Document and Entity Information
Document and Entity Information | 12 Months Ended |
Dec. 31, 2019shares | |
Document and Entity Information | |
Entity Registrant Name | Centogene N.V. |
Entity Central Index Key | 0001757097 |
Document Type | 20-F |
Document Period End Date | Dec. 31, 2019 |
Amendment Flag | false |
Current Fiscal Year End Date | --12-31 |
Entity Well-known Seasoned Issuer | No |
Entity Voluntary Filers | No |
Entity Current Reporting Status | Yes |
Entity Filer Category | Non-accelerated Filer |
Entity Common Units, Units Outstanding | 19,861,340 |
Entity Emerging Growth Company | true |
Entity Shell Company | false |
Document Fiscal Year Focus | 2019 |
Document Fiscal Period Focus | FY |
Entity Interactive Data Current | No |
Document Registration Statement | false |
Document Annual Report | true |
Document Transition Report | false |
Document Shell Company Report | false |
Entity Ex Transition Period | false |
Consolidated statements of comp
Consolidated statements of comprehensive loss - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Consolidated statements of comprehensive loss | |||
Revenue | € 48,780 | € 40,478 | € 31,689 |
Cost of sales | 26,005 | 19,941 | 14,939 |
Gross profit | 22,775 | 20,537 | 16,750 |
Research and development expenses | 9,590 | 6,300 | 6,396 |
General administrative expenses | 23,160 | 18,610 | 9,498 |
Selling expenses | 9,254 | 7,474 | 5,897 |
Other operating income | 3,781 | 2,306 | 1,043 |
Other operating expenses | 2,036 | 1,065 | 457 |
Real Estate Transfer Tax | 1,200 | 0 | 0 |
Operating loss | (18,684) | (10,606) | (4,455) |
Interest and similar income | 16 | 33 | 14 |
Interest and similar expenses | 2,029 | 1,075 | 1,021 |
Financial costs, net | (2,013) | (1,042) | (1,007) |
Loss before taxes | (20,697) | (11,648) | (5,462) |
Income taxes expenses/(benefits) | 158 | (310) | 14 |
Loss for the year | (20,855) | (11,338) | (5,476) |
Other comprehensive income, all attributable to equity holders of the parent | 16 | (8) | 10 |
Total comprehensive loss | (20,839) | (11,346) | (5,466) |
Attributable to: | |||
Equity holders of the parent | (20,658) | (10,971) | (5,351) |
Non-controlling interests | (181) | (375) | (115) |
Total comprehensive loss | € (20,839) | € (11,346) | € (5,466) |
Loss per share-Basic and diluted ( in EUR) | € (1.3) | € (0.8) | € (0.4) |
Consolidated statements of fina
Consolidated statements of financial position - EUR (€) € in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Non-current assets | ||
Intangible assets | € 14,145 | € 8,795 |
Property, plant and equipment | 8,376 | 39,115 |
Right-of-use assets | 24,932 | |
Other assets | 1,948 | 0 |
Non-current assets | 49,401 | 47,910 |
Current assets | ||
Inventories | 1,809 | 1,346 |
Trade receivables | 16,593 | 10,901 |
Other assets | 8,612 | 7,295 |
Cash and cash equivalents | 41,095 | 9,222 |
Current assets | 68,109 | 28,764 |
Total assets | 117,510 | 76,674 |
Equity | ||
Issued capital | 2,383 | 1,903 |
Capital reserve | 98,099 | 45,342 |
Retained earnings and other reserves | (40,622) | (19,964) |
Non-controlling interests | (938) | (757) |
Equity | 58,922 | 26,524 |
Non-current liabilities | ||
Non-current loans | 1,578 | 12,915 |
Lease liabilities | 18,069 | 1,712 |
Other liabilities | 9,941 | 11,240 |
Non-current liabilities | 29,588 | 25,867 |
Current liabilities | ||
Investment subsidies | 1,348 | 794 |
Current loans | 3,688 | 3,702 |
Lease liabilities | 3,635 | 1,350 |
Liabilities from income taxes | 10 | |
Trade payables | 8,554 | 5,429 |
Other liabilities | 11,775 | 12,998 |
Current liabilities | 29,000 | 24,283 |
Equity and liabilities | € 117,510 | € 76,674 |
Consolidated statements of cash
Consolidated statements of cash flows - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Operating activities | |||
Loss before taxes | € (20,697) | € (11,648) | € (5,462) |
Adjustments to reconcile earnings to cash flow from operating activities | |||
Amortization and depreciation | 6,579 | 5,175 | 3,237 |
Interest income | (16) | (33) | (14) |
Interest expense | 2,029 | 1,075 | 1,021 |
Loss/(gain) on the disposal of non-current assets | (532) | (60) | |
Sharebased payment expenses | 6,418 | 5,521 | 894 |
Real estate transfer tax expenses | 1,200 | 0 | 0 |
Other non-cash items | (1,856) | (966) | (32) |
Changes in operating assets and liabilities: | |||
Inventories | (463) | (567) | (412) |
Trade receivables | (5,692) | (3,909) | (2,430) |
Other assets | (1,169) | (919) | 314 |
Trade payables | 3,125 | 140 | (728) |
Other liabilities | 3,299 | 1,554 | (664) |
Cash flow used in operating activities | (7,775) | (4,577) | (4,336) |
Investing activities | |||
Cash paid for investments in intangible assets | (7,280) | (3,059) | (2,471) |
Cash paid for investments in property, plant and equipment and right-of -use assets | (296) | (8,710) | (15,564) |
Grants received for investment in property, plant and equipment | 793 | 3,042 | 6,802 |
Grants refunded related to disposed property, plant and equipment | (358) | ||
Cash received from disposals of property, plant and equipment | 21,300 | 65 | |
Interest received | 16 | 33 | 14 |
Cash flow (used in)/from investing activities | 14,175 | (8,694) | (11,154) |
Financing activities | |||
Cash received from equity contributions, net | 41,899 | 20,073 | 19,034 |
Cash received from loans | 721 | 3,631 | 9,990 |
Cash repayments of loans | (12,072) | (2,851) | (8,749) |
Cash repayments of leases liabilities | (3,046) | (442) | (1,580) |
Interest paid | (2,029) | (1,075) | (1,013) |
Cash flow from financing activities | 25,473 | 19,336 | 17,682 |
Changes in cash and cash equivalents | 31,873 | 6,065 | 2,192 |
Cash and cash equivalents at the beginning of the period | 9,222 | 3,157 | 965 |
Cash and cash equivalents at the end of the period | € 41,095 | € 9,222 | € 3,157 |
Consolidated statements of chan
Consolidated statements of changes in equity - EUR (€) € in Thousands | Total | Issued capital | Capital reserve | Currency translation reserve | Retained earnings | Non-controlling interests | Total |
Balance at beginning of the year at Dec. 31, 2016 | € 3,002 | € 1,274 | € 5,370 | € (18) | € (3,624) | € (267) | € 2,735 |
Loss for the year | (5,361) | (5,361) | (115) | (5,476) | |||
Other comprehensive income (loss) | 10 | 10 | 10 | ||||
Total comprehensive loss | (5,351) | 10 | (5,361) | (115) | (5,466) | ||
Share-based payments | 51 | 51 | 51 | ||||
Issuance of shares | 19,450 | 272 | 19,178 | 19,450 | |||
Transaction costs | (416) | (416) | (416) | ||||
Balance at end of the year at Dec. 31, 2017 | 16,736 | 1,546 | 24,183 | (8) | (8,985) | (382) | 16,354 |
Loss for the year | (10,963) | (10,963) | (375) | (11,338) | |||
Other comprehensive income (loss) | (8) | (8) | (8) | ||||
Total comprehensive loss | (10,971) | (8) | (10,963) | (375) | (11,346) | ||
Share-based payments | 1,443 | 1,443 | 1,443 | ||||
Issuance of shares | 20,073 | 357 | 19,716 | 20,073 | |||
Balance at end of the year at Dec. 31, 2018 | 27,281 | 1,903 | 45,342 | (16) | (19,948) | (757) | 26,524 |
Loss for the year | (20,674) | (20,674) | (181) | (20,855) | |||
Other comprehensive income (loss) | 16 | 16 | 16 | ||||
Total comprehensive loss | (20,658) | € 16 | (20,674) | (181) | (20,839) | ||
Share-based payments | (1,300) | (1,300) | (1,300) | ||||
Issuance of shares | 46,798 | 480 | 46,318 | 46,798 | |||
Transaction costs | (4,899) | (4,899) | (4,899) | ||||
Share-based payments - modification at IPO | 10,038 | 10,038 | 10,038 | ||||
Balance at end of the year at Dec. 31, 2019 | € 59,860 | € 2,383 | € 98,099 | € (40,622) | € (938) | € 58,922 |
General company information
General company information | 12 Months Ended |
Dec. 31, 2019 | |
General company information | |
General company information | 1 General company information Centogene N.V. (“the Company”) and its subsidiaries focus on rare diseases that transforms real-world clinical and genetic data into actionable information for patients, physicians and pharmaceutical companies. The mission of the Company is to bring rationality to treatment decisions and to accelerate the development of new orphan drugs by using our knowledge of the global rare disease market, including epidemiological and clinical data and innovative biomarkers. On November 7, 2019, the Company completed an initial public offering (“IPO”) and is listed on Nasdaq Global Market under stock code “CNTG”. 4 million common shares with a nominal value of EUR 0.12 per share were sold at a public offering price of USD 14 per share (i.e. EUR 12.58 per share), for aggregate net offering proceeds, after deducting underwriting discounts and commissions, of EUR 47 million. In connection with the IPO, the Company underwent a corporate reorganization and Centogene N.V. became the parent holding company with 100% interest in Centogene AG since November 12, 2019. Centogene N.V. is a public company with limited liabilities incorporated in the Netherlands, with registered office located at Am Strande 7 in 18055 Rostock, Germany and trade register number 72822872. Prior to the reorganization, Centogene AG was the parent holding company of the Group and was owned by individual common shareholders as well as institutional investors holding preference shares. As part of the reorganization, Centogene B.V. was formed and the common shares and preference shares of Centogene AG owned by individual shareholders and institutional investors were exchanged to common shares of Centogene B.V. As a result, Centogene B.V. became the holding company of Centogene AG, while the individual shareholders and institutional investors had a 100% shareholding in Centogene B.V. Effective with the IPO, Centogene B.V. changed its legal form and became Centogene N.V. and common shares of Centogene B.V. were converted to common shares of Centogene N.V. |
Basis of preparation
Basis of preparation | 12 Months Ended |
Dec. 31, 2019 | |
Basis of preparation | |
Basis of preparation | 2 Basis of preparation The corporate reorganization, as described above, is considered a continuation of the Centogene group resulting in no change in the carrying values of assets or liabilities. As a result, the financial statements for periods prior to the IPO and the corporate reorganization are the financial statements of Centogene AG as the predecessor to the Company for accounting and reporting purposes. Unless otherwise specified, “the Company” refers to Centogene N.V., and Centogene AG throughout the remainder of these notes, while “the Group” refers to Centogene N.V., Centogene AG and its subsidiaries. The consolidated financial statements of the Group were prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (the “IASB”). The accounting policies used in the fiscal year 2019 generally correspond to the policies applied by Centogene AG in the prior year, except for certain amendments to the standards which are effective for annual periods beginning on or after January 1, 2019 (see note 3). In addition, certain prior period information has been reclassified to conform with current year presentation (see note 17). These consolidated financial statements are presented in euro, which is the Group’s functional currency. Unless otherwise specified, all financial information presented in euro is rounded to the nearest thousand (EUR k) in line with customary commercial practice. |
Effects of new accounting stand
Effects of new accounting standards | 12 Months Ended |
Dec. 31, 2019 | |
Effects of new accounting standards | |
Effects of new accounting standards | 3 Effects of new accounting standards (a) New standards adopted by the Group as of January 1, 2019 IFRS 16 Leases IFRS 16 supersedes IAS 17 Leases, IFRIC 4 Determining whether an Arrangement contains a Lease, SIC-15 Operating Leases-Incentives and SIC-27 Evaluating the Substance of Transactions Involving the Legal Form of a Lease. The standard sets out the principles for the recognition, measurement, presentation and disclosure of leases and requires lessees to account for most leases under a single on-balance sheet model. The Group has lease contracts for land and buildings, offices as well as various items of plant, machinery, motor vehicles and other equipment. Prior to the adoption of IFRS 16, the Group classified each of its leases (as lessee) at the inception date as either a finance lease or an operating lease. A lease was classified as a finance lease if it transferred substantially all of the risks and rewards incidental to ownership of the leased asset to the Group; otherwise it was classified as an operating lease. Finance leases were capitalized at the commencement of the lease at the inception date fair value of the leased property or, if lower, at the present value of the minimum lease payments. Lease payments were apportioned between interest (recognized as finance costs) and reduction of the lease liability. For operating leases, the leased property was not capitalized, and the lease payments were recognized as rent expense in the statement of profit or loss on a straight-line basis over the lease term. Any prepaid rent and accrued rent were recognized under Prepayments and Trade and other payables, respectively. The Group adopted IFRS 16 as of January 1, 2019, using the modified retrospective method of adoption. The Group elected to use the transition practical expedient allowing the standard to be applied only to contracts that were previously identified as leases applying IAS 17 and IFRIC 4 at the date of initial application. The Group also elected to use the recognition exemptions for lease contracts that, at the commencement date, have a lease term of 12 months or less and do not contain a purchase option (‘short-term leases’), and lease contracts for which the underlying asset is of low value (‘low-value assets’). Upon adoption of IFRS 16, the Group applied a single recognition and measurement approach for all leases under which it is the lessee, except for short-term leases and leases of low-value assets. The Group recognized lease liabilities to make lease payments and right-of-use assets representing the right to use the underlying assets. In accordance with the modified retrospective method of adoption, the Group did not change the initial carrying amounts of recognized assets and liabilities at the date of initial application for leases previously classified as finance leases (i.e., the right-of-use assets and lease liabilities equal the lease assets and liabilities recognized under IAS 17) and did not restate its comparative figures but recognized the cumulative effect of adopting IFRS 16 as an adjustment to equity at the beginning of the current period. The effect of adoption of IFRS 16 is as follows: Impact on the statement of financial position (increase/(decrease)) as at January 1, 2019 : in EUR k Assets Property, plant and equipment (5,364) Right-of-use assets 5,767 Total assets 403 Liabilities Lease liabilities – Current 93 Lease liabilities – Non-Current 310 Total liabilities 403 • • IFRIC Interpretation 23 Uncertainty over Income Tax Treatment (the “Interpretation”) The Interpretation addresses the accounting for income taxes when tax treatments involve uncertainty that affects the application of IAS 12 and does not apply to taxes or levies outside the scope of IAS 12, nor does it specifically include requirements relating to interest and penalties associated with uncertain tax treatments. The Interpretation specifically addresses the following: - - - - The Group determines whether to consider each uncertain tax treatment separately or together with one or more other uncertain tax treatments and uses the approach that better predicts the resolution of the uncertainty. Upon adoption of the Interpretation, the Group considered whether it has any uncertain tax positions. The Group determined, based on its review, the tax loss positions of both the Company and the subsidiaries and no outstanding income tax liabilities, the Interpretation did not have an impact on the consolidated financial statements. (b) New standards not yet effective Furthermore, the new and amended standards and interpretations that are issued, but not yet effective, up to the date of issuance of the Group’s financial statements are disclosed below. The Group intends to adopt these new and amended standards and interpretations when they become effective. Amendments to IAS 1 and IAS 8: Definition of Material In October 2018, the IASB issued amendments to IAS 1 Presentation of Financial Statements and IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors to align the definition of ‘material’ across the standards and to clarify certain aspects of the definition. The new definition states that, ’Information is material if omitting, misstating or obscuring it could reasonably be expected to influence decisions that the primary users of general purpose financial statements make on the basis of those financial statements, which provide financial information about a specific reporting entity.’ The amendments to the definition of material is not expected to have a significant impact on the Group’s consolidated financial statements. Amendments to IFRS 3: Definition of a Business In October 2018, the IASB issued amendments to the definition of a business in IFRS 3 Business Combinations to help entities determine whether an acquired set of activities and assets is a business or not. They clarify the minimum requirements for a business, remove the assessment of whether market participants are capable of replacing any missing elements, add guidance to help entities assess whether an acquired process is substantive, narrow the definitions of a business and of outputs, and introduce an optional fair value concentration test. New illustrative examples were provided along with the amendments. Since the amendments apply prospectively to transactions or other events that occur on or after the date of first application, the Group will not be affected by these amendments on the date of transition. |
Basis of consolidation
Basis of consolidation | 12 Months Ended |
Dec. 31, 2019 | |
Basis of consolidation | |
Basis of consolidation | 4 Basis of consolidation As discussed in note 1 and note 2, as a result of the corporate reorganization, Centogene N.V. consolidates Centogene AG and Centogene AG is considered to be the predecessor to Centogene N.V. for accounting and reporting purposes. The basis of consolidation includes the entities over which Centogene N.V. has control within the meaning of IFRS 10 Consolidated Financial Statements. According to IFRS 10, Centogene N.V. has control of an investee when it has direct or indirect power over the investee, exposure, or rights to variable returns from its involvement with the investee and the ability to use its power over the investee to affect those returns. Control is established when it is possible to influence operating and financial policies of the investee, typically with a share in the voting rights or shareholding of more than 50% in the investee. An entity is included in the Group’s basis of consolidation from the point in time when the Group obtains control of the entity and ceases when the Group loses control of the subsidiary. Assets, liabilities, income and expenses of a subsidiary acquired or disposed of during the year are included in the consolidated financial statements from the date the Group gains control until the date the Group ceases to control the subsidiary. Profit or loss and each component of other comprehensive income are attributed to the equity holders of the parent of the Group and to the non-controlling interests, even if this results in the non-controlling interests having a deficit balance. All intra-group assets and liabilities, equity, income, expenses and cash flows relating to transactions between members of the Group are eliminated in full upon consolidation. If the Group loses control over a subsidiary, it derecognizes the related assets, liabilities, non-controlling interest and other components of equity, while any resultant gain or loss is recognized in profit or loss. |
Significant accounting policies
Significant accounting policies | 12 Months Ended |
Dec. 31, 2019 | |
Significant accounting policies | |
Significant accounting policies | 5 Significant accounting policies The Group applied the following accounting policies consistently for all of the periods presented in these consolidated financial statements. (a) The Group’s consolidated financial statements are presented based on the parent company’s functional currency. For each entity, the Group determines the functional currency and items included in the financial statements of each entity are measured using that functional currency. The Group uses the direct method of consolidation and on disposal of a foreign operation, the gain or loss that is reclassified to profit or loss reflects the amount that arises from using this method. Transactions in foreign currency are translated into the respective entity’s functional currency at the spot rate prevailing on the date of the transaction. The functional currency of each entity is the respective local currency, since the entities carry out their business activities independently from a financial, economic and organizational perspective. Monetary assets and liabilities denominated in foreign currency are translated to the functional currency using the closing rate at the reporting date. Currency translation differences are recognized immediately through profit or loss. Non-monetary items denominated in a foreign currency that are measured at historical cost are not translated at the reporting date. On consolidation, the assets and liabilities of foreign operations are translated into euros using the closing rate on the reporting date. Income and expenses of foreign operations are translated using the exchange rate prevailing on the date of the transaction or the annual average exchange rate. Equity is translated using historical rates until the entity is removed from the Group’s basis of consolidation. Any resulting currency translation differences are recorded in other comprehensive income and recognized under the currency translation reserve in equity if the exchange difference is not allocable to the non-controlling interests. The exchange rates used are presented in the following table: Average rate Closing rate Dec 31, Dec 31, Dec 31, 2017 2018 2019 2017 2018 2019 USD (EUR 1) 1.1297 1.1779 1.1191 1.1993 1.1419 AED (EUR 1) 4.1549 4.2713 4.0985 4.3874 4.1396 INR (EUR 1) 73.5324 79.3177 78.7980 76.6055 78.5156 (b) The Group provides pharmaceutical solutions and diagnostic tests enabled by its knowledge and interpretation-based platform. Revenue from contracts with customers is recognized when control of the goods or services are transferred to the customer at an amount that reflects the consideration to which the Group expects to be entitled in exchange for those goods or services, usually on delivery of the goods. (i) The Group's contracts with customers relate to a variety of solutions provided to the Group's pharmaceutical partners in order to accelerate their development of treatments for rare diseases, including early patient recruitment and identification, epidemiological insights, biomarker discovery and patient monitoring. The collaboration agreements are structured on a fee per sample basis, milestone basis, fixed fee basis, royalty basis or a combination of these. In addition, some of the Group's contracts with its pharmaceutical partners also include sales of CentoCards for the collection of biological samples from patients. The performance obligations in Pharmaceutical segment can either be satisfied over time or at a point in time depending on the structure of the collaborations, which are determined based on nature of the service provided, as detailed below. - - - - (ii) Revenues from the Group's diagnostics segment are typically generated from genetic sequencing and diagnostics services that the Group provides to clients, who are typically physicians, laboratories or hospitals, either directly or through distributors. Revenues are based on a negotiated price per test or on the basis of agreements to provide certain testing volumes over defined periods. The Group has concluded that the services rendered in the diagnostics segment comprise one performance obligation. The performance obligation in the Diagnostics segment is recognized over time, using an input method to measure progress towards complete satisfaction of the service. In order to measure progress, the Group uses a standardized process which measures progress to completion by stages, consisting of (i) a preparation stage, (ii) a clarification stage, (iii) a sequencing stage, and (iv) an output stage. The percentages attributed to those stages are indicative of the cost incurred in performing the respective stage in relation to total cost. The Group has disaggregated revenue recognized from contracts with customers into categories that depict how the nature, amount, timing and uncertainty of revenue and cash flows are affected by economic factors. The Group has also disclosed information about the relationship between the disclosure of disaggregated revenue and the revenue information disclosed for each reportable segment. See note 7 for the disclosure on disaggregated revenue. Contract balances (i) Contract assets A contract asset is the right to consideration in exchange for goods or services transferred to the customer. If the Group satisfies a performance obligation by transferring goods or services to a customer before the customer pays consideration or before payment is due, a contract asset is recognized for the earned consideration that is conditional. Contract assets are subject to impairment assessment, refer to accounting policies of impairment of financial assets in note 5(n) “Financial instruments”. (ii) A receivable represents the Group’s right to an amount of consideration that is unconditional (i.e., only the passage of time is required before payment of the consideration is due). Refer to accounting policies of impairment of financial assets in note 5(n) “Financial instruments”. (iii) A contract liability is the obligation to transfer goods or services to a customer for which the Group has received consideration or an amount of consideration is due from the customer (whichever is earlier). If a customer pays consideration before the Group transfers goods or services to the customer, a contract liability is recognized when the payment is made or the payment is due (whichever is earlier). Contract liabilities are recognized as revenue when the Group performs under the contract. (c) Interest income and expenses are recognized in the period which they relate to through profit or loss using the effective interest rate method. (d) The Group presents assets and liabilities in the statement of financial position based on current/non-current classification. An asset is current when it is: - - - - All other assets are classified as non-current. A liability is current when: - - - - The terms of the liability that could, at the option of the counterparty, result in its settlement by the issue of equity instruments do not affect its classification. The Group classifies all other liabilities as non-current. Deferred tax assets and liabilities are classified as non-current assets and liabilities (e) Research and development Expenses for research activities are recognized through profit or loss in the period in which they are incurred. Development expenditures on an individual project are recognized as an intangible asset from the date the Group can demonstrate: - - - - - The Group’s research and development activities mainly relate to development of biomarkers and IT driven solutions. With respect to biomarkers, the development stage is usually considered to be achieved when the target validation process is completed and commercialization is probable. With respect to IT driven solutions, the development stage is considered to be achieved upon the completion of the Group’s internal validation test. Before such dates, any development costs are recognized in profit or loss and may not be subsequently capitalized. Capitalized development costs are recognized at cost less accumulated amortization and any accumulated impairment losses. They are only amortized as from the date the asset is ready for its intended use, which in the case of biomarkers is normally at the time the patent application for such biomarker is made. Amortization expense commences when the assets ready to be put in use, and is recorded in cost of sales and research and development expenses. Capitalized development costs which are still under development are tested for impairment annually and when circumstances indicate that the carrying value may be impaired. Other intangible assets Other intangible assets purchased by the Group with finite useful lives are recognized at cost less accumulated amortization and any accumulated impairment losses. Subsequent expenditure is only capitalized if it increases the future economic benefits of the respective asset. Intangible assets are amortized over their estimated useful life using the straight-line method and assessed for impairment whenever there is an indication that the intangible asset may be impaired. The estimated useful lives are as follows: - Software, patents and trademarks: 3‑7 years - Capitalized development costs: 7 years The useful lives and depreciation methods are reviewed annually to ensure that the methods and periods of depreciation are consistent with the expected economic benefit from the asset. (f) Property, plant and equipment are carried at cost less any accumulated depreciation and any accumulated impairment losses. The cost of property, plant and equipment comprises its purchase price including customs duties and non-refundable acquisition taxes, and proportionate VAT not deductible from input tax as well as any directly attributable costs of bringing the asset to its working condition and location for its intended use. Subsequent expenditure is only capitalized if it is probable that the future economic benefits associated with the expenditure will flow to the Group. Depreciation is calculated over the estimated useful life using the straight-line method. The Group has assessed that none of its property, plant and equipment has a residual value. The estimated useful lives of significant property, plant and equipment are as follows: - Freehold land is not depreciated - Buildings: 33 years and - Plant and other equipment, furniture and fixtures: 2‑15 years An item of property, plant and equipment is derecognized upon disposal or when no future economic benefits are expected from its use or disposal. Any gain or loss arising on derecognition of the asset (calculated as the difference between the net disposal proceeds and the carrying amount of the asset) is included in the statement of comprehensive loss when the asset is derecognized. The depreciation methods, useful lives and residual values are reviewed, and adjusted prospectively if appropriate, as of each reporting date. Assets under construction are reported at cost and are allocated to property, plant and equipment until they are completed and put into operational use, from which point onwards they are depreciated. (g) Before January 1, 2019 prior to adoption of IFRS 16, the accounting treatment of leases depended on if key risk and rewards of ownerships of the assets under leases were transferred. Assets that are held by the Group under a lease that transfers the key risks and rewards of ownership to the Group are classified as finance leases. The leased asset is initially measured at the lower of fair value and the present value of the minimum lease payments. After initial recognition, the asset is carried in accordance with applicable accounting policy for the asset. Finance lease payments are apportioned between finance costs and the reduction of the outstanding liability. The finance costs are allocated to each period during the lease term so as to produce a constant periodic rate of interest on the remaining balance of the liability. Assets from other leases are classified as operating leases and the respective lease expenses are recognised in profit or loss on a straight-line basis over the lease term. Since January 1, 2019, the Group adopted IFRS 16 and assesses at contract inception whether a contract is, or contains, a lease. That is, if the contract conveys the right to control the use of an identified asset for a period of time in exchange for a consideration. Group as a lessee The Group applies a single recognition and measurement approach for all leases, except for short-term leases and leases of low-value assets. The Group recognizes lease liabilities to make lease payments and right-of-use assets representing the right to use the underlying assets. (i) The Group recognizes right-of-use assets at the commencement date of the lease (i.e., the date the underlying asset is available for use). Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities. The cost of right-of-use assets includes the amount of lease liabilities recognized, initial direct costs incurred, and lease payments made at or before the commencement date less any lease incentives received. Unless the Group is reasonably certain to obtain ownership of the leased asset at the end of the lease term, the recognized right-of-use assets are depreciated on a straight-line basis over the shorter of its lease term and the estimated useful lives, as follows: - - - If ownership of the leased asset transfers to the Group 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 asset. The right-of-use assets are also subject to impairment. Refer to accounting policies of impairment of financial assets in note 5(n) “Financial instruments”. (ii) At the commencement date of the lease, the Group recognizes lease liabilities measured at the present value of lease payments to be made over the lease term. The lease payments include fixed payments (including in-substance 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 leases reasonably certain to be terminated. The variable lease payments that do not depend on an index or a rate are recognized as expenses in the period during which the event or condition that triggers the payment occurs. In calculating the present value of lease payments, the Group uses the incremental borrowing rate at the lease commencement date if 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, a change in the lease term, a change in the in-substance fixed lease payments or a change in the assessment to purchase the underlying asset. (iii) The Group 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). It also applies the lease of low-value assets recognition exemption to leases of office equipment that are considered of low value (i.e., below EUR 5k). Lease payments on short-term leases and leases of low-value assets are recognized as expenses on a straight-line basis over the lease term. (iv) The Group applies IFRS 15 for determining if the transfer of an asset to the buyer (lessor) is to be accounted for as a sale of assets. After the sale of assets is concluded, the Group measures the right-of-use assets arising from the leaseback at the proportion of the previous carrying value of the asset that relates to the right of use retained by the Group. Accordingly, the Group recognizes only the amount of any gain or loss that relates to the rights transferred to the buyer (lessor). If the fair value of the consideration for the sale of an asset does not equal the fair value of the asset, or if the payments for the leases are not at market rates, the Group makes the following adjustments to measure the sale proceeds at fair value: • • (h) Property, plant and equipment and intangible assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Whenever the carrying amount of an asset exceeds its recoverable amount, an impairment loss is recognized in profit or loss. The recoverable amount is measured as the higher of fair value less costs to sell and value in use. Recoverable amounts are estimated either for individual assets or, if an individual asset does not generate cash flows independently of other assets, for the whole cash-generating unit. (i) Inventories are measured at the lower of cost and net realizable value. Inventories are recognized at cost based on the first in first out (FIFO) method. Net realizable value is the estimated selling price in the ordinary course of business, less estimated costs of completion and the estimated costs necessary to make the sale. (j) Government grants are recognized where there is reasonable assurance that the grant will be received and all attached conditions will be complied with. Grants that are intended to compensate the Group for expenses incurred are recognized through profit or loss on a systematic basis over the periods in which expenses are recognized. Government grants which relate to an asset are initially recognized as deferred income at nominal amounts. They are subsequently released to profit or loss on a systematic basis over the expected useful life of the related asset. The release of deferred income related to either type of grant is presented as other operating income (see note 8). (k) Plan recipients (including senior executives and certain member of Supervisory Board) of the Group receive remuneration in the form of share-based payments, whereby the recipients render services as consideration for equity instruments (equity-settled transactions) or settled in cash (cash-settled transactions). Equity settled transactions The cost of equity-settled transactions is determined by the fair value of the granted options when the grant is made, using a Black-Scholes Model, with further details given in note 20. The cost is recognized in employee benefits expense (see note 8.4) or other relevant expenses, together with a corresponding increase in equity (capital reserves), over the period in which the service conditions are fulfilled (the vesting period). The cumulative expense recognized for equity-settled transactions at each reporting date until the vesting date reflects the extent to which the vesting period has expired and the Group’s best estimate of the number of equity instruments that will ultimately vest. The expense or credit in profit or loss for a period represents the movement in cumulative expense recognized as at the beginning and end of that period. Cash-settled transactions A liability is recognized for the fair value of cash-settled transactions. The fair value is measured initially and at each reporting date up to and including the settlement date, with changes in fair value recognized in employee benefits expense (see note 8.4). The fair value per option is determined using the Black-Scholes model, further details of which are given in note 20. The fair value per option is then multiplied by the Group’s best estimate of the number of awards expected to vest and the portion of the expired vesting period (period in which the service conditions are fulfilled). The cumulative amount of expense recognized will be equal to the cash that is paid on settlement. Service and non-market performance conditions are not taken into account when determining the grant date fair value of awards, but the likelihood of the conditions being met is assessed as part of the Group’s best estimate of the number of equity instruments that will ultimately vest. Market performance conditions are reflected within the grant date fair value. Any other conditions attached to an award, but without an associated service requirement, are considered to be non-vesting conditions. Non-vesting conditions are reflected in the fair value of an award and lead to an immediate expensing of an award unless there are also service and/or performance conditions. No expense is recognized for awards that do not ultimately vest because non-market performance and/or service conditions have not been met. Where awards include a market or non-vesting condition, the transactions are treated as vested irrespective of whether the market or non-vesting condition is satisfied, provided that all other performance and/or service conditions are satisfied. If the terms and conditions of a cash-settled share-based payment transaction are modified with the result that it becomes an equity-settled share-based payment transaction, the transaction is accounted for as such from the date of the modification. Specifically, the equity-settled share-based payment transaction is measured by reference to the fair value of the equity instruments granted at the modification date and recognized in equity. The liability for the cash-settled share-based payment transaction as at the modification date is derecognized on that date. Any difference between the carrying amount of the liability derecognized and the amount of equity recognised on the modification date is recognised immediately in profit or loss. (l) A provision is recognized when the Group has a present obligation (legal, contractual or constructive) as a result of a past event, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. When the Group expects some or all of a provision to be reimbursed, for example, under an insurance contract, the reimbursement misrecognized as a separate asset, but only when the reimbursement is virtually certain. The expense relating to a provision is presented in the profit or loss net of any reimbursement. Provisions are reviewed at each reporting date and adjusted to reflect the current best estimate. If the requirements for recognizing a provision are not satisfied, the corresponding obligations are recorded as contingent liabilities unless the possibility of an outflow of resources embodying economic benefits is remote. (m) Tax expense comprises current and deferred taxes. Current taxes and deferred taxes are recognized through profit or loss apart from deferred taxes related to items recognized outside profit or loss, in which case it is recognized in correlation to the underlying transaction either directly in equity or in other comprehensive income. Current income tax assets and liabilities are measured at the amount expected to be recovered from or paid to the taxation authorities. The tax rates and tax laws used to compute the amount are those that are enacted or substantively enacted at the reporting date in the countries where the Group operates and generates taxable income. Deferred taxes are set up for temporary differences between the carrying amounts of assets and liabilities for group financial reporting purposes at the reporting date and the amounts used for tax purposes. Deferred tax liabilities are recognized for all taxable temporary differences, except: - - 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 utilized. Unrecognized deferred tax assets are re-assessed at each reporting date and are recognized 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 realized or the liability is settled, based on tax rates that have been enacted or substantively enacted at the reporting date. Deferred tax assets and deferred tax liabilities are offset against each other if certain conditions are met. (n) (i) Financial assets The Group’s financial assets principally consist of those accounted for as receivables and contract assets. Receivables and contract assets Receivables, including contract assets, are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. Contract assets and trade receivables that do not contain a significant financing component or for which the Group has applied the practical expedient are measured at the transaction price determined under IFRS 15. Refer to the accounting policies in note 5(b) “Revenues from contracts with customers”. After initial recognition, Receivables and contract assets are subsequently carried at amortized cost using the effective interest rate method less any impairment losses. Gains and losses are recognized in the profit or loss for the period when the assets are derecognized or impaired. Derecognition A financial asset or a part of a financial asset is derecognized when the Group no longer has the contractual rights to the asset or the right to receive cash flows from the asset have expired. Impairment The Group recognizes an allowance for expected credit losses (ECLs). ECLs are based on the difference between the contractual cash flows due in accordance with the contract and all the cash flows that the Group expects to receive, discounted at an approximation of the original effective interest rate. The Group applies a simplified approach in calculating ECLs. Therefore, the Group does not track changes in credit risk, but instead recognizes a loss allowance based on lifetime ECLs at each reporting date. The Group has established a provision matrix that is based on its historical credit loss experience, adjusted for forward-looking factors specific to the debtors and the economic environment. The Group considers a financial asset in default when contractual payments are 180 days past due. However, in certain cases, the Group may also consider a financial asset to be in default when internal or external information indicates that the Group is unlikely to receive the outstanding contractual amounts in full before taking into account any credit enhancements held by the Group. A financial asset is written off when there is no reasonable expectation of recovering the contractual cash flows. Further disclosures relating to impairment of trade receivables, including contract assets, are in note 21. (ii) Financial liabilities All financial liabilities are recognized initially at fair value and, in the case of loans and borrowings and payables, net of directly attributable transaction costs. The Group’s financial liabilities include trade and other payables (include contract liabilities), as well as loans and borrowings including bank overdrafts. Loans and borrowings Loans and borrowings are initially recognized at fair value and subsequently measured at amortized cost using the effective interest rate method, taking into account any principal repayments and any discount or premium on acquisition and including transaction costs and fees that are an integral part of the effective interest rate. Gains or losses are recognized through profit or loss at the time the liabilities are derecognized or disposed of. Derecognition A financial liability is derecognized when the obligation underlying the liability is discharged, canceled or expires. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as the derecognition of the original liability and the recognition of a new liability. The difference in the respective carrying amounts is recognized through profit or loss. (o) Cash and cash equivalents Cash and cash equivalents comprise cash on hand and bank balances, including short-term, highly liquid investments that can be quickly converted into cash amounts. These have original maturities of three months or less and are subject to a low risk of fluctuation in value. |
Accounting judgments and estima
Accounting judgments and estimates | 12 Months Ended |
Dec. 31, 2019 | |
Accounting judgments and estimates | |
Accounting judgments and estimates | 6 Accounting judgments and estimates The preparation of the consolidated financial statements requires the management board to make judgments, estimates and assumptions that affect the application of accounting policies and the reported amounts of revenues, expenses, assets and liabilities, and the accompanying disclosures. Actual results could differ from those estimates. Estimates and underlying assumptions are reviewed on an ongoing basis and revisions of estimates are recorded prospectively. 6.1 Development costs Development costs are recognized in accordance with the accounting policy for certain internally generated assets. The Group’s research and development activities mainly relate to development of biomarkers and IT driven solutions. With respect to biomarkers, the development stage is usually considered to be achieved when the target validation process is completed and commercialization is probable. With respect to IT driven solutions, the development stage is considered to be achieved upon the completion of the Group’s internal validation test. Before such date, any development costs are recognized in profit or loss and may not be subsequently capitalized. As of December 31, 2019, the carrying amount of capitalized development costs was EUR 14,145k (2018: EUR 8,795k). This amount includes investments in the development of biomarkers and IT driven solutions (e.g., the Group’s CentoMD database and CentoPortal online platform). Provision for expected credit losses of trade receivables and contract assets The Group uses a provision matrix to calculate ECLs for trade receivables and contract assets. The provision rates are based on days past due for groupings of various customer segments that have similar loss patterns (e.g. by segment, geography, customer type and rating). The provision matrix is initially based on the Group's historical observed default rates. The Group will calibrate the matrix to adjust the historical credit loss experience with forward-looking information. For instance, if forecasted economic conditions (i.e., gross domestic product) are expected to deteriorate over the next year which can lead to an increased number of defaults in the manufacturing sector, the historical default rates are adjusted. At every reporting date, the historical observed default rates are updated and changes in the forward-looking estimates are analyzed. The assessment of the correlation between historical observed default rates, forecasted economic conditions and ECLs is a significant estimate. The amount of ECLs is sensitive to changes in circumstances and of forecasted economic conditions. The Group's historical credit loss experience and forecast of economic conditions may also not be representative of customer's actual default in the future. The information about the ECLs on the Group's trade receivables and contract assets is disclosed in note 21. Deferred tax asset on loss carryforwards The tax losses carried forward do not expire. In the light of the Company’s loss history, the recognition of deferred taxes for tax losses carried forward and deductible temporary differences is limited to the future reversal of existing taxable temporary differences. 6.2 Assumptions and estimation uncertainties Information concerning assumptions and estimation uncertainty that have a significant risk of causing a material adjustment to the fiscal year ended on December 31, 2019 are presented in the following disclosures. The Group based its assumptions and estimates on parameters available when the consolidated financial statements were prepared. Existing circumstances and assumptions about future developments, however, may change due to market changes or circumstances arising that are beyond the control of the Group. Such changes are reflected in the assumptions when they occur. Share‑based payments Estimating fair value for share-based payment transactions requires a determination of the most appropriate valuation model, which depends on the terms and conditions of the grant. The Group measures the fair value of cash-settled transactions with employees (including senior executives) using the Black-Scholes model to determine the liability incurred at the date of grant, as well as at the end of each reporting period, until the date of settlement (including cancellation and replacement), with any changes in fair value recognised in profit or loss. This requires a reassessment of the estimates used at the end of each reporting period. No cash-settled share-based transactions were outstanding as of December 31, 2019. For the measurement of the fair value of equity-settled transactions at the grant date (including those issued to replace the cash-settled transactions), the Group also uses the Black-Scholes model. The fair value at grant date of equity-settled transactions is not updated at the end of each reporting period. Valuation of Share Options The Black-Scholes option pricing model requires the input of subjective assumptions, including assumptions about the expected life of share-based awards and share price volatility. As a company only recently listed on NASDAQ stock exchange, the Group’s share price does not have sufficient historical information to be used as a reference, and therefore subjective inputs were included when estimating the fair value of our common shares to be used in the Black-Scholes option pricing model. In addition, our management concluded a volatility of 70% (2018:70%; 2017: 60%) an appropriate assumption used for the valuation of our share options, considering the historical volatility of other comparable publicly traded companies. The Group intends to continue to consistently apply this methodology using the same comparable companies until a sufficient amount of historical information regarding the volatility of our own share price as a public company becomes available. The assumptions and models used for estimating fair value for share-based payment transactions are disclosed in note 20. |
Segment information and revenue
Segment information and revenue from contracts with customers | 12 Months Ended |
Dec. 31, 2019 | |
Segment information and revenue from contracts with customers | |
Segment information and revenue from contracts with customers | 7 Segment information and revenue from contracts with customers For management purposes, the Group is organized into business units based on its products and services and has two reportable segments, as follows: · Pharmaceutical segment: This segment provides a variety of solutions to our pharmaceutical partners, including target discovery, early patient recruitment and identification, epidemiological insights, biomarker discovery and patient monitoring, in order to accelerate their development of treatments for rare diseases; and · Diagnostics segment: This segment provides genetic sequencing and diagnostics services to our clients, who are typically physicians, laboratories or hospitals, either directly or through distributors. Residual operating activities of the Group are reported as ‘Corporate’. These include the group functions for communications, human resources, finance (including treasury and taxes), legal, research and development and other supporting activities. The management board is the Chief Operating Decision Maker and monitors the operating results of its business units separately for the purpose of making decisions about resource allocation and performance assessment. Segment performance is evaluated based on segment results and is measured with reference to the Adjusted EBITDA, which is operating loss presented in the consolidated statements of comprehensive loss, adjusted for corporate expenses, depreciation and amortization as well as share‑based payment expenses. 2017 in EUR k Pharmaceutical Diagnostics Corporate Total Rendering of services 12,326 17,758 — 30,084 Sales of goods 1,605 — — 1,605 Revenues from external customers 13,931 17,758 — 31,689 Adjusted EBITDA 10,870 2,552 (13,746) (324) Capital Expenditures 1,464 607 15,964 18,035 Additions to property, plant and equipment 241 607 14,716 15,564 Additions to intangible assets 1,223 — 1,248 2,471 Other segment information Depreciation and amortization 793 1,311 1,133 3,237 Research and development expenses 35 — 6,361 6,396 2018 in EUR k Pharmaceutical Diagnostics Corporate Total Rendering of services 16,077 23,171 — 39,248 Sales of goods 1,230 — — 1,230 Revenues from external customers 17,307 23,171 — 40,478 Recognized over time 12,077 23,171 — 35,248 Recognized at a point in time 5,230 — — 5,230 Revenues from external customers 17,307 23,171 — 40,478 Adjusted EBITDA 13,641 2,285 (15,836) 90 Capital Expenditures Additions to property, plant and equipment 1,225 1,917 5,568 8,710 Additions to intangible assets 1,948 — 1,111 3,059 Other segment information Depreciation and amortization 1,222 1,838 2,115 5,175 Research and development expenses 334 — 5,966 6,300 2019 in EUR k Pharmaceutical Diagnostics Corporate Total Rendering of services 19,089 27,258 — 46,347 Sales of goods 2,433 — — 2,433 Revenues from external customers 21,522 27,258 — 48,780 Recognized over time 17,159 27,258 — 44,417 Recognized at a point in time 4,363 — — 4,363 Revenues from external customers 21,522 27,258 — 48,780 Adjusted EBITDA 14,956 2,306 (22,949) (5,687) Capital Expenditures Additions to property, plant and equipment and right-of-use assets 1,362 1,998 17,908 21,268 Additions to intangible assets 3,603 — 3,677 7,280 Other segment information Depreciation and amortization 1,308 2,032 3,239 6,579 Research and development expenses — — 9,590 9,590 Adjustments Corporate expenses, depreciation and amortization, interest and similar income and expenses, as well as share-based payment expenses are not allocated to individual segments as the underlying instruments are managed on a group basis. Current taxes and deferred taxes are allocated to Corporate as they are also managed on a group basis. Corporate expenses for the year ended December 31, 2019 also included expenses incurred in relation to the IPO as described in note 1 of EUR 1,092k (2018: EUR nil ;2017: EUR nil) (see note 8.2) as well as real estate transfer tax of EUR 1,200k (2018: EUR nil ;2017: EUR nil) related to an intercompany sale of land and building (see note 13.1). Capital expenditure consists of additions of property, plant and equipment, right-of-use assets and intangible assets. Reconciliation of segment Adjusted EBITDA to Group Loss for the Period 2017 2018 2019 Reportable segment Adjusted EBITDA 13,422 15,926 17,262 Corporate expenses (13,746) (15,836) (22,949) (324) 90 (5,687) Share‑based payment expenses (894) (5,521) (6,418) Depreciation and amortization (3,237) (5,175) (6,579) Operating loss (4,455) (10,606) (18,684) Financial costs, net (1,007) (1,042) (2,013) Income taxes (14) 310 (158) Loss for the year (5,476) (11,338) (20,855) Geographical information in EUR k 2017 Pharmaceutical Diagnostics Total Revenues Europe 493 5,183 5,676 — Germany* — — — Middle East — 8,846 8,846 — Saudi Arabia# — 4,926 4,926 North America 13,438 1,459 14,897 — United States# 13,438 44 13,482 Latin America — 1,474 1,474 Asia Pacific — 796 796 Total 13,931 17,758 31,689 in EUR k 2018 Pharmaceutical Diagnostics Total Revenues Europe 654 6,196 6,850 — Germany* 654 407 1,061 Middle East — 12,401 12,401 — Saudi Arabia# — 5,475 5,475 North America 16,653 1,460 18,113 — United States# 16,653 643 17,296 Latin America — 2,185 2,185 Asia Pacific — 929 929 Total 17,307 23,171 40,478 in EUR k 2019 Pharmaceutical Diagnostics Total Revenues Europe 381 7,066 7,447 — Germany* 233 275 508 —Netherlands** — 25 25 Middle East 122 13,977 14,099 — Saudi Arabia# — 7,417 7,417 North America 20,896 2,380 23,276 — United States# 20,896 1,882 22,778 Latin America 123 2,864 2,987 Asia Pacific — 971 971 Total 21,522 27,258 48,780 * country of the incorporation of Centogene AG ** country of the incorporation of Centogene N.V. # countries contributing more than 10% of the Group's total consolidated revenues for the respective year ended December 31, 2017, 2018 and 2019 We collaborated with the majority of our pharmaceutical partners on a worldwide basis in 2017, 2018 and 2019. In addition, in cases where our pharmaceutical partners are developing a new rare disease treatment, it is generally anticipated that the final approved treatment will be made available globally. As a result, we allocate the revenues of our pharmaceutical segment by geographical region by reference to the location where each pharmaceutical partner mainly operates, which is based on the region from which most of their revenues are generated. The allocation of revenues in our diagnostics segment is based on the location of each customer. During the year ended December 31, 2019, revenues from one pharmaceutical partner represented 24.3% of the Group’s total revenues (2018: 27.3%; 2017: 37.7%) During the year ended December 31, 2019, Centogene entered into several collaborations with pharmaceutical partners, of which upfront fees totaling EUR 1,930k were received. Such upfront payments were recognized as revenues during the year as they represented the transaction price allocated to the one-off transfer of the Group’s intellectual property - provision of epidemiological insights of relevant rare diseases and relevant data. For the year ended December 31, 2018, upfront payments totaling EUR 4,000k were received and recognized as revenues during the period as they represented the transaction price to be allocated to the grant of licences which are distinct and qualify as a licence to use such intellectual property for an unlimited period or for the time specified in the agreements. No such revenues were recognized for the year ended December 31, 2017. Non‑current assets of the Group consist of right-of-use assets (under IFRS 16), property, plant and equipment (including finance leases already capitalized under IAS17 for prior years), as well as intangible assets. All of such assets are located in Germany, which is the country of the business address of the Centogene AG, except for property, plant and equipment of EUR 286k (2018: EUR 718k) and right-of-use assets of EUR 1,042k (2018: EUR nil), which are located in the United States. Contract balances in EUR k Dec 31, 2018 Dec 31, 2019 Trade receivables (note 15) 8,572 12,709 Contract assets (note 15) 2,329 3,884 Contract liabilities (note 19.2) 297 3,748 The contract assets primarily relate to the Group’s rights to consideration for work completed but not billed at the reporting date on the tests for the diagnostics segment, with the satisfaction of the respective performance obligation measured by reference to stages in a standardized process. The contract assets also include work performed for pharmaceutical partners which are based on milestone fees. In 2019, EUR 8k (2018: EUR 2k) was recognised as provision for expected credit losses on contract assets. The contract assets are transferred to receivables when the rights become unconditional. This usually occurs when the Group issues an invoice to the customer. The contract liabilities primarily relate to the advance consideration received from pharmaceutical partners for which revenue is recognized over time, and consideration from sales of CentoCards which have not yet been delivered. Within contract liabilities, EUR 1,430k relates to the aggregate amount of transaction price allocated to performance obligations that are either unsatisfied or partially unsatisfied as of December 31, 2019 (2018: EUR nil), among which EUR 230k will be recognized as revenues within one year upon completion of related patient recruitment and identification activities, and the remaining EUR 1,200k will be recognized over three year in accordance to the licensing period. The amount of EUR 230k included in contract liabilities as of December 31, 2018 has been recognized as revenues in 2019 (2018: EUR 464k). |
