Document and Entity Information
Document and Entity Information | 12 Months Ended |
Dec. 31, 2023 shares | |
Document Information [Line Items] | |
Document Type | 20-F |
Amendment Flag | false |
Document Period End Date | Dec. 31, 2023 |
Document Fiscal Year Focus | 2023 |
Document Fiscal Period Focus | FY |
Entity Registrant Name | Oatly Group AB |
Entity Central Index Key | 0001843586 |
Entity Current Reporting Status | Yes |
Entity Voluntary Filers | No |
Entity Interactive Data Current | Yes |
Current Fiscal Year End Date | --12-31 |
Entity Filer Category | Accelerated Filer |
Entity Well-known Seasoned Issuer | No |
Entity Common Stock, Shares Outstanding | 595,060,257 |
Entity Shell Company | false |
Entity Emerging Growth Company | false |
Trading Symbol | OTLY |
Title of 12(b) Security | Ordinary shares, par value $0.00018 per share |
Security Exchange Name | NASDAQ |
Entity File Number | 001-40401 |
Entity Incorporation, State or Country Code | V7 |
Contact Personnel Email Address | investors@oatly.com |
Entity Address, Address Line One | Ångfärjekajen 8 |
Entity Address, Postal Zip Code | 211 19 |
Entity Address, City or Town | Malmö |
Entity Address, Country | SE |
ICFR Auditor Attestation Flag | true |
Document Financial Statement Error Correction [Flag] | false |
Document Annual Report | true |
Document Transition Report | false |
Document Shell Company Report | false |
Document Registration Statement | false |
Document Accounting Standard | International Financial Reporting Standards |
Auditor Firm ID | 1433 |
Auditor Name | Ernst & Young AB |
Auditor Location | Stockholm, Sweden |
Business Contact | |
Document Information [Line Items] | |
Contact Personnel Name | Marie-José David |
Entity Address, Address Line One | Ångfärjekajen 8 |
Entity Address, Postal Zip Code | 211 19 |
Entity Address, City or Town | Malmö |
Entity Address, Country | SE |
City Area Code | +46 418 |
Local Phone Number | 47 55 00 |
Consolidated statement of opera
Consolidated statement of operations - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Profit or loss [abstract] | |||
Revenue | $ 783,348 | $ 722,238 | $ 643,190 |
Cost of goods sold | (631,265) | (642,211) | (488,177) |
Gross profit | 152,083 | 80,027 | 155,013 |
Research and development expenses | (21,047) | (22,262) | (16,771) |
Selling, general and administrative expenses | (373,396) | (412,799) | (353,929) |
Other operating income and (expenses), net | (214,652) | (40,951) | 1,944 |
Operating loss | (457,012) | (395,985) | (213,743) |
Finance income | 117,876 | 15,256 | 14,435 |
Finance expenses | (69,029) | (16,665) | (15,740) |
Loss before tax | (408,165) | (397,394) | (215,048) |
Income tax (expense)/benefit | (8,895) | 4,827 | 2,655 |
Loss for the year | (417,060) | (392,567) | (212,393) |
Attributable to: Shareholders of the parent | (416,874) | $ (392,567) | $ (212,393) |
Non-controlling interests | $ (186) | ||
Loss per share, attributable to shareholders of the parent: | |||
Basic earnings (loss) per share | $ (0.7) | $ (0.66) | $ (0.39) |
Diluted earnings (loss) per share | $ (0.7) | $ (0.66) | $ (0.39) |
Weighted average comon shares outstanding: | |||
Basic | 593,600,863 | 592,031,935 | 549,080,310 |
Diluted | 593,600,863 | 592,031,935 | 549,080,310 |
Consolidated statement of compr
Consolidated statement of comprehensive loss - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Statement of comprehensive income [abstract] | |||
Loss for the year | $ (417,060) | $ (392,567) | $ (212,393) |
Items that may be reclassified to consolidated statement of operations in subsequent periods (net of tax): | |||
Exchange differences from translation of foreign operations | 10,935 | (96,997) | (71,961) |
Fair value changes on Convertible Notes attributable to changes in credit risks | (72,656) | ||
Total other comprehensive loss for the year | (61,721) | (96,997) | (71,961) |
Total comprehensive loss for the year | (478,781) | (489,564) | (284,354) |
Attributable to: | |||
Shareholders of the parent | (478,595) | $ (489,564) | $ (284,354) |
Non-controlling interests | $ (186) |
Consolidated statement of finan
Consolidated statement of financial position - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Non-current assets | ||
Intangible assets | $ 130,326 | $ 127,688 |
Property, plant and equipment | 360,286 | 492,952 |
Right-of-use assets | 88,393 | 108,598 |
Other non-current receivables | 44,378 | 7,848 |
Deferred tax assets | 10,203 | 5,860 |
Total non-current assets | 633,586 | 742,946 |
Current assets | ||
Inventories | 67,882 | 114,475 |
Trade receivables | 112,951 | 100,955 |
Current tax assets | 2,505 | 243 |
Other current receivables | 33,820 | 17,818 |
Prepaid expenses | 16,928 | 23,413 |
Cash and cash equivalents | 249,299 | 82,644 |
Total current assets other than assets held for sale | 483,385 | 339,548 |
Assets held for sale | 0 | 142,703 |
Total current assets | 483,385 | 482,251 |
TOTAL ASSETS | 1,116,971 | 1,225,197 |
Equity | ||
Share capital | 105 | 105 |
Treasury shares | 0 | 0 |
Other contributed capital | 1,628,045 | 1,628,045 |
Other reserves | (233,204) | (171,483) |
Accumulated deficit | (1,060,952) | (665,524) |
Equity attributable to shareholders of the parent | 333,994 | 791,143 |
Non-controlling interests | 1,787 | |
Total equity | 335,781 | 791,143 |
Non-current liabilities | ||
Lease liabilities | 72,570 | 82,285 |
Liabilities to credit institutions | 114,249 | 2,668 |
Provisions | 10,716 | 7,194 |
Total non-current liabilities | 197,535 | 92,147 |
Current liabilities | ||
Lease liabilities | 16,432 | 16,823 |
Convertible Notes | 323,528 | 0 |
Liabilities to credit institutions | 6,056 | 49,922 |
Trade payables | 64,368 | 82,516 |
Current tax liabilities | 2,732 | 5,515 |
Other current liabilities | 13,873 | 11,823 |
Accrued expenses | 121,338 | 123,037 |
Provisions | 35,328 | 3,800 |
Total current liabilities other than Liabilities directly associated with the assets held for sale | 583,655 | 293,436 |
Liabilities directly associated with assets held for sale | 0 | 48,471 |
Total current liabilities | 583,655 | 341,907 |
Total liabilities | 781,190 | 434,054 |
TOTAL EQUITY AND LIABILITIES | $ 1,116,971 | $ 1,225,197 |
Consolidated statement of chang
Consolidated statement of changes in equity - USD ($) $ in Thousands | Total | Share Capital | Treasury Shares | Other Contributed Capital | Other Reserves | Accumulated Deficit | Equity Attributable to Shareholders of the Parent | Non-controlling Interests |
Beginning balance at Dec. 31, 2020 | $ 326,086 | $ 21 | $ 448,251 | $ (2,525) | $ (119,661) | $ 326,086 | ||
Loss for the year | (212,393) | (212,393) | (212,393) | |||||
Other comprehensive loss for the year | (71,961) | (71,961) | (71,961) | |||||
Total comprehensive loss for the year | (284,354) | (71,961) | (212,393) | (284,354) | ||||
Bonus issue | 64 | (64) | ||||||
Issue of shares | 1,099,696 | 12 | 1,099,684 | 1,099,696 | ||||
Transaction costs | (62,371) | (62,371) | (62,371) | |||||
Conversion of shareholder loans | 104,108 | 1 | 104,107 | 104,108 | ||||
Exercise of warrants | 38,503 | 7 | 38,496 | 38,503 | ||||
Share-based payments | 23,632 | 23,632 | 23,632 | |||||
Ending balance at Dec. 31, 2021 | 1,245,299 | 105 | 1,628,103 | (74,486) | (308,423) | 1,245,299 | ||
Loss for the year | (392,567) | (392,567) | (392,567) | |||||
Other comprehensive loss for the year | (96,997) | (96,997) | (96,997) | |||||
Total comprehensive loss for the year | (489,564) | (96,997) | (392,567) | (489,564) | ||||
Issue of shares | 0 | 0 | $ 0 | 0 | ||||
Redemption of warrants | (58) | (58) | (58) | |||||
Share-based payments | 35,466 | 35,466 | 35,466 | |||||
Ending balance at Dec. 31, 2022 | 791,143 | 105 | 0 | 1,628,045 | (171,483) | (665,524) | 791,143 | |
Loss for the year | (417,060) | (416,874) | (416,874) | $ (186) | ||||
Other comprehensive loss for the year | (61,721) | (61,721) | (61,721) | |||||
Total comprehensive loss for the year | (478,781) | (61,721) | (416,874) | (478,595) | (186) | |||
Issue of shares | 0 | 0 | 0 | 0 | ||||
Share issue in subsidiary | 1,973 | 1,973 | ||||||
Share-based payments | 21,446 | 21,446 | 21,446 | |||||
Ending balance at Dec. 31, 2023 | $ 335,781 | $ 105 | $ 0 | $ 1,628,045 | $ (233,204) | $ (1,060,952) | $ 333,994 | $ 1,787 |
Consolidated statement of cash
Consolidated statement of cash flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Operating activities | |||
Net loss | $ (417,060) | $ (392,567) | $ (212,393) |
Adjustments to reconcile net loss to net cash flows | |||
Depreciation of property, plant and equipment and right-of-use assets and amortization of intangible assets | 51,702 | 48,315 | 27,222 |
Impairment of property, plant and equipment and right-of-use assets and intangible assets | 1,828 | 285 | 4,970 |
Impairment loss/(gain) on trade receivables | 611 | 3,088 | (253) |
Write-down of inventories | 16,981 | 28,839 | 5,081 |
Share-based payments expense | 21,446 | 35,466 | 23,632 |
Movements in provisions | 36,341 | 3,800 | |
Finance income | (117,876) | (15,256) | (14,435) |
Finance expenses | 69,029 | 16,665 | 15,740 |
Income tax expense/(benefit) | 8,895 | (4,827) | (2,655) |
Loss/(gain) on disposal of property, plant and equipment and intangible assets | 675 | (932) | 422 |
Impairment related to assets held for sale | 38,293 | ||
Impairment related to discontinued construction of production facilities | 172,588 | ||
Other | (226) | (138) | |
Interest received | 9,630 | 2,145 | 1,740 |
Interest paid | (20,504) | (12,875) | (9,237) |
Income tax paid | (18,098) | (2,960) | (2,734) |
Changes in working capital: | |||
Decrease/(increase) in inventories | 30,543 | (55,018) | (63,688) |
(Increase)/decrease in trade receivables, other current receivables, prepaid expenses | (2,502) | 6,991 | (79,278) |
(Decrease)/increase in trade payables, other current liabilities, accrued expenses | (9,855) | 31,828 | 92,172 |
Net cash flows used in operating activities | (165,626) | (268,946) | (213,832) |
Investing activities | |||
Purchase of intangible assets | (2,950) | (4,510) | (7,838) |
Purchase of property, plant and equipment | (66,095) | (201,655) | (273,760) |
Investments in financial assets | (1,651) | (1,162) | |
Proceeds from financial instruments | 5,720 | ||
Purchase of short-term investments | (385,165) | ||
Proceeds from short-term investments | 240,959 | 117,877 | |
Proceeds from sale of assets held for sale | 43,998 | ||
Net cash flows (used in)/from investing activities | (26,698) | 34,794 | (544,328) |
Financing activities | |||
Proceeds from issue of shares, net of transaction costs | 1,037,325 | ||
Repayment of shareholder loans | (10,941) | ||
Proceeds from liabilities to credit institutions | 176,854 | 47,850 | 118,005 |
Repayment of liabilities to credit institutions | (102,848) | (1,032) | (212,913) |
Repayment of lease liabilities | (11,411) | (10,899) | (9,282) |
Proceeds from exercise of warrants | 38,503 | ||
Payment of loan transaction costs | (32,550) | (4,900) | |
Cash flows from financing activities | 354,995 | 35,919 | 955,797 |
Net increase/(decrease) in cash and cash equivalents | 162,671 | (198,233) | 197,637 |
Cash and cash equivalents at January 1 | 82,644 | 295,572 | 105,364 |
Exchange rate differences in cash and cash equivalents | 3,984 | (14,695) | (7,429) |
Cash and cash equivalents at December 31 | 249,299 | $ 82,644 | $ 295,572 |
Convertible Notes | |||
Financing activities | |||
Proceeds from Convertible Notes | $ 324,950 |
Corporate information
Corporate information | 12 Months Ended |
Dec. 31, 2023 | |
Text Block1 [Abstract] | |
Corporate information | 1. Corporate information These financial statements are consolidated financial statements for the group consisting of Oatly Group AB and its subsidiaries. A list of the principal subsidiaries is included in Note 13 Investments in subsidiaries . Oatly Group AB (the “Company” or the “parent”) is a public limited company incorporated and domiciled in Sweden. The Company’s registered office is located at Ångfärjekajen 8, Malmö, Sweden. Oatly Group AB and its subsidiaries (together, the “Group”) manufacture, distribute and sell oat-based products. These consolidated financial statements were authorized for issue by the Board of Directors on March 22, 2024 . |
Summary of accounting policies
Summary of accounting policies | 12 Months Ended |
Dec. 31, 2023 | |
Summary Of Significant Accounting Policies [Abstract] | |
