Exhibit 99.2
Centogene N.V.
Unaudited consolidated statements of comprehensive loss
(in EUR k)
| | | | | | | | | | |
|
| |
| For the three months ended June 30 |
| For the six months ended June 30 | ||||
| | | | 2022 |
| 2021* (Revised) |
| 2022 | | 2021* (Revised) |
Revenue |
| | | 11,198 |
| 9,209 |
| 21,389 | | 19,002 |
Cost of sales |
| | | 6,586 |
| 6,617 |
| 13,036 | | 12,825 |
Gross profit |
| | | 4,612 |
| 2,592 |
| 8,353 | | 6,177 |
Research and development expenses |
| | | 4,457 |
| 4,053 |
| 9,071 | | 8,388 |
General administrative expenses |
| | | 9,378 |
| 10,494 |
| 17,284 | | 22,090 |
Selling expenses |
| | | 2,798 |
| 1,942 |
| 5,192 | | 3,891 |
Impairment of financial assets |
| | | — |
| 544 |
| — | | 615 |
Gain on reversal of financial asset impairment | | | | 1,035 | | — | | 919 | | — |
Other operating income |
| | | 657 |
| 1,276 |
| 1,390 | | 1,642 |
Other operating expenses |
| | | 506 |
| 2 |
| 507 | | 36 |
Operating loss |
| | | (10,835) |
| (13,167) |
| (21,392) | | (27,201) |
Changes in fair value of warrants | | | | 1,401 | | — | | 1,639 | | — |
Interest and similar income |
| | | — |
| — |
| 1 | | — |
Interest and similar expense |
| | | 2,278 |
| 175 |
| 3,137 | | 434 |
Financial costs, net |
| | | (877) |
| (175) |
| (1,497) | | (434) |
Loss before taxes from continuing operations |
| | | (11,712) |
| (13,342) |
| (22,889) | | (27,635) |
Income tax expenses |
| | | 175 |
| 124 |
| 179 | | 124 |
Loss for the period from continuing operations |
| | | (11,887) |
| (13,466) |
| (23,068) | | (27,759) |
Net income from discontinued operations, net of tax | | | | 1,539 | | 5,110 | | 6,140 | | 14,338 |
Loss for the period | | | | (10,348) | | (8,356) | | (16,928) | | (13,421) |
Other comprehensive income/(loss), all attributable to equity holders of the parent |
| | | (71) |
| (191) |
| 23 | | (70) |
Total comprehensive loss |
| | | (10,419) |
| (8,547) |
| (16,905) | | (13,491) |
Attributable to: |
| | | |
| |
| | | |
Equity holders of the parent |
| | | (10,145) |
| (8,559) |
| — | | (13,537) |
Non‑controlling interests from continuing operations |
| | | — |
| — |
| (16,658) | | — |
Non‑controlling interests from discontinued operations | | | | (274) | | 12 | | (247) | | 46 |
| | | | (10,419) |
| (8,547) |
| (16,905) | | (13,491) |
Net loss per share - Basic and diluted from (in EUR) | | | | | | | | | | |
Continuing operations | | | | (0.44) | | (0.61) | | (0.88) | | (1.24) |
Loss attributable to parent | | | | (0.38) | | (0.38) | | (0.64) | | (0.60) |
|
| | | | | |
| | | |
*The comparative numbers have been re-presented as a result of the discontinued operations.
1
Centogene N.V.