Other income and expenses
Other income and expenses | 12 Months Ended |
Dec. 31, 2019 | |
Other income and expenses | |
Other income and expenses | 8 Other income and expenses 8.1 in EUR k 2017 2018 2019 Government grants 637 1,611 2,641 Gain on disposal of property, plant and equipment — — 532 Exchange rate gains 159 147 314 Income from the reversal of provisions — 309 89 Others 247 239 205 Total other operating income 1,043 2,306 3,781 Government grants contain performance-based grants to subsidize research, development and innovation in the state of Mecklenburg-Western Pomerania from funds granted by the European Regional Development Fund. Furthermore, government grants contain the release of deferred income from investment related grants. In July 2019, the Group entered into a sale and leaseback transaction. According to which, the Group sold the Rostock headquarters building to a third party and then leased the building from the third party for a period of 12 years at a fixed rate per month with the option to extend. The sale of the Rostock headquarters resulted in a gain of EUR 532k and is recognized in the current period (See note 13.1). 8.2 in EUR k 2017 2018 2019 Currency losses 84 250 192 Provision for expected credit losses (note 21.2) 367 792 752 Other 6 23 1,092 Total other operating expenses 457 1,065 2,036 Other operating expenses for the year ended December 31, 2019 included costs incurred related to the IPO charged to profit and loss of EUR 1,092k (2018: EUR nil; 2017: EUR nil). 8.3 in EUR k 2017 2018 2019 Interest expenses from loans (827) (922) (1,690) Unwinding of the discount on lease liabilities (194) (153) (339) Interest income from loans and receivables 14 33 16 Total (1,007) (1,042) (2,013) 8.4 in EUR k 2017 2018 2019 Wages and salaries 13,505 17,965 23,854 Social security contributions 2,144 2,492 3,212 Share‑based payments 894 5,521 5,714 Termination benefits 35 56 63 Total 16,578 26,034 32,843 Social security contributions include contributions to state pension scheme of EUR 1,136k (2018: EUR 1,046k; 2017: EUR 987k) as defined contribution plan expenses. |
Income taxes
Income taxes | 12 Months Ended |
Dec. 31, 2019 | |
Income taxes | |
Income taxes | 9 Income taxes Taxes recognized through profit or loss: in EUR k 2017 2018 2019 Current tax expenses (23) (87) (158) Current year (27) (87) (1) Adjustments for prior periods 4 — (157) Deferred tax (expense)/income (9) 397 — Temporary differences 31 527 (514) Tax losses (22) (130) 514 Total income tax (expenses)/benefit (14) 310 (158) No income taxes were recognized directly in other comprehensive income for the years ended December 31, 2017, 2018 and 2019. A reconciliation of the effective tax rate to the Group’s statutory rate of 31.1% for each of the years ended December 31, 2017, 2018 and 2019 is presented in the table below. in EUR k 2017 2018 2019 Loss before tax (5,462) (11,648) (20,697) Taxes on the basis of the Company’s domestic tax rate 1,701 3,623 6,445 Tax rate effect of foreign tax jurisdictions 228 406 412 Non‑deductible expenses (78) (105) (441) Current year losses for which no deferred tax assets were recognized (1,842) (3,528) (6,416) Tax income related to prior years 4 — (157) Other effects (27) (86) (1) Income tax (expenses)/ benefit (14) 310 (158) The domestic tax rate of 31.1% is composed of the corporate income tax rate of 15%, the solidarity surcharge of 5.5% of this corporate income tax, as well as trade tax of 15.3%. The tax rate effects from foreign tax jurisdictions are primarily attributable to the tax‑exempt profit of a Group subsidiary located in Dubai. Tax losses carryforwards for which no deferred tax assets were recognized amount to EUR 41,570k in Germany (2018: EUR 21,728k; 2017: EUR 9,994k) and to EUR 505k in other countries (2018: EUR 788k; 2017: EUR 790k). Tax losses carried forward in Germany do not expire. Foreign tax losses carried forward may be restricted. In the light of the Group’s loss history, the recognition of deferred taxes for tax losses carried forward and deductible temporary differences was limited to the future reversal of existing taxable temporary differences. For temporary differences associated with investments in the amount of EUR 4,360k (2018: EUR 3,049k; 2017: EUR 1,791), no deferred tax liability has been recognized because the Company is able to control the timing of the reversal and it is probable that the difference will not reverse in the foreseeable future. The below table shows a breakdown of deferred taxes in the Group’s statement of financial position. December 31, 2018 December 31, 2019 Deferred Deferred Deferred Deferred in EUR k tax assets tax liabilities tax assets tax liabilities Intangible assets — (2,053) — (3,013) Property, plant and equipment — — — (156) Other assets (costs relating IPO) — (807) — — Measurement of service contracts — (125) — (173) Share‑based payments 2,208 — — — Government grants — — 2,051 — Unused tax losses 777 — 1,291 — Sum 2,985 (2,985) 3,342 (3,342) Offset (2,985) 2,985 (3,342) 3,342 Deferred Taxes — — — — |
Loss Per Share
Loss Per Share | 12 Months Ended |
Dec. 31, 2019 | |
Loss Per Share | |
Loss Per Share | 10 Loss Per Share Basic loss per share is calculated by dividing loss for the period attributable to equity holders of the Group by the weighted average number of shares outstanding during the same period, adjusted for the effect of the corporate reorganization as discussed in Note 1 and applied retrospectively to all prior periods presented. The weighted average number of outstanding shares for the year ended December 31, 2019, after adjusted for the effect of the corporate reorganization were 16,409,285(2018: 14,112,841; 2017: 12,065,714). For the periods included in these financial statements, the share options are not included in the diluted loss per share calculation as the Company was loss-making in all these periods. Due to the anti-dilutive nature of the outstanding options, basic and diluted loss per share is equal. |
Intangible assets
Intangible assets | 12 Months Ended |
Dec. 31, 2019 | |
Intangible assets | |
Intangible assets | Assets 11 Intangible assets Reconciliation of carrying amounts Internally generated Internally Purchased rights, /acquired developed licenses, in EUR k biomarkers database software Total Acquisition and production cost As of Jan 1, 2018 5,812 2,804 2,193 10,809 Additions 1,321 561 1,177 3,059 As of Dec 31, 2018 7,133 3,365 3,370 13,868 Reclass from property, plant and equipment 386 — — 386 Reclass* 900 758 (1,658) — Additions 3,603 2,379 1,298 7,280 As of Dec 31, 2019 12,022 6,502 3,010 21,534 Accumulated amortization and impairment As of Jan 1, 2018 1,782 534 1,014 3,330 Amortization 878 513 352 1,743 As of Dec 31, 2018 2,660 1,047 1,366 5,073 Amortization 1,171 723 422 2,316 As of Dec 31, 2019 3,831 1,770 1,788 7,389 Carrying amounts As of Dec 31, 2018 4,473 2,318 2,004 8,795 As of Dec 31, 2019 8,191 4,732 1,222 14,145 * The reclassification of EUR 1,658k from purchased rights, licenses, software represented purchased rights related to certain biomarkers in prior years, as well as expenses incurred for certain licenses and softwares which were used in the process of developing internal IT driven solutions. Reclassification is made to allow more transparent presentation considering this is more in line with each sub-group of intangible assets. Development costs and amortization Internally generated intangible assets include capitalized development costs for biomarkers and IT driven solutions such as CentoPortal and the CentoMD mutation database (see notes 5 and 6 regarding measurement). The amortization of patents, trademarks and development costs is expensed and recorded under “cost of sales” to the extent the related intangible is used in generating revenue and recorded in research and development expenses to the extent the related intangibles are used for R&D purposes. |
Property, plant and equipment
Property, plant and equipment | 12 Months Ended |
Dec. 31, 2019 | |
Property, plant and equipment | |
Property, plant and equipment | 12 Property, plant and equipment Please refer to the following table for the development from January 1, 2018 to December 31, 2019: Other equipment, furniture Assets under in EUR k Land Buildings Plant and fixtures construction Total Acquisition and production cost As of Jan 1, 2018 2,149 — 12,869 3,501 20,678 39,197 Additions — — 3,142 1,154 4,414 8,710 Reclass — 24,891 — 201 (25,092) — As of Dec 31, 2018 2,149 24,891 16,011 4,856 — 47,907 Reclass to right-of-use assets* (6,303) (32) — (6,335) Reclass to intangible assets (note 11) — — — (386) (386) Additions — — 22 274 — 296 Disposal (note 13.1) (2,149) (21,637) — — — (23,786) As of Dec 31, 2019 — 3,254 9,730 4,712 — 17,696 Accumulated depreciation and impairment As of Jan 1, 2018 — — 4,089 1,271 — 5,360 Depreciation — 612 2,089 731 — 3,432 As of Dec 31, 2018 — 612 6,178 2,002 — 8,792 Reclass to right-of-use assets* (963) (8) (971) Depreciation — 737 940 779 — 2,456 Disposal (note 13.1) — (957) — — — (957) As of Dec 31, 2019 — 392 6,155 2,773 — 9,320 Carrying amounts As of Dec 31, 2018 2,149 24,279 9,833 2,854 — 39,115 As of Dec 31, 2019 — 2,862 3,575 1,939 — 8,376 * The reclass to right-of-use assets of EUR 5,364k represented the carrying amount of assets previously classified as finance leases under IAS 17 and recognized as right-of-use assets upon the adoption of IFRS 16. As disclosed in note 3(a), the Group has applied a modified retrospective method of adoption and did not change the initial carrying amounts of recognized assets and liabilities at the date of initial application for leases previously classified as finance leases. Assets under construction The Group progressed and completed the construction of a new laboratory and headquarters in Rostock in 2018. Additions to assets under construction during the year ended December 31, 2018 were EUR 4,414k and assets under construction totaling EUR 25,092k were transferred to Plant and Buildings upon completion. Security The Syndicated Loan Facility of the Group was secured by a land charge in the amount of EUR 19,910k and by the assignment of certain laboratory equipment as of December 31, 2018 (see note 19), which were replaced by security over short-term deposits of EUR 1,500k in December 2019. (see note 16). |
Leases
Leases | 12 Months Ended |
Dec. 31, 2019 | |
Leases | |
Leases | 13 Leases The Group has lease contracts for land and buildings and offices in Germany and the United States, as well as various items of plant, machinery, motor vehicles and other equipment used in its operations. Leases for land and buildings is related to the sale and leaseback transaction of the Rostock headquarters building (see note 13.1) with a lease term of 12 years, while the lease terms of offices in Berlin and Boston, Massachusetts are 12 years and 4 years respectively. Leases of plant and machinery and other equipment generally have lease terms between 2 and 4 years, while motor vehicles generally have lease terms of 3 years. The Group’s obligations under its leases are secured by the lessor’s title to the leased assets. Generally, the Group is restricted from subleasing the leased assets. In addition, a bank guarantee of EUR 3,000k (which is secured by cash deposit of EUR 1,500k) and rental deposits of EUR 257k are required to be maintained for the leases of Rostock headquarters building and Berlin offices until the expiry or termination of the leases. Leases of certain plant and machineries were also secured with rental deposits of EUR 191k. The lease contracts of Rostock headquarters building and office in Boston, Massachusetts include extension options. These options are negotiated by management to provide flexibility in managing the leased-asset portfolio and align with the Group’s business needs. The lease of Rostock headquarters building allows the Group to extend the rental contract twice, each for a period of 6 years, after the expiration of agreement in September 2031 with rental payments of EUR 1,400k per annum. Such extension option was not included in the right-of-use assets and lease liabilities, as it is not reasonably certain that such extension option will be exercised. The lease of office in Boston, Massachusetts provides for an extension option for a two-year period after the expiry of contract on June 30, 2020. The cashflow resulting from the exercise of such extension option was included in the lease term. None of the lease contracts contain termination options. The Group also has certain leases of motor vehicles and premises with lease terms of 12 months or less and leases of office equipment with low value. The Group applies the ‘short-term lease’ and ‘lease of low-value assets’ recognition exemptions for these leases. Set out below are the carrying amounts of right-of-use assets and movements during the period: In EUR k Building* Offices Plant and equipment Other equipment Motor Vehicles Total As at January 1, 2019 — 391 5,340 24 12 5,767 Additions 13,456 4,288 2,824 386 18 20,972 Depreciation expenses (330) (272) (1,175) (20) (10) (1,807) As at December 31, 2019 13,126 4,407 6,989 390 20 24,932 * As the lease of land and buildings are made through one contract, all the related right-of-use assets are allocated to Buildings. Set out below are the carrying amounts of lease liabilities and the movements during the period: in EUR k Lease liabilities As at January 1, 2019 3,465 Additions 20,946 Interest expenses 339 Payments (3,046) As at December 31, 2019 21,704 Current 3,635 Non-current 18,069 The maturity analysis of lease liabilities is disclosed in note 21. The following are the amounts recognised in profit or loss: in EUR k 2019 Depreciation expense of right-of-use assets 1,807 Interest expenses on lease liabilities 339 Rent expenses – short-term leases 185 Rent expense – leases of low-value assets 25 Total amounts recognized in profit or loss 2,356 The Group had total cash outflows for leases of EUR 3,256k in 2019. All additions to right-of-use assets and lease liabilities in 2019 were non-cash in nature. The future cash outflows relating to non-cancellable short-term leases and leases of low-value assets, are disclosed in note 24. 13.1 In June 2019, in preparation for a sale and leaseback transaction, Centogene AG sold its land and building (the Rostock headquarters building) with a carrying value of EUR 22,829k to a subsidiary of the Group. Such intercompany transaction resulted in a real estate transfer tax expense of EUR 1,200k and was recognized in the year ended December 31, 2019. In July 2019, the Group concluded the sale and leaseback transaction, according to which, the Company sold the Rostock headquarters building to a third party for EUR 24,000k, representing the fair value of the building as of June 30, 2019. The Group then leased the building from the third party for a period of 12 years at a fixed rate per month with the option to extend. The consideration received was used to repay the loans related to the construction of the building of EUR 10,776k (see note 19), plus additional interest of EUR 1,159k. In addition, part of the consideration was used to pay for the rental deposits of the lease of EUR 3,000k. In November 2019, the Group has arranged a bank guarantee to replace the rental deposits to the lessor, while a cash deposit of EUR 1,500k was used to secure the bank guarantee. In addition, government grants received which related to the purchase of land amounting to EUR 358k were refunded to the relevant authority subsequent to the transaction (note 19.2). The transaction was recorded according to IFRS 16, resulting in a gain on disposal of fixed assets of EUR 532k (see note 8.1), a decrease in property, plant and equipment of approximately EUR 22,829k, an increase of right-of-use assets of approximately EUR 13,456k (see note 13) and an increase in lease liabilities of approximately EUR 14,091k (see note 19). |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2019 | |
Inventories | |
Inventories | 14 Inventories in EUR k Dec 31, 2018 Dec 31, 2019 Raw materials, consumables and supplies 1,323 1,644 Finished goods and merchandise 23 165 Inventories 1,346 1,809 In the year ended December 31, 2019, raw materials, consumables and changes in inventories of finished goods and work in process recorded as expenses under “cost of sales” came to EUR 11,285k (2018: EUR 9,473k; 2017: EUR 6,588k). |
Trade and other receivables and
Trade and other receivables and other assets | 12 Months Ended |
Dec. 31, 2019 | |
Trade and other receivables and other assets | |
Trade and other receivables and other assets | 15 Trade and other receivables and other assets in EUR k Dec 31, 2018 Dec 31, 2019 Non‑current Other assets - Rental deposits — 1,948 — 1,948 Current Trade receivables 8,572 12,709 Contract assets 2,329 3,884 Receivables due from shareholders 2,170 2,766 Other assets 5,125 5,846 18,196 25,205 Total non-current and current trade and other receivables and other assets 18,196 27,153 Trade receivables are non‑interest bearing and are generally due in 30 to 90 days. In general, portfolio‑based bad debt allowances are recognized on trade receivables and contract assets (see note 21.2). As of December 31, 2018, the Group’s trade receivables and contract assets were designated as collateral in respect of existing Loan agreements (see note 19.1). In December 2019, the loan agreements were revised and secured by short-term deposits with a carrying amount of EUR 1,500k (note 16) and the security interests in the trade receivables and contract assets were released accordingly. Other assets Other assets include VAT receivables of EUR 1, 311k (2018: EUR 1,317k), prepaid expenses of EUR 3,481k (2018: EUR 476k) as well as receivables from grants of EUR 409k (2018: EUR 489k). As of December 31, 2018, other assets also included costs relating to the initial public offering of EUR 2,591k, which were offset against capital reserve upon the completion of the transaction in November 2019. |
Cash and short-term deposits
Cash and short-term deposits | 12 Months Ended |
Dec. 31, 2019 | |
Cash and short-term deposits | |
Cash and short term deposits | 16 Cash and short‑term deposits As of December 31, 2019, the Group has pledged its short‑term deposits with carrying amount of EUR 1,500k (2018: EUR nil) and EUR 2,500k (2018: EUR 1,500k) respectively, to fulfil collateral requirements in respect of existing secured bank loan and overdraft facility up to EUR 2,500k. Subsequent to the year end, the Group has pledged its short-term deposits of EUR 500k related to another overdraft facility up to EUR 500k. See note 19 for further details. The restriction applying to the collateral may be terminated at any time subject to the full amount of the relevant bank loans and the overdrafts being repaid. |
Equity
Equity | 12 Months Ended |
Dec. 31, 2019 | |
Equity [Abstract] | |
Equity | Equity and liabilities 17 Equity On October 29, 2019, the general meeting of shareholders of the Company resolved to approve the corporate reorganization and to execute the Deed of Conversion. The reorganization was effected by the following procedures: 1. Existing shareholders of common shares and preferred shares of Centogene AG subscribed for new common shares in Centogene B.V., and in return transferred their respective shares (both common and preferred) in Centogene AG to Centogene B.V. as a contribution in kind. The exchange ratios for the common and preferred shares of Centogene AG to common shares of Centogene B.V. were as follows: - - 2. The corporate reorganization was fully completed on November 12, 2019. All share, per-share and related information presented in the financial statements and corresponding disclosure notes have been retrospectively adjusted, where applicable, to reflect the impact of the share split resulting from the reorganization. Issued capital and capital reserve Common Shares As of December 31, 2018, 15,861,340 common shares of Centogene N.V. with a nominal value of EUR 0.12 (converted from 230,445 common shares with a conversion ratio of 33.2238 and 91,562 preferred shares with a conversion ratio of 89.6125, both with a nominal value of EUR 1.00), were issued and fully paid up. The preferred shares were issued to certain investors to fund the Company’s development activities. The preferred shares each had one voting right per share and did not contain a redemption feature or a contractual right to fixed dividends. The preferred shareholders were entitled to a disproportionate share of the net assets of the Company in case of certain exit events , including IPO, which was reflected by the different conversion ratios (share split) for common and preferred shares of Centogene AG to Centogene B.V. As a result of the IPO, all issued and paid-in preferred shares were converted to common shares, based on the conversion ratio above which reflected the return to investors as agreed in the relevant investment agreements. As of December 31, 2019, the authorized but unissued common share capital amounted to EUR 7,097k. in thousands of shares 2019 Common shares issued as a result of corporate reorganization 15,861 Issued at IPO 4,000 Common shares issued as of Dec 31, fully paid 19,861 as of in thousands of shares Dec 31, 2019 Authorized common shares of EUR 0.12 each 79,000 The holders of common shares are entitled to the Company's approved dividends and other distributions as may be declared from time to time by the Company, and is entitled to vote per share on all matters to be voted at the Company's annual general meetings. Capital reserve As of December 31, 2019, capital reserve included a share premium of EUR 90,297k, being amounts contributed by shareholders at the issuance of shares in excess of the par value of the shares issued, net of any transaction costs incurred for the share issuance. During the year ended December 31, 2019, transaction costs related to IPO, that are directly attributable to issuing the new shares, of EUR 4,899k were recorded against capital reserve. Of this amount, a total of EUR 328k was paid in the year ended December 31, 2018, and EUR 565k was not yet paid and included in other liabilities as of December 31, 2019 (2018: EUR 1,695k) (see note 19.2). The capital reserve consists of the share premium account and amounts recorded in respect of share‑based payments. For additional information on the share‑based payments, please refer to note 20. |
Capital management
Capital management | 12 Months Ended |
Dec. 31, 2019 | |
Capital management | |
Capital management | 18 Capital management The Group's objective when managing capital are to safeguard the Company's ability to continue as a going concern and finance all necessary sustainable developments, so that it can continue to provide returns for shareholders and benefits for other stakeholders. In particular, care is taken and an optimal capital structure is tried to achieve to reduce the cost of capital. With the IPO in November 2019, the Group also put more attention on achieving a healthy capital base to increase the confidence of investors and the capital market. During the years ended December 31, 2017 and 2018, the Group has deployed debt capital for the development of the Rostock headquarters building, and compliance with certain financial covenants were required under the bank loan agreements. Accordingly, the Group also monitored the compliance with these covenants as part of the capital management. The financial covenants related to the bank loans were removed in December 2019 upon additional short-term cash deposits of EUR 1,500k were provided as security. The Group manages its capital structure and makes adjustments in light of changes in economic conditions and the risk characteristics of its activities. To maintain or adjust the capital structure, the Group may adjust the return to shareholders, issue new shares, or pay additional interests to reduce debt. |
Financial liabilities
Financial liabilities | 12 Months Ended |
Dec. 31, 2019 | |
Financial liabilities | |
Financial liabilities | 19 Financial liabilities 19.1 in EUR k Dec 31, 2018 Dec 31, 2019 Non‑current liabilities Non‑current portion of secured bank loans 12,055 968 Municipal loans 860 610 Total non‑current loans 12,915 1,578 Lease liabilities 1,712 18,069 Total non‑current liabilities 14,627 19,647 Current liabilities Current portion of secured bank loans 1,787 802 Bank overdrafts 1,915 2,636 Municipal loans - 250 Total current loans 3,702 3,688 Current portion of lease liabilities 1,350 3,635 Total current liabilities 5,052 7,323 Total non‑current and current liabilities Financial covenants applied to secured bank loans which stipulate quarterly targets for the company’s solvency ratio and net debt ratio as well as covenants related to revenue and EBITDA for the year ended December 31,2018. The Group obtained formal waivers from the lenders for such covenants for the year ended December 31, 2018. Therefore the secured bank loans were disclosed as current and non‑current liabilities based on the contractual maturity of such loans. As of December 31, 2018, the secured bank loans were also secured by trade receivables (including contract assets) with a carrying amount of EUR 10,901k (see note 15). In addition, they were also secured by a land charge in the amount of EUR 19,910k and by assignment of certain laboratory equipment (see note 12). In December 2019, after a majority of outstanding bank loans were repaid using the consideration received from the sale and leaseback transaction (see note 13.1), short-term cash deposits of EUR 1,500k were used to secure the remaining bank loans outstanding (see note 16), and in exchange, the requirement of compliance with financial covenants were removed, and all collaterals over trade receivables (including contract assets) and certain laboratory equipment, as well as land charge, were released. The following table is based on the original terms and conditions: Conditions and statement of liabilities The outstanding loans as of December 31, 2019 and 2018 have the following conditions: Dec 31, 2018 Dec 31, 2019 Nominal Nominal Carrying Nominal Carrying in EUR k Currency interest rate Maturity amount amount amount amount Secured bank loan EUR 3.50 % 2016‑19 6 6 — — Secured bank loan EUR 2.50 % 2017‑25 5,633 5,633 — — Secured bank loan EUR 2.50 % 2017‑25 5,633 5,633 — — Secured bank loan EUR 3.95 % 2017‑25 2,570 2,570 1,770 1,770 Municipal loan EUR 8.25%; 2020-21 500 500 500 500 plus 1.5% profit‑related; 0.75% on losses Municipal loan EUR 8%; 360 360 360 360 plus 1.5% profit‑related; 0.75% on losses Bank overdrafts EUR % Rollover — — 476 476 Bank overdrafts EUR % Rollover 1,915 1,915 2,160 2,160 Lease liabilities EUR 3.5%*,5.4%-8.9% 2017-31 3,062 3,062 21,704 21,704 Total interest‑bearing financial liabilities 19,679 19,679 26,970 26,970 * represents the incremental borrowing rate of the Group at the commencement of the leases The bank overdrafts of EUR 2,160k as of December 31, 2019 (2018: 1,915k) were secured by short-term deposits with a carrying amount of EUR 2,500k (2018: EUR 1,500k) (see note 16). The bank overdrafts of EUR 476k (2018: EUR nil) were secured by guarantees provided by certain of the Company’s shareholders, which were released by providing security over a short-term deposit with a carrying amount of EUR 500k subsequent to the year ended December 31, 2019. The municipal loan due to MBMV (Mittelständische Bürgschaftsbank Mecklenburg-Vorpommern) of EUR 860k (2018: EUR 860k) with a remaining term between 2-3 years and an interest rate of 8.25%/8% is also secured by guarantees provided by the Group’s shareholders. Subsequent to the year end, the municipal loans were repaid in full in February 2020 and the shareholder guarantees were released accordingly. 19.2 in EUR k Dec 31, 2018 Dec 31, 2019 Trade payables 5,429 8,554 Government grants (deferred income) 12,034 11,289 Liability for Virtual Stock Option Program 7,093 2,769 Contract liabilities 297 3,748 Others 5,618 5,258 Trade payables and other liabilities 30,471 31,618 Non‑current 11,240 9,941 Current 19,231 21,677 Government grants mainly include investment-related government grants. These were received for the purchase of certain items of property, plant and equipment for the research and development facilities in Mecklenburg-Western Pomerania, including the Rostock facility. The grants were issued in the form of investment subsidies as part of the joint federal and state program, “Verbesserung der regionalen Wirtschaftsstruktur” (improvement of the regional economic structure) in connection with funds from the European Regional Development Fund. Additional grants received during the year ended December 31, 2019 relating to the purchase of certain items of property, plant and equipment amounted to EUR 793k (2018: EUR 3,042k). Subsequent to the sale and leaseback transaction, investment-related government grant received in prior years of EUR 358k relating to purchase of land was refunded to the authority (note 13.1). In addition, other liabilities include personnel-related liabilities for vacation and bonuses totaling EUR 2,264k (2018: EUR 1,955k) as well as liabilities for wage and church tax of EUR 376k (2018: EUR 307k). Other liabilities also include costs relating to IPO of EUR 565k (2018: EUR 1,695k) (see note 17). |
