94 | € 7.90 | |||
Forfeited during the year | 8.50 | 8.50 | |||
Outstanding at December 31 | 5.85 | € 6.94 | |||
Executives - Restricted Stock units (RSU) | |||||
Number of options | |||||
Outstanding at January 1 | Options | 2,324,725 | 1,050,913 | |||
Granted during the year | Options | 4,931,937 | 1,699,411 | |||
Forfeited during the year | Options | (1,178,419) | (291,199) | |||
Outstanding at December 31 | Options | 5,639,673 | 2,324,725 | |||
WAEP | |||||
Outstanding at January 1 | € 0.12 | € 0.12 | |||
Granted during the year | € 0.12 | ||||
Assigned during the year | 0.01 | 4,932,000 | 1,699,000 | ||
Forfeited during the year | € 0.03 | € 0.12 | |||
Exercised during the period | 0.03 | 0.12 | |||
Outstanding at December 31 | 0.01 | € 0.12 | |||
Number of RSU | |||||
Forfeited during the year | Options | (438,570) | (134,400) | |||
Executives - Performance-based stock awards | |||||
Number of options | |||||
Outstanding at January 1 | Options | 3,596,721 | 7,036,501 | |||
Granted during the year | Options | 657,608 | 1,272,059 | |||
Forfeited during the year | Options | (4,711,839) | ||||
Outstanding at December 31 | Options | 4,254,329 | 3,596,721 | |||
WAEP | |||||
Outstanding at January 1 | 7.94 | € 8.15 | |||
Granted during the year | 0.01 | 9.45 | |||
Forfeited during the year | 8.66 | ||||
Outstanding at December 31 | 6.71 | € 7.94 | |||
Executives - Time-based stock options (TSO) | |||||
Number of options | |||||
Outstanding at January 1 | Options | 3,107,488 | 2,951,000 | |||
Granted during the year | Options | 0 | 2,199,488 | |||
Forfeited during the year | Options | (2,043,000) | ||||
Outstanding at December 31 | Options | 3,107,488 | 3,107,488 | |||
WAEP | |||||
Outstanding at January 1 | 4.07 | € 7.25 | |||
Granted during the year | 2.76 | ||||
Forfeited during the year | 7.25 | ||||
Outstanding at December 31 | 4.07 | € 4.07 | |||
General population and Executives - standard ESOP, Equity-settled options | General population and executives - Employee Stock Option Program (ESOP) | |||||
Number of options | |||||
Outstanding at January 1 | Options | 8,049,568 | 19,573,307 | |||
Granted during the year | Options | 5,714 | ||||
Forfeited during the year | Options | (657,381) | (1,188,512) | |||
Exercised during the period | Options | (2,577,144) | (10,318,085) | |||
Transferred to cash-settled | shares | (22,856) | ||||
Outstanding at December 31 | Options | 4,815,043 | 8,049,568 | |||
WAEP | |||||
Outstanding at January 1 | 0 | € 0 | |||
Granted during the year | 0 | ||||
Forfeited during the year | 0 | 0 | |||
Exercised during the period | 0 | € 0 | |||
Transferred from cash-settled | 0 | ||||
Outstanding at December 31 | 0 | € 0 | |||
General population and Executives - standard ESOP, Cash-settled options | General population and executives - Employee Stock Option Program (ESOP) | |||||
Number of options | |||||
Outstanding at January 1 | Options | 5,714 | ||||
Forfeited during the year | Options | (5,714) | ||||
Exercised during the period | (17,142) | ||||
Transferred to cash-settled | shares | 22,856 | ||||
Outstanding at December 31 | Options | 5,714 | ||||
WAEP | |||||
Outstanding at January 1 | 0 | ||||
Forfeited during the year | 0 | ||||
Transferred from cash-settled | 0 | ||||
Outstanding at December 31 | € 0 | ||||
Executives - Restricted Stock units (RSU) | Executives - Restricted Stock units (RSU) | |||||
WAEP | |||||
Outstanding at January 1 | 1.66 | ||||
Outstanding at December 31 | € 1.30 | € 1.66 |
Share-based Payments - Measurem
Share-based Payments - Measurement of fair values (Details) € in Thousands | 5 Months Ended | 9 Months Ended | 12 Months Ended | |||
Jul. 30, 2022 € / shares | Dec. 31, 2023 EUR (€) Options € / shares shares | Sep. 30, 2023 € / shares | Dec. 31, 2023 EUR (€) € / shares Options item shares | Dec. 31, 2022 EUR (€) € / shares Options item | Dec. 31, 2021 € / shares | |
Share-based Payments | ||||||
Number of options exercisable | Options | 657,608 | 657,608 | 1,272 | |||
Advisors - Strategic collaboration agreement | ||||||
Share-based Payments | ||||||
Exercise price of warrant | € 0.12 | € 0.12 | ||||
Advisors - Strategic collaboration agreement | Tranche one [Member] | Class A shares | ||||||
Share-based Payments | ||||||
Number of warrants issued to purchase shares | shares | 1,800,000 | 1,800,000 | ||||
Advisors - Strategic collaboration agreement | Tranche two [Member] | Class A shares | ||||||
Share-based Payments | ||||||
Number of warrants issued to purchase shares | shares | 6,200,000 | 6,200,000 | ||||
Advisors - Strategic collaboration agreement | Maximum | Class A shares | ||||||
Share-based Payments | ||||||
Number of warrants issued to purchase shares | shares | 8,000,000 | 8,000,000 | ||||
General population and executives - Employee Stock Option Program (ESOP) | ||||||
Share-based Payments | ||||||
Total fair value of options granted | € | € 0 | € 0 | € 17 | |||
Weighted average exercise price for all option | € 0 | € 0 | ||||
Weighted average remaining contractual life | 9 years 7 months 6 days | |||||
Vesting period (in years) | 4 years | |||||
Exercised (in shares) | 0.99 | 2.52 | ||||
Number of options exercisable | Options | 4,661,231 | 4,661,231 | 7,043,620 | |||
Contractual life | 10 years | |||||
General population - Restricted Stock units (RSU) | ||||||
Share-based Payments | ||||||
Exercise price | € 0.01 | € 0.12 | € 0.01 | € 0.12 | € 0.12 | |
Weighted average exercise price for all option | € 0.01 | € 0.01 | € 0.12 | 0.12 | ||
Weighted average remaining contractual life | 1 year 10 days | 6 months 29 days | ||||
Number of options granted | € | 6,826 | 4,886 | ||||
Number of options exercisable | Options | 0 | 0 | 0 | |||
Price per share | € 0.82 | € 0.82 | € 2.40 | |||
Additional expense from share based transactions | € | € 368 | |||||
General population - Restricted Stock units (RSU) | Minimum | ||||||
Share-based Payments | ||||||
Vesting period (in years) | 1 year | |||||
General population - Restricted Stock units (RSU) | Maximum | ||||||
Share-based Payments | ||||||
Vesting period (in years) | 4 years | |||||
Executives - Employee Stock Option Program (ESOP) special vesting | ||||||
Share-based Payments | ||||||
Weighted average exercise price for all option | 5.85 | € 5.85 | € 6.94 | 7.90 | ||
Weighted average remaining contractual life | 11 years 7 months 6 days | 11 years 4 months 24 days | ||||
Exercised (in shares) | Options | 93,718 | 430,431 | ||||
Number of options granted | Options | 322,840 | 531,449 | ||||
Executives - Employee Stock Option Program (ESOP) special vesting | Minimum | ||||||
Share-based Payments | ||||||
Exercise price of outstanding share options | 0 | € 0 | € 0 | |||
Executives - Employee Stock Option Program (ESOP) special vesting | Maximum | ||||||
Share-based Payments | ||||||
Exercise price of outstanding share options | 8.47 | 8.47 | 8.90 | |||
Executives - Restricted Stock units (RSU) | ||||||
Share-based Payments | ||||||
Weighted average exercise price for all option | 0.01 | € 0.01 | € 0.12 | 0.12 | ||
Weighted average remaining contractual life | 1 year 2 months 12 days | 1 year 6 months | ||||
Price per share upon vesting | € 0.12 | € 0.01 | ||||
Number of options granted | Options | 4,931,937 | 1,699,411 | ||||
Weighted average fair value of options granted | 1.37 | 1.67 | ||||
Additional expense from share based transactions | € | € 127 | |||||
Executives - Restricted Stock units (RSU) | Minimum | ||||||
Share-based Payments | ||||||
Exercise price | € 0.01 | |||||
Vesting period (in years) | 1 year | |||||
Executives - Restricted Stock units (RSU) | Maximum | ||||||
Share-based Payments | ||||||
Exercise price | € 0.12 | |||||
Vesting period (in years) | 4 years | |||||
Executives - Restricted Stock units (RSU) | Executives - Restricted Stock units (RSU) | ||||||
Share-based Payments | ||||||
Weighted average exercise price for all option | 1.30 | € 1.30 | € 1.66 | |||
Executives - Performance-based stock awards | ||||||
Share-based Payments | ||||||
Exercise price | 0.01 | |||||
Weighted average exercise price for all option | € 6.71 | € 6.71 | € 7.94 | 8.15 | ||
Weighted average remaining contractual life | 8 years 6 months | 9 years 6 months | ||||
Number of options granted | Options | 657,608 | 1,272,059 | ||||
Number of options exercisable | Options | 0 | 0 | 0 | |||
Contractual life | 10 years | |||||
Peer performance testing period | 3 years | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number Of Peer companies Considered For Performance Testing | item | 34 | |||||
Minimum position to be obtained under peer performance test for total shareholder return to get 100 percentage | item | 8 | |||||
Weighted average fair value of awards granted | € 1.54 | € 1.14 | ||||