Unaudited consolidated statements of financial position
(in EUR k)
| | | | | | | | |
Assets |
| |
| June 30, 2022 |
| Dec 31, 2021 |
| Jan 1 2021 |
| | | | | | Revised | | Revised |
Non‑current assets |
| |
|
|
|
| | |
Intangible assets |
| |
| 7,576 |
| 9,194 | | 12,407 |
Property, plant and equipment* |
| |
| 7,217 |
| 9,464 | | 16,590 |
Right-of-use assets | | | | 17,059 |
| 18,904 | | 22,120 |
Other assets |
| |
| 2,972 |
| 2,972 | | 1,967 |
| | |
| 34,824 |
| 40,534 | | 53,084 |
Current assets |
| |
| |
| | | |
Inventories |
| |
| 2,154 |
| 3,869 | | 11,405 |
Trade receivables and contract assets* |
| |
| 15,716 |
| 23,646 | | 29,250 |
Other assets |
| |
| 3,954 |
| 5,453 | | 8,286 |
Cash and cash equivalents |
| |
| 33,515 |
| 17,818 | | 48,156 |
| | |
| 55,339 |
| 50,786 | | 97,097 |
| | |
| 90,163 |
| 91,320 | | 150,181 |
| | | | | | | | |
Equity and liabilities |
| |
| June 30, 2022 |
| Dec 31, 2021 |
| Jan 1 2021 |
| | | | | | Revised | | Revised |
Equity |
| |
|
|
|
| | |
Issued capital |
| |
| 3,250 |
| 2,708 | | 2,654 |
Capital reserve |
| |
| 144,027 |
| 133,897 | | 125,916 |
Accumulated deficit and other reserves* |
| |
| (126,171) |
| (109,414) | | (63,477) |
Non‑controlling interests |
| |
| (54) |
| 193 | | 95 |
| | |
| 21,052 |
| 27,384 | | 65,188 |
Non‑current liabilities |
| |
| |
| | | |
Non‑current loans |
| |
| 23,632 |
| — | | 401 |
Lease liabilities* |
| |
| 13,770 |
| 15,394 | | 17,677 |
Deferred tax liabilities |
| |
| 49 |
| 79 | | 207 |
Government grants |
| |
| 7,305 |
| 8,028 | | 8,950 |
Other liabilities* | | | | — | | 1,018 | | 640 |
Warrants liability | | | | 1,194 | | — | | — |
| | |
| 45,950 |
| 24,519 | | 27,875 |
Current liabilities |
| |
| |
| | | |
Government grants |
| |
| 1,351 |
| 1,368 | | 1,342 |
Current loans |
| |
| 1,730 |
| 3,815 | | 2,492 |
Lease liabilities* |
| |
| 2,713 |
| 3,330 | | 3,528 |
Trade payables |
| |
| 4,757 |
| 11,252 | | 31,736 |
Liabilities from income taxes | | | | 124 | | 178 | | 58 |
Other liabilities* |
| |
| 12,486 |
| 19,474 | | 17,962 |
| | |
| 23,161 |
| 39,417 | | 57,118 |
| | |
| 90,163 |
| 91,320 | | 150,181 |
2
* Property, plant and equipment and lease liabilities as of December 31, 2021 and Trade receivables and contract assets and other liabilities as of December 31, 2021 and January 1, 2021 have been revised. Refer to Note 2 – Revision of previously issued financial statements.
3
Centogene N.V.
Unaudited consolidated statements of cash flows
(in EUR k)
| | | | | | |
| | | | For the six months ended June 30 | ||
|
| |
| 2022 |
| 2021* (Revised) |
Operating activities |
| |
|
|
|
|
| | | | | | |
Loss before taxes from continuing operations | | | | (22,889) | | (27,635) |
Income before taxes from discontinued operations | | | | 6,153 | | 14,338 |
Loss before taxes |
| |
| (16,736) | | (13,297) |
| | | | | | |
Adjustments to reconcile loss to cash flow from operating activities |
| |
| | | |
| | | | | | |
Amortization and depreciation |
| |
| 5,958 | | 6,670 |
Interest income | | | | (1) | | — |
Interest expense |
| |
| 3,137 | | 471 |
Expected credit loss allowances on trade receivables and contract assets | | | | — | | 675 |
Gain on revaluation of credit loss allowance on trade receivables and contract assets | | | | (919) | | — |
Gain on disposal of property, plant and equipment | | | | (683) | | — |
Share‑based payment (true up)/ expenses |
| |
| (1,386) | | 4,276 |
Fair value adjustments of warrants | | | | (1,639) | | — |
Tax expense | | | | 192 | | 124 |
Other non‑cash items |
| |
| (580) | | 126 |
| | | | | | |
Changes in operating assets and liabilities |
| |
| | | |
Inventories |
| |
| 1,715 | | 2,124 |
Trade receivables and contract assets |
| |
| 8,849 | | 10,370 |
Other assets |
| |
| 1,499 | | 328 |
Trade payables |
| |
| (6,495) | | (17,722) |
Other liabilities |
| |
| (8,060) | | (1,975) |
| | | | | | |
Thereof cash flow (used in) continuing operating activities |
| |
| (22,504) | | (16,603) |
Thereof cash flow from discontinued operating activities | | | | 7,355 | | 8,773 |
Net cash flow (used in) operating activities | | | | (15,149) | | (7,830) |
| | | | | | |
Investing activities |
| |
| | | |
| | | | | | |
Cash paid for investments in intangible assets |
| |
| (151) | | (2,089) |
Cash paid for investments in property, plant and equipment |
| |