Summary of accounting policies | 2. Summary of accounting policies The principal accounting policies applied in the preparation of these consolidated financial statements are set out below. These policies have been consistently applied unless otherwise stated. All amounts are in thousands of U.S. dollars unless otherwise stated. All references in these financial statements to “$” or “USD” are to U.S. dollars, all references to “SEK” are to Swedish Kronor, all references to “€” or “EUR” are to Euro and all references to “CNY” are to Chinese Yuan. 2.1. Basis of preparation The consolidated financial statements of Oatly Group AB have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”). The preparation of the consolidated financial statements in conformity with IFRS requires the use of certain critical accounting estimates. It also requires management to exercise its judgment in the process of applying the accounting policies. The areas involving a higher degree of judgment or complexity, or areas where assumptions and estimates are significant to the consolidated financial statements are disclosed in Note 4 Significant accounting judgments estimates and assessments . The consolidated financial statements have been prepared using the cost method except for short-term investments, derivative instruments, and Convertible Notes measured at fair value. New and amended standards and interpretations Disclosure of Accounting Policies – Amendments to IAS 1 and IFRS Practice Statement 2 On January 1, 2023, the Group adopted the amendment to IAS 1 (“IAS 1 Amendment”) which provides guidance and examples to help entities apply materiality judgments to accounting policy disclosures. The amendments aim to help entities provide accounting policy disclosures that are more useful by replacing the requirement for entities to disclose their “significant” accounting policies with a requirement to disclose their “material” accounting policies and adding guidance on how entities apply the concept of materiality in making decisions about accounting policy disclosures. The adoption of IAS 1 Amendment did not have a material impact on the accounting policy disclosures in the consolidated financial statements. Deferred Tax related to Assets and Liabilities arising from a Single Transaction – Amendments to IAS 12 On January 1, 2023, the Group adopted the amendment to IAS 12 Income Taxes (“IAS 12 Amendment”) which requires recognition of deferred taxes on transactions that, on initial recognition, give rise to equal amounts of taxable and deductible temporary differences. This amendment applies to differences associated with right-of-use assets, lease liabilities and decommissioning obligations. This amendment is applied to transactions that occurred on or after the beginning of the earliest comparative period presented. The adoption of the IAS 12 Amendment did not have a material impact on the consolidated financial statements. New standards and interpretations issued not yet effective Classification of Liabilities as Current or Non-current – Amendments to IAS 1 and Non-current Liabilities with Covenants – Amendments to IAS 1 In January 2020, the IASB issued amendments to paragraphs 69 to 76 of IAS 1 Presentation of Financial Statements to specify the requirements for classifying liabilities as current or non-current. In November 2022, the IASB issued further amendments delaying the effective date to annual reporting periods beginning on or after January 1, 2024. The amendments are required to be applied on a retrospective basis. The amendments will require the Group to classify the Convertible Notes as current liabilities, even if no noteholder actually requires the Company to exchange their notes. The Group has chosen early adoption of this amendment and has classified the Convertible Notes as current liabilities as at December 31, 2023. There are no other new or amended standards that are expected to have a material impact on the Group in the current or future reporting periods nor on foreseeable future transactions. 2.2. Basis of consolidation Subsidiaries are all companies over which the Group has control. The Group has control over a company when it is exposed to or has a right to variable returns from its participation in the company and has the possibility to influence the return through its participation in the company. Subsidiaries are consolidated from the date on which control is transferred to the Group. They are deconsolidated from the date that control ceases. 2.3. Segment reporting The operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision maker. The CEO is the chief operating decision maker and evaluates financial position and perfor mance and makes strategic decisions. The CEO monitors the Group’s performance from a geographic perspective through the reportable segments EMEA, Asia and Americas. No operating segments have been aggregated to form the reportable segments. The CEO primarily uses a measure of earnings before interest, tax, depreciation and amortization (“EBITDA”), and earnings for the period adjusted to exclude, when applicable, income tax expense, finance expenses, finance income, depreciation and amortization expense, share-based compensation expense, restructuring costs, asset impairment charges and other costs related to discontinued construction of production facilities, asset impairment charge and other costs related to assets held for sale, costs related to legal settlement, and non-controlling interests (“Adjusted EBITDA”), to assess the performance of the operating segments. 2.4. Foreign currency translation Functional currency and presentation currency The entities in the Group have the local currency as their functional currency, as the local currency has been defined as the primary economic environment in which each entity operates. The Group’s presentation currency is U.S. dollars. Transactions and balances Foreign currency transactions are translated into the functional currency using the exchange rates prevailing on the transaction dates. Foreign exchange rate profits and losses from the settlement of such transactions and the translation of monetary assets and liabilities in foreign currencies using the exchange rates prevailing at the reporting date are recognized in operating loss in the consolidated statement of operations. Foreign exchange rate profits and losses attributable to the financing of the Group are recognized in the consolidated statement of operations as finance income and finance costs. All other foreign exchange rate profits and losses are recognized under other operating income and (expenses), net. Translation of foreign group companies The results and financial position for all companies with a functional currency other than the presentation currency are translated into the Group’s reporting currency. Assets and liabilities are translated from the foreign operation’s functional currency to the Group’s reporting currency using the exchange rates prevailing at the reporting date. Income and expenses for each consolidated statement of operations and consolidated statement of comprehensive loss are translated to USD using the average exchange rate for the period. Foreign exchange differences arising from the currency translation of foreign operations are recognized in other comprehensive loss. Goodwill and fair value adjustments arising from the acquisition of foreign operations are treated as assets and liabilities in these operations and are translated to the reporting currency using the exchange rate at the reporting date. In the consolidated accounts, exchange rate differences attributable to monetary items that form part of the net investment in foreign operations are recognized in other comprehensive loss and are reclassified from equity to the consolidated statement of operations when the foreign operation is divested in whole or in part. 2.5. Revenue recognition The Group’s principles for recognition of revenue from customer contracts are presented below. Sale of goods Revenue from contracts with customers consists of sales of goods. Revenue from the sale of goods is recognized at the point in time when control of goods has transferred to the customer, being when the products are delivered to the customer, the customer has full discretion over the channel to sell the goods, and there is no unfulfilled obligation that could affect the customer’s acceptance of the goods. Delivery occurs when the products are shipped to the specific location, the risks of obsolescence and loss have been transferred to the customer and either the customer has accepted the products in accordance with the sales contract or the Group has objective evidence that all criteria for acceptance have been satisfied. Revenue from contracts with customers is measured at an amount that reflects the consideration to which the Group expects to be entitled in exchange for those goods. Presented revenue excludes VAT and other sales taxes. The Group considers if contracts include other promises that constitute separate performance obligations to which a portion of the transaction price needs to be allocated. The Group considers the effects of variable consideration in determining the transaction price. The Group is acting as principal in its revenue arrangements because the Group maintains control of the goods until they are transferred to the customers. Variable consideration and other consideration The transaction price is adjusted for estimates of known or expected variable consideration, which includes, but is not limited to, trade promotion activities, slotting and listing fees, cash discounts, product returns, and penalties. Variable consideration is recorded as a reduction to revenue based on amounts the Group expects to be liable for. Estimates of variable consideration are based on a number of factors, including current contract sales terms and estimated units sold. Estimates are reviewed regularly until the incentives or product returns are realized and the impact of any adjustments are recognized in the period the adjustments are identified. The Group accounts for consideration payable to a customer as a reduction of the transaction, unless the payment to the customer is in exchange for a distinct good or service that the customer transfers to the Group. Contract costs The Group incurs expenses for sales commissions to third parties to obtain customer contracts. Sales commissions are recognized in the consolidated statement of operations, in selling, general and administration expenses. The Group applies the practical expedient that permits the Group to expense the costs to obtain a contract as incurred when the expected amortization period is one year or less. Cost of goods sold Cost of goods sold consists primarily of the cost of oats and other raw materials, product packaging, co-manufacturing fees, direct labor and associated overhead costs and property, plant and equipment depreciation. Cost of goods sold also includes warehousing and transportation of inventory. Research and development expenses Research and development expenses consist primarily of personnel related expenses for research and development staff, including salaries, benefits and bonuses, but also third-party consultancy fees and expenses incurred related to product trial runs. Research and development efforts are focused on enhancements to existing product formulations and production processes in addition to the development of new products. Selling, general and administrative expenses Selling, general and administrative expenses include primarily personnel related expenses, brand awareness and advertising costs, costs associated with consumer promotions, product samples and sales aids. These also include customer distribution costs, i.e., outbound shipping and handling costs for finished goods, and other functional related selling and marketing expenses, depreciation and amortization expense on non-manufacturing assets and other miscellaneous operating items. Customer distribution costs for the year ended December 31, 2023 amounted to $ 51.7 million (2022 : $ 61.3 million, 2021: $ 49.4 million). Selling, general and administrative expenses also include auditor fees and other third-party consultancy fees, expenses related to management, finance and accounting, information technology, human resources and other office functions. Other operating income and (expense), net Other operating income and (expenses), net consists primarily of impairment charges related to assets held for sale and net foreign exchange gains/(losses) on operating related activities. Finance income Finance income primarily consists of impact from fair value changes on Convertible Notes, interest income from cash in bank accounts and short-term deposits, and net foreign exchange gains attributable to external and internal financing arrangements. Finance income is recognized with the application of the effective interest method. Finance expenses Finance expenses primarily consists of interest expenses on Convertible Notes, interest expenses on loans from credit institutions and other financial expenses primarily consisting of transaction costs. Income tax benefit/(expense) Income tax benefit/(expense) represents both current and deferred income tax expenses. Current tax expenses primarily represent income taxes based on income in multiple foreign jurisdictions. 