Executives - Performance-based stock awards | Minimum | ||||||
Share-based Payments | ||||||
Exercise price of outstanding share options | € 7.11 | 7.11 | 7.11 | |||
Executives - Performance-based stock awards | Maximum | ||||||
Share-based Payments | ||||||
Exercise price of outstanding share options | 9.71 | 9.71 | ||||
Executives - Time-based stock options (TSO) | ||||||
Share-based Payments | ||||||
Exercise price | 1.21 | |||||
Weighted average exercise price for all option | € 4.07 | € 4.07 | € 4.07 | € 7.25 | ||
Weighted average remaining contractual life | 8 years 6 months | 9 years 6 months | ||||
Number of options granted | Options | 0 | 2,199,488 | ||||
Number of options exercisable | Options | 1,643 | 1,643 | ||||
Weighted average fair value of options granted | 2.30 | |||||
Contractual life | 10 years | |||||
Number of participants, offered time based stock options | item | 3 | |||||
Award expiration period, participant ceases to be an employee | 90 days | |||||
Share Based Compensation Arrangement By Share Based Payment Award, Number Of Participants Left The Organization | item | 1 | |||||
Share Based Compensation Arrangement By Share Based Payment Award, Vesting Percentage, Participant Ceases To Be Employee | 31% | |||||
Executives - Time-based stock options (TSO) | Minimum | ||||||
Share-based Payments | ||||||
Exercise price of outstanding share options | € 2.30 | € 2.30 | € 2.30 | |||
Executives - Time-based stock options (TSO) | Maximum | ||||||
Share-based Payments | ||||||
Exercise price of outstanding share options | € 7.25 | |||||
Weighted average fair value of options granted | 7.25 | |||||
Advisors - Strategic collaboration agreement | ||||||
Share-based Payments | ||||||
Discount for lack of marketability | 5% | |||||
Number of warrants issued to purchase shares | shares | 1,800,000 | 1,800,000 | ||||
Expiration period (in years) | 5 years | |||||
Transfer restriction period (in months) | 12 months | |||||
Professional fees | € | € 13,030 | |||||
Advisors - Strategic collaboration agreement | Class A shares | ||||||
Share-based Payments | ||||||
Number of warrants issued to purchase shares | shares | 1,800,000 | 1,800,000 | ||||
Exercise price of warrant | € 0.12 | € 0.12 |
Share-based Payments - Addition
Share-based Payments - Additional Informations (Details) € / shares in Units, $ in Thousands | 1 Months Ended | 5 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||
Jul. 30, 2022 € / shares | Aug. 31, 2023 EUR (€) € / shares | Dec. 31, 2022 EUR (€) Options € / shares shares | Nov. 30, 2022 EUR (€) item shares | Nov. 30, 2022 USD ($) item shares | Dec. 31, 2023 EUR (€) Options € / shares shares | Dec. 31, 2023 USD ($) | Jun. 30, 2023 EUR (€) | Jun. 30, 2023 USD ($) | Sep. 30, 2023 € / shares | Dec. 31, 2023 EUR (€) shares € / shares Options item | Dec. 31, 2023 USD ($) Options shares item | Dec. 31, 2022 EUR (€) € / shares Options shares item | Dec. 31, 2021 EUR (€) € / shares | Aug. 01, 2023 € / shares | May 31, 2023 € / shares | |
Share-based Payments | ||||||||||||||||
Nominal value per share | € 0.12 | € 0.01 | € 0.01 | € 0.12 | ||||||||||||
Number of options exercisable | Options | 1,272 | 657,608 | 657,608 | 1,272 | ||||||||||||
Number of RSU exercisable | Options | 908 | 2,199 | 2,199 | 908 | ||||||||||||
Expense recognized | € | € 22,539,000 | € 24,261,000 | € 48,349,000 | |||||||||||||
Reserve of share-based payments | ||||||||||||||||
Share-based Payments | ||||||||||||||||
Impact of the transaction | € | € 495,000 | |||||||||||||||
Class A shares | ||||||||||||||||
Share-based Payments | ||||||||||||||||
Nominal value per share | € 0.12 | € 0.12 | € 0.01 | € 0.01 | € 0.12 | € 0.01 | € 0.12 | |||||||||
Key management | ||||||||||||||||
Share-based Payments | ||||||||||||||||
Exercised during the period | shares | (2,623,000) | (2,623,000) | (1,872,000) | |||||||||||||
General population and executives - Employee Stock Option Program (ESOP) | ||||||||||||||||
Share-based Payments | ||||||||||||||||
Vesting period (in years) | 4 years | 4 years | ||||||||||||||
Vesting percentage | 25% | 25% | ||||||||||||||
Contractual life | 10 years | 10 years | ||||||||||||||
Total fair value of options granted | € | € 17,000 | € 0 | € 0 | € 17,000 | ||||||||||||
Number of external customers offered cash settled options | item | 2 | 2 | ||||||||||||||
Weighted average exercise price for all option | € 0 | € 0 | ||||||||||||||
Weighted average remaining contractual life | 9 years 7 months 6 days | 9 years 7 months 6 days | ||||||||||||||
Number of share options vested | shares | 1,351,378 | 1,351,378 | 979,661 | |||||||||||||
Number of options exercisable | Options | 7,043,620 | 4,661,231 | 4,661,231 | 7,043,620 | ||||||||||||
Exercised during the period | (0.99) | (2.52) | ||||||||||||||
Expense recognized | € | € 1,298,000 | € 7,942,000 | 29,286,000 | |||||||||||||
Expense arising from equity-settled share-based payments | € | € 1,298,000 | € 7,942,000 | € 29,286,000 | |||||||||||||
General population - Restricted Stock units (RSU) | ||||||||||||||||
Share-based Payments | ||||||||||||||||
Nominal value per share | € 0.12 | € 0.12 | € 0.01 | |||||||||||||
Weighted average exercise price for all option | € 0.12 | € 0.01 | € 0.01 | € 0.12 | 0.12 | |||||||||||
Weighted average remaining contractual life | 1 year 10 days | 1 year 10 days | 6 months 29 days | |||||||||||||
Number of options exercisable | Options | 0 | 0 | 0 | 0 | ||||||||||||
Number of options granted | € | 6,826,000 | 4,886,000 | ||||||||||||||
Exercise price | € 0.01 | € 0.12 | € 0.01 | € 0.12 | € 0.12 | |||||||||||
Additional expense from share based transactions | € | € 368,000 | |||||||||||||||
Assigned during the year | shares | 6,826,462 | 6,826,462 | 4,886,077 | |||||||||||||
Share price | € 2.40 | 0.82 | € 0.82 | € 2.40 | ||||||||||||
Weighted average exercise price of the option | € 1.12 | € 1.92 | ||||||||||||||
Expense recognized | € | € 5,156,000 | € 4,977,000 | € 77,000 | |||||||||||||
Expense arising from equity-settled share-based payments | € | € 5,156,000 | € 4,977,000 | € 77,000 | |||||||||||||
General population - Restricted Stock units (RSU) | Minimum | ||||||||||||||||
Share-based Payments | ||||||||||||||||
Vesting period (in years) | 1 year | 1 year | ||||||||||||||
General population - Restricted Stock units (RSU) | Maximum | ||||||||||||||||
Share-based Payments | ||||||||||||||||
Vesting period (in years) | 4 years | 4 years | ||||||||||||||
General population and executives - Retention and Recognition (RNR) | ||||||||||||||||
Share-based Payments | ||||||||||||||||
Weighted average exercise price for all option | € 0.01 | € 0.01 | ||||||||||||||
Weighted average remaining contractual life | 1 year 2 months 12 days | 1 year 2 months 12 days | ||||||||||||||
Share-based compensation arrangement by share-based payment award, award granted, percentage | 50% | 50% | ||||||||||||||
Share-based compensation arrangement by share-based payment award, award forfeited, percentage | 50% | 50% | ||||||||||||||
Assigned during the year | 2,432,424 | 2,432,424 | ||||||||||||||
Number of RSU exercisable | € | 0 | 0 | ||||||||||||||
Weighted average fair value of other equity instruments granted in sharebased payment arrangement | € 1.49 | |||||||||||||||
Share price | € 0.61 | € 0.61 | ||||||||||||||
Expense recognized | € | € 925,000 | |||||||||||||||
Expense arising from equity-settled share-based payments | € | € 925,000 | |||||||||||||||
General population and executives - Retention and Recognition (RNR) | Tranche one | ||||||||||||||||
Share-based Payments | ||||||||||||||||
Vesting percentage | 33% | 33% | ||||||||||||||
General population and executives - Retention and Recognition (RNR) | Tranche two | ||||||||||||||||
Share-based Payments | ||||||||||||||||
Vesting percentage | 33% | 33% | ||||||||||||||
General population and executives - Retention and Recognition (RNR) | Tranche three | ||||||||||||||||
Share-based Payments | ||||||||||||||||
Vesting percentage | 34% | 34% | ||||||||||||||
Executives - Employee Stock Option Program (ESOP) special vesting | ||||||||||||||||
Share-based Payments | ||||||||||||||||
Weighted average exercise price for all option | 6.94 | 5.85 | € 5.85 | € 6.94 | € 7.90 | |||||||||||
Weighted average remaining contractual life | 11 years 7 months 6 days | 11 years 7 months 6 days | 11 years 4 months 24 days | |||||||||||||
Number of options granted | Options | 322,840 | 322,840 | 531,449 | |||||||||||||
Exercised during the period | Options | (93,718) | (93,718) | (430,431) | |||||||||||||
Expense recognized | € | € 598,000 | € 1,101,000 | € 2,135,000 | |||||||||||||
Expense arising from equity-settled share-based payments | € | € 598,000 | € 1,101,000 | € 2,135,000 | |||||||||||||