| (843) | | (2,696) |
Cash received for disposal of property, plant and equipment | | | | 779 | | — |
| | | | | | |
Thereof cash flow (used in) continuing investing activities | | | | (994) | | (2,397) |
Thereof cash flow from/(used in) discontinued investing activities | | | | 779 | | (2,388) |
Cash flow received/ (used in) investing activities |
| |
| (215) | | (4,785) |
| | | | | | |
Financing activities |
| |
| |
| |
Cash received from issuance of shares | | | | 12,058 | | — |
Cash received from issuance of warrants | | | | 2,833 | | — |
Cash received from loans |
| |
| 21,695 | | 1,769 |
Cash repayments of loans |
| |
| (148) | | (185) |
Cash repayments of lease liabilities |
| |
| (2,241) | | (2,263) |
Interest received | | | | 1 | | — |
Interest paid |
| |
| (3,137) | | (82) |
| | | | | | |
Thereof net cash flow from/(used in) continuing financing activities | | | | 31,542 | | (404) |
Thereof net cash flow (used in) discontinued financing activities | | | | (481) | | (357) |
Net cash flow from/ (used in) financing activities |
| |
| 31,061 | | (761) |
| | | | | | |
Changes in cash and cash equivalents |
| |
| 15,697 | | (13,376) |
Cash and cash equivalents at the beginning of the period |
| |
| 17,818 | | 48,156 |
Cash and cash equivalents at the end of the period |
| |
| 33,515 | | 34,780 |
* The comparative numbers have been re-presented as a result of the discontinued operations
4
1 Segment information
| | | | | | | | |
in EUR k | | For the three months ended June 30, 2022 | ||||||
|
| Pharmaceutical |
| Diagnostics |
| Corporate |
| Total |
Total Revenues from contracts with external customers | | 3,653 | | 7,545 | | — | | 11,198 |
| | | | | | | | |
Adjusted EBITDA |
| 1,472 | | 2,005 | | (9,413) | | (5,936) |
| | | | | | | | |
Capital Expenditures |
| | | | | | | |
Additions to property, plant and equipment and right-of-use assets |
| 12 | | 713 | | 34 | | 759 |
Additions to intangible assets |
| 70 | | — | | 37 | | 107 |
| | | | | | | | |
Other segment information |
| | | | | | | |
Depreciation and amortization | | 124 | | 512 | | 1,513 | | 2,149 |
Research and development expenses |
| — | | — | | 4,457 | | 4,457 |
| | | | | | | | |
in EUR k | | For the three months ended June 30, 2021 | ||||||
|
| Pharmaceutical |
| Diagnostics* |
| Corporate |
| Total |
Total Revenues from contracts with external customers | | 2,831 | | 6,378 | | — | | 9,209 |
| | | | | | | | |
Adjusted EBITDA |
| 647 | | 278 | | (9,543) | | (8,618) |
| | | | | | | | |
Capital Expenditures |
| | | | | | | |
Additions to property, plant and equipment and right-of-use assets |
| 3 | | — | | 105 | | 108 |
Additions to intangible assets |
| 241 | | — | | 522 | | 763 |
| | | | | | | | |
Other segment information |
| | | | | | | |
Depreciation and amortization | | 410 | | 412 | | 1,493 | | 2,315 |
Research and development expenses |
| — | | — | | 4,053 | | 4,053 |
| | | | | | | | |
| | For the six months ended June 30, 2022 | ||||||
in EUR k |
| Pharmaceutical |
| Diagnostics |
| Corporate | | Total |
Total Revenues from contracts with external customers | | 6,888 | | 14,501 | | — | | 21,389 |
|
| | | | | | | |
Adjusted EBITDA |
| 2,571 | | 2,719 | | (21,377) | | (16,087) |
| | | | | | | | |
Capital Expenditures |
| | | | | | | |
Additions to property, plant and equipment and right-of-use assets |
| 12 | | 713 | | 113 | | 838 |
Additions to intangible assets |
| 99 | | — | | 52 | | 151 |
| | | | | | | | |
Other segment information |
| | | | | | | |
Depreciation and amortization | | 251 | | 953 | | 3,308 | | 4,512 |
Research and development expenses |
| — | | — | | 9,071 | | 9,071 |
5
| | | | | | | | |
| | For the six months ended June 30, 2021 | ||||||
in EUR k |
| Pharmaceutical |
| Diagnostics* |
| Corporate |
| Total |
Total Revenues from contracts with external customers | | 6,429 | | 12,573 | | — | | 19,002 |
| | | | | | | | |
Adjusted EBITDA |
| 2,144 | | 1,168 | | (21,563) |
| (18,251) |
| | | | | | | | |
Capital Expenditures | | |
| |
| |
| |
Additions to property, plant and equipment and right-of-use assets | | 9 | | 234 | | 419 |
| 662 |
Additions to intangible assets | | 563 | | — | | 1,172 |
| 1,735 |
| | | | | | | | |
Other segment information |
| |
| |
| |
| |
Depreciation and amortization | | 824 | | 818 | | 3,032 | | 4,674 |
Research and development expenses |