Share-based payments
Share-based payments | 12 Months Ended |
Dec. 31, 2019 | |
Share-based payments | |
Share-based payments | 20 Share‑based payments At December 31, 2018 and 2019, the Group had the following share‑based payment arrangements. (i) Virtual share option program 2016 (Cash‑settled) On July 1, 2016, the Group established a virtual share option program (“2016 VSOP”) under Centogene AG that entitles the management board to grant virtual share options to individuals, in regard to services they provide and their continuous commitment to the Group. The 2016 VSOP allowed the management board to grant up to 1,000,000 virtual options, representing 5% of the original 205,000 shares of Centogene AG which are issued and owned by the original shareholders. The share options are subject to service conditions. The completion of IPO in November 2019 was defined as one of the “exit events” in the 2016 VSOP program. Accordingly, all options granted under 2016 VSOP were vested immediately in full. In addition, holders of vested options are entitled to receive a direct cash payment from the Company according to the calculation as stipulated in the program, which is determined based on the IPO price of the shares of Centogene N.V. and the exercise prices of the vested options. As of December 31, 2019, all options under 2016 VSOP were considered vested and exercised and a liability with an carrying amount of EUR 2,768k (2018: EUR 2,170k) was recorded. The payment to the option holders will be reimbursed by the original shareholders to the Company at the same time as the obligation to pay the options holders arises. A respective receivable against shareholders was recorded (see note 15). As this is a shareholder transaction, the respective receivable against shareholders was recorded against equity (capital reserve). 2018 2019 Number WAEP Number WAEP Outstanding at January 1 802,283 3.22 802,283 3.22 Exercised during the year — — (802,283) 3.45 Outstanding at December 31 802,283 3.22 — — Vested at December 31 756,083 2.74 — — Exercisable at December 31 — — — — The weighted average remaining contractual life for the share options outstanding as at December 31, 2018 was seven years. The range of exercise prices for options outstanding as of December 31, 2018 was EUR 1.0 to EUR 6.0. The intrinsic value of the options vested as of December 31, 2018 was EUR 2,169k. (ii) Virtual share option program 2017 (Cash‑settled) In 2017, the Group established an additional virtual share option program (“2017 VSOP”) that entitled the management board to grant virtual share options to individuals, in regard to services they provide and their continuous commitment to the Group. The 2017 VSOP allowed the management board to grant up to 29,560 virtual options, representing approximately 10% of the total shares of Centogene AG which were then issued and anticipated to be issued after additional investment by the investors. Under this program, holders of vested options were entitled to receive a direct cash payment from the Company, which is determined based on the exit price of the Company’s shares, upon the occurrence of any of the “exit events” as defined in share option program. The vesting period shall be three years commencing on the day of grant, where one-third of the granted options shall be vested at the end of each year of grant. Upon an exit event, the vesting of any unvested awards will be accelerated. As part of the corporate reorganization, in connection with the IPO (see note 1), a transfer agreement was entered into between the holders of the 2017 VSOP, Centogene AG and the Company in November 2019, according to which, the 2017 VSOP was terminated, and the option holders were instead granted new share options of the Centogene N.V., determined based on the IPO price of the shares of Centogene N.V. and the number of options granted (see note 20(iii)). 2018 2019 Number WAEP Number WAEP Outstanding at January 1 4,318 1.0 10,496 1.0 Granted during the year 6,178 1.0 5,878 1.0 Cancelled during the year — — (16,374) 1.0 Replacement awards granted during the year (note 20(iii)) — — 805,308 0.12 Outstanding at December 31 10,496 1.0 805,308 0.12 Vested at December 31 5,040 1.0 805,308 0.12 Exercisable at December 31 — — — — The weighted average remaining contractual life for the share options outstanding as at December 31, 2018 was eight years and the weighted average fair value of options outstanding was EUR 540.3. The exercise price for options outstanding as of December 31, 2018 was EUR 1. The intrinsic value of the options vested as of December 31, 2018 was EUR 2,722k. Upon the completion of the IPO, the liability under 2017 VSOP was calculated based on cash payment entitled to by the holders of options from the Company as stipulated in the program. The cancellation of 2017 VSOP and the grant of new share options of Centogene N.V. was accounted for as a modification under IFRS 2. The total accumulated liability prior to the modification date of EUR 10,038k was reclassified to the capital reserve, since the new share options of Centogene N.V. are classified as an equity-settled share-based payment (see note 20(iii) below). (iii) Equity share option - Replacement (ESOP 2017) As discussed in note 20(ii), share options of Centogene N.V. were issued to the holders of options originally granted under 2017 VSOP as part of the corporate reorganization to replace the cash-settled share-based program. The number of options granted to each holder was based on the number of options granted to them under 2017 VSOP and the IPO price of Centogene N.V. Accordingly, 805,308 new share options were granted pursuant to the Centogene N.V. Long-term Incentive Plan, with each option representing one common share of Centogene N.V., and an exercise price equal to the nominal value of the share of Centogene N.V., which is EUR 0.12. The options were considered vested upon the completion of the IPO, but are not exercisable in the first 180 days subsequent to the listing (lock-up period). The contractual life for the share options as at December 31, 2019 is ten years and the weighted average fair value of options outstanding was EUR 12.46. The fair value of share options issued under ESOP 2017 are equity-settled and the fair value of the options were recognized in equity under capital reserve on the date of grant. (iv) In 2019, an agreement was entered into between the Company and an individual of the Supervisory Board. According to this agreement, a total of 396,522 options, each option representing one common share, were granted pursuant to the Centogene N.V. Long-term Incentive Plan to the individual Supervisory Board member with exercise price equaling to the IPO price, which is EUR 12.58 per option, on the date of the IPO of the Company. The vesting period shall be three years commencing on the day of grant, where one-third of the granted options shall be vested at the end of each year of grant, and the first year ending on March 31, 2020. The contractual life for the share options as at December 31, 2019 is ten years and the weighted average fair value of options outstanding was EUR 9.08. The share options issued under “ESOP 2019” will be equity-settled and the fair value of the options were recognized in equity under capital reserve, based on the fair value on the date of grant, and will be charged to profit or loss over the vesting period. Valuation of Options Virtual share option program 2016 and 2017 The fair values of the 2016 VSOP upon its exercise and 2017 VSOP upon its cancellation in 2019 were based on the cash payment entitled to by the holders of the virtual options, which were calculated according to the formulae as stipulated in the respective programs. The cash payment is with reference to the share price of Centogene N.V. at the date of IPO. For the year ended December 31, 2018, the fair values of 2016 VSOP and 2017 VSOP were calculated based on the enterprise value of the Company, which is determined by discounting the future cash flows to be generated by the Company according to the cash flow projection, and using the Black-Scholes option pricing model. The cash flow projection included specific estimates for ten years and a terminal growth rate of 2%. The discount rate applied of 15%, was a post-tax measure estimated based on the historical industry average weighted average cost of capital, with a possible debt leveraging of 0%-5% at a market interest rate of 6%. The values assigned to the key assumptions represent management’s assessment of future trends in the relevant industries and have been based on historical data from both external and internal sources. The key assumptions used to derive the option value are set out below: 2018 Volatility (%) 70 Risk-free interest rate (%) (0.8) Dividend yield (%) Option term (years) 0.4 Equity share option 2017 and Equity share option 2019 The fair values of ESOP 2017 and ESOP 2019 were estimated at the date of grant using the Black-Scholes option pricing model, taking into account the terms and conditions on which the share options were granted. It takes into account historical and expected dividends, and the share price volatility of the other public company in the relevant industries to predict the share performance. There are no cash settlement alternatives for either the option holders or the Company. The key assumptions used to derive the option value are set out below: 2019 ESOP 2017 ESOP 2019 Exercise price (EUR) 0.12 12.58 Share price at grant date (EUR) 12.58 12.58 Volatility (%) 70 70 Risk‑free interest rate (%) (0.7) (0.7) Dividend yield (%) Option term (years) 10 10 The expense recognized for the above share-based payment transactions during the year is shown in the following table: 2018 2019 Expenses arising from cash-settled share-based payment transactions 5,521 5,714 - 2016 VSOP 1,442 596 - 2017 VSOP (2019: including modification gain) 4,079 5,118 Expenses arising from equity-settled share-based payment transactions — 704 Total expenses arising from share‑based payment transactions 5,521 6,418 |
Financial instruments-fair valu
Financial instruments-fair values and risk management | 12 Months Ended |
Dec. 31, 2019 | |
Financial instruments-fair values and risk management | |
Financial instruments-fair values and risk management | Financial instruments 21 Financial instruments-fair values and risk management 21.1 The carrying values of the Group’s financial assets and financial liabilities approximate their fair value. 21.2 The Group is exposed to the following risks from the use of financial instruments: · Credit risk · Liquidity risk · Currency risk Credit risk Credit risk is the risk that a counterparty will not meet its obligations under a financial instrument or customer contract, leading to a financial loss. The Group is exposed to credit risk from its operating activities (primarily trade receivables) and from its financing activities, including deposits with banks and financial institutions and foreign exchange transactions. The carrying amount of the financial assets corresponds to the maximum default risk. Trade receivables and contract assets The Group utilizes a receivables management system that closely manages open items of major customers. The Group’s customers in the pharmaceutical segment are mainly pharmaceutical companies which are usually listed companies, or strongly financed by private equity funds. The Group’s customers in the diagnostics segment are mainly hospitals, labs and physicians, of which approximately 75% of the revenues from Diagnostics segment were generated from customers who have had business relationships with the Group at least since 2017. To avoid default, the Company may request prepayment for new business with physicians. In addition to the macroeconomic situation generally, the development of international healthcare markets is a key economic factor in assessing the default risk related to trade receivables and contract assets. These markets are closely monitored by the Group. An impairment analysis is performed at each reporting date using a provision matrix to measure expected credit losses. The provision rates are based on days past due for groupings of various customer segments with similar loss patterns (i.e. by customers from different segment; customers from different geographical region and customer type). The calculation reflects the probability weighted outcome, the time value of money and reasonable and supportable information that is available at the reporting date about past events, current conditions and forecasts of future economic conditions. The maximum exposure to credit risk at the reporting date is the carrying value of each class of financial assets disclosed in note 15. The Group does not hold collateral as security and does not request letters of credit or other forms of credit insurance. The Group evaluates the concentration of risk with respect to trade receivables and contract assets and recorded credit losses reflecting the expected lifetime loss, based on different types of customers. Considering the major exposure to the credit risk arising from the diagnostics segment, the Group focused its impairment analysis on the trade receivables due from customers in the diagnostic segment, in particular the MENA and Europe regions as they represent the majority of that segment’s revenue. In addition to applying the provision matrix, the Group performed an individual customer analysis on major debtors, with reference to the past history (such as sales and collection in the previous periods) and the assessment of their current financial condition and other relevant factors and evaluated if additional specific impairment losses would be necessary. Set out below is the information regarding the credit risk exposure of the Group’s trade receivables and contract assets using a provision matrix As of December 31, 2018 Past due by Total Gross Past due 1 - Past due 31‑ 90 more than 90 in EUR k amount Not past due 30 days days days Middle East 7,766 3,065 401 1,560 2,740 Europe 2,900 2,052 356 240 252 Latin America 604 415 81 74 34 North America 1,074 728 230 79 37 Asia Pacific 190 175 10 — 5 Total 12,534 6,435 1,078 1,953 3,068 Expected credit loss rate 13.0 % 0.1 % 0.5 % 2 % 51.6 % Expected credit loss 1,633 6 5 39 1,583 As of December 31, 2019 Past due by Total Gross Past due 1 - Past due 31‑ 90 more than 90 in EUR k amount Not past due 30 days days days Middle East 10,470 3,956 721 1,411 4,382 Europe 3,311 2,476 268 222 345 Latin America 811 611 53 42 105 North America 4,156 3,908 53 24 171 Asia Pacific 180 151 18 9 2 Total 18,928 11,102 1,113 1,708 5,005 Expected credit loss rate 12.3 % 0.3 % 1.0 % 1.2 % 45.4 % Expected credit loss 2,335 31 11 21 2,272 Overdue trade receivables in MENA region mainly related to the major customers from diagnostics segment. The trade receivables due from top 10 diagnostics customers in MENA region as of December 31, 2019 represented over 85% of overdue balances for Middle East. These customers are mainly government hospitals administered by Ministry of Health in the respective countries as well as distributors. Based on our past experience, they normally require a longer period to settle the outstanding trade receivables. Set out below is the movement in the allowance for expected credit losses of trade receivables and contract assets: in EUR k 2018 2019 As of January 1 841 1,633 Provision for expected credit losses (note 8.2) 792 752 Write-off — (30) As of December 31 1,633 2,355 Cash and cash equivalents As of December 31, 2019, the Group held cash and cash equivalents of EUR 41,095k (2018: EUR 9,222k). This total, therefore, also represents the maximum default risk with regard to these assets. The cash and cash equivalents are deposited at banks or financial institutions that have a rating of BAA to AA. Liquidity risk The liquidity risk is the risk of the Group possibly not being in a position to meet its financial liabilities as contractually agreed by providing cash or other financial assets. The Group's objective is to maintain a balance between continuity of funding and flexibility through the use of bank overdrafts and lease contracts. Managing liquidity within the Group is intended to ensure that - as far as possible - sufficient cash and cash equivalents are always available to meet payment obligations when these fall due, in both normal and challenging conditions, without incurring unacceptable losses or damaging the Group’s reputation. The Group strives to maintain cash and cash equivalents at a level above that of the expected cash outflows for financial liabilities (apart from trade payables) during the next 60 days. As at December 31, 2019, approximately 27.2% of the Group’s interest-bearing liabilities is mature in less than one year (2018: 25.7%) based on the carrying value of borrowings reflected in the financial statements. The increase in the ratio is due to repayment of non-current bank loans in 2019 upon the completion of sale and leaseback transaction. The Company has recently completed the IPO in November 2019. As at December 31, 2019, the Group had cash and cash equivalent of EUR 41,095k (2018: EUR 9,222k), the Group assessed the concentration of risk and concluded it to be low. In addition to the cash and cash equivalent available as of December 31, 2019, the Group also has access to other sources of funding, including the amount of expected cash inflows from trade and other receivables. As of December 31, 2019, the expected cash inflows from trade and other receivables within two months amounts to EUR 6,644k (2018: EUR 3,830k), which would be similar to the amount of trade payables due as of then. As at December 31, 2019, the Group has secured credit lines for totaling EUR 3,500k. These bear interest of 3.33% - 4.50% (2018: EUR 4,000k; 3.33% - 4.50%). EUR 2,636k were utilized as of December 31, 2019 (2018: EUR 1,915k). The table below presents the remaining contractual terms of the financial liabilities on the reporting date, including estimated interest payments. The figures are undiscounted gross amounts, including estimated interest payments and interest on undrawn loan funds, but without showing the impact of offsetting. Contractually agreed cash flows More Dec 31, 2018 Carrying Less than 2 to 12 1 to 5 than in EUR k amount Total 2 months months years 5 years Bank overdrafts 1,915 1,915 1,915 — — — Secured bank loans 13,842 15,985 236 1,965 5,808 7,976 Lease liabilities 3,062 3,234 239 1,196 1,799 — Municipal Loans 860 1,273 — — — 1,273 Trade payables 5,429 5,429 3,920 1,509 — — 25,108 27,836 6,310 4,670 7,607 9,249 Contractually agreed cash flows More Dec 31, 2019 Carrying Less than 2 to 12 1 to 5 than in EUR k amount Total 2 months months years 5 years Bank overdrafts 2,636 2,636 2,636 — — — Secured bank loans 1,770 1,866 12 848 1,006 — Lease liabilities 21,704 25,934 755 3,034 9,574 12,571 Municipal Loans 860 1,022 — 327 695 — Trade payables 8,554 8,554 6,871 1,683 — — 35,524 40,012 10,274 5,892 11,275 12,571 Reconciliation of liabilities arising from financing activities Non-cash changes Changes in in EUR k Jan 1,2018 Cash flows Additions maturity Dec 31, 2018 Non-current financial liabilities 3,851 (1,373) 856 11,293 14,627 Non-current portion of secured bank loans — — — 12,055 12,055 Municipal loans 2,000 (1,140) — — 860 Non-current lease liabilities 1,851 (233) 856 (762) 1,712 Current financial liabilities 15,490 267 588 (11,293) 5,052 Current portion of secured bank loans 13,837 5 — (12,055) 1,787 Bank overdrafts — 1,915 — — 1,915 Current leases liabilities 1,653 (1,653) 588 762 1,350 Total 19,341 (1,106) 1,444 — 19,679 Non-cash changes Changes in in EUR k Jan 1, 2019 Cash flows Additions maturity Dec 31, 2019 Non-current financial liabilities (12,783) (1,107) Non-current portion of secured bank loans 12,055 (11,087) — — 968 Municipal loans 860 — — (250) 610 Non-current lease liabilities 1,712 (1,696) 18,910 (857) 18,069 Current financial liabilities 5,052 (1,614) 2,778 1,107 7,323 Current portion of secured bank loans 1,787 (985) — — 802 Bank overdrafts 1,915 721 — — 2,636 Municipal loans — — — 250 250 Current leases liabilities 1,350 (1,350) 2,778 857 3,635 Total 19,679 (14,397) 21,688 — 26,970 Currency risk The Group is exposed to currency risk in cases where contracts are concluded in foreign currencies. The vast majority of goods delivered and services the Company provided, including those for international customers, are invoiced in euro. The main functional currencies of group companies are the euro, USD, the Indian rupee and the Arab Emirates Dirham. The following table presents the net foreign currency exposure of the Group as at December 31, 2018 and 2019. Dec 31, 2018 in EUR k USD INR AED Trade receivables 1,674 65 4 Trade payables and other liabilities (2,193) (2) (5) Net exposure (519) 63 (1) Dec 31, 2019 in EUR k USD INR AED Trade receivables 4,275 36 (1) Trade payables and other liabilities (2,801) (98) (15) Net exposure 1,474 (62) (16) Sensitivity analysis relating to changes in exchange rates: Given the exposure to foreign currencies as presented above, the impact to the Group’s earnings before tax or equity from a 10% change in the US dollar exchange rate would not be material. |
List of subsidiaries
List of subsidiaries | 12 Months Ended |
Dec. 31, 2019 | |
List of subsidiaries | |
List of subsidiaries | 22 List of subsidiaries The major subsidiaries of the Group are listed below. Equity interests (%) Country in which primary activities are Name pursued Dec 31, 2018 Dec 31, 2019 Centogene AG Germany 100 100 Centogene IP GmbH Germany 100 100 Centogene Shared Service GmbH Germany 100 100 Centogene Fzllc, Dubai Dubai 100 100 Ludewig Wasserbau GmbH* Germany 100 Centogene US LLC, Burlington, USA USA 100 100 Centogene GmbH, Vienna Austria 90 90 Centogene India Pvt. Ltd India 51 51 LPC GmbH Germany 51 51 * The 100% interest in Ludewig Wasserbau GmbH was sold as part of the sale and leaseback transaction during the year ended December 31, 2019. Please refer to note 13.1 for details. |
Non-controlling interests
Non-controlling interests | 12 Months Ended |
Dec. 31, 2019 | |
Non-controlling interests | |
Non-controlling interests | 23 Non‑controlling interests The table below shows information on each subsidiary of the Group with material, non‑controlling interests before intercompany eliminations. Centogene India Pvt. Ltd LPC GmbH Dec 31, 2019 in EUR k 49% 49% Net assets/(liabilities) (1,263) (546) Carrying amount of non‑controlling interests (619) (268) Revenue 687 Profit/(loss) (311) (56) Profit/loss allocated to non‑controlling interests (152) (27) |
Commitments
Commitments | 12 Months Ended |
Dec. 31, 2019 | |
Commitments | |
Commitments | 24 Commitments Future payments for non-cancellable leases The Group has various non-cancellable lease contracts of office equipment and storage spaces which had a lease term of less than 12 months or were related to leases of low-value assets, and therefore the short-term lease recognition exemption was applied to these contracts. The future lease payments for these non-cancellable lease contracts are EUR 72k within one year (2018: EUR 197k) and EUR 36k within five years (2018: 55k). Future payment obligations During 2019, the Group concluded agreements with suppliers, for goods and services to be provided in 2020 with a total payment obligation of around EUR 802k (2018: EUR 1,013k). |
Related parties
Related parties | 12 Months Ended |
Dec. 31, 2019 | |
Related parties | |
Related parties | 25 Related parties During the year ended December 31, 2019, the Group had the following related party transactions: Transaction with shareholders Based on a shareholder agreement from January 2016 the payment to the option holders of the VSOP 2016 will be reimbursed by the original shareholders to the Company at the same time when the obligation to pay the options holders arises. A respective receivable against shareholders was recorded (refer to note 15). The shareholder agreement has a term till December 31, 2023. Transactions with members of management in key positions Remuneration of members of key management in EUR k 2017 2018 2019 Short‑term employee benefits 1,843 2,354 3,313 Post‑employment pension and medical benefits 10 10 10 Share‑based payment transactions 530 2,893 3,395 Total compensation to key management 2,383 5,257 6,718 440,475 share options were granted under ESOP 2017 to key management personnel, allowing to purchase common shares of the Company, as a result of the replacement of previous cash-settled share-based transaction (see note 20). The options are fully vested and exercisable after a lock-up period of 6 months. The exercise price of the share options is EUR 0.12, and the options expire in 2029. There are no pension commitments for members of the management board. The supervisory board received remuneration for its activities of EUR 499k in the reporting year (2018: EUR 341k; 2017: EUR 160k). In addition, as disclosed in note 20, an individual of the supervisory board received share options from the Company upon completion of IPO. Share-based payment expenses of EUR 704k (2018: EUR nil; 2017: EUR nil) was charged to profit and loss for the year ended December 31, 2019. For the year ended December 31, 2019, consultant fees totaling EUR 152k (2018: EUR nil; 2017: EUR nil) was charged to profit or loss in relation to corporate strategy services provided by a member of the supervisory board. For the years ended December 31, 2018 and 2017, there were also consulting fees of EUR 64k and EUR 490k respectively relating to services provided by a member of the supervisory board and an entity controlled by a member of the supervisory board. |
Contingent liabilities
Contingent liabilities | 12 Months Ended |
Dec. 31, 2019 | |
Contingent liabilities | |
Contingent liabilities | 26 Contingent liabilities In May 2016, the Company was informed in writing by the Universitair Medisch Centrum Utrecht ("UMCU") that a claim had been initiated against UMCU regarding a prenatal diagnostic test that the Company conducted at their request which failed to identify a specific mutation present in a patient. On November 8, 2018, the UMCU and Neon Underwriting Limited formally filed a legal claim in the local court in Rostock, Germany against the Company alleging that the Company’s negligence in performing the test resulted in the misdiagnosis of the patient. UMCU is seeking recovery for compensatory damages as a result of the alleged misdiagnosis. By court order of November 8, 2018, the Regional Court of Rostock set the amount in dispute at EUR 880k. The Company intends to rigorously defend its position and considers that it is not probable the legal claim towards the Company will be successful and as a result has not recognized a provision for this claim as of December 31, 2019. In addition, in case a settlement would be required, the Company believes that the corresponding liability will be fully covered by the respective insurance coverage. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2019 | |
Subsequent Events | |
