Document and Entity Information
Document and Entity Information - shares | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Document Information [Line Items] | ||
Document Type | 20-F | |
Document Registration Statement | false | |
Document Annual Report | true | |
Document Period End Date | Dec. 31, 2021 | |
Document Transition Report | false | |
Document Shell Company Report | false | |
Entity File Number | 001-34041 | |
Entity Registrant Name | Evotec SE | |
Entity Incorporation, State or Country Code | 2M | |
Entity Address, Address Line One | Essener Bogen 7 | |
Entity Address, City or Town | Hamburg | |
Entity Address, Country | DE | |
Entity Address, Postal Zip Code | 22419 | |
Title of 12(b) Security | Ordinary shares, no par value per share* | |
No Trading Symbol Flag | true | |
Security Exchange Name | NASDAQ | |
Entity Common Stock, Shares Outstanding | 176,608,195 | |
Entity Well-known Seasoned Issuer | No | |
Entity Voluntary Filers | No | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Emerging Growth Company | false | |
Document Accounting Standard | International Financial Reporting Standards | |
Entity Shell Company | false | |
Entity Central Index Key | 0001412558 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | FY | |
Amendment Flag | false | |
Auditor Name | BDO AG Wirtschaftsprüfungsgesellschaft | Ernst & Young GmbH Wirtschaftsprüfungsgesellschaft |
Auditor Location | Frankfurt am Main, Germany | Hamburg, Germany |
Auditor Firm ID | 1010 | 1251 |
Business Contact [Member] | ||
Document Information [Line Items] | ||
Contact Personnel Name | Dr. Werner Lanthaler | |
Entity Address, Address Line One | Essener Bogen 7 | |
Entity Address, City or Town | Hamburg | |
Entity Address, Country | DE | |
Entity Address, Postal Zip Code | 22419 | |
City Area Code | 49 | |
Local Phone Number | 40 560810 | |
American Depositary Shares, each representing one-half of one ordinary share | ||
Document Information [Line Items] | ||
Title of 12(b) Security | American Depositary Shares, each representing one-half of one ordinary share | |
Trading Symbol | EVO | |
Security Exchange Name | NASDAQ |
Consolidated income statement
Consolidated income statement - EUR (€) € in Thousands | 12 Months Ended | |||||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||||
Consolidated income statement | ||||||
Revenues | € 618,034 | € 500,924 | [1] | € 446,437 | [1] | |
Costs of revenue | (466,491) | (375,181) | [1] | (313,546) | [1] | |
Gross profit | 151,543 | 125,743 | [1] | 132,891 | [1] | |
Operating income and (expenses) | ||||||
Research and development expenses | (72,200) | (63,945) | [1] | (58,432) | [1] | |
Selling, general and administrative expenses | (105,445) | (77,205) | [1] | (66,433) | [1] | |
Impairment of intangible assets | (683) | (3,244) | [1] | (10,272) | [1] | |
Impairment of goodwill | 0 | 0 | (1,647) | [1] | ||
Other operating income | 73,472 | 72,175 | [1] | 76,498 | [1] | |
Other operating expenses | (5,691) | (4,968) | [1] | (9,898) | [1] | |
Total operating income and (expenses) | (110,547) | (77,187) | [1] | (70,184) | [1] | |
Operating income | 40,996 | 48,556 | [1] | 62,707 | [1] | |
Non-operating income (expense) | ||||||
Interest income | 2,272 | 1,339 | [1] | 2,232 | [1] | |
Interest expense | (9,254) | (8,465) | [1] | (7,456) | [1] | |
Measurement result from investments | 223,791 | 1,500 | [1] | 80 | [1] | |
Share of the result of associates accounted for using the equity method | (16,570) | (10,434) | [1] | (2,210) | [1] | |
Impairment of investments using the equity method | (11,863) | |||||
Other income from financial assets | 24 | 70 | [1] | 32 | [1] | |
Other expense from financial assets | (198) | (43) | [1] | |||
Foreign currency exchange gain (loss), net | 7,843 | (6,935) | [1] | 1,220 | [1] | |
Other non-operating income | 84 | 683 | [1] | 234 | [1] | |
Other non-operating expense | (145) | (431) | [1] | (164) | [1] | |
Total non-operating income (expense) | 195,984 | (22,716) | [1] | (6,032) | [1] | |
Income before taxes | 236,980 | 25,840 | [1] | 56,675 | [1] | |
Current tax expense | (16,404) | (12,065) | [1] | (12,628) | [1] | |
Deferred tax income (expense) | (5,066) | (7,497) | [1] | (6,735) | [1] | |
Total taxes | (21,470) | (19,562) | [1] | (19,363) | [1] | |
Net income | 215,510 | 6,278 | [1] | 37,312 | [1] | |
thereof attributable to: | ||||||
Shareholders of Evotec SE | € 215,510 | € 6,278 | [1] | 38,156 | [1] | |
Non-controlling interest | [1] | € (844) | ||||
Weighted average shares outstanding | 166,405,926 | 153,752,241 | [1] | 149,725,607 | [1] | |
Net income per share (basic) | € 1.30 | € 0.04 | [1] | € 0.25 | [1] | |
Net income per share (diluted) | € 1.30 | € 0.04 | [1] | € 0.25 | [1] | |
[1] | Includes the impacts of the IFRIC final agenda decisions of April 2021 of benefits to periods of service, as described in Note 2 “First time adoption of new accounting standards in the financial year 2021” |
Consolidated statement of compr
Consolidated statement of comprehensive income - EUR (€) € in Thousands | 12 Months Ended | ||||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |||
Consolidated statement of comprehensive income | |||||
Net income | € 215,510 | € 6,278 | [1] | € 37,312 | [1] |
Accumulated other comprehensive income | |||||
Remeasurement of defined benefit obligation | 664 | (580) | (1,047) | ||
Taxes | 7 | 149 | (525) | ||
Foreign currency translation | 26,091 | (17,655) | 9,075 | ||
Revaluation and disposal of investments | (1,878) | 126 | 135 | ||
Other comprehensive income | 24,884 | (17,960) | 7,638 | ||
Total comprehensive income | 240,394 | (11,682) | 44,950 | ||
Shareholders of Evotec SE | € 240,394 | € (11,682) | 45,794 | ||
Non-controlling interest | € (844) | ||||
[1] | Includes the impacts of the IFRIC final agenda decisions of April 2021 of benefits to periods of service, as described in Note 2 “First time adoption of new accounting standards in the financial year 2021” |
Consolidated statement of finan
Consolidated statement of financial position - EUR (€) € in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | [1] | |
Current assets: | ||||
Cash and cash equivalents | € 699,326 | € 422,580 | ||
Investments | 158,908 | 59,350 | ||
Trade accounts receivables | 132,078 | 79,005 | ||
Accounts receivables from associated companies and other long-term investments | 2,643 | 8,891 | ||
Inventories | 25,793 | 13,585 | ||
Current tax receivables | 23,419 | 21,718 | ||
Contract assets | 18,614 | 12,607 | ||
Other current financial assets | 264 | 10,704 | ||
Prepaid expenses and other current assets | 39,895 | 30,404 | ||
Total current assets | 1,100,940 | 658,844 | ||
Non-current assets: | ||||
Long-term investments | 268,793 | 19,289 | ||
Long-term investments accounted for using the equity method | 13,068 | 39,710 | ||
Property, plant and equipment | 484,597 | 337,297 | ||
Intangible assets, excluding goodwill | 30,851 | 98,036 | ||
Goodwill | 257,569 | 247,370 | ||
Deferred tax asset | 17,359 | 24,392 | ||
Non-current tax receivables | 55,966 | 36,485 | ||
Other non-current financial assets | 5,148 | 22 | ||
Other non-current assets | 870 | 892 | ||
Total non-current assets | 1,134,221 | 803,493 | ||
Total assets | 2,235,161 | 1,462,337 | ||
Current liabilities: | ||||
Current loan liabilities | 36,136 | 15,392 | ||
Current portion of lease obligations | 14,473 | 14,616 | ||
Trade accounts payable | 72,598 | 42,549 | ||
Provisions | 39,260 | 41,848 | ||
Contract liabilities | 112,061 | 66,477 | ||
Deferred income | 14,718 | 4,172 | ||
Current income tax payables | 10,596 | 3,362 | ||
Other current financial liabilities | 12,115 | |||
Other current liabilities | 12,559 | 20,043 | ||
Total current liabilities | 324,516 | 208,459 | ||
Non-current liabilities: | ||||
Non-current loan liabilities | 326,344 | 331,019 | ||
Long-term lease obligations | 135,964 | 130,938 | ||
Deferred tax liabilities | 17,688 | 20,399 | ||
Provisions | 18,021 | 20,731 | ||
Contract liabilities | 33,476 | 22,437 | ||
Deferred income | 1,000 | 3,693 | ||
Other non-current financial liabilities | 467 | 205 | ||
Total non-current liabilities | 532,960 | 529,422 | ||
Stockholders' equity: | ||||
Share capital | [2] | 176,608 | 163,915 | |
Additional paid-in capital | 1,430,136 | 1,030,702 | ||
Accumulated other comprehensive income | (12,638) | (37,522) | ||
Accumulated deficit | (216,421) | (432,639) | ||
Equity attributable to shareholders of Evotec SE | 1,377,685 | 724,456 | ||
Total stockholders' equity | 1,377,685 | 724,456 | ||
Total liabilities and stockholders' equity | € 2,235,161 | € 1,462,337 | ||
[1] | Includes the impacts of the IFRIC final agenda decisions of April 2021 of benefits to periods of service, as described in Note 2 “First time adoption of new accounting standards in the financial year 2021” | |||
[2] | 176,608,195 and 163,914,741 shares issued outstanding |
Consolidated statement of fin_2
Consolidated statement of financial position (Parenthetical) - shares | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Consolidated statement of financial position | ||||
Number of shares issued | 176,608,195 | 163,914,741 | 150,903,000 | 149,063,000 |
Number of shares outstanding | 176,608,195 | 163,914,741 |
Consolidated statement of chang
Consolidated statement of changes in stockholders' equity - EUR (€) € in Thousands | Share capital | Additional paid-in capital | Foreign currency translation | Revaluation reserve | Accumulated deficit | [1] | Stockholders' equity attributable to shareholders of Evotec SE | Non-controlling interest | Total | |
Beginning balance (Formerly reported) at Dec. 31, 2018 | € 149,063 | € 783,154 | € (33,202) | € 6,002 | € (481,013) | € 424,004 | € 876 | € 424,880 | ||
Beginning balance (Impact of applying IFRIC agenda decision on IAS 19) at Dec. 31, 2018 | 1,500 | 1,500 | 1,500 | |||||||
Beginning balance at Dec. 31, 2018 | € 149,063 | 783,154 | (33,202) | 6,002 | (479,513) | 425,504 | 876 | € 426,380 | ||
Beginning balance (Shares) (Formerly reported) at Dec. 31, 2018 | 149,062,794 | |||||||||
Beginning balance (Shares) at Dec. 31, 2018 | 149,062,794 | 149,063,000 | ||||||||
Exercised stock options | € 1,840 | 61 | 1,901 | € 1,901 | ||||||
Exercised stock options (shares) | 1,839,784 | 1,840,000 | ||||||||
Stock option plan | 3,650 | 3,650 | € 3,650 | |||||||
Capital increase of subsidiary with non-controlling interest | (32) | (32) | ||||||||
Deferred and current tax on future deductible expenses | 1,764 | 1,764 | 1,764 | |||||||
Other comprehensive income | 9,075 | (1,437) | 7,638 | 7,638 | ||||||
Net income for the period | Formerly reported | 37,228 | |||||||||
Net income for the period | Impact of applying IFRIC agenda decision on IAS 19 | 84 | |||||||||
Net income for the period | 38,156 | 38,156 | € (844) | 37,312 | [1] | |||||
Total comprehensive income (loss) | 9,075 | (1,437) | 38,156 | 45,794 | 44,950 | |||||
Ending balance at Dec. 31, 2019 | € 150,903 | 786,865 | (24,127) | 4,565 | (439,593) | 478,613 | € 478,613 | |||
Ending balance (Shares) at Dec. 31, 2019 | 150,902,578 | 150,903,000 | ||||||||
Capital increase | € 11,478 | 238,495 | 249,973 | € 249,973 | ||||||
Capital increase (Shares) | 11,478,315 | 11,478,000 | ||||||||
Exercised stock options | € 1,534 | 58 | 1,592 | € 1,592 | ||||||
Exercised stock options (shares) | 1,533,848 | 1,534,000 | ||||||||
Stock option plan | 5,284 | 5,284 | € 5,284 | |||||||
Deferred and current tax on future deductible expenses | 676 | 676 | 676 | |||||||
Other comprehensive income | (17,655) | (305) | (17,960) | (17,960) | ||||||
Net income for the period | Formerly reported | 6,252 | |||||||||
Net income for the period | Impact of applying IFRIC agenda decision on IAS 19 | 26 | |||||||||
Net income for the period | 6,278 | 6,278 | 6,278 | [1] | ||||||
Total comprehensive income (loss) | (17,655) | (305) | 6,278 | (11,682) | (11,682) | |||||
Ending balance (Formerly reported) at Dec. 31, 2020 | 722,846 | |||||||||
Ending balance (Impact of applying IFRIC agenda decision on IAS 19) at Dec. 31, 2020 | 1,610 | |||||||||
Ending balance at Dec. 31, 2020 | € 163,915 | 1,030,702 | (41,782) | 4,260 | (432,639) | 724,456 | € 724,456 | [1] | ||
Ending balance (Shares) at Dec. 31, 2020 | 163,914,741 | 163,914,741 | ||||||||
Capital increase | € 11,497 | 391,629 | 403,126 | € 403,126 | ||||||
Capital increase (Shares) | 11,497,500 | 11,497,000 | ||||||||
Exercised stock options | € 1,196 | 1,196 | € 1,196 | |||||||
Exercised stock options (shares) | 1,195,954 | 1,196,000 | ||||||||
Stock option plan | 7,805 | 7,805 | € 7,805 | |||||||
Deferred and current tax on future deductible expenses | 708 | 708 | 708 | |||||||
Other comprehensive income | 26,091 | (1,207) | 24,884 | 24,884 | ||||||
Net income for the period | 215,510 | 215,510 | 215,510 | |||||||
Total comprehensive income (loss) | 26,091 | (1,207) | 215,510 | 240,394 | 240,394 | |||||
Ending balance at Dec. 31, 2021 | € 176,608 | € 1,430,136 | € (15,691) | € 3,053 | € (216,421) | € 1,377,685 | € 1,377,685 | |||
Ending balance (Shares) at Dec. 31, 2021 | 176,608,195 | 176,608,195 | ||||||||
[1] | Includes the impacts of the IFRIC final agenda decisions of April 2021 of benefits to periods of service, as described in Note 2 “First time adoption of new accounting standards in the financial year 2021” |
Consolidated statement of cash
Consolidated statement of cash flows - EUR (€) € in Thousands | 12 Months Ended | |||||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||||
Cash flows from operating activities: | ||||||
Net income | € 215,510 | € 6,278 | [1] | € 37,312 | [1] | |
Adjustments to reconcile net income to net cash provided by operating activities | ||||||
Depreciation of property, plant and equipment | 55,596 | 42,122 | [1] | 36,456 | [1] | |
Amortisation of intangible assets | 12,012 | 13,936 | [1] | 12,349 | [1] | |
Depreciation of current assets | 2,791 | 160 | [1] | 1,254 | [1] | |
Impairment of intangible assets | 683 | 3,244 | [1] | 10,272 | [1] | |
Impairment of goodwill | 0 | 0 | [1] | 1,647 | [1] | |
Stock compensation expense | 7,805 | 5,285 | [1] | 3,649 | [1] | |
Non-cash foreign exchange loss | 8,565 | 0 | [1] | 59 | [1] | |
Interest income/expense | 9,827 | 6,269 | [1] | 5,224 | [1] | |
Loss on sale of financial assets | 198 | 43 | [1] | |||
Gain on sale of financial assets | (24) | (70) | [1] | (32) | [1] | |
Share of the result and impairment of investments of associates accounted for using the equity method | 28,433 | 17,274 | [1] | 2,210 | [1] | |
Purchase price adjustments of associates accounted for using the equity method | 0 | (6,839) | [1] | |||
Fair value adjustments on long-term investments | (223,791) | (1,500) | [1] | (80) | [1] | |
Loss on sale of property, plant and equipment | 147 | 50 | [1] | 139 | [1] | |
Gain on sale of property, plant and equipment | (5) | (51) | [1] | 0 | [1] | |
Deferred tax expense (benefit) | 5,066 | 7,497 | [1] | 6,735 | [1] | |
Decrease (increase) in: | ||||||
Accounts receivables | (48,032) | (4,178) | [1] | (32,475) | [1] | |
Inventories | (11,653) | (3,631) | [1] | (1,364) | [1] | |
Other assets | (28,999) | (25,851) | [1] | (5,059) | [1] | |
Other tax assets | (18,932) | (13,836) | [1] | (16,856) | [1] | |
Increase (decrease) in: | ||||||
Accounts payable | 31,341 | 2,165 | [1] | (2,029) | [1] | |
Contract liabilities and deferred income | 63,083 | (14,618) | [1] | (14,684) | [1] | |
Provisions | (8,060) | 4,879 | [1] | 3,842 | [1] | |
Current income taxes payable | 18,850 | 15,486 | [1] | 12,349 | [1] | |
Other liabilities | 121 | 2,677 | [1] | (12,622) | [1] | |
Cash received during the year for: | ||||||
Interest | 1,106 | 1,191 | [1] | 827 | [1] | |
Taxes | 17,644 | 11,428 | [1] | 6,911 | [1] | |
Cash paid during the year for: | ||||||
Interest | (5,429) | (3,465) | [1] | (4,490) | [1] | |
Taxes | (11,616) | (21,224) | [1] | (9,328) | [1] | |
Net cash provided by operating activities | 122,237 | 44,721 | [1] | 42,216 | [1] | |
Cash flows from investing activities: | ||||||
Purchase of current investments | (123,696) | (70,932) | [1] | (25,010) | [1] | |
Purchase of investments in affiliated companies net of cash acquired | [1] | (10,929) | (40,297) | |||
Purchase of investments in associated companies and other long-term investments | (20,680) | (22,703) | [1] | (11,699) | [1] | |
Purchase of property, plant and equipment | (118,943) | (99,072) | [1] | (31,322) | [1] | |
Purchase of intangible assets | [1] | (583) | ||||
Issue of convertible loan | (7,376) | (6,242) | [1] | |||
Payment of subsequent contingent considerations | (410) | (149) | [1] | |||
Proceeds from sale of current investments | 27,250 | 54,789 | [1] | 22,426 | [1] | |
Net cash used in investing activities | (243,855) | (155,089) | [1] | (86,634) | [1] | |
Cash flows from financing activities: | ||||||
Proceeds from capital increase | 403,126 | 249,972 | [1] | |||
Proceeds from option exercise | 1,196 | 1,592 | [1] | 1,901 | [1] | |
Proceeds from loans | 30,791 | 21,539 | [1] | 292,305 | [1] | |
Repayment of lease obligation | (20,665) | (20,174) | [1] | (12,904) | [1] | |
Repayment of loans | (16,018) | (6,520) | [1] | (70,039) | [1] | |
Net cash provided by (used in) financing activities | 398,430 | 246,409 | [1] | 211,263 | [1] | |
Net increase (decrease) in cash and cash equivalents | 276,812 | 136,041 | [1] | 166,845 | [1] | |
Exchange rate difference | (66) | 9,505 | [1] | 1,134 | [1] | |
Cash and cash equivalents at beginning of year | [1] | 422,580 | 277,034 | 109,055 | ||
Cash and cash equivalents at end of the period | 699,326 | 422,580 | [1] | 277,034 | [1] | |
Supplemental schedule of non-cash activities: | ||||||
Additions to leases | € 14,292 | € 68,044 | [1] | € 7,545 | [1] | |
[1] | Includes the impacts of the IFRIC final agenda decisions of April 2021 of benefits to periods of service, as described in Note 2 “First time adoption of new accounting standards in the financial year 2021” |
Business description and basis
Business description and basis of presentation | 12 Months Ended |
Dec. 31, 2021 | |
Business description and basis of presentation | |
Business description and basis of presentation | (1) Business description and basis of presentation Evotec SE (“Evotec” or the “Company”) is a drug discovery and development company, continuously driving innovative approaches to develop new pharmaceutical products through discovery alliances and development partnerships with leading pharma and biotechnology companies as well as academic institutions, patient advocacy groups and venture capital partners. Evotec SE, located in Hamburg (Essener Bogen 7, Hamburg), is registered in the Commercial Registry of Hamburg with HRB 156381. Evotec was founded on 8 December 1993 and is listed on Frankfurt Stock Exchange, Segment Prime Standard, under the trading symbol “EVT” as well as on NASDAQ, New York, USA since 8 November 2021 under the trading symbol “EVO”. Evotec SE, being the ultimate parent entity, presents its consolidated financial statements in its functional currency of Euro. All amounts in the notes are shown in thousands of Euro (k€), unless indicated otherwise. The consolidated financial statements of Evotec were prepared under the going concern premises. The Executive Board prepared the consolidated financial statements for fiscal year 2021 on 30 March 2022 and subsequently submitted them to the Supervisory Board for review and approval at its meeting on 6 April 2022. With reference to Section 264 (3) of the German Commercial Code, the subsidiary Evotec International GmbH does not prepare a management report (Section 289 of the German Commercial Code). |
Summary of significant accounti
Summary of significant accounting policies | 12 Months Ended |
Dec. 31, 2021 | |
Summary of significant accounting policies | |
Summary of significant accounting policies | (2) Summary of significant accounting policies The consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) and its interpretations as issued by the International Accounting Standards Board (IASB), as adopted by the European Union (EU) and additionally as issued by the IASB. The accounting policies below have been applied consistently to all periods presented in the consolidated financial statements and have been applied consistently by all entities except as explained in the Notes “Recent accounting pronouncements, not yet adopted” as well as “Changes in accounting policies” which address changes in accounting policies. - Use of estimates The preparation of the accompanying consolidated financial statements requires management to make estimates and assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities as of the balance sheet date of the financial year as well as income and expenses during the reporting period. Main estimates and assumptions affect the following subjects: – Acquisitions: Assets and liabilities acquired in a business combination are initially accounted for at fair value on the acquisition date. Fair values are determined using a discounted cash flow model which relies on input parameters derived from observable market data. These parameters involve management judgment whenever no comparable market data is available. Significant input parameters used in determining the fair values are the estimated useful life of the assets identified, the long-term business plan as the basis for determining the expected cash flow from these assets and the discount rate applied. – Revenues: Where we have certain fixed-price arrangements with customers, the stage of completion of performance obligations is reviewed by reference to input-based methods, such as hours delivered or full cost incurred (e.g. labor, materials and other costs) under a contract in relation to expected total hours or total costs needed to fulfil the performance obligation. Revisions made to the estimated stage of completion can result in an adjustment to revenues in the current or future financial periods (see Note 23) and – Impairment testing and fair values: Management has identified the discount rate as well as the growth rate in the terminal value as key assumptions that have the potential to vary and thereby cause the recoverable amount to be lower than the carrying amount. Fair values for long-term investments at the time of acquisition correspond to the acquisition cost. Changes in fair value may occur due to adjusted scientific or financial plans or new financing rounds. (see Note 9, 10, 11, 13, 14 and 15). Other estimates and assumptions were exercised in the following areas: – Earn-out Provisions: Management estimates are made on discounted expected future cash flows. These cash flows are based on the contracts underlying the conditional consideration and the relevant project or business planning. The discount rate takes into account the risk underlying cash flows (usually weighted average cost of capital of the acquired entity). Additional non-observable input factors include, for example, marketing success probabilities. (see Note 17 and 29), – Measurement of the Share-based payment plans: Estimating fair value for share-based payment transactions requires determination of the most appropriate valuation model, which depends on the terms and conditions of the grant. This estimate also requires determination of the most appropriate inputs to the valuation model including risk-free interest rates and volatility measures. (see Note 21), – Valuation of deferred tax assets: Deferred tax assets are recognized for unused tax losses to the extent that it is probable that taxable profit will be available against which the tax losses can be charged. Management judgement is required to determine the amount of deferred tax assets that can be recognized, based upon the expected business performance of the tax subject and respective business plans (see Note 19). – Exercising significant influence on an investee: To determine whether an investor with minority voting rights has significant influence over an investee requires judgement, in particular regarding participation rights in significant financial and operating decisions of these entities (see Note 34d). Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are made prospectively in the period in which the estimates are revised. - Principles of consolidation In the consolidated financial statements of Evotec SE, all domestic and foreign companies which are under its control are included. Evotec controls an entity if it is exposed to, or has the right to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. Subsidiaries are included in the consolidated financial statements from the date on which control is obtained until the date Evotec´s control ceases. If Evotec loses control over a subsidiary, all assets and liabilities of that subsidiary together with any related non-controlling interests and other equity components are derecognised. Any resulting gain or loss is recognised in the income statement. Any retained interest in the former subsidiary is measured at fair value at the time of loss of control. All intercompany receivables, liabilities and all intercompany revenue, income, expenses and all intragroup profits or losses are eliminated in the consolidation. The financial statements of all to be consolidated subsidiaries are prepared using the same reporting date as the consolidated financial statements (31 December). - Transactions in foreign currency The Group’s consolidated financial statements are presented in euros, which is also the parent company’s functional currency. For each to be consolidated entity the respective functional currency will be determined. ● Subsidiaries The assets and liabilities of foreign subsidiaries with functional currencies other than the Euro are translated into Euro using the respective exchange rates at the end of the reporting period, while the income statements of such subsidiaries are translated using monthly average exchange rates during the period. Gains or losses resulting from translating foreign functional currency financial statements are recognised directly in other comprehensive income and realised on disposal of the subsidiary. ● Associated companies and joint ventures The currency translation of the proportionate equity of joint ventures and associated companies is performed at the respective closing rate of inclusion. The share of the results of associated companies and joint ventures, is translated at the average exchange rate and recognized as share of the result of associates accounted for using the equity method, in the statement of comprehensive income. ● Transactions and balances Transactions in foreign currencies are translated in the respective functional currency using the transaction foreign exchange rate. Assets and liabilities denominated in foreign currencies at the balance sheet date are translated into the respective functional currency using the exchange rates at the end of the period. - Financial instruments Recognition of financial instruments Financial assets and financial liabilities are recognized when an entity becomes a party to the contractual provisions of the financial instrument. Regular way purchase and sales of financial instruments are generally recognized on the settlement date. Derivatives are recognized on the day of trading. Derecognition of financial instruments Financial assets are derecognised if either the payment rights arising from the instrument have expired or substantially all risks and rewards attributable to the instrument have been transferred. Financial liabilities are derecognised if the obligations have expired or have been discharged or cancelled. Measurement of financial assets The initial recognition is measured at fair value. The subsequent measurement depends on the classification of the categories as defined in IFRS 9. Classification is based on two criteria: the Group’s business model for managing assets and whether the instruments’ contractual cash flows represent solely payments of principal and interest on the principal amount outstanding. This assessment is referred to as the SPPI test and is performed at an instrument level. Financial assets with cash flows that are not SPPI are classified and measured at fair value through profit or loss, irrespective of the business model. For the financial assets the following applies: Debt instruments are held by Evotec with the intention to collect contractual cash flows (interest and principal) and to sell these debt instruments. Consequently, they are measured at fair value through OCI. Upon derecognition, the cumulative fair value change recognised in OCI is recycled to profit or loss. Equity instruments are measured at fair value through profit and loss. At Evotec this primarily relates to the long-term investments. All other non-derivative financial assets are measured at amortised cost and therefore according to the effective interest method Non-derivative financial liabilities For subsequent measurement, non-derivative financial liabilities are measured at amortised cost. Impairment of financial assets Impairment is recognised for all financial assets not held at fair value through profit or loss and contract assets using the expected credit loss (ECL) model. ECLs are based on the difference between the contractual cash flows due in accordance with the contract and all the cash flows that Evotec expects to receive. For trade receivables and contract assets, Evotec applies a simplified approach in calculating ECLs. Therefore, Evotec does not track changes in credit risk, but instead recognizes a loss allowance based on lifetime ECLs at each reporting date. See Notes (4) and (5) for details. Offsetting financial instruments Financials assets and liabilities are only offset and the net amount presented in the consolidated statement of financial position when, and only when, Evotec has the legal right to offset the amounts and either to settle on a net basis or to realise the asset and settle the liability simultaneously. Derivative financial instruments and hedge accounting Evotec uses foreign currency derivative financial instruments as well as interest swaps to hedge its exposure to foreign exchange risks and interest rate fluctuations. Derivative financial instruments are measured at fair value through P&L. For these economic hedge relationships Evotec does not apply hedge accounting under IFRS 9. Derivatives embedded for financial liabilities in host contracts are accounted for separately if the economic characteristics and risk of the host contract and the embedded derivative are not closely related. In accordance with its treasury policy, the Company does not hold or issue derivative financial instruments for trading purposes. Basis for determining fair values of financial instruments The following summarises the significant methods and assumptions used in estimating the fair values of financial instruments. The fair value is determined primarily on the basis of publicly determinable bid prices at the reporting date. For unlisted equity instruments or financial instruments without an active market, fair value is estimated using valuation techniques. Unless otherwise reported, the fair values of financial instruments equal the carrying amounts. - Cash and cash equivalents The Company considers all highly liquid short-term investments with original maturities at the date of acquisition of three months or less to be cash equivalents. - Contract assets A contract asset is the right to a consideration in exchange for goods or services transferred to the customer. If Evotec fulfils its contractual obligations by transferring goods or services to a customer before the customer pays the consideration or before payment is due, a contract asset is recognised for the earned consideration that is conditional. - Trade receivables A trade receivable is recognised if an amount of consideration that is unconditional is due from the customer. Appropriate allowances are made for identifiable risks. - Inventories In accordance with IAS 2, inventories are valued at the lower of cost or net realisable value. Net realisable value is the estimated selling price in the ordinary course of business, less the estimated costs of completion and selling expenses. Costs consist of purchased component costs and manufacturing costs, which are comprised of direct material and labour costs and systematic allocated costs. Costs are removed from inventories to costs of revenue based on specific identification. - Property, plant and equipment Property, plant and equipment is measured at cost less accumulated depreciation and impairment losses. Property, plant and equipment acquisitions, including leasehold improvements, are recorded at cost less any vendor rebates. Depreciation of property, plant and equipment is generally calculated using the straight-line method over the estimated useful lives of the assets. Depreciation of leasehold improvements is calculated using the straight-line method over the shorter of the related lease term or the estimated useful life. The useful lives are as follows: Buildings and leasehold improvements 3-30 years Plant, machinery and equipment 4-15 years Furniture and fixtures 3-15 years Computer equipment 3-10 years The depreciation period is reviewed at each balance sheet date. Differences from previous estimates are accounted for as a change in an accounting estimate in accordance with IAS 8. The costs included in property, plant and equipment related to assets under construction are not depreciated until the assets are placed into service by the Company. Upon sale or retirement, the costs and the related accumulated depreciation are removed from the respective accounts and any gain or loss is included in other operating income and expense. Maintenance and repairs of property, plant and equipment are expensed as incurred. - Leases Evotec as a lessee Evotec recognises and measures all leases (excluding short-term leases and leases of low-value assets) using the Right-of-Use model. The Company recognises liabilities to make lease payments and Right-of-Use assets representing the right to use the underlying assets. i) Right-of-Use assets Evotec recognises Right-of-Use assets at the commencement date (i.e. the point in time the underlying leased asset is available for use). Right-of-Use assets are measured at cost less any accumulated depreciation and any accumulated impairment losses. The cost of Right-of-Use assets include the amount of lease liabilities recognised, initial direct costs incurred and lease payments made at or before the commencement date less any lease incentives received. Right-of-Use assets are depreciated on a straight-line basis over the shorter of the lease term and the estimated useful lives of the assets as follows: Right-of Use assets relating to buildings >1-20 years Right-of Use assets relating to plant and machinery 2-7 years Right-of Use assets relating to motor vehicles 3-4 years If legal ownership of the leased asset transfers to Evotec at the end of the lease term or the cost reflects the exercise of a purchase option, depreciation is calculated using the estimated useful life of the leased asset. ii) Lease liabilities On the provision date of the lease, Evotec recognises lease liabilities measured at the present value of lease payments to be made over the lease term. The lease payments include fixed payments (including insubstance fixed payments) less any lease incentives receivable, variable lease payments that depend on an index or a rate, and amounts expected to be paid under residual value guarantees. The lease payments also include the exercise price of a purchase option reasonably certain to be exercised by the Group and payments of penalties for terminating the lease, if the lease term reflects the Group exercising the option to terminate. Variable lease payments that do not depend on an index or a rate are recognised as expenses in the period in which the event or condition that triggers the payment occurs. In calculating the present value of lease payments, Evotec uses an incremental borrowing rate at the lease commencement date when the interest rate implicit in the lease is not readily determinable. After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a modification to the lease, a change in the lease term, a change in the lease payments (e.g. changes to future payments resulting from a change in an index or rate used to determine such lease payments) or a change in the assessment of an option to purchase the underlying asset. iii) Short-term leases and leases of low-value assets Evotec applies the short-term lease recognition exemption to its short-term leases of machinery and equipment (i.e. those leases that have a lease term of 12 months or less from the commencement date and do not contain a purchase option). Evotec also applies the lease of low-value assets recognition exemption to leases of office equipment that are considered to be low-value. Lease payments on short-term leases and leases of low-value assets are recognised as expense. - Associates and joint ventures Associates and joint ventures are entities in which Evotec has significant influence over the financial and operating policies. This significant influence is usually exercised through a direct or indirect share of voting power of 20% to 50%. Significant influence can also exists through a direct or indirect share of voting power of less than 20%, indicators are: ● Representation on the board of directors and/or on the supervisory board, ● (Significant) participation in operating policies, including participation in decisions about dividends of the investee, ● Interchange of managerial personnel, ● Material transactions between the entity and its investee, ● Provision of essential technical information. In case one or more of the above mentioned indicators apply, Evotec verifies if significant influence exists. Associates and joint ventures are accounted for in the consolidated financial statements using the at-equity method and initially measured at cost. Subsequent to acquisition, Evotec’s share in the associates and joint ventures profit or loss is included in the consolidated statement of comprehensive income. Unrealised gains and losses from transactions between Evotec and its associates or joint ventures are recognised only to the extent of unrelated investors` interests in the associates and joint ventures. - Intangible assets, excluding goodwill Intangible assets, excluding goodwill, consist of separately identified intangible assets such as developed technologies, customer related intangibles and patents, which were acquired in business combinations, purchased licences and patents. Intangible assets with definite useful lives are recorded at cost and are amortised using the straight-line method over the estimated useful lives of the assets. The useful lives are as follows: Trademarks 2-10 years Developed technologies 6-18 years Customer related intangibles 5-8 years Patents and licences 15 years or shorter life Developed technologies acquired in business combinations are amortised as soon as the intangible assets start to generate sustainable benefits and tested for impairment at least annually. The amortisation period is reviewed at each balance sheet date. - Goodwill Goodwill recognised in a business combination according to the acquisition method is recognised as an asset. If the net assets acquired exceed the fair value of the consideration transferred, the income from bargain purchase is recognised in the consolidated income statement following a reassessment. - Impairment of non-financial non-current assets and goodwill The Company reviews non-financial non-current assets (property, plant and equipment and intangible assets including goodwill) for impairment, in the respect to the recoverable amount in accordance with IAS 36. An impairment review is performed at least annually for intangible assets with indefinite useful lives, intangible assets not yet available for use and goodwill, or whenever events or changes in circumstances indicate that the carrying amount of an asset or a group of assets may not be recoverable. In line with the Company’s policy concerning the impairment of intangible assets with indefinite useful lives and goodwill, the Company carried out an impairment test in the fourth quarter of 2021 and 2020 on the basis of 30 September balance sheet information, see Note (13) and (14). An impairment loss is recognized if the carrying amount of an asset (or a group of assets when considering a cash-generating unit) exceeds its recoverable amount which is the higher of its fair value less costs to sell or value in use. The value in use for an asset or cash-generating unit, which is used by Evotec for the impairment testing of non-financial non-current assets and goodwill, is calculated by estimating the net present value of future cash flows arising from that asset or cash-generating unit. The discount rate used to calculate the value in use is determined to reflect the risks inherent for each asset or cash-generating unit. The evaluation of the further use is based on a mid-range or where applicable long-range forecast. Management judgment is necessary to estimate discounted future cash flows. Any impairment loss is reported as a separate component of other operating expenses in the consolidated income statement. An impairment of property, plant and equipment and intangible assets excluding goodwill is again reversed if there has been a change in the estimates used to determine the recoverable amount leading to an increase in value for a previously impaired asset or group of assets as one cash-generating unit. It is reversed only to the extent that the assets or the group of assets carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortization, if no impairment loss had been previously recognized. Impairments of goodwill are not reversed. - Provisions Provisions are recognised when the Company has a present obligation as a result of a past event which will result in a probable outflow that can be reliably estimated. The amount recognised represents the best estimate of the settlement amount of the present obligation as of the balance sheet date. Non-current provisions are discounted applying a risk adjusted market interest