| — | | — | | 8,388 |
| 8,388 |
| | | | | | | | | | |
| | For the year ended December 31, 2021 | ||||||||
in EUR k |
| Pharmaceutical | �� | Diagnostics* |
| COVID-19* |
| Corporate | | Total |
Total Revenues from contracts with external customers | | 15,641 | | 26,697 | | 146,334 | | — | | 188,672 |
| | | | | | | | | | |
Adjusted EBITDA |
| 4,843 | | 2,952 | | 20,903 |
| (46,247) | | (17,549) |
| | | | | | | | | | |
Capital Expenditures | | |
| |
| |
| | | |
Additions to property, plant and equipment and right-of-use assets | | 690 | | 261 | | 2,480 |
| 936 | | 4,367 |
Additions to intangible assets | | 2,401 | | — | | 386 |
| — | | 2,787 |
| | | | | | | | | | |
Other segment information |
| |
| |
| |
| | | |
Depreciation and amortization | | 2,076 | | 2,539 | | 9,511 | | 5,848 | | 19,974 |
Research and development expenses |
| — | | — | | — |
| 19,297 | | 19,297 |
* Total Revenues from contracts with external customers have been revised for the second quarter and first half of 2021 and for the year ended December 31, 2021. Refer to Note 2 – Revision of previously issued financial statements.
Adjusted EBITDA
Adjustments to income/ loss include non-cash charges in relation to depreciation, amortization (including impairments), one-off costs (as defined below), 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 costs include general financing costs and corporate overheads related to, 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.
“One-off costs” are related to the costs incurred for the process of obtaining the equity and debt financing which were not directly attributable to the Oxford Loan or issuance of shares. One-off costs primarily include legal and consulting fees. These costs were disclosed under corporate expenses for the first quarter of 2022. Management reassessed and classified the one-off costs as an adjustment item for the first half of 2022.
Decreases in corporate expenses for the second quarter and first half of 2022 are mainly due to decreases in personnel costs and implementation of cost saving measures.
6
Reconciliation of segment Adjusted EBITDA to Group loss before taxes from continuing operations
| | | | |
|
| For the three months ended June 30 | ||
in EUR k | | 2022 |
| 2021* |
Reported segment Adjusted EBITDA |
| 3,477 |
| 925 |
Corporate expenses |
| (9,413) |
| (9,543) |
|
| (5,936) |
| (8,618) |
Share-based payment income/(expenses) |
| (571) |
| (2,234) |
Depreciation and amortization |
| (2,149) |
| (2,315) |
One-off costs | | (2,179) | | — |
Operating loss from continuing operations |
| (10,835) |
| (13,167) |
Financial costs, net |
| (877) |
| (175) |
Income tax expenses | | (175) | | (124) |
Loss before taxes from continuing operations for the three months ended June 30 |
| (11,887) |
| (13,466) |
| | | | |
|
| For the six months ended June 30 | ||
in EUR k | | 2022 |
| 2021* |
Reported segment Adjusted EBITDA |
| 5,290 |
| 3,312 |
Corporate expenses |
| (21,377) |
| (21,563) |
|
| (16,087) |
| (18,251) |
Share-based payment income/(expenses) |
| 1,386 |
| (4,276) |
Depreciation and amortization |
| (4,512) |
| (4,674) |
One-off costs | | (2,179) | | — |
Operating loss from continuing operations |
| (21,392) |
| (27,201) |
Financial costs, net |
| (1,497) |
| (434) |
Income tax expenses |
| (179) |
| (124) |
Loss before taxes from continuing operations for the six months ended June 30 |
| (23,068) |
| (27,759) |
Reconciliation of segment Adjusted EBITDA to Group loss for the period
| | | | | | |
in EUR k | | 2021* |
| 2020* | | 2019* |
Reported segment Adjusted EBITDA |
| 28,697 |
| 40,655 | | 17,020 |
Corporate expenses |
| (46,247) |
| (39,918) | | (22,949) |
|
| (17,550) |
| 737 | | (5,929) |
Share-based payment income/(expenses) |
| (8,035) |
| (5,658) | | (6,418) |
Depreciation and amortization |
| (19,974) |
| (15,128) | | (6,579) |
Operating loss |
| (45,559) |
| (20,049) | | (18,926) |
Financial costs, net |
| (848) | | (1,394) | | (2,013) |
Income tax expenses |
| 24 | | (281) | | (158) |
Loss for the year |
| (46,383) |
| (21,724) | | (21,097) |
| | | | | | |
* Reported segment Adjusted EBITDA has been revised for the second quarter and first half of 2021 and for the years ended December 31, 2021, 2020 and 2019. Refer to Note 2 – Revision of previously issued financial statements.