Subsequent Events | 27 Subsequent Events (a) After the above transactions, all guarantees provided by certain shareholders in relation to the Group’s financial liabilities and facilities were released. (b) As part of the Company’s initiative to help local, national and international authorities in their efforts to diagnose cases of COVID-19, the Company has commenced testing for COVID-19 in March 2020. In April 2020, in order to increase testing capacity, the Company acquired laboratory facilities and equipment for a total consideration of EUR 1,800 thousand and leased laboratory space in Hamburg, Germany. The lease is charged at a fixed rate and covers a fixed period of five years, with an option to extend. Such lease contract is accounted for under IFRS 16 and accordingly right-of-use assets and lease liabilities of approximately EUR 450 thousand will be recognized. Although the provision of testing for the COVID-19 virus is anticipated to generate additional revenues to the Company, the impact of the pandemic to the global economy, international trade and business activities may also have a negative impact to its operating results, and therefore the Company is unable to provide a reasonable estimate of the related financial impact at this time. These consolidated financial statements were approved by management on April 23, 2020. |
Significant accounting polici_2
Significant accounting policies (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
Significant accounting policies | |
Foreign currency and currency translation | (a) The Group’s consolidated financial statements are presented based on the parent company’s functional currency. For each entity, the Group determines the functional currency and items included in the financial statements of each entity are measured using that functional currency. The Group uses the direct method of consolidation and on disposal of a foreign operation, the gain or loss that is reclassified to profit or loss reflects the amount that arises from using this method. Transactions in foreign currency are translated into the respective entity’s functional currency at the spot rate prevailing on the date of the transaction. The functional currency of each entity is the respective local currency, since the entities carry out their business activities independently from a financial, economic and organizational perspective. Monetary assets and liabilities denominated in foreign currency are translated to the functional currency using the closing rate at the reporting date. Currency translation differences are recognized immediately through profit or loss. Non-monetary items denominated in a foreign currency that are measured at historical cost are not translated at the reporting date. On consolidation, the assets and liabilities of foreign operations are translated into euros using the closing rate on the reporting date. Income and expenses of foreign operations are translated using the exchange rate prevailing on the date of the transaction or the annual average exchange rate. Equity is translated using historical rates until the entity is removed from the Group’s basis of consolidation. Any resulting currency translation differences are recorded in other comprehensive income and recognized under the currency translation reserve in equity if the exchange difference is not allocable to the non-controlling interests. The exchange rates used are presented in the following table: Average rate Closing rate Dec 31, Dec 31, Dec 31, 2017 2018 2019 2017 2018 2019 USD (EUR 1) 1.1297 1.1779 1.1191 1.1993 1.1419 AED (EUR 1) 4.1549 4.2713 4.0985 4.3874 4.1396 INR (EUR 1) 73.5324 79.3177 78.7980 76.6055 78.5156 |
Revenues from contracts with customers | (b) The Group provides pharmaceutical solutions and diagnostic tests enabled by its knowledge and interpretation-based platform. Revenue from contracts with customers is recognized when control of the goods or services are transferred to the customer at an amount that reflects the consideration to which the Group expects to be entitled in exchange for those goods or services, usually on delivery of the goods. (i) The Group's contracts with customers relate to a variety of solutions provided to the Group's pharmaceutical partners in order to accelerate their development of treatments for rare diseases, including early patient recruitment and identification, epidemiological insights, biomarker discovery and patient monitoring. The collaboration agreements are structured on a fee per sample basis, milestone basis, fixed fee basis, royalty basis or a combination of these. In addition, some of the Group's contracts with its pharmaceutical partners also include sales of CentoCards for the collection of biological samples from patients. The performance obligations in Pharmaceutical segment can either be satisfied over time or at a point in time depending on the structure of the collaborations, which are determined based on nature of the service provided, as detailed below. - - - - (ii) Revenues from the Group's diagnostics segment are typically generated from genetic sequencing and diagnostics services that the Group provides to clients, who are typically physicians, laboratories or hospitals, either directly or through distributors. Revenues are based on a negotiated price per test or on the basis of agreements to provide certain testing volumes over defined periods. The Group has concluded that the services rendered in the diagnostics segment comprise one performance obligation. The performance obligation in the Diagnostics segment is recognized over time, using an input method to measure progress towards complete satisfaction of the service. In order to measure progress, the Group uses a standardized process which measures progress to completion by stages, consisting of (i) a preparation stage, (ii) a clarification stage, (iii) a sequencing stage, and (iv) an output stage. The percentages attributed to those stages are indicative of the cost incurred in performing the respective stage in relation to total cost. The Group has disaggregated revenue recognized from contracts with customers into categories that depict how the nature, amount, timing and uncertainty of revenue and cash flows are affected by economic factors. The Group has also disclosed information about the relationship between the disclosure of disaggregated revenue and the revenue information disclosed for each reportable segment. See note 7 for the disclosure on disaggregated revenue. Contract balances (i) Contract assets A contract asset is the right to consideration in exchange for goods or services transferred to the customer. If the Group satisfies a performance obligation by transferring goods or services to a customer before the customer pays consideration or before payment is due, a contract asset is recognized for the earned consideration that is conditional. Contract assets are subject to impairment assessment, refer to accounting policies of impairment of financial assets in note 5(n) “Financial instruments”. (ii) A receivable represents the Group’s right to an amount of consideration that is unconditional (i.e., only the passage of time is required before payment of the consideration is due). Refer to accounting policies of impairment of financial assets in note 5(n) “Financial instruments”. (iii) A contract liability is the obligation to transfer goods or services to a customer for which the Group has received consideration or an amount of consideration is due from the customer (whichever is earlier). If a customer pays consideration before the Group transfers goods or services to the customer, a contract liability is recognized when the payment is made or the payment is due (whichever is earlier). Contract liabilities are recognized as revenue when the Group performs under the contract. |
Finance income and finance costs | (c) Interest income and expenses are recognized in the period which they relate to through profit or loss using the effective interest rate method. |
Current versus non-current classification | (d) The Group presents assets and liabilities in the statement of financial position based on current/non-current classification. An asset is current when it is: - - - - All other assets are classified as non-current. A liability is current when: - - - - The terms of the liability that could, at the option of the counterparty, result in its settlement by the issue of equity instruments do not affect its classification. The Group classifies all other liabilities as non-current. Deferred tax assets and liabilities are classified as non-current assets and liabilities |
Intangible assets | (e) Research and development Expenses for research activities are recognized through profit or loss in the period in which they are incurred. Development expenditures on an individual project are recognized as an intangible asset from the date the Group can demonstrate: - - - - - The Group’s research and development activities mainly relate to development of biomarkers and IT driven solutions. With respect to biomarkers, the development stage is usually considered to be achieved when the target validation process is completed and commercialization is probable. With respect to IT driven solutions, the development stage is considered to be achieved upon the completion of the Group’s internal validation test. Before such dates, any development costs are recognized in profit or loss and may not be subsequently capitalized. Capitalized development costs are recognized at cost less accumulated amortization and any accumulated impairment losses. They are only amortized as from the date the asset is ready for its intended use, which in the case of biomarkers is normally at the time the patent application for such biomarker is made. Amortization expense commences when the assets ready to be put in use, and is recorded in cost of sales and research and development expenses. Capitalized development costs which are still under development are tested for impairment annually and when circumstances indicate that the carrying value may be impaired. Other intangible assets Other intangible assets purchased by the Group with finite useful lives are recognized at cost less accumulated amortization and any accumulated impairment losses. Subsequent expenditure is only capitalized if it increases the future economic benefits of the respective asset. Intangible assets are amortized over their estimated useful life using the straight-line method and assessed for impairment whenever there is an indication that the intangible asset may be impaired. The estimated useful lives are as follows: - Software, patents and trademarks: 3‑7 years - Capitalized development costs: 7 years The useful lives and depreciation methods are reviewed annually to ensure that the methods and periods of depreciation are consistent with the expected economic benefit from the asset. |
Property, plant and equipment | (f) Property, plant and equipment are carried at cost less any accumulated depreciation and any accumulated impairment losses. The cost of property, plant and equipment comprises its purchase price including customs duties and non-refundable acquisition taxes, and proportionate VAT not deductible from input tax as well as any directly attributable costs of bringing the asset to its working condition and location for its intended use. Subsequent expenditure is only capitalized if it is probable that the future economic benefits associated with the expenditure will flow to the Group. Depreciation is calculated over the estimated useful life using the straight-line method. The Group has assessed that none of its property, plant and equipment has a residual value. The estimated useful lives of significant property, plant and equipment are as follows: - Freehold land is not depreciated - Buildings: 33 years and - Plant and other equipment, furniture and fixtures: 2‑15 years An item of property, plant and equipment is derecognized upon disposal or when no future economic benefits are expected from its use or disposal. Any gain or loss arising on derecognition of the asset (calculated as the difference between the net disposal proceeds and the carrying amount of the asset) is included in the statement of comprehensive loss when the asset is derecognized. The depreciation methods, useful lives and residual values are reviewed, and adjusted prospectively if appropriate, as of each reporting date. Assets under construction are reported at cost and are allocated to property, plant and equipment until they are completed and put into operational use, from which point onwards they are depreciated. |
Leases | (g) Before January 1, 2019 prior to adoption of IFRS 16, the accounting treatment of leases depended on if key risk and rewards of ownerships of the assets under leases were transferred. Assets that are held by the Group under a lease that transfers the key risks and rewards of ownership to the Group are classified as finance leases. The leased asset is initially measured at the lower of fair value and the present value of the minimum lease payments. After initial recognition, the asset is carried in accordance with applicable accounting policy for the asset. Finance lease payments are apportioned between finance costs and the reduction of the outstanding liability. The finance costs are allocated to each period during the lease term so as to produce a constant periodic rate of interest on the remaining balance of the liability. Assets from other leases are classified as operating leases and the respective lease expenses are recognised in profit or loss on a straight-line basis over the lease term. Since January 1, 2019, the Group adopted IFRS 16 and assesses at contract inception whether a contract is, or contains, a lease. That is, if the contract conveys the right to control the use of an identified asset for a period of time in exchange for a consideration. Group as a lessee The Group applies a single recognition and measurement approach for all leases, except for short-term leases and leases of low-value assets. The Group recognizes lease liabilities to make lease payments and right-of-use assets representing the right to use the underlying assets. (i) The Group recognizes right-of-use assets at the commencement date of the lease (i.e., the date the underlying asset is available for use). Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities. The cost of right-of-use assets includes the amount of lease liabilities recognized, initial direct costs incurred, and lease payments made at or before the commencement date less any lease incentives received. Unless the Group is reasonably certain to obtain ownership of the leased asset at the end of the lease term, the recognized right-of-use assets are depreciated on a straight-line basis over the shorter of its lease term and the estimated useful lives, as follows: - - - If ownership of the leased asset transfers to the Group 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 asset. The right-of-use assets are also subject to impairment. Refer to accounting policies of impairment of financial assets in note 5(n) “Financial instruments”. (ii) At the commencement date of the lease, the Group recognizes lease liabilities measured at the present value of lease payments to be made over the lease term. The lease payments include fixed payments (including in-substance 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 leases reasonably certain to be terminated. The variable lease payments that do not depend on an index or a rate are recognized as expenses in the period during which the event or condition that triggers the payment occurs. In calculating the present value of lease payments, the Group uses the incremental borrowing rate at the lease commencement date if 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, a change in the lease term, a change in the in-substance fixed lease payments or a change in the assessment to purchase the underlying asset. (iii) The Group 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). It also applies the lease of low-value assets recognition exemption to leases of office equipment that are considered of low value (i.e., below EUR 5k). Lease payments on short-term leases and leases of low-value assets are recognized as expenses on a straight-line basis over the lease term. (iv) The Group applies IFRS 15 for determining if the transfer of an asset to the buyer (lessor) is to be accounted for as a sale of assets. After the sale of assets is concluded, the Group measures the right-of-use assets arising from the leaseback at the proportion of the previous carrying value of the asset that relates to the right of use retained by the Group. Accordingly, the Group recognizes only the amount of any gain or loss that relates to the rights transferred to the buyer (lessor). If the fair value of the consideration for the sale of an asset does not equal the fair value of the asset, or if the payments for the leases are not at market rates, the Group makes the following adjustments to measure the sale proceeds at fair value: • • |
Impairment of non-financial assets | (h) Property, plant and equipment and intangible assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Whenever the carrying amount of an asset exceeds its recoverable amount, an impairment loss is recognized in profit or loss. The recoverable amount is measured as the higher of fair value less costs to sell and value in use. Recoverable amounts are estimated either for individual assets or, if an individual asset does not generate cash flows independently of other assets, for the whole cash-generating unit. |
Inventories | (i) Inventories are measured at the lower of cost and net realizable value. Inventories are recognized at cost based on the first in first out (FIFO) method. Net realizable value is the estimated selling price in the ordinary course of business, less estimated costs of completion and the estimated costs necessary to make the sale. |
Government grants | (j) Government grants are recognized where there is reasonable assurance that the grant will be received and all attached conditions will be complied with. Grants that are intended to compensate the Group for expenses incurred are recognized through profit or loss on a systematic basis over the periods in which expenses are recognized. Government grants which relate to an asset are initially recognized as deferred income at nominal amounts. They are subsequently released to profit or loss on a systematic basis over the expected useful life of the related asset. The release of deferred income related to either type of grant is presented as other operating income (see note 8). |
Share-based payments | (k) Plan recipients (including senior executives and certain member of Supervisory Board) of the Group receive remuneration in the form of share-based payments, whereby the recipients render services as consideration for equity instruments (equity-settled transactions) or settled in cash (cash-settled transactions). Equity settled transactions The cost of equity-settled transactions is determined by the fair value of the granted options when the grant is made, using a Black-Scholes Model, with further details given in note 20. The cost is recognized in employee benefits expense (see note 8.4) or other relevant expenses, together with a corresponding increase in equity (capital reserves), over the period in which the service conditions are fulfilled (the vesting period). The cumulative expense recognized for equity-settled transactions at each reporting date until the vesting date reflects the extent to which the vesting period has expired and the Group’s best estimate of the number of equity instruments that will ultimately vest. The expense or credit in profit or loss for a period represents the movement in cumulative expense recognized as at the beginning and end of that period. Cash-settled transactions A liability is recognized for the fair value of cash-settled transactions. The fair value is measured initially and at each reporting date up to and including the settlement date, with changes in fair value recognized in employee benefits expense (see note 8.4). The fair value per option is determined using the Black-Scholes model, further details of which are given in note 20. The fair value per option is then multiplied by the Group’s best estimate of the number of awards expected to vest and the portion of the expired vesting period (period in which the service conditions are fulfilled). The cumulative amount of expense recognized will be equal to the cash that is paid on settlement. Service and non-market performance conditions are not taken into account when determining the grant date fair value of awards, but the likelihood of the conditions being met is assessed as part of the Group’s best estimate of the number of equity instruments that will ultimately vest. Market performance conditions are reflected within the grant date fair value. Any other conditions attached to an award, but without an associated service requirement, are considered to be non-vesting conditions. Non-vesting conditions are reflected in the fair value of an award and lead to an immediate expensing of an award unless there are also service and/or performance conditions. No expense is recognized for awards that do not ultimately vest because non-market performance and/or service conditions have not been met. Where awards include a market or non-vesting condition, the transactions are treated as vested irrespective of whether the market or non-vesting condition is satisfied, provided that all other performance and/or service conditions are satisfied. If the terms and conditions of a cash-settled share-based payment transaction are modified with the result that it becomes an equity-settled share-based payment transaction, the transaction is accounted for as such from the date of the modification. Specifically, the equity-settled share-based payment transaction is measured by reference to the fair value of the equity instruments granted at the modification date and recognized in equity. The liability for the cash-settled share-based payment transaction as at the modification date is derecognized on that date. Any difference between the carrying amount of the liability derecognized and the amount of equity recognised on the modification date is recognised immediately in profit or loss. |
Provisions | (l) A provision is recognized when the Group has a present obligation (legal, contractual or constructive) as a result of a past event, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. When the Group expects some or all of a provision to be reimbursed, for example, under an insurance contract, the reimbursement misrecognized as a separate asset, but only when the reimbursement is virtually certain. The expense relating to a provision is presented in the profit or loss net of any reimbursement. Provisions are reviewed at each reporting date and adjusted to reflect the current best estimate. If the requirements for recognizing a provision are not satisfied, the corresponding obligations are recorded as contingent liabilities unless the possibility of an outflow of resources embodying economic benefits is remote. |
Income taxes | (m) Tax expense comprises current and deferred taxes. Current taxes and deferred taxes are recognized through profit or loss apart from deferred taxes related to items recognized outside profit or loss, in which case it is recognized in correlation to the underlying transaction either directly in equity or in other comprehensive income. Current income tax assets and liabilities are measured at the amount expected to be recovered from or paid to the taxation authorities. The tax rates and tax laws used to compute the amount are those that are enacted or substantively enacted at the reporting date in the countries where the Group operates and generates taxable income. Deferred taxes are set up for temporary differences between the carrying amounts of assets and liabilities for group financial reporting purposes at the reporting date and the amounts used for tax purposes. Deferred tax liabilities are recognized for all taxable temporary differences, except: - - 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 utilized. Unrecognized deferred tax assets are re-assessed at each reporting date and are recognized 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 realized or the liability is settled, based on tax rates that have been enacted or substantively enacted at the reporting date. Deferred tax assets and deferred tax liabilities are offset against each other if certain conditions are met. |
Financial instruments | (n) (i) Financial assets The Group’s financial assets principally consist of those accounted for as receivables and contract assets. Receivables and contract assets Receivables, including contract assets, are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. Contract assets and trade receivables that do not contain a significant financing component or for which the Group has applied the practical expedient are measured at the transaction price determined under IFRS 15. Refer to the accounting policies in note 5(b) “Revenues from contracts with customers”. After initial recognition, Receivables and contract assets are subsequently carried at amortized cost using the effective interest rate method less any impairment losses. Gains and losses are recognized in the profit or loss for the period when the assets are derecognized or impaired. Derecognition A financial asset or a part of a financial asset is derecognized when the Group no longer has the contractual rights to the asset or the right to receive cash flows from the asset have expired. Impairment The Group recognizes an allowance for expected credit losses (ECLs). ECLs are based on the difference between the contractual cash flows due in accordance with the contract and all the cash flows that the Group expects to receive, discounted at an approximation of the original effective interest rate. The Group applies a simplified approach in calculating ECLs. Therefore, the Group does not track changes in credit risk, but instead recognizes a loss allowance based on lifetime ECLs at each reporting date. The Group has established a provision matrix that is based on its historical credit loss experience, adjusted for forward-looking factors specific to the debtors and the economic environment. The Group considers a financial asset in default when contractual payments are 180 days past due. However, in certain cases, the Group may also consider a financial asset to be in default when internal or external information indicates that the Group is unlikely to receive the outstanding contractual amounts in full before taking into account any credit enhancements held by the Group. A financial asset is written off when there is no reasonable expectation of recovering the contractual cash flows. Further disclosures relating to impairment of trade receivables, including contract assets, are in note 21. (ii) Financial liabilities All financial liabilities are recognized initially at fair value and, in the case of loans and borrowings and payables, net of directly attributable transaction costs. The Group’s financial liabilities include trade and other payables (include contract liabilities), as well as loans and borrowings including bank overdrafts. Loans and borrowings Loans and borrowings are initially recognized at fair value and subsequently measured at amortized cost using the effective interest rate method, taking into account any principal repayments and any discount or premium on acquisition and including transaction costs and fees that are an integral part of the effective interest rate. Gains or losses are recognized through profit or loss at the time the liabilities are derecognized or disposed of. Derecognition A financial liability is derecognized when the obligation underlying the liability is discharged, canceled or expires. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as the derecognition of the original liability and the recognition of a new liability. The difference in the respective carrying amounts is recognized through profit or loss. |
Cash and cash equivalents | (o) Cash and cash equivalents Cash and cash equivalents comprise cash on hand and bank balances, including short-term, highly liquid investments that can be quickly converted into cash amounts. These have original maturities of three months or less and are subject to a low risk of fluctuation in value. |
Effects of new accounting sta_2
Effects of new accounting standards (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Effects of new accounting standards | |
Schedule of effect of adoption of IFRS 16 | in EUR k Assets Property, plant and equipment (5,364) Right-of-use assets 5,767 Total assets 403 Liabilities Lease liabilities – Current 93 Lease liabilities – Non-Current 310 Total liabilities 403 |
Significant accounting polici_3
Significant accounting policies (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Significant accounting policies | |
Schedule of exchange rates used | Average rate Closing rate Dec 31, Dec 31, Dec 31, 2017 2018 2019 2017 2018 2019 USD (EUR 1) 1.1297 1.1779 1.1191 1.1993 1.1419 AED (EUR 1) 4.1549 4.2713 4.0985 4.3874 4.1396 INR (EUR 1) 73.5324 79.3177 78.7980 76.6055 78.5156 |
Segment information and reven_2
Segment information and revenue from contracts with customers (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Segment information and revenue from contracts with customers | |