2.6. Current versus non-current classification The Group presents assets and liabilities in the consolidated statement of financial position based on current/ non-current classification. An asset is current when it is: • expected to be realized or intended to be sold or consumed in the normal operating cycle, • held primarily for the purpose of trading, • expected to be realized within twelve months after the reporting period, or • cash or cash equivalent unless restricted from being exchanged or used to settle a liability for at least twelve months after the reporting period. All other assets are classified as non-current. A liability is current when: • it is expected to be settled in the normal operating cycle, • it is held primarily for the purpose of trading, • it is due to be settled within twelve months after the reporting period, or • there is no unconditional right to defer the settlement of the liability for at least twelve months after the reporting period. The Group classifies all other liabilities as non-current. Deferred tax assets and liabilities are classified as non-current assets and liabilities. 2.7. Leases As lessee The Group’s leases pertain to land and buildings, and plant and machinery. Contracts may contain both lease and non-lease components. The Group allocates the consideration in the contract to the lease and non-lease components based on their relative stand-alone prices. Lease terms are negotiated on an individual basis and contain a wide range of different terms and conditions. The lease agreements do not impose any covenants other than the security interests in the leased assets that are held by the lessor. Leased assets may not be used as security for borrowing purposes. Leases are recognized as a right-of-use asset and a corresponding liability at the date at which the leased asset is available for use by the Group. Liabilities arising from a lease are initially measured on a present value basis. Lease liabilities include the net present value of the following lease payments: • fixed payments (including in-substance fixed payments), less any lease incentives receivable variable lease payment that are based on an index or a rate, initially measured using the index or rate as at the commencement date, • amounts expected to be payable by the Group under residual value guarantees, • the exercise price of a purchase option if the Group is reasonably certain to exercise that option, and • payments of penalties for terminating the lease, if the lease term reflects the Group exercising that option. Lease payments to be made under reasonably certain extension options are also included in the measurement of the liability. The lease payments are discounted using the interest rate implicit in the lease. If that rate cannot be readily determined, which is the case for leases in the Group, the lessee’s incremental borrowing rate is used, which is the rate that the individual lessee would have to pay to borrow the funds necessary to obtain an asset of similar value to the right-of-use asset in a similar economic environment with similar terms, security, and conditions. To determine the incremental borrowing rate, the Group: • uses a build-up approach that starts with a risk-free interest rate adjusted for credit risk, and • makes adjustments specific to the lease, e.g., term, country, currency and security. The Group is exposed to potential future increases in variable lease payments based on an index or rate, which are not included in the lease liability until they take effect. When adjustments to lease payments based on an index or rate take effect, the lease liability is reassessed and adjusted against the right-of-use asset. Lease payments are allocated between principal and finance cost. The finance cost is charged to profit or loss over the lease period so as to produce a constant periodic rate of interest on the remaining balance of the liability for each period. Right-of-use assets are measured at cost comprising the following: • the amount of the initial measurement of lease liability, • any lease payments made at or before the commencement date less any lease incentives received, • any initial direct costs, • restoration costs, and • extension options. Right-of-use assets are generally depreciated over the shorter of the asset’s useful life and the lease term on a straight-line basis. If the Group is reasonably certain to exercise a purchase option, the right-of-use asset is depreciated over the underlying asset’s useful life. Payments associated with short-term leases and leases of low-value assets are recognized on a straight-line basis as an expense in profit or loss. Short-term leases are leases with a lease term of 12 months or less . 2.8. Taxes Current income tax Current income tax assets and liabilities are measured at the amount expected to be recovered from or paid to the taxation authorities. The tax rates and tax laws used to compute the amount are those that are enacted or substantively enacted at the reporting date in the countries where the Group operates and generates taxable income. Current income tax is recognized in the consolidated statement of operations except for tax attributable to items that are recognized in other comprehensive loss or directly in equity. In such cases, tax is also recognized in other comprehensive loss and equity, respectively. Management periodically evaluates positions taken in the tax returns with respect to situations in which applicable tax regulations are subject to interpretation and establishes provisions where appropriate. Deferred Tax Deferred tax is recognized for all temporary differences that arise between the taxable value of assets and liabilities and their carrying values in the consolidated financial statements. Deferred tax is measured at the tax rates that are expected to be applied to temporary differences when they reverse, using tax rates enacted or substantively enacted at the reporting date. The measurement of deferred tax reflects the tax consequences that would follow from the manner in which the Group expects at the reporting date to recover or settle the carrying amount of its assets and liabilities. Deferred tax assets are recognized to the extent that it is probable that there will be future taxable surpluses against which the temporary differences can be utilized. Deferred tax assets and tax liabilities are offset when there is a legal right to offset for current tax assets and tax liabilities, and when the deferred tax assets and tax liabilities are attributable to taxes charged by the same tax authorities and are either attributable to the same tax subject or different tax subjects, where there is an intention to settle the balances through net payments. Deferred tax relating to items recognized outside the consolidated statement of operations is recognized outside the consolidated statement of operations. Deferred tax items are recognized in correlation to the underlying transaction either in other comprehensive loss or directly in equity. 2.9. Intangible assets Goodwill Goodwill arises at the acquisition of businesses and consists of the amount by which the consideration, any non-controlling interest in the acquired company and fair value at the acquisition dates of previous shareholdings, exceeds the fair value of identifiable net assets acquired. In order to perform impairment tests, goodwill acquired in a business combination is allocated to cash generating units or groups of cash generating units that are expected to benefit with synergies from the acquisition. Each unit or group of units to which goodwill has been allocated correspond to the lowest level in the Group for which goodwill is monitored. The Group monitors goodwill at the operating segment level for internal purposes, consistent with the way it assesses performance and allocates resources. The goodwill is allocated to the EMEA segment. Other intangible assets Capitalized expenditure for development activities Expenditure for development and testing of new or significantly improved materials, products, processes or systems are recognized as an asset in the consolidated statement of financial position if the following criteria are met: • it is technically feasible to complete the asset so that it will be available for use, • it is the Group’s purpose to complete the asset so that it will be available for use or sale, • there are prerequisites to make the asset available for use or sale, • it is possible to prove how the asset is likely to generate future economic benefits, • there are adequate technical, economic and other resources to fulfill the development and to make the asset available for use or sale, and • the costs attributable to the asset during development can be reliably measured. Other development costs are recognized in the consolidated statement of operations as costs are incurred. In the consolidated statement of financial position, capitalized development costs are reported at cost less accumulated depreciation and any impairment. Capitalized development expenditure is recognized as intangible assets and is depreciated from the date when the asset is ready for use. The estimated useful life is 3 - 5 years, which corresponds to the estimated period of time during which these assets will generate cash flows. Development costs that do not meet these criteria are expensed as incurred. Development expenditure previously carried at cost is not recognized as an asset in a subsequent period. Software-as-a-Service (SaaS) arrangements SaaS arrangements are service contracts providing the Group with the right to access the cloud provider’s application software over the contract period. As such the Group does not receive a software intangible asset at the contract commencement date. A right to receive future access to the supplier’s software does not, at the contract commencement date, give the Group the power to obtain the future economic benefits flowing from the software itself and to restrict others’ access to those benefits. The Group treats costs incurred in relation to SaaS arrangements as operating expenses over the term of the service contract or as operating expenses when the service is received, depending on the nature of the expenses incurred and whether they are distinct from the cloud computing service or not in the underlying SaaS arrangement. There could be a variety of other costs incurred as part of the arrangement, for example development of bridging modules that connect or integrate the SaaS software with existing software/systems that may be controlled by the Group. The Group assesses such expenses to determine if they should be expensed or may qualify for capitalization as an intangible asset. Other intangible assets Other intangible assets consist primarily of separately acquired trademarks and patents are recognized at historical cost. They are reported at fair value at the time of acquisition and amortized on a straight-line basis over the projected useful life. They are reported in subsequent periods at cost less accumulated amortization and impairment. The estimated useful life is 5 years, which corresponds to the estimated time these will generate cash flow. 2.10. Tangible assets Property, plant and equipment Property, plant and equipment consist of land, buildings and fixtures, plant and machinery and construction in progress. These are recognized at historical cost less depreciation and impairment, except for construction in progress. Construction in progress is transferred to another asset (and depreciation begins) once an asset is in the location and condition necessary for it to be capable of operating in the manner intended by management. Historical cost includes expenditure that is directly attributable to the acquisition of the items. Subsequent costs are added to the asset’s carrying value or are recognized as a separate asset, depending on which is most suitable, only when it is probable that the future economic benefits attributable to the asset will flow to the Group and the cost of the asset can be reliably measured. The carrying value of the replaced component is derecognized from the consolidated statement of financial position. All other kinds of repairs and maintenance are recognized at cost in the consolidated statement of operations in the period in which they occur. Depreciation of assets is calculated using the straight-line method to allocate the cost of the assets, net of their residual values, over the estimated useful life of each component of an item of buildings and plant and machinery as follows: Buildings and fixtures 8 - 40 years Plant and machinery 3 - 15 years The assets’ residual values and useful lives are assessed at the end of each reporting period and adjusted, if needed. Profit or loss from disposals is established through a comparison of the profit from sales and carrying value and is recognized in other operating income and (expenses), net in the consolidated statement of operations. 