rate. A provision for onerous contracts is recognised when the expected benefits to be derived by the Company from such a contract are lower than the unavoidable expenses of meeting its obligations under the contract. The provision is measured at the present value of the lower of the expected expenses of terminating the contract and the expected net expense of continuing with the contract. Before a provision is established, Evotec recognises any impairment expense on the assets associated with that contract. - Pension and similar obligations The Company’s net obligation for defined benefit and other postretirement benefit plans have been calculated using the projected unit credit method. The calculation is based on actuarial expertise taking into account the relevant biometric factors. Actuarial gains and losses are recognised in other comprehensive income. Service and interest costs for pensions and other postretirement obligations are recognised as an expense in the operating result. The Company’s obligations for contributions to defined contribution plans are recognised as expense in the income statement. The effects of the IFRIC agenda decision of April 2021 regarding benefits depending on the length of employment are explained in note 2 “Changes in accounting policies”. - Contract liabilities A contract liability is the obligation of Evotec to transfer goods or services to a customer for which Evotec has received a consideration (or an amount of consideration is due). If a customer pays the consideration before Evotec transfers goods or services to the customer, a contract liability is recognised when the payment is made or the payment is due (whichever is earlier). Contract liabilities are recognised as revenue when Evotec fulfils its contractual obligation. - Share capital Ordinary shares are classified as equity. Incremental costs directly attributable to the issuance of ordinary shares are recognised net of tax as a deduction from equity. The Company applies the regulations of IAS 32 in accounting for treasury shares. When ordinary shares recognised as equity would be reacquired, the amount of the consideration paid for those treasury shares is recognised as a deduction from equity. If treasury shares are subsequently sold or granted, the proceeds will be recognised net of tax as an increase in equity. - Stock options and Share Performance Awards The Company applies the regulations of IFRS 2 with regard to the accounting for options granted under its stock option plans and under its Share Performance Plan. All plans are settled in shares and therefore are recorded through equity. Compensation cost from the issuance of employee and Management Board stock options are measured using the fair value method at the grant date and charged straight-line to expense over the service period. This is also the case for the grant of Share Performance Awards to employees and to members of the Management Board. In case the estimates regarding the achievement of the key performance indicators change, the fair value of Share Performance Awards is adjusted as long as it is not a share price-based indicator. - Revenues from contracts with customers Revenue is recognised when the control over separable services or research services is transferred to the customer, provided that a contract with enforceable rights and obligations exists and that collectability of consideration is probable. The Company assesses collectability based on a number of factors, including past transaction history with the customer and the customer’s creditworthiness. The Company has entered into contracts which can have multiple-elements and thoroughly determined whether the different revenue-generating elements are sufficiently separable and whether there exists sufficient evidence of their fair values to separately account for some or all of the individual elements of the contracts. Only if an element is considered to meet these criteria it does represent a separate unit of accounting. When allocating the transaction price to individual performance components, Evotec uses in particular FTE-rates as indicator of the fair value of these components. Evotec’s revenues include service fees, FTE-based research payments revenue for delivered goods and deliverable kind of services, recharges, technology access fees as well as milestone fees, licences and royalties. Service fees, FTE-based research payments as well as deliverable kind of services Revenues generated from service contracts or FTE-based research contracts or deliverable kind of services are recognised as the services are rendered. Evotec applies an input-based method to measure the progress of completion of its performance obligations. In rare cases and only for specific contracts, output-based methods are applied whenever the contracts warrant such measurement. Payments for those services are generally paid in full or in parts in advance and recorded as contract liabilities. Contract assets are recognised in case Evotec’s progress of completion of its performance obligations exceeds the amount of the payments received. Those contracts may also contain variable compensation, which Evotec only includes in the transaction price when it becomes highly probable that such payments will be received. This is rarely the case upon contract inception or in early stages of contracts, owing to the nature of the services. Technology access fees Revenue from technology access fees is recognised pro rata over the related forecasted service period. Payments for technology access fees are generally paid in full or in parts in advance and recorded as contract liabilities until earned. Milestone fees Revenue contingent upon the achievement of certain milestones is recognised in the period the milestone is successfully achieved. This occurs when the Company’s contract partner agrees that the requirements stipulated in the agreement have been met. Under IFRS 15, earlier recognition carries an increased risk of revenue corrections required and hence Evotec refrains from an earlier recognition. Licences Revenue from the sale of licences is recognised at the date of the sale. Revenue from out-licensing in combination with a collaboration is realised pro rata over the collaboration period. Payments from the sale of licences are received on the day of the sale or thereafter. Royalties Revenue from royalties, which are dependent on other company’s respective product sales, is recognised in the period in which the royalty report or the payment is received. Payments are received either on the same day as the royalty report or thereafter. Royalties are typically contract components with a variable consideration which will as mentioned above only be realized as revenues when it is highly probable that the consideration will be received. Main estimates and assumptions > Identifying performance obligations, allocating the transaction price and determining the stage of completion of contracts with service fees, FTE-based research payments as well as deliverable kind of services Evotec performs research and development services for a variety of customers under different contractual arrangements. When performance obligations are individually capable of being distinct and distinct in the context of the contract, Evotec allocates the transaction price to distinct performance obligations on the basis of relative stand-alone selling prices of the obligations. Primarily, contracts for research and development services often contain a large amount of individual services, trigger upfront payments to partially or fully cover the entire transaction price and are concluded for the overall purpose of identifying new research results. The Group has determined that services under such contracts are integrated and qualify as one performance obligation. As far as other distinct services are included in those type of contracts, Evotec allocates the transaction price on the basis of relative stand-alone selling prices of the obligations. Such fixed-price arrangements are recognized over time as the respective performance obligation is fulfilled. Evotec applies an input-based method to measure the progress of completion of its performance obligations such as hours delivered or full cost incurred (e.g. labor, materials and other costs) under a contract in relation to expected total hours or total costs needed to fulfil the performance obligations. For each contract, Evotec selects the input-based method that most faithfully depicts the transfer of services stated in the contract. In rare cases and only for specific contracts, output-based methods are applied whenever the contract warrants such measurement. > Determining method to estimate variable compensation and assessing the constraint Customer contracts often contain success-based variable compensation for research services and other contingent payments. The contingency often relates to few and specific research services, which is why Evotec determines the most likely amount payable under the contract. In addition Evotec assesses whether a constraint exists in reference to revenue recognition for such variable compensations. Based on Evotec’s historical experience and due to the inherent risk of research, success-based variable compensations are regularly not included in the transaction price upon contract inception, but are only included when the contingent events occur or become highly probable. -Revenue recognition from contributions Evotec receives private contributions for which the existence of an adequate exchange transaction for re |
Segment information
Segment information | 12 Months Ended |
Dec. 31, 2021 | |
Segment information | |
Segment information | (3) Segment information EVT Execute and EVT Innovate were identified by the Management Board as operating segments. EVT Execute includes mainly fee-for-service and FTE-rate arrangements where our customers own the intellectual property, whereas EVT Innovate comprises of internal R&D activities as well as services and partnerships that originate from these R&D activities where we typically own or co-own intellectual property with our strategic partners. The responsibility for EVT Execute was allocated to the COO, Dr. Craig Johnstone, while the responsibility for EVT Innovate was allocated to the Chief Scientific Officer (CSO), Dr. Cord Dohrmann. Management does not allocate assets and liabilities to segments. Intersegment revenues are valued with a price comparable to other third-party revenues. The evaluation of each operating segment is performed on the basis of revenues and operating income (loss). Management had previously excluded recharges from the segments; however, in 2021, management changed its presentation of segment information to include recharges in the segments and the amounts of segment revenues and costs of revenues below have been restated accordingly. Since 1 January 2021, revenues from recharges, previously shown in the column “Transition” and not allocated to the segments, are allocated to the segments EVT Execute and EVT Innovate. The prior year figures have been adjusted. In 2021, revenues from recharges amounted to k€ 35,991 (2020: k€ 21,835; 2019: k€ 14,503) whereof k€ 34,104 is allocated to EVT Execute (2020: k€ 20,728; 2019: k€ 13,761) and k€ 1,887 is allocated to EVT Innovate (2020: k€ 1,107; 2019: k€ 742). The segment information for the financial year 2021 is as follows: EVT EVT Intersegment Evotec in k€ Execute 1) Innovate eliminations Group Revenues 610,168 146,982 (139,116) 618,034 Operating income (loss) 63,109 (22,113) — 40,996 1) The segment information for the financial year 2020 is as follows: EVT EVT Intersegment Evotec in k€ Execute 1) Innovate eliminations Group Revenues 509,870 106,830 (115,776) 500,924 Operating income (loss) 77,362 (28,806) — 48,556 1) The segment information for the financial year 2019 is as follows: EVT EVT Intersegment Evotec in k€ Execute 1) Innovate eliminations Group Revenues 434,064 95,071 (82,698) 446,437 Operating income (loss) 76,920 (14,213) — 62,707 1) Non-current assets categorized by the location of the companies as of 31 December can be analysed as follows: Non-current Assets 2021 2020 k€ k€ USA 209,508 144,820 United Kingdom 196,543 202,980 Italy 188,858 189,351 France 129,178 93,812 Germany 105,283 101,926 Switzerland 14,089 13,879 Austria 2,697 2,853 Canada 1,913 1,935 Netherlands — 1,986 848,069 753,541 |
Cash and cash equivalents and i
Cash and cash equivalents and investments | 12 Months Ended |
Dec. 31, 2021 | |
Cash and cash equivalents and investments | |
Cash and cash equivalents and investments | (4) Cash and cash equivalents and investments Included in investments are corporate bonds, which are reported at fair value. The corporate bonds and similar instruments are classified as measured at fair value through OCI. As of 31 December 2021, unrealised gains in the amount of k€ 1,448 (31 December 2020: gains of k€ 51) were recognised in other comprehensive income relating to those assets. In the course of managing liquidity, Evotec is investing in deposits with maturities beyond three months which are also included in investments. The deposits are measured at amortised costs. Based on the expected credit loss an allowance of k€ 239 has been recognised as of 31 December 2021 (31 December 2020: k€ 139). As of 31 December 2021, k€ 7,736 of the cash balances with credit institutions were restricted (31 December 2020 k€ 8,270). |
Trade accounts receivables
Trade accounts receivables | 12 Months Ended |
Dec. 31, 2021 | |
Trade accounts receivable | |
Trade accounts receivables | (5) Trade accounts receivables The Company has assessed the non-payment risk of all trade accounts receivables. The resulting risk provision as of 31 December 2021 amounts to k€ 2,100 (31. December 2020:k€ 782) and includes a risk provision for specific default risks of trade receivables in the amount of k€ 1,584 as well as for expected credit risks according to IFRS 9 in the amount of k€ 516 (31 December 2020: k€ 332).The risk provision only concerns a part of the corresponding receivables. The maturities of trade receivables as at 31 December, taking into account risk provisions, are as follows: 31 Dec 31 Dec 2021 2020 k€ k€ Not past due 95,556 54,855 Risk provision not past due — (2) Past due 0-30 days 31,222 13,284 Risk provision 0-30 days (30) (9) Past due 31-120 days 5,164 5,489 Risk provision 31-120 days (89) (60) More than 120 days 2,236 6,159 Risk provision more than 120 days (1,981) (711) Total trade accounts receivables 132,078 79,005 The risk provision for expected credit risks in accordance with IFRS 9 of k€ 516 (31 December 2020: k€ 332) has been determined with estimates, expected failure rates between 0.024% and 21.8% (31 December 2020: 0.004% and 5.114%) and is included in the allowance. Trade accounts receivables included several milestones and prepayments invoiced close to year-end. The amount of milestones and significant invoiced prepayments as per 31 December 2021 amounted to € 40.4 m compared to only € 2.3 m as per 31 December 2020. |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2021 | |
Inventories | |
Inventories | (6) Inventories Inventories consist of the following: 31 Dec 31 Dec 2021 2020 k€ k€ Raw materials 25,043 13,306 Work-in-progress 750 279 Total inventories 25,793 13,585 Increase in raw materials is mainly driven by the J.POD ® warehouse , in Redmond, Washington/USA starting its service in 2021. The main materials in the raw materials are consumables, cell culture medias and disposables. Allowances on inventories exist at the balance sheet date k€ 595 (31.December 2020: k€ 428). |
Contract assets
Contract assets | 12 Months Ended |
Dec. 31, 2021 | |
Contract assets. | |
Contract assets | (7) Contract assets Contract assets completely consist of assets resulting from customer contracts. As of 31 December 2021 no material risk provision was recorded. |
Prepaid expenses and other curr
Prepaid expenses and other current assets | 12 Months Ended |
Dec. 31, 2021 | |
Prepaid expenses and other current assets | |
Prepaid expenses and other current assets | (8) Prepaid expenses and other current assets Prepaid expenses as of 31 December 2021 mainly relate to prepayments for insurance premiums. The other current assets mainly comprise VAT-related receivables of k€ 14,943 (31 December 2020: k€ 14,657). 31 Dec 31 Dec 2021 2020 k€ k€ Prepaid expenses 19,210 9,258 Other 20,685 21,146 Total prepaid expenses and other current assets 39,895 30,404 |
Long-term Investments accounted
Long-term Investments accounted for using the equity method | 12 Months Ended |
Dec. 31, 2021 | |
Long-term Investments accounted for using the equity method | |
Long-term Investments accounted for using the equity method | (9) Long-term Investments accounted for using the equity method Individually insignificant shares in companies accounted for using the equity method are presented in aggregate, provided that at the balance sheet date the equity book value did not exceed € 10 million or Evotec’s share of earnings in the result was less than € 3 million in the company’s profit or loss. For some of those insignificant investments delays in respective lead programs led to failure of further financing rounds. This led to impairment tests of the two investments which resulted in an impairment in the amount of k€ 2,497, with both investments being fully impaired. In connection with the impairment test, related loans issued to the respective investments were adjusted to the fair value of nil resulting in a fair value adjustment in the amount of k€ 9,367. The following table summarises the development of the long-term investments during year 2021: Breakpoint Exscientia NephThera Therapeutics Insignificant in k€ plc GmbH 2) GmbH investments Total Balance at 1 January 2021 21,040 486 1,918 16,266 39,710 Additions — — 3,667 7,244 10,911 Pro rata net result (1,577) (486) (2,811) (11,696) (16,570) Loss against other current assets — — — 977 977 Impairment — — — (2,497) (2,497) Discontinued use of equity method (19,463) 1) — — — (19,463) Net book value 31 December 2021 — — 2,774 10,294 13,068 1) 2) The additions during the year 2021 relates to financing rounds in the existing long-term investments of Topas Therapeutics GmbH in the amount of k€ 2,856; FSHD Unlimited Coop. in the amount of k€ 1,257; Breakpoint Therapeutics GmbH in the amount of k€ 3,667; Ananke Therapeutics Inc. in the amount of k€ 1,483 and Quantro Therapeutics GmbH in the amount of k€ 1,250. Furthermore, subsequent acquisition costs due to contributions in kind were capitalised in the amount of k€ 398. The following table summarises the development of the long-term investment during the year 2020: Breakpoint Exscientia NephThera Therapeutics Insignificant in k€ plc GmbH 1) GmbH investments Total Balance at 1 January 2020 16,236 — 5,900 7,631 29,767 Additions 9,194 14 — 11,170 20,378 Pro rata net result (4,390) (3,378) (3,982) (5,524) (17,274) Adjustments — 3,850 — 2,989 6,839 Net book value 31 December 2020 21,040 486 1,918 16,266 39,710 1) NephThera GmbH is a joint venture. In 2020, the adjustments included subsequent acquisition costs due to contributions of k€ 6,839, of which k€ 3,850 related to the investment in NephThera GmbH and k€ 2,989 to the investment in Curexsys GmbH. Further financial information on the significant investments accounted for using the equity method is presented below: Breakpoint NephThera Therapeutics GmbH GmbH 2021 k€ k€ Current assets 8,013 18,501 Non-current assets 10 2 Current liabilities 525 719 Non-current liabilities — — Revenues from 1 Jan to 31 Dec — — Net result from 1 Jan to 31 Dec (5,769) (8,283) Breakpoint Exscientia NephThera Therapeutics plc* GmbH GmbH 2020 k€ k€ k€ Current assets 75,882 3,683 4,229 Non-current assets 11,306 — 4 Current liabilities 20,854 413 664 Non-current liabilities — — — Revenues from 1 Jan to 31 Dec 10,786 — — Net result from 1 Jan to 31 Dec (21,935) (6,755) (8,231) *Net result included prior year adjustment k€ 2,165 |
Other long-term investments
Other long-term investments | 12 Months Ended |
Dec. 31, 2021 | |
Other long-term investments | |
Other long-term investments | (10) Other long-term investments The development of investments measured at fair value in accordance with IFRS 9 is shown below: 2021 2020 k€ k€ Balance at 1 January 19,289 11,462 Additions 6,647 6,327 Additions due to discontinue use of equity method 19,463 — Adjustments at fair value, affecting net income 223,394 1,500 Net book value 31 December 268,793 19,289 Exscientia was previously accounted for using the equity method (please refer to Note 9 for information). Investments are continuously tested for fair value adjustments. Fair value adjustments of k€ 223,394 mainly relate to two financing rounds of Exscientia in which Evotec did not participate as well was the first-time listing of Exscientia. |
Property, plant and equipment
Property, plant and equipment | 12 Months Ended |
Dec. 31, 2021 | |
Property, plant and equipment. | |
Property, plant and equipment. | (11) Property, plant and equipment The development of property, plant and equipment in 2021 and 2020 is shown in the following tables. The table below also includes the right of use assets (see note 12 Leases) with a net book value of k€ 145,038 as of 31 December 2021 (31. December 2020 k€ 142,110). Plant, Buildings and machinery leasehold and Furniture Assets under improvements equipment and fixtures construction Total Acquisition and manufacturing costs Amount beginning of the year 215,055 168,224 27,445 71,155 481,879 Foreign currency translation 9,099 4,576 718 3,362 17,755 Additions 83,535 36,082 7,546 63,653 190,816 Business combination — — — — — Disposals 3,022 443 860 39 4,364 Reclass 73,800 19,172 4,809 (97,781) — Amount end of the year 378,467 227,611 39,658 40,350 686,086 Depreciation, amortisation and write-downs Amount beginning of the year 40,472 87,048 17,062 — 144,582 Foreign currency translation 1,919 2,628 620 — 5,167 Additions 23,463 24,826 7,307 — 55,596 Disposals 2,552 424 880 — 3,856 Reclass 77 (177) 100 — — Amount end of the year 63,379 113,901 24,209 0 201,489 Net book value Amount beginning of the year 174,583 81,176 10,383 71,155 337,297 Amount end of the year 315,088 113,710 15,449 40,350 484,597 Plant, Buildings and machinery Assets leasehold and Furniture under improvements equipment and fixtures construction Total Acquisition and manufacturing costs Amount beginning of the year 172,259 143,208 22,371 12,577 350,415 Foreign currency translation (4,617) (3,403) (496) 1,077 (7,439) Additions 87,540 28,622 6,323 63,034 185,519 Business combination — — — — — Disposals 40,564 3,405 1,178 1,469 46,616 Reclass 437 3,202 425 (4,064) — Amount end of the year 215,055 168,224 27,445 71,155 481,879 Depreciation, amortisation and write-downs Amount beginning of the year 28,526 69,140 13,520 — 111,186 Foreign currency translation 755 744 (346) — 1,153 Additions 17,412 19,649 5,061 — 42,122 Disposals 6,465 2,241 1,173 — 9,879 Reclass 244 (244) — — — Amount end of the year 40,472 87,048 17,062 0 144,582 Net book value Amount beginning of the year 143,733 74,068 8,851 12,577 239,229 Amount end of the year 174,583 81,176 10,383 71,155 337,297 The increase in property, plant and equipment to k€ 484,597 is mainly due to further investments in the new J.POD ® facility at the subsidiary J.POD-Evotec Biologics Inc., in Redmond, Washington, USA which was opened in August 2021. This lead to a reclassification of € 89.2 m from assets under construction to mainly buildings and leasehold improvements and plant and machinery. The construction of J.POD ® Toulouse, France started in 2021. This resulted in assets under construction of € 3.4 m as of 31 December 2021. In addition, an increase of € 56.2 m results from a disposal of intangible assets excluding goodwill and an addition to buildings and leasehold improvements as of 1 July 2021. At the end of June 2021, GlaxoSmithKline S.p.A (GSK) sold the R&D site in Verona, Italy to Evotec’s Italian subsidiary for a purchase price of € 1. In exchange, the beneficial contract granted by GlaxoSmithKline S.p.A (GSK) to Evotec in 2010 was cancelled. The beneficial agreement granted Evotec the free use and occupancy of the R&D site in Verona, Italy until 2058. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2021 | |
Leases | |
Leases | (12) Leases Set out below are the carrying amounts of right-of use assets recognized and the movements during the period: 2021 k€ Right of use Right of Plant, use machinery Furniture Right of use and and Buildings equipment fixtures Total Acquisition and manufacturing costs Amount beginning of the year 158,454 8,382 529 167,365 Foreign currency translation 7,442 30 — 7,472 Additions 14,077 — 215 14,292 Business combination — — — — Disposals 2,453 — — 2,453 Reclass 82 (335) 253 — Amount end of the year 177,602 8,077 997 186,676 177,602 8,077 997 186,676 Depreciation, amortisation and write-downs Amount beginning of the year 21,169 3,939 147 25,255 Foreign currency translation 2,573 120 24 2,717 Additions 14,160 1,462 207 15,829 Disposals 2,163 — — 2,163 Reclass (17) (137) 154 — Amount end of the year 35,722 5,384 532 41,638 Net book value Amount beginning of the year 137,285 4,443 382 142,110 Amount end of the year 141,880 2,693 465 145,038 2020 k€ Right of use Right of Plant, use machinery Furniture Right of use and and Buildings equipment fixtures Total Acquisition and manufacturing costs Amount beginning of the year 136,158 10,475 465 147,098 Foreign currency translation (3,410) (6) — (3,416) Additions 66,270 1,710 64 68,044 Business combination — — — — Disposals 40,564 3,797 — 44,361 Reclass — — — — Amount end of the year 158,454 8,382 529 167,365 Depreciation, amortisation and write-downs Amount beginning of the year 13,702 2,914 110 16,726 Foreign currency translation (374) 4 — (370) Additions 14,306 1,692 37 16,035 Disposals 6,465 671 — 7,136 Amount end of the year 21,169 3,939 147 25,255 Net book value Amount beginning of the year 122,456 7,561 355 130,372 Amount end of the year 137,285 4,443 382 142,110 Set out below are the carrying amounts of lease liabilities and the movements during the period: 2021 2020 k€ k€ Amount beginning of the year 145,554 131,870 Foreign currency translation 6,691 (4,126) Additions 14,292 67,842 Business combination — — Disposals 58 32,983 Accretion of interest 3,728 3,125 Payments 19,770 20,174 Amount end of the year 150,437 145,554 The lease liabilities are due as follows: 31 Dec 21 31 Dec 20 k€ k€ Current portion of lease obligations 14,473 14,616 Long-term lease obligations 135,964 130,938 150,437 145,554 The following amounts are recognised in profit and loss: 2021 2020 2019 k€ k€ k€ Depreciation expense of right-of-use assets 15,829 16,035 14,728 Interest expense on lease liability 3,728 3,125 2,641 Expense relating to short-term leases 839 807 106 Expense relating to leases of low-value assets 56 33 185 Variable lease payments — — — Total amount recognised in profit and loss 20,452 20,000 17,660 The Group’s cash outflows for leases amounted to k€20,665 in 2021 (2020: k€21,014; 2019: k€ 15,545). Future cash outflows for leases that have not yet begun are set out in the explanation “(31) Commitments and contingencies”. |
Intangible assets, excluding go
Intangible assets, excluding goodwill | 12 Months Ended |
Dec. 31, 2021 | |
Intangible assets, excluding goodwill | |
Intangible assets, excluding goodwill | (13) Intangible assets, excluding goodwill The development of intangible assets in 2021 and 2020 is shown in the following tables. 2021 k€ Patents and Developed Customer Favourable licences technology related Trademarks contract Total Acquisition and manufacturing costs Amount beginning of the year 10,772 98,845 67,647 6,539 62,033 245,836 Foreign currency translation — 939 1,442 — — 2,381 Additions 439 — — — — 439 Business combination — — — — — — Disposals — — — — 62,033 62,033 Reclass — — — — — — Amount end of the year 11,211 99,784 69,089 6,539 0 186,623 Depreciation, amortisation and write-downs Amount beginning of the year 10,095 90,272 37,786 4,574 5,073 147,800 Foreign currency translation — 348 691 — — 1,039 Additions 87 1,680 8,914 642 689 12,012 Disposals — — — — 5,762 5,762 Reclass — — — — — — Impairment — 683 — — — 683 Amount end of the year 10,182 92,983 47,391 5,216 0 155,772 Net book value Amount beginning of the year 677 8,573 29,861 1,965 56,960 98,036 Amount end of the year 1,029 6,801 21,698 1,323 0 30,851 2020 k€ Patents and Developed Customer Favourable licences technology related Trademarks contract Total Acquisition and manufacturing costs Amount beginning of the year 10,784 99,591 68,590 6,539 62,033 247,537 Foreign currency translation — (746) (943) — — (1,689) Additions 2 — — — — 2 Business combination — — — — — — Disposals 14 — — — — 14 Amount end of the year 10,772 98,845 67,647 6,539 62,033 245,836 Depreciation, amortisation and write-downs Amount beginning of the year 6,559 88,498 28,283 3,628 3,575 130,543 Foreign currency translation — (36) 113 — — 77 Additions 292 1,810 9,390 946 1,498 13,936 Disposals — — — — — — Impairment 3,244 — — — — 3,244 Amount end of the year 10,095 90,272 37,786 4,574 5,073 147,800 Net book value Amount beginning of the year 4,225 11,093 40,307 2,911 58,458 116,994 Amount end of the year 677 8,573 29,861 1,965 56,960 98,036 Intangible assets, excluding goodwill decreased from k€ 98,036 as of 31 December 2020 to k€ 30,851 as of 31 December 2021 by k€ 67,185. Part of the decrease of € 56.2 m relates to a disposal of the favourable contract which in return resulted in an addition to buildings and leasehold improvements, for further information see note 11 “Property, plant and equipment”. In the financial year 2021 developed technology in the amount of k€ 683 was impaired. In the financial year 2020, rights and licenses were impaired in the amount of k€ 3,244. This impairment concerned the rights to future sales of Haplogen GmbH, Vienna and is due to the fact that Haplogen GmbH, Vienna has lost a significant financing partner, so that the further development of the underlying projects is no longer assured. |
Goodwill
Goodwill | 12 Months Ended |
Dec. 31, 2021 | |
Goodwill | |
Goodwill | (14) Goodwill The Company has tested the cash-generating units for impairment on the annual designated test date in the fourth quarter 2021 based on the net book values as of 30 September 2021. The impairment tests are based on discounted cash flow, used to determine the value in use. With respect to the development of goodwill please refer to the following detailed schedules. OAI/Evotec OAI/Evotec Evotec International International Aptuit (US) Just Execute Innovate Execute Execute Execute Total k€ k€ k€ k€ k€ k€ 1 January 2021 79,816 9,154 126,059 3,874 28,467 247,370 Business combination — — — — — — Disposal — — — — — — Reclass — — — — — — Foreign currency translation 4,664 50 2,786 323 2,376 10,199 31 December 2021 84,480 9,204 128,845 4,197 30,843 257,569 OAI/Evotec OAI/Evotec Evotec Evotec International International Aptuit (München) (US) Just Execute Innovate Execute Execute Execute Execute Total k€ k€ k€ k€ k€ k€ k€ 1 January 2020 75,098 9,194 128,317 7,983 4,232 31,095 255,919 Business combination — — — — — — — Disposal — — — — — — — Reclass 7,983 — — (7,983) — — — Foreign currency translation (3,265) (40) (2,258) — (358) (2,628) (8,549) 31 December 2020 79,816 9,154 126,059 0 3,874 28,467 247,370 In the financial year 2020 Evotec (Munich) Execute goodwill was reclassified to the cash-generating unit OAI/Evotec International Execute. The change in accumulated impairment of goodwill as of 31 December 2021 of k€ 233,577 compared to k€ 254,725 as at 31 December 2020 is entirely due to foreign currency translation. The estimated future cash flows are based on a strategic plan of up to five years, an extrapolation of the cash flows over a simplified transition period of further five years and a terminal value. With the exception of the cash-generating units Aptuit Execute and Just Execute, for which the fair value less disposal costs method was applied, the impairment tests are based on the calculation of values in use. The following tables show the relevant pre-tax discount rate as well as the growth rates used to determine the perpetual annuity in the respective discounted cash flows. Cash-generating units and groups of cash-generating units 2021 OAI/Evotec OAI/Evotec Evotec International International (US) Aptuit Just Execute Innovate Execute Execute Execute Denominated in GBP/EUR GBP/EUR USD GBP/EUR USD Pre-tax discount rate 8.19 % 11.51 % 7.87 % 9.83 % 9.22 % Growth rate for terminal value 2.0 % 2.0 % 2.0 % 2.0 % 2.0 % Cash-generating units and groups of cash-generating units 2020 OAI/Evotec OAI/Evotec Evotec International International (US) Aptuit Just Execute Innovate Execute Execute Execute Denominated in GBP/EUR GBP/EUR USD GBP/EUR USD Pre-tax discount rate 9.16 % 11.37 % 9.78 % 11.27 % 9.60 % Growth rate for terminal value 1.5 % 1.5 % 1.5 % 1.5 % 1.5 % The impairment tests of the goodwill in OAI/Evotec International Execute, OAI/Evotec International Innovate, Evotec (US) Execute, Aptuit Execute, Just Execute and the relating estimated cash flows are based on past experience and expectations for the future. The impairment test of goodwill in Just Execute is based on less experience, since the structure of the J.POD ® is a new technology and thus the correspondingly estimated capital flows are subject to a higher degree of uncertainty of assessment. In addition, the following assumptions were used in the models: – The estimates of revenues were based on knowledge of overall market conditions combined with specific expectations of customer growth and product performance. – Cost estimates were developed using the 2022 and 2021 budgeted cost base projected forward to reflect volume increases, mix changes, specific investments and inflationary expectations. – The exchange rates and interest rates used were based on current market expectations and predictions. The sustainable growth rate in the terminal value based on current inflation expectations in the regions relevant to Evotec’s business is 2.0% as of 30 September 2021 (30. September 2020: 1.5)% for all cash-generating unit units. Even with an unchanged growth rate in the terminal value no impairment of goodwill would have occurred. Management has identified the discount rate and the growth rate for the terminal value as key assumptions that have the potential to vary and thereby cause the recoverable amount to be lower than the carrying amount. No impairment of goodwill would need to be recognized in the event of a reasonably possible change in the key assumptions used in 2021. In 2021, the analysis of the cash-generating unit Aptuit showed a difference between the recoverable amount and the carrying amount for Aptuit Execute, which has increased compared to 2020, mainly due to the recent positive performance, so that a possible change in the key assumptions could no longer potentially lead to an impairment. The following table shows an analysis of the cash-generating unit Aptuit Execute in 2020 for which a potential change in these key assumptions could lead to an amount lower than the carrying amounts in that year. Those changes in the assumptions are shown, which result in the estimated recoverable amount to be equal to the carrying amount in 2020. 2020 Recoverable Increase amount Applied of exceeding post-tax post-tax Applied Decrease Reduction net book discount discount terminal terminal in gross value rate rate value value margin k€ in %- in %- in %- in %- in %- points points points points points Aptuit Execute 5,704 9.07 0.16 1.50 0.28 0.35 In 2021 and 2020, the Company did not record impairments as a result of annual impairment assessments. In 2021 and 2020, it was verified whether the Covid-19 pandemic should be considered a triggering event in accordance with IAS 36.12 for Evotec. The analysis showed that the pandemic had only a minor and temporary impact on Evotec’s business. Accordingly, the Covid-19 pandemic is not a triggering event. |
Non-current tax receivables
Non-current tax receivables | 12 Months Ended |
Dec. 31, 2021 | |
Non-current tax receivables | |
Non-current tax receivables | (15) Non-current tax receivables Non-current tax receivables as of 31 December 2021 and 2020 relate mainly to tax refunds from tax development programs in the context of qualifying research and development expenses within France (crédit d’impôt recherche). |
Loan liabilities
Loan liabilities | 12 Months Ended |
Dec. 31, 2021 | |
Loan liabilities | |
Loan liabilities | (16) Loan liabilities Throughout the years 2021 and 2020, Evotec met all covenants under the various loan agreements shown below. All loans are unsecured. In 2021 and 2020, Evotec always had to maintain a minimum liquidity of k€ 35,000. 31 Dec 31 Dec 2021 2021 2020 2020 Nominal interest Maturity Fair Carrying Fair Carrying Country of lender Currency rate until Value amount Value amount k€ k€ k€ k€ Germany EUR fixed interest rate of 0.7% to 2% 2022-2031 254,911 249,530 261,601 249,369 Germany EUR 1.60% 2024-2027 78,596 75,000 79,950 75,000 Germany EUR 1.20% 2021-2029 8,014 7,797 16,341 16,652 Germany EUR 1.40% 2031 21,332 20,367 — — Germany EUR 1.28% 2021 — — 5,000 5,000 Germany EUR 1.25% 2021 — — 178 178 Italy EUR 1.50% 2021 — — 212 212 France EUR 0.55% 2025 8,559 8,650 — — 371,412 361,344 363,282 346,411 Current loan liabilities as of 31 December 2021 consist of interest liabilities of k€ 1,136 and of two loans in the amount of k€ 35,000 which are scheduled to be repaid in 2022 (31 December 2020: k€ As of 31 December 2021, the Company maintained unutilised lines of credit totaling k€ 99,601 (31 December 2020: k€ 51,953). |
Provisions
Provisions | 12 Months Ended |
Dec. 31, 2021 | |
Provisions. | |
Provisions | (17) Provisions The financial year ending 31 December 2020 was adjusted for the effects of the IFRIC agenda decision of April 2021 regarding the benefits to be taken into account depending on the length of service. The adjustment of the previous year’s values led to an overall decrease in non-current provisions for pensions of k€2,168. See Note 2 “Changes in accounting policies”. The current provisions consist of the following: 31 Dec 31 Dec 2021 2020 k€ k€ Other personnel expenses 33,983 34,728 Pensions 1,478 1,275 Other provisions 3,799 5,845 Total current provisions 39,260 41,848 The non-current provisions consist of the following: 31 Dec 31 Dec 2021 2020 k€ k€ Pensions 12,950 13,166 Other personnel expenses 2,029 2,277 Other provisions 3,042 5,288 Total non-current provisions 18,021 20,731 The following table summarises the development of total provisions recorded during 2021: Business Foreign 31 Dec 1. Jan. 21 combination Consumption Release exchange Additions 2021 k€ k€ k€ k€ k€ k€ k€ Other personnel expenses 37,005 — 33,018 3,644 636 35,033 36,012 Pensions 14,441 — 463 813 — 1,263 14,428 Other provisions 11,133 — 4,760 7,021 655 6,834 6,841 Total 62,579 — 38,241 11,478 1,291 43,130 57,281 The following table summarises the development of total provisions recorded during 2020: Business Foreign 31 Dec 1. Jan. 20 combination Consumption Release exchange Additions 2020 k€ k€ k€ k€ k€ k€ k€ Other personnel expenses 32,814 — 26,492 716 (593) 31,992 37,005 Pensions 12,131 — 354 — — 2,664 14,441 Other provisions 8,608 — 1,046 1,216 (439) 5,226 11,133 Total 53,553 — 27,892 1,932 (1,032) 39,882 62,579 The provision for personnel expenses mainly consists of bonus accruals (31 December 2021: k€ 22,396; 31 December 2020: k€ 22,881) and accrued vacation (31 December 2021: k€ 13,904; 31 December 2020: k€ 12,354). The provision for pensions relate mainly to pensions in France (see Note 30). The other provisions mainly consists provisions to address the risk of a potential divergent interpretation of selected contracts by the tax authorities (31 December 2021: T€ 2,139; 31 December 2020: T€ 0). Additionally, earn-out provision (31 December 2021: k€ 1,103 31 December 2020: k€ 6,381) were recorded. The decrease in earn-out provision (shown as release) mainly relates to a reclassification of k€ 3,571 to other current financial liabilities. The development of the provision for contingent consideration is shown in Note 29 Fair Values. |
Contract liabilities
Contract liabilities | 12 Months Ended |
Dec. 31, 2021 | |
Contract liabilities. | |
Contract liabilities | (18) Contract liabilities As of 31 December 2021 and 2020, contract liabilities mainly originate from the upfront payments relating to the customer contracts with BMS in the amount of k€ 94,988 (31 December 2020: k€ 51,101) of which k€ 62,568 (31 December 2020: k€ 33,281) is classified as current contract liabilities. |
Income taxes
Income taxes | 12 Months Ended |
Dec. 31, 2021 | |
Income taxes | |