Schedule of segment information and reconciliation of segment adjusted EBITDA to group loss for the period | 2017 in EUR k Pharmaceutical Diagnostics Corporate Total Rendering of services 12,326 17,758 — 30,084 Sales of goods 1,605 — — 1,605 Revenues from external customers 13,931 17,758 — 31,689 Adjusted EBITDA 10,870 2,552 (13,746) (324) Capital Expenditures 1,464 607 15,964 18,035 Additions to property, plant and equipment 241 607 14,716 15,564 Additions to intangible assets 1,223 — 1,248 2,471 Other segment information Depreciation and amortization 793 1,311 1,133 3,237 Research and development expenses 35 — 6,361 6,396 2018 in EUR k Pharmaceutical Diagnostics Corporate Total Rendering of services 16,077 23,171 — 39,248 Sales of goods 1,230 — — 1,230 Revenues from external customers 17,307 23,171 — 40,478 Recognized over time 12,077 23,171 — 35,248 Recognized at a point in time 5,230 — — 5,230 Revenues from external customers 17,307 23,171 — 40,478 Adjusted EBITDA 13,641 2,285 (15,836) 90 Capital Expenditures Additions to property, plant and equipment 1,225 1,917 5,568 8,710 Additions to intangible assets 1,948 — 1,111 3,059 Other segment information Depreciation and amortization 1,222 1,838 2,115 5,175 Research and development expenses 334 — 5,966 6,300 2019 in EUR k Pharmaceutical Diagnostics Corporate Total Rendering of services 19,089 27,258 — 46,347 Sales of goods 2,433 — — 2,433 Revenues from external customers 21,522 27,258 — 48,780 Recognized over time 17,159 27,258 — 44,417 Recognized at a point in time 4,363 — — 4,363 Revenues from external customers 21,522 27,258 — 48,780 Adjusted EBITDA 14,956 2,306 (22,949) (5,687) Capital Expenditures Additions to property, plant and equipment and right-of-use assets 1,362 1,998 17,908 21,268 Additions to intangible assets 3,603 — 3,677 7,280 Other segment information Depreciation and amortization 1,308 2,032 3,239 6,579 Research and development expenses — — 9,590 9,590 Reconciliation of segment Adjusted EBITDA to Group Loss for the Period 2017 2018 2019 Reportable segment Adjusted EBITDA 13,422 15,926 17,262 Corporate expenses (13,746) (15,836) (22,949) (324) 90 (5,687) Share‑based payment expenses (894) (5,521) (6,418) Depreciation and amortization (3,237) (5,175) (6,579) Operating loss (4,455) (10,606) (18,684) Financial costs, net (1,007) (1,042) (2,013) Income taxes (14) 310 (158) Loss for the year (5,476) (11,338) (20,855) |
Schedule of geographical information | Geographical information in EUR k 2017 Pharmaceutical Diagnostics Total Revenues Europe 493 5,183 5,676 — Germany* — — — Middle East — 8,846 8,846 — Saudi Arabia# — 4,926 4,926 North America 13,438 1,459 14,897 — United States# 13,438 44 13,482 Latin America — 1,474 1,474 Asia Pacific — 796 796 Total 13,931 17,758 31,689 in EUR k 2018 Pharmaceutical Diagnostics Total Revenues Europe 654 6,196 6,850 — Germany* 654 407 1,061 Middle East — 12,401 12,401 — Saudi Arabia# — 5,475 5,475 North America 16,653 1,460 18,113 — United States# 16,653 643 17,296 Latin America — 2,185 2,185 Asia Pacific — 929 929 Total 17,307 23,171 40,478 in EUR k 2019 Pharmaceutical Diagnostics Total Revenues Europe 381 7,066 7,447 — Germany* 233 275 508 —Netherlands** — 25 25 Middle East 122 13,977 14,099 — Saudi Arabia# — 7,417 7,417 North America 20,896 2,380 23,276 — United States# 20,896 1,882 22,778 Latin America 123 2,864 2,987 Asia Pacific — 971 971 Total 21,522 27,258 48,780 * country of the incorporation of Centogene AG ** country of the incorporation of Centogene N.V. # countries contributing more than 10% of the Group's total consolidated revenues for the respective year ended December 31, 2017, 2018 and 2019 |
Schedule of contract balances | in EUR k Dec 31, 2018 Dec 31, 2019 Trade receivables (note 15) 8,572 12,709 Contract assets (note 15) 2,329 3,884 Contract liabilities (note 19.2) 297 3,748 |
Other income and expenses (Tabl
Other income and expenses (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Other income and expenses | |
Schedule of other operating income | in EUR k 2017 2018 2019 Government grants 637 1,611 2,641 Gain on disposal of property, plant and equipment — — 532 Exchange rate gains 159 147 314 Income from the reversal of provisions — 309 89 Others 247 239 205 Total other operating income 1,043 2,306 3,781 |
Schedule of other operating expenses | in EUR k 2017 2018 2019 Currency losses 84 250 192 Provision for expected credit losses (note 21.2) 367 792 752 Other 6 23 1,092 Total other operating expenses 457 1,065 2,036 |
Schedule of finance costs, net | in EUR k 2017 2018 2019 Interest expenses from loans (827) (922) (1,690) Unwinding of the discount on lease liabilities (194) (153) (339) Interest income from loans and receivables 14 33 16 Total (1,007) (1,042) (2,013) |
Schedule of employee benefits expense | in EUR k 2017 2018 2019 Wages and salaries 13,505 17,965 23,854 Social security contributions 2,144 2,492 3,212 Share‑based payments 894 5,521 5,714 Termination benefits 35 56 63 Total 16,578 26,034 32,843 |
Income taxes (Tables)
Income taxes (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Income taxes | |
Schedule of tax recognized through profit or loss | in EUR k 2017 2018 2019 Current tax expenses (23) (87) (158) Current year (27) (87) (1) Adjustments for prior periods 4 — (157) Deferred tax (expense)/income (9) 397 — Temporary differences 31 527 (514) Tax losses (22) (130) 514 Total income tax (expenses)/benefit (14) 310 (158) |
Schedule of reconciliation of the effective tax rate to the statutory rate | in EUR k 2017 2018 2019 Loss before tax (5,462) (11,648) (20,697) Taxes on the basis of the Company’s domestic tax rate 1,701 3,623 6,445 Tax rate effect of foreign tax jurisdictions 228 406 412 Non‑deductible expenses (78) (105) (441) Current year losses for which no deferred tax assets were recognized (1,842) (3,528) (6,416) Tax income related to prior years 4 — (157) Other effects (27) (86) (1) Income tax (expenses)/ benefit (14) 310 (158) |
Schedule of breakdown of deferred taxes in the statement of financial position | December 31, 2018 December 31, 2019 Deferred Deferred Deferred Deferred in EUR k tax assets tax liabilities tax assets tax liabilities Intangible assets — (2,053) — (3,013) Property, plant and equipment — — — (156) Other assets (costs relating IPO) — (807) — — Measurement of service contracts — (125) — (173) Share‑based payments 2,208 — — — Government grants — — 2,051 — Unused tax losses 777 — 1,291 — Sum 2,985 (2,985) 3,342 (3,342) Offset (2,985) 2,985 (3,342) 3,342 Deferred Taxes — — — — |
Intangible assets (Tables)
Intangible assets (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Intangible assets | |
Summary of reconciliation of carrying amounts of intangible assets | Internally generated Internally Purchased rights, /acquired developed licenses, in EUR k biomarkers database software Total Acquisition and production cost As of Jan 1, 2018 5,812 2,804 2,193 10,809 Additions 1,321 561 1,177 3,059 As of Dec 31, 2018 7,133 3,365 3,370 13,868 Reclass from property, plant and equipment 386 — — 386 Reclass* 900 758 (1,658) — Additions 3,603 2,379 1,298 7,280 As of Dec 31, 2019 12,022 6,502 3,010 21,534 Accumulated amortization and impairment As of Jan 1, 2018 1,782 534 1,014 3,330 Amortization 878 513 352 1,743 As of Dec 31, 2018 2,660 1,047 1,366 5,073 Amortization 1,171 723 422 2,316 As of Dec 31, 2019 3,831 1,770 1,788 7,389 Carrying amounts As of Dec 31, 2018 4,473 2,318 2,004 8,795 As of Dec 31, 2019 8,191 4,732 1,222 14,145 |
Property, plant and equipment (
Property, plant and equipment (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Property, plant and equipment | |
Schedule of development of property, plant and equipment | Other equipment, furniture Assets under in EUR k Land Buildings Plant and fixtures construction Total Acquisition and production cost As of Jan 1, 2018 2,149 — 12,869 3,501 20,678 39,197 Additions — — 3,142 1,154 4,414 8,710 Reclass — 24,891 — 201 (25,092) — As of Dec 31, 2018 2,149 24,891 16,011 4,856 — 47,907 Reclass to right-of-use assets* (6,303) (32) — (6,335) Reclass to intangible assets (note 11) — — — (386) (386) Additions — — 22 274 — 296 Disposal (note 13.1) (2,149) (21,637) — — — (23,786) As of Dec 31, 2019 — 3,254 9,730 4,712 — 17,696 Accumulated depreciation and impairment As of Jan 1, 2018 — — 4,089 1,271 — 5,360 Depreciation — 612 2,089 731 — 3,432 As of Dec 31, 2018 — 612 6,178 2,002 — 8,792 Reclass to right-of-use assets* (963) (8) (971) Depreciation — 737 940 779 — 2,456 Disposal (note 13.1) — (957) — — — (957) As of Dec 31, 2019 — 392 6,155 2,773 — 9,320 Carrying amounts As of Dec 31, 2018 2,149 24,279 9,833 2,854 — 39,115 As of Dec 31, 2019 — 2,862 3,575 1,939 — 8,376 * The reclass to right-of-use assets of EUR 5,364k represented the carrying amount of assets previously classified as finance leases under IAS 17 and recognized as right-of-use assets upon the adoption of IFRS 16. As disclosed in note 3(a), the Group has applied a modified retrospective method of adoption and did not change the initial carrying amounts of recognized assets and liabilities at the date of initial application for leases previously classified as finance leases. |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Leases | |
Schedule of carrying amounts of right-of-use assets and movements during the period | In EUR k Building* Offices Plant and equipment Other equipment Motor Vehicles Total As at January 1, 2019 — 391 5,340 24 12 5,767 Additions 13,456 4,288 2,824 386 18 20,972 Depreciation expenses (330) (272) (1,175) (20) (10) (1,807) As at December 31, 2019 13,126 4,407 6,989 390 20 24,932 * As the lease of land and buildings are made through one contract, all the related right-of-use assets are allocated to Buildings. |
Schedule of carrying amounts of lease liabilities and the movements during the period | in EUR k Lease liabilities As at January 1, 2019 3,465 Additions 20,946 Interest expenses 339 Payments (3,046) As at December 31, 2019 21,704 Current 3,635 Non-current 18,069 |
Schedule of amounts recognised in profit or loss related to leases | in EUR k 2019 Depreciation expense of right-of-use assets 1,807 Interest expenses on lease liabilities 339 Rent expenses – short-term leases 185 Rent expense – leases of low-value assets 25 Total amounts recognized in profit or loss 2,356 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Inventories | |
Summary of inventories | in EUR k Dec 31, 2018 Dec 31, 2019 Raw materials, consumables and supplies 1,323 1,644 Finished goods and merchandise 23 165 Inventories 1,346 1,809 |
Trade and other receivables a_2
Trade and other receivables and other assets (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Trade and other receivables and other assets | |
Summary of trade and other receivables and other assets | in EUR k Dec 31, 2018 Dec 31, 2019 Non‑current Other assets - Rental deposits — 1,948 — 1,948 Current Trade receivables 8,572 12,709 Contract assets 2,329 3,884 Receivables due from shareholders 2,170 2,766 Other assets 5,125 5,846 18,196 25,205 Total non-current and current trade and other receivables and other assets 18,196 27,153 |
Equity (Tables)
Equity (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Equity [Abstract] | |
Common shares issued and authorized | in thousands of shares 2019 Common shares issued as a result of corporate reorganization 15,861 Issued at IPO 4,000 Common shares issued as of Dec 31, fully paid 19,861 as of in thousands of shares Dec 31, 2019 Authorized common shares of EUR 0.12 each 79,000 |
Financial liabilities (Tables)
Financial liabilities (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Financial liabilities | |
Schedule of interest bearing loans | in EUR k Dec 31, 2018 Dec 31, 2019 Non‑current liabilities Non‑current portion of secured bank loans 12,055 968 Municipal loans 860 610 Total non‑current loans 12,915 1,578 Lease liabilities 1,712 18,069 Total non‑current liabilities 14,627 19,647 Current liabilities Current portion of secured bank loans 1,787 802 Bank overdrafts 1,915 2,636 Municipal loans - 250 Total current loans 3,702 3,688 Current portion of lease liabilities 1,350 3,635 Total current liabilities 5,052 7,323 Total non‑current and current liabilities |
Schedule of outstanding loans | Dec 31, 2018 Dec 31, 2019 Nominal Nominal Carrying Nominal Carrying in EUR k Currency interest rate Maturity amount amount amount amount Secured bank loan EUR 3.50 % 2016‑19 6 6 — — Secured bank loan EUR 2.50 % 2017‑25 5,633 5,633 — — Secured bank loan EUR 2.50 % 2017‑25 5,633 5,633 — — Secured bank loan EUR 3.95 % 2017‑25 2,570 2,570 1,770 1,770 Municipal loan EUR 8.25%; 2020-21 500 500 500 500 plus 1.5% profit‑related; 0.75% on losses Municipal loan EUR 8%; 360 360 360 360 plus 1.5% profit‑related; 0.75% on losses Bank overdrafts EUR % Rollover — — 476 476 Bank overdrafts EUR % Rollover 1,915 1,915 2,160 2,160 Lease liabilities EUR 3.5%*,5.4%-8.9% 2017-31 3,062 3,062 21,704 21,704 Total interest‑bearing financial liabilities 19,679 19,679 26,970 26,970 * represents the incremental borrowing rate of the Group at the commencement of the leases |
Schedule of trade payables and other liabilities | in EUR k Dec 31, 2018 Dec 31, 2019 Trade payables 5,429 8,554 Government grants (deferred income) 12,034 11,289 Liability for Virtual Stock Option Program 7,093 2,769 Contract liabilities 297 3,748 Others 5,618 5,258 Trade payables and other liabilities 30,471 31,618 Non‑current 11,240 9,941 Current 19,231 21,677 |
Share-based payments (Tables)
Share-based payments (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Share-based payments | |
Schedule of total expenses arising from sharebased payment transactions | 2018 2019 Expenses arising from cash-settled share-based payment transactions 5,521 5,714 - 2016 VSOP 1,442 596 - 2017 VSOP (2019: including modification gain) 4,079 5,118 Expenses arising from equity-settled share-based payment transactions — 704 Total expenses arising from share‑based payment transactions 5,521 6,418 |
Virtual share option programs 2016 and 2017 | |
Share-based payments | |
Schedule of key assumptions used to derive the option value | 2018 Volatility (%) 70 Risk-free interest rate (%) (0.8) Dividend yield (%) Option term (years) 0.4 |
Virtual share option program 2016 (Cash settled) | |
Share-based payments | |
Schedule of share option activity | 2018 2019 Number WAEP Number WAEP Outstanding at January 1 802,283 3.22 802,283 3.22 Exercised during the year — — (802,283) 3.45 Outstanding at December 31 802,283 3.22 — — Vested at December 31 756,083 2.74 — — Exercisable at December 31 — — — — |
Virtual share option program 2017 (Cash settled) | |
Share-based payments | |
Schedule of share option activity | 2018 2019 Number WAEP Number WAEP Outstanding at January 1 4,318 1.0 10,496 1.0 Granted during the year 6,178 1.0 5,878 1.0 Cancelled during the year — — (16,374) 1.0 Replacement awards granted during the year (note 20(iii)) — — 805,308 0.12 Outstanding at December 31 10,496 1.0 805,308 0.12 Vested at December 31 5,040 1.0 805,308 0.12 Exercisable at December 31 — — — — |
Equity share option 2017 and 2019 | |
Share-based payments | |
Schedule of key assumptions used to derive the option value | 2019 ESOP 2017 ESOP 2019 Exercise price (EUR) 0.12 12.58 Share price at grant date (EUR) 12.58 12.58 Volatility (%) 70 70 Risk‑free interest rate (%) (0.7) (0.7) Dividend yield (%) Option term (years) 10 10 |
Financial instruments-fair va_2
Financial instruments-fair values and risk management (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Financial instruments-fair values and risk management | |
Schedule of information regarding the credit risk exposure of trade receivables and contract assets | As of December 31, 2018 Past due by Total Gross Past due 1 - Past due 31‑ 90 more than 90 in EUR k amount Not past due 30 days days days Middle East 7,766 3,065 401 1,560 2,740 Europe 2,900 2,052 356 240 252 Latin America 604 415 81 74 34 North America 1,074 728 230 79 37 Asia Pacific 190 175 10 — 5 Total 12,534 6,435 1,078 1,953 3,068 Expected credit loss rate 13.0 % 0.1 % 0.5 % 2 % 51.6 % Expected credit loss 1,633 6 5 39 1,583 As of December 31, 2019 Past due by Total Gross Past due 1 - Past due 31‑ 90 more than 90 in EUR k amount Not past due 30 days days days Middle East 10,470 3,956 721 1,411 4,382 Europe 3,311 2,476 268 222 345 Latin America 811 611 53 42 105 North America 4,156 3,908 53 24 171 Asia Pacific 180 151 18 9 2 Total 18,928 11,102 1,113 1,708 5,005 Expected credit loss rate 12.3 % 0.3 % 1.0 % 1.2 % 45.4 % Expected credit loss 2,335 31 11 21 2,272 |
Schedule of development of impairment losses relating to trade and other receivables | in EUR k 2018 2019 As of January 1 841 1,633 Provision for expected credit losses (note 8.2) 792 752 Write-off — (30) As of December 31 1,633 2,355 |
Schedule of residual contractual terms of financial liabilities, including estimated interest payments | Contractually agreed cash flows More Dec 31, 2018 Carrying Less than 2 to 12 1 to 5 than in EUR k amount Total 2 months months years 5 years Bank overdrafts 1,915 1,915 1,915 — — — Secured bank loans 13,842 15,985 236 1,965 5,808 7,976 Lease liabilities 3,062 3,234 239 1,196 1,799 — Municipal Loans 860 1,273 — — — 1,273 Trade payables 5,429 5,429 3,920 1,509 — — 25,108 27,836 6,310 4,670 7,607 9,249 Contractually agreed cash flows More Dec 31, 2019 Carrying Less than 2 to 12 1 to 5 than in EUR k amount Total 2 months months years 5 years Bank overdrafts 2,636 2,636 2,636 — — — Secured bank loans 1,770 1,866 12 848 1,006 — Lease liabilities 21,704 25,934 755 3,034 9,574 12,571 Municipal Loans 860 1,022 — 327 695 — Trade payables 8,554 8,554 6,871 1,683 — — 35,524 40,012 10,274 5,892 11,275 12,571 |
Schedule of reconciliation of liabilities arising from financing activities | Non-cash changes Changes in in EUR k Jan 1,2018 Cash flows Additions maturity Dec 31, 2018 Non-current financial liabilities 3,851 (1,373) 856 11,293 14,627 Non-current portion of secured bank loans — — — 12,055 12,055 Municipal loans 2,000 (1,140) — — 860 Non-current lease liabilities 1,851 (233) 856 (762) 1,712 Current financial liabilities 15,490 267 588 (11,293) 5,052 Current portion of secured bank loans 13,837 5 — (12,055) 1,787 Bank overdrafts — 1,915 — — 1,915 Current leases liabilities 1,653 (1,653) 588 762 1,350 Total 19,341 (1,106) 1,444 — 19,679 Non-cash changes Changes in in EUR k Jan 1, 2019 Cash flows Additions maturity Dec 31, 2019 Non-current financial liabilities (12,783) (1,107) Non-current portion of secured bank loans 12,055 (11,087) — — 968 Municipal loans 860 — — (250) 610 Non-current lease liabilities 1,712 (1,696) 18,910 (857) 18,069 Current financial liabilities 5,052 (1,614) 2,778 1,107 7,323 Current portion of secured bank loans 1,787 (985) — — 802 Bank overdrafts 1,915 721 — — 2,636 Municipal loans — — — 250 250 Current leases liabilities 1,350 (1,350) 2,778 857 3,635 Total 19,679 (14,397) 21,688 — 26,970 |
Schedule of net foreign currency exposure | Dec 31, 2018 in EUR k USD INR AED Trade receivables 1,674 65 4 Trade payables and other liabilities (2,193) (2) (5) Net exposure (519) 63 (1) Dec 31, 2019 in EUR k USD INR AED Trade receivables 4,275 36 (1) Trade payables and other liabilities (2,801) (98) (15) Net exposure 1,474 (62) (16) |
List of subsidiaries (Tables)
List of subsidiaries (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
List of subsidiaries | |
Schedule of major subsidiaries | Equity interests (%) Country in which primary activities are Name pursued Dec 31, 2018 Dec 31, 2019 Centogene AG Germany 100 100 Centogene IP GmbH Germany 100 100 Centogene Shared Service GmbH Germany 100 100 Centogene Fzllc, Dubai Dubai 100 100 Ludewig Wasserbau GmbH* Germany 100 Centogene US LLC, Burlington, USA USA 100 100 Centogene GmbH, Vienna Austria 90 90 Centogene India Pvt. Ltd India 51 51 LPC GmbH Germany 51 51 * The 100% interest in Ludewig Wasserbau GmbH was sold as part of the sale and leaseback transaction during the year ended December 31, 2019. Please refer to note 13.1 for details. |
Non-controlling interests (Tabl
Non-controlling interests (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Non-controlling interests | |
Schedule of information related to each subsidiary of the Group with material, non-controlling interests before intercompany eliminations | Centogene India Pvt. Ltd LPC GmbH Dec 31, 2019 in EUR k 49% 49% Net assets/(liabilities) (1,263) (546) Carrying amount of non‑controlling interests (619) (268) Revenue 687 Profit/(loss) (311) (56) Profit/loss allocated to non‑controlling interests (152) (27) |
Related parties (Tables)
Related parties (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Related parties | |
Schedule of remuneration of members of key management | in EUR k 2017 2018 2019 Short‑term employee benefits 1,843 2,354 3,313 Post‑employment pension and medical benefits 10 10 10 Share‑based payment transactions 530 2,893 3,395 Total compensation to key management 2,383 5,257 6,718 |
General company information (De
General company information (Details) € / shares in Units, € in Millions, shares in Millions | Nov. 12, 2019 | Nov. 07, 2019$ / shares€ / shares | Nov. 07, 2019EUR (€)€ / sharesshares | Dec. 31, 2019€ / shares | Dec. 31, 2019€ / shares | Dec. 31, 2018€ / shares |
Centogene B.V. | ||||||
General Information About Financial Statements [Line Items] | ||||||
Percentage of shareholding by individual shareholders and institutional investors | 100.00% | |||||
Centogene AG | ||||||
General Information About Financial Statements [Line Items] | ||||||
Ownership interest held by company (as a percent) | 100.00% | 100.00% | ||||
Common shares | ||||||
General Information About Financial Statements [Line Items] | ||||||
Number of common shares issued (in shares) | shares | 4 | |||||
Par value per share | € / shares | € 0.12 | € 0.12 | € 0.12 | € 0.12 | € 0.12 | |
Public offering price (in dollars per share) | (per share) | € 14 | € 12.58 | ||||
Net offering proceeds | € | € 47 |
Effects of new accounting sta_3
Effects of new accounting standards (Details) - EUR (€) € in Thousands | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Jan. 01, 2019 | |
Assets | ||||
Property, plant and equipment | € 8,376 | € 39,115 | ||
Right-of-use assets | 24,932 | € 5,767 | ||
Total assets | 117,510 | 76,674 | ||
Liabilities | ||||
Lease liabilities - Current | 3,635 | 1,350 | ||
Lease liabilities - Non-Current | 18,069 | 1,712 | ||
General and administrative expense | 23,160 | 18,610 | € 9,498 | |
Finance costs | 2,013 | € 1,042 | € 1,007 | |
Cash outflows from operating activities | 3,256 | |||
IFRS 16 | ||||
Assets | ||||
Property, plant and equipment | (5,364) | |||
Right-of-use assets | 5,767 | |||
Total assets | 403 | |||
Liabilities | ||||
Lease liabilities - Current | 93 | |||
Lease liabilities - Non-Current | 310 | |||
Total liabilities | 403 | |||
Reclassification of lease assets recognized previously under finance leases | € 5,364 |
Significant accounting polici_4
Significant accounting policies (Details) | 12 Months Ended | |||||||||||||||
Dec. 31, 2019€ / $ | Dec. 31, 2019€ / $ | Dec. 31, 2019€ / $€ / ₨ | Dec. 31, 2019€ / $€ / د.إ | Dec. 31, 2018€ / $ | Dec. 31, 2018€ / $€ / ₨ | Dec. 31, 2018€ / $€ / د.إ | Dec. 31, 2017€ / $ | Dec. 31, 2017€ / $€ / ₨ | Dec. 31, 2017€ / $€ / د.إ | Dec. 31, 2019€ / ₨ | Dec. 31, 2019€ / د.إ | Dec. 31, 2018€ / ₨ | Dec. 31, 2018€ / د.إ | Dec. 31, 2017€ / ₨ | Dec. 31, 2017€ / د.إ | |
Foreign currency and currency translation | ||||||||||||||||
Average rate | 1.1191 | 78.7980 | 4.0985 | 1.1779 | 79.3177 | 4.2713 | 1.1297 | 73.5324 | 4.1549 | |||||||
Closing rate | 1.1234 | 1.1234 | 1.1234 | 1.1234 | 1.1419 | 1.1419 | 1.1419 | 1.1993 | 1.1993 | 1.1993 | 80.1870 | 4.0795 | 78.5156 | 4.1396 | 76.6055 | 4.3874 |
Building | ||||||||||||||||
Property, plant and equipment | ||||||||||||||||
Estimated useful life of property, plant and equipment | 33 years | |||||||||||||||
Leases | ||||||||||||||||
Estimated useful life of right-of-use assets | 33 years | |||||||||||||||
Offices | Minimum | ||||||||||||||||
Leases | ||||||||||||||||
Estimated useful life of right-of-use assets | 4 years | |||||||||||||||
Offices | Maximum | ||||||||||||||||
Leases | ||||||||||||||||
Estimated useful life of right-of-use assets | 12 years | |||||||||||||||
Plant and other equipment, furniture and fixtures | Minimum | ||||||||||||||||
Property, plant and equipment | ||||||||||||||||
Estimated useful life of property, plant and equipment | 2 years | |||||||||||||||
Leases | ||||||||||||||||
Estimated useful life of right-of-use assets | 2 years | |||||||||||||||
Plant and other equipment, furniture and fixtures | Maximum | ||||||||||||||||
Property, plant and equipment | ||||||||||||||||
Estimated useful life of property, plant and equipment | 15 years | |||||||||||||||
Leases | ||||||||||||||||
Estimated useful life of right-of-use assets | 15 years | |||||||||||||||
Software, patents and trademarks | Minimum | ||||||||||||||||
Intangible assets | ||||||||||||||||
Estimated useful lives | 3 years | |||||||||||||||
Software, patents and trademarks | Maximum | ||||||||||||||||
Intangible assets | ||||||||||||||||
Estimated useful lives | 7 years | |||||||||||||||
Capitalized development costs | ||||||||||||||||
Intangible assets | ||||||||||||||||
Estimated useful lives | 7 years |
Accounting judgments and esti_2
Accounting judgments and estimates (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Accounting judgments and estimates | |||
Intangible assets other than goodwill | € 14,145 | € 8,795 | |
Volatility | 70.00% | 70.00% | 60.00% |
Gross carrying amount | |||
Accounting judgments and estimates | |||
Intangible assets other than goodwill | € 21,534 | € 13,868 | € 10,809 |
Gross carrying amount | Capitalized development costs | |||
Accounting judgments and estimates | |||
Intangible assets other than goodwill | € 14,145 | € 8,795 |
Segment information and reven_3
Segment information and revenue from contracts with customers - Information by operating segments (Details) € in Thousands | 12 Months Ended | ||
Dec. 31, 2019EUR (€)segment | Dec. 31, 2018EUR (€) | Dec. 31, 2017EUR (€) | |
Segment information and revenue from contracts with customers | |||
Number of reportable segments | segment | 2 | ||
Rendering of services | € 46,347 | € 39,248 | € 30,084 |
Sales of goods | 2,433 | 1,230 | 1,605 |
Revenues from external customers | 48,780 | 40,478 | 31,689 |
Adjusted EBITDA | (5,687) | 90 | (324) |
Capital Expenditures | 18,035 | ||
Additions to property, plant and equipment | 8,710 | 15,564 | |
Additions to property, plant and equipment and right-of-use assets | 21,268 | ||
Additions to intangible assets | 7,280 | 3,059 | 2,471 |
Other segment information | |||
Depreciation and amortization | 6,579 | 5,175 | 3,237 |
Research and development expenses | 9,590 | 6,300 | 6,396 |
Recognized over time | |||
Segment information and revenue from contracts with customers | |||
Revenues from external customers | 35,248 | ||
Recognized at a point in time | |||
Segment information and revenue from contracts with customers | |||
Revenues from external customers | 5,230 | ||
Pharmaceutical | |||
Segment information and revenue from contracts with customers | |||
Revenues from external customers | 21,522 | 17,307 | 13,931 |
Diagnostics | |||
Segment information and revenue from contracts with customers | |||
Revenues from external customers | 27,258 | 23,171 | 17,758 |
Recognized over time | |||
Segment information and revenue from contracts with customers | |||
Revenues from external customers | 44,417 | ||
Recognized at a point in time | |||
Segment information and revenue from contracts with customers | |||
Revenues from external customers | 4,363 | ||
Operating segment | Pharmaceutical | |||
Segment information and revenue from contracts with customers | |||
Rendering of services | 19,089 | 16,077 | 12,326 |
Sales of goods | 2,433 | 1,230 | 1,605 |
Revenues from external customers | 21,522 | 17,307 | 13,931 |
Adjusted EBITDA | 14,956 | 13,641 | 10,870 |
Capital Expenditures | 1,464 | ||
Additions to property, plant and equipment | 1,225 | 241 | |
Additions to property, plant and equipment and right-of-use assets | 1,362 | ||
Additions to intangible assets | 3,603 | 1,948 | 1,223 |
Other segment information | |||
Depreciation and amortization | 1,308 | 1,222 | 793 |
Research and development expenses | 334 | 35 | |
Operating segment | Pharmaceutical | Recognized over time | |||
Segment information and revenue from contracts with customers | |||
Revenues from external customers | 12,077 | ||
Operating segment | Pharmaceutical | Recognized at a point in time | |||
Segment information and revenue from contracts with customers | |||
Revenues from external customers | 5,230 | ||
Operating segment | Diagnostics | |||
Segment information and revenue from contracts with customers | |||
Rendering of services | 27,258 | 23,171 | 17,758 |
Revenues from external customers | 27,258 | 23,171 | 17,758 |
Adjusted EBITDA | 2,306 | 2,285 | 2,552 |
Capital Expenditures | 607 | ||
Additions to property, plant and equipment | 1,917 | 607 | |
Additions to property, plant and equipment and right-of-use assets | 1,998 | ||
Other segment information | |||
Depreciation and amortization | 2,032 | 1,838 | 1,311 |
Operating segment | Diagnostics | Recognized over time | |||
Segment information and revenue from contracts with customers | |||
Revenues from external customers | 23,171 | ||
Operating segment | Recognized over time | Pharmaceutical | |||
Segment information and revenue from contracts with customers | |||
Revenues from external customers | 17,159 | ||
Operating segment | Recognized over time | Diagnostics | |||
Segment information and revenue from contracts with customers | |||
Revenues from external customers | 27,258 | ||
Operating segment | Recognized at a point in time | Pharmaceutical | |||
Segment information and revenue from contracts with customers | |||
Revenues from external customers | 4,363 | ||
Corporate | |||
Segment information and revenue from contracts with customers | |||
Adjusted EBITDA | (22,949) | (15,836) | (13,746) |
Capital Expenditures | 15,964 | ||
Additions to property, plant and equipment | 5,568 | 14,716 | |
Additions to property, plant and equipment and right-of-use assets | 17,908 | ||
Additions to intangible assets | 3,677 | 1,111 | 1,248 |
Other segment information | |||
Depreciation and amortization | 3,239 | 2,115 | 1,133 |
Research and development expenses | € 9,590 | € 5,966 | € 6,361 |
Segment information and reven_4
Segment information and revenue from contracts with customers - Reconciliation of segment Adjusted EBITDA to Group Loss for the Period (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Segment information and revenue from contracts with customers | |||
Share-based compensation | € (5,714) | € (5,521) | € (894) |
Depreciation and amortization | (6,579) | (5,175) | (3,237) |
Operating loss | (18,684) | (10,606) | (4,455) |
Financial costs, net | (2,013) | (1,042) | (1,007) |
Income taxes | (158) | 310 | (14) |
Loss for the year | (20,855) | (11,338) | (5,476) |
