Document and Entity Information
Document and Entity Information | 6 Months Ended |
Jun. 30, 2021 | |
Document Information [Line Items] | |
Entity Registrant Name | Centogene N.V. |
Entity Central Index Key | 0001757097 |
Document Type | 6-K |
Document Period End Date | Jun. 30, 2021 |
Amendment Flag | false |
Current Fiscal Year End Date | --12-31 |
Document Fiscal Year Focus | 2021 |
Document Fiscal Period Focus | Q2 |
Unaudited interim condensed con
Unaudited interim condensed consolidated statements of comprehensive loss - EUR (€) € in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Unaudited interim condensed consolidated statements of comprehensive loss | ||||
Revenue | € 51,871 | € 9,719 | € 116,831 | € 21,824 |
Cost of sales | 43,760 | 6,815 | 95,707 | 13,833 |
Gross profit | 8,111 | 2,904 | 21,124 | 7,991 |
Research and development expenses | 4,053 | 3,119 | 8,388 | 5,810 |
General administrative expenses | 10,494 | 7,767 | 22,090 | 15,665 |
Selling expenses | 1,942 | 2,386 | 3,891 | 4,712 |
Impairment of financial assets | 580 | 500 | 675 | 1,674 |
Other operating income | 1,276 | 801 | 1,642 | 1,746 |
Other operating expenses | 2 | 37 | 36 | 138 |
Operating loss | (7,684) | (10,104) | (12,314) | (18,262) |
Interest and similar income | 13 | 13 | ||
Interest and similar expense | 212 | 269 | 471 | 718 |
Financial costs, net | (212) | (256) | (471) | (705) |
Loss before taxes | (7,896) | (10,360) | (12,785) | (18,967) |
Income tax expenses | 124 | 124 | 129 | |
Loss for the period | (8,020) | (10,360) | (12,909) | (19,096) |
Other comprehensive income/ (loss), all attributable to equity holders of the parent | (191) | (6) | (70) | 70 |
Total comprehensive loss | (8,211) | (10,366) | (12,979) | (19,026) |
Attributable to: | ||||
Equity holders of the parent | (8,222) | (10,364) | (13,025) | (18,963) |
Non-controlling interests | 11 | (2) | 46 | (63) |
Total comprehensive loss | € (8,211) | € (10,366) | € (12,979) | € (19,026) |
Loss per share - Basic and diluted (in EUR) | € (0.37) | € (0.52) | € (0.58) | € (0.95) |
Unaudited interim condensed c_2
Unaudited interim condensed consolidated statements of financial position - EUR (€) € in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Non-current assets | ||
Intangible assets | € 12,179 | € 12,407 |
Property, plant and equipment | 16,411 | 16,590 |
Right-of-use assets | 20,558 | 22,120 |
Other assets | 3,023 | 1,967 |
Non-current assets | 52,171 | 53,084 |
Current assets | ||
Inventories | 9,281 | 11,405 |
Trade receivables and contract assets | 18,490 | 29,199 |
Other assets | 6,064 | 8,286 |
Cash and cash equivalents | 34,780 | 48,156 |
Current assets | 68,615 | 97,046 |
Assets | 120,786 | 150,130 |
Equity | ||
Issued capital | 2,693 | 2,654 |
Capital reserve | 130,153 | 125,916 |
Retained earnings and other reserves | (75,913) | (62,888) |
Non-controlling interests | 141 | 95 |
Equity | 57,074 | 65,777 |
Non-current liabilities | ||
Non-current loans | 200 | 401 |
Lease liabilities | 16,209 | 17,677 |
Deferred tax liabilities | 246 | 207 |
Government grants | 8,640 | 8,950 |
Non-current liabilities | 25,295 | 27,235 |
Current liabilities | ||
Government grants | 1,352 | 1,342 |
Current loans | 3,883 | 2,492 |
Lease liabilities | 3,299 | 3,528 |
Trade payables | 14,014 | 31,736 |
Liabilities from income taxes | 143 | 58 |
Other liabilities | 15,726 | 17,962 |
Current liabilities | 38,417 | 57,118 |
Equity and liabilities | € 120,786 | € 150,130 |
Unaudited interim condensed c_3
Unaudited interim condensed consolidated statements of cash flows - EUR (€) € in Thousands | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Operating activities | ||
Loss before taxes | € (12,785) | € (18,967) |
Adjustments to reconcile loss to cash flow from operating activities | ||
Amortization and depreciation | 6,670 | 4,432 |
Interest income | (13) | |
Interest expense | 471 | 718 |
Expected credit loss allowances on trade receivables and contract assets | 675 | 1,674 |
Share-based payment expenses | 4,276 | 1,393 |
Tax expense | 124 | 129 |
Other non-cash items | 126 | (686) |
Changes in operating assets and liabilities | ||
Inventories | 2,124 | (6,252) |
Trade receivables and contract assets | 10,034 | (64) |
Other assets | 328 | 269 |
Trade payables | (17,722) | 274 |
Other liabilities | (2,151) | 2,457 |
Cash flow used in operating activities | (7,830) | (14,636) |
Investing activities | ||
Cash paid for investments in intangible assets | (2,089) | (3,965) |
Cash paid for investments in property, plant and equipment | (2,696) | (3,072) |
Grants received for investment in property, plant and equipment | 0 | 390 |
Interest received | 13 | |
Cash flow used in investing activities | (4,785) | (6,634) |
Financing activities | ||
Cash paid for acquisition of non-wholly owned subsidiary | (75) | |
Cash received from loans | 1,769 | 928 |
Cash repayments of loans | (185) | (1,260) |
Cash repayments of lease liabilities | (2,263) | (1,619) |
Interest paid | (82) | (399) |
Cash flow from used in financing activities | (761) | (2,425) |
Changes in cash and cash equivalents | (13,376) | (23,695) |
Cash and cash equivalents at the beginning of the period | 48,156 | 41,095 |
Cash and cash equivalents at the end of the period | € 34,780 | € 17,400 |
Unaudited interim condensed c_4
Unaudited 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, 2019 | € 59,860 | € 2,383 | € 98,099 | € (40,622) | € (938) | € 58,922 | |
Loss for the period | (19,033) | (19,033) | (63) | (19,096) | |||
Other comprehensive loss | 70 | € 70 | 70 | ||||
Total comprehensive loss | (18,963) | 70 | (19,033) | (63) | (19,026) | ||
Share-based payments | 1,393 | 1,393 | 1,393 | ||||
Disposal of non-wholly owned subsidiary | 268 | 268 | |||||
Acquisition of non-wholly owned subsidiary | (755) | (755) | 680 | (75) | |||
Balance at end of the period at Jun. 30, 2020 | 41,535 | 2,383 | 99,492 | 70 | (60,410) | (53) | 41,482 |
Balance at beginning of the period at Dec. 31, 2020 | 65,682 | 2,654 | 125,916 | (48) | (62,840) | 95 | 65,777 |
Loss for the period | (12,955) | (12,955) | 46 | (12,909) | |||
Other comprehensive loss | (70) | (70) | (70) | ||||
Total comprehensive loss | (13,025) | 0 | 0 | (70) | (12,955) | 46 | (12,979) |
Share-based payments | 4,276 | 4,276 | 4,276 | ||||
Exercise of options | 39 | (39) | |||||
Balance at end of the period at Jun. 30, 2021 | € 56,933 | € 2,693 | € 130,153 | € (118) | € (75,795) | € 141 | € 57,074 |
General company information
General company information | 6 Months Ended |
Jun. 30, 2021 | |
General company information | |
General company information | 1 Centogene N.V. (“the Company”) and its subsidiaries (“the Group”) focus on rare diseases and seek to transform real-world clinical and genetic or other 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 has since been listed on Nasdaq Global Market under stock code “CNTG”. Centogene N.V. is a public company with limited liability incorporated in the Netherlands, with registered office located at Am Strande 7 in 18055 Rostock, Germany and Dutch trade register number 72822872. In July 2020, the Company completed a follow-on offering of 3,500,000 common shares of the Company (the “Follow-on Equity Offering”), consisting of 2,000,000 common shares offered by the Company and 1,500,000 common shares offered by selling shareholders at a price to the public of USD 14.00 per common share (i.e. EUR 12.71 per share). Aggregate offering proceeds, net of underwriting discounts, commissions and transaction costs, were EUR 22 million to the Company. |
Basis of preparation
Basis of preparation | 6 Months Ended |
Jun. 30, 2021 | |
Basis of preparation | |
Basis of preparation | 2 The interim condensed consolidated financial statements for the three and six months ended June 30, 2020 and 2021 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, 2019 and 2020 and for the three years ended December 31, 2020. Unless otherwise specified, "the Company" refers to Centogene N.V. and Centogene GmbH throughout the remainder of these notes, while "the Group" refers to Centogene N.V., Centogene GmbH and its subsidiaries. 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, 2020. The Group has not early adopted any standard, interpretation or amendment that has been issued but is not yet effective, and there are no new or amended standards or interpretations that are issued and became effective for the 2021 annual reporting period, that have a material impact on 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. |
Effect of COVID-19 Pandemic
Effect of COVID-19 Pandemic | 6 Months Ended |
Jun. 30, 2021 | |
Effect of COVID-19 Pandemic | |
Effect of COVID-19 Pandemic | 3 The COVID-19 pandemic has spread worldwide and continues to cause many governments to maintain measures to slow the spread of the outbreak through quarantines, travel restrictions, closures of borders and requiring maintenance of physical distance between individuals. Since the second quarter of 2020, the COVID-19 pandemic has resulted in a slowdown in our Diagnostics and Pharmaceutical businesses. As part of the Company’s initiative to assist local, national and international authorities as well as other partners in their efforts to facilitate the earliest possible diagnosis of COVID-19 and thereby contribute to allowing society to return to a “new” normal, the Company commenced testing for COVID-19 in March 2020. During the six months ended June 30, 2021, the Group continued the COVID-19 testing activities started in 2020 with a leading role in providing testing services at airports in Germany. Furthermore, new variants of the virus have emerged since mid-December 2020. How these mutations develop and their impact on the effectiveness of vaccines is not yet fully clear. Furthermore, vaccination campaigns in several countries started during the six months ended June 30, 2021, and due to the expected increase in the availability of vaccines until the end of the year, the expectation is that governments will reduce restrictions during 2021. How and when this would affect the potential prolongation of the need for testing on a broader scale is not clear yet. Although the Group is taking a number of measures aimed at minimizing disruptions to the business and operations, and while the provision of testing for the COVID-19 virus is anticipated to generate additional revenues for us, the full extent to which the global COVID-19 pandemic may impact the business will depend on future developments, which are highly uncertain and cannot be predicted, such as the duration of the pandemic, the availability of vaccines, the probability of the occurrence of further outbreaks and the ultimate impact on the financial markets and the global economy, and could result in an unforeseen negative impact on the business and future results of operations. |