Income taxes | (19) Income taxes The financial year ending 31 December 2020 has been adjusted for the effects of the IFRIC agenda decision of April 2021 regarding the benefits to be taken into account depending on the length of service. The adjustment of the previous year’s values led to an overall decrease in deferred tax assets of k€ 558. See note 2 “Changes in accounting policies”. a) Amounts recognised in consolidated income statement Income tax benefit and expense for the years 2021, 2020 and 2019 comprise the following 2021 2020 2019 k€ k€ k€ Current taxes: - Current tax expense (12,309) (12,804) (13,013) - Adjustment for prior years (4,095) 739 385 Total current taxes (16,404) (12,065) (12,628) Deferred taxes: - Tax loss carry forwards (5,140) (10,319) (10,570) - Temporary differences 74 2,822 3,835 Total deferred taxes (5,066) (7,497) (6,735) Total income tax expense) (21,470) (19,562) (19,363) b) Reconciliation of effective tax rate The difference between the actual income tax expense and the product of the net income and the applicable Group tax rate in the reporting year and the previous year is made up as follows: 2021 2020 2019 k€ k€ k€ Income before taxes 236,980 25,840 56,675 Expected German income tax rate 32.28 % 32.28 % 32.28 % Expected income tax benefit (expense) (76,497) (8,341) (18,295) Non-deductible expenses (511) (2,533) (1,731) Taxable income not recognised in income before tax — (7,796) — R&D tax credits 6,742 5,983 7,077 Tax free income 71,917 5,485 3,558 Permanent differences from GILTI (444) (1,401) (6,029) Tax effects from investments accounted for using the equity method (9,300) (2,884) (658) Deviation tax rates to expected tax rate 1,815 690 2,444 Change in tax rates 521 124 (19) Change in recognition of deferred tax assets (10,247) (9,317) (4,391) Non-periodic taxes Current Taxes (4,095) 739 385 Deferred Taxes (570) 203 — Other (801) (514) (1,704) Effective income tax income (expense) (21,470) (19,562) (19,363) Effective income tax rate 9.06 % 75.70 % 34.16 % The group tax rate includes corporate income tax plus solidarity surcharge of 15.825% and trade tax, which ranges from 10.825% - 16.625% depending on the municipality. The initial public offering of Exscientia plc in the United States resulted in 2021 in a significant increase of the investment which impacts income and is tax free. Taxable income not recognised in income before tax in 2020 was generated from revealing hidden reserves from in-kind contributions of assets. Deferred income tax assets and liabilities calculated with the anticipated tax rates of each entity as of 31 December 2021 and 2020 relate to the following: 01 Jan 2021 Recognised in 31 Dec 2021 Recognised the other Foreign Deferred Deferred in comprehensive currency tax tax Net balance profit or loss income translation Net assets liabilities k€ k€ k€ k€ k€ k€ k€ Property, plant and equipment (2,840) (1,969) — (46) (4,855) 1,528 (6,383) Intangible assets (25,314) 3,296 — (330) (22,348) 468 (22,816) Right of use assets (23,535) 1,556 — — (21,979) — (21,979) Financial assets (316) (3,669) — — (3,985) 401 (4,386) Provisions and deferred income 4,801 (768) 7 (75) 3,965 6,516 (2,551) Lease obligations 23,274 (3,347) — — 19,927 20,297 (370) Other (1,309) 6,245 — 13 4,949 5,254 (305) Tax credits 1,521 (1,270) 708 * 75 1,034 1,034 — Loss carryforward 27,711 (5,140) — 392 22,963 22,963 — Total 3,993 (5,066) 715 29 (329) 58,461 (58,790) Set off of tax — — — — — (41,102) 41,102 Net 3,993 (5,066) 715 29 (329) 17,359 (17,688) * Recorded in Equity without any impact on other comprehensive income 01 Jan 2020 Recognised in 31 Dec 2020 Recognised the other Foreign Deferred Deferred in comprehensive currency tax tax Net balance profit or loss income translation Net assets liabilities k€ k€ k€ k€ k€ k€ k€ Property, plant and equipment (2,947) 284 — (177) (2,840) 1,450 (4,290) Intangible assets (29,494) 4,964 — (784) (25,314) 564 (25,878) Right of use assets (31,729) 8,194 — — (23,535) — (23,535) Financial assets (1,012) 704 — (8) (316) 29 (345) Provisions and deferred income 4,699 (75) 149 28 4,801 7,541 (2,740) Lease obligations 31,180 (7,906) — — 23,274 23,557 (283) Other 1,841 (3,150) — — (1,309) 1,601 (2,909) Tax credits 2,493 (192) (881) * 102 1,521 1,521 — Loss carryforward 37,549 (10,319) — 481 27,711 27,711 — Total 12,580 (7,497) (732) (358) 3,993 63,974 (59,981) Set off of tax — — — — — (39,582) 39,582 Net 12,580 (7,497) (732) (358) 3,993 24,392 (20,399) * c) Unrecognised deferred tax liabilities Concerning undistributed foreign subsidiaries earnings, temporary differences in the amount of k€ 12,009 were not recognised according to IAS 12.39 (2020: k€ 9,982) as Evotec controls the timing of such reversal and it is not planned to distribute the foreign subsidiaries earnings. d) Unrecognised deferred tax assets The Company’s deferred tax assets are recorded to the extent it is probable that such tax benefits would be realised in future years. As of 31 December 2021, no additional deferred tax assets on tax loss carryforwards exceeding the recognised deferred tax liabilities, were recognised for two German, one French, one UK entity, the US entities as well as the Swiss, Austrian and Indian entity. In the following schedule, tax loss carryforwards, interest carryforwards and tax credits for which no deferred tax assets were recorded are shown. Tax loss carryforwards on different types of income taxes were aggregated into one total amount. 2021 2020 2019 k€ k€ k€ Tax loss carryforwards (not expiring) 307,682 272,796 221,772 Time-limited tax losses - expiring until 2026 (2020: 2025)(2019: 2024) 21,409 19,259 22,444 - expiring from 2027 to 2031 (2020: 2026-2030) (2019: 2025-2029) 38,207 45,409 42,931 - expiring from 2032 (2020: 2031)(2019: 2030) 73,811 43,945 88,218 Interest carryforward — — — Tax credits 1,286 1,119 1,140 Total 442,395 382,528 376,505 The table above does not include US tax losses which are subject to s382 restrictions. In addition to unrecognized deferred tax assets from tax loss carryforwards a net asset position for temporary differences amounting to k€ 6,346 was not recorded as of 31 December 2021 (31 December 2020: k€ 2,707) as there was no sufficient taxable income foreseen. |
Other current financial liabili
Other current financial liabilities | 12 Months Ended |
Dec. 31, 2021 | |
Other current financial liabilities | |
Other current financial liabilities | (20) Other current financial liabilities Other current financial liabilities of k€ 12,115 consist of liabilities from forward currency contracts of k€ 8,565 (2020: Other current financial assets of k€ 3,845) and a liability concerning an earn-out provision (reclassification from provisions) which is now due. |
Stock-based compensation
Stock-based compensation | 12 Months Ended |
Dec. 31, 2021 | |
Stock-based compensation | |
Stock-based compensation | (21) Stock-based compensation a) Share Performance Awards To further incentivise executives via variable long-term incentive compensation, the Annual General Meeting in June 2020, June 2017 and June 2015 approved the respective contingent capital necessary to support the Restricted Share Plan 2020 (“RSP 2020”) as well the Share Performance Plan 2017 (“SPP 2017”) and, 2015 (“SPP 2015”). Under these plans, Restricted Share Awards (“RSA”) may be granted to a level of 1,200,000 bearer shares (“RSP 2020) and Share Performance Awards (“SPA”) may be granted to a level that may result in up to 6,000,000 bearer shares (SPP 2017) and 6,000,000 bearer shares (SPP 2015) of the Company being issued at maturity to members of the Management Board and other key employees. Each RSA grants one subscription right to shares of the Company while each SPA grants up to two subscriptions rights to shares of the Company, each of which in turn entitles the holder to subscribe for one share of the Company. SPAs under SPP 2017 are exercised automatically within 10 trading days after the four-years holding period, whereas RSAs under RSP 2020 and SPAs under SPP 2015 can be exercised at the earliest after a vesting period of four years after the date of their grant but no RSAs under RSP 2020 can only be exercised, if, when and to the extent that performance targets are achieved in a single of four consecutive calendar years. These performance targets consist of Evotec’s adjusted EBITDA. The Supervisory Board determines annually key performance indicators for each individual tranche of awards at grant date. The Restricted Share Plan 2020 is subject to certain restrictions regarding issuing periods and the allocation of the grants to members of the Management Board and other key employees. SPAs under SPP 2017 can only be exercised, if, when and to the extent that two specified and equally weighted key performance indicators are achieved in a single of four consecutive calendar years. These performance targets consist of Evotec’s “share price “, the XETRA price is relevant here, and “relative total shareholder return”, which is derived by comparison with the return of the TecDax index. The Supervisory Board determines annually key performance indicators for each individual tranche of awards at grant date. The Share Performance Plan 2017 is subject to certain restrictions regarding issuing periods and the allocation of the grants to members of the Management Board and other key employees. SPAs under SPP 2015 can only be exercised, if, when and to the extent that key performance indicators are achieved within a performance measurement period of three years. These performance indicators consist of service conditions relating to certain key financial figures (e.g. revenue- and income-related indicators) of the Company as well as certain share-based measurements (e.g. Evotec’s XETRA share price). The Supervisory Board determines annually key performance indicators for each individual tranche of awards at grant date. The Share Performance Plans SPP 2015 are subject to certain restrictions regarding issuing periods and the allocation of the grants to members of the Management Board and other management members. If a member of the Management Board leaves the company during the performance measurement period, he is entitled to receive proportionate Share Performance Awards dependent on the achievement of the key performance indicators. The selected key employees generally do not have this entitlement. A summary of the status of the Share Performance Plans as of 31 December 2021 and 2020 and the changes during the year then ended is presented as follows: 31 December 2021 2021 2020 2020 2019 2019 Share Weighted Share Weighted Share Weighted Performance average Performance average Performance average Awards exercise Awards exercise Awards exercise (SPAs) price (SPAs) price (SPAs) price € per share € per share € per share Outstanding at beginning of the year 1,570,113 1.00 2,149,562 1.00 2,869,248 1.00 SPAs granted 608,710 1.00 325,612 1.00 230,231 1.00 SPAs exercised (701,278) 1.00 (865,687) 1.00 (924,917) 1.00 SPAs forfeited (152,095) 1.00 (39,374) 1.00 (25,000) 1.00 Outstanding at end of the year 1,325,450 1.00 1,570,113 1.00 2,149,562 1.00 Thereof exercisable — 1.00 432,450 1.00 504,234 1.00 Evotec’s average weighted share price at the exercise day of SPAs in fiscal year 2021 was € 37.97 (2020: € 24.26; 2019: € 21.41). In the financial year 2021, 160,048 Awards (2020: 77,214 Awards; 2019: 86,283 Awards) from the total granted 608,710 SPAs (2020: 325,612 SPA’s) were given to the members of the Management Board. The SPAs exercised in 2021 correspond to 1,195,954 shares (2020: 1,501,254 shares; 2019: 1,789,784 shares) The fair value of the grant of Share Performance Awards was estimated on the date of grant using a Monte-Carlo-Simulation model with the following assumptions: 22 October 28 May 01 February 2021 2021 2021 Risk-free interest rate in % (0.43) (0.57) (0.78) Volatility of Evotec share in % 35.0 40.0 42.0 Volatility of TecDAX index in % — — 29.0 Fluctuation in % 5.00 0.0 – 5.0 0.0 – 5.0 Exercise price in Euro 1.00 1.00 1.00 Share price at grant date in Euro 44.98 35.49 32.25 Market value of TecDAX index at grant date in Euro — — 3,375.67 Fair value according to IFRS 2 at grant date per SPA of the Management Board in Euro — 33.50 31.34 Fair value according to IFRS 2 at grant date per SPA of employees in Euro 43.96 34.47 36.65 29 October 15 January 15 January 15 January 2020 2020 2019 2018 Risk-free interest rate in % (0.85) (0.55) (0.46) (0.25) Volatility of Evotec share in % 40.0 37.0 54.0 51.0 Volatility of TecDAX index in % — 18.0 22.0 13.0 Fluctuation in % 5.00 0.0 - 5.0 0.0 - 5.0 0.0 - 5.0 Exercise price in Euro 1.00 1.00 1.00 1.00 Share price at grant date in Euro 22.92 23.39 18.83 14.35 Market value of TecDAX index at grant date in Euro — 3,099.05 2,478.06 2,663.91 Fair value according to IFRS 2 at grant date per SPA of the Management Board in Euro — 22.69 15.33 12.19 Fair value according to IFRS 2 at grant date per SPA of employees in Euro 21.89 25.28 20.84 15.94 The performance measurement period for all grants started on 01 January of the corresponding year. The expected dividend yield is zero. The expected life is 4 years for the vesting periods starting in January and February, and 5 years for the vesting periods starting in May and October. The base for the expected volatility are the historic volatilities of the year before the grant date. b) Share option plans In the beginning of 2020, there remained a few stock options from the past. A summary of the status of the stock option plans as of 31 December 2020 and the changes during the year then ended is presented as follows: 2020 2019 Weighted Weighted 2020 average 2019 average Options exercise price Options exercise price € per share € per share Outstanding at beginning of the year 32,594 2.79 82,594 2.45 Options exercised (32,594) 2.79 (50,000) 2.23 Options expired — — — — Options forfeited — — — — Outstanding at end of the year — — 32,594 2.79 Thereof exercisable 0 — 32,594 2.79 As of 31 December 2020 no more stock options were outstanding. Evotec’s average share price at the exercise day of share options amounted to € 25.17 in the financial year 2020. The Company recognised current service costs for all Share Performance Awards and Restricted Share Awards totaling to k€ 7,805 in 2021, to k€ 5,285 in 2020 and to k€ 3,649 in 2019, which were recognised as operating expenses in the consolidated income statement. Thereof, k€ 2,002 are related to Share Performance Awards of the Management Board in 2021 (2020: k€1,902; 2019: k€ 1,465). In 2021 and 2020, no current service costs related to stock options were recognised. The expenses relating to accelerated vesting as well as the adjustment of current service costs due to changes in assumptions in the financial year 2021 are included in the amount above. |
Stockholders' equity
Stockholders' equity | 12 Months Ended |
Dec. 31, 2021 | |
Stockholders' equity | |
Stockholders' equity | (22) Stockholders’ equity The share capital is made up of: 2021 2020 2019 Shares in Shares in Shares in thousands thousands thousands Issued as of 01 January 163,915 150,903 149,063 Capital increase (cash contribution) 11,497 11,478 — Exercise of share purchase rights 1,196 1,534 1,840 Issued as of 31 December 176,608 163,915 150,903 On 31 December 2021, there are outstanding half ADSs, representing Share purchase rights exercised in 2021 show an average exercise price amounting to € 1.00 (2020: € 1.06: 2019: € 1.03) per share. The conditional capital as of 31 December 2021 consists of 7,118,034 shares available with respect to the Share Performance Plans and the stock option plans and 29,959,289 shares available to issue no-par-value bearer shares to owners or creditors of convertible bonds and/or warrant-linked bonds, participation rights and/or income bonds (or a combination of such instruments). Evotec can award those based on the resolution of the Annual General Meeting as of 19 June 2019. Consequently, the remaining conditional capital as of 31 December 2021 amounted in total to 37,077,323 shares. Pursuant to section 5 paragraph 5 of the Articles of Association of the Company, the Management Board, with the approval of the Supervisory Board, having partially used the authorised capital in a capital increase on 4 and 15 November 2021, is authorised to increase the Company’s share capital by up to € Evotec owns 249,915 of Evotec’s shares as of 31 December 2021 (2020: 249,915; 2019:249,915), representing 0.1% (2020: 0.2%; 2019: 0.2)% of Evotec’s share capital as of 31 December 2021. |
Revenues
Revenues | 12 Months Ended |
Dec. 31, 2021 | |
Revenues | |
Revenues | (23) Revenues Management had previously excluded recharges from the segments; however in 2021, management changed its presentation of segment information to include recharges in the segments and the amounts of segment revenues below have been restated accordingly. In 2021, revenues from recharges to customers amounted to k€ 35,991 (2020: k€ 21,835; 2019: k€14,503) whereof k€ 34,104 is allocated to EVT Execute (2020: k€ 20,728; 2019: k€ 13,761) and k€ 1,887 is allocated to EVT Innovate (2020: k€ 1,107; 2019: k€ 742). The following schedule analyses the revenues Evotec recognised in the financial year 2021: in k€ EVT Execute EVT Innovate Evotec Group Revenues Service fees and FTE-based research payments 431,184 99,570 530,754 Recharges 34,104 1,887 35,991 Compound access fees 1,532 43 1,575 Milestone fees 4,232 45,237 49,469 Licences — 245 245 Total 471,052 146,982 618,034 Timing of revenue recognition At a certain time 38,336 47,124 85,460 Over a period of time 432,716 99,858 532,574 Total 471,052 146,982 618,034 Revenues by region USA 236,009 101,593 337,602 Germany 24,279 22,573 46,852 France 16,876 13,715 30,591 United Kingdom 98,735 5,905 104,640 Rest of the world 95,153 3,196 98,349 Total 471,052 146,982 618,034 The following schedule shows the revenue in the financial year 2020: in k€ EVT Execute EVT Innovate Evotec Group Revenues Service fees and FTE-based research payments 366,946 93,648 460,594 Recharges 20,728 1,107 21,835 Compound access fees 1,361 — 1,361 Milestone fees 5,059 12,033 17,092 Licences — 42 42 Total 394,094 106,830 500,924 Timing of revenue recognition At a certain time 25,787 13,140 38,927 Over a period of time 368,307 93,690 461,997 Total 394,094 106,830 500,924 Revenues by region USA 189,488 58,360 247,848 Germany 19,529 24,792 44,321 France 21,499 15,561 37,060 United Kingdom 89,258 4,729 93,987 Rest of the world 74,320 3,388 77,708 Total 394,094 106,830 500,924 The following schedule shows the revenue in the financial year 2019: in k€ EVT Execute EVT Innovate Evotec Group Revenues Service fees and FTE-based research payments 329,500 69,081 398,581 Recharges 13,761 742 14,503 Compound access fees 1,019 — 1,019 Milestone fees 5,234 25,202 30,436 Licences 1,852 46 1,898 Total 351,366 95,071 446,437 Timing of revenue recognition At a certain time 7,086 25,202 32,288 Over a period of time 344,280 69,869 414,149 Total 351,366 95,071 446,437 Revenues by region USA 156,768 38,274 195,042 Germany 18,312 9,672 27,984 France 45,439 17,395 62,834 United Kingdom 68,703 9,199 77,902 Rest of the world 62,144 20,531 82,675 Total 351,366 95,071 446,437 The revenues are allocated to regions according to the head office of the external customers. The transaction price allocated to the remaining performance obligation (unsatisfied or partially unsatisfied) are as follows: 31 Dec 31 Dec 31 Dec 2021 2020 2019 k€ k€ k€ In the course of one year 225,061 377,216 320,787 After one year 67,619 69,328 98,469 In the year under review no material revenues were recognized for which the performance obligation was fully or partially fulfilled in prior periods. In the financial year 2021, BMS, Evotec’s largest customer, contributed more than 10% of the Group revenues equalling to k€ 98,616 (2020: k€ 62,561) and was allocated to the segments EVT Execute and EVT Innovate. In 2019, BMS as well as Sanofi contributed with revenues of T€ 112,854 a share of more than 25% of Group revenues. Both customers were allocated to the segments EVT Execute and EVT Innovate. Included in the revenues are revenues from contribution in the year 2021 in the amount of k€ 8,565 (2020: k€ 4,648; 2019: k€ 4,545) |
Research and Development
Research and Development | 12 Months Ended |
Dec. 31, 2021 | |
Research and Development | |
Research and Development | (24) Research and Development In 2021, research expenses mainly relate to company-owned Innovate projects amounting to k€ 64,064 (2020: k€ 55,992; 2019: k€ 49,673) as well as overhead expenses in the amount of k€ 8,136 (2020: k€ 9,341; 2019: k€ 6,766). The overhead expenses consist mainly of patent costs and overhead personnel expenses. The increase in research and development expenses compared to the financial year 2020 is mainly due to initiatives in the areas of platform R&D. In the financial year 2020 compared to 2019, the increase resulted from initiatives in the area of metabolic diseases and oncology. Included in research and development expenses are amortisation for intangible assets and depreciation for property, plant and equipment of k€ 1,042 (2020: k€ 789; 2019: k€ 752). In the financial year 2021 development costs for software of k€ 980 were capitalised. |
Selling, general and administra
Selling, general and administrative expenses | 12 Months Ended |
Dec. 31, 2021 | |
Selling, general and administrative expenses | |
Selling, general and administrative expenses | (25) Selling, general and administrative expenses Included in selling, general and administrative expenses in 2021 are expenses for sales and marketing in the amount of k€ 9,422 (2020: k€ 9,503; 2019: k€ 9,094). Other administrative expenses in 2021 amount to k€ 96,023 (2020: k€ 67,356; 2019: k€ 57,452). The increase in general and administrative expenses in 2021 compared to 2020 as well as 2019, is in particular due to personnel expenses as a result of significant company growth. Included in selling, general and administrative expenses are amortisation for intangible assets and depreciation for property, plant and equipment of k€ 24,957 (2020: k€ 19,840; 2019: k€ 17,466) |
Other operating income
Other operating income | 12 Months Ended |
Dec. 31, 2021 | |
Other operating income. | |
Other operating income | (26) Other operating income In 2021, 2020 and 2019, other operating income mainly relates to refunds from Sanofi relating to the development of portfolios in Lyon and Toulouse in the amount of k€ 35,762 (2020: k€ 43,398; 2019: k€ 32,822). Further included are refunds from French CIR (crédit d’impôt recherche) in the amount of k€ 22,691 (2020: k€ 19,308; 2019: k€ 17,618) and Italy in the amount of k€ 2,784 (2020: k€ 124; 2019: k€ 6,735) as well as similar refunds in UK from the „Research and Development Expenditure Credit”(RDEC) in the amount of k€ 6,502 (2020: k€ 4,337; 2019: k€ 3,874). These tax refunds from tax development programmes are akin to a government grant and as a result shown as other operating income. |
Financial instruments
Financial instruments | 12 Months Ended |
Dec. 31, 2021 | |
Financial instruments | |
Financial instruments | (27) Financial instruments -Financial risk management Evotec is exposed to the following risks arising from financial instruments: – currency risks – interest rate risks – liquidity risks (see Note 28) – capital management risk (see Note 28) – credit risks (see Note 28) – market risks (see Note 28) The Management Board has overall responsibility for the establishment and oversight of the Company’s management framework. The Management Board has installed a Group Risk Manager, who is responsible for developing and monitoring the risk management policies. The Group Risk Manager reports regularly to the Management Board on its activities. The Audit Committee of the Supervisory Board oversees how management monitors compliance with the Company’s risk management policies and procedures. Currency risks The Company is exposed to currency risks, if Evotec companies enter into revenues, purchases and borrowings that are denominated in a currency other than the functional currency of the respective Evotec company. The functional currencies of all Evotec companies consist mainly of Euro, US Dollar and Pound Sterling. The Evotec companies are in the normal course of business particularly exposed to currency fluctuations between US Dollar, Pound Sterling and the Euro. The following table shows the average currency rates as well as the currency rates at 31 December 2021 and 2020 each against the Euro: Average rate 2021 2020 31 December 01 January - 01 January - 31 December 31 December 2021 2020 € € € € USD 0.8455 0.8755 0.8829 0.8149 GBP 1.1633 1.1240 1.1901 1.1123 A strengthening (weakening) of the euro, the US dollar and the British pound among themselves and against other currencies, as shown below as at 31 December, would lead to an increase (reduction) in equity and earnings with the amounts mentioned below. This analysis relates to financial instruments held for sale on condition that all other variables remain constant and ignore the impact of purchases and sales. Variance 2021 Variance 2020 Variance 2019 Profit and Profit and Profit and Equity loss Equity loss Equity loss k€ k€ k€ k€ k€ k€ USD (10% strengthening) 42,053 42,053 11,321 11,321 10,861 10,861 USD (10% weakening) (42,053) (42,053) (11,321) (11,321) (10,861) (10,861) GBP (10% strengthening) 6,643 6,643 5,702 5,702 2,803 2,803 GBP (10% weakening) (6,643) (6,643) (5,702) (5,702) (2,803) (2,803) EUR (10% strengthening) 48,699 48,699 17,032 17,032 332 332 EUR (10% weakening) (48,699) (48,699) (17,032) (17,032) (332) (332) The Company manages the foreign exchange exposure via natural hedges and selective hedging instruments such as forward currency contracts. The hedging instruments used do not expose the Company to any material additional risk. The objective of these transactions is to reduce the risk of exchange rate fluctuations of the Company’s foreign currency denominated cash flows. Evotec does not enter into derivative transactions for trading or speculative purposes. Foreign currency contracts are carried at fair value. Foreign currency forward contracts amounting to a fair value of k€ -8,565 were held by the Company as of 31 December 2021 (31 December 2020: k€ 3,845; 2019: k€ 1,042). Gains and losses from the fair value accounting related to foreign currency derivatives are included in non-operating income and expense and amounted to a net loss of k€ 12,410 in the financial year 2021 (2020: net loss of k€ 20; 2019: net gain of k€ 1,042). This net loss results mainly from the strong USD appreciation during the 2021. Derived regularly from the summarised quantitative data about the Company’s currency risks, based on the report to the Management Board, the expected future USD cash flows which should be hedged with USD/GBP forward contracts and USD/EUR forward contracts are determined. As of 31 December 2021, cash flows of kUSD 344,830 (31 December 2020: kUSD The fair value of cash and cash equivalents, investments, trade accounts receivable and trade accounts payable approximate their carrying values in the consolidated financial statements due to their short-term nature. Financial assets are accounted for at the settlement date. Interest rate risks The Company is exposed to interest rate risks in Germany, UK and USA due to current investments as well as loans. Financial instruments with fixed interest rates are not subject to interest rate risk and therefore are not included in the sensitivity analysis. Financial instruments with variable market interest rates as of 31 December 2021 and 2020 are included in the sensitivity analysis for the period of their existence. If the interest rate had been 100 basis points higher (lower) at 31 December 2021, the effect on income before taxes would have been k€ 746 higher and k€ 827 lower (31 December 2020: net income k€ 415 higher ( lower lower The fair value of debt varies from the carrying amount, if there is a difference between the underlying interest rate to the market interest rate. The fair value is then determined using an appropriate market interest rate. The fair values of the loans and current investments with variable market interest rates as of 31 December 2021 and 2020 would vary by the following amounts: 31 Dec 31 Dec 2021 2020 k€ k€ Variable interest rate +1% point 2,570 37 Variable interest rate (1)% point (827) (415) Evotec regularly uses interest rate swaps to economically hedge the interest rate risks from its borrowings. In June 2019, two interest rate swaps with a notional of k€ 48,250 were agreed to swap portions of the variabilized interest-bearing tranches of the promissory note against a fixed rate of 0.17% and 0.24%, respectively. In addition, two additional interest rate swaps with a notional of k€ 22,500 each were concluded in 2021. Here, a fixed rate of 2.00% and 1.12% is swapped against a floored Euribor plus spread. The Company does not use fair value through profit or loss accounting for its financial assets and liabilities with fixed interest rates. The Company is exposed to interest rate risk through variable interest-bearing loans. These interest rate risks are deemed not to be significant. Other price risks The Company is not exposed to any price risks associated to their financial instruments. |
Risks
Risks | 12 Months Ended |
Dec. 31, 2021 | |
Risks | |
Risks | (28) Risks Liquidity risks Revenue fluctuations, external events and changes in the business environment might negatively impact Evotec’s short- to mid-term profitability and cash reserves. To actively address any related risk, Evotec’s management has defined minimum liquidity levels and prepared a scenario planning to safeguard its cash position. Evotec believes that existing liquidity reserves are sufficient to cope with the cumulative impact of all identified risks. Evotec currently has sufficient liquidity reserves, in particular due to a public placement in the US in 2021. However, the option of increasing capital is always considered. This additional financing might be required if new opportunities arise in terms of M&A or in-licensing. The Company does not intend to engage in projects unless adequate funding is allocated or secured. Evotec has successfully increased liquidity through market positioning and growth. Given the current business environment with economic and political uncertainties, Evotec assesses the associated liquidity risks still to be low (previous year: low ). The general risk of losing a significant amount of cash in cash investments should continuously be mitigated by spreading the investments across several different banks in high-credit quality instruments in full compliance with the Company’s approved investment policy. Evotec monitors its banks and investments on an ongoing basis. Therefore, Evotec assesses the current default risks to be low, remaining unchanged in comparison to the previous year. Currency exchange movements also impact Evotec’s reported liquidity primarily through the translation of liquid assets held in US Dollars or Pound Sterling into Euros. A portion of the funds is held in currencies other than Euro in order to meet local operating needs. This risk has increased due to extensive political uncertainty and a potentially strong market reaction in the forthcoming months, but was already subject to increasing volatility in previous years. The contractual maturities of financial liabilities, including estimated interest payments as of 31 December 2021 are included in the following tables: 31 Dec 2021 Carrying Contractual Due in Due in More than amount cash flow 1 year 2 - 5 years 5 years k€ k€ k€ k€ k€ Non-derivative financial liabilities Loans (362,480) (382,867) (40,467) (253,391) (89,009) Lease obligations (150,437) (175,040) (17,343) (69,396) (88,301) Contingent consideration (1,103) (1,156) (1,156) — — Trade accounts payable (72,598) (72,598) (72,598) — — Other financial liabilities (4,017) (4,017) (4,017) — — Total non-derivative financial liabilities (590,635) (635,678) (135,581) (322,787) (177,310) Derivative financial liabilities Interest rate swaps/FX forwards (9,344) (9,344) (7,423) (1,660) (261) Total derivative financial liabilities (9,344) (9,344) (7,423) (1,660) (261) Capital management risk Evotec actively manages its funds to primarily ensure liquidity and principal preservation while seeking to maximise returns. Evotec’s cash and short-term investments are located at several different banks. Financial investments are made in liquid, highly diversified investment instruments having at minimum a Standard & Poor’s rating (or equivalent) of at least BBB-. The following table shows the total assets, equity as well as equity ratio and net cash (cash and cash equivalents minus current and non-current loan liabilities and current and non-current finance lease obligations): 31 Dec 31 Dec 2021 2020 1) k€ k€ Total assets 2,235,161 1,462,337 Equity attributable to the shareholders of Evotec SE 1,377,685 724,456 Equity ratio (in )% 61.6 % 49.5 % Net cash 186,409 (69,386) 1) Includes the impacts of the IFRIC agenda decision of April 2021 of benefits to periods of service, see note 2 “Changes in accounting policies”. Evotec remains well financed with an equity ratio relating to equity attributable to Evotec’s shareholders of 61.6 % as of 31 December 2021 (31 December 2020: 49.5%) and currently has no necessity to raise capital to maintain its operations in the near to mid-term. However, the option to increase capital must always be considered if new opportunities arise in terms of M&A or in-licensing which require additional financing. Furthermore, the acquisition of anchor investors can be of strategic importance for the company. No minimum capital requirements are stipulated in Evotec’s statutes. The Company has obligations to issue shares out of the conditional capital relating to the exercise of stock options on the basis of miscellaneous stock option plans as well as Share Performance Awards on the basis of Share Performance Plans (see Note 21). Credit risks Credit risk is the risk of financial loss to the Company if a customer fails or partly fails to meet any of its contractual obligations and arises primarily from the receivables from customers, contract assets and investment securities. The maximum exposure to credit risk for trade receivables at the reporting date by geographic region was: 31 Dec 31 Dec 2021 2020 k€ k€ United States 78,543 32,511 France 17,098 15,413 United Kingdom 12,391 9,683 Germany 6,283 5,072 Rest of Europe 10,363 14,006 Rest of the world 7,400 2,320 132,078 79,005 The maximum exposure to credit risk for contract assets at 31 December 2021 equals the net book value in the amount of k€ 18,614 (31 December 2020: k€ 12,607). The Company has exposure to credit risk primarily with respect to its trade accounts receivables. The Company performs ongoing credit evaluations of its customers’ financial condition and maintains an appropriate specific allowance for uncollectible accounts receivable based upon the expected collectability of all accounts receivable. The Company’s accounts receivables are generally unsecured and are not backed by collateral from its customers. As of 31 December 2021, one customer accounted for 23% of trade receivables (31 December 2020: 9)%. Concentrations of credit risk with respect to trade accounts receivables are generally limited by a number of geographically diverse customers and the Company’s monitoring procedures. Market risks The market environment and competitive landscape for licensing and licensed projects or individual drug candidates, in general or for individual treatments might change while engaging in individual projects. Reconciliation of cash flows from financing activities to the changes in financial liabilities Lease Loan liabilities obligations Loan notes k€ k€ k€ As of 01 Jan 2021 346,411 145,554 3 Proceeds from issuance of loans 30,791 — — Repayment (16,018) (19,770) — Cashflow from financing activities 14,773 (19,770) — Disposal of finance lease obligation — (58) — Foreign currency translation — 6,691 — Changes in fair value 160 — — Interest increase 1,136 3,728 — Issue of finance lease obligation — 14,292 — As of 31 Dec 2021 362,480 150,437 3 Lease Loan liabilities obligations Loan notes k€ k€ k€ As of 01 Jan 2020 331,229 131,870 3 Proceeds from issuance of loans 21,539 — — Repayment (6,521) (20,174) — Cashflow from financing activities 15,018 (20,174) — Disposal of finance lease obligation — (32,983) — Foreign currency translation 2 (4,126) — Changes in fair value 162 — — Interest increase — 3,125 — Issue of finance lease obligation — 67,842 — As of 31 Dec 2020 346,411 145,554 3 |
Fair values
Fair values | 12 Months Ended |
Dec. 31, 2021 | |
Fair values | |
Fair values | (29) Fair values Cash and cash equivalents, trade accounts receivable, contract assets, other current and non-current financial assets, current loan liabilities, current portion of lease obligations, long term lease obligations, trade accounts payable, current contract liabilities, non-current contract liabilities, and other current and non-current financial liabilities are classified as amortized cost and approximate their carrying amounts. Non- current loan liabilities are classified as amortized cost (31 December 2021: T€ 326,344 and 31 December 2020 T€ 331,019) for which the fair value was at 31 December 2021 T€ 336,412 and at 31 December 2020 T€ 347,890 based on level 3 in the fair value hierarchy. The fair values of financial assets and liabilities other than classified at amortized cost, together with the carrying amounts shown in the balance sheet, are as follows: 31 Dec 2021 31 Dec 2020 Classification Carrying Fair Carrying Fair in k€ according to IFRS 9 amount value amount value Investments Fair value through other comprehensive income 158,908 158,908 59,350 59,350 Long-term investments Fair value through profit and loss 268,793 268,793 19,289 19,289 Derivative financial instruments Fair value through profit and loss (9,344) (9,344) 3,343 3,343 Contingent consideration Fair value through profit and loss (1,103) (1,103) (6,381) (6,381) 417,254 417,254 75,601 75,601 Unrecognised (gain)/loss — — In determining the fair values on level 2 and 3 the following valuation techniques are used: Financial instruments measured at fair value The fair value of derivative financial instruments is determined using market-related methods. The valuation model is based on quoted values of similar instruments, the characteristics of which are broadly in line with the instruments to be evaluated. The fair values for contingent consideration are determined using discounted cash flow models. The capital flows used are basically based on the contracts underlying the conditional consideration and the relevant project or business planning. The discount rate takes into account the risk structure underlying capital flows (usually weighted average cost of capital of the acquired entity). Additional non-observable input factors include, for example, marketing success probabilities. At the time of acquisition of investments, the fair value corresponds to the acquisition costs. Changes in fair value may occur due to scientific or financial plan discrepancies or new financing rounds. These deviations are determined by means of discounted cash flow valuation models . Financial instruments not measured at fair value For cash and cash equivalents, trade accounts receivables, contract assets, trade accounts payable, contract liabilities, loan liabilities, lease obligations and other current financial assets and liabilities, fair value is determined without the use of significant unobservable inputs, respectively the net book values represent an appropriate approximation of the fair value. Assets and liabilities that are not measured at fair value but whose fair value is expressed The present value for long-term credit liabilities was calculated using a simplified model using unobservable input factors (discount rate 1.00155)% and thus corresponds to the level 3 investigation hierarchy. Hierarchy levels The following table allocates financial assets and financial liabilities to the three levels of the fair value hierarchy as defined in IFRS 13: 31 Dec 2021 in k€ Level 1 Level 2 Level 3 Total Assets at fair value through other comprehensive income 158,908 — — 158,908 Assets at fair value through profit and loss 244,866 — 23,927 268,793 Liabilities at fair value through other comprehensive income — — — — Liabilities at fair value through profit and loss — (9,344) (1,103) (10,447) 31 Dec 2020 in k€ Level 1 Level 2 Level 3 Total Assets at fair value through other comprehensive income 59,350 — — 59,350 Assets at fair value through profit and loss — 3,343 19,289 22,632 Liabilities at fair value through other comprehensive income — — — — Liabilities at fair value through profit and loss — — (6,381) (6,381) The levels of the fair value hierarchy and its application to Evotec’s financial assets and financial liabilities are described below: Level 1: Level 2: Level 3: The following tables show the movement of fair values at level 3 for the financial years 2021 and 2020, respectively: Other Contingent in k€ Note investments consideration Balance at 01 Jan 2021 19,289 (6,381) Exchange rate differences — (268) Addition (10);(17) 6,647 — Additions due to discontinuation of the use of equity method — — Consumption — 445 Reclassification to Liabilities — 3,571 Net income/expense effected (10) (2,009) 1,530 Balance at 31 Dec 2021 23,927 (1,103) Other Contingent in k€ Note investments consideration Balance at 01 Jan 2020 11,462 (4,265) Exchange rate differences — 324 Addition (10);(17) 6,327 (2,941) Consumption — — Net income/expense effected (10) 1,500 501 Balance at 31 Dec 2020 19,289 (6,381) The effects recognised in the income statement above from the adjustment of the fair values at level 3 were included in the consolidated income statement “Other operating income” and “interest expense”. For the fair value of the level 3 hierarchy, possible alternative assumptions of significant unobservable inputs would have ceteris paribus the following effects as of 31 December 2021 and 2020: 2021 2020 Net result Net result in k€ Increase Decrease Increase Decrease Contingent consideration Discount rate (movement of 1.5 %-points) (11) 11 (121) 131 Commercialisation success rate (movement of 10 %-points) 109 (109) 768 (355) Long-term investments Discount rate (movement of 1.5 %-points) (4,118) 6,279 (3,282) 4,975 In the financial years 2021 and 2020, no reclasses were made among the individual levels. |
Pension plan
Pension plan | 12 Months Ended |
Dec. 31, 2021 | |
Pension plan | |