Executives - Employee Stock Option Program (ESOP) special vesting | Minimum | ||||||||||||||||
Share-based Payments | ||||||||||||||||
Exercise price of outstanding share options | 0 | 0 | € 0 | € 0 | ||||||||||||
Executives - Employee Stock Option Program (ESOP) special vesting | Maximum | ||||||||||||||||
Share-based Payments | ||||||||||||||||
Exercise price of outstanding share options | 8.90 | 8.47 | 8.47 | 8.90 | ||||||||||||
Executives - Restricted Stock units (RSU) | ||||||||||||||||
Share-based Payments | ||||||||||||||||
Weighted average exercise price for all option | 0.12 | 0.01 | € 0.01 | € 0.12 | € 0.12 | |||||||||||
Weighted average remaining contractual life | 1 year 2 months 12 days | 1 year 2 months 12 days | 1 year 6 months | |||||||||||||
Number of options granted | Options | 4,931,937 | 4,931,937 | 1,699,411 | |||||||||||||
Additional expense from share based transactions | € | € 127,000 | |||||||||||||||
Price per share upon vesting | € 0.12 | € 0.01 | ||||||||||||||
Weighted average fair value of options granted | 1.37 | 1.67 | ||||||||||||||
Expense recognized | € | € 4,273,000 | € 3,259,000 | € 1,178,000 | |||||||||||||
Expense arising from equity-settled share-based payments | € | € 4,273,000 | € 3,259,000 | € 1,178,000 | |||||||||||||
Executives - Restricted Stock units (RSU) | Minimum | ||||||||||||||||
Share-based Payments | ||||||||||||||||
Vesting period (in years) | 1 year | 1 year | ||||||||||||||
Exercise price | € 0.01 | |||||||||||||||
Executives - Restricted Stock units (RSU) | Maximum | ||||||||||||||||
Share-based Payments | ||||||||||||||||
Vesting period (in years) | 4 years | 4 years | ||||||||||||||
Exercise price | € 0.12 | |||||||||||||||
Executives - Restricted Stock units (RSU) | Executives - Restricted Stock units (RSU) | ||||||||||||||||
Share-based Payments | ||||||||||||||||
Weighted average exercise price for all option | 1.66 | 1.30 | € 1.30 | € 1.66 | ||||||||||||
Executives - Performance-based stock awards | ||||||||||||||||
Share-based Payments | ||||||||||||||||
Contractual life | 10 years | 10 years | ||||||||||||||
Weighted average exercise price for all option | € 7.94 | € 6.71 | € 6.71 | € 7.94 | € 8.15 | |||||||||||
Weighted average remaining contractual life | 8 years 6 months | 8 years 6 months | 9 years 6 months | |||||||||||||
Number of options exercisable | Options | 0 | 0 | 0 | 0 | ||||||||||||
Number of options granted | Options | 657,608 | 657,608 | 1,272,059 | |||||||||||||
Exercise price | € 0.01 | |||||||||||||||
Peer performance testing period | 3 years | 3 years | ||||||||||||||
Minimum position to be obtained under peer performance test for total shareholder return to get 100 percentage | item | 8 | 8 | ||||||||||||||
Weighted average fair value of awards granted | € 1.54 | € 1.14 | ||||||||||||||
Expense recognized | € | € 2,368,000 | € (375,000) | € 2,296,000 | |||||||||||||
Expense arising from equity-settled share-based payments | € | € 2,368,000 | € (375,000) | € 2,296,000 | |||||||||||||
Executives - Performance-based stock awards | Minimum | ||||||||||||||||
Share-based Payments | ||||||||||||||||
Exercise price of outstanding share options | € 7.11 | € 7.11 | € 7.11 | € 7.11 | ||||||||||||
Executives - Performance-based stock awards | Maximum | ||||||||||||||||
Share-based Payments | ||||||||||||||||
Exercise price of outstanding share options | 9.71 | 9.71 | ||||||||||||||
Executives - Time-based stock options (TSO) | ||||||||||||||||
Share-based Payments | ||||||||||||||||
Contractual life | 10 years | |||||||||||||||
Weighted average exercise price for all option | 4.07 | € 4.07 | € 4.07 | € 4.07 | € 7.25 | |||||||||||
Weighted average remaining contractual life | 8 years 6 months | 8 years 6 months | 9 years 6 months | |||||||||||||
Number of options exercisable | Options | 1,643 | 1,643 | ||||||||||||||
Number of options granted | Options | 0 | 0 | 2,199,488 | |||||||||||||
Exercise price | € 1.21 | |||||||||||||||
Weighted average fair value of options granted | 2.30 | |||||||||||||||
Number of participants, offered time based stock options | item | 3 | |||||||||||||||
Award expiration period, participant ceases to be an employee | 90 days | |||||||||||||||
Expense recognized | € | € 932,000 | € 2,200,000 | € 3,505,000 | |||||||||||||
Executives - Time-based stock options (TSO) | Minimum | ||||||||||||||||
Share-based Payments | ||||||||||||||||
Exercise price of outstanding share options | 2.30 | € 2.30 | € 2.30 | € 2.30 | ||||||||||||
Executives - Time-based stock options (TSO) | Maximum | ||||||||||||||||
Share-based Payments | ||||||||||||||||
Exercise price of outstanding share options | € 7.25 | € 7.25 | ||||||||||||||
Weighted average fair value of options granted | 7.25 | |||||||||||||||
Executives - Success fees (cash-settled) | ||||||||||||||||
Share-based Payments | ||||||||||||||||
Remaining liability amount | € | € 0 | € 1,003,000 | ||||||||||||||
Expense recognized | € | (4,569,000) | € 9,872,000 | ||||||||||||||
Share-based payment - Vendors | ||||||||||||||||
Share-based Payments | ||||||||||||||||
Cash | $ | $ 4,500 | $ 5,000 | ||||||||||||||
Expense recognized | € 4,558,000 | $ 5,000 | € 4,674,000 | $ 5,000 | 5,632,000 | 9,726,000 | ||||||||||
Expense arising from equity-settled share-based payments | € | € 5,632,000 | 9,726,000 | ||||||||||||||
Number of third parties | item | 2 | 2 | ||||||||||||||
Prepayment of the goods and services to the vendors | € | € 19,502,000 | |||||||||||||||
Share-based payment - Vendors | Class A shares | ||||||||||||||||
Share-based Payments | ||||||||||||||||
Issuance of units | shares | 3,101,523 | |||||||||||||||
Number of settlement shares to be issued for services rendered | shares | 3,101,523 | 3,101,523 | 4,672,897 | 4,672,897 | ||||||||||||
Share-based payment - Vendors | Share-based payment - Vendors | Class A shares | ||||||||||||||||
Share-based Payments | ||||||||||||||||
Number of settlement shares to be issued for services rendered | shares | 5,000,000 | 5,000,000 | ||||||||||||||
Executives - Equity-based annual bonus | ||||||||||||||||
Share-based Payments | ||||||||||||||||
Share-based payment | € | € 225,000 | € 225,000 | € 225,000 | 225,000 | ||||||||||||
Expense recognized | € | € 1,357,000 | |||||||||||||||
Executives - Equity-based annual bonus | Other capital reserves | ||||||||||||||||
Share-based Payments | ||||||||||||||||
Share-based payment | € | € 0 | € 0 | ||||||||||||||
Advisors - Strategic collaboration agreement | ||||||||||||||||
Share-based Payments | ||||||||||||||||
Number of warrants issued to purchase shares | shares | 1,800,000 | 1,800,000 | ||||||||||||||
Expiration period (in years) | 5 years | 5 years | ||||||||||||||
Transfer restriction period (in months) | 12 months | 12 months | ||||||||||||||
Discount for lack of marketability | 5% | 5% | ||||||||||||||
Professional fees | € | € 13,030,000 | |||||||||||||||
Advisors - Strategic collaboration agreement | Class A shares | ||||||||||||||||
Share-based Payments | ||||||||||||||||
Number of warrants issued to purchase shares | shares | 1,800,000 | 1,800,000 | ||||||||||||||
Exercise price of warrant | € 0.12 | € 0.12 |
Warrants - Components (Details)
Warrants - Components (Details) - EUR (€) € in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Warrants | ||
Total Warrants | € 205,013 | € 26,267 |
Reorganization Warrants | ||
Warrants | ||
Total Warrants | 2,854 | 1,811 |
RDO & 2022 PIPE Warrants | ||
Warrants | ||
Total Warrants | 29,590 | € 24,456 |
May 2023 Warrants | ||
Warrants | ||
Total Warrants | 170,505 | |
2023 PIPE Warrants | ||
Warrants | ||
Total Warrants | € 2,064 |
Warrants - Movements of the war
Warrants - Movements of the warrant (Details) - EUR (€) € in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Beginning Balance | € 26,267 | € 21,405 |
Foreign currency translation | (3,510) | 508 |
Fair value changes to profit or loss | 126,899 | (30,196) |
Ending Balance | 205,013 | 26,267 |
RDO and 2022 PIPE Warrants | ||
Initial recognition | € 34,550 | |
2023 PIPE Warrants | ||
Initial recognition | 4,552 | |
May 2023 Warrants | ||
Initial recognition | (82,829) | |
Settlement | 91,811 | |
Exercise | (25,593) | |
Additional Funding Amount On May 2023 Warrants | ||
Settlement | € 67,416 |
Warrants - Reorganization Warra
Warrants - Reorganization Warrants (Details) - Reorganization Warrants - shares | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Ifrs Class of Warrant or Right [Line Items] | ||
Warrants exercisable term | 30 days | |
Warrants expiration term | 5 years | |
Public Warrants | ||
Ifrs Class of Warrant or Right [Line Items] | ||
Number of warrants assigned from Qell to Liliium upon Reorganization | 12,649,946 | |
Warrants exercised | 0 | 10 |
Warrants outstanding | 12,649,936 | 12,649,936 |