Revenues from contracts with cu
Revenues from contracts with customers | 6 Months Ended |
Jun. 30, 2021 | |
Revenues from contracts with customers | |
Revenues from contracts with customers | 4 Revenues from contracts with customers in EUR k Three Months Ended June 30, 2020 (1) Pharmaceutical Diagnostics COVID-19 Total Rendering of services 3,606 3,684 2,053 9,343 Sales of goods 334 — 42 376 Total Revenues from contracts with external customers 3,940 3,684 2,095 9,719 Recognized over time 3,606 3,684 522 7,812 Recognized at a point in time 334 — 1,573 1,907 Total Revenues from contracts with external customers 3,940 3,684 2,095 9,719 Geographical information Europe 23 1,109 2,095 3,227 —Germany*# 19 1 2,095 2,115 —Netherlands** — — — — Middle East 45 1,789 — 1,834 —Saudi Arabia# — 1,106 — 1,106 North America 3,872 501 — 4,373 —United States# 3,872 493 — 4,365 Latin America — 219 — 219 Asia Pacific — 66 — 66 Total Revenues from contracts with external customers 3,940 3,684 2,095 9,719 (1) Since the COVID-19 business has been reported as a separate segment as from the third quarter of 2020, the comparative figures for the three and six months ended June 30, 2020 were adjusted retrospectively for both the COVID-19 and diagnostics segments. in EUR k Three Months Ended June 30, 2021 Pharmaceutical Diagnostics COVID-19 Total Rendering of services 2,653 6,715 42,325 51,693 Sales of goods 178 — — 178 Total Revenues from contracts with external customers 2,831 6,715 42,325 51,871 Recognized over time 2,653 6,715 7,128 16,496 Recognized at a point in time 178 — 35,197 35,375 Total Revenues from contracts with external customers 2,831 6,715 42,325 51,871 Geographical information Europe 49 1,320 42,161 43,530 —Germany*# — 57 40,323 40,380 —Netherlands** — 3 1,771 1,774 Middle East 26 3,950 — 3,976 North America 2,731 690 164 3,585 Latin America 25 608 — 633 Asia Pacific — 147 — 147 Total Revenues from contracts with external customers 2,831 6,715 42,325 51,871 * country of the incorporation of Centogene GmbH ** 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 June 30, 2020 and 2021, respectively. in EUR k Six months ended June 30, 2020 (1) Pharmaceutical Diagnostics COVID-19 Total Rendering of services 7,880 11,226 2,066 21,172 Sales of goods 610 — 42 652 Total Revenues from contracts with external customers 8,490 11,226 2,108 21,824 Recognized over time 7,880 11,226 535 19,641 Recognized at a point in time 610 — 1,573 2,183 Total Revenues from contracts with external customers 8,490 11,226 2,108 21,824 Geographical information Europe 67 2,713 2,108 4,888 —Germany*# 38 61 2,108 2,207 — Netherlands** — 3 — 3 Middle East 48 6,204 — 6,252 —Saudi Arabia# — 4,139 — 4,139 North America 8,375 1,121 — 9,496 —United States# 8,375 964 — 9,339 Latin America — 965 — 965 Asia Pacific — 223 — 223 Total Revenues from contracts with external customers 8,490 11,226 2,108 21,824 (1) Since the COVID-19 business has been reported as a separate segment as from the third quarter of 2020, the comparative figures for the six months ended June 30, 2020 were adjusted retrospectively for both the COVID-19 and diagnostics segments. in EUR k Six months ended June 30, 2021 Pharmaceutical Diagnostics COVID-19 Total Rendering of services 6,046 13,098 97,302 116,446 Sales of goods 383 — 2 385 Total Revenues from contracts with external customers 6,429 13,098 97,304 116,831 Recognized over time 6,046 13,098 18,972 38,116 Recognized at a point in time 383 — 78,332 78,715 Total Revenues from contracts with external customers 6,429 13,098 97,304 116,831 Geographical information Europe 198 2,534 96,282 99,014 —Germany*# — 110 92,668 92,778 — Netherlands** — 5 3,539 3,544 Middle East 55 8,085 — 8,140 North America 6,136 1,154 944 8,234 —United States 6,136 1,045 944 8,125 Latin America 40 1,018 — 1,058 Asia Pacific — 307 78 385 Total Revenues from contracts with external customers 6,429 13,098 97,304 116,831 * country of the incorporation of Centogene GmbH ** country of the incorporation of Centogene N.V. # countries contributing more than 10% of the Group’s total consolidated revenues for the six months ended June 30, 2020 and 2021, respectively. The Group collaborated with a range of pharmaceutical partners on a worldwide basis in 2020 and 2021. In addition, in cases where pharmaceutical partners are developing a new rare disease treatment, it is generally anticipated that the final approved treatment will be made available in several countries or globally. As a result, the Group allocates the revenues of the 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 the diagnostics segment and COVID-19 segments is based on the location of each customer. Pharmaceutical segment During the three and six months ended June 30, 2021, revenues from one pharmaceutical partner represented 4.1% and 4.4%, respectively, of the Group's total revenues (the three and six months ended June 30, 2020: 26.2% and 26.4%, respectively). COVID-19 segment During the three months ended June 30, 2021, revenues from two COVID-19 partners represented 5.2% and 12.9%, respectively, of the Group’s total revenues (the three months ended June 30, 2020: nil). In the six months ended June 30, 2021, revenues from two COVID-19 partners represented 4.7% and 15.2%, respectively, of the Group’s total revenues (the six months ended June 30, 2020: nil). To support the COVID-19 test offerings, the Company acquired laboratory facilities and equipment, developed CENTOGENE’s Corona Test Portal and leased laboratory space at several locations in Germany. Additionally, COVID-19 testing capacity is provided through custom-built CentoTrucks, mobile laboratories in a container setup to carry out the COVID-19 analysis. Total investments in COVID-19 testing for the three and six months ended June 30, 2021 amounted to EUR 618k and EUR 2,034k, respectively, in property, plant and equipment (the three and six months ended June 30, 2020: EUR 1,873k and EUR 1,903k, respectively). An amount of EUR 354k is included in intangible assets and relates to the development of CENTOGENE’s Corona Test Portal for the six months ended June 30, 2021, no investments in intangibles were made in the three months ended June 30, 2021 (the three and six months ended June 30, 2020: EUR 527k and EUR 527k, respectively). |
Segment information
Segment information | 6 Months Ended |
Jun. 30, 2021 | |
Segment information | |
Segment information | 5 in EUR k Three months ended June 30, 2020 Pharmaceutical Diagnostics COVID-19 Corporate Total Total Revenues from contracts with external customers 3,940 3,684 2,095 — 9,719 Adjusted EBITDA 1,799 (1,636) 812 (8,395) (7,420) Capital Expenditures Additions to property, plant and equipment and right-of-use assets 301 200 1,873 1,249 3,623 Additions to intangible assets 1,852 — 527 395 2,774 Other segment information Depreciation and amortization 389 563 54 1,342 2,348 Research and development expenses — — — 3,119 3,119 in EUR k Three Months Ended June 30, 2021 Pharmaceutical Diagnostics COVID-19 Corporate Total Total Revenues from contracts with external customers 2,831 6,715 42,325 — 51,871 Adjusted EBITDA 647 580 6,251 (9,544) (2,066) Capital Expenditures Additions to property, plant and equipment and right-of-use assets 3 — 618 105 726 Additions to intangible assets 241 — — 522 763 Other segment information Depreciation and amortization 410 412 1,069 1,493 3,384 Research and development expenses — — — 4,053 4,053 Six Months Ended June 30, 2020 in EUR k Pharmaceutical Diagnostics COVID-19 Corporate Total Total Revenues from contracts with external customers 8,490 11,226 2,108 — 21,824 Adjusted EBITDA 4,407 (1,358) 621 (16,107) (12,437) Capital Expenditures Additions to property, plant and equipment and right-of-use assets 301 987 1,903 1,836 5,027 Additions to intangible assets 2,854 — 527 584 3,965 Other segment information Depreciation and amortization 1,071 1,107 54 2,200 4,432 Research and development expenses — — — 5,810 5,810 Six Months Ended June 30, 2021 in EUR k Pharmaceutical Diagnostics COVID-19 Corporate Total Total Revenues from contracts with external customers 6,429 13,098 97,304 — 116,831 Adjusted EBITDA 2,144 1,633 16,418 (21,563) (1,368) Capital Expenditures Additions to property, plant and equipment and right-of-use assets 9 234 2,034 419 2,696 Additions to intangible assets 563 — 354 1,172 2,089 Other segment information Depreciation and amortization 824 818 1,996 3,032 6,670 Research and development expenses — — — 8,388 8,388 Adjustments to EBITDA Adjustments to EBITDA include non-cash charges in relation to depreciation, amortization (including impairments), and share-based payments as well as net financial costs, and income taxes. Certain costs, and related income, are not allocated to the reporting segment results and represent the residual operating activities of the Group reported as ‘Corporate’. These include corporate overheads, which are responsible for centralized functions such as communications, information technology, facilities, legal, finance and accounting, insurance (D&O), human resources, business development and strategic initiatives, certain professional and consulting services, procurement, research and development and other supporting activities. Increases in corporate expenses for the three and six months ended June 30, 2021 are mainly due to increased personnel costs and administrative costs and additional investments in IT support and data center costs. Reconciliation of segment Adjusted EBITDA to Group loss for the period For the three months ended June 30 2020 2021 Reported segment Adjusted EBITDA 975 7,477 Corporate expenses (8,395) (9,543) (7,420) (2,066) Share-based payment expenses (Note 11) (336) (2,234) Depreciation and amortization (2,348) (3,384) Operating loss (10,104) (7,684) Financial costs, net (256) (212) Income tax expenses — (124) Loss for the three months ended June 30 (10,360) (8,020) For the six months ended June 30 2020 2021 Reported segment Adjusted EBITDA 3,670 20,195 Corporate expenses (16,107) (21,563) (12,437) (1,368) Share-based payment expenses (Note 11) (1,393) (4,276) Depreciation and amortization (4,432) (6,670) Operating loss (18,262) (12,314) Financial costs, net (705) (471) Income tax expenses (129) (124) Loss for the six months ended June 30 (19,096) (12,909) Non-current asset locations Non-current assets of the Group consist of right-of-use assets (under IFRS 16), property, plant and equipment, as well as intangible assets. All of such assets are located in Germany, which is the country of the business address of Centogene GmbH, except for property, plant and equipment of EUR 460k (December 31, 2020: EUR 516k) and right-of-use assets of EUR 449k (December 31, 2020: EUR 709k), which are located in the United States. , |