2.11. Impairment of non-financial assets Intangible assets that have an indefinite useful life (goodwill) or intangible assets not ready to use (capitalized expenditure for development) are not subject to amortization and are tested for impairment annually and when circumstances indicate that the carrying value may be impaired. Other assets are tested for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognized for the amount by which the asset’s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset’s fair value less costs of disposal and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash inflows, which are largely independent of the cash inflows from other assets or groups of assets (cash-generating units). Non-financial assets other than goodwill are reviewed for reversal of the impairment at the end of each reporting period. 2.12. Inventories Raw materials and finished goods are stated at the lower of cost and net realizable value. Costs consist of direct materials, direct labor and an appropriate proportion of variable and fixed overhead expenditure. Overhead expenditures are allocated on the basis of normal operating capacity. Costs of purchased inventory are determined after deducting rebates and discounts. Net realizable value is the estimated selling price in the ordinary course of business less the estimated costs of completion and the estimated costs necessary to make the sale. The Group reviews inventory quantities and records a provision for excess and obsolete inventory based primarily on demand and the age of the inventory, among other factors. 2.13. Financial instruments Initial recognition Purchases and sales of financial assets are recognized on trade date, being the date upon which the Group commits to purchase or sell the asset. Financial assets are derecognized when the rights to receive cash flows from the financial assets have expired or have been transferred, and the Group has transferred substantially all the risks and rewards of ownership. Financial assets—Classification and measurement Financial assets include cash and cash equivalents, trade receivables, short-term investments, derivatives and other financial assets. The Group classifies its financial assets in the following measurement categories: • those to be measured subsequently at fair value (either through other comprehensive loss or through profit or loss), and • those to be measured at amortized cost. The classification depends on the Group’s business model for managing the financial assets and contractual terms of the cash flows. For assets measured at fair value, gains and losses will either be recorded in profit or loss or other comprehensive loss. The Group reclassifies debt investments when and only when its business model for managing those assets changes. At initial recognition, the Group measures a financial asset at its fair value plus, in the case of a financial asset, not at fair value through profit or loss (“FVPL”), transaction costs that are directly attributable to the acquisition of the financial asset. Transaction costs of financial assets carried at FVPL are expensed in profit or loss. Subsequent measurement of debt instruments depends on the Group’s business model for managing the asset and the cash flow characteristics of the asset. All debt instruments in the Group are measured at amortized cost. The Group’s financial assets measured at amortized cost consist of the items other non-current receivables, trade receivables, other current receivables and cash and cash equivalents. Amortized cost: Assets that are held for collection of contractual cash flows, where those cash flows represent solely payments of principal and interest, are measured at amortized cost. Interest income from these financial assets is included in finance income using the effective interest rate method. Any gain or loss arising on derecognition is recognized directly in profit or loss and presented in other operating income and (expenses), net together with foreign exchange gains and losses. Fair value through profit or loss: Assets that are held primarily for the purpose to secure and increase value of the investments are included in the business model “Other”. Derivatives Derivatives are initially recognized at the fair value on the date a derivative contract is entered into, and they are subsequently remeasured to their fair value at the end of each reporting period. Changes in the fair value are recognized in finance income or finance expenses in the consolidated statement of operations. Short-term investments Short-term investments are primarily comprised of funds and bonds carried at fair value through profit and loss. The primary purpose of the portfolio is to secure and increase value of the investments compared to keeping cash in bank accounts, until cash is needed for other investments in the business, for example new production facilities. Based on the primary purpose of the portfolio and indicators identified in the IFRS 9 Financial Instruments test, the overall assessment is that the portfolio is the business model “Other”. The investments in the portfolio are therefore recognized at fair value through profit or loss and presented as short-term investments and cash and cash equivalents in the statement of financial position. Derecognition of financial assets Purchases and sales of financial instruments are reported on the trade date, that is, the date on which the Group commits itself to purchase or sell the asset. Financial assets are derecognized from the statement of financial position when the right to receive cash flows from the instrument has expired or been transferred, and the Group has, in all significant aspects, transferred all risk and benefits associated with the ownership. Profits and losses arising from derecognition from the statement of f |
Financial risk management
Financial risk management | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure Of Financial Risk Management [Abstract] | |
Financial risk management | 3. Financial risk management 3.1. Financial risk factors Through its operations, the Group is exposed to various financial risks attributable to primarily cash, short-term investments, trade receivables, trade payables, liabilities to credit institutions and Convertible Notes. The financial risks are market risk, mainly interest risk and currency risk, credit risk, liquidity risk and refinancing risk. The Group strives to minimize potential unfavorable effects from these risks on the Group’s financial results. The aim of the Group’s financial operations is to: • ensure that the Group can meet its payment obligations, • manage financial risks, • ensure a supply of necessary financing, and • optimize the Group’s finance net. The Group’s risk management is predominantly controlled by a central treasury department (“Group Treasury”) under policies owned by the CFO and approved by the Board of Directors. The CEO is responsible to the Board of Directors for the risk management and ensuring that the guidelines and risk mandates are followed and carried out in accordance with established treasury policy. Group Treasury identifies, evaluates and hedges financial risks in close cooperation with the Group’s operating units. The treasury policy provides principles for overall risk management, as well as policies covering specific areas, such as foreign exchange risk, interest rate risk, credit risk, use of derivative financial instruments and non-derivative financial instruments and investment of excess liquidity. The treasury policy (a) identifies categories of financial risks and describe how they should be managed, (b) clarifies the responsibility in financial risk management among the Board of Directors, the CEO, the CFO, Group Treasury and the Subsidiaries, (c) specifies reporting and control requirements for Group treasury functions and (d) ensures that the treasury operations of the Group are supporting the overall strategy of the Group. 3.1.1 Market risk Currency risk (transaction risk) The Group operates internationally and is exposed to foreign exchange risk. Foreign exchange risk arises from future commercial transactions and recognized assets and liabilities denominated in a currency that is not the functional currency of the relevant Group entity. Primarily, the Group is exposed to currency risk in Group companies with SEK, USD, SGD and GBP as the functional currencies. The primary risks in these companies are SEK/USD, SEK/EUR, SEK/GBP, SEK/CNY, SEK/SGD, SEK/NOK, USD/SEK, SGD/CNY and GBP/EUR due to internal accounts receivables and other receivables, internal trade payables and other liabilities, borrowings, short-term deposits (cash and cash equivalents), and external sales and purchases (accounts receivables and trade payables). The Group has internal loans denominated in currencies different from the functional currency of the lender. These loans form part of the net investment in foreign operations (extended equity) and are recognized in other comprehensive loss. Exposure from internal loans classified as extended equity are not included in the tables and sensitivity analysis below. Due to the growth profile of the Group it is necessary to maintain a dynamic risk management of currency. Group Treasury monitors forecast of highly probable cash flows for each currency and aim to achieve a natural match of inflows and outflows. For those currencies which have a net cash flow that is positive or negative, Group Treasury has the possibility to use foreign exchange instruments (FX forward or spot) to manage the risk. The treasury policy mandates Group Treasury to hedge between 0 % and 100 % of the exposure for the following 18 months. The Group does not apply hedge accounting. As of December 31, 2023 , the Group had currency derivatives of SEK 259.5 million (2022 : SEK 500 million ) for which the fair value was $ 0.9 million ( 2022 : $ 0.3 million). Exposure The Group’s primary exposure to foreign currency risk at the end of the reporting period, expressed in thousands of USD was as follows: As of December 31, 2023 (in thousands of U.S. dollars) SEK/USD SEK/EUR SEK/GBP SEK/CNY SEK/SGD SEK/NOK USD/SEK SGD/CNY GBP/EUR Accounts receivables — 8,318 — — — — — 42,245 — Other receivables — 1,077 22,938 — 53,661 10,406 24,400 — 2,780 S-T deposits 170,000 — — — — — — — — Liabilities to credit institutions ( 132,831 ) ( 2,810 ) — — — — — — — Trade payables ( 1,757 ) ( 15,701 ) — ( 47,727 ) ( 35,785 ) — — — — Lease liabilities — ( 2,047 ) — — — — — — — Other current liabilities ( 7,813 ) — — — — — ( 22,388 ) — — Total 27,599 ( 11,163 ) 22,938 ( 47,727 ) 17,876 10,406 2,012 42,245 2,780 As of December 31, 2022 (in thousands of U.S. dollars) SEK/USD SEK/EUR SEK/GBP SEK/CNY SEK/SGD SEK/NOK USD/SEK SGD/CNY GBP/EUR Accounts receivables — 6,864 5,864 23,060 — — — 31,117 — Other receivables — 18,058 — — 26,995 11,359 — — — S-T deposits — — — 4,315 — — — — — Liabilities to credit institutions — ( 4,002 ) — — — — — — — Trade payables ( 942 ) ( 15,944 ) — ( 9,821 ) ( 12,083 ) — — — — Lease liabilities — ( 2,615 ) — — — — — — — Other current liabilities ( 127,884 ) — — — — — — — ( 11,808 ) Total ( 128,826 ) 2,361 5,864 17,554 14,912 11,359 — 31,117 ( 11,808 ) Sensitivity The Group is primarily exposed to changes in SEK/USD, SEK/EUR, SEK/GBP, SEK/CNY, SEK/SGD, SEK/NOK, USD/SEK, SGD/CNY and GBP/EUR exchange rates. The Group’s risk exposure in foreign currencies: Impact on loss 2023 2022 2021 SEK/USD exchange rate - increase/decrease 10 % +/- 2,760 +/- 12,883 +/- 7,036 SEK/EUR exchange rate - increase/decrease 10 % +/- 1,116 +/- 236 +/- 1,296 SEK/GBP exchange rate - increase/decrease 10 % +/- 2,294 +/- 586 +/- 350 SEK/CNY exchange rate - increase/decrease 10 % +/- 4,773 +/- 1,755 +/- 14,294 SEK/SGD exchange rate - increase/decrease 10 % +/- 1,788 +/- 1,491 +/- 2,722 SEK/NOK exchange rate - increase/decrease 10 % +/- 1,041 +/- 1,136 — USD/SEK exchange rate - increase/decrease 10 % +/- 201 — — SGD/CNY exchange rate - increase/decrease 10 % +/- 4,224 +/- 3,112 +/- 691 GBP/EUR exchange rate - increase/decrease 10 % +/- 278 +/- 1,181 +/- 1,225 Currency risk (translation risk) The Group is also exposed to currency risk when foreign subsidiaries with a functional currency other than USD are consolidated, primarily for EUR, SEK, GBP and CNY. The Group’s policy is not to hedge the translation exposure related to net foreign assets to reduce translation risk in the consolidated financial statements. Interest rate risk The Group is exposed to interest rate risk that arises from the TLB Credit Agreement (as defined in section 3.1.3 Liquidity risk below) that carries an interest of Term SOFR with a floor of 2.5 %. To manage the risk the Group has entered into interest rate caps for the full amount of the term loan of $ 130 million. The cap is 4.6 % and has a maturity of 3 years (April 2026). As of December 31, 2023, the cap is in the money and the Group is not exposed to changes in the variable interest rate above 4.6 %. The Group’s interest rate risk also arises from long-term liabilities to credit institutions with variable rates (Euro Interbank Offered Rate “Euribor” 3 Months during 2023, 2022 and 2021, which expose the Group to cash flow interest rate risk. As of December 31, 2023, the nominal amount of liabilities to credit institutions with variable interest rate was $ 2.8 million with no hedges . As of December 31, 2022, the nominal amount of liabilities to credit institutions with variable interest rate wa s $ 4.0 million with no hedges . Sensitivity Profit or loss is sensitive to higher/lower interest expense primarily from liabilities to credit institutions as a result of changes in interest rates. Impact on loss 2023 2022 2021 Interest rates - increase by 100 basis points + 28 + 526 + 60 Interest rates - decrease by 100 basis points - 375 - 526 - 60 Interest rates - increase by 300 basis points + 84 + 1,578 + 180 Interest rates - decrease by 300 basis points - 642 - 1,578 - 180 The effect from increase in basis points are due to the cap that economically hedges the TLB Credit Agreement. At year end the cap is in the money and increases in Term SOFR will therefore not have any effect on the sensitivity analysis and only a small effect from liabilities with Euribor rate. The effect from decrease in basis points is limited due to a floor of 2.5 % in the Term SOFR in the TLB Agreement. Fair value / Price risk The Group is exposed to price risk from changes in fair value from short-term investments held by the Group that are classified as fair value through profit and loss. To manage the risk arising from investments, surplus liquidity may be invested primarily in liquid assets with low risk, investment grade BBB- or better rated. All of the short-term investments matured during 2022 and as at December 31, 2022 and 2023, respectively, the Group had no investments at fair value. The fair value of the short-term investments as of December 31, 2021 was $ 250 mi llion. During the year ended December 31, 2023, the Group issued Convertible Notes which are classified as liabilities at the initial date of recognition at fair value through profit or loss. Fair value changes relating to the Group's own credit risk are recognized in other comprehensive income. Amounts recorded in other comprehensive income related to credit risk are not subject to recycling in profit or loss, but are transferred to retained earnings when realized. Fair value changes relating to market risk are recognized in finance income in the consolidated statement of operations. The fair value of the Convertible Notes as of December 31, 2023 was $ 324 mi llion. For details on the fair value on Convertible Notes, see Note 18 Financial instruments per category. Sensitivity Profit or loss is sensitive to changes in fair value from short-term investments and Convertible Notes. The following table shows the impact of changes in the fair value on the short-term investments: Impact on loss 2023 2022 2021 Fair value - increase/decrease by 10 % — — +/- 25 For details on sensitivity to changes in fair value on Convertible Notes, see Note 18 Financial instruments per category. Commodity price risk The Group is exposed to risk related to the price and availability of ingredients. Profitability is dependent on, among other things, the Group’s ability to anticipate and react to availability of ingredients and inflationary pressures. Currently, the main ingredient in the Group’s products is oat. The Group purchases oats from millers in Belgium, Sweden, Finland, the United States, Malaysia and China, so supply may be particularly affected by any adverse events in these countries and regions. The prices of oats and other ingredients used, such as rapeseed oil, are subject to many factors beyond the Group’s control, including poor harvests due to adverse weather conditions, natural disasters and changes in world economic conditions, including as a result of health epidemics such as the COVID-19 pandemic and the conflicts in Ukraine and the Red Sea. Oat prices and other ingredients such as rapeseed oil are normally agreed to annually with suppliers for the following year based on the outcome of the current year harvest. The Group believes it will be able to address material commodity increases by either increasing prices or reducing operating expenses. However, increases in commodity prices, without adjustments to pricing, or reduction to operating expenses, or a delay in pricing actions, could increase costs and increase loss as a share of revenue. In addition, macro-economic and competitive conditions could make additional price increases difficult. A general commodity cost price increase of 5 % would have increased the Group’s 2023 commodity costs by $ 12.0 million (2022: $ 11.2 million). 3.1.2 Credit risk Credit risk arises primarily from cash and cash equivalents and debt instruments carried at amortized cost. Financial counterparty credit risk is managed on a Group basis. The external financial counterparties must be high-quality international credit institutions or other major participants in the financial markets, in each case, with a minimum investment grade rating BBB- / Baa3. The rating of the financial counterparties used during 2023 and 2022 were in the range from BBB to AA+. Customer and supplier credit risk is mitigated through credit risk assessment, credit limit setting in case of payment obligations overdue and through the contractual terms. There are no significant concentrations of credit risk in regards of exposure to specific industry sectors and/or regions. For the year ended December 31, 2023, one customer in the foodservice channel represented approximatel y 12 % (2022 and 2021: 14 % respectively) of total revenue. The Group has not had any incurred credit losses from this customer historically. The Group has primarily one type of debt instrument carried at amortized cost, subject to the expected credit loss model: trade receivables. Trade receivables The Group applies the simplified approach to measuring expected credit losses, which uses a lifetime expected loss allowance for all trade receivables. To measure the expected credit losses, trade receivables have been grouped based on days past due. The expected loss rates are based on sales over a period of 36 months before December 31, 2023, and the corresponding historical credit losses experienced within this period. The historical loss rates are adjusted to reflect current and forward-looking information on macroeconomic factors affecting the ability of the customers to settle the receivables. In cases when the Group has more information on customers than the statistical model reflects, a management overlay is made for those specific customers. Historically, the Group has experienced immaterial credit losses. Based on the historical data of low credit losses together with a forward-looking assessment, the expected credit loss for trade receivables is not material. The Group has during 2023 and 2022 no significant impairment losses relating to specific customers. The aging of the Group’s trade receivables is as follows: 2023 2022 Current 92,293 83,020 1-30 days past due 15,127 9,739 31-60 days past due 2,488 4,630 61-90 days past due 1,381 1,431 91- days past due 2,882 5,865 Gross carrying amount 114,171 104,685 Allowance for expected credit losses ( 1,220 ) ( 3,730 ) Net carrying amount 112,951 100,955 The movements in the Group’s allowance for expected credit losses of trade receivables are as follows: 2023 2022 As at January 1 ( 3,730 ) ( 883 ) Increase of allowance recognized in statement of ( 720 ) ( 3,666 ) Receivables written off during the year as uncollectible 1,912 205 Unused amount reversed 1,331 578 Translation differences ( 13 ) 36 As at December 31 ( 1,220 ) ( 3,730 ) Trade receivables are written off where there is no reasonable expectation of recovery. Assessments are made individually, in each case, based on indicators that there is no reasonable expectation of recovery. Indicators include, among others, the failure of a debtor to engage in a repayment plan with the Group. Impairment losses on trade receivables are presented as selling, general and administration expenses within operating loss. Subsequent recoveries of amounts previously written off are credited against the same line item. 3.1.3 Liquidity risk Liquidity risk is the Group’s risk of not being able to meet the short-term payment obligations due to insufficient funds. Management monitors rolling forecasts of the Group’s liquidity reserve (comprising the undrawn borrowing facilities below) and cash and cash equivalents on the basis of expected cash flows. This is monitored at Group level with input from local management. In addition, the Group’s liquidity management policy involves projecting cash flows in major currencies and considering the level of liquid assets necessary to meet these, monitoring balance sheet liquidity ratios against internal and external regulatory requirements and maintaining debt financing plans. Due to the dynamic nature of the underlying businesses, Group Treasury maintains flexibility in funding by maintaining availability under committed credit lines. As at December 31, 2023, the Group held cash and cash equivalents of $ 249.3 million (2022: $ 82.6 million) that are available for managing liquidity risk. The Group has both long-term and short-term financing with credit institutions. The Company has a European Investment Fund guaranteed three-year term loan facility with Svensk Exportkredit (the “EIF Facility”) which was entered into in October 2019. In October 2022, the EIF Facility was amended to extend the term for another three years , with a maturity date in October 2025 . The loan facility and interest margin remain unchanged. As of December 31, 2023 and December 31, 2022, the Group had € 2.5 million (equivalent of $ 2.8 million) and € 3.8 million (equivalent of $ 4.0 million), respectively, outstanding on the EIF Facility, including accrued interest. On April 18, 2023, the Company entered into a Term Loan B Credit Agreement (“TLB Credit Agreement”) with, amongst others, Silver Point Finance LLC as Syndication Agent and Lead Lender, J.P. Morgan SE, as Administrative Agent and Wilmington Trust (London) Limited as Security Agent, including a term loan facility of $ 130 million borrowed by Oatly AB. The term of the TLB Credit Agreement is five years from the funding date of the term loan facility, and the term loan facility is subject to 1 % amortization per annum paid in quarterly installments. Borrowings carry an interest rate of Term SOFR (with floor of 2.50 %) plus 7.5 % or Base Rate (with floor of 3.50 %) plus 6.5 %. The TLB Credit Agreement contains maintenance financial covenants such as minimum EBITDA, total net leverage ratio and liquidity requirements. The TLB Credit Agreement also contains certain negative covenants, including but not limited to restrictions on indebtedness, limitations on liens, fundamental changes covenant, asset sales covenant, and restricted payments covenant. The debt under the TLB Credit Agreement ranks pari passu with, and shares in the same security and guarantees from the Group as, the EIF Facility and the SRCF Agreement by way of the Intercreditor Agreement. As of December 31, 2023 the Group had $ 132.8 million outstanding on the TLB Credit Agreement, including accrued interest. On April 18, 2023, the SRCF Agreement was amended and restated whereby, among other things, (i) the term of the SRCF Agreement was reset to three years and six months, with a one year uncommitted extension option, (ii) the lender group under the SRCF Agreement was reduced to JP Morgan SE, BNP Paribas SA, Bankfilial Sverige, Coöperatie ve Rabobank U.A. and Nordea Bank Abp, filial i Sverige and