Private Warrants | ||
Ifrs Class of Warrant or Right [Line Items] | ||
Number of warrants assigned from Qell to Liliium upon Reorganization | 7,060,000 | |
Warrants exercised | 0 | 0 |
Warrants outstanding | 7,060,000 | 7,060,000 |
Warrants - RDO Warrants & 2022
Warrants - RDO Warrants & 2022 PIPE Warrants (Details) | 12 Months Ended | ||||||
Dec. 31, 2023 D € / shares $ / shares shares | Dec. 31, 2023 $ / shares shares | Aug. 31, 2023 € / shares | Aug. 01, 2023 € / shares | May 31, 2023 € / shares | Dec. 31, 2022 € / shares shares | Dec. 31, 2022 $ / shares shares | |
Ifrs Class of Warrant or Right [Line Items] | |||||||
Nominal value | € / shares | € 0.01 | € 0.12 | |||||
Class A shares | |||||||
Ifrs Class of Warrant or Right [Line Items] | |||||||
Nominal value | € / shares | € 0.01 | € 0.12 | € 0.01 | € 0.12 | € 0.12 | ||
RDO and 2022 PIPE Warrants | |||||||
Ifrs Class of Warrant or Right [Line Items] | |||||||
Exercisable period | 4 years | ||||||
Exercise price of warrant | $ 1.30 | ||||||
Minimum trading days required for prior written notice to registered holders of warrants | D | 20 | ||||||
Exercise price | 1 | $ 1.30 | |||||
RDO and 2022 PIPE Warrants | Class A shares | |||||||
Ifrs Class of Warrant or Right [Line Items] | |||||||
Maximum share price subject to exceptions | 1.30 | ||||||
Redemption price per share | $ 0.01 | ||||||
Minimum market price required for at least 20 trading days during 30 consecutive trading day period | € 2.60 | ||||||
PIPE Warrants | |||||||
Ifrs Class of Warrant or Right [Line Items] | |||||||
Warrants outstanding | shares | 34,512,464 | 34,512,464 | 34,512,464 | 34,512,464 | |||
Warrant Issued | shares | 34,512,464 | 34,512,464 | |||||
PIPE Warrants | Class A shares | |||||||
Ifrs Class of Warrant or Right [Line Items] | |||||||
Share price | $ 1.30 | ||||||
Nominal value | € / shares | € 0.01 | € 0.12 | |||||
RDO Warrants | |||||||
Ifrs Class of Warrant or Right [Line Items] | |||||||
Warrants outstanding | shares | 11,249,997 | 11,249,997 | 11,249,997 | 11,249,997 | |||
Warrant Issued | shares | 11,249,997 | 11,249,997 | |||||
RDO Warrants | Class A shares | |||||||
Ifrs Class of Warrant or Right [Line Items] | |||||||
Number of warrant to purchase shares | shares | 0.5 | 0.5 | |||||
Share price | € / shares | € 1.30 | ||||||
Nominal value | $ 0.12 |
Warrants - Additional Informati
Warrants - Additional Information (Details) $ / shares in Units, € in Thousands, $ in Thousands | 1 Months Ended | 12 Months Ended | |||
May 31, 2023 EUR (€) shares | Dec. 31, 2023 EUR (€) | Dec. 31, 2023 $ / shares shares | May 31, 2023 USD ($) $ / shares shares | Dec. 31, 2022 shares | |
Warrants | |||||
Initial recognition of May 2023 Warrants | € | € 82,829 | ||||
Other capital reserves | |||||
Warrants | |||||
Initial recognition of May 2023 Warrants | € | € 82,829 | 82,829 | |||
Other capital reserves | Aceville | |||||
Warrants | |||||
Initial recognition of May 2023 Warrants | € | € 82,829 | ||||
RDO Warrants | |||||
Warrants | |||||
Warrants outstanding | 11,249,997 | 11,249,997 | |||
RDO Warrants | Class A shares | |||||
Warrants | |||||
Number of shares called by each warrant | 0.5 | ||||
PIPE Warrants | |||||
Warrants | |||||
Warrants outstanding | 34,512,464 | 34,512,464 | |||
May 2023 Warrants | |||||
Warrants | |||||
Exercise price | $ / shares | $ 0.05 | ||||
May 2023 Warrants | Aceville | |||||
Warrants | |||||
Warrants outstanding | 160,202,919 | ||||
Exercise price | $ / shares | $ 0.05 | $ 1 | |||
Warrants issued | 184,210,526 | 184,210,526 | |||
Number of shares called by each warrant | 1 | 1 | |||
Warrants exercised | 24,007,607 | ||||
Percentage, down | (10.00%) | (10.00%) | |||
Fair value of warrants at decrease in unobservable input | € | € 7,706 | ||||
Fair value of warrants at increase in unobservable input | € | € 5,847 | ||||
Percentage of probability of receipt of Additional Funding Amount | 85% | ||||
Initial Funding Amount from Aceville | $ | $ 100,000 | ||||
Additional Funding Amount from Aceville | $ | 75,000 | ||||
Additional funding from third parties | $ | $ 75,000 | ||||
Remaining unpaid exercise price, upon receipt of the Initial Funding Amount | $ / shares | $ 0.05 | ||||
Derivative financial asset | € | € 82,829 |
Warrants - Sensitivity analysis
Warrants - Sensitivity analysis for the May 2023 Warrants at initial recognition (Details) € in Thousands | 12 Months Ended | |||
Dec. 31, 2023 EUR (€) | Dec. 31, 2022 EUR (€) | Dec. 31, 2023 $ / shares | Dec. 31, 2023 EUR (€) shares | |
Warrants | ||||
Effect on initial fair value, due to increase in unobservable input | € (204,254) | € (27,029) | ||
Effect on initial fair value, due to decrease in unobservable input | € (199,866) | € (21,881) | ||
2023 PIPE Warrants | ||||
Warrants | ||||
Percentage, up | 10% | |||
Percentage, down | (10.00%) | |||
Exercise price | $ / shares | $ 2 | |||
Warrant Issued | shares | 8,036,528 | |||
Term of warrants | 18 months | |||
Class of warrant or right, adjusted exercise price of warrants or rights | $ / shares | $ 1 | |||
Fair value of warrants | € (4,552) | |||
Fair value of warrants at decrease in unobservable input | (3,998) | |||
Fair value of warrants at increase in unobservable input | € (5,089) | |||
Effect on initial fair value, due to increase in unobservable input | € (537) | |||
Effect on initial fair value, due to decrease in unobservable input | € 554 |
Provisions (Details)
Provisions (Details) - EUR (€) € in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Asset retirement obligations | ||
Provisions | ||
Beginning balance | € 302 | € 233 |
Additions | 765 | 66 |
Discount Rate | 58 | 3 |
Ending balance | 1,125 | 302 |
Post-employment benefits | ||
Provisions | ||
Beginning balance | 75 | 84 |
Additions | 15 | |
Reversals | (24) | |
Foreign Exchange | 5 | |
Ending balance | 80 | 75 |
Record retention obligations | ||
Provisions | ||
Beginning balance | 68 | 56 |
Additions | 22 | |
Utilization | (9) | |
Discount Rate | (10) | |
Ending balance | 59 | 68 |
Total non-current provisions | ||
Provisions | ||
Beginning balance | 445 | 373 |
Additions | 765 | 103 |
Reversals | (24) | |
Utilization | (9) | |
Discount Rate | 58 | (7) |
Foreign Exchange | 5 | |
Ending balance | 1,264 | 445 |
Year-end audit | ||
Provisions | ||
Beginning balance | 1,067 | |
Reversals | (1,067) | |
Legal Claims | ||
Provisions | ||
Beginning balance | 420 | |
Additions | 384 | 426 |
Utilization | (662) | (6) |
Foreign Exchange | (54) | |
Ending balance | 88 | 420 |
Severance payments | ||
Provisions | ||
Beginning balance | 114 | 619 |
Reversals | (97) | (505) |
Utilization | (17) | |
Ending balance | 114 | |
Other | ||
Provisions | ||
Beginning balance | 196 | 736 |
Additions | 107 | 1,384 |
Reversals | (63) | (701) |
Utilization | (18) | (1,223) |
Foreign Exchange | 1 | |
Ending balance | 223 | 196 |
Total current provisions | ||
Provisions | ||
Beginning balance | 730 | 2,422 |
Additions | 491 | 1,810 |
Reversals | (160) | (2,273) |
Utilization | (697) | (1,229) |
Foreign Exchange | (53) | |
Ending balance | € 311 | € 730 |
Post-Employment Benefits (Detai
Post-Employment Benefits (Details) € in Thousands, $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2023 EUR (€) | Dec. 31, 2022 EUR (€) | Dec. 31, 2021 EUR (€) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | |
Post-Employment Benefits | |||||
Expense for defined contribution plans | € 569 | € 635 | € 465 | ||
Contributions | € 0 | € 1 | |||
Liabilities for defined contribution plans | $ | $ 0 | $ 0 |
Post-Employment Benefits - Reco
Post-Employment Benefits - Reconciliation of the net defined benefit liability (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Post-Employment Benefits | |||
Defined benefit obligation | € 80 | € 76 | |
Defined benefit cost recognized in consolidated statement of operations | 105 | 101 | € 117 |
Defined benefit cost recognized in other comprehensive income | € 22 | € 28 | € 162 |
Trade and other Payables (Detai
Trade and other Payables (Details) - EUR (€) € in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Trade and other Payables | ||
Long term accruals | € 3,362 | € 3,483 |
Non-current trade and other payables | 3,362 | 3,483 |
Trade payables | 22,540 | 19,195 |
Accruals for outstanding invoices | 22,061 | 14,463 |
Current trade and other payables | 44,601 | 33,658 |
Total trade and other payables | € 47,963 | € 37,141 |
Other Non-Financial Liabiliti_3
Other Non-Financial Liabilities (Details) - EUR (€) € in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Non-current other non-financial liabilities | ||
Non-current contract liabilities | € 2,000 | |
Total non-current other non-financial liabilities | 2,000 | |
Vacation accruals | 2,010 | € 2,474 |
Payroll tax and social security | 2,816 | 3,497 |