Pension plan | (30) Pension plan Defined contribution pension plans In UK Evotec operates a defined contribution Group Personal Pension Plan (GPPP) and makes contributions to employees’ own schemes. With the acquisition of Aptuit in 2018, the Company took over other additional plans. The pension charge for the year represents contributions payable by the Company to the fund (and to employees’ own pension schemes) and amounted in 2021 to k€ 4,519 (2020: k€ 3,727). Contributions amounting to k€ 152 (2020: k€ 353) were payable to the fund at the year-end 2021 and 2020 respectively and are included in provisions. The Company’s contribution rate is employee-specific and is determined by the level of an employee’s contribution and the relevant legislation. Further, the Company operates defined contribution 401K plans in the USA with the contribution to these plans amounting to k€ 646 during 2021 (2020: k€ 530). Defined benefit pension plans The company operates a defined benefit pension plan for employees in France. The calculation of the provision for this pension obligation is based on the projected unit credit method according to IAS 19. In 2021 and 2020, a calculation for this obligation was done which includes the following assumptions. 31 Dec 31 Dec 2021 2020 Actuarial interest rate 0.80 % 0.60 % Salary increase 1.90 % 1.80 % Employee turnover 0% - 1.10 % 0% - 2.85 % Retirement age 62 years 62 years For the measurement of the mortality rate the mortality tables of France according to l’INSEE 2011-2013 were used. The mortality rate is not subject of a material sensitivity as the payment is processed at the beginning of the retirement. The sensitivity of the actuarial interest rate and the resulting change of the relating pension provision is shown in the following table. This change would be recognised as actuarial gain or loss in other comprehensive income in equity. For the other assumptions, no material change is expected, as they are based on historical values, which will not change much in the course of a year. 31 Dec 31 Dec in k€ 2021 2020 Actuarial interest rate +0.50 %-points (626) (814) Actuarial interest rate -0.50 %-points 676 890 The presented financial statements have been adjusted for the impact of the IFRIC agenda decision of April 2021 regarding the benefits to be taken into account depending on the length of service. See note 2 “Changes in accounting policies”. The Company operates a defined benefit pension plan for one former member of the Management Board of Evotec SE. The provision for this pension is calculated using the projected unit credit method in accordance with IAS 19. An actuarial report was prepared in 2021 and 2020 for this obligation. The calculations are based on assumed pension increases of 1.50% and a discount rate of 1.06% in 2021 and 1.5% and 0.70% in 2020. The discount rate reflects market conditions. The pension provisions developed as follows: 31 Dec 31 Dec in k€ 2021 2020 Pension provision at beginning of the year 14,441 12,131 Addition at acquisition date — 771 Benefit payments from the employer (468) (9) Included in other comprehensive income: Actuarial gains/losses from: Changes in financial assumptions (551) (499) Experience adjustments (116) 1,022 Impact of changes in demographic assumptions 3 56 Included in net income: Current service costs 1,021 888 Interest cost 98 80 Pension provision at year-end 14,428 14,441 The pension provision at year-end relates mainly to France and only a minor part (31 December 2021: k€ 189 and 31 December 2020: k€ 205) relates to the pension provision on Germany. The pension provision is mainly unfunded. Expenses for the statutory retirement obligations are explained in Note (33). |
Commitments and contingencies
Commitments and contingencies | 12 Months Ended |
Dec. 31, 2021 | |
Commitments and contingencies | |
Commitments and contingencies | (31) Commitments and contingencies (a) Operating lease obligations The future minimum lease payments under non-cancellable lease agreements, signed in 2021, but not yet to be recognised according to IFRS 16, are as follows: 31 Dec 31 Dec 2021 2020 k€ k€ Less than one year 801 71 Between one and five years 10,595 3,419 More than five years 46,474 9,332 Total 57,870 12,822 In addition, the Company maintains leases which were not recognised in accordance with the exemptions in IFRS 16. These amounts are not material and therefore not presented here. (b) Other commitments and contingencies The future minimum payments associated with miscellaneous long-term commitments total approximately k€ 9,459 and k€ 14,042 at 31 December 2021 and 2020, respectively. The significant portion thereof related to long-term commitments in connection with facility expenses. As of 31 December 2021, the Company has entered into purchase commitments in the amount of k€ 66,154 (31 December 2020: k€ 32,976). The Company has licensed or acquired certain third-party intellectual property for use in its business. Under these agreements, the Company is required to pay milestones, dependent on development progress and/or royalties and milestones dependent on present and future net income or on sublicensing fees received from third parties. The Company also agreed with several third parties on getting access to their technology and know-how for use in Evotec’s business activities or within collaborations. Under those agreements, the Company is required to pay if necessary a share of the revenue relating to those technologies and know-how to the respective third parties. The Company is not aware of any material actual or threatened litigation as of 31 December 2021. |
Related party transactions
Related party transactions | 12 Months Ended |
Dec. 31, 2021 | |
Related party transactions | |
Related party transactions | (32) Related party transactions Related persons and entities within the meaning of IAS 24 represent for the Group, in particular, shareholders who (jointly) have a dominant or significant influence, as well as subsidiaries, associates and joint ventures, key management personnel as well as members of the Supervisory Board Evotec has not entered into any material transactions with any key management personnel or member of the Supervisory Board. The remuneration paid to key personnel is presented in note 34 b) “Management Board”; the remuneration paid to the members of the Supervisory Board is shown in note 34 c) “Supervisory Board”. In addition to the business relationships with the subsidiaries eliminated in the consolidated financial statements by means of full consolidation, mainly business transactions with associated companies and joint ventures exist. The terms and conditions of all transactions were made on terms and conditions that prevail in an arm´s length transaction. The balances from the transactions with related parties are unsecured and are fulfilled by payment or service. In the period under review, the Group has recorded expenses for allowances on outstanding balances in the amount of k€ 8,969 (2020: k€ 0). Revenues from Cost of Contracts/ revenue/ Trade accounts Other financial Interest income Interest expense receivables assets Other liabilities 1. Jan-31. Dec 2021 1. Jan-31. Dec 2021 31. Dec 2021 31. Dec 2021 31. Dec 2021 Transactions with k EUR k EUR k EUR k EUR k EUR associated companies and joint ventures 28,868 146 2,643 153 — Revenues from Cost of Contracts/ revenue/ Trade Interest income Interest expense accounts Other financial 1. Jan- 1. Jan- receivables assets Other liabilities 31. Dec 2020 31. Dec 2020 31. Dec 2020 31. Dec 2020 31. Dec 2020 Transactions with k EUR k EUR k EUR k EUR k EUR associated companies and joint ventures 35,450 497 2,984 6,435 5,635 other related party companies 32,961 — 6,492 — — Revenues from Cost of Contracts/ revenue/ Trade Interest income Interest expense accounts Other financial 1. Jan- 1. Jan- receivables assets Other liabilities 31. Dec 2019 31. Dec 2019 31. Dec 2019 31. Dec 2019 31. Dec 2019 Transactions with k EUR k EUR k EUR k EUR k EUR associated companies and joint ventures 21,136 — 2,015 184 1,780 other related party companies 20,699 — 11,145 — — Other liabilities to associates result from capital transactions. |
Personnel expenses and cost of
Personnel expenses and cost of material | 12 Months Ended |
Dec. 31, 2021 | |
Personnel expenses and cost of material | |
Personnel expenses and cost of material | (33) Personnel expenses and cost of material The personnel expenses of the Company in 2021 amounted to k€ 319,353 of which k€ 240,947 relate to personnel expenses outside Germany, in the UK, Italy, Switzerland, France and USA (2020: k€ 250,082 and k€ 187,677, respectively; 2019: k€ 199,496 and k€ 147,129, respectively). Thereof expenses for the statutory retirement insurance amounted to k€ 12,407 of which k€ 7,566 relate to expenses outside Germany in the UK, Italy, Switzerland, France and USA (2020: k€ 10,065 and k€ 6,292, respectively; 2019: k€ 8,594 and k€ 5,580, respectively). Cost of materials in 2021 amounted to k€ 107,837 thereof k€ 83,275 were cost of materials outside Germany in the UK, Italy, Switzerland, France and USA (2020: k€ 92,827 and k€ 73,064, respectively; 2019: k€ 70,887 and k€ 54,037, respectively). |
Other disclosures
Other disclosures | 12 Months Ended |
Dec. 31, 2021 | |
Other disclosures | |
Other disclosures | (34) Other disclosures (a) Consolidated subsidiaries and equity investees Information below shows Evotec’s direct and indirect voting rights in their subsidiaries and other investments. Evotec’s direct and indirect voting rights in dormant companies are not included. 2021 2020 Company's Company's voting voting rights rights % % Subsidiaries Aptuit Global LLC, Princeton, USA 100.00 100.00 Aptuit (Verona) SRL, Verona, Italy 100.00 100.00 Aptuit (Oxford) Ltd., Abingdon, UK 100.00 100.00 Aptuit (Switzerland) AG, Basel, Switzerland* 100.00 100.00 Aptuit (Potters Bar) Ltd., Abingdon, UK 100.00 100.00 Cyprotex Discovery Ltd., Manchester, UK 100.00 100.00 Cyprotex Ltd., Manchester, UK 100.00 100.00 Cyprotex US, LLC., Watertown, USA 100.00 100.00 Evotec (France) SAS, Toulouse, France 100.00 100.00 Evotec ID (Lyon) SAS, Marcy l’Étoile, France 100.00 100.00 Evotec (Hamburg) GmbH, Hamburg, Germany 100.00 100.00 Evotec GT GmbH, Orth an der Donau, Austria 100.00 100.00 Evotec (India) Private Limited, Thane, India* 100.00 100.00 Evotec International GmbH, Hamburg, Germany 100.00 100.00 Evotec (München) GmbH, Martinsried, Germany 100.00 100.00 Evotec (UK) Ltd., Abingdon, UK 100.00 100.00 Evotec (US), Inc., Princeton, USA 100.00 100.00 J.POD-Evotec Biologics Inc., Seattle, USA 100.00 100.00 Just - Evotec Biologics, Inc., Seattle, USA 100.00 100.00 Just-Evotec Biologics EU SAS, Toulouse, France 100.00 — 2021 2020 Company’s Company’s voting voting rights rights % % Associates and joint ventures Ananke Therapeutics Inc., Boston, USA 22.70 — Autobahn Labs, Palo Alto, USA 25.58 39.29 Breakpoint Therapeutics GmbH, Hamburg, Germany 34.61 47.70 Celmatix Inc., New York, USA 23.75 25.05 Curexsys GmbH, Göttingen, Germany 39.82 39.82 Dark Blue Therapeutics LTD, Oxford, UK 17.11 18.67 Eternygen GmbH, Berlin, Germany 24.97 24.97 Exscientia plc (before: Exscientia Ltd.), Oxford, UK — 20.32 FSHD Unlimited Coop, Leiden, Netherlands 21.46 21.09 NephThera GmbH, Hamburg, Germany 50.00 50.00 Pancella Inc, Toronto, Canada 12.69 13.06 Quantro Therapeutics GmbH, Wien, Austria 34.52 24.99 Topas Therapeutics GmbH, Hamburg, Germany 22.14 21.13 Other Investments Aeovian Pharmaceuticals Inc., San Francisco, USA 4.80 5.83 ArgoBio SAS, Paris, France 10.03 — Blacksmith Medicines Inc., San Diego, USA 15.10 15.01 Cajal Neuroscience Inc., Seattle, USA 2.27 1.82 Carrick Therapeutics Ltd., Dublin, Ireland 4.56 4.45 Exscientia plc (before: Exscientia Ltd.), Oxford, UK 11.70 — Fibrocor LLP, Toronto, Canada 16.26 16.00 Fibrocor Therapeutics Inc., Toronto, Canada 8.73 8.88 Forge Therapeutics, Inc., San Diego, USA 15.04 14.90 Immunitas, Therapeutics, Inc., Waltham, USA 5.86 7.29 Leon Nanodrugs GmbH, München, Germany 12.43 7.82 Mission BioCapital V LP, Cambridge, USA 3.64 7.22 OxVax Limited, Oxford, UK 4.42 — * in voluntary liquidation The subsidiaries listed in this table are included in the consolidated financial statements. In the first half of the year Evotec SE founded Just-Evotec Biologics EU SAS, France. The new fully consolidated company started initiating in the second half of the year the construction of its J.POD® 2 EU biologics manufacturing facility at Evotec’s Campus Curie in Toulouse, France. Associates and joint ventures are accounted for at-equity. Through the shareholder agreement of Pancella Inc. and Dark Blue Therapeutics GmbH, Evotec participates in all significant financial and operating decisions. The group has therefore determined that it has significant influence over this entities, even though it only holds below 20% of the voting rights. The Group investments in subsidiaries, associated companies and joint ventures are not hedged as those currency positions are considered to be long-term in nature. (b) Management Board The Management Board of Evotec consists of the following members: Dr. Werner Lanthaler, Business Executive, (CEO), Dr. Cord Dohrmann, Biologist, (CSO), Dr. Craig Johnstone, Chemist, (COO) and Enno Spillner, Business Executive, (CFO). The remuneration granted to the members of the Management Board for the financial years 2021 and 2020 are shown below: 2021 2021 2021 2021 2021 Fixed Variable Share Performance Fair value of remuneration remuneration and Restricted SPAs and Total (short-term) (short-term) Share Awards RSAs granted remuneration k€ k€ in pcs k€ k€ Dr. Werner Lanthaler 711 590 100,769 3,313 4,614 Dr. Cord Dohrmann 451 275 40,956 1,348 2,074 Dr. Craig Johnstone 382 234 9,439 296 912 Enno Spillner 384 220 8,884 278 882 Total 1,928 1.319 160,048 5,235 8,482 2020 2020 2020 2020 2020 Fixed Variable Share remuneration remuneration Performance Fair values of Total (Short-term) (Short-term) Awards SPAs granted remuneration k€ k€ in pcs k€ k€ Dr. Werner Lanthaler 585 476 38,400 871 1,932 Dr. Cord Dohrmann 415 377 14,647 332 1,124 Dr. Craig Johnstone 382 236 12,450 282 900 Enno Spillner 386 222 11,717 266 874 Total 1,768 1,311 77,214 1,751 4,830 (c) Supervisory Board The Supervisory Board of Evotec consists of the following members: Prof. Dr. Iris Löw-Friedrich, Member of the Management Board (Chief Medical Officer) at UCB S.A.; Vice Chairperson of the Supervisory Board until June 2021; Chairperson of the Supervisory Board since June 2021; Roland Sackers, CFO and Managing Director of QIAGEN N.V.; Vice Chairman of the Supervisory Board; Dr. Mario Polywka, independent consultant; Former Member of the Management board Evotec SE; Dr. Elaine Sullivan, independent consultant; CEO of Keltic Pharma Therapeutics; Kasim Kutay, CEO of Novo Holdings A/S; Dr. Constanze Ulmer-Eilfort, Partner of the law firm Peters, Schönberger & Partner (PSP Munich); Member of the Supervisory Board since June 2021; Prof. Dr. Wolfgang Plischke, independent consultant, former Member of the Management Board of Bayer AG; Chairperson of the Supervisory Board (until June 2021); The remuneration accrued for the members of the Supervisory Board in the financial year was as follows: 2021 2020 Remuneration Remuneration k€ k€ Prof. Dr. Iris Löw-Friedrich 113.6 70.0 Roland Sackers 90.5 85.0 Dr. Mario Polywka 55.5 50.0 Dr. Elaine Sullivan 60.0 60.0 Kasim Kutay 60.0 32.5 Dr. Constanze Ulmer-Eilfort 32.7 0.0 Prof. Dr. Wolfgang Plischke 68.2 150.0 Michael Shalmi — 27.5 Total 480.5 475.0 In the financial years 2021 and 2020, there was no share-based remuneration. |
Subsequent events
Subsequent events | 12 Months Ended |
Dec. 31, 2021 | |
Subsequent events | |
Subsequent events | (35) Subsequent events Bayer informed Evotec at the beginning of February 2022 about its decision to discontinue the development of the investigational P2X3 receptor antagonist eliapixant (BAY1817080), which stems from a former Evotec/Bayer multi-target research alliance. As a consequence of Bayer’s decision, Evotec regains the rights to all P2X3 assets on request. The Company will evaluate the underlying data as soon as they are made available and will evaluate all options. With the Russia/Ukraine conflict, Evotec is facing since February 2022 high procurement risks in the short term due to increasing electricity and gas prices for entities purchasing gas and electricity on the Spot market. We also see a risk of increasing transportation costs due to higher transport times and on-charging of costs from our suppliers. Hamburg, 30 March 2022 Dr. Werner Lanthaler |
Summary of significant accoun_2
Summary of significant accounting policies (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
Summary of significant accounting policies | |
Use of estimates | - Use of estimates The preparation of the accompanying consolidated financial statements requires management to make estimates and assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities as of the balance sheet date of the financial year as well as income and expenses during the reporting period. Main estimates and assumptions affect the following subjects: – Acquisitions: Assets and liabilities acquired in a business combination are initially accounted for at fair value on the acquisition date. Fair values are determined using a discounted cash flow model which relies on input parameters derived from observable market data. These parameters involve management judgment whenever no comparable market data is available. Significant input parameters used in determining the fair values are the estimated useful life of the assets identified, the long-term business plan as the basis for determining the expected cash flow from these assets and the discount rate applied. – Revenues: Where we have certain fixed-price arrangements with customers, the stage of completion of performance obligations is reviewed by reference to input-based methods, such as hours delivered or full cost incurred (e.g. labor, materials and other costs) under a contract in relation to expected total hours or total costs needed to fulfil the performance obligation. Revisions made to the estimated stage of completion can result in an adjustment to revenues in the current or future financial periods (see Note 23) and – Impairment testing and fair values: Management has identified the discount rate as well as the growth rate in the terminal value as key assumptions that have the potential to vary and thereby cause the recoverable amount to be lower than the carrying amount. Fair values for long-term investments at the time of acquisition correspond to the acquisition cost. Changes in fair value may occur due to adjusted scientific or financial plans or new financing rounds. (see Note 9, 10, 11, 13, 14 and 15). Other estimates and assumptions were exercised in the following areas: – Earn-out Provisions: Management estimates are made on discounted expected future cash flows. These cash flows are based on the contracts underlying the conditional consideration and the relevant project or business planning. The discount rate takes into account the risk underlying cash flows (usually weighted average cost of capital of the acquired entity). Additional non-observable input factors include, for example, marketing success probabilities. (see Note 17 and 29), – Measurement of the Share-based payment plans: Estimating fair value for share-based payment transactions requires determination of the most appropriate valuation model, which depends on the terms and conditions of the grant. This estimate also requires determination of the most appropriate inputs to the valuation model including risk-free interest rates and volatility measures. (see Note 21), – Valuation of deferred tax assets: Deferred tax assets are recognized for unused tax losses to the extent that it is probable that taxable profit will be available against which the tax losses can be charged. Management judgement is required to determine the amount of deferred tax assets that can be recognized, based upon the expected business performance of the tax subject and respective business plans (see Note 19). – Exercising significant influence on an investee: To determine whether an investor with minority voting rights has significant influence over an investee requires judgement, in particular regarding participation rights in significant financial and operating decisions of these entities (see Note 34d). Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are made prospectively in the period in which the estimates are revised. |
Principles of consolidation | - Principles of consolidation In the consolidated financial statements of Evotec SE, all domestic and foreign companies which are under its control are included. Evotec controls an entity if it is exposed to, or has the right to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. Subsidiaries are included in the consolidated financial statements from the date on which control is obtained until the date Evotec´s control ceases. If Evotec loses control over a subsidiary, all assets and liabilities of that subsidiary together with any related non-controlling interests and other equity components are derecognised. Any resulting gain or loss is recognised in the income statement. Any retained interest in the former subsidiary is measured at fair value at the time of loss of control. All intercompany receivables, liabilities and all intercompany revenue, income, expenses and all intragroup profits or losses are eliminated in the consolidation. The financial statements of all to be consolidated subsidiaries are prepared using the same reporting date as the consolidated financial statements (31 December). |
Transactions in foreign currency | - Transactions in foreign currency The Group’s consolidated financial statements are presented in euros, which is also the parent company’s functional currency. For each to be consolidated entity the respective functional currency will be determined. ● Subsidiaries The assets and liabilities of foreign subsidiaries with functional currencies other than the Euro are translated into Euro using the respective exchange rates at the end of the reporting period, while the income statements of such subsidiaries are translated using monthly average exchange rates during the period. Gains or losses resulting from translating foreign functional currency financial statements are recognised directly in other comprehensive income and realised on disposal of the subsidiary. ● Associated companies and joint ventures The currency translation of the proportionate equity of joint ventures and associated companies is performed at the respective closing rate of inclusion. The share of the results of associated companies and joint ventures, is translated at the average exchange rate and recognized as share of the result of associates accounted for using the equity method, in the statement of comprehensive income. ● Transactions and balances Transactions in foreign currencies are translated in the respective functional currency using the transaction foreign exchange rate. Assets and liabilities denominated in foreign currencies at the balance sheet date are translated into the respective functional currency using the exchange rates at the end of the period. |
Financial instruments | - Financial instruments Recognition of financial instruments Financial assets and financial liabilities are recognized when an entity becomes a party to the contractual provisions of the financial instrument. Regular way purchase and sales of financial instruments are generally recognized on the settlement date. Derivatives are recognized on the day of trading. Derecognition of financial instruments Financial assets are derecognised if either the payment rights arising from the instrument have expired or substantially all risks and rewards attributable to the instrument have been transferred. Financial liabilities are derecognised if the obligations have expired or have been discharged or cancelled. Measurement of financial assets The initial recognition is measured at fair value. The subsequent measurement depends on the classification of the categories as defined in IFRS 9. Classification is based on two criteria: the Group’s business model for managing assets and whether the instruments’ contractual cash flows represent solely payments of principal and interest on the principal amount outstanding. This assessment is referred to as the SPPI test and is performed at an instrument level. Financial assets with cash flows that are not SPPI are classified and measured at fair value through profit or loss, irrespective of the business model. For the financial assets the following applies: Debt instruments are held by Evotec with the intention to collect contractual cash flows (interest and principal) and to sell these debt instruments. Consequently, they are measured at fair value through OCI. Upon derecognition, the cumulative fair value change recognised in OCI is recycled to profit or loss. Equity instruments are measured at fair value through profit and loss. At Evotec this primarily relates to the long-term investments. All other non-derivative financial assets are measured at amortised cost and therefore according to the effective interest method Non-derivative financial liabilities For subsequent measurement, non-derivative financial liabilities are measured at amortised cost. Impairment of financial assets Impairment is recognised for all financial assets not held at fair value through profit or loss and contract assets using the expected credit loss (ECL) model. ECLs are based on the difference between the contractual cash flows due in accordance with the contract and all the cash flows that Evotec expects to receive. For trade receivables and contract assets, Evotec applies a simplified approach in calculating ECLs. Therefore, Evotec does not track changes in credit risk, but instead recognizes a loss allowance based on lifetime ECLs at each reporting date. See Notes (4) and (5) for details. Offsetting financial instruments Financials assets and liabilities are only offset and the net amount presented in the consolidated statement of financial position when, and only when, Evotec has the legal right to offset the amounts and either to settle on a net basis or to realise the asset and settle the liability simultaneously. Derivative financial instruments and hedge accounting Evotec uses foreign currency derivative financial instruments as well as interest swaps to hedge its exposure to foreign exchange risks and interest rate fluctuations. Derivative financial instruments are measured at fair value through P&L. For these economic hedge relationships Evotec does not apply hedge accounting under IFRS 9. Derivatives embedded for financial liabilities in host contracts are accounted for separately if the economic characteristics and risk of the host contract and the embedded derivative are not closely related. In accordance with its treasury policy, the Company does not hold or issue derivative financial instruments for trading purposes. Basis for determining fair values of financial instruments The following summarises the significant methods and assumptions used in estimating the fair values of financial instruments. The fair value is determined primarily on the basis of publicly determinable bid prices at the reporting date. For unlisted equity instruments or financial instruments without an active market, fair value is estimated using valuation techniques. Unless otherwise reported, the fair values of financial instruments equal the carrying amounts. |
Cash and cash equivalents | - Cash and cash equivalents The Company considers all highly liquid short-term investments with original maturities at the date of acquisition of three months or less to be cash equivalents. |
Contract assets | - Contract assets A contract asset is the right to a consideration in exchange for goods or services transferred to the customer. If Evotec fulfils its contractual obligations by transferring goods or services to a customer before the customer pays the consideration or before payment is due, a contract asset is recognised for the earned consideration that is conditional. |
Trade receivables | - Trade receivables A trade receivable is recognised if an amount of consideration that is unconditional is due from the customer. Appropriate allowances are made for identifiable risks. |
Inventories | - Inventories In accordance with IAS 2, inventories are valued at the lower of cost or net realisable value. Net realisable value is the estimated selling price in the ordinary course of business, less the estimated costs of completion and selling expenses. Costs consist of purchased component costs and manufacturing costs, which are comprised of direct material and labour costs and systematic allocated costs. Costs are removed from inventories to costs of revenue based on specific identification. |
Property, plant and equipment | - Property, plant and equipment Property, plant and equipment is measured at cost less accumulated depreciation and impairment losses. Property, plant and equipment acquisitions, including leasehold improvements, are recorded at cost less any vendor rebates. Depreciation of property, plant and equipment is generally calculated using the straight-line method over the estimated useful lives of the assets. Depreciation of leasehold improvements is calculated using the straight-line method over the shorter of the related lease term or the estimated useful life. The useful lives are as follows: Buildings and leasehold improvements 3-30 years Plant, machinery and equipment 4-15 years Furniture and fixtures 3-15 years Computer equipment 3-10 years The depreciation period is reviewed at each balance sheet date. Differences from previous estimates are accounted for as a change in an accounting estimate in accordance with IAS 8. The costs included in property, plant and equipment related to assets under construction are not depreciated until the assets are placed into service by the Company. Upon sale or retirement, the costs and the related accumulated depreciation are removed from the respective accounts and any gain or loss is included in other operating income and expense. Maintenance and repairs of property, plant and equipment are expensed as incurred. |
Leases | - Leases Evotec as a lessee Evotec recognises and measures all leases (excluding short-term leases and leases of low-value assets) using the Right-of-Use model. The Company recognises liabilities to make lease payments and Right-of-Use assets representing the right to use the underlying assets. i) Right-of-Use assets Evotec recognises Right-of-Use assets at the commencement date (i.e. the point in time the underlying leased asset is available for use). Right-of-Use assets are measured at cost less any accumulated depreciation and any accumulated impairment losses. The cost of Right-of-Use assets include the amount of lease liabilities recognised, initial direct costs incurred and lease payments made at or before the commencement date less any lease incentives received. Right-of-Use assets are depreciated on a straight-line basis over the shorter of the lease term and the estimated useful lives of the assets as follows: Right-of Use assets relating to buildings >1-20 years Right-of Use assets relating to plant and machinery 2-7 years Right-of Use assets relating to motor vehicles 3-4 years If legal ownership of the leased asset transfers to Evotec at the end of the lease term or the cost reflects the exercise of a purchase option, depreciation is calculated using the estimated useful life of the leased asset. ii) Lease liabilities On the provision date of the lease, Evotec recognises lease liabilities measured at the present value of lease payments to be made over the lease term. The lease payments include fixed payments (including insubstance fixed payments) less any lease incentives receivable, variable lease payments that depend on an index or a rate, and amounts expected to be paid under residual value guarantees. The lease payments also include the exercise price of a purchase option reasonably certain to be exercised by the Group and payments of penalties for terminating the lease, if the lease term reflects the Group exercising the option to terminate. Variable lease payments that do not depend on an index or a rate are recognised as expenses in the period in which the event or condition that triggers the payment occurs. In calculating the present value of lease payments, Evotec uses an incremental borrowing rate at the lease commencement date when the interest rate implicit in the lease is not readily determinable. After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a modification to the lease, a change in the lease term, a change in the lease payments (e.g. changes to future payments resulting from a change in an index or rate used to determine such lease payments) or a change in the assessment of an option to purchase the underlying asset. iii) Short-term leases and leases of low-value assets Evotec applies the short-term lease recognition exemption to its short-term leases of machinery and equipment (i.e. those leases that have a lease term of 12 months or less from the commencement date and do not contain a purchase option). Evotec also applies the lease of low-value assets recognition exemption to leases of office equipment that are considered to be low-value. Lease payments on short-term leases and leases of low-value assets are recognised as expense. |
Associates and joint ventures | - Associates and joint ventures Associates and joint ventures are entities in which Evotec has significant influence over the financial and operating policies. This significant influence is usually exercised through a direct or indirect share of voting power of 20% to 50%. Significant influence can also exists through a direct or indirect share of voting power of less than 20%, indicators are: ● Representation on the board of directors and/or on the supervisory board, ● (Significant) participation in operating policies, including participation in decisions about dividends of the investee, ● Interchange of managerial personnel, ● Material transactions between the entity and its investee, ● Provision of essential technical information. In case one or more of the above mentioned indicators apply, Evotec verifies if significant influence exists. Associates and joint ventures are accounted for in the consolidated financial statements using the at-equity method and initially measured at cost. Subsequent to acquisition, Evotec’s share in the associates and joint ventures profit or loss is included in the consolidated statement of comprehensive income. Unrealised gains and losses from transactions between Evotec and its associates or joint ventures are recognised only to the extent of unrelated investors` interests in the associates and joint ventures. |
Intangible assets, excluding goodwill | - Intangible assets, excluding goodwill Intangible assets, excluding goodwill, consist of separately identified intangible assets such as developed technologies, customer related intangibles and patents, which were acquired in business combinations, purchased licences and patents. Intangible assets with definite useful lives are recorded at cost and are amortised using the straight-line method over the estimated useful lives of the assets. The useful lives are as follows: Trademarks 2-10 years Developed technologies 6-18 years Customer related intangibles 5-8 years Patents and licences 15 years or shorter life Developed technologies acquired in business combinations are amortised as soon as the intangible assets start to generate sustainable benefits and tested for impairment at least annually. The amortisation period is reviewed at each balance sheet date. |
Goodwill | - Goodwill Goodwill recognised in a business combination according to the acquisition method is recognised as an asset. If the net assets acquired exceed the fair value of the consideration transferred, the income from bargain purchase is recognised in the consolidated income statement following a reassessment. |
Impairment of non-financial non-current assets and goodwill | - Impairment of non-financial non-current assets and goodwill The Company reviews non-financial non-current assets (property, plant and equipment and intangible assets including goodwill) for impairment, in the respect to the recoverable amount in accordance with IAS 36. An impairment review is performed at least annually for intangible assets with indefinite useful lives, intangible assets not yet available for use and goodwill, or whenever events or changes in circumstances indicate that the carrying amount of an asset or a group of assets may not be recoverable. In line with the Company’s policy concerning the impairment of intangible assets with indefinite useful lives and goodwill, the Company carried out an impairment test in the fourth quarter of 2021 and 2020 on the basis of 30 September balance sheet information, see Note (13) and (14). An impairment loss is recognized if the carrying amount of an asset (or a group of assets when considering a cash-generating unit) exceeds its recoverable amount which is the higher of its fair value less costs to sell or value in use. The value in use for an asset or cash-generating unit, which is used by Evotec for the impairment testing of non-financial non-current assets and goodwill, is calculated by estimating the net present value of future cash flows arising from that asset or cash-generating unit. The discount rate used to calculate the value in use is determined to reflect the risks inherent for each asset or cash-generating unit. The evaluation of the further use is based on a mid-range or where applicable long-range forecast. Management judgment is necessary to estimate discounted future cash flows. Any impairment loss is reported as a separate component of other operating expenses in the consolidated income statement. An impairment of property, plant and equipment and intangible assets excluding goodwill is again reversed if there has been a change in the estimates used to determine the recoverable amount leading to an increase in value for a previously impaired asset or group of assets as one cash-generating unit. It is reversed only to the extent that the assets or the group of assets carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortization, if no impairment loss had been previously recognized. Impairments of goodwill are not reversed. |
Provisions | - Provisions Provisions are recognised when the Company has a present obligation as a result of a past event which will result in a probable outflow that can be reliably estimated. The amount recognised represents the best estimate of the settlement amount of the present obligation as of the balance sheet date. Non-current provisions are discounted applying a risk adjusted market interest rate. A provision for onerous contracts is recognised when the expected benefits to be derived by the Company from such a contract are lower than the unavoidable expenses of meeting its obligations under the contract. The provision is measured at the present value of the lower of the expected expenses of terminating the contract and the expected net expense of continuing with the contract. Before a provision is established, Evotec recognises any impairment expense on the assets associated with that contract. |
Pension and similar obligations | - Pension and similar obligations The Company’s net obligation for defined benefit and other postretirement benefit plans have been calculated using the projected unit credit method. The calculation is based on actuarial expertise taking into account the relevant biometric factors. Actuarial gains and losses are recognised in other comprehensive income. Service and interest costs for pensions and other postretirement obligations are recognised as an expense in the operating result. The Company’s obligations for contributions to defined contribution plans are recognised as expense in the income statement. The effects of the IFRIC agenda decision of April 2021 regarding benefits depending on the length of employment are explained in note 2 “Changes in accounting policies”. |
Contract liabilities | - Contract liabilities A contract liability is the obligation of Evotec to transfer goods or services to a customer for which Evotec has received a consideration (or an amount of consideration is due). If a customer pays the consideration before Evotec transfers goods or services to the customer, a contract liability is recognised when the payment is made or the payment is due (whichever is earlier). Contract liabilities are recognised as revenue when Evotec fulfils its contractual obligation. |
Share capital | - Share capital Ordinary shares are classified as equity. Incremental costs directly attributable to the issuance of ordinary shares are recognised net of tax as a deduction from equity. The Company applies the regulations of IAS 32 in accounting for treasury shares. When ordinary shares recognised as equity would be reacquired, the amount of the consideration paid for those treasury shares is recognised as a deduction from equity. If treasury shares are subsequently sold or granted, the proceeds will be recognised net of tax as an increase in equity. |
Stock options and Share Performance Awards | - Stock options and Share Performance Awards The Company applies the regulations of IFRS 2 with regard to the accounting for options granted under its stock option plans and under its Share Performance Plan. All plans are settled in shares and therefore are recorded through equity. Compensation cost from the issuance of employee and Management Board stock options are measured using the fair value method at the grant date and charged straight-line to expense over the service period. This is also the case for the grant of Share Performance Awards to employees and to members of the Management Board. In case the estimates regarding the achievement of the key performance indicators change, the fair value of Share Performance Awards is adjusted as long as it is not a share price-based indicator. |