Other income and expenses
Other income and expenses | 6 Months Ended |
Jun. 30, 2021 | |
Other income and expenses | |
Other income and expenses | 6 6.1 For the Three months ended June 30 For the Six months ended June 30 in EUR k 2020 2021 2020 2021 Government grants 703 837 1,405 1,177 Others 98 439 341 465 Total other operating income 801 1,276 1,746 1,642 Government grants include 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. Other operating income includes the bank loan granted under the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) which was forgiven during the three months ended June 30, 2021 (see note 10). 6.2 For the Three months ended June 30 For the Six months ended June 30 in EUR k 2020 2021 2020 2021 Currency losses 37 (8) 37 26 Others — 10 101 10 Total other operating expenses 37 2 138 36 During the six months ended June 30, 2020, the Group disposed of its entire 51% interest in LPC GmbH (“LPC”) to the minority shareholders for a consideration of EUR 213k, of 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) was debited to profit or loss, and the sale resulted in a loss of EUR 101k. |
Trade receivables and other ass
Trade receivables and other assets | 6 Months Ended |
Jun. 30, 2021 | |
Trade receivables and other assets | |
Trade receivables and other assets | 7 in EUR k Dec 31, 2020 June 30, 2021 Non ‑ current Other assets - Rental deposits 1,867 2,923 Other assets – Others 100 100 1,967 3,023 Current Trade receivables, net 25,656 15,630 Contract assets, net 3,543 2,860 Other assets 8,286 6,064 37,485 24,554 Total non-current and current trade receivables and other assets 39,452 27,577 Other non-current assets The non-current portion of other assets mainly include cash deposits of EUR 2,250k used to secure a bank guarantee of EUR 3,000k relating to the leases of the Rostock headquarters building, cash deposits of EUR 192k, used to secure a bank guarantee of EUR 257k, relating to the leases of the Berlin office and EUR 285k for the leases of certain plant and machineries. It also includes the non-current part of the consideration receivable for the sale of LPC for EUR 100k. (see note 6.2). Trade receivables and contract assets Trade receivables are non-interest bearing and are generally due in 30 . In general, portfolio-based expected credit loss allowances are recognized on trade receivables and contract assets. in EUR k Dec, 2020 June 30, 2021 Not past due 24,185 11,826 Past due 1-30 days 2,228 3,293 Past due 31-90 days 797 2,474 Past due more than 90 days 6,757 6,275 Total gross amount of trade receivables and contract assets 33,967 23,868 Expected credit loss rate Not past due 1.6 % 1.2 % Past due 1-30 days 3.1 % 3.6 % Past due 31-90 days 7.7 % 11.8 % Past due more than 90 days 63.0 % 77.0 % Expected credit loss rate on total gross trade receivables and contract assets 14.0 % 22.7 % Expected credit loss 4,768 5,378 The addition to the allowance for expected credit losses amounts to EUR 580k and EUR 675k for the three and six months ended June 30, 2021, respectively, which was included in the impairment of financial assets in the profit and loss account (the three and six months ended June 30, 2020: EUR 500k and EUR 1,674k). Other current assets The current assets include no VAT receivables (December 31, 2020: EUR 226k), prepaid expenses of EUR 2,873k (December 31, 2020: EUR 4,431k), receivables related to exercised share-based payment grants of EUR 283k (December 31, 2020: EUR 1,253k receivables), receivables related to COVID-19 bank or credit card transactions of EUR 435k (December 31, 2020: EUR 1,076k), as well as receivables from grants of EUR 1,280k (December 31, 2020: EUR 442k). |
Cash and short-term deposits
Cash and short-term deposits | 6 Months Ended |
Jun. 30, 2021 | |
Cash and short-term deposits | |
Cash and short-term deposits | 8 As of June 30, 2021, the Group has pledged its short-term deposits with carrying amount of EUR 1,500k (December 31, 2020: EUR 1,500k) and EUR 2,500k (December 31, 2020: 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 1,000k (December 31, 2020: EUR 1,000k) related to two other overdraft facilities worth EUR 500k each. 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 | 6 Months Ended |
Jun. 30, 2021 | |
Equity. | |
Equity | 9 Common Shares As of June 30, 2021, 22,445,242 common shares of Centogene N.V. with a nominal value of EUR 0.12 were issued and fully paid up (December 31, 2020: 22,117,643 ). As of June 30, 2021, the authorized but unissued common share capital amounted to EUR 6,787 k (December 31, 2020: EUR 6,826 k). 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 are entitled to vote per share on all matters to be voted at the Company's annual general meetings. Capital reserve As of June 30, 2021, capital reserve included a share premium of EUR 107,459k (December 31, 2020: EUR 107,498k), being amounts paid in 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 on the basis of share-based payments. For additional information on the share-based payments, see note 11. |
Financial liabilities
Financial liabilities | 6 Months Ended |
Jun. 30, 2021 | |
Financial liabilities | |
Financial liabilities | 10 10.1 in EUR k Dec 31, 2020 June 30, 2021 Non ‑ current liabilities Non‑current portion of secured bank loans 401 200 Total non ‑ current loans 401 200 Lease liabilities 17,677 16,209 Total non ‑ current liabilities 18,078 16,409 Current liabilities Current portion of secured bank loans 567 567 Other bank loans 387 — Bank overdrafts 1,538 3,316 Total current loans 2,492 3,883 Current portion of lease liabilities 3,528 3,299 Total current liabilities 6,020 7,182 Total non ‑ current and current liabilities 24,098 23,591 As of June 30, 2021, short-term cash deposits of EUR 1,500k (December 31, 2020: EUR 1,500k were used to secure the secured bank loan outstanding (see note 8). Other bank loans outstanding as of December 31, 2020 represented bank loans granted under the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) which were forgiven during the three months ended June 30, 2021. The amount forgiven has been included in other operating income (see note 6). The following table is based on the original terms and conditions: Conditions and statement of liabilities The outstanding interest-bearing liabilities as of June 30, 2021 and December 31, 2020 have the following conditions: Dec 31, 2020 June 30, 2021 Nominal Carrying Nominal Carrying in EUR k Currency Nominal interest rate Maturity amount amount amount amount Secured bank loan EUR 2.95% 2017‑22 968 968 767 767 Other bank loan USD 1% 2020-22 387 387 — — Bank overdrafts EUR 4.75% Rollover 498 498 496 496 Bank overdrafts EUR 3.75% Rollover 628 628 2,324 2,324 Bank overdrafts EUR 4.50% Rollover 412 412 496 496 Lease liabilities EUR 2.1%-3.5%*, 5.4%-9.1% 2017-31 21,205 21,205 19,508 19,508 Total interest ‑ bearing financial liabilities 24,098 24,098 23,591 23,591 * represents the incremental borrowing rate of the Group at the commencement of the leases The bank overdrafts of EUR 2,324k as of June 30, 2021 (December 31, 2020: EUR 628k) were secured by short-term deposits with a carrying amount of EUR 2,500k (December 31, 2020: EUR 2,500k) (see note 8). The other bank overdrafts of EUR 992k (December 31, 2020: EUR 910k) were secured over two short-term deposits with a carrying amount of EUR 500k each (see note 8). 10.2 in EUR k Dec 31, 2020 June 30, 2021 Trade payables 31,736 14,014 Government grants (deferred income) 10,292 9,992 Contract liabilities 4,479 4,913 Others 13,483 10,813 Trade payables and other liabilities 59,990 39,732 Non‑current 8,950 8,640 Current 51,040 31,092 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. No additional grants were received during the six months ended June 30, 2021 related to the purchase of certain items of property, plant and equipment (the six months ended June 30, 2020: EUR 390k). In addition, other liabilities include a provision for outstanding invoices of EUR 4,931k (December 31, 2020: EUR 1,245k), personnel-related liabilities for vacation and bonuses totaling EUR 3,245k (December 31, 2020: EUR 4,032k), VAT payable of EUR 119k (December 31, 2020: EUR 4,578k payable), as well as liabilities for wage and church tax of EUR 920k (December 31, 2020: EUR 1,988k). |
Share-based payments
Share-based payments | 6 Months Ended |
Jun. 30, 2021 | |
Share-based payments. | |
