Document and Entity Information
Document and Entity Information | 3 Months Ended |
Mar. 31, 2020 | |
Document and Entity Information | |
Entity Registrant Name | Centogene N.V. |
Entity Central Index Key | 0001757097 |
Document Type | 6-K |
Document Period End Date | Mar. 31, 2020 |
Amendment Flag | false |
Current Fiscal Year End Date | --12-31 |
Document Fiscal Year Focus | 2020 |
Document Fiscal Period Focus | Q1 |
Interim condensed consolidated
Interim condensed consolidated statements of comprehensive loss - EUR (€) € in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Interim condensed consolidated statements of comprehensive loss | ||
Revenue | € 12,105 | € 10,715 |
Cost of sales | 7,018 | 6,744 |
Gross profit | 5,087 | 3,971 |
Research and development expenses | 2,691 | 1,701 |
General administrative expenses | 7,898 | 5,910 |
Selling expenses | 2,326 | 2,011 |
Other operating income | 945 | 1,098 |
Other operating expenses | 1,275 | 342 |
Operating loss | (8,158) | (4,895) |
Interest and similar income | 8 | |
Interest and similar expense | 449 | 220 |
Financial costs, net | (449) | (212) |
Loss before taxes | (8,607) | (5,107) |
Income tax expenses | 129 | 174 |
Loss for the period | (8,736) | (5,281) |
Other comprehensive income, all attributable to equity holders of the parent | 76 | 2 |
Total comprehensive loss | (8,660) | (5,279) |
Attributable to: | ||
Equity holders of the parent | (8,599) | (5,210) |
Non-controlling interests | (61) | (69) |
Total comprehensive loss | € (8,660) | € (5,279) |
Loss per share-Basic and diluted | € (0.43) | € (0.33) |
Interim condensed consolidate_2
Interim condensed consolidated statements of financial position - EUR (€) € in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Non-current assets | ||
Intangible assets | € 14,518 | € 14,145 |
Property, plant and equipment | 8,709 | 8,376 |
Right-of-use assets | 24,710 | 24,932 |
Other assets | 2,098 | 1,948 |
Non-current assets | 50,035 | 49,401 |
Current assets | ||
Inventories | 5,849 | 1,809 |
Trade receivables | 14,646 | 16,593 |
Other assets | 8,890 | 8,612 |
Cash and cash equivalents | 33,381 | 41,095 |
Current assets | 62,766 | 68,109 |
Total assets | 112,801 | 117,510 |
Equity | ||
Issued capital | 2,383 | 2,383 |
Capital reserve | 99,156 | 98,099 |
Retained earnings and other reserves | (49,221) | (40,622) |
Non-controlling interest | (731) | (938) |
Equity | 51,587 | 58,922 |
Non-current liabilities | ||
Non-current loans | 768 | 1,578 |
Lease liabilities | 18,826 | 18,069 |
Deferred tax liabilities | 121 | |
Government grants | 9,773 | 9,941 |
Non-current liabilities | 29,488 | 29,588 |
Current liabilities | ||
Government grants | 1,364 | 1,348 |
Current loans | 3,852 | 3,688 |
Lease liabilities | 3,625 | 3,635 |
Trade payables | 10,173 | 8,554 |
Other liabilities | 12,712 | 11,775 |
Current liabilities | 31,726 | 29,000 |
Equity and liabilities | € 112,801 | € 117,510 |
Interim condensed consolidate_3
Interim condensed consolidated statements of cash flows - EUR (€) € in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Operating activities | ||
Loss before taxes | € (8,607) | € (5,107) |
Adjustments to reconcile earnings to cash flow from operating activities | ||
Amortization and depreciation | 2,084 | 1,397 |
Interest income | (8) | |
Interest expense | 449 | 220 |
Expected credit loss allowances on trade receivables | 1,174 | 340 |
Sharebased payment expenses | 1,057 | 2,633 |
Other non-cash items | (192) | (268) |
Changes in operating assets and liabilities: | ||
Inventories | (4,040) | (275) |
Trade receivables | 773 | (2,073) |
Other assets | (234) | (967) |
Trade payables | 1,619 | 507 |
Other liabilities | 1,751 | 328 |
Cash flow used in operating activities | (4,166) | (3,273) |
Investing activities | ||
Cash paid for investments in intangible assets | (1,191) | (1,113) |
Cash paid for investments in property, plant and equipment | (644) | (441) |
Grants received for investment in property, plant and equipment | 207 | 0 |
Interest received | 8 | |
Cash flow used in investing activities | (1,628) | (1,546) |
Financing activities | ||
Cash received from loans | 414 | 1,864 |
Cash repayments of loans | (1,060) | (451) |
Cash repayments of lease liabilities | (1,044) | (461) |
Interest paid | (230) | (220) |
Cash flow generated from/(used in) financing activities | (1,920) | 732 |
Changes in cash and cash equivalents | (7,714) | (4,087) |
Cash and cash equivalents at the beginning of the period | 41,095 | 9,222 |
Cash and cash equivalents at the end of the period | € 33,381 | € 5,135 |
Interim condensed consolidate_4
Interim condensed 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 period at Dec. 31, 2018 | € 27,281 | € 1,903 | € 45,342 | € (16) | € (19,948) | € (757) | € 26,524 |
Loss for the period | (5,212) | (5,212) | (69) | (5,281) | |||
Other comprehensive loss | 2 | 2 | 2 | ||||
Total comprehensive loss | (5,210) | 2 | (5,212) | (69) | (5,279) | ||
Share-based payments | 181 | 181 | 181 | ||||
Balance at end of the period at Mar. 31, 2019 | 22,252 | 1,903 | 45,523 | (14) | (25,160) | (826) | 21,426 |
Balance at beginning of the period at Dec. 31, 2019 | 59,860 | 2,383 | 98,099 | (40,622) | (938) | 58,922 | |
Loss for the period | (8,675) | (8,675) | (61) | (8,736) | |||
Other comprehensive loss | 76 | 76 | 76 | ||||
Total comprehensive loss | (8,599) | 76 | (8,675) | (61) | (8,660) | ||
Share-based payments | 1,057 | 1,057 | 1,057 | ||||
Disposal of non-wholly owned subsidiary | 268 | 268 | |||||
Balance at end of the period at Mar. 31, 2020 | € 52,318 | € 2,383 | € 99,156 | € 76 | € (49,297) | € (731) | € 51,587 |
General company information
General company information | 3 Months Ended |
Mar. 31, 2020 | |
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, common shares and preference shares of Centogene AG, the previous parent holding company of the Group and the principal operating subsidiary were exchanged to common shares of Centogene B.V., and 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. As a result, Centogene N.V. became the 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. |
Basis of preparation
Basis of preparation | 3 Months Ended |
Mar. 31, 2020 | |
Basis of preparation | |
Basis of preparation | 2 Basis of preparation The interim condensed consolidated financial statements for the three months ended March 31, 2019 and 2020 have been prepared in accordance with IAS 34 Interim Financial Reporting. The interim condensed consolidated financial statements do not include all the information and disclosures required in the annual financial statements, and should be read in conjunction with the Group’s annual consolidated financial statements as of December 31, 2018 and 2019 and for the three years ended December 31, 2019. The accounting policies adopted in the preparation of the interim condensed consolidated financial statements are consistent with those followed in the preparation of the Group’s annual consolidated financial statements for the year ended December 31, 2019, except for the adoption of new standards effective as of January 1, 2020 (see note 3). The Group has not early adopted any standard, interpretation or amendment that has been issued but is not yet effective. Several other amendments and interpretations apply for the first time in 2020, but do not have an impact on the interim condensed consolidated financial statements of the Group. These interim condensed 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 | 3 Months Ended |