Miscellaneous Other Current Non-financial Liabilities | 1,883 | 2,596 |
Total current other non-financial liabilities | 6,709 | 8,567 |
Total other non-financial liabilities | € 8,709 | € 8,567 |
Financial Instruments - Financi
Financial Instruments - Financial instruments, analyzed by classes and categories (Details) - EUR (€) € in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Financial instruments | ||
Carrying amount, Financial Assets | € 203,115 | |
Carrying amount, Financial liabilities | 252,997 | |
Financial liabilities measured at amortized cost | ||
Financial instruments | ||
Carrying amount, Financial liabilities | 47,984 | € 37,166 |
Financial liabilities measured at amortized cost | Non-current trade and other payables | ||
Financial instruments | ||
Carrying amount, Financial liabilities | 3,362 | |
Fair value, Financial liabilities | 3,679 | 3,239 |
Financial liabilities measured at amortized cost | Current trade and other payables | ||
Financial instruments | ||
Carrying amount, Financial liabilities | 44,601 | |
Financial liabilities measured at amortized cost | Non-current other financial liabilities | ||
Financial instruments | ||
Carrying amount, Financial liabilities | 17 | |
Fair value, Financial liabilities | 17 | |
Financial liabilities measured at amortized cost | Current other financial liabilities | ||
Financial instruments | ||
Carrying amount, Financial liabilities | 4 | |
Financial liabilities at fair value through profit or loss, category | ||
Financial instruments | ||
Carrying amount, Financial liabilities | 205,013 | 26,267 |
Financial liabilities at fair value through profit or loss, category | Non-current other financial liabilities | ||
Financial instruments | ||
Fair value, Financial liabilities | 21 | |
Financial liabilities at fair value through profit or loss, category | Non-current other liabilities | Level 1 | ||
Financial instruments | ||
Fair value, Financial liabilities | 1,162 | |
Financial liabilities at fair value through profit or loss, category | Non-current other liabilities | Level 2 | ||
Financial instruments | ||
Fair value, Financial liabilities | 649 | |
Financial liabilities at fair value through profit or loss, category | Non-current other liabilities | Level 3 | ||
Financial instruments | ||
Fair value, Financial liabilities | 24,456 | |
Financial liabilities at fair value through profit or loss, category | Warrants | Level 1 | ||
Financial instruments | ||
Carrying amount, Financial Assets | 1,832 | |
Fair value, Financial liabilities | 1,832 | |
Financial liabilities at fair value through profit or loss, category | Warrants | Level 2 | ||
Financial instruments | ||
Carrying amount, Financial Assets | 1,022 | |
Fair value, Financial liabilities | 1,022 | |
Financial liabilities at fair value through profit or loss, category | Warrants | Level 3 | ||
Financial instruments | ||
Carrying amount, Financial Assets | 202,159 | |
Fair value, Financial liabilities | 202,159 | |
AC | ||
Financial instruments | ||
Carrying amount, Financial Assets | 198,474 | 205,548 |
Carrying amount, Financial liabilities | 63,433 | |
AC | Current other financial liabilities | ||
Financial instruments | ||
Carrying amount, Financial liabilities | 4 | |
AC | Cash and cash equivalents | ||
Financial instruments | ||
Carrying amount, Financial Assets | 83,508 | 179,581 |
AC | Fixed term deposit | ||
Financial instruments | ||
Carrying amount, Financial Assets | 111,498 | 19,987 |
AC | Non-current security deposits | ||
Financial instruments | ||
Carrying amount, Financial Assets | 3,350 | 3,386 |
Fair value, Financial Assets | 3,276 | |
AC | Security deposits | ||
Financial instruments | ||
Carrying amount, Financial Assets | 118 | 2,594 |
AC | Financial liabilities measured at amortized cost | Non-current trade and other payables | ||
Financial instruments | ||
Carrying amount, Financial liabilities | 3,483 | |
AC | Financial liabilities measured at amortized cost | Current trade and other payables | ||
Financial instruments | ||
Carrying amount, Financial liabilities | 33,658 | |
AC | Financial liabilities at fair value through profit or loss, category | Non-current other financial liabilities | ||
Financial instruments | ||
Carrying amount, Financial liabilities | 21 | |
AC | Financial liabilities at fair value through profit or loss, category | Non-current other liabilities | Level 1 | ||
Financial instruments | ||
Carrying amount, Financial liabilities | 1,162 | |
AC | Financial liabilities at fair value through profit or loss, category | Non-current other liabilities | Level 2 | ||
Financial instruments | ||
Carrying amount, Financial liabilities | 649 | |
AC | Financial liabilities at fair value through profit or loss, category | Non-current other liabilities | Level 3 | ||
Financial instruments | ||
Carrying amount, Financial liabilities | 24,456 | |
AC | Financial liabilities at fair value through profit or loss, category | Non-current security deposits | ||
Financial instruments | ||
Fair value, Financial Assets | € 3,265 | |
FVTPL | ||
Financial instruments | ||
Carrying amount, Financial Assets | 4,641 | |
FVTPL | Investment in equity instrument | ||
Financial instruments | ||
Carrying amount, Financial Assets | 4,641 | |
Fair value, Financial Assets | € 4,641 |
Financial Instruments - Thereof
Financial Instruments - Thereof aggregated to categories according to IFRS 9 (Details) - EUR (€) € in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Financial Instruments | ||
Carrying amount | € 203,115 | |
Carrying amount, financial liabilities | 252,997 | |
Financial assets measured at amortized cost | ||
Financial Instruments | ||
Carrying amount | 198,474 | € 205,548 |
Carrying amount, financial liabilities | 63,433 | |
FVTPL. | ||
Financial Instruments | ||
Carrying amount | 4,641 | |
Financial liabilities at fair value through profit or loss, category | ||
Financial Instruments | ||
Carrying amount, financial liabilities | 205,013 | 26,267 |
Financial liabilities measured at amortized cost | ||
Financial Instruments | ||
Carrying amount, financial liabilities | € 47,984 | € 37,166 |
Financial Instruments - Finan_2
Financial Instruments - Financial assets and liabilities measured at FVTPL (Details) € in Thousands | 12 Months Ended | |||
Dec. 31, 2023 EUR (€) | Dec. 31, 2023 item Y USD ($) $ / shares | May 31, 2023 item | Dec. 31, 2022 | |
Minimum [Member] | RDO & 2022 PIPE Warrants | ||||
Financial Instruments | ||||
Share price | $ / shares | $ 1.30 | |||
Maximum [Member] | RDO & 2022 PIPE Warrants | ||||
Financial Instruments | ||||
Share price | $ / shares | $ 1 | |||
Base volatility | RDO & 2022 PIPE Warrants | ||||
Financial Instruments | ||||
Percentage, Base | 97 | 70 | ||
Base volatility | May 2023 Warrants | ||||
Financial Instruments | ||||
Percentage, Base | 87 | |||
Base volatility | 2023 PIPE Warrants | ||||
Financial Instruments | ||||
Percentage, Base | 97 | 70 | ||
Remaining contractual term | RDO & 2022 PIPE Warrants | ||||
Financial Instruments | ||||
Significant unobservable input, liabilities | Y | 4 | |||
Remaining contractual term | May 2023 Warrants | ||||
Financial Instruments | ||||
Significant unobservable input, liabilities | Y | 15 | |||
Remaining contractual term | 2023 PIPE Warrants | ||||
Financial Instruments | ||||
Significant unobservable input, liabilities | $ | 1.5 | |||
Dividend rate | RDO & 2022 PIPE Warrants | ||||
Financial Instruments | ||||
Percentage, Base | 0 | |||
Dividend rate | May 2023 Warrants | ||||
Financial Instruments | ||||
Significant unobservable input, liabilities | item | 0 | |||
Dividend rate | 2023 PIPE Warrants | ||||
Financial Instruments | ||||
Significant unobservable input, liabilities | item | 0 | |||
FVTPL. | ||||
Financial Instruments | ||||
Transfers out of Level 1 into Level 2 of fair value hierarchy, assets held at end of reporting period | € 0 | |||
Transfers out of Level 2 into Level 1 of fair value hierarchy, assets held at end of reporting period | 0 | |||
Transfers into Level 3 of fair value hierarchy, assets | 0 | |||
FVTPL | ||||
Financial Instruments | ||||
Transfers out of Level 1 into Level 2 of fair value hierarchy, liabilities held at end of reporting period | 0 | |||
Transfers out of Level 3 of fair value hierarchy, liabilities | € 0 | |||
Level 3 | ||||
Financial Instruments | ||||
Increase/decrease of Price of recent market transaction percentage | 10% | |||
Increase of Price of recent market transaction price | € 464 | |||
Decrease of Price of recent market transaction price | € (464) |
Financial Instruments - Effect
Financial Instruments - Effect of reasonable changes of the most significant input parameters on the fair values of the embedded derivatives (Details) - EUR (€) € in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Financial Instruments | ||