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 115k (December 31, 2021: EUR 147k) and right-of-use assets of EUR Nil (December 31, 2021: EUR 137k), which are located in the United States.
7
8
2 Revision of previously issued financial statements
During the preparation of unaudited condensed consolidated financial statements as of and for the three months ended March 31, 2022, the Group identified unadjusted differences related to certain property, plant and equipment and lease liabilities balances on the consolidated statement of financial position and cost of sales and other operating income amounts in the statements of comprehensive loss as of and for the year ended December 31, 2021.
During the preparation of the unaudited financial results for the second quarter ended June 30, 2022, the Group identified unadjusted differences related to revenue recognized and impairment losses for the years ended December 31, 2021, December 31, 2020 and December 31, 2019 and trade receivables outstanding as of December 31, 2021, 2020 and 2019 for the Diagnostics segment.
The Group assessed the materiality of these unadjusted differences on the previously issued consolidated financial statements and concluded that the errors were not material to any period presented.
The Group revised the amounts presented for certain property, plant and equipment, lease liabilities, trade receivables and other liabilities balances on the consolidated statement of financial position and revenue, cost of sales, impairment of financial assets and other operating income amounts in the statements of comprehensive loss for the previous periods.
The impact of the revision on the previously issued financial statements is disclosed below.
The impact of the revisions on the consolidated statements of financial position as of March 31, 2022 and 2021, are as follows:
| | | | | | | | |
in EUR k | | March 31 2022 (as previously reported) | | March 31 2022 (revised) | | March 31 2021 (as previously reported) | | March 31 2021 (revised) |
Non‑current assets | | 36,801 | | 36,801 | | 54,116 | | 54,116 |
Trade receivables and contract assets | | 21,125 | | 20,380 | | 28,604 | | 28,520 |
Current assets | | 71,301 | | 70,556 | | 91,318 | | 91,234 |
Total Assets | | 108,102 | | 107,357 | | 145,434 | | 145,350 |
| | | | | | | | |
Equity and liabilities | | | | | | | | |
Retained earnings and other reserves | | (114,120) | | (115,927) | | (67,691) | | (68,455) |
Equity | | 32,806 | | 30,999 | | 63,051 | | 62,287 |
| | | | | | | | |
Other liabilities | | - | | - | | - | | 680 |
Non‑current liabilities | | 46,598 | | 46,598 | | 26,050 | | 26,730 |
| | | | | | | | |
Other liabilities | | 14,559 | | 15,621 | | 22,591 | | 22,591 |
Current liabilities | | 28,698 | | 29,760 | | 56,333 | | 56,333 |
Total Equity and Liabilities | | 108,102 | | 107,357 | | 145,434 | | 145,350 |
9
The impact of the revisions on the consolidated statements of comprehensive income for the three months ended March 31, 2022 and 2021 are as follows:
| | | | | | | | |
in EUR k | | For the three months ended March 31 2022 (as previously reported) | | For the three months ended March 31 2022 (as revised) | | For the three months ended March 31 2021 (as previously reported) | | For the three months ended March 31 2021 (revised) |
Revenue | | 10,327 | | 10,191 | | 9,981 | | 9,793 |
Cost of sales | | 6,450 | | 6,450 | | 6,208 | | 6,208 |
Gross profit | | 3,877 | | 3,741 | | 3,773 | | 3,585 |
Research and development expenses | | 4,614 | | 4,614 | | 4,335 | | 4,335 |
General administrative expenses | | 7,906 | | 7,906 | | 11,596 | | 11,596 |
Selling expenses | | 2,394 | | 2,394 | | 1,949 | | 1,949 |