Mar. 31, 2020 | |
Effects of new accounting standards | |
Effects of new accounting standards | 3 Effects of new accounting standards Amendments to IAS 1 and IAS 8: Definition of Material The amendments provide a new definition of material that states “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 clarify that materiality will depend on the nature or magnitude of information, either individually or in combination with other information, in the context of the financial statements. A misstatement of information is material if it could reasonably be expected to influence decisions made by the primary users. These amendments had no impact on the consolidated financial statements of, nor is there expected to be any future impact to the Group since the amendment mainly clarifies the definition. Other new accounting standards In addition to Amendments to IAS 1 and IAS 8: Definition of Material, the following other amendments and interpretations also apply for the first time in 2020: · Amendments to IFRS 3: Definition of a Business · Amendments to IFRS 7, IFRS 9 and IAS 39: Interest Rate Benchmark Reform · References to the Conceptual Framework for Financial Reporting issued on 29 March 2018 These amendments and new standards had no impact on the consolidated financial statements of the Group. |
Revenues from contracts with cu
Revenues from contracts with customers | 3 Months Ended |
Mar. 31, 2020 | |
Revenues from contracts with customers | |
Revenues from contracts with customers | 4 Revenues from contracts with customers in EUR k Three months ended March 31, 2019 Pharmaceutical Diagnostics Total Rendering of services Sales of goods — Total Revenues from contracts with external customers Recognized over time Recognized at a point in time — Total Revenues from contracts with external customers Geographical information Europe 2 1,528 1,530 —Germany* — 62 62 Middle East — 3,522 3,522 —Saudi Arabia# — 1,687 1,687 North America 4,128 677 4,805 —United States# 4,128 408 4,536 Latin America — 638 638 Asia Pacific — 220 220 Total Revenues from contracts with external customers 4,130 6,585 10,715 * country of the incorporation of Centogene AG # countries contributing more than 10% of the Group’s total consolidated revenues for the three months ended March 31, 2019 in EUR k Three months ended March 31, 2020 Pharmaceutical Diagnostics Total Rendering of services Sales of goods — Total Revenues from contracts with external customers Recognized over time Recognized at a point in time — Total Revenues from contracts with external customers Geographical information Europe 44 1,617 1,661 —Germany* 19 73 92 — Netherlands** — 3 3 Middle East 3 4,415 4,418 —Saudi Arabia# — 3,033 3,033 North America 4,503 620 5,123 —United States# 4,503 471 4,974 Latin America — 746 746 Asia Pacific — 157 157 Total Revenues from contracts with external customers 4,550 7,555 12,105 * 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 three months ended March 31, 2020 We collaborated with the majority of our pharmaceutical partners on a worldwide basis in 2019 and 2020. 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 three months ended March 31, 2020, revenues from one pharmaceutical partner represented 26.4% of the Group's total revenues (the three months ended March 31, 2019: 27.4%). During the three months ended March 31, 2019, we have entered into a collaboration with an existing pharmaceutical partner, of which upfront fees totaling EUR 350k, representing the transaction price allocated to the one-off transfer of the Group's intellectual property, were received and recognized as revenues. No such revenues were recognized in the three months ended March 31, 2020. The Group recognized impairment losses on receivables and contract assets arising from contracts with customers, included under Other operating expenses in the consolidated statement of comprehensive loss, amounting to EUR 1,174k for the three months ended March 31, 2020 (for the three months ended March 31, 2019: EUR 340k). |
Segment information
Segment information | 3 Months Ended |
Mar. 31, 2020 | |
Segment information | |
Segment information | 5 Segment information Three months ended March 31, 2019 in EUR k Pharmaceutical Diagnostics Corporate Total Total Revenues from contracts with external customers 4,130 6,585 — 10,715 Adjusted EBITDA 2,944 11 (3,820) (865) Capital Expenditures Additions to property, plant and equipment and right-of-use assets 7 20 414 441 Additions to intangible assets 768 — 345 1,113 Other segment information Depreciation and amortization 256 524 617 1,397 Research and development expenses — — 1,701 1,701 Three months ended March 31, 2020 in EUR k Pharmaceutical Diagnostics Corporate Total Total Revenues from contracts with external customers 4,550 7,555 — 12,105 Adjusted EBITDA 2,608 87 (7,712) (5,017) Capital Expenditures Additions to property, plant and equipment and right-of-use assets — 817 587 1,404 Additions to intangible assets 1,002 — 189 1,191 Other segment information Depreciation and amortization 564 544 976 2,084 Research and development expenses — — 2,691 2,691 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. Increases in corporate expenses for the three months ended March 31, 2020 are mainly due to our continued international growth and business expansion. The increase is also due to the costs of operating as a public company, such as additional legal, accounting, corporate governance and investor relations expenses, and higher directors' and officers' insurance premiums. Corporate expenses for the three months ended March 31, 2019 also included expenses incurred in relation to the IPO as described in note 1 of EUR 109k (included in General Administrative Expenses). No such expenses incurred in the three months ended March 31, 2020. Capital expenditure consists of additions of property, plant and equipment, right-of-use assets and intangible assets. All of such assets are located in Germany, which is the country of the registered office of the Company, except for property, plant and equipment of EUR 276k (December 31, 2019: EUR 286k) and right-of-use assets of EUR 960k (December 31, 2019: EUR 1,042k), which is located in the United States. Reconciliation of segment Adjusted EBITDA to Group loss for the period For the three months ended March 31 2019 2020 Reported segment Adjusted EBITDA 2,955 2,695 Corporate expenses (3,820) (7,712) (865) (5,017) Share-based payment expenses (2,633) (1,057) Depreciation and amortization (1,397) (2,084) Operating loss (4,895) (8,158) Financial costs, net (212) (449) Income tax expenses (174) (129) Loss for the three months ended March 31 (5,281) (8,736) |
Other income and expenses