Share-based payments | 11 Expenses from share-based payment arrangements During the three and six months ended June 30, 2021, the Company incurred share-based payment expenses of EUR Share-based award activity A detailed description of the Company’s share-based payment arrangements is included in Note 20 of the Group’s annual consolidated financial statements for the year ended December 31, 2020. During the six months ended June 30, 2021 there were no changes to the terms and conditions of the Company’s share-based payment arrangements. The following table presents a summary of the Company’s share-based payment arrangement activity for the six months ended June 30, 2021. ESOP 2017 2019-2021 awards (1) number of awards (options and RSUs) Number WAEP Number of options WAEP (USD) Number of RSUs WAEP Outstanding as of January 1 549,005 0.12 154,925 11.60 1,885,100 — Granted during the year(1) — 0.12 30,152 12.57 150,804 — Exercised during the year (140,169) 0.12 — — (187,430) — Outstanding as of June 30 408,836 0.12 185,077 11.76 1,848,474 — Vested as of June 30 408,836 111,591 230,992 Exercisable as of June 30 408,836 111,591 230,992 (1) The granted and outstanding options and RSUs do not include the number of awards for which the service period has commenced in advance of grant date. The number of these options and RSUs to be granted is not fixed until the relevant grant date as the number is dependent on the achieved value of the award divided by the trailing volume-weighted average stock price of the Company, pursuant to the terms of the underlying award agreements. These include RSUs to be granted to the new CEO from 2022, the annual RSU award to be granted in 2022 to an executive officer, and the RSUs and options to be granted to certain supervisory board members annually in 2022 and thereafter. The option and RSUs for the years 2019-2021 as included in the table above reflect the activity related to the share-based payment awards ESOP 2019, management, supervisory board and employees. Grants awarded During the six months ended June 30, 2021 the following awards were granted: Award Type (2019 Plan) Market/ Performance Based Number of Awards Vesting Conditions Expiration Date RSUs No 105,804 Four equal tranches over a four-year period, starting January 1, 2022, April 1, 2022 or on each anniversary of the grant date 10th anniversary of Grant Date RSUs No 30,000 Three equal tranches over a three-year period starting January 1, 2022 10th anniversary of Grant Date RSUs No 15,000 Three equal tranches of which the first tranche vested immediately and the two remaining annual tranches will vest starting January 1, 2022 10th anniversary of Grant Date Options No 15,152 Four equal tranches over a four-year period following each anniversary of the grant date 10th anniversary of Grant Date Options Yes 15,000 Three equal tranches over a three-year period starting January 1, 2022 10th anniversary of Grant Date The grant date fair value of these grants will be recognized in profit or loss over the service period by using the graded approach. 15,000 of the options referred to above vest only if the 20 The RSUs referred to above have no market or performance-based vesting conditions. Each RSU represents a right to receive a payment in cash or shares equal to the value of the RSU at the exercise date. The Company has a choice to settle either in cash, in shares or a combination thereof. In line with this, both types of awards are to be settled in shares and expire on the 10th anniversary of the grant date. Additionally, during the three months ended June 30, 2021 the Company entered into an award agreement with an executive officer under which the officer shall receive annual RSU awards to be granted following each fiscal year, upon approval by the Supervisory Board, based upon achievement of the officer’s annual variable remuneration target. The service period of the annual RSUs to be granted in 2022 has commenced during the three months ended June 30, 2021, corresponding with the employment start date, as entitlement to the RSU grant is dependent on continuing service with the Company through the grant date and annual variable remuneration target. However, the grant date criteria for these awards will not be met until such time the value of the award and number of RSUs to be granted are approved and fixed pursuant to the underlying award agreement. During the six months ended June 30, 2021, an award of 75,000 options granted in 2020 has been modified by removing the condition that the 20 The fair value of the RSUs is based on the observed value of the underlying shares. As no dividend payments are expected over the vesting period, no further adjustment is required. The weighted average fair value of RSUs granted under the 2019 Plan during the three months and six months ended June 30, 2021 was USD 10.17 and USD 10.91, respectively. The fair value of the options awarded is determined using a Monte Carlo simulation model. The Monte Carlo simulation model utilizes multiple input variables to estimate the probability that market conditions will be achieved. The weighted average fair value of the options granted under the 2019 Plan during the three months ended June 30, 2021 was USD 7.59 and USD 7.47, respectively. Exercises During the six months ended June, 2021, 140,169 ESOP 2017 options were exercised. The weighted average share price at the date of exercise was USD 11.67. During the six months ended June 30, 2021, 187,430 RSUs were exercised. The weighted average share price at the date of exercise was USD 11.74. |
Commitments
Commitments | 6 Months Ended |
Jun. 30, 2021 | |
Commitments | |
Commitments | 12 Future payments for non-cancellable leases The Group has various lease contracts in relation to the expansion of the Rostock headquarters and leasing of the Frankfurt laboratory, Airport Berlin, Airport Düsseldorf, Airport Cologne/ Bonn, Airport Munich, Airport Frankfurt and additional laboratory space in Hamburg. The future lease payments and utilities for these non-cancellable lease contracts are EUR 1,667 k within one year, EUR 2,424 k within five years and EUR 4,219 k thereafter (December 31, 2020: EUR 283 k, EUR 1,686 k and EUR 4,855 k respectively). 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 16 k within one year (December 31, 2020: EUR 33 k) and EUR 2 k within five years (December 31, 2020: EUR 9 k). Future payment obligations As of June 30, 2021, the Group concluded agreements with suppliers, for goods and services to be provided subsequent to June 30, 2021 with a total payment obligation of approximately EUR 2,857k (December 31, 2020: EUR 4,669k). |
Contingent Liabilities
Contingent Liabilities | 6 Months Ended |
Jun. 30, 2021 | |
Contingent Liabilities | |
Contingent Liabilities | 13 ● 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 October 1, 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. ● Certain of our original shareholders agreed to reimburse us for the payments that we make to option holders under the 2016 Plan. Upon completion of the Follow-on Equity Offering, the relevant payables to the holders of vested options were settled mainly by the proceeds received from such original shareholders from the sale of their shares in the Follow-on Equity Offering. We have received a demand from one such original shareholder that alleges that it should have paid less to us in connection with the settlement of such payables. We believe such demand to be baseless and, should such original shareholder institute formal legal proceedings against us, intend to defend our interests vigorously. ● The higher regional court of Rostock issued a final decision by which it has retroactively invalidated a contract entered into between Centogene GmbH (the “Company”) and the State of Mecklenburg-Western Pomerania (“MVP”) for COVID-19 testing, due to non-compliance by MVP with the public tender requirements of the German government. As a result of the invalidation, MVP now has a claim under German law against the Company for repayment of the full amount invoiced and received under the contract (EUR 2.3 million). The Company also has a claim against MVP for compensation for the value of services provided in expectation of the validity of the contract. offset against one another. A contractual agreement putting this understanding in writing has been finalized and signed. |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2021 | |
Subsequent Events | |
Subsequent Events | 14 Subsequent Events Grant of restricted stock units In the third quarter of 2021, 22,936 RSUs were granted to management, subject to the terms of the 2019 Plan and the applicable award agreement. The RSUs will vest in four equal tranches over a four-year period starting August 16, 2021. Grants to CEO In 2020 the Company and the new CEO entered into an award agreement under the 2019 Plan pursuant to which the CEO will receive certain awards in the form of RSUs, which have no exercise price. According to the agreement, a total of 324,000 RSUs were granted to the CEO on December 1, 2020, subject to the purchase of ordinary shares of the Company in the amount of CHF 1,000,000 within a certain period after the grant date. The CEO has initiated purchases under this program. Due to the short trading windows as defined in the Company’s insider trading rules in which the CEO was able to purchase shares, the Supervisory Board extended the period in which these purchases can be made and has agreed to allocate the grant pro rata to the percentage of the CHF 1,000,000 invested by the CEO in purchases of shares in the Company. Legal settlement In July 2021, Centogene GmbH and the State of Mecklenburg-Western Pomerania (“MVP”) entered into an agreement regarding Centogene’s cost compensation claim with respect to a previously invalidated COVID-19 testing contract. This settlement did not result in a required adjustment to the interim condensed consolidated financial statements. Contingent Liability On August 7, 2021, our partnering laboratory physician Prof. Dr. Peter Bauer was informed in writing by the Public Prosecutor's Office in Fulda that a criminal investigation had been initiated against him regarding allegedly falsely billing statements submitted to the Association of Statutory Health Insurance Physicians in Hessen (Kassenärztliche Vereinigung Hessen). The aggregate amount in question is EUR 42,268.50. The Company intends to support Prof. Dr. Peter Bauer in the defense of the case. |
Revenues from contracts with _2
Revenues from contracts with customers (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Revenues from contracts with customers | |