Operating segment | |||
Segment information and revenue from contracts with customers | |||
Reportable segment Adjusted EBITDA | 17,262 | 15,926 | 13,422 |
Reportable segment Adjusted EBITDA after corporate expenses | (5,687) | 90 | (324) |
Operating loss | (18,684) | (10,606) | (4,455) |
Financial costs, net | (2,013) | (1,042) | (1,007) |
Income taxes | (158) | 310 | (14) |
Loss for the year | (20,855) | (11,338) | (5,476) |
Corporate | |||
Segment information and revenue from contracts with customers | |||
Corporate expenses | (22,949) | (15,836) | (13,746) |
Depreciation and amortization | (3,239) | (2,115) | (1,133) |
Sharebased payment expenses | |||
Segment information and revenue from contracts with customers | |||
Share-based compensation | (6,418) | (5,521) | (894) |
Depreciation and amortization | |||
Segment information and revenue from contracts with customers | |||
Depreciation and amortization | € (6,579) | € (5,175) | € (3,237) |
Segment information and reven_5
Segment information and revenue from contracts with customers - Geographical information (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Segment information and revenue from contracts with customers | |||
Revenue | € 48,780 | € 40,478 | € 31,689 |
Europe | |||
Segment information and revenue from contracts with customers | |||
Revenue | 7,447 | 6,850 | 5,676 |
-Germany | |||
Segment information and revenue from contracts with customers | |||
Revenue | 508 | 1,061 | |
-Netherlands | |||
Segment information and revenue from contracts with customers | |||
Revenue | 25 | ||
Middle East | |||
Segment information and revenue from contracts with customers | |||
Revenue | 14,099 | 12,401 | 8,846 |
-Saudi Arabia | |||
Segment information and revenue from contracts with customers | |||
Revenue | 7,417 | 5,475 | 4,926 |
North America | |||
Segment information and revenue from contracts with customers | |||
Revenue | 23,276 | 18,113 | 14,897 |
-United States | |||
Segment information and revenue from contracts with customers | |||
Revenue | 22,778 | 17,296 | 13,482 |
Latin America | |||
Segment information and revenue from contracts with customers | |||
Revenue | 2,987 | 2,185 | 1,474 |
Asia Pacific | |||
Segment information and revenue from contracts with customers | |||
Revenue | 971 | 929 | 796 |
Pharmaceutical | |||
Segment information and revenue from contracts with customers | |||
Revenue | 21,522 | 17,307 | 13,931 |
Pharmaceutical | Europe | |||
Segment information and revenue from contracts with customers | |||
Revenue | 381 | 654 | 493 |
Pharmaceutical | -Germany | |||
Segment information and revenue from contracts with customers | |||
Revenue | 233 | 654 | |
Pharmaceutical | -Netherlands | |||
Segment information and revenue from contracts with customers | |||
Revenue | 0 | ||
Pharmaceutical | Middle East | |||
Segment information and revenue from contracts with customers | |||
Revenue | 122 | ||
Pharmaceutical | North America | |||
Segment information and revenue from contracts with customers | |||
Revenue | 20,896 | 16,653 | 13,438 |
Pharmaceutical | -United States | |||
Segment information and revenue from contracts with customers | |||
Revenue | 20,896 | 16,653 | 13,438 |
Pharmaceutical | Latin America | |||
Segment information and revenue from contracts with customers | |||
Revenue | 123 | ||
Pharmaceutical | Asia Pacific | |||
Segment information and revenue from contracts with customers | |||
Revenue | 0 | ||
Diagnostics | |||
Segment information and revenue from contracts with customers | |||
Revenue | 27,258 | 23,171 | 17,758 |
Diagnostics | Europe | |||
Segment information and revenue from contracts with customers | |||
Revenue | 7,066 | 6,196 | 5,183 |
Diagnostics | -Germany | |||
Segment information and revenue from contracts with customers | |||
Revenue | 275 | 407 | |
Diagnostics | -Netherlands | |||
Segment information and revenue from contracts with customers | |||
Revenue | 25 | ||
Diagnostics | Middle East | |||
Segment information and revenue from contracts with customers | |||
Revenue | 13,977 | 12,401 | 8,846 |
Diagnostics | -Saudi Arabia | |||
Segment information and revenue from contracts with customers | |||
Revenue | 7,417 | 5,475 | 4,926 |
Diagnostics | North America | |||
Segment information and revenue from contracts with customers | |||
Revenue | 2,380 | 1,460 | 1,459 |
Diagnostics | -United States | |||
Segment information and revenue from contracts with customers | |||
Revenue | 1,882 | 643 | 44 |
Diagnostics | Latin America | |||
Segment information and revenue from contracts with customers | |||
Revenue | 2,864 | 2,185 | 1,474 |
Diagnostics | Asia Pacific | |||
Segment information and revenue from contracts with customers | |||
Revenue | € 971 | € 929 | € 796 |
Segment information and reven_6
Segment information and revenue from contracts with customers - Contract balances (Details) - EUR (€) € in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Segment information and revenue from contracts with customers | ||
Trade receivables (note 15) | € 12,709 | € 8,572 |
Contract assets (note 15) | 3,884 | 2,329 |
Contract liabilities (note 19.4) | € 3,748 | € 297 |
Segment information and reven_7
Segment information and revenue from contracts with customers - Additional Information (Details) € in Thousands | 12 Months Ended | |||
Dec. 31, 2019EUR (€)customer | Dec. 31, 2018EUR (€)customer | Dec. 31, 2017EUR (€)customer | Jan. 01, 2019EUR (€) | |
Segment information and revenue from contracts with customers | ||||
Property, plant and equipment | € 8,376 | € 39,115 | ||
Right-of-use assets | 24,932 | € 5,767 | ||
Share issue related cost | 1,092 | 0 | € 0 | |
Real Estate Transfer Tax Expenses | 1,200 | 0 | 0 | |
Revenue from contracts with customers | 48,780 | 40,478 | 31,689 | |
Provision for expected credit losses on contract assets | 8 | 2 | ||
Revenues recognized for contract liabilities | 230 | 464 | ||
Aggregate amount of transaction price allocated to performance obligations | 1,430 | 0 | ||
Later than one year and not later than three years | ||||
Segment information and revenue from contracts with customers | ||||
Aggregate amount of transaction price allocated to performance obligations | 230 | |||
Later than three years | ||||
Segment information and revenue from contracts with customers | ||||
Aggregate amount of transaction price allocated to performance obligations | 1,200 | |||
-United States | ||||
Segment information and revenue from contracts with customers | ||||
Property, plant and equipment | 286 | 718 | ||
Right-of-use assets | 1,042 | 0 | ||
Revenue from contracts with customers | € 22,778 | € 17,296 | € 13,482 | |
Pharmaceutical Partner | ||||
Segment information and revenue from contracts with customers | ||||
Number of customer in group | customer | 1 | 1 | 1 | |
Revenue contributed by one pharmaceutical partner, as a percentage of Group's total revenues | 24.30% | 27.30% | 37.70% | |
Revenue from contracts with customers | € 1,930 | € 4,000 | € 0 |
Other income and expenses - Oth
Other income and expenses - Other operating income (Details) - EUR (€) € in Thousands | 1 Months Ended | 12 Months Ended | ||
Jul. 31, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Other Income Expense Line Items | ||||
Government grants | € 2,641 | € 1,611 | € 637 | |
Gain on disposal of property, plant and equipment | 532 | |||
Exchange rate gains | 314 | 147 | 159 | |
Income from the reversal of provisions | 89 | 309 | ||
Others | 205 | 239 | 247 | |
Total other operating income | € 3,781 | € 2,306 | € 1,043 | |
Rostock headquarters building | ||||
Other Income Expense Line Items | ||||
Lease Term | 12 years | 12 years |
Other income and expenses - O_2
Other income and expenses - Other operating expenses (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Other income and expenses | |||
Currency losses | € 192 | € 250 | € 84 |
Provision for expected credit losses (note 21.2) | 752 | 792 | 367 |
Other | 1,092 | 23 | 6 |
Total other operating expenses | 2,036 | 1,065 | 457 |
Cost incurred related to the IPO | € 1,092 | € 0 | € 0 |
Other income and expenses - Fin
Other income and expenses - Financial costs, net (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Other income and expenses | |||
Interest expenses from loans | € (1,690) | € (922) | € (827) |
Unwinding of the discount on lease liabilities | (339) | (153) | (194) |
Interest income from loans and receivables | 16 | 33 | 14 |
Financial costs, net | € (2,013) | € (1,042) | € (1,007) |
Other income and expenses - Emp
Other income and expenses - Employee benefits expense (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Other income and expenses | |||
Wages and salaries | € 23,854 | € 17,965 | € 13,505 |
Social security contributions | 3,212 | 2,492 | 2,144 |
Share-based payment expenses | 5,714 | 5,521 | 894 |
Termination benefits | 63 | 56 | 35 |
Total | 32,843 | 26,034 | 16,578 |
Contributions to state pension scheme (defined contribution plan) | € 1,136 | € 1,046 | € 987 |
Income taxes - Taxes recognized
Income taxes - Taxes recognized through profit or loss (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income taxes | |||
Current tax expenses | € (158) | € (87) | € (23) |
Current year | (1) | (87) | (27) |
Adjustments for prior periods | (157) | 4 | |
Deferred tax (expense)/income | 397 | (9) | |
Temporary differences | (514) | 527 | 31 |
Tax losses | 514 | (130) | (22) |
Income tax (expenses)/ benefit | (158) | 310 | (14) |
Income taxes recognized directly in other comprehensive income | € 0 | € 0 | € 0 |
Income taxes - Reconciliation o
Income taxes - Reconciliation of the effective tax rate to the statutory rate (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax Disclosure [Line Items] | |||
Statutory rate (as a percent) | 31.10% | 31.10% | 31.10% |
Loss before tax | € (20,697) | € (11,648) | € (5,462) |
Taxes on the basis of the Company's domestic tax rate | 6,445 | 3,623 | 1,701 |
Tax rate effect of foreign tax jurisdictions | 412 | 406 | 228 |
Non-deductible expenses | (441) | (105) | (78) |
Current year losses for which no deferred tax assets were recognized | (6,416) | (3,528) | (1,842) |
Tax income related to prior years | (157) | 4 | |
Other effects | (1) | (86) | (27) |
Income tax (expenses)/ benefit | € (158) | € 310 | € (14) |
Domestic tax rate | |||
Income Tax Disclosure [Line Items] | |||
Corporate income tax rate (as a percent) | 15.00% | ||
Solidarity surcharge (as a percent) | 5.50% | ||
Trade tax rate (as a percent) | 15.30% |
Income taxes - Deferred Taxes (
Income taxes - Deferred Taxes (Details) - EUR (€) € in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Income taxes | |||
Temporary differences associated with investments for which no deferred tax liability has been recognized | € 4,360 | € 3,049 | € 1,791 |
Deferred tax assets | 3,342 | 2,985 | |
Deferred tax liabilities | (3,342) | (2,985) | |
Deferred tax assets, Offset | (3,342) | (2,985) | |
Deferred tax liabilities, Offset | 3,342 | 2,985 | |
-Germany | |||
Income taxes | |||
Tax losses carryforwards for which no deferred tax assets were recognized | 41,570 | 21,728 | 9,994 |
Other countries | |||
Income taxes | |||
Tax losses carryforwards for which no deferred tax assets were recognized | 505 | 788 | € 790 |
Intangible assets | |||
Income taxes | |||
Deferred tax liabilities | (3,013) | (2,053) | |
Property Plant And Equipment | |||
Income taxes | |||
Deferred tax liabilities | (156) | ||
Other assets | |||
Income taxes | |||
Deferred tax liabilities | (807) | ||
Measurement of service contracts | |||
Income taxes | |||
Deferred tax liabilities | (173) | (125) | |
Share-based payments | |||
Income taxes | |||
Deferred tax assets | 2,208 | ||
Government grants | |||
Income taxes | |||
Deferred tax assets | 2,051 | ||
Unused tax losses | |||
Income taxes | |||
Deferred tax assets | € 1,291 | € 777 |
Loss Per Share (Details)
Loss Per Share (Details) - shares | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Loss Per Share | |||
Weighted average number of outstanding shares after adjusted for the effect of the corporate reorganization | 16,409,285 | 14,112,841 | 12,065,714 |
Intangible assets (Details)
Intangible assets (Details) - EUR (€) € in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Intangible assets | ||
Balance, at the beginning of the year | € 8,795 | |
Balance, at the end of the year | 14,145 | € 8,795 |
Internally generated /acquired | Biomarkers | ||
Intangible assets | ||
Balance, at the beginning of the year | 4,473 | |
Balance, at the end of the year | 8,191 | 4,473 |
Internally generated /acquired | Database | ||
Intangible assets | ||
Balance, at the beginning of the year | 2,318 | |
Balance, at the end of the year | 4,732 | 2,318 |
Purchased | Rights, licenses, software | ||
Intangible assets | ||
Balance, at the beginning of the year | 2,004 | |
Balance, at the end of the year | 1,222 | 2,004 |
Gross carrying amount | ||
Intangible assets | ||
Balance, at the beginning of the year | 13,868 | 10,809 |
Additions | 7,280 | 3,059 |
Reclass from property, plant and equipment | 386 | |
Balance, at the end of the year | 21,534 | 13,868 |
Gross carrying amount | Internally generated /acquired | Biomarkers | ||
Intangible assets | ||
Balance, at the beginning of the year | 7,133 | 5,812 |
Additions | 3,603 | 1,321 |
Reclass from property, plant and equipment | 386 | |
Reclass | 900 | |
Balance, at the end of the year | 12,022 | 7,133 |
Gross carrying amount | Internally generated /acquired | Database | ||
Intangible assets | ||
Balance, at the beginning of the year | 3,365 | 2,804 |
Additions | 2,379 | 561 |
Reclass | 758 | |
Balance, at the end of the year | 6,502 | 3,365 |
Gross carrying amount | Purchased | Rights, licenses, software | ||
Intangible assets | ||
Balance, at the beginning of the year | 3,370 | 2,193 |
Additions | 1,298 | 1,177 |
Reclass | (1,658) | |
Balance, at the end of the year | 3,010 | 3,370 |
Accumulated depreciation, amortization and impairment | ||
Intangible assets | ||
Balance, at the beginning of the year | (5,073) | (3,330) |
Amortization | 2,316 | 1,743 |
Balance, at the end of the year | (7,389) | (5,073) |
Accumulated depreciation, amortization and impairment | Internally generated /acquired | Biomarkers | ||
Intangible assets | ||
Balance, at the beginning of the year | (2,660) | (1,782) |
Amortization | 1,171 | 878 |
Balance, at the end of the year | (3,831) | (2,660) |
Accumulated depreciation, amortization and impairment | Internally generated /acquired | Database | ||
Intangible assets | ||
Balance, at the beginning of the year | (1,047) | (534) |
Amortization | 723 | 513 |
Balance, at the end of the year | (1,770) | (1,047) |
Accumulated depreciation, amortization and impairment | Purchased | Rights, licenses, software | ||
Intangible assets | ||
Balance, at the beginning of the year | (1,366) | (1,014) |
Amortization | 422 | 352 |
Balance, at the end of the year | € (1,788) | € (1,366) |
Property, plant and equipment_2
Property, plant and equipment (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Jan. 01, 2019 | |
Disclosure of detailed information about property, plant and equipment [line items] | |||
Land charge | € 19,910 | ||
Short term deposits pledged as security | 1,500 | ||
Property, plant and equipment | |||
Balance, at the beginning of the year | 39,115 | ||
Disposal (note 13.1) | (957) | ||
Balance, at the end of the year | 8,376 | € 39,115 | |
Right-of-use assets | 24,932 | € 5,767 | |
Payments of Grants Refunded on Disposal of Property, Plant and Equipment | 358 | ||
Land | |||
Property, plant and equipment | |||
Balance, at the beginning of the year | 2,149 | ||
Balance, at the end of the year | 2,149 | ||
Building | |||
Property, plant and equipment | |||
Balance, at the beginning of the year | 24,279 | ||
Disposal (note 13.1) | (957) | ||
Balance, at the end of the year | 2,862 | 24,279 | |
Plant | |||
Property, plant and equipment | |||
Balance, at the beginning of the year | 9,833 | ||
Balance, at the end of the year | 3,575 | 9,833 | |
Other equipment, furniture and fixtures | |||
Property, plant and equipment | |||
Balance, at the beginning of the year | 2,854 | ||
Balance, at the end of the year | 1,939 | 2,854 | |
Gross carrying amount | |||
Property, plant and equipment | |||
Balance, at the beginning of the year | 47,907 | 39,197 | |
Additions | 296 | 8,710 | |
Reclass to right-of-use assets* | (6,335) | ||
Reclass to intangible assets (note 11 | (386) | ||
Disposal (note 13.1) | (23,786) | ||
Balance, at the end of the year | 17,696 | 47,907 | |
Gross carrying amount | Land | |||
Property, plant and equipment | |||
Balance, at the beginning of the year | 2,149 | 2,149 | |
Disposal (note 13.1) | (2,149) | ||
Balance, at the end of the year | 2,149 | ||
Gross carrying amount | Building | |||
Property, plant and equipment | |||
Balance, at the beginning of the year | 24,891 | ||
Reclass | (24,891) | ||
Disposal (note 13.1) | (21,637) | ||
Balance, at the end of the year | 3,254 | 24,891 | |
Gross carrying amount | Plant | |||
Property, plant and equipment | |||
Balance, at the beginning of the year | 16,011 | 12,869 | |
Additions | 22 | 3,142 | |
Reclass to right-of-use assets* | (6,303) | ||
Balance, at the end of the year | 9,730 | 16,011 | |
Gross carrying amount | Other equipment, furniture and fixtures | |||
Property, plant and equipment | |||
Balance, at the beginning of the year | 4,856 | 3,501 | |
Additions | 274 | 1,154 | |
Reclass to right-of-use assets* | (32) | ||
Reclass to intangible assets (note 11 | (386) | ||
Reclass | (201) | ||
Balance, at the end of the year | 4,712 | 4,856 | |
Gross carrying amount | Assets under construction | |||
Property, plant and equipment | |||
Balance, at the beginning of the year | 20,678 | ||
Additions | 4,414 | ||
Reclass | 25,092 | ||
Accumulated depreciation, amortization and impairment | |||
Property, plant and equipment | |||
Balance, at the beginning of the year | (8,792) | (5,360) | |
Reclass to right-of-use assets* | (971) | ||
Depreciation | 2,456 | 3,432 | |
Balance, at the end of the year | (9,320) | (8,792) | |
Accumulated depreciation, amortization and impairment | Building | |||
Property, plant and equipment | |||
Balance, at the beginning of the year | (612) | ||
Depreciation | 737 | 612 | |
Balance, at the end of the year | (392) | (612) | |
Accumulated depreciation, amortization and impairment | Plant | |||
Property, plant and equipment | |||
Balance, at the beginning of the year | (6,178) | (4,089) | |
Reclass to right-of-use assets* | (963) | ||
Depreciation | 940 | 2,089 | |
Balance, at the end of the year | (6,155) | (6,178) | |
Accumulated depreciation, amortization and impairment | Other equipment, furniture and fixtures | |||
Property, plant and equipment | |||
Balance, at the beginning of the year | (2,002) | (1,271) | |
Reclass to right-of-use assets* | (8) | ||
Depreciation | 779 | 731 | |
Balance, at the end of the year | (2,773) | € (2,002) | |
IFRS 16 | |||
Property, plant and equipment | |||
Reclass to right-of-use assets* | 5,364 | ||
Balance, at the end of the year | (5,364) | ||
Right-of-use assets | € 5,767 |
Leases (Details)
Leases (Details) € in Thousands | 1 Months Ended | 12 Months Ended | |
Jul. 31, 2019 | Dec. 31, 2019EUR (€)contract | Nov. 30, 2019EUR (€) | |
Leases | |||
Bank guarantee | € 3,000 | ||
Short term deposits pledged as security | € 1,500 | ||
Number of lease contracts containing termination options | contract | 0 | ||
Rostock headquarters building | |||
Leases | |||
Lease term | 12 years | 12 years | |
Short term deposits pledged as security | € 1,500 | ||
Rental deposits | € 257 | ||
Number of times the lease contract can be extended | contract | 2 | ||
Lease contract extension term | 6 years | ||
Rental expense | € 1,400 | ||
Offices in Berlin | |||
Leases | |||
Lease term | 12 years | ||
Rental deposits | € 257 | ||
Offices in Boston | |||
Leases | |||
Lease term | 4 years | ||
Lease contract extension term | 2 years | ||
Plant and machinery | |||
Leases | |||
Lease term | 2 years | ||
Rental deposits | € 191 | ||
Other equipment | |||
Leases | |||
Lease term | 4 years | ||
Motor vehicles | |||
Leases | |||
Lease term | 3 years | ||
Certain motor vehicles and premises | Maximum | |||
Leases | |||
Lease term | 12 months |
Leases - Carrying amounts of ri
Leases - Carrying amounts of right-of-use assets and movements during the period (Details) - EUR (€) € in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2019 | |
Leases | ||
Beginning balance | € 5,767 | |
Additions | 20,972 | |
Depreciation expense | (1,807) | € (1,807) |
Ending balance | 24,932 | 24,932 |
Building | ||
Leases | ||
Additions | 13,456 | |
Depreciation expense | (330) | |
Ending balance | 13,126 | 13,126 |
Offices | ||
Leases | ||
Beginning balance | 391 | |
Additions | 4,288 | |
Depreciation expense | (272) | |
Ending balance | 4,407 | 4,407 |
Plant and equipment | ||
Leases | ||
Beginning balance | 5,340 | |
Additions | 2,824 | |
Depreciation expense | (1,175) | |
Ending balance | 6,989 | 6,989 |
Other equipment | ||
Leases | ||
Beginning balance | 24 | |
Additions | 386 | |
Depreciation expense | (20) | |
Ending balance | 390 | 390 |
Motor vehicles | ||
Leases | ||
Beginning balance | 12 | |
Additions | 18 | |
Depreciation expense | (10) | |
Ending balance | € 20 | € 20 |
Leases - Carrying amounts of le
Leases - Carrying amounts of lease liabilities and the movements during the period (Details) - EUR (€) € in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Leases | ||
Beginning balance | € 3,465 | |
Additions | 20,946 | |
Interest expenses | 339 | |
Payments | (3,046) | |
Ending balance | 21,704 | |
Current lease liabilities | 3,635 | € 1,350 |
Non-current lease liabilities | € 18,069 | € 1,712 |
Leases - Amounts recognised in
Leases - Amounts recognised in profit or loss (Details) - EUR (€) € in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2019 | |
Leases | ||
Depreciation expense of right-of-use assets | € 1,807 | € 1,807 |
Interest expense on lease liabilities | 339 | |
Rent expenses - short-term leases | 185 | |
Rent expense - leases of low-value assets | 25 | |
Total amounts recognized in profit or loss | 2,356 | |
Total cash outflows for leases | € 3,256 |
Leases - Sale and Leaseback tra
Leases - Sale and Leaseback transactions (Details) - EUR (€) € in Thousands | 1 Months Ended | 12 Months Ended | ||||
Jul. 31, 2019 | Jun. 30, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Nov. 30, 2019 | |
Leases | ||||||
Disposal of property | € 957 | |||||
Real estate transfer tax expenses | 1,200 | € 0 | € 0 | |||
Proceeds from sale of land and building | 21,300 | 65 | ||||
Loans repaid using the consideration from sale of land and building | 12,072 | € 2,851 | € 8,749 | |||
Cash deposits provided as security for bank loans | 1,500 | |||||
Grants refunded related to disposed property, plant and equipment | € 358 | |||||
Rostock headquarters building | ||||||
Leases | ||||||
Disposal of property | € 22,829 | |||||
Proceeds from sale of land and building | € 24,000 | |||||
Lease term | 12 years | 12 years | ||||
Loans repaid using the consideration from sale of land and building | € 10,776 | |||||
Additional interest paid using the consideration from sale of land and building | 1,159 | |||||
Rental deposits made using the consideration from sale of land and building | 3,000 | |||||
Cash deposits provided as security for bank loans | € 1,500 | |||||
Gain on disposal of fixed assets | 532 | |||||
Decrease in property, plant and equipment | 22,829 | |||||
Increase in right-of-use assets | 13,456 | |||||
Increases in lease liabilities | € 14,091 |
Inventories (Details)
Inventories (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Inventories | |||
Raw materials, consumables and supplies | € 1,644 | € 1,323 | |
Finished goods and merchandise | 165 | 23 | |
Inventories | 1,809 | 1,346 | |
Raw materials, consumables and changes in inventories of finished goods and work in process recorded as expenses | € 11,285 | € 9,473 | € 6,588 |
Trade and other receivables a_3
Trade and other receivables and other assets (Details) - EUR (€) € in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Non-current | ||
Other assets-Rental deposits | € 1,948 | |
Non-current trade and other receivables and other assets | 1,948 | |
Current | ||
Trade receivables | 12,709 | € 8,572 |
Contract assets | 3,884 | 2,329 |
Receivables due from shareholders | 2,766 | 2,170 |
Other assets | 5,846 | 5,125 |
Current trade and other receivables and other assets | 25,205 | 18,196 |
Total non-current and current trade and other receivables and other assets | 27,153 | 18,196 |
Short term deposits pledged as security | € 1,500 | |
Minimum | ||
Current | ||
Receivables Payment Terms | 30 days | |
Maximum | ||
Current | ||
Receivables Payment Terms | 90 days | |
Other assets | ||
Current | ||
VAT receivables | € 1,311 | 1,317 |
Prepaid expenses | 348 | 476 |
Receivables from grants | 409 | € 489 |
Costs relating to the initial public offering included in other assets | € 2,591 |
Cash and short-term deposits (D
Cash and short-term deposits (Details) - EUR (€) € in Thousands | Apr. 15, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Borrowings | |||
Short term deposits pledged as security | € 1,500 | ||
Secured bank loan | |||
Borrowings | |||
Short term deposits pledged as security | 1,500 | € 0 | |
Overdraft facility | |||
Borrowings | |||
Short term deposits pledged as security | € 500 | 2,500 | € 1,500 |
Maximum borrowing capacity | € 500 | € 2,500 |
Equity - Reorganization Descrip
Equity - Reorganization Description (Details) | Nov. 12, 2019 | Dec. 31, 2018€ / sharesshares | Dec. 31, 2019€ / shares | Nov. 07, 2019€ / shares |
Common shares | ||||
Disclosure of classes of share capital [line items] | ||||
Common stock outstanding | shares | 15,861,340 | |||
Par value per share (in euros per share) | € / shares | € 0.12 | € 0.12 | € 0.12 | |
Conversion ratio of common shares | 33.2238 | |||
Preferred shares | ||||
Disclosure of classes of share capital [line items] | ||||
Par value per share (in euros per share) | € / shares | € 1 | |||
Conversion ratio of preferred shares | 89.6125 | |||
Centogene AG | Common shares | ||||
Disclosure of classes of share capital [line items] | ||||
Reverse share split ratio | 33.2238% | |||
Par value per share (in euros per share) | € / shares | € 1 | |||
Number of common shares converted | shares | 230,445,000 | |||
Centogene AG | Preferred shares | ||||
Disclosure of classes of share capital [line items] | ||||
Reverse share split ratio | 89.6125% | |||
Number of preferred shares converted | shares | 91,562 |
Equity - Issued capital and cap
Equity - Issued capital and capital reserve and Voting rights (Details) € / shares in Units, € in Thousands, shares in Thousands | 12 Months Ended | ||
Dec. 31, 2019EUR (€)Vote€ / sharesshares | Nov. 07, 2019€ / shares | Dec. 31, 2018€ / shares | |
Common shares | |||
Equity | |||
Number of shares issued and fully paid | 19,861 | ||
Authorized common shares | 79,000 | ||
Par value per share (in euros per share) | € / shares | € 0.12 | € 0.12 | € 0.12 |
Authorized capital | € | € 7,097 | ||
Number of shares issued [abstract] | |||
Common shares issued as a result of corporate reorganization | 15,861 | ||
Common shares issued at IPO | 4,000 | ||
Shares issued and fully paid | 19,861 | ||
Common shares | Centogene AG | |||
Equity | |||
Par value per share (in euros per share) | € / shares | 1 | ||
Preferred shares | |||
Equity | |||
Par value per share (in euros per share) | € / shares | € 1 | ||
Preferred shares | Centogene AG | |||
Equity | |||
Number of voting rights per share | Vote | 1 |
Equity - Capital Reserves (Deta
Equity - Capital Reserves (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Transaction costs related to IPO | € 1,092 | € 0 | € 0 |
Unpaid transaction costs included in other liabilities | 565 | 1,695 | |
Capital reserve | |||
Share premium included in capital reserve | 90,297 | ||
Transaction costs related to IPO | 4,899 | ||
Transaction costs paid | 328 | ||
Unpaid transaction costs included in other liabilities | € 565 | € 1,695 |
Capital management - Additional
Capital management - Additional Information (Details) € in Thousands | Dec. 31, 2019EUR (€) |
Disclosure of objectives, policies and processes for managing capital [line items] | |
Cash deposits provided as security for bank loans | € 1,500 |
Cash deposits | |
Disclosure of objectives, policies and processes for managing capital [line items] | |
Cash deposits provided as security for bank loans | € 1,500 |
Financial liabilities - Interes
Financial liabilities - Interest-bearing loans (Details) - EUR (€) € in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Financial liabilities | ||
Total non-current liabilities | € 19,647 | € 14,627 |
Total current liabilities | 7,323 | 5,052 |
Total non-current and current liabilities | 26,970 | 19,679 |
Short term deposits pledged as security | 1,500 | |
Total loans | ||
Financial liabilities | ||
Total non-current liabilities | 1,578 | 12,915 |
Total current liabilities | 3,688 | 3,702 |
Secured bank loans | ||
Financial liabilities | ||
Total non-current liabilities | 968 | 12,055 |
Total current liabilities | 802 | 1,787 |
Short term deposits pledged as security | 1,500 | |
Secured bank loans | Trade receivables | ||
Financial liabilities | ||
Short term deposits pledged as security | 10,901 | |
Secured bank loans | Land charge as collateral for secured bank loan | ||
Financial liabilities | ||
Short term deposits pledged as security | 19,910 | |
Bank overdrafts | ||
Financial liabilities | ||
Total current liabilities | 2,636 | 1,915 |
Municipal loans | ||
Financial liabilities | ||
Total non-current liabilities | 610 | 860 |
Total current liabilities | 250 | |
Lease liabilities | ||
Financial liabilities | ||
Total non-current liabilities | 18,069 | 1,712 |
Total current liabilities | 3,635 | 1,350 |
Total non-current and current liabilities | € 21,704 | € 3,062 |
Financial liabilities - Conditi
Financial liabilities - Conditions and statement of liabilities (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Apr. 15, 2020 | |