Other income and expenses | 3 Months Ended |
Mar. 31, 2020 | |
Other income and expenses | |
Other income and expenses | 6 Other income and expenses 6.1 For the three months ended March 31 in EUR k 2019 2020 Government grants 967 702 Income from the reversal of provisions 89 — Others 42 243 Total other operating income 1,098 945 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. 6.2 For the three months ended March 31 in EUR k 2019 2020 Currency losses 2 — Expected credit loss allowances on trade receivables 340 1,174 Others — 101 Total other operating expenses 342 1,275 Considering the impact of COVID-19 pandemic to the global economy and the unforeseeable potential magnitude of the ultimate disruptions to different businesses, the Group has taken such into consideration when assessing the credit risk, in particular regarding the MENA region for the diagnostic segment as it represents the majority of that segment's revenue. Such assessment resulted in additional credit loss of EUR 1,174k for the three months ended March 31, 2020 (the three months ended March 31, 2019: EUR 340k). See also note 7. During the three months ended March 31, 2020, the Group disposed of its entire 51% interest in LPC GmbH (“LPC”) to the minority shareholders at a consideration of EUR 213k, among which EUR 200k is to be paid over a period of four years (and included in other assets, see note 7). The related non-controlling interest of EUR 268k (accumulated share of loss) were debited to profit or loss and the sale resulted in a loss of EUR 101k. |
Trade and other receivables and
Trade and other receivables and other assets | 3 Months Ended |
Mar. 31, 2020 | |
Trade and other receivables and other assets | |
Trade and other receivables and other assets | 7 Trade and other receivables and other assets in EUR k Dec 31, 2019 Mar 31, 2020 Non‑current Other assets - Rental deposits 1,948 1,948 Other assets – Others — 150 1,948 2,098 Current Trade receivables 12,709 11,089 Contract assets 3,884 3,557 Receivables due from shareholders 2,766 2,766 Other assets 5,846 6,124 25,205 23,536 Total non-current and current trade and other receivables and other assets 27,153 25,634 Trade receivables and contract assets Trade receivables are non-interest bearing and are generally due in 30 to 90 days. In general, portfolio-based expected credit loss allowances are recognized on trade receivables and contract assets. Considering the potential impact of COVID-19 to the economy, the Group has re-assessed the credit loss rates in relation to the outstanding trade receivables and contract assets as follows: in EUR k Dec 31, 2019 Mar 31, 2020 Not past due 11,102 9,725 Past due 1-30 days 1,113 1,084 Past due 31-90 days 1,708 2,031 Past due more than 90 days 5,005 5,315 Total Gross amount of trade receivables and contract assets 18,928 18,155 Expected credit loss rate Not past due 0.3 % 0.3 % Past due 1-30 days 1.0 % 1.3 % Past due 31-90 days 1.2 % 1.6 % Past due more than 90 days 45.4 % 64.7 % Expected credit loss rate on total gross trade receivables and contract assets 12.3 % 19.3 % Expected credit loss 2,335 3,509 Receivables due from shareholders In 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. Upon the completion of IPO in November 2019, all options granted under the option program were vested immediately in full, and the 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. The payable by the Group to the holders of vested options was recorded as a liability with a carrying amount of EUR 2,766k (December 31, 2019: EUR 2,766k) (see note 10.2). As the payment to the option holders will be reimbursed by the original shareholders to the Company, a respective receivable against shareholders was recorded. Such receivables were considered as additional capital from shareholders and recorded against equity (capital reserve). Other assets The non-current portion of other assets include cash deposit of EUR 1,500k (used to secure a bank guarantee of EUR 3,000k) relating to the leases of Rostock headquarters building, rental deposits of EUR 257k relating to the leases of Berlin offices and EUR 191k for the leases of certain plant and machineries. It also includes the consideration receivable for the sale of LPC of EUR 213k, among which EUR 150k is due after 1 year (see note 6.2). The current portion of other assets also include VAT receivables of EUR 1,744k (December 31, 2019: EUR 1,311k), prepaid expenses of EUR 2,834k (December 31, 2019: EUR 3,481k) as well as receivables from grants of EUR 743k (December 31, 2019: EUR 409k). |
Cash and short-term deposits
Cash and short-term deposits | 3 Months Ended |
Mar. 31, 2020 | |
Cash and short-term deposits | |
Cash and short term deposits | 8 Cash and short‑term deposits As of March 31, 2020, the Group has pledged its short-term deposits with carrying amount of EUR 1,500k (December 31, 2019: EUR 1,500k) and EUR 2,500k (December 31, 2019: EUR 2,500k) respectively, to fulfil collateral requirements in respect of existing secured bank loan and overdraft facility up to EUR 2,500k. In addition, the Group has pledged its short-term deposits of EUR 500k (December 31, 2019: EUR nil) related to another overdraft facility up to EUR 500k. 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 | 3 Months Ended |
Mar. 31, 2020 | |
Equity [Abstract] | |
Equity | 9 Equity As discussed in note 1, Centogene N.V. became the parent holding company of the Group on November 12, 2019 as part of the IPO process. 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. Capital reserve As of March 31, 2020, 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. In addition, it also included amounts recorded in respect of share-based payments. For additional information on the share-based payments, see note 11. |
Financial liabilities
Financial liabilities | 3 Months Ended |
Mar. 31, 2020 | |
Financial liabilities | |
Financial liabilities | 10 Financial liabilities 10.1 in EUR k Dec 31, 2019 Mar 31, 2020 Non‑current liabilities Non‑current portion of secured bank loans 968 768 Municipal loans 610 — Total non‑current loans 1,578 768 Lease liabilities 18,069 18,826 Total non‑current liabilities 19,647 19,594 Current liabilities Current portion of secured bank loans 802 802 Bank overdrafts 2,636 3,050 Municipal loans 250 — Total current loans 3,688 3,852 Current portion of lease liabilities 3,635 3,625 Total current liabilities 7,323 7,477 Total non‑current and current liabilities As of March 31, 2020, short-term cash deposits of EUR 1,500k (December 31, 2019: EUR 1,500k) were used to secure the secured bank loan outstanding (see note 8). The following table is based on the original terms and conditions: Conditions and statement of liabilities The outstanding interest-bearing liabilities as of March 31, 2020 and December 31, 2019 have the following conditions: Dec 31, 2019 Mar 31, 2020 Nominal Nominal Carrying Nominal Carrying in EUR k Currency interest rate Maturity amount amount amount amount Secured bank loan EUR 3.95 % 2018‑25 1,770 1,770 1,570 1,570 Municipal loan EUR 8.25%; plus 1.5% profit-related; 0.75% on losses 2018-23 500 500 — — Municipal loan EUR 8%; plus 1.5% profit-related; 0.75% on losses 360 360 — — Bank overdrafts EUR % 476 476 476 476 Bank overdrafts EUR % Rollover 2,160 2,160 2,094 2,094 Bank overdrafts EUR % Rollover — — 480 480 Lease liabilities EUR 3.5%*, 5. 