Schedule of geographical information | in EUR k Three Months Ended June 30, 2020 (1) Pharmaceutical Diagnostics COVID-19 Total Rendering of services 3,606 3,684 2,053 9,343 Sales of goods 334 — 42 376 Total Revenues from contracts with external customers 3,940 3,684 2,095 9,719 Recognized over time 3,606 3,684 522 7,812 Recognized at a point in time 334 — 1,573 1,907 Total Revenues from contracts with external customers 3,940 3,684 2,095 9,719 Geographical information Europe 23 1,109 2,095 3,227 —Germany*# 19 1 2,095 2,115 —Netherlands** — — — — Middle East 45 1,789 — 1,834 —Saudi Arabia# — 1,106 — 1,106 North America 3,872 501 — 4,373 —United States# 3,872 493 — 4,365 Latin America — 219 — 219 Asia Pacific — 66 — 66 Total Revenues from contracts with external customers 3,940 3,684 2,095 9,719 (1) Since the COVID-19 business has been reported as a separate segment as from the third quarter of 2020, the comparative figures for the three and six months ended June 30, 2020 were adjusted retrospectively for both the COVID-19 and diagnostics segments. in EUR k Three Months Ended June 30, 2021 Pharmaceutical Diagnostics COVID-19 Total Rendering of services 2,653 6,715 42,325 51,693 Sales of goods 178 — — 178 Total Revenues from contracts with external customers 2,831 6,715 42,325 51,871 Recognized over time 2,653 6,715 7,128 16,496 Recognized at a point in time 178 — 35,197 35,375 Total Revenues from contracts with external customers 2,831 6,715 42,325 51,871 Geographical information Europe 49 1,320 42,161 43,530 —Germany*# — 57 40,323 40,380 —Netherlands** — 3 1,771 1,774 Middle East 26 3,950 — 3,976 North America 2,731 690 164 3,585 Latin America 25 608 — 633 Asia Pacific — 147 — 147 Total Revenues from contracts with external customers 2,831 6,715 42,325 51,871 * country of the incorporation of Centogene GmbH ** 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 June 30, 2020 and 2021, respectively. in EUR k Six months ended June 30, 2020 (1) Pharmaceutical Diagnostics COVID-19 Total Rendering of services 7,880 11,226 2,066 21,172 Sales of goods 610 — 42 652 Total Revenues from contracts with external customers 8,490 11,226 2,108 21,824 Recognized over time 7,880 11,226 535 19,641 Recognized at a point in time 610 — 1,573 2,183 Total Revenues from contracts with external customers 8,490 11,226 2,108 21,824 Geographical information Europe 67 2,713 2,108 4,888 —Germany*# 38 61 2,108 2,207 — Netherlands** — 3 — 3 Middle East 48 6,204 — 6,252 —Saudi Arabia# — 4,139 — 4,139 North America 8,375 1,121 — 9,496 —United States# 8,375 964 — 9,339 Latin America — 965 — 965 Asia Pacific — 223 — 223 Total Revenues from contracts with external customers 8,490 11,226 2,108 21,824 (1) Since the COVID-19 business has been reported as a separate segment as from the third quarter of 2020, the comparative figures for the six months ended June 30, 2020 were adjusted retrospectively for both the COVID-19 and diagnostics segments. in EUR k Six months ended June 30, 2021 Pharmaceutical Diagnostics COVID-19 Total Rendering of services 6,046 13,098 97,302 116,446 Sales of goods 383 — 2 385 Total Revenues from contracts with external customers 6,429 13,098 97,304 116,831 Recognized over time 6,046 13,098 18,972 38,116 Recognized at a point in time 383 — 78,332 78,715 Total Revenues from contracts with external customers 6,429 13,098 97,304 116,831 Geographical information Europe 198 2,534 96,282 99,014 —Germany*# — 110 92,668 92,778 — Netherlands** — 5 3,539 3,544 Middle East 55 8,085 — 8,140 North America 6,136 1,154 944 8,234 —United States 6,136 1,045 944 8,125 Latin America 40 1,018 — 1,058 Asia Pacific — 307 78 385 Total Revenues from contracts with external customers 6,429 13,098 97,304 116,831 * country of the incorporation of Centogene GmbH ** country of the incorporation of Centogene N.V. # countries contributing more than 10% of the Group’s total consolidated revenues for the six months ended June 30, 2020 and 2021, respectively. |
Segment information (Tables)
Segment information (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Segment information | |
Schedule of segment information and reconciliation of segment adjusted EBITDA to group loss for the period | in EUR k Reconciliation of segment Adjusted EBITDA to Group loss for the period For the three months ended June 30 2020 2021 Reported segment Adjusted EBITDA 975 7,477 Corporate expenses (8,395) (9,543) (7,420) (2,066) Share-based payment expenses (Note 11) (336) (2,234) Depreciation and amortization (2,348) (3,384) Operating loss (10,104) (7,684) Financial costs, net (256) (212) Income tax expenses — (124) Loss for the three months ended June 30 (10,360) (8,020) For the six months ended June 30 2020 2021 Reported segment Adjusted EBITDA 3,670 20,195 Corporate expenses (16,107) (21,563) (12,437) (1,368) Share-based payment expenses (Note 11) (1,393) (4,276) Depreciation and amortization (4,432) (6,670) Operating loss (18,262) (12,314) Financial costs, net (705) (471) Income tax expenses (129) (124) Loss for the six months ended June 30 (19,096) (12,909) |
Other income and expenses (Tabl
Other income and expenses (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Other income and expenses | |
Schedule of other operating income | For the Three months ended June 30 For the Six months ended June 30 in EUR k 2020 2021 2020 2021 Government grants 703 837 1,405 1,177 Others 98 439 341 465 Total other operating income 801 1,276 1,746 1,642 |
Schedule of other operating expenses | For the Three months ended June 30 For the Six months ended June 30 in EUR k 2020 2021 2020 2021 Currency losses 37 (8) 37 26 Others — 10 101 10 Total other operating expenses 37 2 138 36 |
Trade and other receivables and
Trade and other receivables and other assets (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Trade receivables and other assets | |
Summary of trade receivables and other assets | in EUR k Dec 31, 2020 June 30, 2021 Non ‑ current Other assets - Rental deposits 1,867 2,923 Other assets – Others 100 100 1,967 3,023 Current Trade receivables, net 25,656 15,630 Contract assets, net 3,543 2,860 Other assets 8,286 6,064 37,485 24,554 Total non-current and current trade receivables and other assets 39,452 27,577 |
Summary of expected credit loss rate on total gross trade receivables and contract assets | in EUR k Dec, 2020 June 30, 2021 Not past due 24,185 11,826 Past due 1-30 days 2,228 3,293 Past due 31-90 days 797 2,474 Past due more than 90 days 6,757 6,275 Total gross amount of trade receivables and contract assets 33,967 23,868 Expected credit loss rate Not past due 1.6 % 1.2 % Past due 1-30 days 3.1 % 3.6 % Past due 31-90 days 7.7 % 11.8 % Past due more than 90 days 63.0 % 77.0 % Expected credit loss rate on total gross trade receivables and contract assets 14.0 % 22.7 % Expected credit loss 4,768 5,378 |
Financial liabilities (Tables)
Financial liabilities (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Financial liabilities | |
Schedule of interest-bearing liabilities | in EUR k Dec 31, 2020 June 30, 2021 Non ‑ current liabilities Non‑current portion of secured bank loans 401 200 Total non ‑ current loans 401 200 Lease liabilities 17,677 16,209 Total non ‑ current liabilities 18,078 16,409 Current liabilities Current portion of secured bank loans 567 567 Other bank loans 387 — Bank overdrafts 1,538 3,316 Total current loans 2,492 3,883 Current portion of lease liabilities 3,528 3,299 Total current liabilities 6,020 7,182 Total non ‑ current and current liabilities 24,098 23,591 |
Schedule of outstanding interest-bearing liabilities | Dec 31, 2020 June 30, 2021 Nominal Carrying Nominal Carrying in EUR k Currency Nominal interest rate Maturity amount amount amount amount Secured bank loan EUR 2.95% 2017‑22 968 968 767 767 Other bank loan USD 1% 2020-22 387 387 — — Bank overdrafts EUR 4.75% Rollover 498 498 496 496 Bank overdrafts EUR 3.75% Rollover 628 628 2,324 2,324 Bank overdrafts EUR 4.50% Rollover 412 412 496 496 Lease liabilities EUR 2.1%-3.5%*, 5.4%-9.1% 2017-31 21,205 21,205 19,508 19,508 Total interest ‑ bearing financial liabilities 24,098 24,098 23,591 23,591 * 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, 2020 June 30, 2021 Trade payables 31,736 14,014 Government grants (deferred income) 10,292 9,992 Contract liabilities 4,479 4,913 Others 13,483 10,813 Trade payables and other liabilities 59,990 39,732 Non‑current 8,950 8,640 Current 51,040 31,092 |
Share-based payments (Tables)
Share-based payments (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Share-based payments | |
Schedule of share option activity | ESOP 2017 2019-2021 awards (1) number of awards (options and RSUs) Number WAEP Number of options WAEP (USD) Number of RSUs WAEP Outstanding as of January 1 549,005 0.12 154,925 11.60 1,885,100 — Granted during the year(1) — 0.12 30,152 12.57 150,804 — Exercised during the year (140,169) 0.12 — — (187,430) — Outstanding as of June 30 408,836 0.12 185,077 11.76 1,848,474 — Vested as of June 30 408,836 111,591 230,992 Exercisable as of June 30 408,836 111,591 230,992 (1) The granted and outstanding options and RSUs do not include the number of awards for which the service period has commenced in advance of grant date. The number of these options and RSUs to be granted is not fixed until the relevant grant date as the number is dependent on the achieved value of the award divided by the trailing volume-weighted average stock price of the Company, pursuant to the terms of the underlying award agreements. These include RSUs to be granted to the new CEO from 2022, the annual RSU award to be granted in 2022 to an executive officer, and the RSUs and options to be granted to certain supervisory board members annually in 2022 and thereafter. |
Summary of Restricted Stock Units | ESOP 2017 2019-2021 awards (1) number of awards (options and RSUs) Number WAEP Number of options WAEP (USD) Number of RSUs WAEP Outstanding as of January 1 549,005 0.12 154,925 11.60 1,885,100 — Granted during the year(1) — 0.12 30,152 12.57 150,804 — Exercised during the year (140,169) 0.12 — — (187,430) — Outstanding as of June 30 408,836 0.12 185,077 11.76 1,848,474 — Vested as of June 30 408,836 111,591 230,992 Exercisable as of June 30 408,836 111,591 230,992 (1) The granted and outstanding options and RSUs do not include the number of awards for which the service period has commenced in advance of grant date. The number of these options and RSUs to be granted is not fixed until the relevant grant date as the number is dependent on the achieved value of the award divided by the trailing volume-weighted average stock price of the Company, pursuant to the terms of the underlying award agreements. These include RSUs to be granted to the new CEO from 2022, the annual RSU award to be granted in 2022 to an executive officer, and the RSUs and options to be granted to certain supervisory board members annually in 2022 and thereafter. |