the commitments under the SRCF Agreement were reduced to SEK 2,100 million (equivalent of $ 192.1 million), with an uncommitted incremental revolving facility option of up to SEK 500 million (equivalent of $ 45.7 million), (iii) the initial ma rgin was reset at 4.00 % p.a., (iv) the tangible solvency ratio, minimum EBITDA, minimum liquidity and total net leverage ratio financial covenants were reset, (v) the existing negative covenants were amended to further align with those included in the TLB Credit Agreement, including in relation to incurrence of indebtedness, and (vi) the debt under the SRCF Agreement ranks pari passu with, and shares in the same security and guarantees from the Group as, the EIF Facility and the TLB Credit Agreement by way of the Intercreditor Agreement. As of December 31, 2023, the Group had no utilized loan amounts under the amended SRCF Agreement. As of December 31, 2022, the Group had utilized loan amounts under the previous SRCF agreement of SEK 507 million (equivalent of $ 48.6 million), including accrued interest. On May 23, 2023, (i) the SRCF Agreement was amended pursuant to an amendment letter to, among other things, ensure that the HH Notes constitute “PIPE Financing” under and as defined in the SRCF Agreement and (ii) the TLB Credit Agreement was amended pursuant to an amendment agreement to, among other things, ensure that the HH Notes constitute “Convertible Bonds” under and as defined in the TLB Credit Agreement. See Note 27 Convertible Notes for more information on the Company’s Convertible Notes. The EIF Facility, TLB Credit Agreement and the SRCF Agreement benefit from the same guarantees. The primary assets pledged as security for these loans are: • Shares in substantially all group companies • Material bank accounts • Material intra-group loans • Material intellectual property • For the group companies in Sweden, floating charges in the aggregate amount of SEK 200 million (equivalent of $ 20.0 million) • Real property mortgage certificates in Sweden, in the amount of SEK 92 million (equivalent of $ 9.2 million) • For group companies in the United Kingdom, United States, Hong Kong, Singapore, and the Netherlands floating charges covering essentially all the assets in these companies. In November 2022, the Group's indirect subsidiary Oatly Shanghai Co., Ltd. entered into a RMB 150 million (equivalent of $ 20.7 million) working capital credit facility with China Merchants Bank Co., Ltd. Shanghai Branch (the “CMB Credit Facility”). As of December 31, 2022, there were no outstanding borrowings under the CMB Credit Facility. In November 2023, the CMB Credit Facility was terminated. In total, the Group had access to undrawn bank overdraft facilities at the end of the reporting period amounting t o $ 210.3 million ( 2022 : $ 318.4 million). For changes in facilities and borrowings after the reporting period, see Note 35 Events after the end of the reporting period . 3.1.4 Refinancing risk Refinancing risk is defined as the risk for difficulties in refinancing the Group, that financing cannot be achieved, or can only be achieved at a higher cost. Liabilities to credit institutions and available facilities within the Group has an weighted average maturity of 41 months per December 31, 2023 (2022 : 16 months , 2021 : 27 months ). The Convertible Notes will mature on September 14, 2028 , unless earlier converted by the holders or required to be converted, repurchased or redeemed by the Company . For changes in facilities and borrowings during the reporting period, see above Note 3.1.3 Liquidity risk . For changes in facilities and borrowings after the reporting period, see Note 35 Events after the end of the reporting period . The tables below analyze the Group’s financial liabilities into maturity groupings based on their contractual maturities for: a) all non-derivative financial liabilities; and b) derivative financial instruments for which the contractual maturities represent the timing of the cash flows. The amounts disclosed in the table are the contractual undiscounted cash flows. Balances due within 12 months equal their carrying balances as the impact of discounting is not significant. December 31, 2023 Less than Between Between 1 Between After Total Carrying Non-derivatives Lease liabilities 4,208 12,625 15,892 35,121 66,486 134,332 89,002 Convertible Notes — — — 546,842 — 546,842 323,528 Liabilities to credit institutions 5,503 14,617 19,262 171,296 — 210,678 120,305 Trade payables 64,368 — — — — 64,368 64,368 Total non-derivatives 74,079 27,242 35,154 753,259 66,486 956,220 597,203 December 31, 2022 Less than Between Between 1 Between After Total Carrying Non-derivatives Lease liabilities 4,671 14,015 13,328 35,201 113,277 180,492 99,108 Liabilities to credit institutions 49,327 1,127 1,443 1,376 — 53,273 52,590 Trade payables 82,516 — — — — 82,516 82,516 Total non-derivatives 136,514 15,142 14,771 36,577 113,277 316,281 234,214 Derivatives Foreign currency ( 47,850 ) — — — — ( 47,850 ) — Foreign currency 48,238 — — — — 48,238 — Total derivatives 388 — — — — 388 316 3.2. Capital management The Group’s objectives when managing capital are to safeguard its ability to continue as a going concern, so that the Group can continue its business and provide future returns for shareholders and maintain an optimal capital structure to reduce the cost of capital. In order to maintain or adjust the capital structure, the Group may issue new shares or sell assets to reduce debt. Capital is calculated as “equity attributable to shareholders of the parent” as shown in the balance sheet plus total borrowings (including Convertible Notes, current and non-current liabilities to credit institutions and lease liabilities as shown in the balance sheet) less cash and cash equivalents. |
Significant accounting judgment
Significant accounting judgments, estimates and assessments | 12 Months Ended |
Dec. 31, 2023 | |
Significant Accounting Judgments Estimates And Assessments [Abstract] | |
Significant accounting judgments, estimates and assessments | 4. Significant accounting judgments, estimates and assessments The preparation of the consolidated financial statements requires management to make judgments, estimates and assumptions that affect the reported amounts of revenues, expenses, assets, liabilities and equity in the consolidated financial statements and the accompanying disclosures. Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events. Uncertainty about these assumptions and the use of accounting estimates may not equal the actual results. This note provides an overview of the areas that involved a higher degree of judgment or complexity. Revenue recognition—variable consideration If the consideration in a contract includes a variable amount, the Group estimates the consideration to which the Group will be entitled in exchange for transferring goods to the customer. The Group’s expected discounts and payments for trade promotion activities are analyzed on a per customer basis. The Group estimates the consideration using either the expected value method or the most likely amount method, depending on which method better predicts the amount of consideration to which the Group will be entitled. The most likely amount method is used for contracts with a single contract sum, while the expected value method is used for contracts with more than one threshold due to the complexity and the activities agreed with the individual customer. Management makes judgments when deciding whether trade promotion activities with a customer should be classified as a reduction to revenue or as a marketing expense. Generally, activities with the individual customer are accounted for as a reduction to revenue whereas costs related to broader marketing activities are classified as marketing expenses. Valuation of loss carry-forwards A deferred tax asset is only recognized for loss carry-forwards, for which it is probable that they can be utilized against future tax surpluses and against taxable temporary differences. The majority of the loss carry-forwards as at December 31, 2023 and 2022 are not recognized in the Group as these are not expected to be utilized in the foreseeable future. Refer to Note 12 Income tax for further details. Leases—Determining the lease term of contracts with renewal and termination options—Group as lessee In determining the lease term, management considers all facts and circumstances that create an economic incentive to exercise an extension option, or not exercise a termination option. Extension options (or periods after termination options) are only included in the lease term if the lease is reasonably certain to be extended (or not terminated). The majority of the extension options in properties and production equipment have not been included in the lease liability, primarily due to the fact that the Group could replace the assets without significant cost or business disruption. The lease term is reassessed when it is decided that an option will be exercised (or not exercised) or the Group becomes obliged to exercise (or not exercise) it. The assessment of reasonable certainty is only revised if a significant event or a significant change in circumstances occurs, which affects this assessment, and that is within the control of the lessee. Refer to Note 16 Leases for further details. Leases—Estimating the incremental borrowing rate The Group cannot readily determine the interest rate implicit in the lease, therefore, it uses its incremental borrowing rate (“IBR”) to measure lease liabilities. The IBR is the rate of interest that the Group would have to pay to borrow over a similar term and, with a similar security, the funds necessary to obtain an asset of a similar value to the right-of-use asset in a similar economic environment. The IBR therefore reflects what the Group “would have to pay,” which requires estimation when no observable rates are available (such as for subsidiaries that do not enter into financing transactions). The Group estimates the IBR using observable inputs (such as market interest rates) when available and is required to make certain entity-specific estimates (such as the subsidiary’s stand-alone credit rating). Embedded leases The Group has supplier contracts that have been reviewed in order to assess if the agreements contain embedded leases. There is judgment involved in assessing if an arrangement contains an embedded lease. The general rule is that an arrangement contains a lease if (1) there is an explicit or implicit identified asset in the contract, and (2) the customer controls use of the identified asset. For supplier contracts entered into during 2023, the Group has concluded that there are no embedded leases. For three supplier contracts entered into during 2022 and 2021, the Group concluded that there were embedded leases. The lease liability for these embedded leases as of December 31, 2023 was approximately $ 9.2 million (2022: $ 10.5 million). For all other contracts and amendments, the Group has concluded that these agreements do not contain any embedded leases since it does not have the right to direct how and for what purpose the assets are used throughout the period of use. Inventories Inventories are valued at the lowest of cost and net realizable value. The cost of conversion of inventories includes a systematic allocation of fixed and variable production overheads. The allocation of fixed production overheads to the costs of conversion is based on the normal capacity of the production facilities. Normal capacity is the production expected to be achieved on average over a number of periods under normal circumstances, taking into account the loss of capacity resulting from planned maintenance. Management makes judgments and estimates when determining normal capacity and unallocated overheads are recognized as an expense in the period in which they are incurred. For estimation of obsolescence, assumptions are required in relation to forecast sales volumes and inventory balances. In situations where excess inventory balances are identified, estimates of net realizable values for the excess volumes are made. For further detailed information on write-downs of inventories, refer to Note 19 Inventories. Test of impairment of non-financial assets, including goodwill In accordance with the accounting principle presented in Note 2 Summary of significant accounting policies the Group performs tests annually and if there are any indications of impairment to determine whether there is a need for impairment of goodwill. Other non-financial assets are tested for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. The Group considers the relationship between its market capitalization