Fair Value Warrant, Base | € (202,159) | € (24,455) |
Fair Value Warrant, up | (204,254) | (27,029) |
Fair Value Warrant, down | (199,866) | (21,881) |
Effect on financial result, up | (2,095) | (2,574) |
Effect on financial result, down | € 2,293 | € 2,575 |
Volatility | ||
Financial Instruments | ||
Percentage, up | 10% | 10% |
Percentage, down | (10.00%) | (10.00%) |
Financial Instruments - The mov
Financial Instruments - The movements in level 3 fair values (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of detailed information about financial instruments [line items] | |||
Beginning balance | € 203,503 | € 342,511 | € 57,722 |
Realized gains/losses: | |||
Foreign exchange effects - Finance income | 5,698 | 3,842 | 1,689 |
Foreign exchange effects - Finance expense | (3,027) | (3,264) | (1,054) |
Ending balance | 37,058 | 203,503 | 342,511 |
May 2023 Warrant | |||
Unrealized gains/losses: | |||
Settlement of initial funding amount | 91,811 | ||
Settlement of Additional Funding Amount | 67,416 | ||
Over-allotment option | Level 3 | |||
Disclosure of detailed information about financial instruments [line items] | |||
Beginning balance | 0 | ||
Unrealized gains/losses: | |||
Initial recognition of over-allotment option | (3,312) | ||
Realized gains/losses: | |||
Changes in fair value - Finance income | 3,346 | ||
Foreign exchange effects - Finance expense | (34) | ||
Ending balance | € 0 | ||
Warrants [Member] | Level 3 | |||
Disclosure of detailed information about financial instruments [line items] | |||
Beginning balance | (24,455) | ||
Unrealized gains/losses: | |||
Change in fair value - Finance income | 2,599 | 8,979 | |
Changes in fair value - Finance expense | (112,603) | ||
Foreign exchange effects - Finance income | 3,405 | 1,116 | |
Foreign exchange effects - Finance expense | (111) | ||
Realized gains/losses: | |||
Changes in fair value - Finance expense | (15,765) | ||
Foreign exchange effects - Finance income | 128 | ||
Ending balance | (202,159) | (24,455) | |
Warrants [Member] | Level 3 | RDO & 2022 PIPE Warrants | |||
Disclosure of detailed information about financial instruments [line items] | |||
Initial recognition of Warrants | € (34,550) | ||
Warrants [Member] | Level 3 | May 2023 Warrant | |||
Unrealized gains/losses: | |||
Initial recognition of over-allotment option | 82,829 | ||
Settlement of initial funding amount | (91,811) | ||
Settlement of Additional Funding Amount | (67,416) | ||
Exercise of May 2023 Warrants | 25,593 | ||
Warrants [Member] | Level 3 | 2023 PIPE Warrants | |||
Unrealized gains/losses: | |||
Initial recognition of over-allotment option | (4,552) | ||
Equity instruments | Level 3 | |||
Unrealized gains/losses: | |||
Changes in fair value - Finance expense | (518) | ||
Purchase of equity instrument | 5,159 | ||
Realized gains/losses: | |||
Ending balance | € 4,641 |
Financial Instruments - Net gai
Financial Instruments - Net gains and losses for each of the financial instrument measurement categories (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Financial Instruments | |||
Interest | € 5,417 | € (648) | € (3,847) |
Foreign exchange conversion | 2,671 | 79 | (403) |
Fair value | (124,070) | 29,667 | (3,327) |
Impairment losses net of reversal | 57 | 125 | (260) |
Total per category | (115,925) | 29,223 | (7,837) |
Interest income for financial assets not measured at FVTPL | 5,713 | 145 | 5 |
Interest expense on financial assets | 0 | 557 | 369 |
Interest expense for financial liabilities not measured at FVTPL | 296 | 236 | 3,483 |
Financial assets measured at amortized cost | |||
Financial Instruments | |||
Interest | 5,713 | (412) | (364) |
Foreign exchange conversion | 82 | 1,147 | 1,061 |
Impairment losses net of reversal | 57 | 125 | (260) |
Total per category | 5,852 | 860 | 437 |
Financial liabilities measured at amortized cost | |||
Financial Instruments | |||
Interest | (296) | (236) | (3,483) |
Foreign exchange conversion | (887) | (560) | (446) |
Total per category | (1,183) | (796) | (3,929) |
Financial assets and liabilities measured at fair value through profit or loss | |||
Financial Instruments | |||
Foreign exchange conversion | 3,476 | (508) | (1,018) |
Fair value | (124,070) | 29,667 | (3,327) |
Total per category | € (120,594) | € 29,159 | € (4,345) |
Financial Instruments - Credit
Financial Instruments - Credit Risk (Details) - EUR (€) € in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Disclosure of financial assets [line items] | ||
Carrying amount | € 203,115 | |
Fixed Term Deposit | ||
Disclosure of financial assets [line items] | ||
Notional amount | 110,000 | € 20,000 |
Credit Risk | Cash And Cash Equivalents | ||
Disclosure of financial assets [line items] | ||
Carrying amount | 83,512 | |
Impairment loss | (4) | |
Notional amount | 0 | 0 |
Credit Risk | Cash And Cash Equivalents | Costs of acquisition or construction | ||
Disclosure of financial assets [line items] | ||
Carrying amount | 179,640 | |
Credit Risk | Cash And Cash Equivalents | Accumulated impairment | ||
Disclosure of financial assets [line items] | ||
Impairment loss | (59) | |
Credit Risk | Fixed Term Deposit | ||
Disclosure of financial assets [line items] | ||
Carrying amount | 111,559 | |
Impairment loss | (61) | |
Notional amount | 0 | 0 |
Credit Risk | Fixed Term Deposit | Costs of acquisition or construction | ||
Disclosure of financial assets [line items] | ||
Carrying amount | 20,017 | |
Credit Risk | Fixed Term Deposit | Accumulated impairment | ||
Disclosure of financial assets [line items] | ||
Impairment loss | (30) | |
Credit Risk | Security Deposits | ||
Disclosure of financial assets [line items] | ||
Carrying amount | 3,481 | |
Impairment loss | (13) | |
Notional amount | 0 | 0 |
Credit Risk | Security Deposits | Costs of acquisition or construction | ||
Disclosure of financial assets [line items] | ||
Carrying amount | 6,026 | |
Credit Risk | Security Deposits | Accumulated impairment | ||
Disclosure of financial assets [line items] | ||
Impairment loss | (46) | |
Credit Risk | BBB- to AAA | ||
Disclosure of financial assets [line items] | ||
Carrying amount | 198,552 | |
Impairment loss | (78) | |
Notional amount | € 0 | 0 |
Credit Risk | BBB- to AAA | Costs of acquisition or construction | ||
Disclosure of financial assets [line items] | ||
Carrying amount | 205,683 | |
Credit Risk | BBB- to AAA | Accumulated impairment | ||
Disclosure of financial assets [line items] | ||
Impairment loss | € (135) |
Financial Instruments - Movemen
Financial Instruments - Movement in the impairment loss allowance for the financial assets exposed to credit risks that are not measured at FVPTL (Details) - EUR (€) € in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Disclosure of financial assets [line items] | ||
Percentage of cash and cash equivalents and fixed term deposits are held with a single financial institution | 64% | 52% |
BBB- to AAA | ||
Disclosure of financial assets [line items] | ||
Impairment loss allowance brought forward, beginning balance | € (135) | € (260) |
Reversals of expected credit losses | 119 | 256 |
Additions to expected credit losses | (62) | (131) |
Impairment loss allowance carried forward, ending balance | (78) | (135) |
BBB- to AAA | Cash And Cash Equivalents | ||
Disclosure of financial assets [line items] | ||
Impairment loss allowance brought forward, beginning balance | (59) | (3) |
Reversals of expected credit losses | 56 | |
Additions to expected credit losses | (1) | (56) |
Impairment loss allowance carried forward, ending balance | (4) | (59) |
BBB- to AAA | Fixed Term Deposit | ||
Disclosure of financial assets [line items] | ||
Impairment loss allowance brought forward, beginning balance | (30) | (256) |
Reversals of expected credit losses | 30 | 256 |
Additions to expected credit losses | (61) | (30) |
Impairment loss allowance carried forward, ending balance | (61) | (30) |
BBB- to AAA | Security Deposits | ||
Disclosure of financial assets [line items] | ||
Impairment loss allowance brought forward, beginning balance | (46) | (1) |
Reversals of expected credit losses | 33 | |
Additions to expected credit losses | (45) | |
Impairment loss allowance carried forward, ending balance | € (13) | € (46) |
Financial Instruments - Foreign
Financial Instruments - Foreign Currency Risk (Details) - Currency Risk - EUR (€) € in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Financial Instruments | ||
Total exposure | € (206,878) | € (20,082) |
Cash and cash equivalents | ||
Financial Instruments | ||
Total exposure | 10,895 | 17,927 |
Non-current receivables from affiliated companies | ||
Financial Instruments | ||
Total exposure | 834 | 11,793 |