Summary of awards granted | During the six months ended June 30, 2021 the following awards were granted: Award Type (2019 Plan) Market/ Performance Based Number of Awards Vesting Conditions Expiration Date RSUs No 105,804 Four equal tranches over a four-year period, starting January 1, 2022, April 1, 2022 or on each anniversary of the grant date 10th anniversary of Grant Date RSUs No 30,000 Three equal tranches over a three-year period starting January 1, 2022 10th anniversary of Grant Date RSUs No 15,000 Three equal tranches of which the first tranche vested immediately and the two remaining annual tranches will vest starting January 1, 2022 10th anniversary of Grant Date Options No 15,152 Four equal tranches over a four-year period following each anniversary of the grant date 10th anniversary of Grant Date Options Yes 15,000 Three equal tranches over a three-year period starting January 1, 2022 10th anniversary of Grant Date |
General company information (De
General company information (Details) - 1 months ended Jul. 31, 2020 - Follow-on Equity Offering - Common shares - Major purchases of assets € / shares in Units, € in Millions | $ / shares | EUR (€)€ / sharesshares |
General company information | ||
Number of common shares issued (in shares) | 3,500,000 | |
Public offering price (in dollars per share) | (per share) | $ 14 | € 12.71 |
Selling shareholders | ||
General company information | ||
Number of common shares issued (in shares) | 1,500,000 | |
The Company | ||
General company information | ||
Number of common shares issued (in shares) | 2,000,000 | |
Net offering proceeds, after deducting underwriting discounts, commissions and transaction costs | € | € 22 |
Revenues from contracts with _3
Revenues from contracts with customers - Geographical information (Details) - EUR (€) € in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Disclosure of geographical areas | ||||
Rendering of services | € 51,693 | € 9,343 | € 116,446 | € 21,172 |
Sales of goods | 178 | 376 | 385 | 652 |
Total Revenues from contracts with external customers | 51,871 | 9,719 | 116,831 | 21,824 |
Europe | ||||
Disclosure of geographical areas | ||||
Total Revenues from contracts with external customers | 43,530 | 3,227 | 99,014 | 4,888 |
Germany | ||||
Disclosure of geographical areas | ||||
Total Revenues from contracts with external customers | 40,380 | 2,115 | 92,778 | 2,207 |
-Netherlands | ||||
Disclosure of geographical areas | ||||
Total Revenues from contracts with external customers | 1,774 | 3,544 | 3 | |
Middle East | ||||
Disclosure of geographical areas | ||||
Total Revenues from contracts with external customers | 3,976 | 1,834 | 8,140 | 6,252 |
-Saudi Arabia | ||||
Disclosure of geographical areas | ||||
Total Revenues from contracts with external customers | 1,106 | 4,139 | ||
North America | ||||
Disclosure of geographical areas | ||||
Total Revenues from contracts with external customers | 3,585 | 4,373 | 8,234 | 9,496 |
United States | ||||
Disclosure of geographical areas | ||||
Total Revenues from contracts with external customers | 4,365 | 8,125 | 9,339 | |
Latin America | ||||
Disclosure of geographical areas | ||||
Total Revenues from contracts with external customers | 633 | 219 | 1,058 | 965 |
Asia Pacific | ||||
Disclosure of geographical areas | ||||
Total Revenues from contracts with external customers | 147 | 66 | 385 | 223 |
Recognized over time | ||||
Disclosure of geographical areas | ||||
Total Revenues from contracts with external customers | 16,496 | 7,812 | 38,116 | 19,641 |
Recognized at a point in time | ||||
Disclosure of geographical areas | ||||
Total Revenues from contracts with external customers | 35,375 | 1,907 | 78,715 | 2,183 |
Pharmaceutical | ||||
Disclosure of geographical areas | ||||
Rendering of services | 2,653 | 3,606 | 6,046 | 7,880 |
Sales of goods | 178 | 334 | 383 | 610 |
Total Revenues from contracts with external customers | 2,831 | 3,940 | 6,429 | 8,490 |
Pharmaceutical | Europe | ||||
Disclosure of geographical areas | ||||
Total Revenues from contracts with external customers | 49 | 23 | 198 | 67 |
Pharmaceutical | Germany | ||||
Disclosure of geographical areas | ||||
Total Revenues from contracts with external customers | 19 | 38 | ||
Pharmaceutical | Middle East | ||||
Disclosure of geographical areas | ||||
Total Revenues from contracts with external customers | 26 | 45 | 55 | 48 |
Pharmaceutical | North America | ||||
Disclosure of geographical areas | ||||
Total Revenues from contracts with external customers | 2,731 | 3,872 | 6,136 | 8,375 |
Pharmaceutical | United States | ||||
Disclosure of geographical areas | ||||
Total Revenues from contracts with external customers | 3,872 | 6,136 | 8,375 | |
Pharmaceutical | Latin America | ||||
Disclosure of geographical areas | ||||
Total Revenues from contracts with external customers | 25 | 40 | ||
Pharmaceutical | Recognized over time | ||||
Disclosure of geographical areas | ||||
Total Revenues from contracts with external customers | 2,653 | 3,606 | 6,046 | 7,880 |
Pharmaceutical | Recognized at a point in time | ||||
Disclosure of geographical areas | ||||
Total Revenues from contracts with external customers | 178 | 334 | 383 | 610 |
Diagnostics | ||||
Disclosure of geographical areas | ||||
Rendering of services | 6,715 | 3,684 | 13,098 | 11,226 |
Total Revenues from contracts with external customers | 6,715 | 3,684 | 13,098 | 11,226 |
Diagnostics | Europe | ||||
Disclosure of geographical areas | ||||
Total Revenues from contracts with external customers | 1,320 | 1,109 | 2,534 | 2,713 |
Diagnostics | Germany | ||||
Disclosure of geographical areas | ||||
Total Revenues from contracts with external customers | 57 | 1 | 110 | 61 |
Diagnostics | -Netherlands | ||||
Disclosure of geographical areas | ||||
Total Revenues from contracts with external customers | 3 | 5 | 3 | |
Diagnostics | Middle East | ||||
Disclosure of geographical areas | ||||
Total Revenues from contracts with external customers | 3,950 | 1,789 | 8,085 | 6,204 |
Diagnostics | -Saudi Arabia | ||||
Disclosure of geographical areas | ||||
Total Revenues from contracts with external customers | 1,106 | 4,139 | ||
Diagnostics | North America | ||||
Disclosure of geographical areas | ||||
Total Revenues from contracts with external customers | 690 | 501 | 1,154 | 1,121 |
Diagnostics | United States | ||||
Disclosure of geographical areas | ||||
Total Revenues from contracts with external customers | 493 | 1,045 | 964 | |
Diagnostics | Latin America | ||||
Disclosure of geographical areas | ||||
Total Revenues from contracts with external customers | 608 | 219 | 1,018 | 965 |
Diagnostics | Asia Pacific | ||||
Disclosure of geographical areas | ||||
Total Revenues from contracts with external customers | 147 | 66 | 307 | 223 |
Diagnostics | Recognized over time | ||||
Disclosure of geographical areas | ||||
Total Revenues from contracts with external customers | 6,715 | 3,684 | 13,098 | 11,226 |
COVID-19 | ||||
Disclosure of geographical areas | ||||
Rendering of services | 42,325 | 2,053 | 97,302 | 2,066 |
Sales of goods | 42 | 2 | 42 | |
Total Revenues from contracts with external customers | 42,325 | 2,095 | 97,304 | 2,108 |
COVID-19 | Europe | ||||
Disclosure of geographical areas | ||||
Total Revenues from contracts with external customers | 42,161 | 2,095 | 96,282 | 2,108 |
COVID-19 | Germany | ||||
Disclosure of geographical areas | ||||
Total Revenues from contracts with external customers | 40,323 | 2,095 | 92,668 | 2,108 |
COVID-19 | -Netherlands | ||||
Disclosure of geographical areas | ||||
Total Revenues from contracts with external customers | 1,771 | 3,539 | ||
COVID-19 | North America | ||||
Disclosure of geographical areas | ||||
Total Revenues from contracts with external customers | 164 | 944 | ||
COVID-19 | United States | ||||
Disclosure of geographical areas | ||||
Total Revenues from contracts with external customers | 944 | |||
COVID-19 | Asia Pacific | ||||
Disclosure of geographical areas | ||||
Total Revenues from contracts with external customers | 78 | |||
COVID-19 | Recognized over time | ||||
Disclosure of geographical areas | ||||
Total Revenues from contracts with external customers | 7,128 | 522 | 18,972 | 535 |
COVID-19 | Recognized at a point in time | ||||
Disclosure of geographical areas | ||||
Total Revenues from contracts with external customers | € 35,197 | € 1,573 | € 78,332 | € 1,573 |
Revenue from contracts with cus
Revenue from contracts with customers - Additional Information (Details) € in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021EUR (€)customer | Jun. 30, 2020EUR (€) | Jun. 30, 2021EUR (€)customer | Jun. 30, 2020EUR (€) | |
Germany | Property Plant And Equipment | COVID-19 | ||||
Revenue from contracts with customers | ||||
Total investments | € | € 618 | € 1,873 | € 2,034 | € 1,903 |
Germany | Intangible assets | COVID-19 | ||||
Revenue from contracts with customers | ||||
Total investments | € | € 0 | € 527 | € 354 | € 527 |
Pharmaceutical Partner | Pharmaceutical | ||||
Revenue from contracts with customers | ||||
Number of customer in group | customer | 1 | 1 | ||
Revenue contributed as a percentage of Group's total revenues | 4.10% | 26.20% | 4.40% | 26.40% |
Covid-19 Segment | COVID-19 | ||||
Revenue from contracts with customers | ||||
Number of customer in group | customer | 2 | 2 | ||
Revenue contributed as a percentage of Group's total revenues | 0.00% | 0.00% | ||
Covid-19 Partner One | COVID-19 | ||||
Revenue from contracts with customers | ||||
Revenue contributed as a percentage of Group's total revenues | 5.20% | 4.70% | ||
Covid-19 Partner Two | COVID-19 | ||||
Revenue from contracts with customers | ||||
Revenue contributed as a percentage of Group's total revenues | 12.90% | 15.20% |
Segment information - Informati
Segment information - Information by operating segments (Details) - EUR (€) € in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Segment information | ||||
Total Revenues from contracts with external customers | € 51,871 | € 9,719 | € 116,831 | € 21,824 |
Adjusted EBITDA | (2,066) | (7,420) | (1,368) | (12,437) |
Additions to property, plant and equipment and right-of-use assets | 726 | 3,623 | 2,696 | 5,027 |
Additions to intangible assets | 763 | 2,774 | 2,089 | 3,965 |
Other segment information | ||||
Depreciation and amortization | 3,384 | 2,348 | 6,670 | 4,432 |
Research and development expenses | 4,053 | 3,119 | 8,388 | 5,810 |
Pharmaceutical | ||||
Segment information | ||||