Financial liabilities | |||
Nominal amount | € 26,970 | € 19,679 | |
Carrying amount | 35,524 | 25,108 | |
Carrying amount | 26,970 | 19,679 | |
Financial assets pledged as collateral for liabilities or contingent liabilities | 1,500 | ||
Bank overdrafts | 476 | 0 | |
Secured bank loans | |||
Financial liabilities | |||
Financial assets pledged as collateral for liabilities or contingent liabilities | € 1,500 | ||
Secured bank loans, bearing maturity period of 2016-19 | |||
Financial liabilities | |||
Nominal interest rate (as a percent) | 3.50% | ||
Nominal amount | 6 | ||
Carrying amount | 6 | ||
Secured bank loans, bearing maturity period of 2017-25, one | |||
Financial liabilities | |||
Nominal interest rate (as a percent) | 2.50% | ||
Nominal amount | 5,633 | ||
Carrying amount | 5,633 | ||
Secured bank loans, bearing maturity period of 2017-25, two | |||
Financial liabilities | |||
Nominal interest rate (as a percent) | 2.50% | ||
Nominal amount | 5,633 | ||
Carrying amount | 5,633 | ||
Secured bank loans, bearing maturity period of 2017-25, three | |||
Financial liabilities | |||
Nominal interest rate (as a percent) | 3.95% | ||
Nominal amount | € 1,770 | 2,570 | |
Carrying amount | € 1,770 | 2,570 | |
Lease liabilities | |||
Financial liabilities | |||
Nominal interest rate at commencement of leases | 3.50% | ||
Nominal amount | € 21,704 | 3,062 | |
Carrying amount | 21,704 | 3,062 | |
Municipal loan | |||
Financial liabilities | |||
Nominal amount | € 860 | 860 | |
Municipal loan, 2021, one | |||
Financial liabilities | |||
Nominal interest rate (as a percent) | 8.25% | ||
Nominal interest rate, profit-related (as a percent) | 1.50% | ||
Nominal interest rate, on losses (as a percent) | 0.75% | ||
Nominal amount | € 500 | 500 | |
Carrying amount | € 500 | 500 | |
Municipal loan, 2022 | |||
Financial liabilities | |||
Nominal interest rate (as a percent) | 8.00% | ||
Nominal interest rate, profit-related (as a percent) | 1.50% | ||
Nominal interest rate, on losses (as a percent) | 0.75% | ||
Nominal amount | € 360 | 360 | |
Carrying amount | € 360 | 360 | |
Bank overdrafts, one | |||
Financial liabilities | |||
Nominal interest rate (as a percent) | 4.46% | ||
Nominal amount | € 476 | ||
Carrying amount | € 476 | ||
Bank overdrafts, two | |||
Financial liabilities | |||
Nominal interest rate (as a percent) | 3.75% | ||
Nominal amount | € 2,160 | 1,915 | |
Carrying amount | € 2,160 | € 1,915 | |
Minimum | Lease liabilities | |||
Financial liabilities | |||
Nominal interest rate (as a percent) | 5.40% | ||
Minimum | Municipal loan | |||
Financial liabilities | |||
Remaining term of the loan | 2 years | 2 years | |
Maximum | Municipal loan | |||
Financial liabilities | |||
Remaining term of the loan | 3 years | 3 years | |
Secured bank loan | |||
Financial liabilities | |||
Financial assets pledged as collateral for liabilities or contingent liabilities | € 1,500 | € 0 | |
Overdraft facility | |||
Financial liabilities | |||
Financial assets pledged as collateral for liabilities or contingent liabilities | 2,500 | 1,500 | € 500 |
Short-term deposits, pledged as security | € 2,500 | 1,500 | € 500 |
Trade receivables | Secured bank loans | |||
Financial liabilities | |||
Financial assets pledged as collateral for liabilities or contingent liabilities | 10,901 | ||
Land charge as collateral for secured bank loan | Secured bank loans | |||
Financial liabilities | |||
Financial assets pledged as collateral for liabilities or contingent liabilities | € 19,910 |
Financial liabilities - Trade p
Financial liabilities - Trade payables and other liabilities (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Financial liabilities | |||
Trade payables | € 8,554 | € 5,429 | |
Government grants (deferred income) | 11,289 | 12,034 | |
Liability for Virtual Stock Option Program | 2,769 | 7,093 | |
Contract liabilities | 3,748 | 297 | |
Others | 5,258 | 5,618 | |
Trade payables and other liabilities | 31,618 | 30,471 | |
Non-current | 9,941 | 11,240 | |
Current | 21,677 | 19,231 | |
Grants received for investment in property, plant and equipment | 793 | 3,042 | € 6,802 |
Personnel related liabilities for vacation and bonuses | 2,264 | 1,955 | |
Liabilities for wage and church tax | 376 | 307 | |
Costs relating to anticipated initial public offering | 565 | € 1,695 | |
Grants refunded related to disposed property, plant and equipment | € 358 |
Share-based payments - Virtual
Share-based payments - Virtual share option program 2016 (Cash settled) (Details) € / shares in Units, € in Thousands | 12 Months Ended | ||
Dec. 31, 2019EUR (€)Options€ / shares | Dec. 31, 2018EUR (€)Options€ / sharesshares | Jul. 01, 2016shares | |
Number | |||
Exercised during the year | Options | (802,283) | ||
Exercised during the year | € 3.45 | ||
Exercise prices for options outstanding | € 1 | ||
Virtual share option program 2016 (Cash settled) | |||
Share-based payments | |||
Number of authorized shares under the plan | shares | 1,000,000 | ||
Percentage of original shares represented by authorized share under the plan | 5.00% | ||
Number of original shares for authorization of share options | shares | 205,000 | ||
Number | |||
Outstanding at January 1 | Options | 802,283 | 802,283 | |
Outstanding at December 31 | Options | 802,283 | ||
Vested at December 31 | shares | 756,083 | ||
Outstanding at January 1 | € 3.22 | € 3.22 | |
Outstanding at December 31 | € 3.22 | ||
Liability for share options | € | € 2,768 | € 2,170 | |
Vested at December 31 | € 2.74 | ||
Weighted average remaining contractual life | 7 years | ||
Intrinsic value of the options vested | € | € 2,169 | ||
Minimum | Virtual share option program 2016 (Cash settled) | |||
Number | |||
Exercise prices for options outstanding | € 1 | ||
Maximum | Virtual share option program 2016 (Cash settled) | |||
Number | |||
Exercise prices for options outstanding | € 6 |
Share-based payments - Virtua_2
Share-based payments - Virtual share option program 2017 (Cash settled) (Details) € / shares in Units, € in Thousands | 12 Months Ended | ||
Dec. 31, 2019EUR (€)€ / sharesOptionsshares | Dec. 31, 2018EUR (€)Options€ / sharesshares | Dec. 31, 2017Options€ / sharesshares | |
Number | |||
Exercise prices for options outstanding | € 1 | ||
Virtual share option program 2017 (Cash settled) | |||
Share-based payments | |||
Number of authorized shares under the plan | shares | 29,560 | ||
Percentage of original shares represented by authorized share under the plan | 10.00% | ||
Vesting period | 3 years | ||
Vesting percentage | 33.33% | ||
Number | |||
Outstanding at January 1 | Options | 10,496 | 4,318 | |
Granted during the year | Options | 5,878 | 6,178 | |
Cancelled during the year | Options | (16,374) | ||
Replacement awards granted during the year | Options | 805,308 | ||
Outstanding at December 31 | Options | 805,308 | 10,496 | 4,318 |
Vested at December 31 | shares | 805,308 | 5,040 | |
Outstanding at January 1 | € 1 | € 1 | |
Granted during the year | € 1 | 1 | |
Cancelled during the year | 1 | ||
Replacement awards granted during the year | € 0.12 | ||
Outstanding at December 31 | 0.12 | 1 | € 1 |
Vested at December 31 | € 0.12 | € 1 | |
Weighted average remaining contractual life | 8 years | ||
Weighted average fair value of options outstanding | € 540.3 | ||
Intrinsic value of the options vested | € | € 2,722 | ||
Total accumulated liability prior to the modification date was reclassified to the capital reserve | € | € 10,038 |
Share-based payments - Equity s
Share-based payments - Equity share option 2017 (Equity settled) (Details) - Equity share option 2017 (Equity settled) | 12 Months Ended |
Dec. 31, 2019Options€ / sharesshares | |
Share-based payments | |
Number of options granted | Options | 805,308 |
Number of common shares per option granted | shares | 1 |
Exercise price of share options | € 0.12 |
Lock-up period | 180 days |
Weighted average remaining contractual life of outstanding share options | 10 years |
Weighted average fair value of options outstanding | € 12.46 |
Share-based payments - Equity_2
Share-based payments - Equity share option 2019 (Equity settled) (Details) - Equity share option 2019 (Equity settled) | 12 Months Ended |
Dec. 31, 2019Options€ / sharesshares | |
Member of the supervisory board | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Number of options granted | Options | 396,522 |
Number of common shares per option granted | shares | 1 |
Exercise price of share options | € 12.58 |
Vesting period | 3 years |
Vesting percentage | 33.33% |
Weighted average remaining contractual life of outstanding share options | 10 years |
Weighted average fair value of options outstanding | € 9.08 |
Key management personnel | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Vesting percentage | 33.33% |
Share-based payments - Valuatio
Share-based payments - Valuation of Options (Details) € / shares in Units, € in Thousands | 12 Months Ended | ||
Dec. 31, 2019EUR (€)Y€ / shares | Dec. 31, 2018EUR (€) | Dec. 31, 2017 | |
Key assumptions used to derive the option value | |||
Volatility (%) | 70.00% | 70.00% | 60.00% |
Virtual share option programs 2016 and 2017 | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Cash flow projection period | 10 years | ||
Terminal value growth rate (%) | 2.00% | ||
Discount rate (%) | 15.00% | ||
Market interest rate (%) | 6.00% | ||
Key assumptions used to derive the option value | |||
Volatility (%) | 70.00% | ||
Risk-free interest rate (%) | (0.80%) | ||
Dividend yield (%) | 0.00% | ||
Option term (years) | 0.4 | ||
Virtual share option programs 2016 and 2017 | Minimum | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Debt leverage (%) | 0.00% | ||
Virtual share option programs 2016 and 2017 | Maximum | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Debt leverage (%) | (5.00%) | ||
Virtual share option program 2017 (Cash settled) | |||
Expenses arising from share-based payment transactions | |||
Expenses arising from cash-settled share-based payment transactions | € 5,118 | € 4,079 | |
Virtual share option program 2016 (Cash settled) | |||
Expenses arising from share-based payment transactions | |||
Expenses offset by replacement equity-settled share-based payment transactions | 596 | 1,442 | |
Equity share option 2017 and 2019 | |||
Expenses arising from share-based payment transactions | |||
Expenses arising from cash-settled share-based payment transactions | 5,714 | 5,521 | |
Expenses arising from equity-settled share-based payment transactions | 704 | ||
Total expenses arising from share-based payment transactions | € 6,418 | € 5,521 | |
Equity share option 2017 (Equity settled) | |||
Key assumptions used to derive the option value | |||
Exercise price | € / shares | € 0.12 | ||
Share price at grant date | € / shares | € 12.58 | ||
Volatility (%) | 70.00% | ||
Risk-free interest rate (%) | (0.70%) | ||
Dividend yield (%) | 0.00% | ||
Option term (years) | Y | 10 | ||
Equity share option 2019 (Equity settled) | |||
Key assumptions used to derive the option value | |||
Exercise price | € / shares | € 12.58 | ||
Share price at grant date | € / shares | € 12.58 | ||
Volatility (%) | 70.00% | ||
Risk-free interest rate (%) | (0.70%) | ||
Dividend yield (%) | 0.00% | ||
Option term (years) | Y | 10 |
Financial instruments-fair va_3
Financial instruments-fair values and risk management - Trade and other receivables (Details) | 12 Months Ended |
Dec. 31, 2019 | |
Credit risk | Customer concentration | Diagnostics | |
Trade and other receivables | |
Minimum percentage of customer with business relationships | 75.00% |
Financial instruments-fair va_4
Financial instruments-fair values and risk management - Credit risk (Details) € in Thousands | 12 Months Ended | |||
Dec. 31, 2019EUR (€)item | Dec. 31, 2018EUR (€) | Dec. 31, 2017EUR (€) | Dec. 31, 2016EUR (€) | |
Credit risk exposure | ||||
Cash and cash equivalents | € 41,095 | € 9,222 | € 3,157 | € 965 |
Development of impairment losses | ||||
Provision for expected credit losses (note 8.2) | 752 | 792 | 367 | |
Credit risk | ||||
Credit risk exposure | ||||
Cash and cash equivalents | € 41,095 | 9,222 | ||
Middle East | ||||
Credit risk exposure | ||||
Percentage of overdue balances | 85.00% | |||
MENA | ||||
Credit risk exposure | ||||
Number of top diagnostic customers | item | 10 | |||
Trade receivables and contract assets | Gross carrying amount | ||||
Credit risk exposure | ||||
Trade receivables and contract assets | € 18,928 | € 12,534 | ||
Expected credit loss rate | 12.30% | 13.00% | ||
Expected credit loss | € 2,335 | € 1,633 | ||
Trade receivables and contract assets | Middle East | Gross carrying amount | ||||
Credit risk exposure | ||||
Trade receivables and contract assets | 10,470 | 7,766 | ||
Trade receivables and contract assets | Europe | Gross carrying amount | ||||
Credit risk exposure | ||||
Trade receivables and contract assets | 3,311 | 2,900 | ||
Trade receivables and contract assets | Latin America | Gross carrying amount | ||||
Credit risk exposure | ||||
Trade receivables and contract assets | 811 | 604 | ||
Trade receivables and contract assets | North America | Gross carrying amount | ||||
Credit risk exposure | ||||
Trade receivables and contract assets | 4,156 | 1,074 | ||
Trade receivables and contract assets | Asia Pacific | Gross carrying amount | ||||
Credit risk exposure | ||||
Trade receivables and contract assets | 180 | 190 | ||
Trade receivables and contract assets | Not past due | Gross carrying amount | ||||
Credit risk exposure | ||||
Trade receivables and contract assets | € 11,102 | € 6,435 | ||
Expected credit loss rate | 0.30% | 0.10% | ||
Expected credit loss | € 31 | € 6 | ||
Trade receivables and contract assets | Not past due | Middle East | Gross carrying amount | ||||
Credit risk exposure | ||||
Trade receivables and contract assets | 3,956 | 3,065 | ||
Trade receivables and contract assets | Not past due | Europe | Gross carrying amount | ||||
Credit risk exposure | ||||
Trade receivables and contract assets | 2,476 | 2,052 | ||
Trade receivables and contract assets | Not past due | Latin America | Gross carrying amount | ||||
Credit risk exposure | ||||
Trade receivables and contract assets | 611 | 415 | ||
Trade receivables and contract assets | Not past due | North America | Gross carrying amount | ||||
Credit risk exposure | ||||
Trade receivables and contract assets | 3,908 | 728 | ||
Trade receivables and contract assets | Not past due | Asia Pacific | Gross carrying amount | ||||
Credit risk exposure | ||||
Trade receivables and contract assets | 151 | 175 | ||
Trade receivables and contract assets | Past due 1 to 30 day | Gross carrying amount | ||||
Credit risk exposure | ||||
Trade receivables and contract assets | € 1,113 | € 1,078 | ||
Expected credit loss rate | 1.00% | 0.50% | ||
Expected credit loss | € 11 | € 5 | ||
Trade receivables and contract assets | Past due 1 to 30 day | Middle East | Gross carrying amount | ||||
Credit risk exposure | ||||
Trade receivables and contract assets | 721 | 401 | ||
Trade receivables and contract assets | Past due 1 to 30 day | Europe | Gross carrying amount | ||||
Credit risk exposure | ||||
Trade receivables and contract assets | 268 | 356 | ||
Trade receivables and contract assets | Past due 1 to 30 day | Latin America | Gross carrying amount | ||||
Credit risk exposure | ||||
Trade receivables and contract assets | 53 | 81 | ||
Trade receivables and contract assets | Past due 1 to 30 day | North America | Gross carrying amount | ||||
Credit risk exposure | ||||
Trade receivables and contract assets | 53 | 230 | ||
Trade receivables and contract assets | Past due 1 to 30 day | Asia Pacific | Gross carrying amount | ||||
Credit risk exposure | ||||
Trade receivables and contract assets | 18 | 10 | ||
Trade receivables and contract assets | Past due 31-90 days | Gross carrying amount | ||||
Credit risk exposure | ||||
Trade receivables and contract assets | € 1,708 | € 1,953 | ||
Expected credit loss rate | 1.20% | 2.00% | ||
Expected credit loss | € 21 | € 39 | ||
Trade receivables and contract assets | Past due 31-90 days | Middle East | Gross carrying amount | ||||
Credit risk exposure | ||||
Trade receivables and contract assets | 1,411 | 1,560 | ||
Trade receivables and contract assets | Past due 31-90 days | Europe | Gross carrying amount | ||||
Credit risk exposure | ||||
Trade receivables and contract assets | 222 | 240 | ||
Trade receivables and contract assets | Past due 31-90 days | Latin America | Gross carrying amount | ||||
Credit risk exposure | ||||
Trade receivables and contract assets | 42 | 74 | ||
Trade receivables and contract assets | Past due 31-90 days | North America | Gross carrying amount | ||||
Credit risk exposure | ||||
Trade receivables and contract assets | 24 | 79 | ||
Trade receivables and contract assets | Past due 31-90 days | Asia Pacific | Gross carrying amount | ||||
Credit risk exposure | ||||
Trade receivables and contract assets | 9 | |||
Trade receivables and contract assets | Past due by more than 90 days | Gross carrying amount | ||||
Credit risk exposure | ||||
Trade receivables and contract assets | € 5,005 | € 3,068 | ||
Expected credit loss rate | 45.40% | 51.60% | ||
Expected credit loss | € 2,272 | € 1,583 | ||
Trade receivables and contract assets | Past due by more than 90 days | Middle East | Gross carrying amount | ||||
Credit risk exposure | ||||
Trade receivables and contract assets | 4,382 | 2,740 | ||
Trade receivables and contract assets | Past due by more than 90 days | Europe | Gross carrying amount | ||||
Credit risk exposure | ||||
Trade receivables and contract assets | 345 | 252 | ||
Trade receivables and contract assets | Past due by more than 90 days | Latin America | Gross carrying amount | ||||
Credit risk exposure | ||||
Trade receivables and contract assets | 105 | 34 | ||
Trade receivables and contract assets | Past due by more than 90 days | North America | Gross carrying amount | ||||
Credit risk exposure | ||||
Trade receivables and contract assets | 171 | 37 | ||
Trade receivables and contract assets | Past due by more than 90 days | Asia Pacific | Gross carrying amount | ||||
Credit risk exposure | ||||
Trade receivables and contract assets | 2 | 5 | ||
Trade and other receivables | Specific bad debt allowances | Credit risk | ||||
Development of impairment losses | ||||
As of January 1 | 1,633 | 841 | ||
Provision for expected credit losses (note 8.2) | 752 | 792 | ||
Write-off | (30) | |||
As of December 31 | € 2,355 | € 1,633 | € 841 |
Financial instruments-fair va_5
Financial instruments-fair values and risk management - Liquidity risk (Details) - EUR (€) € in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Liquidity risk | ||
Carrying amount | € 35,524 | € 25,108 |
Total | 40,012 | 27,836 |
Reconciliation of liabilities arising from financing activities | ||
Beginning of year | 19,679 | 19,341 |
Cash flows | (14,397) | (1,106) |
Additions | 21,688 | 1,444 |
End of year | 26,970 | 19,679 |
Non-current financial liabilities | ||
Reconciliation of liabilities arising from financing activities | ||
Beginning of year | 14,627 | 3,851 |
Cash flows | (12,783) | (1,373) |
Additions | 18,910 | 856 |
Changes in maturity | (1,107) | 11,293 |
End of year | 19,647 | 14,627 |
Non-current lease liabilities | ||
Reconciliation of liabilities arising from financing activities | ||
Beginning of year | 1,712 | 1,851 |
Cash flows | (1,696) | (233) |
Additions | 18,910 | 856 |
Changes in maturity | (857) | (762) |
End of year | 18,069 | 1,712 |
Current financial liabilities | ||
Reconciliation of liabilities arising from financing activities | ||
Beginning of year | 5,052 | 15,490 |
Cash flows | (1,614) | 267 |
Additions | 2,778 | 588 |
Changes in maturity | 1,107 | (11,293) |
End of year | 7,323 | 5,052 |
Current lease liabilities | ||
Reconciliation of liabilities arising from financing activities | ||
Beginning of year | 1,350 | 1,653 |
Cash flows | (1,350) | (1,653) |
Additions | 2,778 | 588 |
Changes in maturity | 857 | 762 |
End of year | 3,635 | 1,350 |
Non-current portion of secured bank loans | ||
Reconciliation of liabilities arising from financing activities | ||
Beginning of year | 12,055 | |
Cash flows | (11,087) | |
Changes in maturity | 12,055 | |
End of year | 968 | 12,055 |
Municipal loans | ||
Reconciliation of liabilities arising from financing activities | ||
Beginning of year | 860 | 2,000 |
Cash flows | (1,140) | |
Changes in maturity | 250 | |
End of year | 250 | 860 |
Non Current Muncipal Loans | ||
Reconciliation of liabilities arising from financing activities | ||
Beginning of year | 860 | |
Changes in maturity | (250) | |
End of year | 610 | 860 |
Current portion of secured bank loans | ||
Reconciliation of liabilities arising from financing activities | ||
Beginning of year | 1,787 | 13,837 |
Cash flows | (985) | 5 |
Changes in maturity | (12,055) | |
End of year | 802 | 1,787 |
Bank overdrafts | ||
Reconciliation of liabilities arising from financing activities | ||
Beginning of year | 1,915 | |
Cash flows | 721 | 1,915 |
End of year | 2,636 | 1,915 |
Less than 2 months | ||
Liquidity risk | ||
Total | 10,274 | 6,310 |
2 to 12 months | ||
Liquidity risk | ||
Total | 5,892 | 4,670 |
Within five years | ||
Liquidity risk | ||
Total | 11,275 | 7,607 |
More than 5 years | ||
Liquidity risk | ||
Total | 12,571 | 9,249 |
Trade and other receivables due with in two months | ||
Liquidity risk | ||
Expected cash flows | 6,644 | 3,830 |
Bank overdrafts | ||
Liquidity risk | ||
Carrying amount | 2,636 | 1,915 |
Total | 2,636 | 1,915 |
Bank overdrafts | Less than 2 months | ||
Liquidity risk | ||
Total | € 2,636 | € 1,915 |
Bank overdrafts | 2 to 12 months | ||
Liquidity risk | ||
Interest-bearing loans will mature in less than one year (in percent) | 27.20% | 25.70% |
Secured bank loans | ||
Liquidity risk | ||
Utilized amount of secured credit lines | € 2,636 | € 1,915 |
Carrying amount | 1,770 | 13,842 |
Secured bank loans | 3,500 | 4,000 |
Total | € 1,866 | € 15,985 |
Secured bank loans | Minimum | ||
Liquidity risk | ||
Interest rate on secured credit lines | 3.33% | 3.33% |
Secured bank loans | Maximum | ||
Liquidity risk | ||
Interest rate on secured credit lines | 4.50% | 4.50% |
Secured bank loans | Less than 2 months | ||
Liquidity risk | ||
Total | € 12 | € 236 |
Secured bank loans | 2 to 12 months | ||
Liquidity risk | ||
Total | 848 | 1,965 |
Secured bank loans | Within five years | ||
Liquidity risk | ||
Total | 1,006 | 5,808 |
Secured bank loans | More than 5 years | ||
Liquidity risk | ||
Total | 7,976 | |
Lease liabilities | ||
Liquidity risk | ||
Carrying amount | 21,704 | 3,062 |
Total | 25,934 | 3,234 |
Lease liabilities | Less than 2 months | ||
Liquidity risk | ||
Total | 755 | 239 |
Lease liabilities | 2 to 12 months | ||
Liquidity risk | ||
Total | 3,034 | 1,196 |
Lease liabilities | Within five years | ||
Liquidity risk | ||
Total | 9,574 | 1,799 |
Lease liabilities | More than 5 years | ||
Liquidity risk | ||
Total | 12,571 | |
Municipal loans | ||
Liquidity risk | ||
Carrying amount | 860 | 860 |
Total | 1,022 | 1,273 |
Municipal loans | 2 to 12 months | ||
Liquidity risk | ||
Total | 327 | |
Municipal loans | Within five years | ||
Liquidity risk | ||
Total | 695 | |
Municipal loans | More than 5 years | ||
Liquidity risk | ||
Total | 1,273 | |
Trade payables | ||
Liquidity risk | ||
Carrying amount | 8,554 | 5,429 |
Total | 8,554 | 5,429 |
Trade payables | Less than 2 months | ||
Liquidity risk | ||
Total | 6,871 | 3,920 |
Trade payables | 2 to 12 months | ||
Liquidity risk | ||
Total | € 1,683 | € 1,509 |
Financial instruments-fair va_6
Financial instruments-fair values and risk management - Currency risk (Details) - Currency risk - EUR (€) € in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
USD | ||
Currency risk | ||
Net exposure | € (1,474) | € 519 |
USD | Trade receivables | ||
Currency risk | ||
Net exposure | 4,275 | 1,674 |
USD | Trade payables and other liabilities | ||
Currency risk | ||
Net exposure | 2,801 | 2,193 |
INR | ||
Currency risk | ||
Net exposure | 62 | 63 |
INR | Trade receivables | ||
Currency risk | ||
Net exposure | 36 | 65 |
INR | Trade payables and other liabilities | ||
Currency risk | ||
Net exposure | 98 | 2 |
AED | ||
Currency risk | ||
Net exposure | 16 | 1 |
AED | Trade receivables | ||
Currency risk | ||
Net exposure | 1 | 4 |
AED | Trade payables and other liabilities | ||
Currency risk | ||
Net exposure | € 15 | € 5 |
List of subsidiaries (Details)
List of subsidiaries (Details) | Nov. 12, 2019 | Dec. 31, 2019 |
Centogene AG | ||
List of subsidiaries | ||
Ownership interest in subsidiary (in percent) | 100.00% | 100.00% |
Centogene IP GmbH | ||
List of subsidiaries | ||
Ownership interest in subsidiary (in percent) | 100.00% | |
Centogene Shared Service GmbH | ||
List of subsidiaries | ||
Ownership interest in subsidiary (in percent) | 100.00% | |
Centogene Fzllc, Dubai | ||
List of subsidiaries | ||
Ownership interest in subsidiary (in percent) | 100.00% | |
Ludewig Wasserbau GmbH | ||
List of subsidiaries | ||
Proportion of ownership interest in subsidiary sold | 100.00% | |
Centogene US LLC, Burlington, USA | ||
List of subsidiaries | ||
Ownership interest in subsidiary (in percent) | 100.00% | |
Centogene GmbH, Vienna | ||
List of subsidiaries | ||
Ownership interest in subsidiary (in percent) | 90.00% | |
Centogene India Pvt. Ltd | ||
List of subsidiaries | ||
Ownership interest in subsidiary (in percent) | 51.00% | |
LPC GmbH | ||
List of subsidiaries | ||
Ownership interest in subsidiary (in percent) | 51.00% |
Non-controlling interests (Deta
Non-controlling interests (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Non-controlling interests | |||
Carrying amount of non-controlling interests | € 938 | € 757 | |
Loss for the year | € (20,855) | € (11,338) | € (5,476) |
Centogene India Pvt. Ltd | |||
Non-controlling interests | |||
Non-controlling interest (in percent) | 49.00% | ||
Net assets/(liabilities) | € (1,263) | ||
Carrying amount of non-controlling interests | (619) | ||
Revenue | 687 | ||
Loss for the year | (311) | ||
Profit/(loss) allocated to non-controlling interests | € (152) | ||
LPC GmbH | |||
Non-controlling interests | |||
Non-controlling interest (in percent) | 49.00% | ||
Net assets/(liabilities) | € (546) | ||
Carrying amount of non-controlling interests | (268) | ||
Revenue | 0 | ||
Loss for the year | (56) | ||
Profit/(loss) allocated to non-controlling interests | € (27) |
Commitments (Details)
Commitments (Details) - EUR (€) € in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of maturity analysis of operating lease payments [line items] | ||
Total payment obligation | € 802 | € 1,013 |
Within one year | ||
Disclosure of maturity analysis of operating lease payments [line items] | ||
Future lease payments for these non-cancellable lease contracts | 72 | 197 |
Within five years | ||
Disclosure of maturity analysis of operating lease payments [line items] | ||
Future lease payments for these non-cancellable lease contracts | € 36 | € 55 |
Related parties - Remuneration
Related parties - Remuneration of members of key management (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Related parties | |||
Short-term employee benefits | € 3,313 | € 2,354 | € 1,843 |
Post-employment pension and medical benefits | 10 | 10 | 10 |
Share-based payment transactions | 3,395 | 2,893 | 530 |
Total compensation paid to key management | € 6,718 | € 5,257 | € 2,383 |
Related parties - Additional in
Related parties - Additional information (Details) € / shares in Units, € in Thousands | 12 Months Ended | ||
Dec. 31, 2019EUR (€)USD ($)Options€ / shares | Dec. 31, 2018EUR (€) | Dec. 31, 2017EUR (€) | |
Related parties | |||
Share-based payment expenses | € 5,714 | € 5,521 | € 894 |
Equity share option 2017 (Equity settled) | |||
Related parties | |||
Number of share options granted in share-based payment arrangement | Options | 805,308 | ||
Exercise price of share options | € / shares | € 0.12 | ||
Supervisory board | |||
Related parties | |||
Share-based payment expenses | € 704 | 0 | 0 |
Supervisory board | Supervisory board activities | |||
Related parties | |||
Payments for services | 499 | 341 | 160 |
Member of the supervisory board | Corporate strategy services | |||
Related parties | |||
Payments for services | € 152 | 0 | 0 |
Member of the supervisory board and an entity controlled by a member of the supervisory board | Services | |||
Related parties | |||
Payments for services | € 64 | € 490 | |
Key management personnel | Equity share option 2017 (Equity settled) | |||
Related parties | |||
Number of share options granted in share-based payment arrangement | $ | 440,475 | ||
Lock up period | 6 years | ||
Pension commitments for members of the management board | € 0 | ||
Exercise price of share options | € / shares | € 0.12 |
Contingent liabilities (Details
Contingent liabilities (Details) € in Thousands | Nov. 08, 2018EUR (€) |
Universitair Medisch Centrum Utrecht | |
Contingent liabilities | |
Dispute amount | € 880 |
Subsequent Events (Details)
Subsequent Events (Details) - EUR (€) € in Thousands | 1 Months Ended | 12 Months Ended | |||
Apr. 30, 2020 | Feb. 29, 2020 | Dec. 31, 2019 | Jan. 01, 2019 | Dec. 31, 2018 | |
Subsequent Events | |||||
Short term deposit utilized | € 476 | € 0 | |||
Right-of-use assets | 24,932 | € 5,767 | |||
Lease liability | 21,704 | 3,465 | |||
Repayment of Municipal Loans | |||||
Subsequent Events | |||||
Repayment of outstanding municipal loans | € 860 | ||||
Release of Shareholders' Guarantees | |||||
Subsequent Events | |||||
New short term deposit | 500 | ||||
Short term deposit utilized | € 476 | € 0 | |||
Laboratory facilities and equipment | Major purchases of assets | |||||
Subsequent Events | |||||
Additions of property plant and equipment | € 1,800 | ||||
Laboratory space | Significant lease commitment | |||||
Subsequent Events | |||||
Lease term (in years) | 5 years | ||||
Right-of-use assets | € 450 | ||||
Lease liability | € 450 |