4%-8.9% 2017-31 21,704 21,704 22,451 22,451 Total interest‑bearing financial liabilities 26,970 26,970 27,071 27,071 * represents the incremental borrowing rate of the Group at the commencement of the leases The bank overdrafts of EUR 2,094k as of March 31, 2020 (December 31, 2019: EUR 2,160k) were secured by short-term deposits with a carrying amount of EUR 2,500k (December 31, 2019: EUR 2,500k) (see note 8). The bank overdrafts of EUR 476k (December 31, 2019: EUR 476k) were secured by guarantees provided by certain of the Company's shareholders as of December 31, 2019, and were released providing security over a short-term deposit with a carrying amount of EUR 500k subsequent to the year end (see note 8). The municipal loan due to MBMV (Mittelständische Bürgschaftsbank Mecklenburg-Vorpommern) of EUR 860k outstanding as of December 31, 2019 was secured by guarantees provided by the Group's shareholders, and were released upon full repayment in February 2020. 10.2 in EUR k Dec 31, 2019 Mar 31, 2020 Trade payables 8,554 Government grants (deferred income) 11,289 Liability for Virtual Stock Option Program 2,769 Contract liabilities 3,748 Others 5,258 Trade payables and other liabilities 31,618 34,022 Non‑current 9,941 Current 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 three months ended March 31, 2020 are related to the purchase of certain items of property, plant and equipment amounted to EUR 207k (the three months ended March 31, 2019: EUR nil). In addition, other liabilities include personnel-related liabilities for vacation and bonuses totaling EUR 2,734k (December 31, 2019: EUR 2,264k) as well as liabilities for wage and church tax of EUR 356k (December 31, 2019: EUR 376k). Other liabilities as of December 31, 2019 also include costs relating to IPO of EUR 565k. |
Share-based payments
Share-based payments | 3 Months Ended |
Mar. 31, 2020 | |
Share-based payments | |
Share-based payments | 11 Share‑based payments At March 31, 2020 the Group had the following share‑based payment arrangements. (i) Equity share option - Replacement (ESOP 2017) In 2017, the Group established a second 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. 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, under which the 2017 VSOP was terminated, and the option holders were granted new share options of the Centogene N.V. (“ESOP 2017”). The number of options granted to each holder under ESOP 2017 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 March 31, 2020 is 9.7 years (December 31, 2019: 10 years). The fair value of share options issued under ESOP 2017 are equity-settled and the fair value of the options were fully recognized in equity under capital reserve on the date of grant. (ii) Equity share option 2019 (ESOP 2019) 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. For the three months ended March 31, 2020, the Group recognized EUR 1,057k of share-based payment expense in the statement of comprehensive income. For the three months ended March 31, 2019, the Group recognized EUR 2,633k of share-based payment expense in the statement of comprehensive income in relation to the cash-settled virtual share option programs of Centogene AG, which were cancelled upon completion of IPO. |
Commitments
Commitments | 3 Months Ended |
Mar. 31, 2020 | |
Commitments | |
Commitments | 12 Commitments Future payments for non-cancellable leases The Group has various lease contracts in relation to expansion of Rostock headquarters and leasing of Hamburg laboratory that have not yet commenced as at March 31, 2020. The future lease payments and utilities for these non-cancellable lease contracts are EUR 103k within one year, EUR 1,669k within five years and EUR 5,324k thereafter. 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 36k within one year (December 31,2019: EUR 72k) and EUR 36k within five years (December 31, 2019: 36k). Future payment obligations As of March 31, 2020, the Group concluded agreements with suppliers, for goods and services to be provided subsequent to March 31, 2020 with a total payment obligation of approximately EUR 778k (December 31, 2019: EUR 802k). |
Contingent Liabilities
Contingent Liabilities | 3 Months Ended |
Mar. 31, 2020 | |
Contingent Liabilities | |
Contingent Liabilities | 13 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 March 31, 2020. 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 Event
Subsequent Event | 3 Months Ended |
Mar. 31, 2020 | |
Subsequent Event | |
Subsequent Event | 14 Subsequent Event Impact of COVID-19 The COVID-19 pandemic, which began in December 2019 in China, has spread across the globe and caused significant disruptions to the society and economy. Different measures, such as quarantines, maintaining social distance, travel restrictions, closure of borders etc. have been implemented by many governments only with the aim to avoid continuous outbreak of the disease. As part of the Company's initiative to help local, national and international authorities in their efforts to the earliest possible diagnosis of COVID-19 and thereby contribute to allowing societies to return to a “new” normal, the Company has commenced testing for COVID-19 in March 2020. Starting from the Mecklenburg-Western Pomerania region of Germany focusing on employees and essential workers in Rostock, the Company further expands the test offering to nursing homes as well as to high school students in Germany. Since May 2020, the Company is offering its tests to the rest of the world in accordance with local rules and regulations. Some of these initiatives are offered free of charge by the Company, while some of them are in collaboration with state government and other companies. To support the expansion of test offering, the Company acquired laboratory facilities and equipment for a total consideration of EUR 1,800k and leased laboratory space in Hamburg, Germany, in April 2020. 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 450k will be recognized. In addition, the Company commenced the production and distribution of a sample collection kit for COVID-19 test, CentoSwab. In addition to its development and testing efforts, as the global COVID-19 pandemic continues to evolve, the Company has continuously been monitoring the situation and has taken a series of measures to protect the employees and safeguard the operations. By the end of May 2020, the Company was able to enable most of the employees to return and work at the office by implementing regular testing. Although the Company is taking a series of measures aiming to minimize the disruptions to the business and operations and 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. In particular, they could result in increased costs of execution with regards to operational plans. In addition, COVID-19 may disrupt our supply chain, particularly as it relates to the United States (from where a significant proportion of our sequencing products are sourced) as well other countries in which we operate and from where we receive tests, and otherwise adversely affect international trade and business activities. The impact of COVID-19 will depend on future developments, which are highly uncertain and cannot be predicted, such as the duration of the pandemic, the probability of occurrence of second outbreak, the ultimate impact on financial markets and the global economy etc. Accordingly, the Company is unable to provide a reasonable estimate of the related financial impact at this time. These unaudited interim condensed consolidated financial statements were approved by management on June 15, 2020. |