Current receivables from affiliated companies | ||
Financial Instruments | ||
Total exposure | 9,334 | 5,951 |
Non-current trade and other payables | ||
Financial Instruments | ||
Total exposure | (3,786) | |
Current trade and other payables | ||
Financial Instruments | ||
Total exposure | (19,308) | (7,235) |
Non-current payables to affiliated companies | ||
Financial Instruments | ||
Total exposure | (757) | |
Current payables to affiliated companies | ||
Financial Instruments | ||
Total exposure | (2,863) | (18,465) |
Warrants [Member] | ||
Financial Instruments | ||
Total exposure | (205,013) | (26,267) |
USD | ||
Financial Instruments | ||
Total exposure | (202,887) | (19,098) |
USD | Cash and cash equivalents | ||
Financial Instruments | ||
Total exposure | 10,827 | 17,927 |
USD | Non-current receivables from affiliated companies | ||
Financial Instruments | ||
Total exposure | 119 | 5,424 |
USD | Current receivables from affiliated companies | ||
Financial Instruments | ||
Total exposure | 7,388 | 2,158 |
USD | Non-current trade and other payables | ||
Financial Instruments | ||
Total exposure | (2,885) | |
USD | Current trade and other payables | ||
Financial Instruments | ||
Total exposure | (13,345) | (7,097) |
USD | Current payables to affiliated companies | ||
Financial Instruments | ||
Total exposure | (2,863) | (8,358) |
USD | Warrants [Member] | ||
Financial Instruments | ||
Total exposure | (205,013) | (26,267) |
JPY | ||
Financial Instruments | ||
Total exposure | (5,826) | (901) |
JPY | Cash and cash equivalents | ||
Financial Instruments | ||
Total exposure | 16 | |
JPY | Non-current trade and other payables | ||
Financial Instruments | ||
Total exposure | (901) | |
JPY | Current trade and other payables | ||
Financial Instruments | ||
Total exposure | (5,842) | |
GBP | ||
Financial Instruments | ||
Total exposure | 1,835 | (83) |
GBP | Cash and cash equivalents | ||
Financial Instruments | ||
Total exposure | 52 | |
GBP | Non-current receivables from affiliated companies | ||
Financial Instruments | ||
Total exposure | 715 | 6,369 |
GBP | Current receivables from affiliated companies | ||
Financial Instruments | ||
Total exposure | 1,946 | 3,793 |
GBP | Current trade and other payables | ||
Financial Instruments | ||
Total exposure | (121) | (138) |
GBP | Non-current payables to affiliated companies | ||
Financial Instruments | ||
Total exposure | € (757) | |
GBP | Current payables to affiliated companies | ||
Financial Instruments | ||
Total exposure | € (10,107) |
Financial Instruments - Carryin
Financial Instruments - Carrying amount of monetary assets and liabilities (Details) - Currency Risk - EUR (€) € in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
USD | ||
Financial Instruments | ||
Effect of EUR appreciation on profit before tax | € 19,331 | € 1,736 |
Effect of EUR depreciation on profit before tax | (23,523) | (2,122) |
GBP | ||
Financial Instruments | ||
Effect of EUR appreciation on profit before tax | 208 | 8 |
Effect of EUR depreciation on profit before tax | (210) | (9) |
JPY | ||
Financial Instruments | ||
Effect of EUR appreciation on profit before tax | 530 | 82 |
Effect of EUR depreciation on profit before tax | € (647) | € (100) |
Financial Instruments - Interes
Financial Instruments - Interest Rate Risk (Details) - EUR (€) € in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Financial Instruments | ||
Cash at banks | € 83,508 | € 130,196 |
Interest Rate Risk | ||
Financial Instruments | ||
Cash at banks | € 45,793 | € 82,128 |
Percentage hypothetical reasonable increase or decrease in basis points | 0.50% | 50% |
Increase (decrease) in cash at banks due to reasonably possible increase in risk assumption | € 229 | € 411 |
Increase (decrease) in cash at banks due to reasonably possible decrease in risk assumption | € (229) | € (411) |
Financial Instruments - Other P
Financial Instruments - Other Price Risk (Details) € in Thousands, shares in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 EUR (€) shares | Dec. 31, 2023 USD ($) | Dec. 31, 2022 EUR (€) | Dec. 31, 2022 USD ($) | |
Financial Instruments | ||||
Effect on financial result, down | € 2,293 | € 2,575 | ||
Effect on financial result, up | (2,095) | (2,574) | ||
Other Price Risk | ||||
Financial Instruments | ||||
Notional amount | € 4,641 | |||
Other Price Risk | Warrants Excluding Reorganization Warrants [Member] | ||||
Financial Instruments | ||||
Percentage of reasonably possible increase (decrease) in risk component | 10% | 10% | ||
Effect on financial result, down | € 21,507 | (3,861) | ||
Effect on financial result, up | 21,324 | 3,432 | ||
Other Price Risk | Warrants [Member] | ||||
Financial Instruments | ||||
Associated liabilities that entity continues to recognise to extent of continuing involvement | € 205,013 | € 26,267 | ||
Warrants outstanding | shares | 233,711 | |||
Increase (decrease) in profit and loss due to reasonably possible increase (decrease) in designated risk component | $ | $ 65,472 | |||
Percentage of reasonably possible increase (decrease) in risk component | 10% | 10% | ||
Effect on financial result, down | € 285 | € (181) | ||
Effect on financial result, up | € 285 | $ 181 |
Financial Instruments - Liquidi
Financial Instruments - Liquidity Risk (Details) - Liquidity Risk - EUR (€) € in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Year one | ||
Financial Instruments | ||
Lease liabilities | € 3,460 | € 2,970 |
Trade and other payables | 44,601 | 33,658 |
Year two | ||
Financial Instruments | ||
Lease liabilities | 3,394 | 2,457 |
Trade and other payables | 1,301 | 1,974 |
Year 3-5 | ||
Financial Instruments | ||
Lease liabilities | 5,433 | 6,463 |
Trade and other payables | € 3,617 | € 2,770 |
Financial Instruments - Reconci
Financial Instruments - Reconciliation of changes in liabilities arising from financing activities (Details) - EUR (€) € in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Financial Instruments | ||
Beginning balance | € 37,236 | € 33,228 |
Principal elements of lease payment | (3,425) | (2,720) |
Interest paid | (604) | (443) |
Additions to warrants | 34,550 | |
Change in the cash flow from financing activities | 163,062 | (3,163) |
Additions to lease liabilities due to new lease contracts | 3,625 | 1,873 |
Initial recognition of May 2023 Warrants | (78,277) | |
Fair value changes | 123,553 | (30,196) |
Effects of foreign exchange conversion | (3,476) | 508 |
Exercised May 2023 Warrants | (25,293) | |
Interest expenses | 602 | 436 |
Ending balance | 216,180 | 37,236 |
Over-allotment option | ||
Financial Instruments | ||
Additions to warrants | 3,312 | |
Change in the cash flow from financing activities | 3,312 | |
Fair value changes | (3,346) | |
Effects of foreign exchange conversion | 34 | |
May 2023 Warrant | ||
Financial Instruments | ||
Fair Value Of Derivative Instrument Settlement Of Initial Fund Amount | 91,811 | |
Fair Value Of Derivative Instrument Settlement Of Additional Fund Amount | 67,416 | |
2023 PIPE Warrants | ||
Financial Instruments | ||
Additions to warrants | 4,552 | |
Lease liabilities | ||
Financial Instruments | ||
Beginning balance | 10,969 | 11,823 |
Principal elements of lease payment | (3,425) | (2,720) |
Interest paid | (604) | (443) |
Change in the cash flow from financing activities | (4,029) | (3,163) |
Additions to lease liabilities due to new lease contracts | 3,625 | 1,873 |
Interest expenses | 602 | 436 |
Ending balance | 11,167 | 10,969 |
Warrants | ||
Financial Instruments | ||
Beginning balance | 26,267 | 21,405 |
Additions to warrants | 34,550 | |
Change in the cash flow from financing activities | 163,779 | |
Initial recognition of May 2023 Warrants | (82,829) | |
Fair value changes | 126,899 | (30,196) |
Effects of foreign exchange conversion | (3,510) | 508 |
Exercised May 2023 Warrants | (25,593) | |
Ending balance | 205,013 | € 26,267 |
Warrants | May 2023 Warrant | ||
Financial Instruments | ||
Fair Value Of Derivative Instrument Settlement Of Initial Fund Amount | 91,811 | |
Fair Value Of Derivative Instrument Settlement Of Additional Fund Amount | 67,416 | |
Warrants | 2023 PIPE Warrants | ||
Financial Instruments | ||
Additions to warrants | € 4,552 |
Commitments and Contingencies (
Commitments and Contingencies (Details) € in Thousands | 12 Months Ended | ||
Dec. 31, 2023 EUR (€) tranche | Dec. 31, 2022 EUR (€) | Nov. 30, 2022 EUR (€) | |
Commitments and contingencies | |||
Future lease payments for non-cancellable lease contracts not yet commenced | € 0 | ||
Number of tranches upon achieving certain performance and market conditions | tranche | 3 | ||
Cap of future fundraising | € 9,900 | ||
Payment for success fee arrangement fundraising | € 906 | € 0 | |