Impairment of financial assets | | 154 | | 116 | | 95 | | 71 |
Other operating income | | 733 | | 733 | | 366 | | 366 |
Other operating expenses | | 1 | | 1 | | 34 | | 34 |
Operating loss | | (10,459) | | (10,557) | | (13,870) | | (14,034) |
Loss for the period from continuing operations | | (11,083) | | (11,180) | | (14,129) | | (14,293) |
Net income from discontinued operations, net of tax | | 4,601 | | 4,601 | | 9,240 | | 9,227 |
Loss for the period | | (6,482) | | (6,579) | | (4,889) | | (5,066) |
Total comprehensive loss | | (6,388) | | (6,485) | | (4,768) | | (4,945) |
Loss per share- Basic and diluted (in EUR) | | (0.28) | | (0.28) | | (0.22) | | (0.23) |
| | | | | | | | |
The impact of the revisions on the consolidated statements of financial position as of June 30, 2021 are as follows:
| | | | |
in EUR k | | June 30, 2021 (as previously reported) | | June 30, 2021 (as revised) |
Non‑current assets | | 52,171 | | 52,171 |
Trade receivables and contract assets | | 18,490 | | 18,204 |
Current assets | | 68,615 | | 68,329 |
Total Assets | | 120,786 | | 120,500 |
| | | | |
Equity and liabilities | | | | |
Retained earnings and other reserves | | (75,913) | | (77,015) |
Equity | | 57,074 | | 55,972 |
| | | | |
Other liabilities | | - | | 816 |
Non‑current liabilities | | 25,295 | | 26,111 |
| | | | |
Current liabilities | | 38,417 | | 38,417 |
Total Equity and Liabilities | | 120,786 | | 120,500 |
10
The impact of the revisions on the consolidated statements of comprehensive income for the three and six months ended June 30, 2021 are as follows:
| | | | | | | | |
in EUR k | | For the three months ended June 30, 2021 (as previously reported - including Discontinued Operations) | | For the three months ended June 30, 2021 (as revised) | | For the six months ended June 30, 2021 (as previously reported - including Discontinued Operations) | | For the six months ended June 30, 2021 (as revised) |
Revenue | | 9,546 | | 9,209 | | 19,527 | | 19,002 |
Cost of sales | | 6,617 | | 6,617 | | 12,825 | | 12,825 |
Gross profit | | 2,929 | | 2,592 | | 6,702 | | 6,177 |
Research and development expenses | | 4,053 | | 4,053 | | 8,388 | | 8,388 |
General administrative expenses | | 10,494 | | 10,494 | | 22,090 | | 22,090 |
Selling expenses | | 1,942 | | 1,942 | | 3,891 | | 3,891 |
Impairment of financial assets | | 580 | | 544 | | 675 | | 615 |
Other operating income | | 1,276 | | 1,276 | | 1,642 | | 1,642 |
Other operating expenses | | 2 | | 2 | | 36 | | 36 |
Operating loss | | (12,866) | | (13,167) | | (26,736) | | (27,201) |
Loss for the period from continuing operations | | (13,165) | | (13,466) | | (27,294) | | (27,759) |
Net income from discontinued operations, net of tax | | 5,145 | | 5,110 | | 14,385 | | 14,338 |
Loss for the period | | (8,020) | | (8,356) | | (12,909) | | (13,421) |
Total comprehensive loss | | (8,211) | | (8,547) | | (12,979) | | (13,491) |
Net loss per share- Basic and diluted (in EUR) | | (0.37) | | (0.38) | | (0.58) | | (0.60) |
| | | | | | | | |
The impact of the revisions on the consolidated statements of financial position as of September 30, 2021 are as follows:
| | | | |
in EUR k | | September 30, 2021 (as previously reported) | | September 30, 2021 (as revised) |
Non‑current assets | | 45,781 | | 45,781 |
Trade receivables and contract assets | | 13,907 | | 13,444 |
Current assets | | 50,409 | | 49,946 |
Total Assets | | 96,190 | | 95,727 |
| | | | |
Equity and liabilities | | | | |
Retained earnings and other reserves | | (97,523) | | (98,925) |
Equity | | 37,376 | | 35,974 |
| | | | |
Other liabilities | | - | | 939 |
Non‑current liabilities | | 24,136 | | 25,075 |
| | | | |
Current liabilities | | 34,678 | | 34,678 |