Revenues from contracts with _2
Revenues from contracts with customers (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Revenues from contracts with customers | |
Schedule of geographical information | in EUR k Three months ended March 31, 2019 Pharmaceutical Diagnostics Total Rendering of services Sales of goods — Total Revenues from contracts with external customers Recognized over time Recognized at a point in time — Total Revenues from contracts with external customers Geographical information Europe 2 1,528 1,530 —Germany* — 62 62 Middle East — 3,522 3,522 —Saudi Arabia# — 1,687 1,687 North America 4,128 677 4,805 —United States# 4,128 408 4,536 Latin America — 638 638 Asia Pacific — 220 220 Total Revenues from contracts with external customers 4,130 6,585 10,715 * country of the incorporation of Centogene AG # countries contributing more than 10% of the Group’s total consolidated revenues for the three months ended March 31, 2019 in EUR k Three months ended March 31, 2020 Pharmaceutical Diagnostics Total Rendering of services Sales of goods — Total Revenues from contracts with external customers Recognized over time Recognized at a point in time — Total Revenues from contracts with external customers Geographical information Europe 44 1,617 1,661 —Germany* 19 73 92 — Netherlands** — 3 3 Middle East 3 4,415 4,418 —Saudi Arabia# — 3,033 3,033 North America 4,503 620 5,123 —United States# 4,503 471 4,974 Latin America — 746 746 Asia Pacific — 157 157 Total Revenues from contracts with external customers 4,550 7,555 12,105 * 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 three months ended March 31, 2020 |
Segment information (Tables)
Segment information (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Segment information | |
Schedule of segment information and reconciliation of segment adjusted EBITDA to group loss for the period | Three months ended March 31, 2019 in EUR k Pharmaceutical Diagnostics Corporate Total Total Revenues from contracts with external customers 4,130 6,585 — 10,715 Adjusted EBITDA 2,944 11 (3,820) (865) Capital Expenditures Additions to property, plant and equipment and right-of-use assets 7 20 414 441 Additions to intangible assets 768 — 345 1,113 Other segment information Depreciation and amortization 256 524 617 1,397 Research and development expenses — — 1,701 1,701 Three months ended March 31, 2020 in EUR k Pharmaceutical Diagnostics Corporate Total Total Revenues from contracts with external customers 4,550 7,555 — 12,105 Adjusted EBITDA 2,608 87 (7,712) (5,017) Capital Expenditures Additions to property, plant and equipment and right-of-use assets — 817 587 1,404 Additions to intangible assets 1,002 — 189 1,191 Other segment information Depreciation and amortization 564 544 976 2,084 Research and development expenses — — 2,691 2,691 For the three months ended March 31 2019 2020 Reported segment Adjusted EBITDA 2,955 2,695 Corporate expenses (3,820) (7,712) (865) (5,017) Share-based payment expenses (2,633) (1,057) Depreciation and amortization (1,397) (2,084) Operating loss (4,895) (8,158) Financial costs, net (212) (449) Income tax expenses (174) (129) Loss for the three months ended March 31 (5,281) (8,736) |
Other income and expenses (Tabl
Other income and expenses (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Other income and expenses | |
Schedule of other operating income | For the three months ended March 31 in EUR k 2019 2020 Government grants 967 702 Income from the reversal of provisions 89 — Others 42 243 Total other operating income 1,098 945 |
Schedule of other operating expenses | For the three months ended March 31 in EUR k 2019 2020 Currency losses 2 — Expected credit loss allowances on trade receivables 340 1,174 Others — 101 Total other operating expenses 342 1,275 |
Trade and other receivables a_2
Trade and other receivables and other assets (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Trade and other receivables and other assets | |
Summary of trade and other receivables and other assets | in EUR k Dec 31, 2019 Mar 31, 2020 Non‑current Other assets - Rental deposits 1,948 1,948 Other assets – Others — 150 1,948 2,098 Current Trade receivables 12,709 11,089 Contract assets 3,884 3,557 Receivables due from shareholders 2,766 2,766 Other assets 5,846 6,124 25,205 23,536 Total non-current and current trade and other receivables and other assets 27,153 25,634 |
Summary of expected credit loss rate on total gross trade receivables and contract assets | in EUR k Dec 31, 2019 Mar 31, 2020 Not past due 11,102 9,725 Past due 1-30 days 1,113 1,084 Past due 31-90 days 1,708 2,031 Past due more than 90 days 5,005 5,315 Total Gross amount of trade receivables and contract assets 18,928 18,155 Expected credit loss rate Not past due 0.3 % 0.3 % Past due 1-30 days 1.0 % 1.3 % Past due 31-90 days 1.2 % 1.6 % Past due more than 90 days 45.4 % 64.7 % Expected credit loss rate on total gross trade receivables and contract assets 12.3 % 19.3 % Expected credit loss 2,335 3,509 |
Financial liabilities (Tables)
Financial liabilities (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Financial liabilities | |
Schedule of interest-bearing liabilities | in EUR k Dec 31, 2019 Mar 31, 2020 Non‑current liabilities Non‑current portion of secured bank loans 968 768 Municipal loans 610 — Total non‑current loans 1,578 768 Lease liabilities 18,069 18,826 Total non‑current liabilities 19,647 19,594 Current liabilities Current portion of secured bank loans 802 802 Bank overdrafts 2,636 3,050 Municipal loans 250 — Total current loans 3,688 3,852 Current portion of lease liabilities 3,635 3,625 Total current liabilities 7,323 7,477 Total non‑current and current liabilities |
Schedule of outstanding interest-bearing liabilities | Dec 31, 2019 Mar 31, 2020 Nominal Nominal Carrying Nominal Carrying in EUR k Currency interest rate Maturity amount amount amount amount Secured bank loan EUR 3.95 % 2018‑25 1,770 1,770 1,570 1,570 Municipal loan EUR 8.25%; plus 1.5% profit-related; 0.75% on losses 2018-23 500 500 — — Municipal loan EUR 8%; plus 1.5% profit-related; 0.75% on losses 360 360 — — Bank overdrafts EUR % 476 476 476 476 Bank overdrafts EUR % Rollover 2,160 2,160 2,094 2,094 Bank overdrafts EUR % Rollover — — 480 480 Lease liabilities EUR 3.5%*, 5. 4%-8.9% 2017-31 21,704 21,704 22,451 22,451 Total interest‑bearing financial liabilities 26,970 26,970 27,071 27,071 * 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, 2019 Mar 31, 2020 Trade payables 8,554 Government grants (deferred income) 11,289 Liability for Virtual Stock Option Program 2,769 Contract liabilities 3,748 Others 5,258 Trade payables and other liabilities 31,618 34,022 Non‑current 9,941 Current 21,677 |