and its book value, among other factors, when reviewing for indicators of impairment. At a few occasions towards the end of 2023 the market capitalization of the Group was in level or below the book value of its equity, indicating a potential impairment of goodwill and impairment of the non-financial assets of the cash-generating units (“CGUs”). In addition, the overall macroeconomic uncertainty around the world added to the indication of potential impairment. Based on this, Management decided, as of December 31, 2023, to perform impairment tests for all the three operating segments, not only for the CGU containing goodwill. At present, the Group only has goodwill allocated to the operating segment EMEA. Recoverable amounts for cash generating units are established through the calculation of the value in use. The calculation of the value in use is based on estimated future cash flows. The Group has determined that long-term EBITDA margin, the discount rate and the long-term growth rate are the most significant assumptions in the impairment test. For further details on the test of impairment of goodwill refer to Note 14 Intangible assets and for the test of other non-financial assets refer to Note 15 Property, plant and equipment. Share-based compensation The Group measures the cost of equity-settled transactions by reference to the fair value of the equity instruments at the date at which they are granted. The fair value is estimated using a model, which requires the determination of the appropriate inputs. The assumptions and models used for estimating the fair value of share-based payment transactions including sensitivity analysis are disclosed in Note 8 Share-based compensation . Convertible Notes The Group has Convertible Notes which are classified as liabilities at the initial date of recognition at fair value through profit or loss. Fair value changes relating to the Group's own credit risk are recognized in other comprehensive income. The fair value is estimated using a model, which requires the determination of the appropriate inputs. The assumptions and models used for estimating the fair value of the Convertible Notes including sensitivity analysis are disclosed in Note 18 Financial instruments per category . Assets held for sale On December 30, 2022, Oatly, Inc., and its wholly owned subsidiary, Oatly US Operations & Supply Inc., entered into an asset purchase agreement with Ya YA Foods USA LLC (“YYF”), and parent Aseptic Beverage Holdings LP, to establish a strategic partnership pursuant to which Oatly, Inc. will sell its manufacturing facility in Ogden, Utah to YYF. Subject to the terms and conditions of the Asset Purchase Agreement, YYF will acquire a majority of the assets that are used in the operation of the manufacturing facility in Ogden, Utah (the “Ogden Facility”) and assume the obligations arising under the real property leases and certain contracts for and related to the Ogden Facility. The Company will continue to own all intellectual property related to production of oat base, the Company’s principal, proprietary ingredient for all Oatly products, and the Company will continue to own and operate its own equipment, fixtures and supplies associated with its production of oat base at the Facilities. The criteria to be classified as held for sale at that date is considered to be met for the following reasons: • The assets subject to the Asset Purchase Agreement are available for immediate sale and can be sold to the buyer in their current condition. • The actions to complete the sale were initiated and expected to be completed within one year from the date of initial classification. • The Asset Purchase Agreement was signed on December 30, 2022. Refer to Note 34 Non-current assets held for sale for further details. Asset impairment charges and other costs related to discontinued construction of production facilities Management makes assumptions and estimates when determining the non-cash impairment charges and other costs relating to the production facilities for which the decision has been made to discontinue construction. Management estimates the fair value less costs of disposal of property, plant and equipment and decommissioning costs based on a combination of data including agreements, quotes, input from suppliers and surveyors, and other market data. |
Segment information
Segment information | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of operating segments [abstract] | |
Segment information | 5. Segment information 5.1. Revenue Adjusted EBITDA and EBITDA For the year ended December 31, 2023 EMEA Americas Asia Corporate* Eliminations** Total Revenue Revenue from external customers 402,168 250,264 130,916 — — 783,348 Intersegment revenue 1,725 — 7,317 — ( 9,042 ) — Total segment revenue 403,893 250,264 138,233 — ( 9,042 ) 783,348 Adjusted EBITDA 42,951 ( 28,137 ) ( 64,595 ) ( 107,780 ) — ( 157,561 ) Share-based compensation expense ( 1,781 ) ( 3,531 ) ( 4,704 ) ( 11,430 ) — ( 21,446 ) Restructuring costs (1) ( 1,103 ) ( 3,062 ) ( 2,954 ) ( 7,641 ) — ( 14,760 ) Asset impairment charges and other costs related to discontinued construction of production facilities (2) ( 158,551 ) ( 43,009 ) — — — ( 201,560 ) Costs related to the YYF Transaction (3) — ( 375 ) — — — ( 375 ) Legal settlement (4) — — — ( 9,250 ) — ( 9,250 ) Non-controlling interests — — ( 186 ) — — ( 186 ) EBITDA ( 118,484 ) ( 78,114 ) ( 72,439 ) ( 136,101 ) — ( 405,138 ) Finance income — — — — — 117,876 Finance expenses — — — — — ( 69,029 ) Depreciation and amortization — — — — — ( 51,874 ) Loss before tax — — — — — ( 408,165 ) For the year ended December 31, 2022 EMEA Americas Asia Corporate* Eliminations** Total Revenue Revenue from external customers 345,509 223,880 152,849 — — 722,238 Intersegment revenue 34,940 820 3,659 — ( 39,419 ) — Total segment revenue 380,449 224,700 156,508 — ( 39,419 ) 722,238 Adjusted EBITDA ( 10,298 ) ( 62,837 ) ( 75,183 ) ( 119,605 ) — ( 267,923 ) Share-based compensation expense ( 4,314 ) ( 4,485 ) ( 6,973 ) ( 19,694 ) — ( 35,466 ) Restructuring costs (1) ( 918 ) ( 797 ) ( 309 ) ( 2,391 ) — ( 4,415 ) Asset impairment charge and other costs related to assets held for sale (3) — ( 39,581 ) — — — ( 39,581 ) EBITDA ( 15,530 ) ( 107,700 ) ( 82,465 ) ( 141,690 ) — ( 347,385 ) Finance income — — — — — 15,256 Finance expenses — — — — — ( 16,665 ) Depreciation and amortization — — — — — ( 48,600 ) Loss before tax — — — — — ( 397,394 ) For the year ended December 31, 2021 EMEA Americas Asia Corporate* Eliminations** Total Revenue Revenue from external customers 336,452 179,830 126,908 — — 643,190 Intersegment revenue 89,460 908 — — ( 90,368 ) — Total segment revenue 425,912 180,738 126,908 — ( 90,368 ) 643,190 Adjusted EBITDA 21,959 ( 44,560 ) ( 16,480 ) ( 107,896 ) — ( 146,977 ) Share-based compensation expense ( 3,780 ) ( 2,963 ) ( 4,192 ) ( 12,697 ) — ( 23,632 ) Product recall (5) ( 1,654 ) — — — — ( 1,654 ) Asset impairment charge (6) ( 4,970 ) — — — — ( 4,970 ) IPO preparation and transaction costs — — — ( 9,288 ) — ( 9,288 ) EBITDA 11,555 ( 47,523 ) ( 20,672 ) ( 129,881 ) — ( 186,521 ) Finance income — — — — — 14,435 Finance expenses — — — — — ( 15,740 ) Depreciation and amortization — — — — — ( 27,222 ) Loss before tax — — — — — ( 215,048 ) * Corporate consists of general overhead costs not allocated to the segments. ** Eliminations in 2023 refer to intersegment revenue for sales of products from EMEA to Asia and from Asia to EMEA. Eliminations in 2022 primarily refer to intersegment revenue for sales of products from EMEA to Asia. Eliminations in 2021 primarily refer to intersegment revenue for sales of products from EMEA to Americas and Asia. (1) Relates primarily to severance payments as the Company continues to adjust its organizational structure to the macro environment, and inventory write-offs related to the Company’s strategy reset in the Asia segment. (2) Following certain events during the fourth quarter, the Company decided to discontinue the construction of its new production facilities in Peterborough, UK and Dallas-Fort Worth, Texas. The Company recorded $ 172.6 million in non-cash impairments and $ 29.0 million in restructuring and other exit costs relating to these production facilities. (3) Relates to the Ya YA Foods USA LLC transaction (the “YYF Transaction”). See Note 34 Non-current assets held for sale for further details. (4) Relates to US securities class action litigation settlement expenses. (5) Relates to recall of products in Sweden as communicated on November 17, 2021. See the Company's Form 6-K filed on November 17, 2021. (6) The 2021 asset impairment charge related to production equipment at our Landskrona production facility in Sweden for which we had no alternative use. 5.2. Non-current assets by country Non-current assets for this purpose consists of property, plant and equipment and right-of-use assets: 2023 2022 China 123,542 122,495 Sweden 120,864 108,073 US 102,883 130,295 UK 44,413 186,759 Singapore 26,115 29,944 Other 30,862 23,984 Total 448,679 601,550 Following certain events during the fourth quarter, the Company decided to discontinue the construction of its new production facilities in Peterborough, UK and Dallas-Fort Worth, Texas. The Company recorded $ 155.9 million in non-cash impairments related to non-current assets, of which $ 20.7 million relating to US and $ 135.2 million relating to UK. See Note 15 Property, plant and equipment and Note 16 Leases for further information. 5.3. Revenue from external customers, broken down by location of the customers The Group is domiciled in Sweden. The amount of its revenue from external customers, broken down by location of the customers, is shown in the table below. 2023 2022 2021 US 247,049 220,981 177,180 UK 134,967 124,948 120,278 China 119,507 134,001 111,830 Germany 104,854 79,764 70,699 Sweden 47,273 48,749 57,937 The Netherlands 26,921 25,582 24,047 Finland 22,178 23,353 27,420 Other 80,599 64,860 53,799 Total 783,348 722,238 643,190 5.4. Revenue from external customers, broken down by channel and segment Revenue from external customers, broken down by channel and segment, is shown in the table below. Year Ended December 31, 2023 EMEA Americas Asia Total Retail 331,635 127,690 19,630 478,955 Foodservice 68,619 116,811 85,127 270,557 Other 1,914 5,763 26,159 33,836 Total 402,168 250,264 130,916 783,348 Year Ended December 31, 2022 EMEA Americas Asia Total Retail 285,797 118,870 17,454 422,121 Foodservice 58,867 101,166 100,031 260,064 Other 845 3,844 35,364 40,053 Total 345,509 223,880 152,849 722,238 Year Ended December 31, 2021 EMEA Americas Asia Total Retail 282,090 96,552 9,297 387,939 Foodservice 49,802 78,860 94,463 223,125 Other 4,560 4,418 23,148 32,126 Total 336,452 179,830 126,908 643,190 Other is primarily related to e-commerce, both direct-to-consumer and through third-party platforms. Revenues of approximately 12 % in 2023 (2022 and 2021: 14 % respectively) were derived from a single external customer in the foodservice channel. These revenues are attributed to the Americas and Asia segments. Oatmilk accounted for approximately 90 % , 89 % , and 91 % of the Group’s revenue in the years ended December 31, 2023, 2022 and 2021 , respectively. |
Depreciation Amortization and I
Depreciation Amortization and Impairment by Per Function | 12 Months Ended |
Dec. 31, 2023 | |
Depreciation and amortisation expense [abstract] | |
Depreciation Amortization and Impairment by Per Function | 6. Depreciation, amortization and impairment by function 2023 Property, Right-of-use Intangible Total Cost of goods sold ( 30,868 ) ( 7,970 ) — ( 38,838 ) Research and development expenses ( 1,060 ) ( 323 ) ( 124 ) ( 1,507 ) Selling, general and administrative expenses ( 1,100 ) ( 5,208 ) ( 5,221 ) ( 11,529 ) Total depreciation/amortization/impairment by function (1) ( 33,028 ) ( 13,501 ) ( 5,345 ) ( 51,874 ) (1) The impairment related to discontinued construction of certain production facilities is included in Other operating income and (expenses), net in the consolidated statement of operations. Refer to Note 15 Property, plant and equipment and Note 16 Leases for further details . 2022 Property, Right-of-use Intangible Total Cost of goods sold ( 31,372 ) ( 8,427 ) — ( 39,799 ) Research and development expenses ( 490 ) ( 186 ) ( 89 ) ( 765 ) Selling, general and administrative expenses ( 572 ) ( 4,476 ) ( 2,988 ) ( 8,036 ) Total depreciation/amortization/impairment by function (1) ( 32,434 ) ( 13,089 ) ( 3,077 ) ( 48,600 ) (1) The impairment related to the assets held for sale is included in Other operating income and (expenses), net in the consolidated statement of operations. Refer to Note 34 Non-current assets held for sale for details on the YYF Transaction . 2021 Property, Right-of-use Intangible Total Cost of goods sold (1) ( 16,337 ) ( 5,894 ) — ( 22,231 ) Research and development expenses ( 294 ) ( 58 ) ( 77 ) ( 429 ) Selling, general and administrative expenses (2) ( 3,546 ) ( 3,863 ) ( 2,123 ) ( 9,532 ) Total depreciation/amortization/impairment by function ( 20,177 ) ( 9,815 ) ( 2,200 ) ( 32,192 ) (1) Within property, plant and equipment, the cost of goods sold portion of the EMEA asset impairment amounted to $ 1.5 million. (2) Within property, plant and equipment, the selling, general and administrative expenses portion of the EMEA asset impairment amounted to $ 3.5 million. |