Total Equity and Liabilities | | 96,190 | | 95,727 |
11
The impact of the revisions on the consolidated statements of comprehensive income for the three and nine months ended September 30, 2021 are as follows:
| | | | | | | | |
in EUR k | | For the three months ended September 30, 2021 (as previously reported - including Discontinued Operations) | | For the three months ended September 30, 2021 (as revised) | | For the nine months ended September 30, 2021 (as previously reported - including Discontinued Operations) | | For the nine months ended September 30, 2021 (as revised) |
Revenue | | 9,993 | | 9,661 | | 29,520 | | 28,663 |
Cost of sales | | 6,828 | | 6,828 | | 19,653 | | 19,653 |
Gross profit | | 3,165 | | 2,833 | | 9,867 | | 9,010 |
Research and development expenses | | 3,821 | | 3,821 | | 12,209 | | 12,209 |
General administrative expenses | | 10,406 | | 10,406 | | 32,496 | | 32,496 |
Selling expenses | | 2,206 | | 2,206 | | 6,097 | | 6,097 |
Impairment of financial assets | | 502 | | 471 | | 1,177 | | 1,086 |
Other operating income | | 1,011 | | 1,011 | | 2,653 | | 2,653 |
Other operating expenses | | - | | - | | 36 | | 36 |
Operating loss | | (12,759) | | (13,060) | | (39,495) | | (40,261) |
Loss for the period from continuing operations | | (13,057) | | (13,358) | | (40,351) | | (41,117) |
Net income from discontinued operations, net of tax | | (8,587) | | (8,587) | | 5,798 | | 5,751 |
Loss for the period | | (21,644) | | (21,945) | | (34,553) | | (35,366) |
Total comprehensive loss | | (21,558) | | (21,859) | | (34,537) | | (35,350) |
Net loss per share- Basic and diluted (in EUR) | | (0.96) | | (0.97) | | (1.55) | | (1.58) |
| | | | | | | | |
12
The impact of the revisions on the consolidated statements of financial position as of December 31, 2021, 2020 and 2019, are as follows:
| | | | | | | | | | | | |
in EUR k | | Dec 31, 2021 | | Dec 31, 2021 (as revised) | | Dec 31, 2020 | | Dec 31, 2020 (as revised) | | Dec 31, 2019 | | Dec 31, 2019 (as revised) |
Non‑current assets | | 40,534 | | 40,534 | | 53,084 | | 53,084 | | 49,401 | | 49,401 |
| | | | | | | | | | | | |
Trade receivables and contract assets | | 24,337 | | 23,646 | | 29,199 | | 29,250 | | 16,593 | | 16,554 |
Current assets | | 51,477 | | 50,786 | | 97,046 | | 97,097 | | 68,109 | | 68,070 |
Total Assets | | 92,011 | | 91,320 | | 150,130 | | 150,181 | | 117,510 | | 117,471 |
| | | | | | | | | | | | |
Equity and liabilities | | | | | | | | | | | | |
Issued capital | | 2,708 | | 2,708 | | 2,654 | | 2,654 | | 2,383 | | 2,383 |
Capital reserve | | 133,897 | | 133,897 | | 125,916 | | 125,916 | | 98,099 | | 98,099 |
Retained earnings and other reserves | | (107,705) | | (109,414) | | (62,888) | | (63,477) | | (40,622) | | (40,865) |
Non‑controlling interests | | 193 | | 193 | | 95 | | 95 | | (938) | | (938) |
Equity | | 29,093 | | 27,384 | | 65,777 | | 65,188 | | 58,922 | | 58,679 |
| | | | | | | | | | | | |
Other liabilities | | - | | 1,018 | | - | | 640 | | - | | 204 |
Non‑current liabilities | | 23,501 | | 24,519 | | 27,235 | | 27,875 | | 29,588 | | 29,792 |
| | | | | | | | | | | | |
Current liabilities | | 39,417 | | 39,417 | | 57,118 | | 57,118 | | 29,000 | | 29,000 |
Total Equity and Liabilities | | 92,011 | | 91,320 | | 150,130 | | 150,181 | | 117,510 | | 117,471 |
The impact of the revisions on the consolidated statements of comprehensive income for the years ended December 31, 2021, 2020, and 2019 are as follows:
| | | | | | | | | | | | |
in EUR k | | Dec 31, 2021 | | Dec 31, 2021 (as revised) | | Dec 31, 2020 | | Dec 31, 2020 (as revised) | | Dec 31, 2019 | | Dec 31, 2019 (as revised) |
Revenue | | 189,923 | | 188,672 | | 128,381 | | 127,679 | | 48,780 | | 48,538 |