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 |
Centogene AG | |||
General Information About Financial Statements [Line Items] | |||
Ownership interest held by company (as a percent) | 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 | |
Public offering price (in dollars per share) | (per share) | € 14 | € 12.58 | |
Net offering proceeds | € | € 47 |
Revenues from contracts with _3
Revenues from contracts with customers - Geographical information (Details) - EUR (€) € in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Disclosure of geographical areas | ||
Rendering of services | € 11,829 | € 10,391 |
Sales of goods | 276 | 324 |
Total Revenues from contracts with external customers | 12,105 | 10,715 |
Europe | ||
Disclosure of geographical areas | ||
Total Revenues from contracts with external customers | 1,661 | 1,530 |
-Germany | ||
Disclosure of geographical areas | ||
Total Revenues from contracts with external customers | 92 | 62 |
-Netherlands | ||
Disclosure of geographical areas | ||
Total Revenues from contracts with external customers | 3 | |
Middle East | ||
Disclosure of geographical areas | ||
Total Revenues from contracts with external customers | 4,418 | 3,522 |
-Saudi Arabia | ||
Disclosure of geographical areas | ||
Total Revenues from contracts with external customers | 3,033 | 1,687 |
North America | ||
Disclosure of geographical areas | ||
Total Revenues from contracts with external customers | 5,123 | 4,805 |
-United States | ||
Disclosure of geographical areas | ||
Total Revenues from contracts with external customers | 4,974 | 4,536 |
Latin America | ||
Disclosure of geographical areas | ||
Total Revenues from contracts with external customers | 746 | 638 |
Asia Pacific | ||
Disclosure of geographical areas | ||
Total Revenues from contracts with external customers | 157 | 220 |
Recognized over time | ||
Disclosure of geographical areas | ||
Total Revenues from contracts with external customers | 11,829 | 10,041 |
Recognized at a point in time | ||
Disclosure of geographical areas | ||
Total Revenues from contracts with external customers | 276 | 674 |
Pharmaceutical | ||
Disclosure of geographical areas | ||
Rendering of services | 4,274 | 3,806 |
Sales of goods | 276 | 324 |
Total Revenues from contracts with external customers | 4,550 | 4,130 |
Pharmaceutical | Europe | ||
Disclosure of geographical areas | ||
Total Revenues from contracts with external customers | 44 | 2 |
Pharmaceutical | -Germany | ||
Disclosure of geographical areas | ||
Total Revenues from contracts with external customers | 19 | |
Pharmaceutical | -Netherlands | ||
Disclosure of geographical areas | ||
Total Revenues from contracts with external customers | 0 | |
Pharmaceutical | Middle East | ||
Disclosure of geographical areas | ||
Total Revenues from contracts with external customers | 3 | |
Pharmaceutical | North America | ||
Disclosure of geographical areas | ||
Total Revenues from contracts with external customers | 4,503 | 4,128 |
Pharmaceutical | -United States | ||
Disclosure of geographical areas | ||
Total Revenues from contracts with external customers | 4,503 | 4,128 |
Pharmaceutical | Asia Pacific | ||
Disclosure of geographical areas | ||
Total Revenues from contracts with external customers | 0 | |
Pharmaceutical | Recognized over time | ||
Disclosure of geographical areas | ||
Total Revenues from contracts with external customers | 4,274 | 3,456 |
Pharmaceutical | Recognized at a point in time | ||
Disclosure of geographical areas | ||
Total Revenues from contracts with external customers | 276 | 674 |
Diagnostics | ||
Disclosure of geographical areas | ||
Rendering of services | 7,555 | 6,585 |
Total Revenues from contracts with external customers | 7,555 | 6,585 |
Diagnostics | Europe | ||
Disclosure of geographical areas | ||
Total Revenues from contracts with external customers | 1,617 | 1,528 |
Diagnostics | -Germany | ||
Disclosure of geographical areas | ||
Total Revenues from contracts with external customers | 73 | 62 |
Diagnostics | -Netherlands | ||
Disclosure of geographical areas | ||
Total Revenues from contracts with external customers | 3 | |
Diagnostics | Middle East | ||
Disclosure of geographical areas | ||
Total Revenues from contracts with external customers | 4,415 | 3,522 |
Diagnostics | -Saudi Arabia | ||
Disclosure of geographical areas | ||
Total Revenues from contracts with external customers | 3,033 | 1,687 |
Diagnostics | North America | ||
Disclosure of geographical areas | ||
Total Revenues from contracts with external customers | 620 | 677 |
Diagnostics | -United States | ||
Disclosure of geographical areas | ||
Total Revenues from contracts with external customers | 471 | 408 |
Diagnostics | Latin America | ||
Disclosure of geographical areas | ||
Total Revenues from contracts with external customers | 746 | 638 |
Diagnostics | Asia Pacific | ||
Disclosure of geographical areas | ||
Total Revenues from contracts with external customers | 157 | 220 |
Diagnostics | Recognized over time | ||
Disclosure of geographical areas | ||
Total Revenues from contracts with external customers | € 7,555 | € 6,585 |
Revenue from contracts with cus
Revenue from contracts with customers - Additional Information (Details) € in Thousands | 3 Months Ended | |
Mar. 31, 2020EUR (€)customer | Mar. 31, 2019EUR (€)customer | |
Revenue from contracts with customers | ||
Revenue from contracts with customers | € 12,105 | € 10,715 |
Provision for expected credit losses on contract assets | € 1,174 | € 340 |
Pharmaceutical Partner | ||
Revenue from contracts with customers | ||
Number of customer in group | customer | 1 | 1 |
Revenue contributed by one pharmaceutical partner, as a percentage of Group's total revenues | 26.40% | 27.40% |
Revenue from contracts with customers | € 0 | € 350 |
Segment information - Informati
Segment information - Information by operating segments (Details) - EUR (€) € in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Segment information | ||
Total Revenues from contracts with external customers | € 12,105 | € 10,715 |
Adjusted EBITDA | (5,017) | (865) |
Additions to property, plant and equipment and right-of-use assets | 1,404 | 441 |
Additions to intangible assets | 1,191 | 1,113 |
Other segment information | ||
Depreciation and amortization | 2,084 | 1,397 |
Research and development expenses | 2,691 | 1,701 |
Pharmaceutical | ||
Segment information | ||
Total Revenues from contracts with external customers | 4,550 | 4,130 |
Diagnostics | ||
Segment information | ||
Total Revenues from contracts with external customers | 7,555 | 6,585 |
Operating segment | Pharmaceutical | ||
Segment information | ||
Total Revenues from contracts with external customers | 4,550 | 4,130 |
Adjusted EBITDA | 2,608 | 2,944 |