Revenues | - Revenues from contracts with customers Revenue is recognised when the control over separable services or research services is transferred to the customer, provided that a contract with enforceable rights and obligations exists and that collectability of consideration is probable. The Company assesses collectability based on a number of factors, including past transaction history with the customer and the customer’s creditworthiness. The Company has entered into contracts which can have multiple-elements and thoroughly determined whether the different revenue-generating elements are sufficiently separable and whether there exists sufficient evidence of their fair values to separately account for some or all of the individual elements of the contracts. Only if an element is considered to meet these criteria it does represent a separate unit of accounting. When allocating the transaction price to individual performance components, Evotec uses in particular FTE-rates as indicator of the fair value of these components. Evotec’s revenues include service fees, FTE-based research payments revenue for delivered goods and deliverable kind of services, recharges, technology access fees as well as milestone fees, licences and royalties. Service fees, FTE-based research payments as well as deliverable kind of services Revenues generated from service contracts or FTE-based research contracts or deliverable kind of services are recognised as the services are rendered. Evotec applies an input-based method to measure the progress of completion of its performance obligations. In rare cases and only for specific contracts, output-based methods are applied whenever the contracts warrant such measurement. Payments for those services are generally paid in full or in parts in advance and recorded as contract liabilities. Contract assets are recognised in case Evotec’s progress of completion of its performance obligations exceeds the amount of the payments received. Those contracts may also contain variable compensation, which Evotec only includes in the transaction price when it becomes highly probable that such payments will be received. This is rarely the case upon contract inception or in early stages of contracts, owing to the nature of the services. Technology access fees Revenue from technology access fees is recognised pro rata over the related forecasted service period. Payments for technology access fees are generally paid in full or in parts in advance and recorded as contract liabilities until earned. Milestone fees Revenue contingent upon the achievement of certain milestones is recognised in the period the milestone is successfully achieved. This occurs when the Company’s contract partner agrees that the requirements stipulated in the agreement have been met. Under IFRS 15, earlier recognition carries an increased risk of revenue corrections required and hence Evotec refrains from an earlier recognition. Licences Revenue from the sale of licences is recognised at the date of the sale. Revenue from out-licensing in combination with a collaboration is realised pro rata over the collaboration period. Payments from the sale of licences are received on the day of the sale or thereafter. Royalties Revenue from royalties, which are dependent on other company’s respective product sales, is recognised in the period in which the royalty report or the payment is received. Payments are received either on the same day as the royalty report or thereafter. Royalties are typically contract components with a variable consideration which will as mentioned above only be realized as revenues when it is highly probable that the consideration will be received. Main estimates and assumptions > Identifying performance obligations, allocating the transaction price and determining the stage of completion of contracts with service fees, FTE-based research payments as well as deliverable kind of services Evotec performs research and development services for a variety of customers under different contractual arrangements. When performance obligations are individually capable of being distinct and distinct in the context of the contract, Evotec allocates the transaction price to distinct performance obligations on the basis of relative stand-alone selling prices of the obligations. Primarily, contracts for research and development services often contain a large amount of individual services, trigger upfront payments to partially or fully cover the entire transaction price and are concluded for the overall purpose of identifying new research results. The Group has determined that services under such contracts are integrated and qualify as one performance obligation. As far as other distinct services are included in those type of contracts, Evotec allocates the transaction price on the basis of relative stand-alone selling prices of the obligations. Such fixed-price arrangements are recognized over time as the respective performance obligation is fulfilled. Evotec applies an input-based method to measure the progress of completion of its performance obligations such as hours delivered or full cost incurred (e.g. labor, materials and other costs) under a contract in relation to expected total hours or total costs needed to fulfil the performance obligations. For each contract, Evotec selects the input-based method that most faithfully depicts the transfer of services stated in the contract. In rare cases and only for specific contracts, output-based methods are applied whenever the contract warrants such measurement. > Determining method to estimate variable compensation and assessing the constraint Customer contracts often contain success-based variable compensation for research services and other contingent payments. The contingency often relates to few and specific research services, which is why Evotec determines the most likely amount payable under the contract. In addition Evotec assesses whether a constraint exists in reference to revenue recognition for such variable compensations. Based on Evotec’s historical experience and due to the inherent risk of research, success-based variable compensations are regularly not included in the transaction price upon contract inception, but are only included when the contingent events occur or become highly probable. -Revenue recognition from contributions Evotec receives private contributions for which the existence of an adequate exchange transaction for research projects serving the public good is refuted. A realisation of revenue from contracts with customers is not possible. A private contribution exists for which a contribution revenue item is recognised. The effect on profit or loss is immediate or occurs over the period in which the subsidised service is provided. A liability item must be recognised for a contribution that has already been received, but this is not a contractual obligation, but rather other liability. The reversal of the liability item is gross, i.e. as contribution revenue separately from the revenues. |
Government grants | - Government grants Government grants are recognised where there is reasonable assurance that the grant will be received and all attached conditions will be complied with. When the grant relates to an expense item, it is recognised as a reduction of the related expense. When the grant relates to an asset, it is recognised as income in equal amounts over the expected useful life of the related asset. Under the terms of the grants, governmental agencies generally have the right to audit qualifying expenses submitted by the Company. |
Research and development | - Research and development Research activities undertaken with the prospect of gaining new scientific or technical knowledge and understanding are expensed as incurred. Due to the high uncertainty associated with development activities in the pharmaceutical sector the precondition for the capitalisation of development expenses is generally not fulfilled. Evotec did not capitalise anything for pharmaceutical development costs in 2021 and 2020, respectively. Research and development projects that are acquired in a business combination are capitalised at fair value when those research and development projects are expected to generate probable future economic benefits to the Company. Research and development costs acquired in a business combination are not regularly amortised until they are sustainably generating benefits. The development expenses for internally generated software are capitalised when the recognition criteria’s are met. |
Other operating income | - Other operating income Evotec receives tax credits from tax development programmes in the context of qualifying research and development expenses in different jurisdictions. Such tax refunds regularly result in amounts which can be offset against taxable income, so as to provide a partial or full relief from tax or other payments to fiscal authorities. Evotec determined that under its significant tax development programmes, the feature of the credit is provided in a way which allows either offsetting against taxable income or instead, when insufficient taxable profits are available, direct reimbursement and payment in cash. In addition, the tax development programmes are provided for specific activities, often limited to specific research and development expenses. As such, Evotec accounts for such tax development programmes as other operating income and does not account for such income as tax income or offsets tax credits from income tax expense. In certain cases, Evotec recharges costs to third parties. The income from those recharges are recognised in other operating income when it is a direct reimbursement of costs. There is no underlying direct exchange of services for this income and therefore a recognition as revenues is not suitable. The relating expenses are recognised in other operating expenses as well as in research and development expenses. |
Interest income and expense | - Interest income and expense Interest is recorded as expense or income in the period to which it relates. All interest income and expense including the unwind of the discount on contingent considerations are recognised in the income statement using the effective interest rate method. Evotec considers assets with a construction term over 12 months as qualifying assets. For the purpose of determining the amount of borrowing eligible for capitalization when funds are borrowed for general purposes, the Group computes a weighted average cost of borrowing, which is then applied to qualifying assets as a capitalization rate. |
Income taxes | - Income taxes Income taxes comprise the current taxes on income in the individual countries as well as the deferred taxes. For uncertain tax positions tax assets or liabilities are recorded. Current income tax Current income tax assets and liabilities for the current and prior periods 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 generates taxable income. The tax rates for domestic companies are 27-32% and for foreign companies 19-28% (2020: 27-32% and 19-31%, respectively and 2019: 27-32% and 19-34%, respectively). Deferred tax Deferred tax is recognised using the liability method on temporary differences between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes at the reporting date. Deferred taxes are recognised for all taxable temporary differences, except: ● temporary differences arising on the initial recognition of goodwill, ● temporary differences on the initial recognition of an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss, ● temporary differences relating to investments in subsidiaries, associates and interests in joint ventures, when the timing of the reversal of the temporary differences can be controlled and it is probable that the temporary differences will not reverse in the foreseeable future. Deferred tax assets are recognised for all deductible temporary differences, unused tax loss carryforwards and unused tax credits to the extent that it is probable that taxable profit will be available against which the deductible temporary differences and the unused tax loss carryforwards and tax credits can be utilised. The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred tax asset to be utilised. Unrecognised deferred tax assets are reassessed at each reporting date and are recognised to the extent that it has become probable that future taxable profits will allow the deferred tax asset to be recovered. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the year when the asset is realised or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted at the reporting date. Future tax rate changes are taken into account if, in the scope of a legislative procedure, substantial prerequisites for its future applicability are met. Deferred tax assets and deferred tax liabilities are offset if a legally enforceable right exists to set off current tax assets against current tax liabilities and the income taxes relate to the same taxable entity and the same taxation authority. Tax exposures In determining the amount of current and deferred taxes Evotec takes into account the impact of uncertain tax positions and whether additional taxes and interest maybe due. This assessment relies on estimates and assumptions and may involve a series of judgement about future events. New information may become available that forces the Company to change its judgement regarding the adequacy of existing tax liabilities. Such changes to tax liabilities will impact tax expenses in the period in which such determination is made. |
Net income per share | - Net income per share The undiluted results per share is calculated by dividing the net income (loss) by the weighted average number of ordinary shares outstanding for the period, excluding common stock equivalents. The weighted average number of ordinary shares are calculated as follows: 2021 2020 2019 Shares in Shares in Shares in thousands thousands thousands Issued ordinary shares 1 January 163,915 150,903 149,063 Treasury shares 1 January (250) (250) (250) Effect of weighted average share capital increase 1,953 2,508 — Effect of weighted average share options exercised 788 591 913 Weighted average number of ordinary shares 31 December 166,406 153,752 149,726 Diluted net income per share is computed by dividing the surplus attributable to shareholders of Evotec SE, by the weighted-average number of ordinary shares and share equivalents outstanding for the period determined using the treasury-stock method. For purposes of this calculation, stock options and Share Performance Awards are considered to be common stock equivalents and are only included in the calculation of diluted net income per share when their effect is dilutive. In 2021, the number of potentially dilutive shares to be issued from stock options and Share Performance Awards amounted to 722,286 (2020: 1,172,673; 2019: 1,799,458). For calculating the diluted net result per share the resulting dilutive shares are included from the beginning of the period. |
First time adoption of new accounting standards in the financial year 2021 | - First time adoption of new accounting standards in the financial year 2021 Standards/Interpretation Effects IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16 Interest Rate Benchmark Reform – Phase 2: Modification of financial assets, financial liabilities and leasing liabilities, requirements regarding accounting and disclosure of hedging relationships under application of IFRS 7 No material effects IFRS 16 Covid-19-Related Rent Concessions beyond 30 June 2021: The amendments provide relief to lessees from applying IFRS 16 guidance on lease modification accounting for rent concessions arising as a direct consequence of the Covid-19 pandemic. The amendment was intended to apply until 30 June 2021, but as the impact of the Covid-19 pandemic is continuing, on 31 March 2021, the IASB extended the period of application of the practical expedient to 30 June 2022.The amendment applies to annual reporting periods beginning on or after 1 April 2021. No effects Other changes for first time adoption in fiscal year 2021 did also not have a significant impact on the Evotec Group. |
Changes in accounting policies | - Changes in accounting policies In its April 2021 Update, the IFRS IC published an agenda decision clarifying how to calculate the obligation relating to certain defined benefit plans under which the retirement benefit is (i) contingent on the employee being employed by the entity at the time of retirement; (ii) capped at a specified number of years of service; and (iii) linked to the employee’s length of service at the date of retirement. In that decision, the IFRS IC took the view that the obligation should be recognized only over the years of service preceding the date of retirement in respect of which the employee generates entitlement to the benefit. Applying that decision has resulted in a change in accounting policy, the effects of which have been reflected retrospectively in accordance with IAS 8 (Accounting Policies, Changes in Accounting Estimates and Errors). Consequently, the previously published periods have been adjusted, with the impact of first-time application reflected as from 1 January 2019, the beginning of the earliest comparative financial period presented. The opposite entry to the adjustment as of that date was recognized in equity. The service cost (including past service cost), interest cost and actuarial gains and losses have been adjusted, as have the related deferred taxes. The impacts of the decision are presented in note (30) “Pension plan” as well as in the following tables. 31 Dec 2020 31 Dec 2020 formerly reported adjustments restated k€ k€ k€ Deferred tax asset 24,950 (558) 24,392 Total non-current assets 804,051 (558) 803,493 Total assets 1,462,895 (558) 1,462,337 Provisions 22,899 (2,168) 20,731 Total non-current liabilities 531,590 (2,168) 529,422 Accumulated deficit (434,249) 1,610 (432,639) Total stockholders' equity 722,846 1,610 724,456 Total liabilities and stockholders' equity 1,462,895 (558) 1,462,337 Year ended 31 December 2020 Year ended Year ended Year ended Formerl 31 December 2020 31 December 2019 31 December 2019 reported adjustments restated formerly reported adjustments restated k€ k€ k€ Selling, general and administrative expenses (77,238) 33 (77,205) (66,546) 113 (66,433) Total operating income and (expenses) (77,220) 33 (77,187) (70,297) 113 (70,184) Operating income 48,523 33 48,556 62,594 113 62,707 Income before taxes 25,807 33 25,840 56,562 113 56,675 Deferred tax income (expense) (7,490) (7) (7,497) (6,706) (29) (6,735) Total taxes (19,555) (7) (19,562) (19,334) (29) (19,363) Net income 6,252 26 6,278 37,228 84 37,312 Net income per share (basic) 0.04 — 0.04 0.25 — 0.25 Net income per share (diluted) 0.04 — 0.04 0.25 — 0.25 |
Recent accounting pronouncements, not yet adopted | - Recent accounting pronouncements, not yet adopted The following standards and interpretations published by the IASB are not yet mandatory because the date of their first mandatory application has not yet been reached: Standards/Interpretation Mandatory application Endorsement by European Commission Expected Effect Annual Improvement cycle 2018-2020: - IFRS 1 - IFRS 9 - IAS 41 IFRS 1: Subsidiary as a first-time adopter IFRS 9: Clarification with regard to fees in the 10 per cent test for derecognition of financial liabilities. IAS41: Taxation in fair value measurements 1.01.2022 Yes No effects IFRS 3 Replacement a reference to the Framework for the Preparation and Presentation of Financial Statements, without significantly changing its requirements. 1.01.2022 Yes No effects IAS 16 Change in accounting of proceeds before intended use. 1.01.2022 Yes No effects IAS 37 Specification which costs an entity needs to include when assessing whether a contract is onerous or loss making. 1.01.2022 Yes No effects IAS 1 In the future, only “material” accounting policies are displayed in the notes 1.01.2023 Yes Effects are still being analyzed IAS 8 Clarification to help entities to distinguish between accounting policies and accounting estimates. 1.01.2023 Yes No material effects IFRS 17 New accounting standard for insurance contracts covering recognition and measurement, presentation and disclosure. 1.01.2023 Yes Effects are still being analyzed IAS 1 Change in classification of liabilities as current or non-current 1.01.2023 No No effects IFRS 12 Income Taxes: Deferred Tax related to Assets and Liabilities arising from Single Transactions 1.01.2023 No Effects are still being analyzed IFRS 17 Amendments to IFRS 17 to add a transition option for a “classification overlay” to address possible accounting mismatches between financial assets and insurance contract liabilities in the comparative information presented on initial application of IFRS 17 1.01.2023 No Effects are still being analyzed |
Summary of significant accoun_3
Summary of significant accounting policies (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Summary of significant accounting policies | |
Schedule of useful lives of property, plant and equipment | Buildings and leasehold improvements 3-30 years Plant, machinery and equipment 4-15 years Furniture and fixtures 3-15 years Computer equipment 3-10 years |
Schedule of useful lives of right-of-use assets | Right-of Use assets relating to buildings >1-20 years Right-of Use assets relating to plant and machinery 2-7 years Right-of Use assets relating to motor vehicles 3-4 years |
Schedule of useful lives of intangible assets | Trademarks 2-10 years Developed technologies 6-18 years Customer related intangibles 5-8 years Patents and licences 15 years or shorter life |
Schedule of weighted average number of ordinary shares | 2021 2020 2019 Shares in Shares in Shares in thousands thousands thousands Issued ordinary shares 1 January 163,915 150,903 149,063 Treasury shares 1 January (250) (250) (250) Effect of weighted average share capital increase 1,953 2,508 — Effect of weighted average share options exercised 788 591 913 Weighted average number of ordinary shares 31 December 166,406 153,752 149,726 |
Schedule of impact changes in accounting policies | 31 Dec 2020 31 Dec 2020 formerly reported adjustments restated k€ k€ k€ Deferred tax asset 24,950 (558) 24,392 Total non-current assets 804,051 (558) 803,493 Total assets 1,462,895 (558) 1,462,337 Provisions 22,899 (2,168) 20,731 Total non-current liabilities 531,590 (2,168) 529,422 Accumulated deficit (434,249) 1,610 (432,639) Total stockholders' equity 722,846 1,610 724,456 Total liabilities and stockholders' equity 1,462,895 (558) 1,462,337 Year ended 31 December 2020 Year ended Year ended Year ended Formerl 31 December 2020 31 December 2019 31 December 2019 reported adjustments restated formerly reported adjustments restated k€ k€ k€ Selling, general and administrative expenses (77,238) 33 (77,205) (66,546) 113 (66,433) Total operating income and (expenses) (77,220) 33 (77,187) (70,297) 113 (70,184) Operating income 48,523 33 48,556 62,594 113 62,707 Income before taxes 25,807 33 25,840 56,562 113 56,675 Deferred tax income (expense) (7,490) (7) (7,497) (6,706) (29) (6,735) Total taxes (19,555) (7) (19,562) (19,334) (29) (19,363) Net income 6,252 26 6,278 37,228 84 37,312 Net income per share (basic) 0.04 — 0.04 0.25 — 0.25 Net income per share (diluted) 0.04 — 0.04 0.25 — 0.25 |
Segment information (Tables)
Segment information (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Segment information | |
Summary of segment information | The segment information for the financial year 2021 is as follows: EVT EVT Intersegment Evotec in k€ Execute 1) Innovate eliminations Group Revenues 610,168 146,982 (139,116) 618,034 Operating income (loss) 63,109 (22,113) — 40,996 1) The segment information for the financial year 2020 is as follows: EVT EVT Intersegment Evotec in k€ Execute 1) Innovate eliminations Group Revenues 509,870 106,830 (115,776) 500,924 Operating income (loss) 77,362 (28,806) — 48,556 1) The segment information for the financial year 2019 is as follows: EVT EVT Intersegment Evotec in k€ Execute 1) Innovate eliminations Group Revenues 434,064 95,071 (82,698) 446,437 Operating income (loss) 76,920 (14,213) — 62,707 1) |
Summary of non-current assets categorized by the location | 2021 2020 k€ k€ USA 209,508 144,820 United Kingdom 196,543 202,980 Italy 188,858 189,351 France 129,178 93,812 Germany 105,283 101,926 Switzerland 14,089 13,879 Austria 2,697 2,853 Canada 1,913 1,935 Netherlands — 1,986 848,069 753,541 |
Trade accounts receivables (Tab
Trade accounts receivables (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Trade accounts receivable | |
Schedule of aging of trade accounts receivable | 31 Dec 31 Dec 2021 2020 k€ k€ Not past due 95,556 54,855 Risk provision not past due — (2) Past due 0-30 days 31,222 13,284 Risk provision 0-30 days (30) (9) Past due 31-120 days 5,164 5,489 Risk provision 31-120 days (89) (60) More than 120 days 2,236 6,159 Risk provision more than 120 days (1,981) (711) Total trade accounts receivables 132,078 79,005 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Inventories | |
Schedule of inventories | 31 Dec 31 Dec 2021 2020 k€ k€ Raw materials 25,043 13,306 Work-in-progress 750 279 Total inventories 25,793 13,585 |
Prepaid expenses and other cu_2
Prepaid expenses and other current assets (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Prepaid expenses and other current assets | |
Schedule of prepaid expenses and other current assets | 31 Dec 31 Dec 2021 2020 k€ k€ Prepaid expenses 19,210 9,258 Other 20,685 21,146 Total prepaid expenses and other current assets 39,895 30,404 |
Long-term Investments account_2
Long-term Investments accounted for using the equity method (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Long-term Investments accounted for using the equity method | |
Summary of development of the entity's equity method investment | The following table summarises the development of the long-term investments during year 2021: Breakpoint Exscientia NephThera Therapeutics Insignificant in k€ plc GmbH 2) GmbH investments Total Balance at 1 January 2021 21,040 486 1,918 16,266 39,710 Additions — — 3,667 7,244 10,911 Pro rata net result (1,577) (486) (2,811) (11,696) (16,570) Loss against other current assets — — — 977 977 Impairment — — — (2,497) (2,497) Discontinued use of equity method (19,463) 1) — — — (19,463) Net book value 31 December 2021 — — 2,774 10,294 13,068 1) 2) The following table summarises the development of the long-term investment during the year 2020: Breakpoint Exscientia NephThera Therapeutics Insignificant in k€ plc GmbH 1) GmbH investments Total Balance at 1 January 2020 16,236 — 5,900 7,631 29,767 Additions 9,194 14 — 11,170 20,378 Pro rata net result (4,390) (3,378) (3,982) (5,524) (17,274) Adjustments — 3,850 — 2,989 6,839 Net book value 31 December 2020 21,040 486 1,918 16,266 39,710 1) NephThera GmbH is a joint venture. |
Schedule of financial information of significant investments | Further financial information on the significant investments accounted for using the equity method is presented below: Breakpoint NephThera Therapeutics GmbH GmbH 2021 k€ k€ Current assets 8,013 18,501 Non-current assets 10 2 Current liabilities 525 719 Non-current liabilities — — Revenues from 1 Jan to 31 Dec — — Net result from 1 Jan to 31 Dec (5,769) (8,283) Breakpoint Exscientia NephThera Therapeutics plc* GmbH GmbH 2020 k€ k€ k€ Current assets 75,882 3,683 4,229 Non-current assets 11,306 — 4 Current liabilities 20,854 413 664 Non-current liabilities — — — Revenues from 1 Jan to 31 Dec 10,786 — — Net result from 1 Jan to 31 Dec (21,935) (6,755) (8,231) *Net result included prior year adjustment k€ 2,165 |
Other long-term investments (Ta
Other long-term investments (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Other long-term investments | |
Schedule of other long term investments | The development of investments measured at fair value in accordance with IFRS 9 is shown below: 2021 2020 k€ k€ Balance at 1 January 19,289 11,462 Additions 6,647 6,327 Additions due to discontinue use of equity method 19,463 — Adjustments at fair value, affecting net income 223,394 1,500 Net book value 31 December 268,793 19,289 |
Property, plant and equipment (
Property, plant and equipment (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Property, plant and equipment. | |
Schedule of development of property, plant and equipment | The development of property, plant and equipment in 2021 and 2020 is shown in the following tables. The table below also includes the right of use assets (see note 12 Leases) with a net book value of k€ 145,038 as of 31 December 2021 (31. December 2020 k€ 142,110). Plant, Buildings and machinery leasehold and Furniture Assets under improvements equipment and fixtures construction Total Acquisition and manufacturing costs Amount beginning of the year 215,055 168,224 27,445 71,155 481,879 Foreign currency translation 9,099 4,576 718 3,362 17,755 Additions 83,535 36,082 7,546 63,653 190,816 Business combination — — — — — Disposals 3,022 443 860 39 4,364 Reclass 73,800 19,172 4,809 (97,781) — Amount end of the year 378,467 227,611 39,658 40,350 686,086 Depreciation, amortisation and write-downs Amount beginning of the year 40,472 87,048 17,062 — 144,582 Foreign currency translation 1,919 2,628 620 — 5,167 Additions 23,463 24,826 7,307 — 55,596 Disposals 2,552 424 880 — 3,856 Reclass 77 (177) 100 — — Amount end of the year 63,379 113,901 24,209 0 201,489 Net book value Amount beginning of the year 174,583 81,176 10,383 71,155 337,297 Amount end of the year 315,088 113,710 15,449 40,350 484,597 Plant, Buildings and machinery Assets leasehold and Furniture under improvements equipment and fixtures construction Total Acquisition and manufacturing costs Amount beginning of the year 172,259 143,208 22,371 12,577 350,415 Foreign currency translation (4,617) (3,403) (496) 1,077 (7,439) Additions 87,540 28,622 6,323 63,034 185,519 Business combination — — — — — Disposals 40,564 3,405 1,178 1,469 46,616 Reclass 437 3,202 425 (4,064) — Amount end of the year 215,055 168,224 27,445 71,155 481,879 Depreciation, amortisation and write-downs Amount beginning of the year 28,526 69,140 13,520 — 111,186 Foreign currency translation 755 744 (346) — 1,153 Additions 17,412 19,649 5,061 — 42,122 Disposals 6,465 2,241 1,173 — 9,879 Reclass 244 (244) — — — Amount end of the year 40,472 87,048 17,062 0 144,582 Net book value Amount beginning of the year 143,733 74,068 8,851 12,577 239,229 Amount end of the year 174,583 81,176 10,383 71,155 337,297 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Leases | |
Schedule of carrying amounts of right-of use assets recognized and the movements during the period | 2021 k€ Right of use Right of Plant, use machinery Furniture Right of use and and Buildings equipment fixtures Total Acquisition and manufacturing costs Amount beginning of the year 158,454 8,382 529 167,365 Foreign currency translation 7,442 30 — 7,472 Additions 14,077 — 215 14,292 Business combination — — — — Disposals 2,453 — — 2,453 Reclass 82 (335) 253 — Amount end of the year 177,602 8,077 997 186,676 177,602 8,077 997 186,676 Depreciation, amortisation and write-downs Amount beginning of the year 21,169 3,939 147 25,255 Foreign currency translation 2,573 120 24 2,717 Additions 14,160 1,462 207 15,829 Disposals 2,163 — — 2,163 Reclass (17) (137) 154 — Amount end of the year 35,722 5,384 532 41,638 Net book value Amount beginning of the year 137,285 4,443 382 142,110 Amount end of the year 141,880 2,693 465 145,038 2020 k€ Right of use Right of Plant, use machinery Furniture Right of use and and Buildings equipment fixtures Total Acquisition and manufacturing costs Amount beginning of the year 136,158 10,475 465 147,098 Foreign currency translation (3,410) (6) — (3,416) Additions 66,270 1,710 64 68,044 Business combination — — — — Disposals 40,564 3,797 — 44,361 Reclass — — — — Amount end of the year 158,454 8,382 529 167,365 Depreciation, amortisation and write-downs Amount beginning of the year 13,702 2,914 110 16,726 Foreign currency translation (374) 4 — (370) Additions 14,306 1,692 37 16,035 Disposals 6,465 671 — 7,136 Amount end of the year 21,169 3,939 147 25,255 Net book value Amount beginning of the year 122,456 7,561 355 130,372 Amount end of the year 137,285 4,443 382 142,110 |
Schedule of carrying amounts of lease liabilities and the movements | 2021 2020 k€ k€ Amount beginning of the year 145,554 131,870 Foreign currency translation 6,691 (4,126) Additions 14,292 67,842 Business combination — — Disposals 58 32,983 Accretion of interest 3,728 3,125 Payments 19,770 20,174 Amount end of the year 150,437 145,554 |
Schedule of lease liabilities | 31 Dec 21 31 Dec 20 k€ k€ Current portion of lease obligations 14,473 14,616 Long-term lease obligations 135,964 130,938 150,437 145,554 |
Schedule of amounts are recognised in profit and loss | 2021 2020 2019 k€ k€ k€ Depreciation expense of right-of-use assets 15,829 16,035 14,728 Interest expense on lease liability 3,728 3,125 2,641 Expense relating to short-term leases 839 807 106 Expense relating to leases of low-value assets 56 33 185 Variable lease payments — — — Total amount recognised in profit and loss 20,452 20,000 17,660 |
Intangible assets, excluding _2
Intangible assets, excluding goodwill (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Intangible assets, excluding goodwill | |
Schedule of development of intangible assets | The development of intangible assets in 2021 and 2020 is shown in the following tables. 2021 k€ Patents and Developed Customer Favourable licences technology related Trademarks contract Total Acquisition and manufacturing costs Amount beginning of the year 10,772 98,845 67,647 6,539 62,033 245,836 Foreign currency translation — 939 1,442 — — 2,381 Additions 439 — — — — 439 Business combination — — — — — — Disposals — — — — 62,033 62,033 Reclass — — — — — — Amount end of the year 11,211 99,784 69,089 6,539 0 186,623 Depreciation, amortisation and write-downs Amount beginning of the year 10,095 90,272 37,786 4,574 5,073 147,800 Foreign currency translation — 348 691 — — 1,039 Additions 87 1,680 8,914 642 689 12,012 Disposals — — — — 5,762 5,762 Reclass — — — — — — Impairment — 683 — — — 683 Amount end of the year 10,182 92,983 47,391 5,216 0 155,772 Net book value Amount beginning of the year 677 8,573 29,861 1,965 56,960 98,036 Amount end of the year 1,029 6,801 21,698 1,323 0 30,851 2020 k€ Patents and Developed Customer Favourable licences technology related Trademarks contract Total Acquisition and manufacturing costs Amount beginning of the year 10,784 99,591 68,590 6,539 62,033 247,537 Foreign currency translation — (746) (943) — — (1,689) Additions 2 — — — — 2 Business combination — — — — — — Disposals 14 — — — — 14 Amount end of the year 10,772 98,845 67,647 6,539 62,033 245,836 Depreciation, amortisation and write-downs Amount beginning of the year 6,559 88,498 28,283 3,628 3,575 130,543 Foreign currency translation — (36) 113 — — 77 Additions 292 1,810 9,390 946 1,498 13,936 Disposals — — — — — — Impairment 3,244 — — — — 3,244 Amount end of the year 10,095 90,272 37,786 4,574 5,073 147,800 Net book value Amount beginning of the year 4,225 11,093 40,307 2,911 58,458 116,994 Amount end of the year 677 8,573 29,861 1,965 56,960 98,036 |
Goodwill (Tables)
Goodwill (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Goodwill | |
Schedule of development of goodwill | With respect to the development of goodwill please refer to the following detailed schedules. OAI/Evotec OAI/Evotec Evotec International International Aptuit (US) Just Execute Innovate Execute Execute Execute Total k€ k€ k€ k€ k€ k€ 1 January 2021 79,816 9,154 126,059 3,874 28,467 247,370 Business combination — — — — — — Disposal — — — — — — Reclass — — — — — — Foreign currency translation 4,664 50 2,786 323 2,376 10,199 31 December 2021 84,480 9,204 128,845 4,197 30,843 257,569 OAI/Evotec OAI/Evotec Evotec Evotec International International Aptuit (München) (US) Just Execute Innovate Execute Execute Execute Execute Total k€ k€ k€ k€ k€ k€ k€ 1 January 2020 75,098 9,194 128,317 7,983 4,232 31,095 255,919 Business combination — — — — — — — Disposal — — — — — — — Reclass 7,983 — — (7,983) — — — Foreign currency translation (3,265) (40) (2,258) — (358) (2,628) (8,549) 31 December 2020 79,816 9,154 126,059 0 3,874 28,467 247,370 |
Schedule of assumptions of cash-generating units | Cash-generating units and groups of cash-generating units 2021 OAI/Evotec OAI/Evotec Evotec International International (US) Aptuit Just Execute Innovate Execute Execute Execute Denominated in GBP/EUR GBP/EUR USD GBP/EUR USD Pre-tax discount rate 8.19 % 11.51 % 7.87 % 9.83 % 9.22 % Growth rate for terminal value 2.0 % 2.0 % 2.0 % 2.0 % 2.0 % Cash-generating units and groups of cash-generating units 2020 OAI/Evotec OAI/Evotec Evotec International International (US) Aptuit Just Execute Innovate Execute Execute Execute Denominated in GBP/EUR GBP/EUR USD GBP/EUR USD Pre-tax discount rate 9.16 % 11.37 % 9.78 % 11.27 % 9.60 % Growth rate for terminal value 1.5 % 1.5 % 1.5 % 1.5 % 1.5 % |
Schedule of changes in the material assumptions are shown which result in the estimated recoverable amount to be equal to the carrying amount | 2020 Recoverable Increase amount Applied of exceeding post-tax post-tax Applied Decrease Reduction net book discount discount terminal terminal in gross value rate rate value value margin k€ in %- in %- in %- in %- in %- points points points points points Aptuit Execute 5,704 9.07 0.16 1.50 0.28 0.35 |
Loan liabilities (Tables)
Loan liabilities (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Loan liabilities | |
Summary of loan liabilities | 31 Dec 31 Dec 2021 2021 2020 2020 Nominal interest Maturity Fair Carrying Fair Carrying Country of lender Currency rate until Value amount Value amount k€ k€ k€ k€ Germany EUR fixed interest rate of 0.7% to 2% 2022-2031 254,911 249,530 261,601 249,369 Germany EUR 1.60% 2024-2027 78,596 75,000 79,950 75,000 Germany EUR 1.20% 2021-2029 8,014 7,797 16,341 16,652 Germany EUR 1.40% 2031 21,332 20,367 — — Germany EUR 1.28% 2021 — — 5,000 5,000 Germany EUR 1.25% 2021 — — 178 178 Italy EUR 1.50% 2021 — — 212 212 France EUR 0.55% 2025 8,559 8,650 — — 371,412 361,344 363,282 346,411 |
Provisions (Tables)
Provisions (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Provisions. | |
Summary of provisions | The financial year ending 31 December 2020 was adjusted for the effects of the IFRIC agenda decision of April 2021 regarding the benefits to be taken into account depending on the length of service. The adjustment of the previous year’s values led to an overall decrease in non-current provisions for pensions of k€2,168. See Note 2 “Changes in accounting policies”. The current provisions consist of the following: 31 Dec 31 Dec 2021 2020 k€ k€ Other personnel expenses 33,983 34,728 Pensions 1,478 1,275 Other provisions 3,799 5,845 Total current provisions 39,260 41,848 The non-current provisions consist of the following: 31 Dec 31 Dec 2021 2020 k€ k€ Pensions 12,950 13,166 Other personnel expenses 2,029 2,277 Other provisions 3,042 5,288 Total non-current provisions 18,021 20,731 The following table summarises the development of total provisions recorded during 2021: Business Foreign 31 Dec 1. Jan. 21 combination Consumption Release exchange Additions 2021 k€ k€ k€ k€ k€ k€ k€ Other personnel expenses 37,005 — 33,018 3,644 636 35,033 36,012 Pensions 14,441 — 463 813 — 1,263 14,428 Other provisions 11,133 — 4,760 7,021 655 6,834 6,841 Total 62,579 — 38,241 11,478 1,291 43,130 57,281 The following table summarises the development of total provisions recorded during 2020: Business Foreign 31 Dec 1. Jan. 20 combination Consumption Release exchange Additions 2020 k€ k€ k€ k€ k€ k€ k€ Other personnel expenses 32,814 — 26,492 716 (593) 31,992 37,005 Pensions 12,131 — 354 — — 2,664 14,441 Other provisions 8,608 — 1,046 1,216 (439) 5,226 11,133 Total 53,553 — 27,892 1,932 (1,032) 39,882 62,579 |
Income taxes (Tables)
Income taxes (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Income taxes | |
Summary of income tax benefit and expense | 2021 2020 2019 k€ k€ k€ Current taxes: - Current tax expense (12,309) (12,804) (13,013) - Adjustment for prior years (4,095) 739 385 Total current taxes (16,404) (12,065) (12,628) Deferred taxes: - Tax loss carry forwards (5,140) (10,319) (10,570) - Temporary differences 74 2,822 3,835 Total deferred taxes (5,066) (7,497) (6,735) Total income tax expense) (21,470) (19,562) (19,363) |
Schedule of effective income tax rate | 2021 2020 2019 k€ k€ k€ Income before taxes 236,980 25,840 56,675 Expected German income tax rate 32.28 % 32.28 % 32.28 % Expected income tax benefit (expense) (76,497) (8,341) (18,295) Non-deductible expenses (511) (2,533) (1,731) Taxable income not recognised in income before tax — (7,796) — R&D tax credits 6,742 5,983 7,077 Tax free income 71,917 5,485 3,558 Permanent differences from GILTI (444) (1,401) (6,029) Tax effects from investments accounted for using the equity method (9,300) (2,884) (658) Deviation tax rates to expected tax rate 1,815 690 2,444 Change in tax rates 521 124 (19) Change in recognition of deferred tax assets (10,247) (9,317) (4,391) Non-periodic taxes Current Taxes (4,095) 739 385 Deferred Taxes (570) 203 — Other (801) (514) (1,704) Effective income tax income (expense) (21,470) (19,562) (19,363) Effective income tax rate 9.06 % 75.70 % 34.16 % |
Schedule of deferred income tax assets and liabilities | 01 Jan 2021 Recognised in 31 Dec 2021 Recognised the other Foreign Deferred Deferred in comprehensive currency tax tax Net balance profit or loss income translation Net assets liabilities k€ k€ k€ k€ k€ k€ k€ Property, plant and equipment (2,840) (1,969) — (46) (4,855) 1,528 (6,383) Intangible assets (25,314) 3,296 — (330) (22,348) 468 (22,816) Right of use assets (23,535) 1,556 — — (21,979) — (21,979) Financial assets (316) (3,669) — — (3,985) 401 (4,386) Provisions and deferred income 4,801 (768) 7 (75) 3,965 6,516 (2,551) Lease obligations 23,274 (3,347) — — 19,927 20,297 (370) Other (1,309) 6,245 — 13 4,949 5,254 (305) Tax credits 1,521 (1,270) 708 * 75 1,034 1,034 — Loss carryforward 27,711 (5,140) — 392 22,963 22,963 — Total 3,993 (5,066) 715 29 (329) 58,461 (58,790) Set off of tax — — — — — (41,102) 41,102 Net 3,993 (5,066) 715 29 (329) 17,359 (17,688) * Recorded in Equity without any impact on other comprehensive income 01 Jan 2020 Recognised in 31 Dec 2020 Recognised the other Foreign Deferred Deferred in comprehensive currency tax tax Net balance profit or loss income translation Net assets liabilities k€ k€ k€ k€ k€ k€ k€ Property, plant and equipment (2,947) 284 — (177) (2,840) 1,450 (4,290) Intangible assets (29,494) 4,964 — (784) (25,314) 564 (25,878) Right of use assets (31,729) 8,194 — — (23,535) — (23,535) Financial assets (1,012) 704 — (8) (316) 29 (345) Provisions and deferred income 4,699 (75) 149 28 4,801 7,541 (2,740) Lease obligations 31,180 (7,906) — — 23,274 23,557 (283) Other 1,841 (3,150) — — (1,309) 1,601 (2,909) Tax credits 2,493 (192) (881) * 102 1,521 1,521 — Loss carryforward 37,549 (10,319) — 481 27,711 27,711 — Total 12,580 (7,497) (732) (358) 3,993 63,974 (59,981) Set off of tax — — — — — (39,582) 39,582 Net 12,580 (7,497) (732) (358) 3,993 24,392 (20,399) * |