Cost of sales | | 160,448 | | 160,448 | | 83,437 | | 83,437 | | 26,005 | | 26,005 |
Gross profit | | 29,475 | | 28,224 | | 44,944 | | 44,242 | | 22,775 | | 22,533 |
Research and development expenses | | 19,297 | | 19,297 | | 14,935 | | 14,935 | | 9,590 | | 9,590 |
General administrative expenses | | 46,739 | | 46,739 | | 40,160 | | 40,160 | | 23,160 | | 23,160 |
Selling expenses | | 9,860 | | 9,860 | | 8,026 | | 8,026 | | 9,254 | | 9,254 |
Impairment of financial assets | | 1,140 | | 1,009 | | 3,738 | | 3,382 | | 752 | | 752 |
Other operating income | | 3,209 | | 3,209 | | 2,394 | | 2,394 | | 3,781 | | 3,781 |
Other operating expenses | | 86 | | 86 | | 182 | | 182 | | 1,284 | | 1,284 |
Real estate transfer tax expenses | | - | | - | | - | | - | | 1,200 | | 1,200 |
Operating loss | | (44,438) | | (45,558) | | (19,703) | | (20,049) | | (18,684) | | (18,926) |
Loss for the year | | (45,262) | | (46,382) | | (21,378) | | (21,724) | | (20,855) | | (21,097) |
Total comprehensive loss | | (44,719) | | (45,839) | | (21,426) | | (21,772) | | (20,839) | | (21,081) |
Loss per share- Basic and diluted (in EUR) | | (1.98) | | (2.04) | | (1.02) | | (1.04) | | (1.27) | | (1.28) |
| | | | | | | | | | | | |
The revisions above have no impact on the changes in cash, cash equivalents and net cash flows in operating, investing, and financing activities within the consolidated statements of cash flows for all periods presented.
13
However, the revision will result in cash outflows in the amount of € 910 thousand subsequent to the release date of this financial information.
The impact of the revisions on the consolidated statements of cash flows as of June 30, 2021 are as follows:
| | | | | | |
| | | | For the six months ended June 30 | ||
|
| |
| 2021 |
| 2021 (Revised) |
Operating activities |
| |
|
|
|
|
| | | | | | |
Loss before taxes from continuing operations | | | | (27,170) | | (27,635) |
Income before taxes from discontinued operations | | | | 14,385 | | 14,338 |
Loss before taxes |
| |
| (12,785) | | (13,297) |
| | | | | | |
Adjustments to reconcile loss to cash flow from operating activities |
| |
| | | |
| | | | | | |
Amortization and depreciation |
| |
| 6,670 | | 6,670 |
Interest expense |
| |
| 471 | | 471 |
Expected credit loss allowances on trade receivables and contract assets | | | | 675 | | 675 |
Gain on revaluation of credit loss allowance on trade receivables and contract assets | | | | — | | — |
Gain on disposal of property, plant and equipment | | | | — | | — |
Share‑based payment (true up)/ expenses |
| |
| 4,276 | | 4,276 |
Tax expense | | | | 124 | | 124 |
Other non‑cash items |
| |
| 126 | | 126 |
| | | | | | |
Changes in operating assets and liabilities |
| |
| | | |
Inventories |
| |
| 2,124 | | 2,124 |
Trade receivables and contract assets |
| |
| 10,034 | | 10,370 |
Other assets |
| |
| 328 | | 328 |
Trade payables |
| |
| (17,722) | | (17,722) |
Other liabilities |
| |
| (2,151) | | (1,975) |
| | | | | | |
Thereof cash flow (used in) continuing operating activities |
| |
| (16,650) | | (16,603) |
Thereof cash flow from discontinued operating activities | | | | 8,820 | | 8,773 |
Net cash flow (used in) operating activities | | | | (7,830) | | (7,830) |
| | | | | | |
Investing activities |
| |
| | | |
Cash flow received/ (used in) investing activities |
| |
| (4,785) | | (4,785) |
| | | | | | |
Financing activities |
| |
| |
| |
Net cash flow from/ (used in) financing activities |
| |
| (761) | | (761) |
| | | | | | |
Changes in cash and cash equivalents |
| |
| (13,376) | | (13,376) |
Cash and cash equivalents at the beginning of the period |
| |
| 48,156 | | 48,156 |
Cash and cash equivalents at the end of the period |
| |
| 34,780 | | 34,780 |
14