Total Revenues from contracts with external customers | 2,831 | 3,940 | 6,429 | 8,490 |
Diagnostics | ||||
Segment information | ||||
Total Revenues from contracts with external customers | 6,715 | 3,684 | 13,098 | 11,226 |
COVID-19 | ||||
Segment information | ||||
Total Revenues from contracts with external customers | 42,325 | 2,095 | 97,304 | 2,108 |
Operating segment | Pharmaceutical | ||||
Segment information | ||||
Total Revenues from contracts with external customers | 2,831 | 3,940 | 6,429 | 8,490 |
Adjusted EBITDA | 647 | 1,799 | 2,144 | 4,407 |
Additions to property, plant and equipment and right-of-use assets | 3 | 301 | 9 | 301 |
Additions to intangible assets | 241 | 1,852 | 563 | 2,854 |
Other segment information | ||||
Depreciation and amortization | 410 | 389 | 824 | 1,071 |
Operating segment | Diagnostics | ||||
Segment information | ||||
Total Revenues from contracts with external customers | 6,715 | 3,684 | 13,098 | 11,226 |
Adjusted EBITDA | 580 | (1,636) | 1,633 | (1,358) |
Additions to property, plant and equipment and right-of-use assets | 200 | 234 | 987 | |
Other segment information | ||||
Depreciation and amortization | 412 | 563 | 818 | 1,107 |
Operating segment | COVID-19 | ||||
Segment information | ||||
Total Revenues from contracts with external customers | 42,325 | 2,095 | 97,304 | 2,108 |
Adjusted EBITDA | 6,251 | 812 | 16,418 | 621 |
Additions to property, plant and equipment and right-of-use assets | 618 | 1,873 | 2,034 | 1,903 |
Additions to intangible assets | 527 | 354 | 527 | |
Other segment information | ||||
Depreciation and amortization | 1,069 | 54 | 1,996 | 54 |
Corporate | ||||
Segment information | ||||
Adjusted EBITDA | (9,544) | (8,395) | (21,563) | (16,107) |
Additions to property, plant and equipment and right-of-use assets | 105 | 1,249 | 419 | 1,836 |
Additions to intangible assets | 522 | 395 | 1,172 | 584 |
Other segment information | ||||
Depreciation and amortization | 1,493 | 1,342 | 3,032 | 2,200 |
Research and development expenses | € 4,053 | € 3,119 | € 8,388 | € 5,810 |
Segment information - Reconcili
Segment information - Reconciliation of segment Adjusted EBITDA to Group Loss for the Period (Details) - EUR (€) € in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Segment information | ||||
Depreciation and amortization | € (3,384) | € (2,348) | € (6,670) | € (4,432) |
Operating loss | (7,684) | (10,104) | (12,314) | (18,262) |
Financial costs, net | (212) | (256) | (471) | (705) |
Income tax expenses | (124) | (124) | (129) | |
Loss for the period | (8,020) | (10,360) | (12,909) | (19,096) |
Operating segment | ||||
Segment information | ||||
Reportable segment Adjusted EBITDA | 7,477 | 975 | 20,195 | 3,670 |
Reportable segment Adjusted EBITDA after corporate expenses | (2,066) | (7,420) | (1,368) | (12,437) |
Operating loss | (7,684) | (10,104) | (12,314) | (18,262) |
Financial costs, net | (212) | (256) | (471) | (705) |
Income tax expenses | (124) | (124) | (129) | |
Loss for the period | (8,020) | (10,360) | (12,909) | (19,096) |
Corporate | ||||
Segment information | ||||
Corporate expenses | (9,543) | (8,395) | (21,563) | (16,107) |
Depreciation and amortization | (1,493) | (1,342) | (3,032) | (2,200) |
Sharebased payment expenses | ||||
Segment information | ||||
Share-based compensation | (2,234) | (336) | (4,276) | (1,393) |
Depreciation and amortization | ||||
Segment information | ||||
Depreciation and amortization | € (3,384) | € (2,348) | € (6,670) | € (4,432) |
Segment information - Additiona
Segment information - Additional information (Details) - EUR (€) € in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Segment information | ||
Property, plant and equipment | € 16,411 | € 16,590 |
Right-of-use assets. | 20,558 | 22,120 |
United States | ||
Segment information | ||
Property, plant and equipment | 460 | 516 |
Right-of-use assets. | € 449 | € 709 |
Other income and expenses - Oth
Other income and expenses - Other operating income (Details) - EUR (€) € in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Other income and expenses | ||||
Government grants | € 837 | € 703 | € 1,177 | € 1,405 |
Others | 439 | 98 | 465 | 341 |
Total other operating income | € 1,276 | € 801 | € 1,642 | € 1,746 |
Other income and expenses - O_2
Other income and expenses - Other operating expenses (Details) - EUR (€) € in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Other income and expenses | ||||
Currency losses | € (8) | € 37 | € 26 | € 37 |
Other | 10 | 10 | 101 | |
Total other operating expenses | € 2 | € 37 | € 36 | € 138 |
Other income and expenses - LPC
Other income and expenses - LPC GmbH (Details) - EUR (€) € in Thousands | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2021 | Dec. 31, 2020 | |
Other income and expenses | |||
Noncontrolling interests | € 141 | € 95 | |
LPC GmbH | |||
Other income and expenses | |||
Proportion of ownership interest in subsidiary | 51.00% | ||
Consideration for disposal of subsidiary | € 213 | ||
Consideration to be received over time | € 200 | ||
Payment due period (in years) | 4 years | ||
Noncontrolling interests | € (268) | ||
Profit/(loss) allocated to non-controlling interest | € (101) |
Trade receivables and other a_2
Trade receivables and other assets (Details) - EUR (€) € in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Non-current | |||||
Other assets-Rental deposits | € 2,923 | € 2,923 | € 1,867 | ||
Other assets-Others | 100 | 100 | 100 | ||
Trade receivables and contract assets and other assets non-current | 3,023 | 3,023 | 1,967 | ||
Current | |||||
Trade receivables, net | 15,630 | 15,630 | 25,656 | ||
Contract assets, net | 2,860 | 2,860 | 3,543 | ||
Other assets | 6,064 | 6,064 | 8,286 | ||
Trade receivables and contract assets and other assets current | 24,554 | 24,554 | 37,485 | ||
Total non-current and current trade receivables and contract assets and other assets | 27,577 | 27,577 | 39,452 | ||
Credit loss rates in relation to the outstanding trade receivables and contract assets | |||||
Impairment of financial assets | 580 | € 500 | 675 | € 1,674 | |
Trade receivables and contract assets | |||||
Credit loss rates in relation to the outstanding trade receivables and contract assets | |||||
Financial assets | € 23,868 | € 23,868 | € 33,967 | ||
Expected credit loss rate | 22.70% | 22.70% | 14.00% | ||
Expected credit loss | € 5,378 | € 5,378 | € 4,768 | ||
Trade receivables and contract assets | Not past due | |||||
Credit loss rates in relation to the outstanding trade receivables and contract assets | |||||
Financial assets | € 11,826 | € 11,826 | € 24,185 | ||
Expected credit loss rate | 1.20% | 1.20% | 1.60% | ||
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 | € 3,293 | € 3,293 | € 2,228 | ||
Expected credit loss rate | 3.60% | 3.60% | 3.10% | ||
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 | € 2,474 | € 2,474 | € 797 | ||
Expected credit loss rate | 11.80% | 11.80% | 7.70% | ||
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 | € 6,275 | € 6,275 | € 6,757 | ||
Expected credit loss rate | 77.00% | 77.00% | 63.00% | ||
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 | |||||
Current value added tax receivables | € 0 | € 0 | € 226 | ||
Prepaid expenses | 2,873 | 2,873 | 4,431 | ||
Receivables from exercise of share based payments granted | 283 | 283 | 1,253 | ||
Receivables from COVID 19 bank or credit card transactions | 435 | 435 | 1,076 | ||
Receivables from grants | 1,280 | 1,280 | € 442 | ||
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 | 2,250 | 2,250 | |||
Bank guarantee | 3,000 | 3,000 | |||
Other assets | Berlin Offices | |||||
Credit loss rates in relation to the outstanding trade receivables and contract assets | |||||
Cash deposits provided as security for bank loans | 192 | 192 | |||
Bank guarantee | 257 | 257 | |||
Other assets | Plant and other equipment, furniture and fixtures Certain plant and machineries | |||||
Non-current | |||||
Other assets-Rental deposits | 285 | 285 | |||
Other assets | LPC GmbH | |||||
Credit loss rates in relation to the outstanding trade receivables and contract assets | |||||
Consideration receivable for the sale of LPC | € 100 | € 100 |
Cash and short-term deposits (D
Cash and short-term deposits (Details) - EUR (€) € in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Secured bank loan | ||
Borrowings | ||
Short term deposits pledged as security | € 1,500 | € 1,500 |
Overdraft facility | ||
Borrowings | ||
Short term deposits pledged as security | 1,000 | 1,000 |
Existing Overdraft facility | ||
Borrowings | ||
Short term deposits pledged as security | 2,500 | € 2,500 |
Maximum borrowing capacity | 2,500 | |
Second Overdraft facility | ||
Borrowings | ||
Maximum borrowing capacity | € 500 |
Equity - Common Shares (Details
Equity - Common Shares (Details) - Common shares - EUR (€) € / shares in Units, € in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
Disclosure of classes of share capital [line items] | ||
Number of shares issued and fully paid | 22,445,242 | 22,117,643 |
Par value per share (in euros per share) | € 0.12 | |
Authorized but unissued share capital | € 6,787 | € 6,826 |
Equity - Capital Reserves (Deta
Equity - Capital Reserves (Details) - EUR (€) € in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Capital reserve | ||
Share premium included in capital reserve | € 107,459 | € 107,498 |
Financial liabilities - Interes
Financial liabilities - Interest-bearing loans (Details) - EUR (€) € in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Financial liabilities | ||
Total non-current liabilities | € 16,409 | € 18,078 |
Total current liabilities | 7,182 | 6,020 |
Total non-current and current liabilities | 23,591 | 24,098 |
Total loans | ||
Financial liabilities | ||
Total non-current liabilities | 200 | 401 |
Total current liabilities | 3,883 | 2,492 |
Secured bank loans | ||
Financial liabilities | ||
Total non-current liabilities | 200 | 401 |
Total current liabilities | 567 | 567 |
Short term deposits pledged as security | 1,500 | 1,500 |
Other bank loans | ||
Financial liabilities | ||
Total current liabilities | 387 | |
Total non-current and current liabilities | 387 | |
Bank overdrafts | ||
Financial liabilities | ||
Total current liabilities | 3,316 | 1,538 |
Lease liabilities | ||
Financial liabilities | ||
Total non-current liabilities | 16,209 | 17,677 |