Summary of tax loss, interest carryforwards and tax credits | 2021 2020 2019 k€ k€ k€ Tax loss carryforwards (not expiring) 307,682 272,796 221,772 Time-limited tax losses - expiring until 2026 (2020: 2025)(2019: 2024) 21,409 19,259 22,444 - expiring from 2027 to 2031 (2020: 2026-2030) (2019: 2025-2029) 38,207 45,409 42,931 - expiring from 2032 (2020: 2031)(2019: 2030) 73,811 43,945 88,218 Interest carryforward — — — Tax credits 1,286 1,119 1,140 Total 442,395 382,528 376,505 |
Stock-based compensation (Table
Stock-based compensation (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Stock-based compensation | |
Summary of the status of the Share Performance Plans | A summary of the status of the Share Performance Plans as of 31 December 2021 and 2020 and the changes during the year then ended is presented as follows: 31 December 2021 2021 2020 2020 2019 2019 Share Weighted Share Weighted Share Weighted Performance average Performance average Performance average Awards exercise Awards exercise Awards exercise (SPAs) price (SPAs) price (SPAs) price € per share € per share € per share Outstanding at beginning of the year 1,570,113 1.00 2,149,562 1.00 2,869,248 1.00 SPAs granted 608,710 1.00 325,612 1.00 230,231 1.00 SPAs exercised (701,278) 1.00 (865,687) 1.00 (924,917) 1.00 SPAs forfeited (152,095) 1.00 (39,374) 1.00 (25,000) 1.00 Outstanding at end of the year 1,325,450 1.00 1,570,113 1.00 2,149,562 1.00 Thereof exercisable — 1.00 432,450 1.00 504,234 1.00 |
Summary of inputs into the Monte-Carlo-Simulation model | 22 October 28 May 01 February 2021 2021 2021 Risk-free interest rate in % (0.43) (0.57) (0.78) Volatility of Evotec share in % 35.0 40.0 42.0 Volatility of TecDAX index in % — — 29.0 Fluctuation in % 5.00 0.0 – 5.0 0.0 – 5.0 Exercise price in Euro 1.00 1.00 1.00 Share price at grant date in Euro 44.98 35.49 32.25 Market value of TecDAX index at grant date in Euro — — 3,375.67 Fair value according to IFRS 2 at grant date per SPA of the Management Board in Euro — 33.50 31.34 Fair value according to IFRS 2 at grant date per SPA of employees in Euro 43.96 34.47 36.65 29 October 15 January 15 January 15 January 2020 2020 2019 2018 Risk-free interest rate in % (0.85) (0.55) (0.46) (0.25) Volatility of Evotec share in % 40.0 37.0 54.0 51.0 Volatility of TecDAX index in % — 18.0 22.0 13.0 Fluctuation in % 5.00 0.0 - 5.0 0.0 - 5.0 0.0 - 5.0 Exercise price in Euro 1.00 1.00 1.00 1.00 Share price at grant date in Euro 22.92 23.39 18.83 14.35 Market value of TecDAX index at grant date in Euro — 3,099.05 2,478.06 2,663.91 Fair value according to IFRS 2 at grant date per SPA of the Management Board in Euro — 22.69 15.33 12.19 Fair value according to IFRS 2 at grant date per SPA of employees in Euro 21.89 25.28 20.84 15.94 |
Summary of the status of the stock option plans | 2020 2019 Weighted Weighted 2020 average 2019 average Options exercise price Options exercise price € per share € per share Outstanding at beginning of the year 32,594 2.79 82,594 2.45 Options exercised (32,594) 2.79 (50,000) 2.23 Options expired — — — — Options forfeited — — — — Outstanding at end of the year — — 32,594 2.79 Thereof exercisable 0 — 32,594 2.79 |
Stockholders' equity (Tables)
Stockholders' equity (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Stockholders' equity | |
Summary of share capital | 2021 2020 2019 Shares in Shares in Shares in thousands thousands thousands Issued as of 01 January 163,915 150,903 149,063 Capital increase (cash contribution) 11,497 11,478 — Exercise of share purchase rights 1,196 1,534 1,840 Issued as of 31 December 176,608 163,915 150,903 |
Revenues (Tables)
Revenues (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Revenues | |
Schedule of revenue recognized | The following schedule analyses the revenues Evotec recognised in the financial year 2021: in k€ EVT Execute EVT Innovate Evotec Group Revenues Service fees and FTE-based research payments 431,184 99,570 530,754 Recharges 34,104 1,887 35,991 Compound access fees 1,532 43 1,575 Milestone fees 4,232 45,237 49,469 Licences — 245 245 Total 471,052 146,982 618,034 Timing of revenue recognition At a certain time 38,336 47,124 85,460 Over a period of time 432,716 99,858 532,574 Total 471,052 146,982 618,034 Revenues by region USA 236,009 101,593 337,602 Germany 24,279 22,573 46,852 France 16,876 13,715 30,591 United Kingdom 98,735 5,905 104,640 Rest of the world 95,153 3,196 98,349 Total 471,052 146,982 618,034 The following schedule shows the revenue in the financial year 2020: in k€ EVT Execute EVT Innovate Evotec Group Revenues Service fees and FTE-based research payments 366,946 93,648 460,594 Recharges 20,728 1,107 21,835 Compound access fees 1,361 — 1,361 Milestone fees 5,059 12,033 17,092 Licences — 42 42 Total 394,094 106,830 500,924 Timing of revenue recognition At a certain time 25,787 13,140 38,927 Over a period of time 368,307 93,690 461,997 Total 394,094 106,830 500,924 Revenues by region USA 189,488 58,360 247,848 Germany 19,529 24,792 44,321 France 21,499 15,561 37,060 United Kingdom 89,258 4,729 93,987 Rest of the world 74,320 3,388 77,708 Total 394,094 106,830 500,924 The following schedule shows the revenue in the financial year 2019: in k€ EVT Execute EVT Innovate Evotec Group Revenues Service fees and FTE-based research payments 329,500 69,081 398,581 Recharges 13,761 742 14,503 Compound access fees 1,019 — 1,019 Milestone fees 5,234 25,202 30,436 Licences 1,852 46 1,898 Total 351,366 95,071 446,437 Timing of revenue recognition At a certain time 7,086 25,202 32,288 Over a period of time 344,280 69,869 414,149 Total 351,366 95,071 446,437 Revenues by region USA 156,768 38,274 195,042 Germany 18,312 9,672 27,984 France 45,439 17,395 62,834 United Kingdom 68,703 9,199 77,902 Rest of the world 62,144 20,531 82,675 Total 351,366 95,071 446,437 |
Schedule of transaction price allocated to the remaining performance obligation | 31 Dec 31 Dec 31 Dec 2021 2020 2019 k€ k€ k€ In the course of one year 225,061 377,216 320,787 After one year 67,619 69,328 98,469 |
Financial instruments (Tables)
Financial instruments (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of detailed information about financial instruments [line items] | |
Schedule of average currency rates | The following table shows the average currency rates as well as the currency rates at 31 December 2021 and 2020 each against the Euro: Average rate 2021 2020 31 December 01 January - 01 January - 31 December 31 December 2021 2020 € € € € USD 0.8455 0.8755 0.8829 0.8149 GBP 1.1633 1.1240 1.1901 1.1123 |
Currency risks | |
Disclosure of detailed information about financial instruments [line items] | |
Schedule of sensitivity analysis | Variance 2021 Variance 2020 Variance 2019 Profit and Profit and Profit and Equity loss Equity loss Equity loss k€ k€ k€ k€ k€ k€ USD (10% strengthening) 42,053 42,053 11,321 11,321 10,861 10,861 USD (10% weakening) (42,053) (42,053) (11,321) (11,321) (10,861) (10,861) GBP (10% strengthening) 6,643 6,643 5,702 5,702 2,803 2,803 GBP (10% weakening) (6,643) (6,643) (5,702) (5,702) (2,803) (2,803) EUR (10% strengthening) 48,699 48,699 17,032 17,032 332 332 EUR (10% weakening) (48,699) (48,699) (17,032) (17,032) (332) (332) |
Interest rate risks | |
Disclosure of detailed information about financial instruments [line items] | |
Schedule of sensitivity analysis | The fair values of the loans and current investments with variable market interest rates as of 31 December 2021 and 2020 would vary by the following amounts: 31 Dec 31 Dec 2021 2020 k€ k€ Variable interest rate +1% point 2,570 37 Variable interest rate (1)% point (827) (415) |
Risks (Tables)
Risks (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Risks | |
Schedule of contractual maturities of financial liabilities | 31 Dec 2021 Carrying Contractual Due in Due in More than amount cash flow 1 year 2 - 5 years 5 years k€ k€ k€ k€ k€ Non-derivative financial liabilities Loans (362,480) (382,867) (40,467) (253,391) (89,009) Lease obligations (150,437) (175,040) (17,343) (69,396) (88,301) Contingent consideration (1,103) (1,156) (1,156) — — Trade accounts payable (72,598) (72,598) (72,598) — — Other financial liabilities (4,017) (4,017) (4,017) — — Total non-derivative financial liabilities (590,635) (635,678) (135,581) (322,787) (177,310) Derivative financial liabilities Interest rate swaps/FX forwards (9,344) (9,344) (7,423) (1,660) (261) Total derivative financial liabilities (9,344) (9,344) (7,423) (1,660) (261) |
Schedule of total assets, equity, equity ratio and net cash | 31 Dec 31 Dec 2021 2020 1) k€ k€ Total assets 2,235,161 1,462,337 Equity attributable to the shareholders of Evotec SE 1,377,685 724,456 Equity ratio (in )% 61.6 % 49.5 % Net cash 186,409 (69,386) 1) Includes the impacts of the IFRIC agenda decision of April 2021 of benefits to periods of service, see note 2 “Changes in accounting policies”. |
Schedule of maximum exposure to credit risk for trade receivables | 31 Dec 31 Dec 2021 2020 k€ k€ United States 78,543 32,511 France 17,098 15,413 United Kingdom 12,391 9,683 Germany 6,283 5,072 Rest of Europe 10,363 14,006 Rest of the world 7,400 2,320 132,078 79,005 |
Schedule of reconciliation of cash flows from financing activities to the changes in financial liabilities | Lease Loan liabilities obligations Loan notes k€ k€ k€ As of 01 Jan 2021 346,411 145,554 3 Proceeds from issuance of loans 30,791 — — Repayment (16,018) (19,770) — Cashflow from financing activities 14,773 (19,770) — Disposal of finance lease obligation — (58) — Foreign currency translation — 6,691 — Changes in fair value 160 — — Interest increase 1,136 3,728 — Issue of finance lease obligation — 14,292 — As of 31 Dec 2021 362,480 150,437 3 Lease Loan liabilities obligations Loan notes k€ k€ k€ As of 01 Jan 2020 331,229 131,870 3 Proceeds from issuance of loans 21,539 — — Repayment (6,521) (20,174) — Cashflow from financing activities 15,018 (20,174) — Disposal of finance lease obligation — (32,983) — Foreign currency translation 2 (4,126) — Changes in fair value 162 — — Interest increase — 3,125 — Issue of finance lease obligation — 67,842 — As of 31 Dec 2020 346,411 145,554 3 |
Fair values (Tables)
Fair values (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Fair values | |
Summary of fair values of financial assets and liabilities other than classified at amortized cost | 31 Dec 2021 31 Dec 2020 Classification Carrying Fair Carrying Fair in k€ according to IFRS 9 amount value amount value Investments Fair value through other comprehensive income 158,908 158,908 59,350 59,350 Long-term investments Fair value through profit and loss 268,793 268,793 19,289 19,289 Derivative financial instruments Fair value through profit and loss (9,344) (9,344) 3,343 3,343 Contingent consideration Fair value through profit and loss (1,103) (1,103) (6,381) (6,381) 417,254 417,254 75,601 75,601 Unrecognised (gain)/loss — — |
Summary of financial assets and financial liabilities to the three levels of the fair value hierarchy | The following table allocates financial assets and financial liabilities to the three levels of the fair value hierarchy as defined in IFRS 13: 31 Dec 2021 in k€ Level 1 Level 2 Level 3 Total Assets at fair value through other comprehensive income 158,908 — — 158,908 Assets at fair value through profit and loss 244,866 — 23,927 268,793 Liabilities at fair value through other comprehensive income — — — — Liabilities at fair value through profit and loss — (9,344) (1,103) (10,447) 31 Dec 2020 in k€ Level 1 Level 2 Level 3 Total Assets at fair value through other comprehensive income 59,350 — — 59,350 Assets at fair value through profit and loss — 3,343 19,289 22,632 Liabilities at fair value through other comprehensive income — — — — Liabilities at fair value through profit and loss — — (6,381) (6,381) |
Summary of movement of financial assets and liabilities accounted for at fair values at level 3 | Other Contingent in k€ Note investments consideration Balance at 01 Jan 2021 19,289 (6,381) Exchange rate differences — (268) Addition (10);(17) 6,647 — Additions due to discontinuation of the use of equity method — — Consumption — 445 Reclassification to Liabilities — 3,571 Net income/expense effected (10) (2,009) 1,530 Balance at 31 Dec 2021 23,927 (1,103) Other Contingent in k€ Note investments consideration Balance at 01 Jan 2020 11,462 (4,265) Exchange rate differences — 324 Addition (10);(17) 6,327 (2,941) Consumption — — Net income/expense effected (10) 1,500 501 Balance at 31 Dec 2020 19,289 (6,381) |
Summary of sensitivity analysis of fair value measurement to changes in unobservable inputs | 2021 2020 Net result Net result in k€ Increase Decrease Increase Decrease Contingent consideration Discount rate (movement of 1.5 %-points) (11) 11 (121) 131 Commercialisation success rate (movement of 10 %-points) 109 (109) 768 (355) Long-term investments Discount rate (movement of 1.5 %-points) (4,118) 6,279 (3,282) 4,975 |
Pension plan (Tables)
Pension plan (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Pension plan | |
Summary of assumptions used for calculation of defined benefit pension plan obligation | 31 Dec 31 Dec 2021 2020 Actuarial interest rate 0.80 % 0.60 % Salary increase 1.90 % 1.80 % Employee turnover 0% - 1.10 % 0% - 2.85 % Retirement age 62 years 62 years |
Summary of sensitivity of the actuarial interest rate and the resulting change of the relating pension provision | 31 Dec 31 Dec in k€ 2021 2020 Actuarial interest rate +0.50 %-points (626) (814) Actuarial interest rate -0.50 %-points 676 890 |
Summary of pension provisions | 31 Dec 31 Dec in k€ 2021 2020 Pension provision at beginning of the year 14,441 12,131 Addition at acquisition date — 771 Benefit payments from the employer (468) (9) Included in other comprehensive income: Actuarial gains/losses from: Changes in financial assumptions (551) (499) Experience adjustments (116) 1,022 Impact of changes in demographic assumptions 3 56 Included in net income: Current service costs 1,021 888 Interest cost 98 80 Pension provision at year-end 14,428 14,441 |
Commitments and contingencies (
Commitments and contingencies (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Commitments and contingencies | |
Summary of future minimum lease payments under non-cancellable lease agreements | 31 Dec 31 Dec 2021 2020 k€ k€ Less than one year 801 71 Between one and five years 10,595 3,419 More than five years 46,474 9,332 Total 57,870 12,822 |
Related party transactions (Tab
Related party transactions (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Related party transactions | |
Summary of Related party transactions | Revenues from Cost of Contracts/ revenue/ Trade accounts Other financial Interest income Interest expense receivables assets Other liabilities 1. Jan-31. Dec 2021 1. Jan-31. Dec 2021 31. Dec 2021 31. Dec 2021 31. Dec 2021 Transactions with k EUR k EUR k EUR k EUR k EUR associated companies and joint ventures 28,868 146 2,643 153 — Revenues from Cost of Contracts/ revenue/ Trade Interest income Interest expense accounts Other financial 1. Jan- 1. Jan- receivables assets Other liabilities 31. Dec 2020 31. Dec 2020 31. Dec 2020 31. Dec 2020 31. Dec 2020 Transactions with k EUR k EUR k EUR k EUR k EUR associated companies and joint ventures 35,450 497 2,984 6,435 5,635 other related party companies 32,961 — 6,492 — — Revenues from Cost of Contracts/ revenue/ Trade Interest income Interest expense accounts Other financial 1. Jan- 1. Jan- receivables assets Other liabilities 31. Dec 2019 31. Dec 2019 31. Dec 2019 31. Dec 2019 31. Dec 2019 Transactions with k EUR k EUR k EUR k EUR k EUR associated companies and joint ventures 21,136 — 2,015 184 1,780 other related party companies 20,699 — 11,145 — — |
Other disclosures (Tables)
Other disclosures (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Remuneration | |
Schedule of direct and indirect voting rights in subsidiaries and other investments | 2021 2020 Company's Company's voting voting rights rights % % Subsidiaries Aptuit Global LLC, Princeton, USA 100.00 100.00 Aptuit (Verona) SRL, Verona, Italy 100.00 100.00 Aptuit (Oxford) Ltd., Abingdon, UK 100.00 100.00 Aptuit (Switzerland) AG, Basel, Switzerland* 100.00 100.00 Aptuit (Potters Bar) Ltd., Abingdon, UK 100.00 100.00 Cyprotex Discovery Ltd., Manchester, UK 100.00 100.00 Cyprotex Ltd., Manchester, UK 100.00 100.00 Cyprotex US, LLC., Watertown, USA 100.00 100.00 Evotec (France) SAS, Toulouse, France 100.00 100.00 Evotec ID (Lyon) SAS, Marcy l’Étoile, France 100.00 100.00 Evotec (Hamburg) GmbH, Hamburg, Germany 100.00 100.00 Evotec GT GmbH, Orth an der Donau, Austria 100.00 100.00 Evotec (India) Private Limited, Thane, India* 100.00 100.00 Evotec International GmbH, Hamburg, Germany 100.00 100.00 Evotec (München) GmbH, Martinsried, Germany 100.00 100.00 Evotec (UK) Ltd., Abingdon, UK 100.00 100.00 Evotec (US), Inc., Princeton, USA 100.00 100.00 J.POD-Evotec Biologics Inc., Seattle, USA 100.00 100.00 Just - Evotec Biologics, Inc., Seattle, USA 100.00 100.00 Just-Evotec Biologics EU SAS, Toulouse, France 100.00 — 2021 2020 Company’s Company’s voting voting rights rights % % Associates and joint ventures Ananke Therapeutics Inc., Boston, USA 22.70 — Autobahn Labs, Palo Alto, USA 25.58 39.29 Breakpoint Therapeutics GmbH, Hamburg, Germany 34.61 47.70 Celmatix Inc., New York, USA 23.75 25.05 Curexsys GmbH, Göttingen, Germany 39.82 39.82 Dark Blue Therapeutics LTD, Oxford, UK 17.11 18.67 Eternygen GmbH, Berlin, Germany 24.97 24.97 Exscientia plc (before: Exscientia Ltd.), Oxford, UK — 20.32 FSHD Unlimited Coop, Leiden, Netherlands 21.46 21.09 NephThera GmbH, Hamburg, Germany 50.00 50.00 Pancella Inc, Toronto, Canada 12.69 13.06 Quantro Therapeutics GmbH, Wien, Austria 34.52 24.99 Topas Therapeutics GmbH, Hamburg, Germany 22.14 21.13 Other Investments Aeovian Pharmaceuticals Inc., San Francisco, USA 4.80 5.83 ArgoBio SAS, Paris, France 10.03 — Blacksmith Medicines Inc., San Diego, USA 15.10 15.01 Cajal Neuroscience Inc., Seattle, USA 2.27 1.82 Carrick Therapeutics Ltd., Dublin, Ireland 4.56 4.45 Exscientia plc (before: Exscientia Ltd.), Oxford, UK 11.70 — Fibrocor LLP, Toronto, Canada 16.26 16.00 Fibrocor Therapeutics Inc., Toronto, Canada 8.73 8.88 Forge Therapeutics, Inc., San Diego, USA 15.04 14.90 Immunitas, Therapeutics, Inc., Waltham, USA 5.86 7.29 Leon Nanodrugs GmbH, München, Germany 12.43 7.82 Mission BioCapital V LP, Cambridge, USA 3.64 7.22 OxVax Limited, Oxford, UK 4.42 — * in voluntary liquidation |
Management Board | |
Remuneration | |
Schedule of remuneration granted to the members of the Management Board and remuneration accrued for the members of the Supervisory Board | 2021 2021 2021 2021 2021 Fixed Variable Share Performance Fair value of remuneration remuneration and Restricted SPAs and Total (short-term) (short-term) Share Awards RSAs granted remuneration k€ k€ in pcs k€ k€ Dr. Werner Lanthaler 711 590 100,769 3,313 4,614 Dr. Cord Dohrmann 451 275 40,956 1,348 2,074 Dr. Craig Johnstone 382 234 9,439 296 912 Enno Spillner 384 220 8,884 278 882 Total 1,928 1.319 160,048 5,235 8,482 2020 2020 2020 2020 2020 Fixed Variable Share remuneration remuneration Performance Fair values of Total (Short-term) (Short-term) Awards SPAs granted remuneration k€ k€ in pcs k€ k€ Dr. Werner Lanthaler 585 476 38,400 871 1,932 Dr. Cord Dohrmann 415 377 14,647 332 1,124 Dr. Craig Johnstone 382 236 12,450 282 900 Enno Spillner 386 222 11,717 266 874 Total 1,768 1,311 77,214 1,751 4,830 |
Supervisory Board | |
Remuneration | |
Schedule of remuneration granted to the members of the Management Board and remuneration accrued for the members of the Supervisory Board | 2021 2020 Remuneration Remuneration k€ k€ Prof. Dr. Iris Löw-Friedrich 113.6 70.0 Roland Sackers 90.5 85.0 Dr. Mario Polywka 55.5 50.0 Dr. Elaine Sullivan 60.0 60.0 Kasim Kutay 60.0 32.5 Dr. Constanze Ulmer-Eilfort 32.7 0.0 Prof. Dr. Wolfgang Plischke 68.2 150.0 Michael Shalmi — 27.5 Total 480.5 475.0 |
Summary of significant accoun_4
Summary of significant accounting policies (Details) | 12 Months Ended |
Dec. 31, 2021 | |
Buildings and leasehold improvements | Minimum | |
Disclosure of detailed information about property, plant and equipment | |
Estimated useful lives (in years) | 3 years |
Buildings and leasehold improvements | Maximum | |
Disclosure of detailed information about property, plant and equipment | |
Estimated useful lives (in years) | 30 years |
Plant, machinery and equipment | Minimum | |
Disclosure of detailed information about property, plant and equipment | |
Estimated useful lives (in years) | 4 years |
Plant, machinery and equipment | Maximum | |
Disclosure of detailed information about property, plant and equipment | |
Estimated useful lives (in years) | 15 years |
Furniture and fixtures | Minimum | |
Disclosure of detailed information about property, plant and equipment | |
Estimated useful lives (in years) | 3 years |
Furniture and fixtures | Maximum | |
Disclosure of detailed information about property, plant and equipment | |
Estimated useful lives (in years) | 15 years |
Computer equipment | Minimum | |
Disclosure of detailed information about property, plant and equipment | |
Estimated useful lives (in years) | 3 years |
Computer equipment | Maximum | |
Disclosure of detailed information about property, plant and equipment | |
Estimated useful lives (in years) | 10 years |
Summary of significant accoun_5
Summary of significant accounting policies - Leases (Details) - Right-of use assets | 12 Months Ended |
Dec. 31, 2021 | |
Buildings | Minimum | |
Disclosure of detailed information about property, plant and equipment | |
Estimated useful lives (in years) | 1 year |
Buildings | Maximum | |
Disclosure of detailed information about property, plant and equipment | |
Estimated useful lives (in years) | 20 years |
Plant and machinery | Minimum | |
Disclosure of detailed information about property, plant and equipment | |
Estimated useful lives (in years) | 2 years |
Plant and machinery | Maximum | |
Disclosure of detailed information about property, plant and equipment | |
Estimated useful lives (in years) | 7 years |
Motor vehicles | Minimum | |
Disclosure of detailed information about property, plant and equipment | |
Estimated useful lives (in years) | 3 years |
Motor vehicles | Maximum | |
Disclosure of detailed information about property, plant and equipment | |
Estimated useful lives (in years) | 4 years |
Summary of significant accoun_6
Summary of significant accounting policies - Intangible assets, excluding goodwill (Details) | 12 Months Ended |
Dec. 31, 2021 | |
Trademarks | Minimum | |
Disclosure of detailed information about intangible assets | |
Useful lives of intangible assets, excluding goodwill (in years) | 2 years |
Trademarks | Maximum | |
Disclosure of detailed information about intangible assets | |
Useful lives of intangible assets, excluding goodwill (in years) | 10 years |
Developed technology | Minimum | |
Disclosure of detailed information about intangible assets | |
Useful lives of intangible assets, excluding goodwill (in years) | 6 years |
Developed technology | Maximum | |
Disclosure of detailed information about intangible assets | |
Useful lives of intangible assets, excluding goodwill (in years) | 18 years |
Customer related intangibles | Minimum | |
Disclosure of detailed information about intangible assets | |
Useful lives of intangible assets, excluding goodwill (in years) | 5 years |
Customer related intangibles | Maximum | |
Disclosure of detailed information about intangible assets | |
Useful lives of intangible assets, excluding goodwill (in years) | 8 years |
Patents and licences | |
Disclosure of detailed information about intangible assets | |
Useful lives of intangible assets, excluding goodwill (in years) | 15 years |
Summary of significant accoun_7
Summary of significant accounting policies - Revenue, Government grants, Research and development, Other operating income and Income taxes (Details) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Statement | |||
Tax rate | 32.28% | 32.28% | 32.28% |
Minimum | Domestic | |||
Statement | |||
Tax rate | 27.00% | 27.00% | 27.00% |
Minimum | Foreign | |||
Statement | |||
Tax rate | 19.00% | 19.00% | 19.00% |
Maximum | Domestic | |||
Statement | |||
Tax rate | 32.00% | 32.00% | 32.00% |
Maximum | Foreign | |||
Statement | |||
Tax rate | 28.00% | 31.00% | 34.00% |
Summary of significant accoun_8
Summary of significant accounting policies - Net income per share (Details) - shares | 12 Months Ended | |||||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |||
Summary of significant accounting policies | ||||||
Number of shares issued | 176,608,195 | 163,914,741 | 150,903,000 | 149,063,000 | ||
Treasury shares | (249,915) | (249,915) | (249,915) | (250,000) | ||
Effect of weighted average share capital increase | 1,953,000 | 2,508,000 | ||||
Effect of weighted average share options exercised | 788,000 | 591,000 | 913,000 | |||
Weighted average number of ordinary shares 31 December | 166,405,926 | 153,752,241 | [1] | 149,725,607 | [1] | |
Number of potentially dilutive shares to be issued from stock options and Share Performance Awards | 722,286 | 1,172,673 | 1,799,458 | |||
[1] | Includes the impacts of the IFRIC final agenda decisions of April 2021 of benefits to periods of service, as described in Note 2 “First time adoption of new accounting standards in the financial year 2021” |
Summary of significant accoun_9
Summary of significant accounting policies - Changes in accounting policies - Impacts in balance sheets restated (Details) - EUR (€) € in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of initial application of standards or interpretations [line items] | |||||
Deferred tax asset | € 17,359 | € 24,392 | [1] | ||
Total non-current assets | 1,134,221 | 803,493 | [1] | ||
Total assets | 2,235,161 | 1,462,337 | [1] | ||
Provisions | 18,021 | 20,731 | [1] | ||
Total non-current liabilities | 532,960 | 529,422 | [1] | ||
Accumulated deficit | (216,421) | (432,639) | [1] | ||
Total stockholders' equity | 1,377,685 | 724,456 | [1] | € 478,613 | € 426,380 |
Total liabilities and stockholders' equity | € 2,235,161 | 1,462,337 | [1] | ||
Formerly reported | |||||
Disclosure of initial application of standards or interpretations [line items] | |||||
Deferred tax asset | 24,950 | ||||
Total non-current assets | 804,051 | ||||
Total assets | 1,462,895 | ||||
Provisions | 22,899 | ||||
Total non-current liabilities | 531,590 | ||||
Accumulated deficit | (434,249) | ||||
Total stockholders' equity | 722,846 | 424,880 | |||
Total liabilities and stockholders' equity | 1,462,895 | ||||
Adjustments | |||||
Disclosure of initial application of standards or interpretations [line items] | |||||
Deferred tax asset | (558) | ||||
Total non-current assets | (558) | ||||
Total assets | (558) | ||||
Provisions | (2,168) | ||||
Total non-current liabilities | (2,168) | ||||
Accumulated deficit | 1,610 | ||||
Total stockholders' equity | 1,610 | € 1,500 | |||
Total liabilities and stockholders' equity | € (558) | ||||
[1] | Includes the impacts of the IFRIC final agenda decisions of April 2021 of benefits to periods of service, as described in Note 2 “First time adoption of new accounting standards in the financial year 2021” |
Summary of significant accou_10
Summary of significant accounting policies - Changes in accounting policies - Impacts in income statement restated (Details) - EUR (€) € / shares in Units, € in Thousands | 12 Months Ended | ||||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |||
Disclosure of initial application of standards or interpretations [line items] | |||||
Selling, general and administrative expenses | € (105,445) | € (77,205) | [1] | € (66,433) | [1] |
Total operating income and (expenses) | (110,547) | (77,187) | [1] | (70,184) | [1] |
Operating income | 40,996 | 48,556 | [1] | 62,707 | [1] |
Income before taxes | 236,980 | 25,840 | [1] | 56,675 | [1] |
Deferred tax income (expense) | (5,066) | (7,497) | [1] | (6,735) | [1] |
Total taxes | (21,470) | (19,562) | [1] | (19,363) | [1] |
Net income | € 215,510 | € 6,278 | [1] | € 37,312 | [1] |
Net income per share (basic) | € 1.30 | € 0.04 | [1] | € 0.25 | [1] |
Net income per share (diluted) | € 1.30 | € 0.04 | [1] | € 0.25 | [1] |
Formerly reported | |||||
Disclosure of initial application of standards or interpretations [line items] | |||||
Selling, general and administrative expenses | € (77,238) | € (66,546) | |||
Total operating income and (expenses) | (77,220) | (70,297) | |||
Operating income | 48,523 | 62,594 | |||
Income before taxes | 25,807 | 56,562 | |||
Deferred tax income (expense) | (7,490) | (6,706) | |||
Total taxes | (19,555) | (19,334) | |||
Net income | € 6,252 | € 37,228 | |||
Net income per share (basic) | € 0.04 | € 0.25 | |||
Net income per share (diluted) | € 0.04 | € 0.25 | |||
Adjustments | |||||
Disclosure of initial application of standards or interpretations [line items] | |||||
Selling, general and administrative expenses | € 33 | € 113 | |||
Total operating income and (expenses) | 33 | 113 | |||
Operating income | 33 | 113 | |||
Income before taxes | 33 | 113 | |||
Deferred tax income (expense) | (7) | (29) | |||
Total taxes | (7) | (29) | |||
Net income | € 26 | € 84 | |||
[1] | Includes the impacts of the IFRIC final agenda decisions of April 2021 of benefits to periods of service, as described in Note 2 “First time adoption of new accounting standards in the financial year 2021” |
Segment information (Details)
Segment information (Details) - EUR (€) € in Thousands | 12 Months Ended | ||||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |||
Segments | |||||
Revenues | € 618,034 | € 500,924 | [1] | € 446,437 | [1] |
Operating income (loss) | 40,996 | 48,556 | [1] | 62,707 | [1] |
Recharges | |||||
Segments | |||||
Revenues | 35,991 | 21,835 | 14,503 | ||
Contributions | |||||
Segments | |||||
Revenues | 8,565 | 4,648 | 4,545 | ||
EVT Execute | |||||
Segments | |||||
Revenues | 471,052 | 394,094 | 351,366 | ||
EVT Execute | Recharges | |||||
Segments | |||||
Revenues | 34,104 | 20,728 | 13,761 | ||
EVT Innovate | |||||
Segments | |||||
Revenues | 146,982 | 106,830 | 95,071 | ||
EVT Innovate | Recharges | |||||
Segments | |||||
Revenues | 1,887 | 1,107 | 742 | ||
Operating segments | EVT Execute | |||||
Segments | |||||
Revenues | 610,168 | 509,870 | 434,064 | ||
Operating income (loss) | 63,109 | 77,362 | 76,920 | ||
Operating segments | EVT Execute | Contributions | |||||
Segments | |||||
Revenues | 8,565 | 4,648 | 4,545 | ||
Operating segments | EVT Innovate | |||||
Segments | |||||
Revenues | 146,982 | 106,830 | 95,071 | ||
Operating income (loss) | (22,113) | (28,806) | (14,213) | ||
Intersegment eliminations | |||||
Segments | |||||
Revenues | € (139,116) | € (115,776) | € (82,698) | ||
[1] | Includes the impacts of the IFRIC final agenda decisions of April 2021 of benefits to periods of service, as described in Note 2 “First time adoption of new accounting standards in the financial year 2021” |
Segment information - Non curre
Segment information - Non current assets (Details) - EUR (€) € in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Geographical areas | ||
Non-current Assets | € 848,069 | € 753,541 |
USA | ||
Geographical areas | ||
Non-current Assets | 209,508 | 144,820 |
United Kingdom | ||
Geographical areas | ||
Non-current Assets | 196,543 | 202,980 |
Italy | ||
Geographical areas | ||
Non-current Assets | 188,858 | 189,351 |
France | ||
Geographical areas | ||
Non-current Assets | 129,178 | 93,812 |
Germany | ||
Geographical areas | ||
Non-current Assets | 105,283 | 101,926 |
Switzerland | ||
Geographical areas | ||
Non-current Assets | 14,089 | 13,879 |
Austria | ||
Geographical areas | ||
Non-current Assets | 2,697 | 2,853 |
Canada | ||
Geographical areas | ||
Non-current Assets | € 1,913 | 1,935 |
Netherlands | ||
Geographical areas | ||
Non-current Assets | € 1,986 |
Cash and cash equivalents and_2
Cash and cash equivalents and investments (Details) - EUR (€) € in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Cash and cash equivalents and investments | Accumulated impairment | ||
Financial instruments | ||
Financial assets | € (239) | € (139) |
Corporate bonds | ||
Financial instruments | ||
Unrealized gains of assets recognized in other comprehensive income | 1,448 | 51 |
Cash balances with credit institutions | ||
Financial instruments | ||
Restricted cash balances | € 7,736 | € 8,270 |
Trade accounts receivables (Det
Trade accounts receivables (Details) - EUR (€) € in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | |
Trade receivables | |||
Trade accounts receivables | € 132,078 | € 79,005 | [1] |
Milestones and significant invoiced prepayments | € 40,400 | € 2,300 | |
Minimum | |||
Trade receivables | |||
Expected credit loss rate | 0.024% | 0.004% | |
Maximum | |||
Trade receivables | |||
Expected credit loss rate | 21.80% | 5.114% | |
Gross/Acquisition and manufacturing costs | Not past due | |||
Trade receivables | |||
Trade accounts receivables | € 95,556 | € 54,855 | |
Gross/Acquisition and manufacturing costs | 0-30 days | |||
Trade receivables | |||
Trade accounts receivables | 31,222 | 13,284 | |
Gross/Acquisition and manufacturing costs | 31-120 days | |||
Trade receivables | |||
Trade accounts receivables | 5,164 | 5,489 | |
Gross/Acquisition and manufacturing costs | More than 120 days | |||
Trade receivables | |||
Trade accounts receivables | 2,236 | 6,159 | |
Accumulated impairment | |||
Trade receivables | |||
Trade accounts receivables | (2,100) | (782) | |
Accumulated impairment | Specific default risk | |||
Trade receivables | |||
Trade accounts receivables | (1,584) | ||
Accumulated impairment | Expected credit risk in accordance with IFRS 9 | |||
Trade receivables | |||
Trade accounts receivables | (516) | (332) | |
Accumulated impairment | Not past due | |||
Trade receivables | |||
Trade accounts receivables | (2) | ||
Accumulated impairment | 0-30 days | |||
Trade receivables | |||
Trade accounts receivables | (30) | (9) | |
Accumulated impairment | 31-120 days | |||
Trade receivables | |||
Trade accounts receivables | (89) | (60) | |
Accumulated impairment | More than 120 days | |||
Trade receivables | |||
Trade accounts receivables | € (1,981) | € (711) | |
[1] | Includes the impacts of the IFRIC final agenda decisions of April 2021 of benefits to periods of service, as described in Note 2 “First time adoption of new accounting standards in the financial year 2021” |
Inventories (Details)
Inventories (Details) - EUR (€) € in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | |
Inventories | |||
Raw materials | € 25,043 | € 13,306 | |
Work-in-progress | 750 | 279 | |
Total inventories | 25,793 | 13,585 | [1] |
Accumulated impairment | |||
Inventories | |||
Total inventories | € (595) | € (428) | |
[1] | Includes the impacts of the IFRIC final agenda decisions of April 2021 of benefits to periods of service, as described in Note 2 “First time adoption of new accounting standards in the financial year 2021” |
Prepaid expenses and other cu_3
Prepaid expenses and other current assets (Details) - EUR (€) € in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | |
Prepaid expenses and other current assets | |||
Prepaid expenses | € 19,210 | € 9,258 | |
Other | 20,685 | 21,146 | |
Total prepaid expenses and other current assets | 39,895 | 30,404 | [1] |
Vat related receivables | € 14,943 | € 14,657 | |
[1] | Includes the impacts of the IFRIC final agenda decisions of April 2021 of benefits to periods of service, as described in Note 2 “First time adoption of new accounting standards in the financial year 2021” |
Long-term Investments account_3
Long-term Investments accounted for using the equity method (Details) - EUR (€) € in Thousands | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | |||
Investments | ||||
Balance at beginning | € 39,710 | [1] | € 29,767 | |
Additions | 10,911 | 20,378 | ||
Pro rata net result | (16,570) | (17,274) | ||
Loss against other current assets | 977 | |||
Impairment | (2,497) | |||
Discontinued use of equity method | (19,463) | |||
Adjustments | 6,839 | |||
Net book value at end | 13,068 | 39,710 | [1] | |
NephThera GmbH | ||||
Investments | ||||
Balance at beginning | 486 | |||
Additions | 14 | |||
Pro rata net result | (486) | (3,378) | ||
Adjustments | 3,850 | |||
Net book value at end | 486 | |||
Exscientia Ltd. | ||||
Investments | ||||
Balance at beginning | 21,040 | 16,236 | ||
Additions | 9,194 | |||
Pro rata net result | (1,577) | (4,390) | ||
Discontinued use of equity method | (19,463) | |||
Net book value at end | 21,040 | |||
Breakpoint Therapeutics GmbH | ||||
Investments | ||||
Balance at beginning | 1,918 | 5,900 | ||
Additions | 3,667 | |||
Pro rata net result | (2,811) | (3,982) | ||
Net book value at end | 2,774 | 1,918 | ||
Insignificant investments | ||||
Investments | ||||
Balance at beginning | 16,266 | 7,631 | ||
Additions | 7,244 | 11,170 | ||
Pro rata net result | (11,696) | (5,524) | ||
Loss against other current assets | 977 | |||
Impairment | (2,497) | |||
Adjustments | 2,989 | |||
Net book value at end | € 10,294 | € 16,266 | ||
[1] | Includes the impacts of the IFRIC final agenda decisions of April 2021 of benefits to periods of service, as described in Note 2 “First time adoption of new accounting standards in the financial year 2021” |
Long-term Investments account_4
Long-term Investments accounted for using the equity method - Financial Information (Details) - EUR (€) € in Thousands | 12 Months Ended | ||||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | [1] | ||
Investments | |||||
Current assets | € 1,100,940 | € 658,844 | [1] | ||
Non-current assets | 1,134,221 | 803,493 | [1] | ||
Current liabilities | 324,516 | 208,459 | [1] | ||
Non-current liabilities | 532,960 | 529,422 | [1] | ||
Revenues from 01 Jan to 31 Dec | 618,034 | 500,924 | [1] | € 446,437 | |
Net result from 01 Jan to 31 Dec | 215,510 | 6,278 | [1] | € 37,312 | |
Exscientia Ltd. | |||||
Investments | |||||
Current assets | 75,882 | ||||
Non-current assets | 11,306 | ||||
Current liabilities | 20,854 | ||||
Revenues from 01 Jan to 31 Dec | 10,786 | ||||
Net result from 01 Jan to 31 Dec | (21,935) | ||||
Prior year adjustment to net result | 2,165 | ||||
Breakpoint Therapeutics GmbH | |||||
Investments | |||||
Current assets | 18,501 | 4,229 | |||
Non-current assets | 2 | 4 | |||
Current liabilities | 719 | 664 | |||
Net result from 01 Jan to 31 Dec | (8,283) | (8,231) | |||
NephThera GmbH | |||||
Investments | |||||
Current assets | 8,013 | 3,683 | |||
Non-current assets | 10 | ||||
Current liabilities | 525 | 413 | |||
Net result from 01 Jan to 31 Dec | € (5,769) | € (6,755) | |||
[1] | Includes the impacts of the IFRIC final agenda decisions of April 2021 of benefits to periods of service, as described in Note 2 “First time adoption of new accounting standards in the financial year 2021” |
Long-term Investments account_5
Long-term Investments accounted for using the equity method - Additional Information (Details) - EUR (€) € in Thousands | Dec. 31, 2021 | Jun. 30, 2021 | Dec. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 |
Investments | |||||
Equity book value limit | € 10,000 | € 10,000 | |||
Evotec's share of earnings limit | 3,000 | ||||
Impairment loss | 2,497 | ||||
Additions | 10,911 | € 20,378 | |||
Additions through subsequent acquisition costs | 398 | ||||
Adjustments | 6,839 | ||||
Two insignificant investments | |||||
Investments | |||||
Impairment loss | 2,497 | ||||
Loans issued | € 0 | 0 | |||
Fair value adjustment | 9,367 | ||||
Exscientia Ltd. | |||||
Investments | |||||
Proportion of ownership interest held (in percent) | 11.70% | 14.84% | 20.32% | ||
Additions | 9,194 | ||||
Topas Therapeutics GmbH, Hamburg, Germany | |||||
Investments | |||||
Additions | 2,856 | ||||
FSHD Unlimited Coop, Leiden, Netherlands | |||||
Investments | |||||
Additions | 1,257 | ||||
Breakpoint Therapeutics GmbH | |||||
Investments | |||||
Additions | 3,667 | ||||
Ananke Therapeutics Inc, Boston, USA | |||||
Investments | |||||
Additions | 1,483 | ||||
Quantro Therapeutics GmbH, Wien, Austria | |||||
Investments | |||||
Additions | € 1,250 | ||||
Curexsys GmbH | |||||
Investments | |||||
Adjustments | 2,989 | ||||
NephThera GmbH | |||||
Investments | |||||
Additions | 14 | ||||
Adjustments | € 3,850 |
Other long-term investments (De
Other long-term investments (Details) - EUR (€) € in Thousands | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | |||
Disclosure Of Investments Accounted For Other Than Equity Method Investments [Line Items] | ||||
Balance at 01 January | € 19,289 | [1] | € 11,462 | |
Additions | 6,647 | 6,327 | ||
Additions due to discontinue use of equity method | 19,463 | |||
Adjustments at fair value, affecting net income | 223,394 | 1,500 | ||
Net book value 31 December | 268,793 | € 19,289 | [1] | |
Exscientia Ltd. | ||||
Disclosure Of Investments Accounted For Other Than Equity Method Investments [Line Items] | ||||
Adjustments at fair value, affecting net income | € 223,394 | |||
[1] | Includes the impacts of the IFRIC final agenda decisions of April 2021 of benefits to periods of service, as described in Note 2 “First time adoption of new accounting standards in the financial year 2021” |
Property, plant and equipment_2
Property, plant and equipment (Details) - EUR (€) € in Thousands | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | |||
Disclosure of detailed information about property, plant and equipment | ||||
Amount beginning of the year | € 337,297 | [1] | € 239,229 | |
Amount end of the year | 484,597 | 337,297 | [1] | |
Gross/Acquisition and manufacturing costs | ||||
Disclosure of detailed information about property, plant and equipment | ||||
Amount beginning of the year | 481,879 | 350,415 | ||
Foreign currency translation | 17,755 | (7,439) | ||
Additions | 190,816 | 185,519 | ||
Disposals | 4,364 | 46,616 | ||
Amount end of the year | 686,086 | 481,879 | ||