Additions to property, plant and equipment and right-of-use assets | 7 | |
Additions to intangible assets | 1,002 | 768 |
Other segment information | ||
Depreciation and amortization | 564 | 256 |
Operating segment | Diagnostics | ||
Segment information | ||
Total Revenues from contracts with external customers | 7,555 | 6,585 |
Adjusted EBITDA | 87 | 11 |
Additions to property, plant and equipment and right-of-use assets | 817 | 20 |
Other segment information | ||
Depreciation and amortization | 544 | 524 |
Corporate | ||
Segment information | ||
Adjusted EBITDA | (7,712) | (3,820) |
Additions to property, plant and equipment and right-of-use assets | 587 | 414 |
Additions to intangible assets | 189 | 345 |
Other segment information | ||
Depreciation and amortization | 976 | 617 |
Research and development expenses | € 2,691 | € 1,701 |
Segment information - Reconcili
Segment information - Reconciliation of segment Adjusted EBITDA to Group Loss for the Period (Details) - EUR (€) € in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Segment information | ||
Depreciation and amortization | € (2,084) | € (1,397) |
Operating loss | (8,158) | (4,895) |
Income tax expenses | (129) | (174) |
Loss for the period | (8,736) | (5,281) |
Operating segment | ||
Segment information | ||
Reportable segment Adjusted EBITDA | 2,695 | 2,955 |
Reportable segment Adjusted EBITDA after corporate expenses | (5,017) | (865) |
Operating loss | (8,158) | (4,895) |
Financial costs, net | (449) | (212) |
Income tax expenses | (129) | (174) |
Loss for the period | (8,736) | (5,281) |
Corporate | ||
Segment information | ||
Corporate expenses | (7,712) | (3,820) |
Depreciation and amortization | (976) | (617) |
Sharebased payment expenses | ||
Segment information | ||
Share-based compensation | (1,057) | (2,633) |
Depreciation and amortization | ||
Segment information | ||
Depreciation and amortization | € (2,084) | € (1,397) |
Segment information - Additiona
Segment information - Additional information (Details) - EUR (€) € in Thousands | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | |
Segment information | |||
Property, plant and equipment | € 8,709 | € 8,376 | |
Right-of-use assets | 24,710 | 24,932 | |
-United States | |||
Segment information | |||
Property, plant and equipment | 276 | 286 | |
Right-of-use assets | 960 | € 1,042 | |
Corporate | |||
Segment information | |||
Share issue related cost | € 0 | € 109 |
Other income and expenses - Oth
Other income and expenses - Other operating income (Details) - EUR (€) € in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Other income and expenses | ||
Government grants | € 702 | € 967 |
Income from the reversal of provisions | 89 | |
Others | 243 | 42 |
Total other operating income | € 945 | € 1,098 |
Other income and expenses - O_2
Other income and expenses - Other operating expenses (Details) - EUR (€) € in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Other income and expenses | ||
Currency losses | € 2 | |
Expected credit loss allowances on trade receivables | € 1,174 | 340 |
Other | 101 | |
Total other operating expenses | € 1,275 | € 342 |
Other income and expenses - LPC
Other income and expenses - LPC GmbH (Details) - EUR (€) € in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Dec. 31, 2019 | |
Other income and expenses | ||
Non-controlling interest | € (731) | € (938) |
LPC GmbH | ||
Other income and expenses | ||
Proportion of ownership interest in subsidiary | 51.00% | |
Consideration for disposal of subsidiary | € 213 | |
Consideration to be paid over time | € 200 | |
Payment due period (in years) | 4 years | |
Non-controlling interest | € (268) | |
Profit/(loss) allocated to non-controlling interest | € (101) |
Trade and other receivables a_3
Trade and other receivables and other assets (Details) - EUR (€) € in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Dec. 31, 2019 | |
Non-current | ||
Other assets-Rental deposits | € 1,948 | € 1,948 |
Other assets - Others | 150 | |
Trade and other receivables and other assets non-current | 2,098 | 1,948 |
Current | ||
Trade receivables | 11,089 | 12,709 |
Contract assets | 3,557 | 3,884 |
Receivables due from shareholders | 2,766 | 2,766 |
Other assets | 6,124 | 5,846 |
Trade and other receivables and other assets current | 23,536 | 25,205 |
Total non-current and current trade and other receivables and other assets | 25,634 | 27,153 |
Trade receivables and contract assets | ||
Credit loss rates in relation to the outstanding trade receivables and contract assets | ||
Financial assets | € 18,155 | € 18,928 |
Expected credit loss rate | 19.30% | 12.30% |
Expected credit loss | € 3,509 | € 2,335 |
Trade receivables and contract assets | Not past due | ||
Credit loss rates in relation to the outstanding trade receivables and contract assets | ||
Financial assets | € 9,725 | € 11,102 |
Expected credit loss rate | 0.30% | 0.30% |
Trade receivables and contract assets | Past due 1-30 days | ||
Credit loss rates in relation to the outstanding trade receivables and contract assets | ||
Financial assets | € 1,084 | € 1,113 |
Expected credit loss rate | 1.30% | 1.00% |
Trade receivables and contract assets | Past due 31-90 days | ||
Credit loss rates in relation to the outstanding trade receivables and contract assets | ||
Financial assets | € 2,031 | € 1,708 |
Expected credit loss rate | 1.60% | 1.20% |
Trade receivables and contract assets | Past due more than 90 days | ||
Credit loss rates in relation to the outstanding trade receivables and contract assets | ||
Financial assets | € 5,315 | € 5,005 |
Expected credit loss rate | 64.70% | 45.40% |
Minimum | ||
Current | ||
Receivables payment terms | 30 days | |
Maximum | ||
Current | ||
Receivables payment terms | 90 days | |
Other assets | ||
Credit loss rates in relation to the outstanding trade receivables and contract assets | ||
VAT receivables | € 1,744 | € 1,311 |
Prepaid expenses | 2,834 | 3,481 |
Receivables from grants | 743 | € 409 |
Other assets | Rostock headquarters building | ||
Credit loss rates in relation to the outstanding trade receivables and contract assets | ||
Cash deposits provided as security for bank loans | 1,500 | |
Bank guarantee | 3,000 | |
Other assets | Berlin Offices | ||
Non-current | ||
Other assets-Rental deposits | 257 | |
Other assets | Certain plant and machineries | ||
Non-current | ||
Other assets-Rental deposits | 191 | |
Other assets | LPC GmbH | ||
Credit loss rates in relation to the outstanding trade receivables and contract assets | ||
Consideration receivable for the sale of LPC | 213 | |
Consideration receivable for the sale of LPC due after one year | € 150 |
Cash and short-term deposits (D
Cash and short-term deposits (Details) - EUR (€) € in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Secured bank loan | ||
Borrowings | ||
Short term deposits pledged as security | € 1,500 | € 1,500 |
Existing Overdraft facility | ||
Borrowings | ||
Short term deposits pledged as security | 2,500 | 2,500 |
Maximum borrowing capacity | 2,500 | |
Second Overdraft facility | ||
Borrowings | ||
Short term deposits pledged as security | 500 | € 0 |