Contractual term of success fee arrangement with third party | 12 months | ||
Retainer payment | € 181 | ||
Property, plant and equipment | |||
Commitments and contingencies | |||
Commitments to acquire assets | 5,376 | 5,016 | |
Intangible assets | |||
Commitments and contingencies | |||
Commitments to acquire assets | 3 | 4,344 | |
Within one year | |||
Commitments and contingencies | |||
Future lease payments for non-cancellable lease contracts not yet commenced | 400 | ||
Future payments for operating contracts | 82,690 | 73,779 | |
Later than one year and not later than five years | |||
Commitments and contingencies | |||
Future lease payments for non-cancellable lease contracts not yet commenced | 1,601 | ||
Future payments for operating contracts | 100,805 | 100,177 | |
Thereafter | |||
Commitments and contingencies | |||
Future lease payments for non-cancellable lease contracts not yet commenced | 0 | ||
Future payments for operating contracts | € 194 | € 18,558 |
Related Party Disclosures - Sha
Related Party Disclosures - Share based ultimate controlling party (Details) - shares shares in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Related Party Disclosures | ||
Number of shares held | 185,389 | 156,981 |
Ownership Interest (as a percent) | 35.20% | 39.90% |
Key management | ||
Related Party Disclosures | ||
Number of shares held | 32,703 | 28,302 |
Ownership Interest (as a percent) | 6.20% | 7.20% |
Other related parties | ||
Related Party Disclosures | ||
Number of shares held | 152,686 | 128,679 |
Ownership Interest (as a percent) | 29% | 32.70% |
Related Party Disclosures - Add
Related Party Disclosures - Additional information (Details) $ / shares in Units, € in Thousands, $ in Thousands | 1 Months Ended | 4 Months Ended | 12 Months Ended | |||||
May 31, 2023 EUR (€) shares | Nov. 30, 2022 USD ($) | Oct. 31, 2022 EUR (€) shares | Dec. 31, 2023 EUR (€) shares | Dec. 31, 2022 EUR (€) shares | Dec. 31, 2021 EUR (€) | Dec. 31, 2023 $ / shares | May 31, 2023 USD ($) $ / shares shares | |
Related Party Disclosures | ||||||||
Initial recognition of May 2023 Warrants | € 82,829 | |||||||
Proceeds from exercise of May 2023 Warrants | 1,091 | |||||||
Cash remuneration | 298 | € 320 | ||||||
Proceeds from the 2021 PIPE capital increase | € 381,208 | |||||||
Success fees and JSOP | (4,568) | |||||||
Bonus liability | 0 | 1,003 | ||||||
Ifrs General And Administrative Expense [Member] | ||||||||
Related Party Disclosures | ||||||||
Future fund rasing cap | 906 | € 0 | ||||||
Joint Stock Ownership Plan | ||||||||
Related Party Disclosures | ||||||||
Success fees and JSOP | € 1,003 | |||||||
Cash payment | $ | $ 9,900 | |||||||
Cloud subscription | ||||||||
Related Party Disclosures | ||||||||
Exchange of shares | shares | 3,101,523 | |||||||
Other capital reserves | ||||||||
Related Party Disclosures | ||||||||
Initial recognition of May 2023 Warrants | € 82,829 | € 82,829 | ||||||
Class A shares | ||||||||
Related Party Disclosures | ||||||||
Exchange of shares | shares | 5,356,000 | |||||||
Warrants exercised | shares | 24,007,607 | 10 | ||||||
Proceeds from the 2021 PIPE capital increase | € 12,498 | |||||||
May 2023 Warrants | ||||||||
Related Party Disclosures | ||||||||
Exercise price | $ / shares | $ 0.05 | |||||||
May 2023 Warrants | Subscribed capital | ||||||||
Related Party Disclosures | ||||||||
Exercise of May 2023 Warrants | 2,453 | |||||||
May 2023 Warrants | Share premium | ||||||||
Related Party Disclosures | ||||||||
Exercise of May 2023 Warrants | € 24,231 | |||||||
Key management | ||||||||
Related Party Disclosures | ||||||||
Contribution of related party | € 2,142 | € 15,461 | ||||||
Exchange of shares | shares | 1,838,459 | 12,192,306 | ||||||
Acquiring ownership percentage | 0.40% | 3.10% | ||||||
Grants (in shares) | shares | 7,925,000 | 3,557,000 | ||||||
Exercised (in shares) | shares | 2,623,000 | 1,872,000 | ||||||
Forfeited (in shares) | shares | 3,878,000 | 6,553,000 | ||||||
Options outstanding | shares | 14,153,000 | 12,437,000 | ||||||
Cash payment | € 906 | € 2,457 | ||||||
Key management | Warrant reserve | ||||||||
Related Party Disclosures | ||||||||
Exchange of shares | shares | 459,612 | 6,096,151 | ||||||
Aceville | Other capital reserves | ||||||||
Related Party Disclosures | ||||||||
Initial recognition of May 2023 Warrants | € 82,829 | |||||||
Aceville | May 2023 Warrants | ||||||||
Related Party Disclosures | ||||||||
Warrants issued | shares | 184,210,526 | 184,210,526 | ||||||
Exercise price | $ / shares | $ 0.05 | $ 1 | ||||||
Initial funding amount from Aceville | $ | $ 100,000 | |||||||
Additional funding amount from Aceville | $ | 75,000 | |||||||
Additional funding from third parties | $ | $ 75,000 | |||||||
Derivative financial asset | € 82,829 | |||||||
Proceeds from exercise of May 2023 Warrants | € 1,091 | 1,091 | ||||||
Aceville | May 2023 Warrants | Subscribed capital | ||||||||
Related Party Disclosures | ||||||||
Exercise of May 2023 Warrants | 2,453 | |||||||
Aceville | May 2023 Warrants | Share premium | ||||||||
Related Party Disclosures | ||||||||
Exercise of May 2023 Warrants | € 24,231 | |||||||
Aceville | May 2023 Warrants | Class A shares | ||||||||
Related Party Disclosures | ||||||||
Warrants exercised | shares | 24,007,607 | 24,007,607 |
Related Party Disclosures - Ann
Related Party Disclosures - Annual remuneration and related compensation costs recognized as expense (Details) - EUR (€) € in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Related Party Disclosures | ||
Short-term employee benefits | € 2,889 | € 4,657 |
Termination remuneration | 52 | |
Post-employment benefits | 84 | 45 |
Share-based payment remuneration | 10,630 | 7,364 |
Success fees and JSOP | (4,568) | |
Total | € 13,603 | € 7,550 |
Related Party Disclosures - Oth
Related Party Disclosures - Other transactions with key management personnel (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Related Party Disclosures | |||
Research and development expenses | € 183,760 | € 175,618 | € 144,558 |
General and administrative expense | 81,280 | 93,887 | 239,093 |
Selling expense | 10,759 | 12,929 | 17,189 |
Finance income | 15,335 | 30,322 | 11,288 |
Finance expenses | 131,059 | 1,995 | 20,201 |
Purchase of property, plant and equipment | 28,671 | 8,942 | € 17,099 |
Current trade payables | 22,540 | 19,195 | |
Non current prepaid expenses | 7,998 | 4,069 | |
Key management | |||
Related Party Disclosures | |||
Research and development expenses | 2 | 17 | |
General and administrative expense | 46 | ||
Selling expense | 289 | ||
Finance income | 7 | ||
Finance expenses | 6 | ||
Purchase of property, plant and equipment | 19 | 24 | |
Current trade payables | 46 | 20 | |
Non current trade payables | 0 | 149 | |
Non current prepaid expenses | € 0 | € 1 | |
Shares in exchange returned | 350,000 | 950,000 | |
Non-cancelable commitment | € 226 | € 0 |
Related party Disclosures - Tra
Related party Disclosures - Transactions with other related parties (Details) - EUR (€) € in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Related Party Disclosures | ||
Non-cancelable commitment | € 7,240 | € 7,702 |
Capital expenditure | 3,526 | 0 |
License & Development agreement | Ionblox | ||
Related Party Disclosures | ||
Research and Development expenditure | 254 | 1,323 |
Remaining commitments on the contract | € 22 | € 1,226 |
Related Party Disclosures - T_2
Related Party Disclosures - Transactions with shareholders (Details) € in Thousands | 1 Months Ended | 12 Months Ended | |||||
Nov. 30, 2022 EUR (€) | Dec. 31, 2023 EUR (€) shares | Dec. 31, 2023 USD ($) shares | Dec. 31, 2022 EUR (€) shares | Dec. 31, 2021 EUR (€) shares | Oct. 31, 2022 shares | Dec. 31, 2021 USD ($) | |
Related Party Disclosures | |||||||
General and administrative expense | € 81,280 | € 93,887 | € 239,093 | ||||
Cloud subscription | |||||||
Related Party Disclosures | |||||||
General and administrative expense | 8,895 | 13,527 | |||||
Amount settled | 9,389 | ||||||
Remaining commitments on the contract | 18,846 | € 26,894 | |||||
Cloud subscription | |||||||
Related Party Disclosures | |||||||
Purchase obligation | € 42,433 | $ 50,000,000 | |||||
Fee reduction amount | 1,810 | $ 2,000 | |||||
Fee increase amount | € 205 | $ 227,000 | |||||
General and administrative expense | € 4,558 | ||||||
Cash settled for services | € 4,500 | ||||||
Exchange of shares | shares | 3,101,523 | ||||||
Class A shares | |||||||
Related Party Disclosures | |||||||
Number of shares issued during period | shares | 89,838,455 | 89,838,455 | 91,524,935 | 45,000,000 | |||
Exchange of shares | shares | 5,356,000 | ||||||
Class A shares | Cloud subscription | |||||||
Related Party Disclosures | |||||||
Number of shares issued during period | shares | 9,672,897 | 9,672,897 |