Depreciation, amortisation and write-downs | ||||
Disclosure of detailed information about property, plant and equipment | ||||
Amount beginning of the year | (144,582) | (111,186) | ||
Foreign currency translation | (5,167) | (1,153) | ||
Additions | (55,596) | (42,122) | ||
Disposals | (3,856) | (9,879) | ||
Amount end of the year | (201,489) | (144,582) | ||
Buildings and leasehold improvements | ||||
Disclosure of detailed information about property, plant and equipment | ||||
Amount beginning of the year | 174,583 | 143,733 | ||
Amount end of the year | 315,088 | 174,583 | ||
Buildings and leasehold improvements | Gross/Acquisition and manufacturing costs | ||||
Disclosure of detailed information about property, plant and equipment | ||||
Amount beginning of the year | 215,055 | 172,259 | ||
Foreign currency translation | 9,099 | (4,617) | ||
Additions | 83,535 | 87,540 | ||
Disposals | 3,022 | 40,564 | ||
Reclass | 73,800 | 437 | ||
Amount end of the year | 378,467 | 215,055 | ||
Buildings and leasehold improvements | Depreciation, amortisation and write-downs | ||||
Disclosure of detailed information about property, plant and equipment | ||||
Amount beginning of the year | (40,472) | (28,526) | ||
Foreign currency translation | (1,919) | (755) | ||
Additions | (23,463) | (17,412) | ||
Disposals | (2,552) | (6,465) | ||
Reclass | (77) | (244) | ||
Amount end of the year | (63,379) | (40,472) | ||
Plant, machinery and equipment | ||||
Disclosure of detailed information about property, plant and equipment | ||||
Amount beginning of the year | 81,176 | 74,068 | ||
Amount end of the year | 113,710 | 81,176 | ||
Plant, machinery and equipment | Gross/Acquisition and manufacturing costs | ||||
Disclosure of detailed information about property, plant and equipment | ||||
Amount beginning of the year | 168,224 | 143,208 | ||
Foreign currency translation | 4,576 | (3,403) | ||
Additions | 36,082 | 28,622 | ||
Disposals | 443 | 3,405 | ||
Reclass | 19,172 | 3,202 | ||
Amount end of the year | 227,611 | 168,224 | ||
Plant, machinery and equipment | Depreciation, amortisation and write-downs | ||||
Disclosure of detailed information about property, plant and equipment | ||||
Amount beginning of the year | (87,048) | (69,140) | ||
Foreign currency translation | (2,628) | (744) | ||
Additions | (24,826) | (19,649) | ||
Disposals | (424) | (2,241) | ||
Reclass | 177 | 244 | ||
Amount end of the year | (113,901) | (87,048) | ||
Furniture and fixtures | ||||
Disclosure of detailed information about property, plant and equipment | ||||
Amount beginning of the year | 10,383 | 8,851 | ||
Amount end of the year | 15,449 | 10,383 | ||
Furniture and fixtures | Gross/Acquisition and manufacturing costs | ||||
Disclosure of detailed information about property, plant and equipment | ||||
Amount beginning of the year | 27,445 | 22,371 | ||
Foreign currency translation | 718 | (496) | ||
Additions | 7,546 | 6,323 | ||
Disposals | 860 | 1,178 | ||
Reclass | 4,809 | 425 | ||
Amount end of the year | 39,658 | 27,445 | ||
Furniture and fixtures | Depreciation, amortisation and write-downs | ||||
Disclosure of detailed information about property, plant and equipment | ||||
Amount beginning of the year | (17,062) | (13,520) | ||
Foreign currency translation | (620) | 346 | ||
Additions | (7,307) | (5,061) | ||
Disposals | (880) | (1,173) | ||
Reclass | (100) | |||
Amount end of the year | (24,209) | (17,062) | ||
Assets under construction | ||||
Disclosure of detailed information about property, plant and equipment | ||||
Amount beginning of the year | 71,155 | 12,577 | ||
Amount end of the year | 40,350 | 71,155 | ||
Assets under construction | Gross/Acquisition and manufacturing costs | ||||
Disclosure of detailed information about property, plant and equipment | ||||
Amount beginning of the year | 71,155 | 12,577 | ||
Foreign currency translation | 3,362 | 1,077 | ||
Additions | 63,653 | 63,034 | ||
Disposals | 39 | 1,469 | ||
Reclass | (97,781) | (4,064) | ||
Amount end of the year | 40,350 | 71,155 | ||
Assets under construction | Depreciation, amortisation and write-downs | ||||
Disclosure of detailed information about property, plant and equipment | ||||
Amount beginning of the year | 0 | |||
Amount end of the year | € 0 | € 0 | ||
[1] | Includes the impacts of the IFRIC final agenda decisions of April 2021 of benefits to periods of service, as described in Note 2 “First time adoption of new accounting standards in the financial year 2021” |
Property, plant and equipment -
Property, plant and equipment - Additional Information (Details) - EUR (€) € in Thousands | 1 Months Ended | 12 Months Ended | |||
Jun. 30, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
Disclosure of detailed information about property, plant and equipment | |||||
Right-of-use assets | € 145,038 | € 142,110 | |||
Property, plant and equipment | 484,597 | 337,297 | [1] | € 239,229 | |
Assets under construction | |||||
Disclosure of detailed information about property, plant and equipment | |||||
Property, plant and equipment | 40,350 | 71,155 | 12,577 | ||
Assets under construction | J.POD-Evotec Biologics Inc., Seattle, USA | |||||
Disclosure of detailed information about property, plant and equipment | |||||
Reclass | 89,200 | ||||
Assets under construction | Just-Evotec Biologics EU SAS, Toulouse, France | |||||
Disclosure of detailed information about property, plant and equipment | |||||
Additions | 3,400 | ||||
Buildings and leasehold improvements | |||||
Disclosure of detailed information about property, plant and equipment | |||||
Property, plant and equipment | 315,088 | € 174,583 | € 143,733 | ||
Reclassification from intangible assets excluding goodwill to property, plant and equipment | € 56,200 | ||||
R&D site, Italy | |||||
Disclosure of detailed information about property, plant and equipment | |||||
Additions | € 1 | ||||
[1] | Includes the impacts of the IFRIC final agenda decisions of April 2021 of benefits to periods of service, as described in Note 2 “First time adoption of new accounting standards in the financial year 2021” |
Leases - Right of use assets (D
Leases - Right of use assets (Details) - EUR (€) € in Thousands | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | |||
Leases | ||||
Amount beginning of the year | € 337,297 | [1] | € 239,229 | |
Amount end of the year | 484,597 | 337,297 | [1] | |
Gross/Acquisition and manufacturing costs | ||||
Leases | ||||
Amount beginning of the year | 481,879 | 350,415 | ||
Foreign currency translation | 17,755 | (7,439) | ||
Additions | 190,816 | 185,519 | ||
Disposals | 4,364 | 46,616 | ||
Amount end of the year | 686,086 | 481,879 | ||
Depreciation, amortisation and write-downs | ||||
Leases | ||||
Amount beginning of the year | (144,582) | (111,186) | ||
Foreign currency translation | (5,167) | (1,153) | ||
Additions | (55,596) | (42,122) | ||
Disposals | (3,856) | (9,879) | ||
Amount end of the year | (201,489) | (144,582) | ||
Plant, machinery and equipment | ||||
Leases | ||||
Amount beginning of the year | 81,176 | 74,068 | ||
Amount end of the year | 113,710 | 81,176 | ||
Plant, machinery and equipment | Gross/Acquisition and manufacturing costs | ||||
Leases | ||||
Amount beginning of the year | 168,224 | 143,208 | ||
Foreign currency translation | 4,576 | (3,403) | ||
Additions | 36,082 | 28,622 | ||
Disposals | 443 | 3,405 | ||
Reclass | 19,172 | 3,202 | ||
Amount end of the year | 227,611 | 168,224 | ||
Plant, machinery and equipment | Depreciation, amortisation and write-downs | ||||
Leases | ||||
Amount beginning of the year | (87,048) | (69,140) | ||
Foreign currency translation | (2,628) | (744) | ||
Additions | (24,826) | (19,649) | ||
Disposals | (424) | (2,241) | ||
Reclass | 177 | 244 | ||
Amount end of the year | (113,901) | (87,048) | ||
Furniture and fixtures | ||||
Leases | ||||
Amount beginning of the year | 10,383 | 8,851 | ||
Amount end of the year | 15,449 | 10,383 | ||
Furniture and fixtures | Gross/Acquisition and manufacturing costs | ||||
Leases | ||||
Amount beginning of the year | 27,445 | 22,371 | ||
Foreign currency translation | 718 | (496) | ||
Additions | 7,546 | 6,323 | ||
Disposals | 860 | 1,178 | ||
Reclass | 4,809 | 425 | ||
Amount end of the year | 39,658 | 27,445 | ||
Furniture and fixtures | Depreciation, amortisation and write-downs | ||||
Leases | ||||
Amount beginning of the year | (17,062) | (13,520) | ||
Foreign currency translation | (620) | 346 | ||
Additions | (7,307) | (5,061) | ||
Disposals | (880) | (1,173) | ||
Reclass | (100) | |||
Amount end of the year | (24,209) | (17,062) | ||
Right-of use assets | ||||
Leases | ||||
Amount beginning of the year | 142,110 | 130,372 | ||
Amount end of the year | 145,038 | 142,110 | ||
Right-of use assets | Gross/Acquisition and manufacturing costs | ||||
Leases | ||||
Amount beginning of the year | 167,365 | 147,098 | ||
Foreign currency translation | 7,472 | (3,416) | ||
Additions | 14,292 | 68,044 | ||
Disposals | 2,453 | 44,361 | ||
Amount end of the year | 186,676 | 167,365 | ||
Right-of use assets | Depreciation, amortisation and write-downs | ||||
Leases | ||||
Amount beginning of the year | (25,255) | (16,726) | ||
Foreign currency translation | (2,717) | 370 | ||
Additions | (15,829) | (16,035) | ||
Disposals | (2,163) | (7,136) | ||
Amount end of the year | (41,638) | (25,255) | ||
Right-of use assets | Buildings | ||||
Leases | ||||
Amount beginning of the year | 137,285 | 122,456 | ||
Amount end of the year | 141,880 | 137,285 | ||
Right-of use assets | Buildings | Gross/Acquisition and manufacturing costs | ||||
Leases | ||||
Amount beginning of the year | 158,454 | 136,158 | ||
Foreign currency translation | 7,442 | (3,410) | ||
Additions | 14,077 | 66,270 | ||
Disposals | 2,453 | 40,564 | ||
Reclass | 82 | |||
Amount end of the year | 177,602 | 158,454 | ||
Right-of use assets | Buildings | Depreciation, amortisation and write-downs | ||||
Leases | ||||
Amount beginning of the year | (21,169) | (13,702) | ||
Foreign currency translation | (2,573) | 374 | ||
Additions | (14,160) | (14,306) | ||
Disposals | (2,163) | (6,465) | ||
Reclass | 17 | |||
Amount end of the year | (35,722) | (21,169) | ||
Right-of use assets | Plant, machinery and equipment | ||||
Leases | ||||
Amount beginning of the year | 4,443 | 7,561 | ||
Amount end of the year | 2,693 | 4,443 | ||
Right-of use assets | Plant, machinery and equipment | Gross/Acquisition and manufacturing costs | ||||
Leases | ||||
Amount beginning of the year | 8,382 | 10,475 | ||
Foreign currency translation | 30 | (6) | ||
Additions | 1,710 | |||
Disposals | 3,797 | |||
Reclass | (335) | |||
Amount end of the year | 8,077 | 8,382 | ||
Right-of use assets | Plant, machinery and equipment | Depreciation, amortisation and write-downs | ||||
Leases | ||||
Amount beginning of the year | (3,939) | (2,914) | ||
Foreign currency translation | (120) | (4) | ||
Additions | (1,462) | (1,692) | ||
Disposals | (671) | |||
Reclass | 137 | |||
Amount end of the year | (5,384) | (3,939) | ||
Right-of use assets | Furniture and fixtures | ||||
Leases | ||||
Amount beginning of the year | 382 | 355 | ||
Amount end of the year | 465 | 382 | ||
Right-of use assets | Furniture and fixtures | Gross/Acquisition and manufacturing costs | ||||
Leases | ||||
Amount beginning of the year | 529 | 465 | ||
Additions | 215 | 64 | ||
Reclass | 253 | |||
Amount end of the year | 997 | 529 | ||
Right-of use assets | Furniture and fixtures | Depreciation, amortisation and write-downs | ||||
Leases | ||||
Amount beginning of the year | (147) | (110) | ||
Foreign currency translation | (24) | |||
Additions | (207) | (37) | ||
Reclass | (154) | |||
Amount end of the year | € (532) | € (147) | ||
[1] | Includes the impacts of the IFRIC final agenda decisions of April 2021 of benefits to periods of service, as described in Note 2 “First time adoption of new accounting standards in the financial year 2021” |
Leases - Carrying amounts of le
Leases - Carrying amounts of lease liabilities and the movements (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Leases | |||
Amount beginning of the year | € 145,554 | € 131,870 | |
Foreign currency translation | 6,691 | (4,126) | |
Additions | 14,292 | 67,842 | |
Disposals | 58 | 32,983 | |
Accretion of interest | 3,728 | 3,125 | € 2,641 |
Payments | 19,770 | 20,174 | |
Amount end of the year | € 150,437 | € 145,554 | € 131,870 |
Leases - Lease liabilities (Det
Leases - Lease liabilities (Details) - EUR (€) € in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Leases | ||||
Current portion of lease obligations | € 14,473 | € 14,616 | [1] | |
Long-term lease obligations | 135,964 | 130,938 | [1] | |
Total lease liabilities | € 150,437 | € 145,554 | € 131,870 | |
[1] | Includes the impacts of the IFRIC final agenda decisions of April 2021 of benefits to periods of service, as described in Note 2 “First time adoption of new accounting standards in the financial year 2021” |
Leases - Amounts recognised in
Leases - Amounts recognised in profit and loss (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Leases | |||
Depreciation expense of right-of-use assets | € 15,829 | € 16,035 | € 14,728 |
Interest expense on lease liability | 3,728 | 3,125 | 2,641 |
Expense relating to short-term leases | 839 | 807 | 106 |
Expense relating to leases of low-value assets | 56 | 33 | 185 |
Total amount recognised in profit and loss | 20,452 | 20,000 | 17,660 |
Cash outflows for leases | € 20,665 | € 21,014 | € 15,545 |
Intangible assets, excluding _3
Intangible assets, excluding goodwill (Details) - EUR (€) € in Thousands | 12 Months Ended | |||||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||||
Disclosure of detailed information about intangible assets | ||||||
Amount beginning of the year | € 98,036 | [1] | € 116,994 | |||
Impairment of intangible assets | (683) | (3,244) | [1] | € (10,272) | [1] | |
Amount end of the year | 30,851 | 98,036 | [1] | 116,994 | ||
Gross/Acquisition and manufacturing costs | ||||||
Disclosure of detailed information about intangible assets | ||||||
Amount beginning of the year | 245,836 | 247,537 | ||||
Foreign currency translation | 2,381 | (1,689) | ||||
Additions | 439 | 2 | ||||
Disposals | 62,033 | 14 | ||||
Amount end of the year | 186,623 | 245,836 | 247,537 | |||
Depreciation, amortisation and write-downs | ||||||
Disclosure of detailed information about intangible assets | ||||||
Amount beginning of the year | (147,800) | (130,543) | ||||
Foreign currency translation | (1,039) | (77) | ||||
Additions | (12,012) | (13,936) | ||||
Disposals | (5,762) | |||||
Impairment of intangible assets | (683) | (3,244) | ||||
Amount end of the year | (155,772) | (147,800) | (130,543) | |||
Patents and licences | ||||||
Disclosure of detailed information about intangible assets | ||||||
Amount beginning of the year | 677 | 4,225 | ||||
Impairment of intangible assets | (3,244) | |||||
Amount end of the year | 1,029 | 677 | 4,225 | |||
Patents and licences | Gross/Acquisition and manufacturing costs | ||||||
Disclosure of detailed information about intangible assets | ||||||
Amount beginning of the year | 10,772 | 10,784 | ||||
Additions | 439 | 2 | ||||
Disposals | 14 | |||||
Amount end of the year | 11,211 | 10,772 | 10,784 | |||
Patents and licences | Depreciation, amortisation and write-downs | ||||||
Disclosure of detailed information about intangible assets | ||||||
Amount beginning of the year | (10,095) | (6,559) | ||||
Additions | (87) | (292) | ||||
Impairment of intangible assets | (3,244) | |||||
Amount end of the year | (10,182) | (10,095) | (6,559) | |||
Developed technology | ||||||
Disclosure of detailed information about intangible assets | ||||||
Amount beginning of the year | 8,573 | 11,093 | ||||
Impairment of intangible assets | (683) | |||||
Amount end of the year | 6,801 | 8,573 | 11,093 | |||
Developed technology | Gross/Acquisition and manufacturing costs | ||||||
Disclosure of detailed information about intangible assets | ||||||
Amount beginning of the year | 98,845 | 99,591 | ||||
Foreign currency translation | 939 | (746) | ||||
Amount end of the year | 99,784 | 98,845 | 99,591 | |||
Developed technology | Depreciation, amortisation and write-downs | ||||||
Disclosure of detailed information about intangible assets | ||||||
Amount beginning of the year | (90,272) | (88,498) | ||||
Foreign currency translation | (348) | 36 | ||||
Additions | (1,680) | (1,810) | ||||
Impairment of intangible assets | (683) | |||||
Amount end of the year | (92,983) | (90,272) | (88,498) | |||
Customer related intangibles | ||||||
Disclosure of detailed information about intangible assets | ||||||
Amount beginning of the year | 29,861 | 40,307 | ||||
Amount end of the year | 21,698 | 29,861 | 40,307 | |||
Customer related intangibles | Gross/Acquisition and manufacturing costs | ||||||
Disclosure of detailed information about intangible assets | ||||||
Amount beginning of the year | 67,647 | 68,590 | ||||
Foreign currency translation | 1,442 | (943) | ||||
Amount end of the year | 69,089 | 67,647 | 68,590 | |||
Customer related intangibles | Depreciation, amortisation and write-downs | ||||||
Disclosure of detailed information about intangible assets | ||||||
Amount beginning of the year | (37,786) | (28,283) | ||||
Foreign currency translation | (691) | (113) | ||||
Additions | (8,914) | (9,390) | ||||
Amount end of the year | (47,391) | (37,786) | (28,283) | |||
Trademarks | ||||||
Disclosure of detailed information about intangible assets | ||||||
Amount beginning of the year | 1,965 | 2,911 | ||||
Amount end of the year | 1,323 | 1,965 | 2,911 | |||
Trademarks | Gross/Acquisition and manufacturing costs | ||||||
Disclosure of detailed information about intangible assets | ||||||
Amount beginning of the year | 6,539 | 6,539 | ||||
Amount end of the year | 6,539 | 6,539 | 6,539 | |||
Trademarks | Depreciation, amortisation and write-downs | ||||||
Disclosure of detailed information about intangible assets | ||||||
Amount beginning of the year | (4,574) | (3,628) | ||||
Additions | (642) | (946) | ||||
Amount end of the year | (5,216) | (4,574) | (3,628) | |||
Favorable contract | ||||||
Disclosure of detailed information about intangible assets | ||||||
Amount beginning of the year | 56,960 | 58,458 | ||||
Amount end of the year | 0 | 56,960 | 58,458 | |||
Favorable contract | Gross/Acquisition and manufacturing costs | ||||||
Disclosure of detailed information about intangible assets | ||||||
Amount beginning of the year | 62,033 | 62,033 | ||||
Disposals | 62,033 | |||||
Amount end of the year | 0 | 62,033 | 62,033 | |||
Favorable contract | Depreciation, amortisation and write-downs | ||||||
Disclosure of detailed information about intangible assets | ||||||
Amount beginning of the year | (5,073) | (3,575) | ||||
Additions | (689) | (1,498) | ||||
Disposals | (5,762) | |||||
Amount end of the year | € 0 | € (5,073) | € (3,575) | |||
[1] | Includes the impacts of the IFRIC final agenda decisions of April 2021 of benefits to periods of service, as described in Note 2 “First time adoption of new accounting standards in the financial year 2021” |
Intangible assets, excluding _4
Intangible assets, excluding goodwill - Additional Information (Details) - EUR (€) € in Thousands | 12 Months Ended | ||||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |||
Disclosure of detailed information about intangible assets | |||||
Intangible assets, excluding goodwill | € 30,851 | € 98,036 | [1] | € 116,994 | |
Decrease in intangible assets other than goodwill | (67,185) | ||||
Decrease in intangible assets other than goodwill from exchanges | (56,200) | ||||
Impairment amount | 683 | 3,244 | [1] | 10,272 | [1] |
Patents and licences | |||||
Disclosure of detailed information about intangible assets | |||||
Intangible assets, excluding goodwill | 1,029 | 677 | 4,225 | ||
Impairment amount | 3,244 | ||||
Developed technology | |||||
Disclosure of detailed information about intangible assets | |||||
Intangible assets, excluding goodwill | 6,801 | € 8,573 | € 11,093 | ||
Impairment amount | € 683 | ||||
[1] | Includes the impacts of the IFRIC final agenda decisions of April 2021 of benefits to periods of service, as described in Note 2 “First time adoption of new accounting standards in the financial year 2021” |
Goodwill - Development of goodw
Goodwill - Development of goodwill (Details) - EUR (€) € in Thousands | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | |||
Goodwill | ||||
Goodwill at beginning of period | € 247,370 | [1] | € 255,919 | |
Foreign currency translation | 10,199 | (8,549) | ||
Goodwill at end of period | 257,569 | 247,370 | [1] | |
Depreciation, amortisation and write-downs | ||||
Goodwill | ||||
Goodwill at beginning of period | (254,725) | |||
Goodwill at end of period | (233,577) | (254,725) | ||
OAI/Evotec International Execute | ||||
Goodwill | ||||
Goodwill at beginning of period | 79,816 | 75,098 | ||
Reclass | 7,983 | |||
Foreign currency translation | 4,664 | (3,265) | ||
Goodwill at end of period | 84,480 | 79,816 | ||
OAI/Evotec International Innovate | ||||
Goodwill | ||||
Goodwill at beginning of period | 9,154 | 9,194 | ||
Foreign currency translation | 50 | (40) | ||
Goodwill at end of period | 9,204 | 9,154 | ||
Aptuit Execute | ||||
Goodwill | ||||
Goodwill at beginning of period | 126,059 | 128,317 | ||
Foreign currency translation | 2,786 | (2,258) | ||
Goodwill at end of period | 128,845 | 126,059 | ||
Evotec (Munchen) Execute | ||||
Goodwill | ||||
Goodwill at beginning of period | 0 | 7,983 | ||
Reclass | (7,983) | |||
Goodwill at end of period | 0 | |||
Evotec (US) Execute | ||||
Goodwill | ||||
Goodwill at beginning of period | 3,874 | 4,232 | ||
Foreign currency translation | 323 | (358) | ||
Goodwill at end of period | 4,197 | 3,874 | ||
Just Execute | ||||
Goodwill | ||||
Goodwill at beginning of period | 28,467 | 31,095 | ||
Foreign currency translation | 2,376 | (2,628) | ||
Goodwill at end of period | € 30,843 | € 28,467 | ||
[1] | Includes the impacts of the IFRIC final agenda decisions of April 2021 of benefits to periods of service, as described in Note 2 “First time adoption of new accounting standards in the financial year 2021” |
Goodwill - Cash-generating unit
Goodwill - Cash-generating units (Details) | 12 Months Ended | |||
Dec. 31, 2021 | Sep. 30, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | |
Impairment | ||||
Cash flow projection period based on strategic plan | 5 years | |||
Additional simplified transition period | 5 years | |||
Growth rate for terminal value | 2.00% | 1.50% | ||
OAI/Evotec International Execute | ||||
Impairment | ||||
Pre-tax discount rate | 8.19% | 9.16% | ||
Growth rate for terminal value | 2.00% | 1.50% | ||
OAI/Evotec International Innovate | ||||
Impairment | ||||
Pre-tax discount rate | 11.51% | 11.37% | ||
Growth rate for terminal value | 2.00% | 1.50% | ||
Evotec (US) Execute | ||||
Impairment | ||||
Pre-tax discount rate | 7.87% | 9.78% | ||
Growth rate for terminal value | 2.00% | 1.50% | ||
Aptuit Execute | ||||
Impairment | ||||
Pre-tax discount rate | 9.83% | 11.27% | ||
Growth rate for terminal value | 2.00% | 1.50% | ||
Just Execute | ||||
Impairment | ||||
Pre-tax discount rate | 9.22% | 9.60% | ||
Growth rate for terminal value | 2.00% | 1.50% |
Goodwill - Changes in the mater
Goodwill - Changes in the material assumptions (Details) - EUR (€) € in Thousands | 12 Months Ended | |||||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | [1] | Sep. 30, 2021 | Sep. 30, 2020 | |
Impairment | ||||||
Applied terminal value | 2.00% | 1.50% | ||||
Impairment loss | € 0 | € 0 | € 1,647 | |||
Aptuit Execute | ||||||
Impairment | ||||||
Recoverable amount exceeding net book value | € 5,704 | |||||
Applied terminal value | 2.00% | 1.50% | ||||
Aptuit Execute | Discount rate | ||||||
Impairment | ||||||
Applied post-tax discount rate | 9.07% | |||||
Amount by which value assigned to key assumption must change in order for unit's recoverable amount to be equal to carrying amount | 0.0016 | |||||
Aptuit Execute | Terminal value | ||||||
Impairment | ||||||
Applied terminal value | 1.50% | |||||
Amount by which value assigned to key assumption must change in order for unit's recoverable amount to be equal to carrying amount | (0.0028) | |||||
Aptuit Execute | Gross margin | ||||||
Impairment | ||||||
Amount by which value assigned to key assumption must change in order for unit's recoverable amount to be equal to carrying amount | (0.0035) | |||||
[1] | Includes the impacts of the IFRIC final agenda decisions of April 2021 of benefits to periods of service, as described in Note 2 “First time adoption of new accounting standards in the financial year 2021” |
Loan liabilities (Details)
Loan liabilities (Details) - EUR (€) € in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Loan liabilities | ||
Minimum liquidity to be maintained | € 35,000 | € 35,000 |
Accrued short-term interest | 1,136 | |
Current loan liabilities | 35,000 | 15,392 |
Unutilized lines of credit | € 99,601 | € 51,953 |
Loan liabilities - Details (Det
Loan liabilities - Details (Details) - EUR (€) € in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Borrowings | ||
Loans, excluding accrued interest | € 361,344 | € 346,411 |
Fair value disclosed | ||
Borrowings | ||
Loans, excluding accrued interest | 371,412 | 363,282 |
Germany 0.7-2% | ||
Borrowings | ||
Loans, excluding accrued interest | € 249,530 | € 249,369 |
Germany 0.7-2% | Minimum | ||
Borrowings | ||
Nominal interest rate | 0.70% | 0.70% |
Germany 0.7-2% | Maximum | ||
Borrowings | ||
Nominal interest rate | 2.00% | 2.00% |
Germany 0.7-2% | Fair value disclosed | ||
Borrowings | ||
Loans, excluding accrued interest | € 254,911 | € 261,601 |
Germany 1.60% | ||
Borrowings | ||
Nominal interest rate | 1.60% | 1.60% |
Loans, excluding accrued interest | € 75,000 | € 75,000 |
Germany 1.60% | Fair value disclosed | ||
Borrowings | ||
Loans, excluding accrued interest | € 78,596 | € 79,950 |
Germany 1.20% | ||
Borrowings | ||
Nominal interest rate | 1.20% | 1.20% |
Loans, excluding accrued interest | € 7,797 | € 16,652 |
Germany 1.20% | Fair value disclosed | ||
Borrowings | ||
Loans, excluding accrued interest | € 8,014 | € 16,341 |
Germany 1.40% | ||
Borrowings | ||
Nominal interest rate | 1.40% | |
Loans, excluding accrued interest | € 20,367 | |
Germany 1.40% | Fair value disclosed | ||
Borrowings | ||
Loans, excluding accrued interest | € 21,332 | |
Germany 1.28% | ||
Borrowings | ||
Nominal interest rate | 1.28% | |
Loans, excluding accrued interest | € 5,000 | |
Germany 1.28% | Fair value disclosed | ||
Borrowings | ||
Loans, excluding accrued interest | € 5,000 | |
Germany 1.25% | ||
Borrowings | ||
Nominal interest rate | 1.25% | |
Loans, excluding accrued interest | € 178 | |
Germany 1.25% | Fair value disclosed | ||
Borrowings | ||
Loans, excluding accrued interest | € 178 | |
Italy 1.50% | ||
Borrowings | ||
Nominal interest rate | 1.50% | |
Loans, excluding accrued interest | € 212 | |
Italy 1.50% | Fair value disclosed | ||
Borrowings | ||
Loans, excluding accrued interest | € 212 | |
France 0.55% | ||
Borrowings | ||
Nominal interest rate | 0.55% | |
Loans, excluding accrued interest | € 8,650 | |
France 0.55% | Fair value disclosed | ||
Borrowings | ||
Loans, excluding accrued interest | € 8,559 |
Provisions (Details)
Provisions (Details) - EUR (€) € in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | |
Provisions | |||
Current provisions | € 39,260 | € 41,848 | [1] |
Non-current provisions | 18,021 | 20,731 | [1] |
Impact of applying IFRIC agenda decision on IAS 19 | |||
Provisions | |||
Non-current provisions | (2,168) | ||
Other personnel expenses | |||
Provisions | |||
Current provisions | 33,983 | 34,728 | |
Non-current provisions | 2,029 | 2,277 | |
Pensions | |||
Provisions | |||
Current provisions | 1,478 | 1,275 | |
Non-current provisions | 12,950 | 13,166 | |
Pensions | Impact of applying IFRIC agenda decision on IAS 19 | |||
Provisions | |||
Non-current provisions | (2,168) | ||
Other provisions | |||
Provisions | |||
Current provisions | 3,799 | 5,845 | |
Non-current provisions | € 3,042 | € 5,288 | |
[1] | Includes the impacts of the IFRIC final agenda decisions of April 2021 of benefits to periods of service, as described in Note 2 “First time adoption of new accounting standards in the financial year 2021” |
Provisions - Development of Tot
Provisions - Development of Total Provisions (Details) - EUR (€) € in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Provisions | ||
Balance at beginning of period | € 62,579 | € 53,553 |
Consumption | 38,241 | 27,892 |
Release | 11,478 | 1,932 |
Foreign exchange | 1,291 | (1,032) |
Additions | 43,130 | 39,882 |
Balance at end of period | 57,281 | 62,579 |
Other personnel expenses | ||
Provisions | ||
Balance at beginning of period | 37,005 | 32,814 |
Consumption | 33,018 | 26,492 |
Release | 3,644 | 716 |
Foreign exchange | 636 | (593) |
Additions | 35,033 | 31,992 |
Balance at end of period | 36,012 | 37,005 |
Pensions | ||
Provisions | ||
Balance at beginning of period | 14,441 | 12,131 |
Consumption | 463 | 354 |
Release | 813 | |
Additions | 1,263 | 2,664 |
Balance at end of period | 14,428 | 14,441 |
Other provisions | ||
Provisions | ||
Balance at beginning of period | 11,133 | 8,608 |
Consumption | 4,760 | 1,046 |
Release | 7,021 | 1,216 |
Foreign exchange | 655 | (439) |
Additions | 6,834 | 5,226 |
Balance at end of period | € 6,841 | € 11,133 |
Provisions Additional Informati
Provisions Additional Information (Details) - EUR (€) € in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Provisions. | ||
Bonus accrual | € 22,396 | € 22,881 |
Accrued vacation | 13,904 | 12,354 |
Provisions to address the risk of a potential divergent interpretation of selected contracts by the tax authorities | 2,139 | 0 |
Earn-out provision | 1,103 | € 6,381 |
Decrease in earn-out provision relating to reclassification | € 3,571 |
Contract liabilities (Details)
Contract liabilities (Details) - EUR (€) € in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | |
Customers | |||
Current contract liabilities | € 112,061 | € 66,477 | [1] |
BMS | |||
Customers | |||
Contract liabilities | 94,988 | 51,101 | |
Current contract liabilities | € 62,568 | € 33,281 | |
[1] | Includes the impacts of the IFRIC final agenda decisions of April 2021 of benefits to periods of service, as described in Note 2 “First time adoption of new accounting standards in the financial year 2021” |
Income Taxes - Amounts recognis
Income Taxes - Amounts recognised in consolidated income statement (Details) - EUR (€) € in Thousands | 12 Months Ended | ||||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |||
Tax | |||||
Net deferred tax assets | € 17,359 | € 24,392 | [1] | ||
Current taxes: | |||||
Current tax expense | (12,309) | (12,804) | € (13,013) | ||
Adjustment for prior years | (4,095) | 739 | 385 | ||
Total current taxes | (16,404) | (12,065) | [1] | (12,628) | [1] |
Deferred taxes: | |||||
Tax loss carry forwards | (5,140) | (10,319) | (10,570) | ||
Temporary differences | 74 | 2,822 | 3,835 | ||
Total deferred taxes | (5,066) | (7,497) | [1] | (6,735) | [1] |
Total taxes | € (21,470) | (19,562) | [1] | (19,363) | [1] |
Impact of applying IFRIC agenda decision on IAS 19 | |||||
Tax | |||||
Net deferred tax assets | (558) | ||||
Deferred taxes: | |||||
Total deferred taxes | (7) | (29) | |||
Total taxes | € (7) | € (29) | |||
[1] | Includes the impacts of the IFRIC final agenda decisions of April 2021 of benefits to periods of service, as described in Note 2 “First time adoption of new accounting standards in the financial year 2021” |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of effective tax rates (Details) - EUR (€) € in Thousands | 12 Months Ended | ||||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |||
Tax | |||||
Income before taxes | € 236,980 | € 25,840 | € 56,675 | ||
Expected German income tax rate | 32.28% | 32.28% | 32.28% | ||
Expected income tax benefit (expense) | € (76,497) | € (8,341) | € (18,295) | ||
Non-deductible expenses | (511) | (2,533) | (1,731) | ||
Taxable income not recognised in income before tax | (7,796) | ||||
R&D tax credits | 6,742 | 5,983 | 7,077 | ||
Tax free income | 71,917 | 5,485 | 3,558 | ||
Permanent differences from GILTI | (444) | (1,401) | (6,029) | ||
Tax effects from investments accounted for using the equity method | (9,300) | (2,884) | (658) | ||
Deviation tax rates to expected tax rate | 1,815 | 690 | 2,444 | ||
Change in tax rates | 521 | 124 | (19) | ||
Change in recognition of deferred tax assets | (10,247) | (9,317) | (4,391) | ||
Current Taxes | (4,095) | 739 | 385 | ||
Deferred Taxes | (570) | 203 | |||
Other | (801) | (514) | (1,704) | ||
Total taxes | € (21,470) | € (19,562) | [1] | € (19,363) | [1] |
Effective income tax rate | 9.06% | 75.70% | 34.16% | ||
Solidarity surcharge rate | 15.825% | ||||
Minimum | |||||
Tax | |||||
Trade tax rate | 10.825% | ||||
Maximum | |||||
Tax | |||||
Trade tax rate | 16.625% | ||||
[1] | Includes the impacts of the IFRIC final agenda decisions of April 2021 of benefits to periods of service, as described in Note 2 “First time adoption of new accounting standards in the financial year 2021” |
Income Taxes - Deferred income
Income Taxes - Deferred income tax assets and liabilities (Details) - EUR (€) € in Thousands | 12 Months Ended | ||||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |||
Tax | |||||
Net, Balance at beginning of period | € 3,993 | € 12,580 | |||
Recognised in profit or loss | (5,066) | (7,497) | [1] | € (6,735) | [1] |
Recognised in the other comprehensive income | 715 | (732) | |||
Foreign currency translation | 29 | (358) | |||
Net, Balance at end of period | (329) | 3,993 | 12,580 | ||
Deferred tax asset | 58,461 | 63,974 | |||
Deferred tax liabilities | (58,790) | (59,981) | |||
Deferred tax liabilities offset against assets | (41,102) | (39,582) | |||
Deferred tax assets offset against liabilities | 41,102 | 39,582 | |||
Net deferred tax assets | 17,359 | 24,392 | [1] | ||
Net deferred tax liabilities | (17,688) | (20,399) | [1] | ||
Property, plant and equipment | |||||
Tax | |||||
Net, Balance at beginning of period | (2,840) | (2,947) | |||
Recognised in profit or loss | (1,969) | 284 | |||
Foreign currency translation | (46) | (177) | |||
Net, Balance at end of period | (4,855) | (2,840) | (2,947) | ||
Deferred tax asset | 1,528 | 1,450 | |||
Deferred tax liabilities | (6,383) | (4,290) | |||
Intangible assets other than goodwill | |||||
Tax | |||||
Net, Balance at beginning of period | (25,314) | (29,494) | |||
Recognised in profit or loss | 3,296 | 4,964 | |||
Foreign currency translation | (330) | (784) | |||
Net, Balance at end of period | (22,348) | (25,314) | (29,494) | ||
Deferred tax asset | 468 | 564 | |||
Deferred tax liabilities | (22,816) | (25,878) | |||
Right-of use assets | |||||
Tax | |||||
Net, Balance at beginning of period | (23,535) | (31,729) | |||
Recognised in profit or loss | 1,556 | 8,194 | |||
Net, Balance at end of period | (21,979) | (23,535) | (31,729) | ||
Deferred tax liabilities | (21,979) | (23,535) | |||
Financial assets | |||||
Tax | |||||
Net, Balance at beginning of period | (316) | (1,012) | |||
Recognised in profit or loss | (3,669) | 704 | |||
Foreign currency translation | (8) | ||||
Net, Balance at end of period | (3,985) | (316) | (1,012) | ||
Deferred tax asset | 401 | 29 | |||
Deferred tax liabilities | (4,386) | (345) | |||
Provisions and deferred income | |||||
Tax | |||||
Net, Balance at beginning of period | 4,801 | 4,699 | |||
Recognised in profit or loss | (768) | (75) | |||
Recognised in the other comprehensive income | 7 | 149 | |||
Foreign currency translation | (75) | 28 | |||
Net, Balance at end of period | 3,965 | 4,801 | 4,699 | ||
Deferred tax asset | 6,516 | 7,541 | |||
Deferred tax liabilities | (2,551) | (2,740) | |||
Lease obligations | |||||
Tax | |||||
Net, Balance at beginning of period | 23,274 | 31,180 | |||
Recognised in profit or loss | (3,347) | (7,906) | |||
Net, Balance at end of period | 19,927 | 23,274 | 31,180 | ||
Deferred tax asset | 20,297 | 23,557 | |||
Deferred tax liabilities | (370) | (283) | |||
Other | |||||
Tax | |||||
Net, Balance at beginning of period | (1,309) | 1,841 | |||
Recognised in profit or loss | 6,245 | (3,150) | |||
Foreign currency translation | 13 | ||||
Net, Balance at end of period | 4,949 | (1,309) | 1,841 | ||
Deferred tax asset | 5,254 | 1,601 | |||
Deferred tax liabilities | (305) | (2,909) | |||
Tax credits | |||||
Tax | |||||
Net, Balance at beginning of period | 1,521 | 2,493 | |||
Recognised in profit or loss | (1,270) | (192) | |||
Recognised in the other comprehensive income | 708 | (881) | |||
Foreign currency translation | 75 | 102 | |||
Net, Balance at end of period | 1,034 | 1,521 | 2,493 | ||
Deferred tax asset | 1,034 | 1,521 | |||
Tax loss carryforwards | |||||
Tax | |||||
Net, Balance at beginning of period | 27,711 | 37,549 | |||
Recognised in profit or loss | (5,140) | (10,319) | |||
Foreign currency translation | 392 | 481 | |||
Net, Balance at end of period | 22,963 | 27,711 | € 37,549 | ||
Deferred tax asset | € 22,963 | € 27,711 | |||
[1] | Includes the impacts of the IFRIC final agenda decisions of April 2021 of benefits to periods of service, as described in Note 2 “First time adoption of new accounting standards in the financial year 2021” |
Income Taxes - Unrecognized def
Income Taxes - Unrecognized deferred tax (Details) - EUR (€) € in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Income taxes | ||
Unrecognized deferred tax liabilities | € 12,009 | € 9,982 |
Income Taxes - Unrecognized d_2
Income Taxes - Unrecognized deferred tax assets (Details) - EUR (€) € in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Tax | |||
Unused tax losses, interest carryforwards and tax credits for which no deferred tax asset recognised | € 442,395 | € 382,528 | € 376,505 |
Unrecognized deferred tax assets for temporary differences | 6,346 | 2,707 | |
Tax loss carryforwards | Not expiring | |||
Tax | |||
Unused tax losses, interest carryforwards and tax credits for which no deferred tax asset recognised | 307,682 | 272,796 | 221,772 |
Tax loss carryforwards | Not later than five years | |||
Tax | |||
Unused tax losses, interest carryforwards and tax credits for which no deferred tax asset recognised | 21,409 | 19,259 | 22,444 |
Tax loss carryforwards | Later than five years and not later than ten years | |||
Tax | |||
Unused tax losses, interest carryforwards and tax credits for which no deferred tax asset recognised | 38,207 | 45,409 | 42,931 |
Tax loss carryforwards | Later than ten years | |||
Tax | |||
Unused tax losses, interest carryforwards and tax credits for which no deferred tax asset recognised | 73,811 | 43,945 | 88,218 |
Tax credits | |||
Tax | |||
Unused tax losses, interest carryforwards and tax credits for which no deferred tax asset recognised | € 1,286 | € 1,119 | € 1,140 |
Other current financial liabi_2
Other current financial liabilities (Details) - EUR (€) € in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | |
Financial instruments | |||
Other current financial liabilities. | € 12,115 | ||
Other current financial assets | 264 | € 10,704 | [1] |
Foreign currency forward contracts | |||
Financial instruments | |||
Other current financial liabilities. | € 8,565 | ||
Other current financial assets | € 3,845 | ||
[1] | Includes the impacts of the IFRIC final agenda decisions of April 2021 of benefits to periods of service, as described in Note 2 “First time adoption of new accounting standards in the financial year 2021” |
Stock-based compensation - Shar
Stock-based compensation - Share Performance Awards (Details) | 12 Months Ended |
Dec. 31, 2021itemY€ / sharesshares | |
Share-based payments | |
Contribution per share | € / shares | € 1 |
Restricted Share Awards | |
Share-based payments | |
Number of subscription rights to shares | item | 1 |
Restricted Share Awards | Restricted Share Plan 2020 | |
Share-based payments | |
Number of bearer shares that may be granted | 1,200,000 |
Vesting period for share-based payments | 4 years |
Maximum exercise period for share-based payments | 5 years |
Threshold number of consecutive calendar years for achievement of targets | Y | 4 |
Share Performance Awards | |
Share-based payments | |
Number of subscription rights to shares | item | 2 |
Number of shares to which one subscription right entitles | 1 |
Share Performance Awards | Share Performance Plan 2017 | |
Share-based payments | |
Number of bearer shares that may be granted | 6,000,000 |
Number of trading days for exercise of shares | 10 days |
Holding period for share-based payments | 4 years |
Number of key performance indicators in share-based payments | item | 2 |
Threshold number of consecutive calendar years for achievement of targets | Y | 4 |
Share Performance Awards | Share Performance Plan 2015 | |
Share-based payments | |
Number of bearer shares that may be granted | 6,000,000 |
Vesting period for share-based payments | 4 years |
Maximum exercise period for share-based payments | 5 years |
Performance measurement period in share-based payment | 3 years |
Stock-based compensation - Stat
Stock-based compensation - Status of the Share Performance Plans (Details) | 12 Months Ended | ||
Dec. 31, 2021EquityInstruments€ / sharesshares | Dec. 31, 2020EquityInstruments€ / sharesshares | Dec. 31, 2019EquityInstruments€ / sharesshares | |
Share-based payments | |||
SPAs exercised | € 1 | € 1.06 | € 1.03 |
Share Performance Awards | |||
Share-based payments | |||
Outstanding at beginning of the year | EquityInstruments | 1,570,113 | 2,149,562 | 2,869,248 |
SPAs granted | EquityInstruments | 608,710 | 325,612 | 230,231 |
SPAs exercised | EquityInstruments | (701,278) | (865,687) | (924,917) |
SPAs forfeited | EquityInstruments | (152,095) | (39,374) | (25,000) |
Outstanding at end of the year | EquityInstruments | 1,325,450 | 1,570,113 | 2,149,562 |
Thereof exercisable | EquityInstruments | 432,450 | 504,234 | |
Outstanding at beginning of the year | € 1 | € 1 | € 1 |
SPAs granted | 1 | 1 | 1 |
SPAs exercised | 1 | 1 | 1 |
SPAs forfeited | 1 | 1 | 1 |
Outstanding at the end of the year | 1 | 1 | 1 |