Maximum borrowing capacity | € 500 |
Equity - Capital Reserves (Deta
Equity - Capital Reserves (Details) € in Thousands | Mar. 31, 2020EUR (€) |
Capital reserve | |
Share premium included in capital reserve | € 90,297 |
Financial liabilities - Interes
Financial liabilities - Interest-bearing loans (Details) - EUR (€) € in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Financial liabilities | ||
Total non-current liabilities | € 19,594 | € 19,647 |
Total current liabilities | 7,477 | 7,323 |
Total non-current and current liabilities | 27,071 | 26,970 |
Total loans | ||
Financial liabilities | ||
Total non-current liabilities | 768 | 1,578 |
Total current liabilities | 3,852 | 3,688 |
Secured bank loans | ||
Financial liabilities | ||
Total non-current liabilities | 768 | 968 |
Total current liabilities | 802 | 802 |
Short term deposits pledged as security | 1,500 | 1,500 |
Bank overdrafts | ||
Financial liabilities | ||
Total current liabilities | 3,050 | 2,636 |
Municipal loans | ||
Financial liabilities | ||
Total non-current liabilities | 610 | |
Total current liabilities | 250 | |
Lease liabilities | ||
Financial liabilities | ||
Total non-current liabilities | 18,826 | 18,069 |
Total current liabilities | 3,625 | 3,635 |
Total non-current and current liabilities | € 22,451 | € 21,704 |
Financial liabilities - Conditi
Financial liabilities - Conditions and statement of liabilities (Details) - EUR (€) € in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Financial liabilities | ||
Nominal amount | € 27,071 | € 26,970 |
Carrying amount | 27,071 | 26,970 |
Bank overdrafts | 476 | 476 |
Secured bank loans | ||
Financial liabilities | ||
Financial assets pledged as collateral for liabilities or contingent liabilities | 1,500 | € 1,500 |
Secured bank loans with maturity period 2018 To 25 | ||
Financial liabilities | ||
Nominal interest rate (as a percent) | 3.95% | |
Nominal amount | 1,570 | € 1,770 |
Carrying amount | € 1,570 | 1,770 |
Lease liabilities | ||
Financial liabilities | ||
Nominal interest rate (as a percent) | 3.50% | |
Nominal amount | € 22,451 | 21,704 |
Carrying amount | € 22,451 | 21,704 |
Municipal loan, 2021, one | ||
Financial liabilities | ||
Nominal interest rate (as a percent) | 8.25% | |
Nominal interest rate profit (as a percent) | 1.50% | |
Nominal interest rate, on losses (as a percent) | 0.75% | |
Nominal amount | 500 | |
Carrying amount | 500 | |
Municipal loan, 2022 | ||
Financial liabilities | ||
Nominal interest rate (as a percent) | 8.00% | |
Nominal interest rate profit (as a percent) | 1.50% | |
Nominal interest rate, on losses (as a percent) | 0.75% | |
Nominal amount | 360 | |
Carrying amount | 360 | |
Repayment of Municipal Loans | ||
Financial liabilities | ||
Nominal amount | € 860 | |
Bank overdrafts, one | ||
Financial liabilities | ||
Nominal interest rate (as a percent) | 4.46% | |
Nominal amount | € 476 | € 476 |
Carrying amount | 476 | € 476 |
Bank overdrafts, two | ||
Financial liabilities | ||
Nominal interest rate (as a percent) | 3.75% | |
Nominal amount | 2,094 | € 2,160 |
Carrying amount | € 2,094 | 2,160 |
Bank overdrafts, three | ||
Financial liabilities | ||
Nominal interest rate (as a percent) | 3.59% | |
Nominal amount | € 480 | |
Carrying amount | € 480 | |
Minimum | Lease liabilities | ||
Financial liabilities | ||
Nominal interest rate (as a percent) | 5.00% | |
Existing Overdraft facility | ||
Financial liabilities | ||
Financial assets pledged as collateral for liabilities or contingent liabilities | € 2,500 | 2,500 |
Second Overdraft facility | ||
Financial liabilities | ||
Financial assets pledged as collateral for liabilities or contingent liabilities | € 500 | € 0 |
Financial liabilities - Trade p
Financial liabilities - Trade payables and other liabilities (Details) - EUR (€) € in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | |
Financial liabilities | |||
Trade payables | € 10,173 | € 8,554 | |
Government grants (deferred income) | 11,137 | 11,289 | |
Liability for Virtual Stock Option Program | 2,766 | 2,769 | |
Contract liabilities | 3,523 | 3,748 | |
Others | 6,423 | 5,258 | |
Trade payables and other liabilities | 34,022 | 31,618 | |
Non-current | 9,773 | 9,941 | |
Current | 24,249 | 21,677 | |
Grants received for investment in property, plant and equipment | 207 | € 0 | |
Personnel related liabilities for vacation and bonuses | 2,734 | 2,264 | |
Liabilities for wage and church tax | € 356 | 376 | |
Costs relating to anticipated initial public offering | € 565 |
Share-based payments - Equity s
Share-based payments - Equity share option 2017 (Equity settled) (Details) - Equity share option 2017 (Equity settled) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2020Options€ / sharesshares | Dec. 31, 2019 | |
Share-based payments | ||
Number of options granted | Options | 805,308 | |
Number of common shares per option granted | shares | 1 | |
Exercise price of share options | € / shares | € 0.12 | |
Lock-up period | 180 days | |
Weighted average remaining contractual life of outstanding share options | 9 years 8 months 12 days | 10 years |
Share-based payments - Equity_2
Share-based payments - Equity share option 2019 (Equity settled) (Details) - Equity share option 2019 (Equity settled) - Member of the supervisory board € / shares in Units, € in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2020EUR (€) | Mar. 31, 2019EUR (€) | Dec. 31, 2019Options€ / sharesshares | |
Share-based payments | |||
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 | ||
Share-based payment expense | € | € 1,057 | € 2,633 |
Commitments (Details)
Commitments (Details) - EUR (€) € in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2020 | Dec. 31, 2019 | |
Lease commitments | ||
Total payment obligation | € 778 | € 802 |
Rostock headquarters building | Within one year | ||
Lease commitments | ||
Future lease payments to be made | 103 | |
Rostock headquarters building | Within five years | ||
Lease commitments | ||
Future lease payments to be made | 1,669 | |
Rostock headquarters building | Later than 5 years | ||
Lease commitments | ||
Future lease payments to be made | 5,324 | |
Office equipment and storage spaces | Within one year | ||
Lease commitments | ||
Future lease payments to be made | 36 | 72 |
Office equipment and storage spaces | Within five years | ||
Lease commitments | ||
Future lease payments to be made | € 36 | € 36 |
Contingent Liabilities (Details
Contingent Liabilities (Details) € in Thousands | Nov. 08, 2018EUR (€) |
Universitair Medisch Centrum Utrecht | |
Contingent Liabilities | |
Dispute amount | € 880 |
Subsequent Event (Details)
Subsequent Event (Details) - EUR (€) € in Thousands | 1 Months Ended | ||
Apr. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | |
Subsequent Event | |||
Right-of-use assets | € 24,710 | € 24,932 | |
Laboratory facilities and equipment | Major purchases of assets | |||
Subsequent Event | |||
Additions of property plant and equipment | € 1,800 | ||
Lease term (in years) | 5 years | ||
Laboratory space | Significant lease commitment | |||
Subsequent Event | |||
Right-of-use assets | € 450 |