Total current liabilities | 3,299 | 3,528 |
Total non-current and current liabilities | € 19,508 | € 21,205 |
Financial liabilities - Conditi
Financial liabilities - Conditions and statement of liabilities (Details) - EUR (€) € in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Financial liabilities | ||
Nominal amount | € 23,591 | € 24,098 |
Carrying amount | 23,591 | 24,098 |
Bank overdrafts | 992 | 910 |
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 2017 To 22 | ||
Financial liabilities | ||
Nominal interest rate (as a percent) | 2.95% | 2.95% |
Nominal amount | € 767 | € 968 |
Carrying amount | € 767 | € 968 |
Other bank loans | ||
Financial liabilities | ||
Nominal interest rate (as a percent) | 1.00% | 1.00% |
Nominal amount | € 387 | |
Carrying amount | € 387 | |
Bank overdrafts, one | ||
Financial liabilities | ||
Nominal interest rate (as a percent) | 4.75% | 4.75% |
Nominal amount | € 496 | € 498 |
Carrying amount | € 496 | € 498 |
Bank overdrafts, two | ||
Financial liabilities | ||
Nominal interest rate (as a percent) | 3.75% | 3.75% |
Nominal amount | € 2,324 | € 628 |
Carrying amount | € 2,324 | € 628 |
Bank overdrafts, three | ||
Financial liabilities | ||
Nominal interest rate (as a percent) | 4.50% | 4.50% |
Nominal amount | € 496 | € 412 |
Carrying amount | 496 | 412 |
Lease liabilities | ||
Financial liabilities | ||
Nominal amount | 19,508 | 21,205 |
Carrying amount | € 19,508 | € 21,205 |
Minimum | Lease liabilities | ||
Financial liabilities | ||
Nominal interest rate (as a percent) | 5.40% | 5.40% |
Nominal interest rate at commencement of leases | 2.10% | 2.10% |
Maximum | Lease liabilities | ||
Financial liabilities | ||
Nominal interest rate (as a percent) | 9.10% | 9.10% |
Nominal interest rate at commencement of leases | 3.50% | 3.50% |
Overdraft facility | ||
Financial liabilities | ||
Financial assets pledged as collateral for liabilities or contingent liabilities | € 1,000 | € 1,000 |
Short-term deposits, pledged as security | 2,500 | 2,500 |
Existing Overdraft facility | ||
Financial liabilities | ||
Financial assets pledged as collateral for liabilities or contingent liabilities | 2,500 | € 2,500 |
Second Overdraft facility | ||
Financial liabilities | ||
Short-term deposits, pledged as security | € 500 |
Financial liabilities - Trade p
Financial liabilities - Trade payables and other liabilities (Details) - EUR (€) € in Thousands | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Disclosure of reconciliation of liabilities arising from financing activities | |||
Trade payables | € 14,014 | € 31,736 | |
Government grants (deferred income) | 9,992 | 10,292 | |
Contract liabilities | 4,913 | 4,479 | |
Others | 10,813 | 13,483 | |
Trade payables and other liabilities | 39,732 | 59,990 | |
Non-current | 8,640 | 8,950 | |
Current | 31,092 | 51,040 | |
Grants received for investment in property, plant and equipment | 0 | € 390 | |
Provision for outstanding invoices | 4,931 | 1,245 | |
Personnel related liabilities for vacation and bonuses | 3,245 | 4,032 | |
VAT payable | 119 | 4,578 | |
Liabilities for wage and church tax | € 920 | € 1,988 |
Share-based payments - Expenses
Share-based payments - Expenses from share-based payment arrangements (Details) - EUR (€) € in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Expenses arising from share-based payment transactions | ||||
Share-based payment expenses | € 2,234 | € 336 | € 4,276 | € 1,393 |
Share-based payments - Share-ba
Share-based payments - Share-based award activity (Details) | 6 Months Ended | |
Jun. 30, 2021USD ($)€ / sharesshares | Jun. 30, 2021USD ($)$ / sharesshares | |
Options | ||
Number | ||
Granted during the year | 75,000 | 75,000 |
Equity share option 2017 (Equity settled) | ||
Share-based payments | ||
Exercise price of share options granted | € / shares | € 0.12 | |
Number | ||
Outstanding at January 1 | 549,005 | 549,005 |
Exercised during the year | (140,169) | (140,169) |
Outstanding as of June 30 | 408,836 | 408,836 |
Vested as of June 30 | shares | 408,836 | 408,836 |
Exercisable as of June 30 | 408,836 | 408,836 |
WAEP | ||
Outstanding as of January 1 | € / shares | € 0.12 | |
Granted during the year | € / shares | 0.12 | |
Exercised during the year | (per share) | 0.12 | $ 11.67 |
Outstanding as of June 30 | € / shares | € 0.12 | |
2019 Plan | Options | ||
Share-based payments | ||
Exercise price of share options granted | $ / shares | $ 12.57 | |
Number | ||
Outstanding at January 1 | 154,925 | 154,925 |
Granted during the year | 30,152 | 30,152 |
Outstanding as of June 30 | 185,077 | 185,077 |
Vested as of June 30 | shares | 111,591 | 111,591 |
Exercisable as of June 30 | 111,591 | 111,591 |
WAEP | ||
Outstanding as of January 1 | $ / shares | $ 11.60 | |
Granted during the year | $ / shares | 12.57 | |
Outstanding as of June 30 | $ / shares | $ 11.76 | |
2019 Plan | RSUs | ||
Number | ||
Outstanding as of January 1 | 1,885,100 | 1,885,100 |
Granted during the year | 150,804 | 150,804 |
Exercised during the year | (187,430) | (187,430) |
Outstanding as of June 30 | 1,848,474 | 1,848,474 |
Vested as of June 30 | shares | 230,992 | 230,992 |
Exercisable as of June 30 | 230,992 | 230,992 |
WAEP | ||
Exercised during the year | $ / shares | $ 11.74 |
Share-based payments - Manageme
Share-based payments - Management board and employees Options and RSUs grants awarded and exercises (Details) | Dec. 01, 2020Options | Jun. 30, 2021USD ($)$ / sharesshares | Jun. 30, 2021USD ($)tranche$ / sharesshares | Jun. 30, 2021USD ($)€ / sharesshares |
Chief Executive Officer | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
RSUs granted | Options | 324,000 | |||
Options | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Number of options granted | 75,000 | |||
Trading days | 20 days | |||
Exercise price | $ / shares | $ 11.60 | |||
Incremental fair value | $ 226,000 | |||
2019 Plan | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Expiration Date | 10 years | |||
Weighted average fair value of RSUs granted | $ / shares | $ 10.17 | $ 10.91 | ||
Weighted average fair value of share options granted | $ / shares | $ 7.59 | $ 7.47 | ||
2019 Plan | RSUs | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
RSUs granted | 150,804 | |||
RSUs vested and are exercisable | 230,992 | 230,992 | 230,992 | |
No of RSUs exercised during the period | 187,430 | |||
Weighted average share price of RSUs exercised during the period | $ / shares | $ 11.74 | |||
2019 Plan | Options | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Number of options granted | 30,152 | |||
Trading days | 20 days | |||
Exercise price | $ / shares | $ 12.52 | |||
No of options vested during the period | shares | 111,591 | 111,591 | 111,591 | |
2019 Plan | Options | Vesting in three tranches | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
No of options vested during the period | shares | 15,000 | 15,000 | 15,000 | |
Equity share option 2017 (Equity settled) | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
No of options vested during the period | shares | 408,836 | 408,836 | 408,836 | |
No of options exercised during the period | 140,169 | |||
Weighted average share price of options exercised during the period | (per share) | $ 11.67 | € 0.12 | ||
RSU Granted One | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Number of Awards | 105,804 | |||
Number of tranches | tranche | 4 | |||
Vesting period | 4 years | |||
Expiration Date | 10 years | |||
RSU Granted Two | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Number of Awards | 30,000 | |||
Number of tranches | tranche | 3 | |||
Vesting period | 3 years | |||
Expiration Date | 10 years | |||
RSU Granted Three | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Number of Awards | 15,000 | |||
Number of tranches | tranche | 3 | |||
Expiration Date | 10 years | |||
Options Granted One | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Number of Awards | 15,152 | |||
Number of tranches | tranche | 4 | |||
Vesting period | 4 years | |||
Expiration Date | 10 years | |||
Options Granted Two | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Number of Awards | 15,000 | |||
Number of tranches | tranche | 3 | |||
Vesting period | 3 years | |||
Expiration Date | 10 years |
Commitments (Details)
Commitments (Details) - EUR (€) € in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
Lease commitments | ||
Total payment obligation | € 2,857 | € 4,669 |
Rostock headquarters building | Within one year | ||
Lease commitments | ||
Future lease payments to be made | 1,667 | 283 |
Rostock headquarters building | Within five years | ||
Lease commitments | ||
Future lease payments to be made | 2,424 | 1,686 |
Rostock headquarters building | Later than 5 years | ||
Lease commitments | ||
Future lease payments to be made | 4,219 | 4,855 |
Office equipment and storage spaces | Within one year | ||
Lease commitments | ||
Future lease payments to be made | 16 | 33 |
Office equipment and storage spaces | Within five years | ||
Lease commitments | ||
Future lease payments to be made | € 2 | € 9 |
Contingent Liabilities (Details
Contingent Liabilities (Details) - EUR (€) € in Thousands | 6 Months Ended | |
Jun. 30, 2021 | Nov. 08, 2018 | |
Universitair Medisch Centrum Utrecht | ||
Contingent Liabilities | ||
Disputed amount | € 1,300 | € 880 |
State of Mecklenburg-Western Pomerania ("MVP") | ||
Contingent Liabilities | ||
Disputed amount | 2,300 | |
Amounts received on invoices | € 2,300 |
Subsequent Events (Details)
Subsequent Events (Details) | Dec. 01, 2020CHF (SFr)Options | Sep. 30, 2021Optionstranche | Jun. 30, 2021USD ($) | Aug. 07, 2021EUR (€) |
Chief Executive Officer | ||||
Subsequent Event | ||||
RSUs granted | 324,000 | |||
RSUs | Chief Executive Officer | ||||
Subsequent Event | ||||
Required investment in ordinary shares | SFr | SFr 1,000,000 | |||
2019 Plan | RSUs | ||||
Subsequent Event | ||||
RSUs granted | $ | 150,804 | |||
Grant of RSUs | 2019 Plan | RSUs | Management | ||||
Subsequent Event | ||||
RSUs granted | 22,936 | |||
Vesting period | 4 years | |||
Grant of RSUs | 2019 Plan | Vesting in four tranches | RSUs | Management | ||||
Subsequent Event | ||||
Number of tranches | tranche | 4 | |||
Association Of Statutory Health Insurance Physicians | Prof. Dr. Peter Bauer | ||||
Subsequent Event | ||||
Disputed amount | € | € 42,268.50 |