Thereof exercisable | 1 | 1 | 1 |
Weighted average share price | € 37.97 | € 24.26 | € 21.41 |
Number of shares issued on exercise of awards | shares | 1,195,954 | 1,501,254 | 1,789,784 |
Share Performance Awards | Management Board | |||
Share-based payments | |||
SPAs granted | EquityInstruments | 160,048 | 77,214 | 86,283 |
Stock-based compensation - The
Stock-based compensation - The fair value of the grant of Share Performance Awards was estimated on the date of grant (Details) - EUR (€) | Oct. 22, 2021 | May 28, 2021 | Feb. 01, 2021 | Oct. 29, 2020 | Jan. 15, 2020 | Jan. 15, 2019 | Jan. 15, 2018 | Dec. 31, 2021 |
Share Performance Awards | ||||||||
Share-based payments | ||||||||
Risk free interest rate, share-based payments | (0.43%) | (0.57%) | (0.78%) | (0.85%) | (0.55%) | (0.46%) | (0.25%) | |
Expected volatility of share, share based-payments | 35.00% | 40.00% | 42.00% | 40.00% | 37.00% | 54.00% | 51.00% | |
Expected volatility of index, share based-payments | 29.00% | 18.00% | 22.00% | 13.00% | ||||
Fluctuation, share based-payments | 5.00% | 5.00% | ||||||
Exercise price, share-based payments | € 1 | € 1 | € 1 | € 1 | € 1 | € 1 | € 1 | |
Weighted average share price, share based-payments | 44.98 | 35.49 | € 32.25 | 22.92 | € 23.39 | € 18.83 | € 14.35 | |
Market value of index, share based-payments | € 3,375.67 | € 3,099.05 | € 2,478.06 | € 2,663.91 | ||||
Fair value for Management Board, share based-payments | 33.50 | € 31.34 | € 22.69 | € 15.33 | € 12.19 | |||
Fair value for employees, share based-payments | € 43.96 | € 34.47 | € 36.65 | € 21.89 | € 25.28 | € 20.84 | € 15.94 | |
Expected dividend as percentage, share-based payments | 0.00% | |||||||
Share Performance Awards | Minimum | ||||||||
Share-based payments | ||||||||
Fluctuation, share based-payments | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | |||
Share Performance Awards | Maximum | ||||||||
Share-based payments | ||||||||
Fluctuation, share based-payments | 5.00% | 5.00% | 5.00% | 5.00% | 5.00% | |||
Vesting periods starting in January and February | ||||||||
Share-based payments | ||||||||
Expected life, share based-payments | 4 years | |||||||
Vesting eriods starting in May and October | ||||||||
Share-based payments | ||||||||
Expected life, share based-payments | 5 years |
Stock-based compensation - Sh_2
Stock-based compensation - Share option plans (Details) | 12 Months Ended | |
Dec. 31, 2020EquityInstruments€ / shares | Dec. 31, 2019EquityInstruments€ / shares | |
Stock-based compensation | ||
Outstanding at beginning of the year | EquityInstruments | 32,594 | 82,594 |
Options exercised | EquityInstruments | (32,594) | (50,000) |
Outstanding at end of the year | EquityInstruments | 32,594 | |
Thereof exercisable | EquityInstruments | 0 | 32,594 |
Outstanding at beginning of the year | € 2.79 | € 2.45 |
Options exercised | 2.79 | 2.23 |
Outstanding at end of the year | 2.79 | |
Thereof exercisable | € 2.79 | |
Weighted average share price, share options granted | € 25.17 |
Stock-based compensation - Addi
Stock-based compensation - Additional Information (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Share Performance Awards and Restricted Share Awards Plans | |||
Share-based payments | |||
Stock compensation expense | € 7,805 | € 5,285 | € 3,649 |
Option Plans | |||
Share-based payments | |||
Stock compensation expense | 0 | 0 | |
Management Board | Share Performance Awards | |||
Share-based payments | |||
Stock compensation expense | € 2,002 | € 1,902 | € 1,465 |
Stockholders' equity - Share ca
Stockholders' equity - Share capital (Details) - shares | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Stockholders' equity | |||
Beginning balance (Shares) | 163,914,741 | 150,903,000 | 149,063,000 |
Capital increase (cash contribution) | 11,497,000 | 11,478,000 | |
Exercise of share purchase rights | 1,196,000 | 1,534,000 | 1,840,000 |
Ending balance (Shares) | 176,608,195 | 163,914,741 | 150,903,000 |
Stockholders' equity - Raised C
Stockholders' equity - Raised Capital (Details) € / shares in Units, $ / shares in Units, € in Thousands, $ in Millions | Nov. 16, 2021shares | Nov. 08, 2021$ / sharesshares | Dec. 31, 2021USD ($)shares | Dec. 31, 2021EUR (€)€ / sharesshares | Dec. 31, 2020shares | Dec. 31, 2019shares | Dec. 31, 2018shares |
Disclosure of classes of share capital [line items] | |||||||
Number of shares issued | 176,608,195 | 163,914,741 | 150,903,000 | 149,063,000 | |||
Number of shares outstanding | 176,608,195 | 163,914,741 | |||||
Nominal amount per share | € / shares | € 1 | ||||||
Number of shares/ADSs issued | 11,497,000 | 11,497,000 | 11,478,000 | ||||
Gross proceeds of the transaction | $ | $ 500 | ||||||
Transaction costs | € | € 29,799 | ||||||
Additional offering | |||||||
Disclosure of classes of share capital [line items] | |||||||
Number of shares/ADSs issued | 1,497,500 | ||||||
American Depositary Shares, each representing one-half of one ordinary share | Public Offering | |||||||
Disclosure of classes of share capital [line items] | |||||||
Number of shares/ADSs issued | 20,000,000 | 20,000,000 | 20,000,000 | ||||
Number of ordinary shares represented by each ADS | 0.5 | ||||||
Price per share/ADS | $ / shares | $ 21.75 | ||||||
Gross proceeds of the transaction | $ | $ 435 | ||||||
American Depositary Shares, each representing one-half of one ordinary share | Additional offering | |||||||
Disclosure of classes of share capital [line items] | |||||||
Number of shares/ADSs issued | 2,995,000 | 2,995,000 | 2,995,000 | ||||
Gross proceeds of the transaction | $ | $ 65 |
Stockholders' equity - Addition
Stockholders' equity - Additional information (Details) - EUR (€) | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Equity | ||||
Exercise price for SPAs exercised | € 1 | € 1.06 | € 1.03 | |
Shares available to issue | 37,077,323 | |||
Additional capital authorised | € 21,417,436 | |||
Number of shares in entity held by entity or by its subsidiaries or associates | 249,915 | 249,915 | 249,915 | 250,000 |
Proportion of treasury shares to total share capital | 0.10% | 0.20% | 0.20% | |
Share Performance Plans and the Stock Option Plans | ||||
Equity | ||||
Shares available to issue | 7,118,034 | |||
Owners or creditors, participation rights and/or income bonds | ||||
Equity | ||||
Shares available to issue | 29,959,289 |
Revenues - Recognised Revenues
Revenues - Recognised Revenues (Details) - EUR (€) € in Thousands | 12 Months Ended | ||||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |||
Revenue | |||||
Revenues | € 618,034 | € 500,924 | [1] | € 446,437 | [1] |
USA | |||||
Revenue | |||||
Revenues | 337,602 | 247,848 | 195,042 | ||
Germany | |||||
Revenue | |||||
Revenues | 46,852 | 44,321 | 27,984 | ||
France | |||||
Revenue | |||||
Revenues | 30,591 | 37,060 | 62,834 | ||
United Kingdom | |||||
Revenue | |||||
Revenues | 104,640 | 93,987 | 77,902 | ||
Rest of the world | |||||
Revenue | |||||
Revenues | 98,349 | 77,708 | 82,675 | ||
At a certain time | |||||
Revenue | |||||
Revenues | 85,460 | 38,927 | 32,288 | ||
Over a period of time | |||||
Revenue | |||||
Revenues | 532,574 | 461,997 | 414,149 | ||
Service fees and FTE-based research payments | |||||
Revenue | |||||
Revenues | 530,754 | 460,594 | 398,581 | ||
Recharges | |||||
Revenue | |||||
Revenues | 35,991 | 21,835 | 14,503 | ||
Compound access fees | |||||
Revenue | |||||
Revenues | 1,575 | 1,361 | 1,019 | ||
Milestone fees | |||||
Revenue | |||||
Revenues | 49,469 | 17,092 | 30,436 | ||
Licences | |||||
Revenue | |||||
Revenues | 245 | 42 | 1,898 | ||
EVT Execute | |||||
Revenue | |||||
Revenues | 471,052 | 394,094 | 351,366 | ||
EVT Execute | USA | |||||
Revenue | |||||
Revenues | 236,009 | 189,488 | 156,768 | ||
EVT Execute | Germany | |||||
Revenue | |||||
Revenues | 24,279 | 19,529 | 18,312 | ||
EVT Execute | France | |||||
Revenue | |||||
Revenues | 16,876 | 21,499 | 45,439 | ||
EVT Execute | United Kingdom | |||||
Revenue | |||||
Revenues | 98,735 | 89,258 | 68,703 | ||
EVT Execute | Rest of the world | |||||
Revenue | |||||
Revenues | 95,153 | 74,320 | 62,144 | ||
EVT Execute | At a certain time | |||||
Revenue | |||||
Revenues | 38,336 | 25,787 | 7,086 | ||
EVT Execute | Over a period of time | |||||
Revenue | |||||
Revenues | 432,716 | 368,307 | 344,280 | ||
EVT Execute | Service fees and FTE-based research payments | |||||
Revenue | |||||
Revenues | 431,184 | 366,946 | 329,500 | ||
EVT Execute | Recharges | |||||
Revenue | |||||
Revenues | 34,104 | 20,728 | 13,761 | ||
EVT Execute | Compound access fees | |||||
Revenue | |||||
Revenues | 1,532 | 1,361 | 1,019 | ||
EVT Execute | Milestone fees | |||||
Revenue | |||||
Revenues | 4,232 | 5,059 | 5,234 | ||
EVT Execute | Licences | |||||
Revenue | |||||
Revenues | 1,852 | ||||
EVT Innovate | |||||
Revenue | |||||
Revenues | 146,982 | 106,830 | 95,071 | ||
EVT Innovate | USA | |||||
Revenue | |||||
Revenues | 101,593 | 58,360 | 38,274 | ||
EVT Innovate | Germany | |||||
Revenue | |||||
Revenues | 22,573 | 24,792 | 9,672 | ||
EVT Innovate | France | |||||
Revenue | |||||
Revenues | 13,715 | 15,561 | 17,395 | ||
EVT Innovate | United Kingdom | |||||
Revenue | |||||
Revenues | 5,905 | 4,729 | 9,199 | ||
EVT Innovate | Rest of the world | |||||
Revenue | |||||
Revenues | 3,196 | 3,388 | 20,531 | ||
EVT Innovate | At a certain time | |||||
Revenue | |||||
Revenues | 47,124 | 13,140 | 25,202 | ||
EVT Innovate | Over a period of time | |||||
Revenue | |||||
Revenues | 99,858 | 93,690 | 69,869 | ||
EVT Innovate | Service fees and FTE-based research payments | |||||
Revenue | |||||
Revenues | 99,570 | 93,648 | 69,081 | ||
EVT Innovate | Recharges | |||||
Revenue | |||||
Revenues | 1,887 | 1,107 | 742 | ||
EVT Innovate | Compound access fees | |||||
Revenue | |||||
Revenues | 43 | ||||
EVT Innovate | Milestone fees | |||||
Revenue | |||||
Revenues | 45,237 | 12,033 | 25,202 | ||
EVT Innovate | Licences | |||||
Revenue | |||||
Revenues | € 245 | € 42 | € 46 | ||
[1] | Includes the impacts of the IFRIC final agenda decisions of April 2021 of benefits to periods of service, as described in Note 2 “First time adoption of new accounting standards in the financial year 2021” |
Revenues - Additional informati
Revenues - Additional information (Details) - EUR (€) € in Thousands | 12 Months Ended | ||||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |||
Transaction price | |||||
Revenues | € 618,034 | € 500,924 | [1] | € 446,437 | [1] |
Contributions | |||||
Transaction price | |||||
Revenues | 8,565 | 4,648 | 4,545 | ||
BMS | |||||
Transaction price | |||||
Revenue from contracts with customers | € 98,616 | 62,561 | |||
BMS | Minimum | |||||
Transaction price | |||||
Percentage of entity's revenue | 10.00% | ||||
BMS and Sanofi | |||||
Transaction price | |||||
Revenue from contracts with customers | € 112,854 | ||||
BMS and Sanofi | Minimum | |||||
Transaction price | |||||
Percentage of entity's revenue | 25.00% | ||||
Not later than one year | |||||
Transaction price | |||||
Transaction price allocated to the remaining performance obligation | € 225,061 | 377,216 | € 320,787 | ||
After one year | |||||
Transaction price | |||||
Transaction price allocated to the remaining performance obligation | € 67,619 | € 69,328 | € 98,469 | ||
[1] | Includes the impacts of the IFRIC final agenda decisions of April 2021 of benefits to periods of service, as described in Note 2 “First time adoption of new accounting standards in the financial year 2021” |
Research and Development (Detai
Research and Development (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Expenses | |||
Research and development expenses relating to own projects | € 64,064 | € 55,992 | € 49,673 |
Research and development expenses relating to overhead expenses | 8,136 | 9,341 | 6,766 |
Capitalized software development costs | 980 | ||
Research and development expense | |||
Expenses | |||
Depreciation and amortisation expense | € 1,042 | € 789 | € 752 |
Selling, general and administ_2
Selling, general and administrative expenses (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Expenses | |||
Sales and marketing expense | € 9,422 | € 9,503 | € 9,094 |
Other administrative expenses | 96,023 | 67,356 | 57,452 |
Selling, general and administrative expense | |||
Expenses | |||
Depreciation and amortisation expense | € 24,957 | € 19,840 | € 17,466 |
Other operating income (Details
Other operating income (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
France | |||
Other operating income | |||
Refunds related to tax development programmes | € 22,691 | € 19,308 | € 17,618 |
Italy | |||
Other operating income | |||
Refunds related to tax development programmes | 2,784 | 124 | 6,735 |
United Kingdom | |||
Other operating income | |||
Refunds related to tax development programmes | 6,502 | 4,337 | 3,874 |
Sanofi | |||
Other operating income | |||
Refunds related to development of portfolios | € 35,762 | € 43,398 | € 32,822 |
Financial instruments - Currenc
Financial instruments - Currency risks (Details) | 12 Months Ended | |||||
Dec. 31, 2021€ / $ | Dec. 31, 2021€ / $€ / £ | Dec. 31, 2020€ / $ | Dec. 31, 2020€ / £€ / $ | Dec. 31, 2021€ / £ | Dec. 31, 2020€ / £ | |
Financial instruments | ||||||
Average currency rates | 0.8455 | 1.1633 | 0.8755 | 1.1240 | ||
Currency rates | 0.8829 | 0.8829 | 0.8149 | 0.8149 | 1.1901 | 1.1123 |
Financial instruments - Analysi
Financial instruments - Analysis of financial instruments (Details) - Currency risks - EUR (€) € in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
USD | |||
Financial instruments | |||
Percentage strengthening in rate | 10.00% | 10.00% | 10.00% |
Percentage weakening in rate | 10.00% | 10.00% | 10.00% |
Variance in equity from strengthening in rate | € 42,053 | € 11,321 | € 10,861 |
Variance in equity from weakening in rate | (42,053) | (11,321) | (10,861) |
Variance in profit and loss from strengthening in rate | 42,053 | 11,321 | 10,861 |
Variance in profit and loss from weakening in rate | € (42,053) | € (11,321) | € (10,861) |
GBP | |||
Financial instruments | |||
Percentage strengthening in rate | 10.00% | 10.00% | 10.00% |
Percentage weakening in rate | 10.00% | 10.00% | 10.00% |
Variance in equity from strengthening in rate | € 6,643 | € 5,702 | € 2,803 |
Variance in equity from weakening in rate | (6,643) | (5,702) | (2,803) |
Variance in profit and loss from strengthening in rate | 6,643 | 5,702 | 2,803 |
Variance in profit and loss from weakening in rate | € (6,643) | € (5,702) | € (2,803) |
EUR | |||
Financial instruments | |||
Percentage strengthening in rate | 10.00% | 10.00% | 10.00% |
Percentage weakening in rate | 10.00% | 10.00% | 10.00% |
Variance in equity from strengthening in rate | € 48,699 | € 17,032 | € 332 |
Variance in equity from weakening in rate | (48,699) | (17,032) | (332) |
Variance in profit and loss from strengthening in rate | 48,699 | 17,032 | 332 |
Variance in profit and loss from weakening in rate | € (48,699) | € (17,032) | € (332) |
Financial instruments (Details)
Financial instruments (Details) - Currency risks - Foreign currency forward contracts € in Thousands, $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2021EUR (€) | Dec. 31, 2020EUR (€) | Dec. 31, 2019EUR (€) | Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | |
Financial instruments | ||||||
Fair value of assets | € 3,845 | € 1,042 | ||||
Fair value of liabilities | € 8,565 | |||||
Gains and losses from the fair value accounting related to foreign currency derivatives | (12,410) | € (20) | € 1,042 | |||
Cash flows economically hedged, amount | $ | $ 344,830 | $ 70,500 | $ 30,000 | |||
EUR | ||||||
Financial instruments | ||||||
Cash flows economically hedged, amount | $ | 300,430 | 45,000 | 12,000 | |||
GBP | ||||||
Financial instruments | ||||||
Cash flows economically hedged, amount | € 8,400 | $ 44,400 | $ 25,500 | $ 14,396 |
Financial instruments - Interes
Financial instruments - Interest rate risks (Details) - Variable interest rates - Interest rate risks - EUR (€) € in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Financial instruments | |||
Variable interest rate increase | 1.00% | 1.00% | |
Variable interest rate decrease | 1.00% | 1.00% | |
Impact on income before taxes from increase in assumption | € 746 | € 415 | € 320 |
Impact on income before taxes from decrease in assumption | (827) | (415) | € (320) |
Impact on fair value of instrument from increase in assumption | 2,570 | 37 | |
Impact on fair value of instrument from decrease in assumption | € (827) | € (415) |
Financial instruments - Inter_2
Financial instruments - Interest rate swaps hedge (Details) - Interest rate risks € in Thousands | Dec. 31, 2021EUR (€)item | Jun. 30, 2019EUR (€)item |
Interest rate swap | ||
Financial instruments | ||
Number of swaps entered | item | 2 | 2 |
Notional amount | € | € 22,500 | € 48,250 |
Interest rate swap one | ||
Financial instruments | ||
Borrowings, swapped fixed rate | 2.00% | 0.17% |
Interest rate swap two | ||
Financial instruments | ||
Borrowings, swapped fixed rate | 1.12% | 0.24% |
Risks (Details)
Risks (Details) - EUR (€) € in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Carrying amount | |||
Loans | € (362,480) | ||
Lease obligations | (150,437) | € (145,554) | € (131,870) |
Contingent consideration | (1,103) | € (6,381) | |
Trade accounts payable | (72,598) | ||
Other financial liabilities | (4,017) | ||
Total non-derivative financial liabilities | (590,635) | ||
Interest rate swaps/FX forwards | (9,344) | ||
Total derivative financial liabilities | (9,344) | ||
Non-derivative financial liabilities | |||
Loans | (382,867) | ||
Lease obligations | (175,040) | ||
Contingent consideration | (1,156) | ||
Trade accounts payable | (72,598) | ||
Other financial liabilities | (4,017) | ||
Total non-derivative financial liabilities | (635,678) | ||
Derivative financial liabilities | |||
Interest rate swaps/FX forwards | (9,344) | ||
Total derivative financial liabilities | (9,344) | ||
Not later than one year | |||
Non-derivative financial liabilities | |||
Loans | (40,467) | ||
Lease obligations | (17,343) | ||
Contingent consideration | (1,156) | ||
Trade accounts payable | (72,598) | ||
Other financial liabilities | (4,017) | ||
Total non-derivative financial liabilities | (135,581) | ||
Derivative financial liabilities | |||
Interest rate swaps/FX forwards | (7,423) | ||
Total derivative financial liabilities | (7,423) | ||
Later than one year and not later than five years | |||
Non-derivative financial liabilities | |||
Loans | (253,391) | ||
Lease obligations | (69,396) | ||
Total non-derivative financial liabilities | (322,787) | ||
Derivative financial liabilities | |||
Interest rate swaps/FX forwards | (1,660) | ||
Total derivative financial liabilities | (1,660) | ||
More than five years | |||
Non-derivative financial liabilities | |||
Loans | (89,009) | ||
Lease obligations | (88,301) | ||
Total non-derivative financial liabilities | (177,310) | ||
Derivative financial liabilities | |||
Interest rate swaps/FX forwards | (261) | ||
Total derivative financial liabilities | € (261) |
Risks - Capital management risk
Risks - Capital management risk (Details) - EUR (€) € in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | |
Risks | |||
Total assets | € 2,235,161 | € 1,462,337 | [1] |
Equity attributable to the shareholders of Evotec SE | € 1,377,685 | € 724,456 | [1] |
Equity ratio (in %) | 61.60% | 49.50% | |
Net cash | € 186,409 | € (69,386) | |
[1] | Includes the impacts of the IFRIC final agenda decisions of April 2021 of benefits to periods of service, as described in Note 2 “First time adoption of new accounting standards in the financial year 2021” |
Risks - Credit risks (Details)
Risks - Credit risks (Details) - EUR (€) € in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
One customer | ||
Credit risk | ||
Receivables percentage | 23.00% | 9.00% |
Trade accounts receivables | ||
Credit risk | ||
Maximum exposure to credit risk | € 132,078 | € 79,005 |
Trade accounts receivables | USA | ||
Credit risk | ||
Maximum exposure to credit risk | 78,543 | 32,511 |
Trade accounts receivables | France | ||
Credit risk | ||
Maximum exposure to credit risk | 17,098 | 15,413 |
Trade accounts receivables | United Kingdom | ||
Credit risk | ||
Maximum exposure to credit risk | 12,391 | 9,683 |
Trade accounts receivables | Germany | ||
Credit risk | ||
Maximum exposure to credit risk | 6,283 | 5,072 |
Trade accounts receivables | Rest of Europe | ||
Credit risk | ||
Maximum exposure to credit risk | 10,363 | 14,006 |
Trade accounts receivables | Rest of the world | ||
Credit risk | ||
Maximum exposure to credit risk | 7,400 | 2,320 |
Contract assets | ||
Credit risk | ||
Maximum exposure to credit risk | € 18,614 | € 12,607 |
Risks - Reconciliation of cash
Risks - Reconciliation of cash flows from financing activities to the changes in financial liabilities (Details) - EUR (€) € in Thousands | 12 Months Ended | ||||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |||
Liabilities from financing activities | |||||
Proceeds from issuance of loans | € 30,791 | € 21,539 | [1] | € 292,305 | [1] |
Repayment | (16,018) | (6,520) | [1] | (70,039) | [1] |
Loan liabilities | |||||
Liabilities from financing activities | |||||
As of 01 January | 346,411 | 331,229 | |||
Proceeds from issuance of loans | 30,791 | 21,539 | |||
Repayment | (16,018) | (6,521) | |||
Cashflow from financing activities | 14,773 | 15,018 | |||
Foreign currency translation | 2 | ||||
Changes in fair value | 160 | 162 | |||
Interest increase | 1,136 | ||||
As of 31 December | 362,480 | 346,411 | 331,229 | ||
Lease obligations | |||||
Liabilities from financing activities | |||||
As of 01 January | 145,554 | 131,870 | |||
Repayment | (19,770) | (20,174) | |||
Cashflow from financing activities | (19,770) | (20,174) | |||
Disposal of finance lease obligation | (58) | (32,983) | |||
Foreign currency translation | 6,691 | (4,126) | |||
Interest increase | 3,728 | 3,125 | |||
Issue of finance lease obligation | 14,292 | 67,842 | |||
As of 31 December | 150,437 | 145,554 | 131,870 | ||
Loan notes | |||||
Liabilities from financing activities | |||||
As of 01 January | 3 | 3 | |||
As of 31 December | € 3 | € 3 | € 3 | ||
[1] | Includes the impacts of the IFRIC final agenda decisions of April 2021 of benefits to periods of service, as described in Note 2 “First time adoption of new accounting standards in the financial year 2021” |
Fair values (Details)
Fair values (Details) € in Thousands | 12 Months Ended | |
Dec. 31, 2021EUR (€) | Dec. 31, 2020EUR (€) | |
Fair values | ||
Transfer of assets from level 1 to level 2 | € 0 | € 0 |
Transfer of assets from level 2 to level 1 | 0 | 0 |
Transfer of assets into level 3 | 0 | 0 |
Transfer of assets out of level 3 | 0 | 0 |
Transfer of liabilities from level 1 to level 2 | 0 | 0 |
Transfer of liabilities from level 2 to level 1 | 0 | 0 |
Transfer of liabilities into level 3 | 0 | 0 |
Transfer of liabilities out of level 3 | € 0 | € 0 |
Long-term credit liabilities | Discount rate | ||
Fair values | ||
Significant unobservable input, liabilities | 0.0100155 |
Fair values - Summary of fair v
Fair values - Summary of fair values of financial assets and liabilities (Details) - EUR (€) € in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
At fair value | ||
Financial instruments | ||
Financial assets (liabilities) | € 417,254 | € 75,601 |
Financial assets (liabilities) at fair value | 417,254 | 75,601 |
Amortised cost, liabilities | Non-current loan liabilities | Level 3 | ||
Financial instruments | ||
Financial liabilities | 326,344 | 331,019 |
Financial liabilities, at fair value | 336,412 | 347,890 |
Fair value through profit and loss, liabilities | ||
Financial instruments | ||
Financial liabilities, at fair value | (10,447) | (6,381) |
Fair value through profit and loss, liabilities | Level 2 | ||
Financial instruments | ||
Financial liabilities, at fair value | (9,344) | |
Fair value through profit and loss, liabilities | Level 3 | ||
Financial instruments | ||
Financial liabilities, at fair value | (1,103) | (6,381) |
Fair value through profit and loss, liabilities | Derivative financial instruments, liabilities | At fair value | ||
Financial instruments | ||
Financial liabilities | (9,344) | |
Financial liabilities, at fair value | (9,344) | |
Fair value through profit and loss, liabilities | Contingent consideration | At fair value | ||
Financial instruments | ||
Financial liabilities | (1,103) | (6,381) |
Financial liabilities, at fair value | (1,103) | (6,381) |
Fair value through other comprehensive income | ||
Financial instruments | ||
Financial assets, at fair value | 158,908 | 59,350 |
Fair value through other comprehensive income | Level 1 | ||
Financial instruments | ||
Financial assets, at fair value | 158,908 | 59,350 |
Fair value through other comprehensive income | Investments | At fair value | ||
Financial instruments | ||
Financial assets | 158,908 | 59,350 |
Financial assets, at fair value | 158,908 | 59,350 |
Fair value through profit and loss, assets | ||
Financial instruments | ||
Financial assets, at fair value | 268,793 | 22,632 |
Fair value through profit and loss, assets | Level 1 | ||
Financial instruments | ||
Financial assets, at fair value | 244,866 | |
Fair value through profit and loss, assets | Level 2 | ||
Financial instruments | ||
Financial assets, at fair value | 3,343 | |
Fair value through profit and loss, assets | Level 3 | ||
Financial instruments | ||
Financial assets, at fair value | 23,927 | 19,289 |
Fair value through profit and loss, assets | Long-term investments | At fair value | ||
Financial instruments | ||
Financial assets | 268,793 | 19,289 |
Financial assets, at fair value | € 268,793 | 19,289 |
Fair value through profit and loss, assets | Derivative financial instruments, assets | At fair value | ||
Financial instruments | ||
Financial assets | 3,343 | |
Financial assets, at fair value | € 3,343 |
Fair values - Summary of moveme
Fair values - Summary of movement of financial assets and liabilities accounted for at fair values at level 3 (Details) - EUR (€) € in Thousands | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | |||
Other investments | ||||
Balance at the beginning | [1] | € 1,462,337 | ||
Balance at the end | 2,235,161 | € 1,462,337 | [1] | |
Level 3 | Contingent consideration | ||||
Contingent consideration | ||||
Balance at the beginning | (6,381) | (4,265) | ||
Exchange rate differences | (268) | 324 | ||
Addition | (2,941) | |||
Consumption | 445 | |||
Reclassification to Liabilities | 3,571 | |||
Net income/expense effected | 1,530 | 501 | ||
Balance at the end | (1,103) | (6,381) | ||
Level 3 | Long-term investments | ||||
Other investments | ||||
Balance at the beginning | 19,289 | 11,462 | ||
Addition | 6,647 | 6,327 | ||
Net income/expense effected | (2,009) | 1,500 | ||
Balance at the end | € 23,927 | € 19,289 | ||
[1] | Includes the impacts of the IFRIC final agenda decisions of April 2021 of benefits to periods of service, as described in Note 2 “First time adoption of new accounting standards in the financial year 2021” |
Fair values - Summary for the f
Fair values - Summary for the fair value of the level 3 hierarchy, possible alternative assumptions of significant unobservable inputs (Details) - Level 3 - EUR (€) € in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Discount rate | Contingent consideration | ||
Fair values | ||
Increase in input | 1.50% | 1.50% |
Decrease in input | 1.50% | 1.50% |
Increase (decrease) in net result due to increase in input | € (11) | € (121) |
Increase (decrease) in net result due to decrease in input | € 11 | € 131 |
Discount rate | Long-term investments | ||
Fair values | ||
Increase in input | 1.50% | 1.50% |
Decrease in input | 1.50% | 1.50% |
Increase (decrease) in net result due to increase in input | € (4,118) | € (3,282) |
Increase (decrease) in net result due to decrease in input | € 6,279 | € 4,975 |
Commercialization success rate | Contingent consideration | ||
Fair values | ||
Increase in input | 10.00% | 10.00% |
Decrease in input | 10.00% | 10.00% |
Increase (decrease) in net result due to increase in input | € 109 | € 768 |
Increase (decrease) in net result due to decrease in input | € (109) | € (355) |
Pension plan - Group Personal P
Pension plan - Group Personal Pension Plan (Details) - EUR (€) € in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
United Kingdom | ||
Pension plan | ||
Pension charge for the year | € 4,519 | € 3,727 |
Contributions payable | 152 | 353 |
USA | ||
Pension plan | ||
Pension charge for the year | € 646 | € 530 |
Pension plan - Pension Benefit
Pension plan - Pension Benefit Plan Obligation (Details) - France | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Pension plan | ||
Actuarial interest rate | 0.80% | 0.60% |
Salary increase | 1.90% | 1.80% |
Retirement age | 62 years | 62 years |
Minimum | ||
Pension plan | ||
Employee turnover | 0.00% | 0.00% |
Maximum | ||
Pension plan | ||
Employee turnover | 1.10% | 2.85% |
Pension plan - actuarial intere
Pension plan - actuarial interest rate and the resulting change of the relating pension provision (Details) - France - Interest rate - EUR (€) € in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Pension plan | ||
Increase in assumption | 0.50% | 0.50% |
Decrease in assumption | 0.50% | 0.50% |
Change of relating pension provision due to increase in assumption | € (626) | € (814) |
Change of relating pension provision due to decrease in assumption | € 676 | € 890 |
Pension plan - Additional Infor
Pension plan - Additional Information (Details) - Former member of the Management Board | Dec. 31, 2021 | Dec. 31, 2020 |
Pension plan | ||
Assumed pension increases | 1.50% | 1.50% |
Discount rate | 1.06% | 0.70% |
Pension plan - Pension Provisio
Pension plan - Pension Provisions Development (Details) - EUR (€) € in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Pension plan | ||
Pension provision at beginning of the year | € 14,441 | € 12,131 |
Addition at acquisition date | 771 | |
Benefit payments from the employer | (468) | (9) |
Actuarial gains/losses from: | ||
Changes in financial assumptions | (551) | (499) |
Experience adjustments | (116) | 1,022 |
Impact of changes in demographic assumptions | 3 | 56 |
Included in net income: | ||
Current service costs | 1,021 | 888 |
Interest cost | 98 | 80 |
Pension provision at year-end | 14,428 | 14,441 |
Germany | ||
Pension plan | ||
Pension provision at beginning of the year | 205 | |
Included in net income: | ||
Pension provision at year-end | € 189 | € 205 |
Commitments and contingencies -
Commitments and contingencies - Operating lease obligations (Details) - EUR (€) € in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Leases | ||
Future minimum lease payments for leases signed but not yet recognised | € 57,870 | € 12,822 |
Not later than one year | ||
Leases | ||
Future minimum lease payments for leases signed but not yet recognised | 801 | 71 |
Later than one year and not later than five years | ||
Leases | ||
Future minimum lease payments for leases signed but not yet recognised | 10,595 | 3,419 |
More than five years | ||
Leases | ||
Future minimum lease payments for leases signed but not yet recognised | € 46,474 | € 9,332 |
Commitments and contingencies_2
Commitments and contingencies - Other commitments and contingency (Details) - EUR (€) € in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Commitments and contingencies | ||
Future minimum payments for miscellaneous long-term commitments | € 9,459 | € 14,042 |
Purchase commitments | € 66,154 | € 32,976 |
Related party transactions (Det
Related party transactions (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Related parties | |||
Expenses for allowances on outstanding balances | € 8,969 | € 0 | |
Associated companies and joint ventures | |||
Related parties | |||
Revenues from Contracts/ Interest income | 28,868 | 35,450 | € 21,136 |
Cost of revenue/ Interest expense | 146 | 497 | |
Other liabilities | 5,635 | 1,780 | |
Associated companies and joint ventures | Trade accounts receivables | |||
Related parties | |||
Receivables | 2,643 | 2,984 | 2,015 |
Associated companies and joint ventures | Other financial assets | |||
Related parties | |||
Receivables | € 153 | 6,435 | 184 |
Other related party companies | |||
Related parties | |||
Revenues from Contracts/ Interest income | 32,961 | 20,699 | |
Other related party companies | Trade accounts receivables | |||
Related parties | |||
Receivables | € 6,492 | € 11,145 |
Personnel expenses and cost o_2
Personnel expenses and cost of material (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Personnel expenses and cost of material | |||
Personnel expenses | € 319,353 | € 250,082 | € 199,496 |
Statutory retirement insurance expenses | 12,407 | 10,065 | 8,594 |
Cost of materials | 107,837 | 92,827 | 70,887 |
Foreign | |||
Personnel expenses and cost of material | |||
Personnel expenses | 240,947 | 187,677 | 147,129 |
Statutory retirement insurance expenses | 7,566 | 6,292 | 5,580 |
Cost of materials | € 83,275 | € 73,064 | € 54,037 |
Other disclosures - Subsidiarie
Other disclosures - Subsidiaries and other Investments (Details) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Aeovian Pharmaceuticals Inc., San Francisco, USA | ||
Interests in other entities | ||
Voting rights % held in other investments | 4.80% | 5.83% |
AgroBio SAS, Paris, France | ||
Interests in other entities | ||
Voting rights % held in other investments | 10.03% | |
Blacksmith Medicines Inc. San Diego, USA | ||
Interests in other entities | ||
Voting rights % held in other investments | 15.10% | 15.01% |
Cajal Neuroscience Inc., Seattle, USA | ||
Interests in other entities | ||
Voting rights % held in other investments | 2.27% | 1.82% |
Carrick Therapeutics Ltd., Dublin, Ireland | ||
Interests in other entities | ||
Voting rights % held in other investments | 4.56% | 4.45% |
Exscientia plc (before: Exscientia Ltd.), Oxford, UK | ||
Interests in other entities | ||
Voting rights % held in other investments | 11.70% | |
Fibrocor LLP, Toronto, Canada | ||
Interests in other entities | ||
Voting rights % held in other investments | 16.26% | 16.00% |
Fibrocor Therapeutics Inc., Toronto, Canada | ||
Interests in other entities | ||
Voting rights % held in other investments | 8.73% | 8.88% |
Forge Therapeutics, Inc., San Diego, USA | ||
Interests in other entities | ||
Voting rights % held in other investments | 15.04% | 14.90% |
Immunitas, Therapeutics, Inc., Waltham, USA | ||
Interests in other entities | ||
Voting rights % held in other investments | 5.86% | 7.29% |
Leon Nanodrugs GmbH, Mnchen, Germany | ||
Interests in other entities | ||
Voting rights % held in other investments | 12.43% | 7.82% |
Mission BioCapital V LP, Cambridge, USA | ||
Interests in other entities | ||
Voting rights % held in other investments | 3.64% | 7.22% |
OxVax Limited, Oxford, UK | ||
Interests in other entities | ||
Voting rights % held in other investments | 4.42% | |
Ananke Therapeutics Inc, Boston, USA | ||
Interests in other entities | ||
Voting rights % held in associates and joint ventures | 22.70% | |
Autobahn Labs, Palo Alto, USA | ||
Interests in other entities | ||
Voting rights % held in associates and joint ventures | 25.58% | 39.29% |
Breakpoint Therapeutics GmbH, Hamburg, Germany | ||
Interests in other entities | ||
Voting rights % held in associates and joint ventures | 34.61% | 47.70% |
Celmatix Inc., New York, USA | ||
Interests in other entities | ||
Voting rights % held in associates and joint ventures | 23.75% | 25.05% |
Curexsys GmbH, Gttingen, Germany | ||
Interests in other entities | ||
Voting rights % held in associates and joint ventures | 39.82% | 39.82% |
Dark Blue Therapeutics LTD, Oxford, UK | ||
Interests in other entities | ||
Voting rights % held in associates and joint ventures | 17.11% | 18.67% |
Eternygen GmbH, Berlin, Germany | ||
Interests in other entities | ||
Voting rights % held in associates and joint ventures | 24.97% | 24.97% |
Exscientia plc (before: Exscientia Ltd.), Oxford, UK | ||
Interests in other entities | ||
Voting rights % held in associates and joint ventures | 20.32% | |
FSHD Unlimited Coop, Leiden, Netherlands | ||
Interests in other entities | ||
Voting rights % held in associates and joint ventures | 21.46% | 21.09% |
NephThera GmbH, Hamburg, Germany | ||
Interests in other entities | ||
Voting rights % held in associates and joint ventures | 50.00% | 50.00% |
Pancella Inc, Toronto, Canada | ||
Interests in other entities | ||
Voting rights % held in associates and joint ventures | 12.69% | 13.06% |
Quantro Therapeutics GmbH, Wien, Austria | ||
Interests in other entities | ||
Voting rights % held in associates and joint ventures | 34.52% | 24.99% |
Topas Therapeutics GmbH, Hamburg, Germany | ||
Interests in other entities | ||
Voting rights % held in associates and joint ventures | 22.14% | 21.13% |
Aptuit Global LLC, Princeton, USA | ||
Interests in other entities | ||
Voting rights % held in subsidiary | 100.00% | 100.00% |
Aptuit (Verona) SRL, Verona, Italy | ||
Interests in other entities | ||
Voting rights % held in subsidiary | 100.00% | 100.00% |
Aptuit (Oxford) Ltd., Abingdon, UK | ||
Interests in other entities | ||
Voting rights % held in subsidiary | 100.00% | 100.00% |
Aptuit (Switzerland) AG, Basel, Switzerland | ||
Interests in other entities | ||
Voting rights % held in subsidiary | 100.00% | 100.00% |
Aptuit (Potters Bar) Ltd, Abingdon, UK | ||
Interests in other entities | ||
Voting rights % held in subsidiary | 100.00% | 100.00% |
Cyprotex Discovery Ltd., Manchester, UK | ||
Interests in other entities | ||
Voting rights % held in subsidiary | 100.00% | 100.00% |
Cyprotex Ltd., Manchester, UK | ||
Interests in other entities | ||
Voting rights % held in subsidiary | 100.00% | 100.00% |
Cyprotex US, LLC., Watertown, USA | ||
Interests in other entities | ||
Voting rights % held in subsidiary | 100.00% | 100.00% |
Evotec (France) SAS, Toulouse, France | ||
Interests in other entities | ||
Voting rights % held in subsidiary | 100.00% | 100.00% |
Evotec ID (Lyon) SAS, Marcy l'Etoile, France | ||
Interests in other entities | ||
Voting rights % held in subsidiary | 100.00% | 100.00% |
Evotec (Hamburg) GmbH, Hamburg, Germany | ||
Interests in other entities | ||
Voting rights % held in subsidiary | 100.00% | 100.00% |
Evotec GT GmbH, Orth an der Donau, Austria | ||
Interests in other entities | ||
Voting rights % held in subsidiary | 100.00% | 100.00% |
Evotec (India) Private Limited, Thane, India* | ||
Interests in other entities | ||
Voting rights % held in subsidiary | 100.00% | 100.00% |
Evotec International GmbH, Hamburg, Germany | ||
Interests in other entities | ||
Voting rights % held in subsidiary | 100.00% | 100.00% |
Evotec (Munchen) GmbH, Martinsried, Germany | ||
Interests in other entities | ||
Voting rights % held in subsidiary | 100.00% | 100.00% |
Evotec (UK) Ltd., Abingdon, UK | ||
Interests in other entities | ||
Voting rights % held in subsidiary | 100.00% | 100.00% |
Evotec (US), Inc., Princeton, USA | ||
Interests in other entities | ||
Voting rights % held in subsidiary | 100.00% | 100.00% |
J.POD-Evotec Biologics Inc., Seattle, USA | ||
Interests in other entities | ||
Voting rights % held in subsidiary | 100.00% | 100.00% |
Just-Evotec Biologics, Inc, Seattle, USA | ||
Interests in other entities | ||
Voting rights % held in subsidiary | 100.00% | 100.00% |
Just-Evotec Biologics EU SAS, Toulouse, France | ||
Interests in other entities | ||
Voting rights % held in subsidiary | 100.00% |
Other disclosures - Management
Other disclosures - Management Board Remunerations (Details) - Management Board € in Thousands | 12 Months Ended | |
Dec. 31, 2021EUR (€)EquityInstruments | Dec. 31, 2020EUR (€)EquityInstruments | |
Remuneration | ||
Fixed remuneration (short-term) | € 1,928 | € 1,768 |
Variable remuneration (short-term) | € 1,319 | € 1,311 |
Share Performance and Restricted Share Awards | EquityInstruments | 160,048 | 77,214 |
Fair values of SPAs and RSAs granted | € 5,235 | € 1,751 |
Total remuneration | 8,482 | 4,830 |
Dr. Werner Lanthaler | ||
Remuneration | ||
Fixed remuneration (short-term) | 711 | 585 |
Variable remuneration (short-term) | € 590 | € 476 |
Share Performance and Restricted Share Awards | EquityInstruments | 100,769 | 38,400 |
Fair values of SPAs and RSAs granted | € 3,313 | € 871 |
Total remuneration | 4,614 | 1,932 |
Dr. Cord Dohrmann | ||
Remuneration | ||
Fixed remuneration (short-term) | 451 | 415 |
Variable remuneration (short-term) | € 275 | € 377 |
Share Performance and Restricted Share Awards | EquityInstruments | 40,956 | 14,647 |
Fair values of SPAs and RSAs granted | € 1,348 | € 332 |
Total remuneration | 2,074 | 1,124 |
Dr. Craig Johnstone | ||
Remuneration | ||
Fixed remuneration (short-term) | 382 | 382 |
Variable remuneration (short-term) | € 234 | € 236 |
Share Performance and Restricted Share Awards | EquityInstruments | 9,439 | 12,450 |
Fair values of SPAs and RSAs granted | € 296 | € 282 |
Total remuneration | 912 | 900 |
Enno Spillner | ||
Remuneration | ||
Fixed remuneration (short-term) | 384 | 386 |
Variable remuneration (short-term) | € 220 | € 222 |
Share Performance and Restricted Share Awards | EquityInstruments | 8,884 | 11,717 |
Fair values of SPAs and RSAs granted | € 278 | € 266 |
Total remuneration | € 882 | € 874 |
Other disclosures - Supervisory
Other disclosures - Supervisory Board Remuneration (Details) - Supervisory Board - EUR (€) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Remuneration | ||
Remuneration | € 480,500 | € 475,000 |
Supervisory Board share-based compensation | 0 | 0 |
Prof. Dr. Iris Lw-Friedrich | ||
Remuneration | ||
Remuneration | 113,600 | 70,000 |
Roland Sackers | ||
Remuneration | ||
Remuneration | 90,500 | 85,000 |
Dr. Mario Polywka | ||
Remuneration | ||
Remuneration | 55,500 | 50,000 |
Dr. Elaine Sullivan | ||
Remuneration | ||
Remuneration | 60,000 | 60,000 |
Kasim Kutay | ||
Remuneration | ||
Remuneration | 60,000 | 32,500 |
Dr. Constanze Ulmer-Eilfort | ||
Remuneration | ||
Remuneration | 32,700 | 0 |
Prof. Dr. Wolfgang Plischke | ||
Remuneration | ||
Remuneration | € 68,200 | 150,000 |
Michael Shalmi | ||
Remuneration | ||
Remuneration | € 27,500 |