Employee and Personnel Costs
Employee and Personnel Costs | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of defined benefit plans [abstract] | |
Employee and Personnel Costs | 7. Employee and personnel costs The disclosure amounts are based on the expense recognized in the consolidated statement of operations. 2023 2022 2021 Salaries and other remuneration ( 150,026 ) ( 151,444 ) ( 109,847 ) Social security costs ( 23,255 ) ( 24,241 ) ( 19,158 ) Share-based payments (1) ( 21,446 ) ( 35,466 ) ( 23,632 ) Pension and post-employment benefits ( 9,542 ) ( 9,208 ) ( 8,390 ) Total ( 204,269 ) ( 220,359 ) ( 161,027 ) (1) Refer to Note 8 Share-based compensation for further details. Key management compensation 2023 2022 2021 Short-term employee benefits (1) ( 11,120 ) ( 8,207 ) ( 6,459 ) Pension and post-employment benefits ( 628 ) ( 638 ) ( 766 ) Share-based payments (2) ( 9,151 ) ( 19,011 ) ( 13,921 ) Social security costs ( 3,404 ) ( 3,780 ) ( 2,521 ) Total ( 24,303 ) ( 31,636 ) ( 23,666 ) (1) For the twelve months ended December 31, 2023, severance pay of $ 2.5 million is included in short-term employee benefits. (2) Refer to Note 8 Share-based compensation for further details. During the year ended December 31, 2023 , key management consisted of an average of 14 members of management, including Executive Officers (CEO and CFO) and excluding the Board of Directors ( 2022 : 14 members; 2021 : 13 members). As of December 31, 2023 , key management consisted of 14 members. 7.1 Employee benefits expenses by function 2023 2022 2021 Cost of goods sold ( 37,671 ) ( 51,106 ) ( 35,959 ) Research and development expenses ( 12,431 ) ( 13,739 ) ( 10,336 ) Selling, general and administrative expenses ( 154,167 ) ( 155,514 ) ( 114,732 ) Total ( 204,269 ) ( 220,359 ) ( 161,027 ) |
Share-based compensation
Share-based compensation | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of terms and conditions of share-based payment arrangement [abstract] | |
Share-based compensation | 8. Share-based compensation 2021 Plan During the year ended December 31, 2021 , in connection with the initial public offering (“IPO”), the Company implemented a new incentive award program, the 2021 Incentive Award Plan (“2021 Plan”). The principal purpose of the 2021 Plan is to attract, retain and motivate selected employees, consultants and members of the Board of Directors through the granting of share-based compensation awards and cash-based performance bonus awards from 2021 and onwards. 69,496,515 shares have been reserved for grants pursuant to a variety of share-based compensation awards, including, but not limited to, stock options and restricted stock units (“RSUs”). To secure the future delivery of shares under the 2021 Plan, the Company’s shareholders resolved to issue 69,496,515 warrants. The right to subscribe for the warrants vests only in the Company. See Note 24 Equity . RSUs During the twelve months ended December 31, 2023 , the Company, under the 2021 Plan, granted 5,479,454 RSUs, of which 1,281,751 RSUs were granted to members of key management, including the Executive Officers (CEO and CFO), and the Board of Directors. 2,740,334 RSUs vested during the period, of which 468,787 were to key management. The RSUs are accounted for as equity-settled share-based payment transactions. The RSUs are measured based on the fair market value of the underlying ordinary shares on the date of grant. The RSUs granted to employees under the 2021 Plan vest in equal installments on each of the first three anniversaries of the date of grant, subject to continued service. The RSUs granted to members of its Board of Directors vest on the date of the next Annual General Meeting of shareholders following the grant date, subject to continued service on the applicable vesting date. Activity in the Group ’s RSUs outstanding and related information is as follows: Weighted average grant date fair value ($) Number of RSUs As of December 31, 2020 — — Granted during the period 14.78 1,832,777 Forfeited during the period 16.16 ( 131,770 ) As of December 31, 2021 14.67 1,701,007 Granted during the period 3.07 8,024,889 Forfeited during the period (1) 5.17 ( 1,035,380 ) Vested during the period 14.96 ( 542,922 ) As of December 31, 2022 4.42 8,147,594 Granted during the period 1.75 5,479,454 Forfeited during the period (2) 3.22 ( 2,470,898 ) Vested during the period 3.15 ( 2,740,334 ) As of December 31, 2023 2.91 8,415,816 — (1) Includes 493,856 forfeited RSUs related to the Company’s organizational restructuring and the YYF Transaction. Refer to Note 34 Non-current assets held for sale for details on the YYF Transaction. (2) Includes 961,990 forfeited RSUs related to the Company’s organizational restructuring during the year ended December 31, 2023. Employee stock options During the twelve months ended December 31, 2023 , the Company, under the 2021 Plan, granted 11,111,723 stock options of which 7,941,720 were granted to members of key management. 5,929,995 stock options vested during the period, of which 4,597,965 were to key management. The stock options are accounted for as equity-settled share-based payment transactions. For stock options granted under the 2021 Plan, the exercise price is equal to the fair value of the ordinary shares on grant date. The stock options granted to participants under the 2021 Plan vest in equal installments on each of the first three anniversaries of the date of grant, subject to continued service. The stock options expire, in relation to each installment under the vesting schedule, five years after vesting, corresponding to a total term of six, seven and eight years for the respective installment. Activity in the Group ’s stock options outstanding and related information is as follows: Weighted average exercise price ($) Number of employee stock options As of December 31, 2020 — — Granted during the period 16.86 7,002,430 Forfeited during the period 17.00 ( 44,118 ) As of December 31, 2021 16.86 6,958,312 Granted during the period 3.45 9,651,313 Forfeited during the period (1) 6.71 ( 2,204,399 ) Expired during the period 17.00 ( 66,174 ) As of December 31, 2022 9.40 14,339,052 Granted during the period 1.75 11,111,723 Forfeited during the period (2) 5.88 ( 3,615,022 ) Expired during the period 11.88 ( 546,562 ) As of December 31, 2023 5.98 21,289,191 Vested and exercisable as of December 31, 2023 10.19 7,637,924 — (1) Includes 1,213,585 forfeited stock options related to the Company’s organizational restructuring during the year ended December 31, 2022. (2) Includes 2,581,696 forfeited stock options related to the Company’s organizational restructuring during the year ended December 31, 2023. The fair value at grant date of the stock options granted during the financial year 2023 was $ 0.98 for the May 2023 grant date, $ 1.09 for the July 2023 grant date and $ 0.43 for the November 2023 grant date. The fair value at grant date of the stock options granted during the financial year 2022 was $ 1.49 for the May 2022 grant date and $ 0.86 for the November 2022 grant date. The fair value at grant date of the stock options granted during the financial year 2021 was $ 6.24 for the May 2021 grant date and $ 3.67 for the November 2021 grant date. The fair value of the stock options at grant date has been determined using the Black-Scholes option-pricing model, which takes into account the exercise price, the expected term of the stock options, the share price at grant date, expected price volatility of the underlying share, the expected dividend yield, the risk-free interest rate for the term of the stock options and the correlations and volatilities of the peer group companies. The Company does not anticipate paying any cash dividends in the near future and therefore uses an expected dividend yield of zero in the option valuation model. The following tables lists the inputs to the Black-Scholes option-pricing model used for employee stock options granted during the financial year 2023, 2022 and 2021, respectively: 2023 2022 2021 Expected term (years) 6 - 8 6 - 8 6 - 8 Weighted-average share price at grant date 1.75 3.45 16.86 Expected price volatility of the Company's shares (%) 50.00 - 55.00 35.00 - 37.00 33.00 Risk-free interest rate (%) 3.84 - 4.61 2.81 - 3.96 1.09 - 1.48 Valuation assumptions are determined at each grant date and, as a result, are likely to change for share-based awards granted in future periods. Changes to the input assumptions could materially affect the estimated fair value of the employee stock options. The sensitivity analysis below shows the impact of increasing and decreasing the share price by 30 %, expected volatility by 10 % as well as the impact of increasing and decreasing the expected term by 12 months. This analysis was performed on stock options granted in 2023. The following table shows the impact of these changes on fair value per employee stock option granted 2023: 2023 Share price increase 30 % 0.44 Share price decrease 30 % ( 0.40 ) Volatility increase 10 % 0.12 Volatility decrease 10 % ( 0.13 ) Expected life increase 12 months 0.06 Expected life decrease 12 months ( 0.07 ) Share-based payments expense was $ 21.4 million for the twelve months ended December 31, 2023 (2022 : $ 35.5 million, 2021 : $ 23.6 million). |
Other Operating Income and (Exp
Other Operating Income and (Expenses), Net | 12 Months Ended |
Dec. 31, 2023 | |
Analysis of income and expense [abstract] | |
Other operating income and (expenses), net | 9. Other operating income and (expenses), net 2023 2022 2021 Impairment charges related to discontinued construction of certain production facilities (Note 14,15,16,17,21) ( 172,588 ) — — Other costs related to discontinued construction of certain production facilities (Note 26) ( 28,972 ) — — Legal settlement expenses (Note 26) ( 9,250 ) — — Impairment charge related to assets held for sale (Note 34) — ( 38,292 ) — Other costs related to assets held for sale (Note 34) — ( 1,289 ) — Exchange rate differences (Note 11) ( 2,991 ) ( 3,776 ) 662 Other ( 851 ) 2,406 1,282 Other operating income and (expenses), net ( 214,652 ) ( 40,951 ) 1,944 |
Finance Income and Expenses
Finance Income and Expenses | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure Of Detailed Information About Finance Income And Expense [Abstract] | |
Finance income and expenses | 10. Finance income and expenses 2023 2022 2021 Interest income 12,666 2,144 1,774 Other financial income 329 — — Fair value changes on derivatives 611 — — Fair value changes on Convertible Notes 96,445 — — Net foreign exchange difference 7,825 13,112 12,661 Total finance income 117,876 15,256 14,435 Interest expenses on loan from credit institutions ( 20,187 ) ( 5,784 ) ( 8,623 ) Interest expenses on lease liabilities ( 6,779 ) ( 8,144 ) ( 5,026 ) Interest expenses on Convertible Notes ( 22,367 ) — — Interest expenses on shareholder loans — — ( 5,256 ) Fair value changes on derivatives — ( 287 ) ( 16 ) Fair value changes on short-term investments — ( 1,821 ) ( 222 ) Other financial expenses ( 19,696 ) ( 629 ) ( 518 ) Borrowing costs capitalized — — 3,921 Total finance expenses ( 69,029 ) ( 16,665 ) ( 15,740 ) Interest expense on the Convertible Notes is the nominal coupon rate of 9.25 %. Fair value changes on Convertible Notes contains the fair value changes less the coupon rate and changes in credit risk. See Note 3 Financial risk management and Note 27 Convertible Notes. Other financial expenses for year ended December 31, 2023 mainly consist of $ 17.5 million in transaction costs relating to the issuance of Convertible Notes, and $ 1.4 million in previously capitalized and amortized transaction costs relating to the previous Sustainable Revolving Credit Facility Agreement (the “SRCF Agreement”) that were expensed in connection with the extinguishment of the liability. See Note 25 Liabilities to credit institutions for further information on the SRCF Agreement. Capitalized borrowing costs For the years ended December 31, 2023 and 2022 , there were no capitalized borrowing costs. For the year ended December 31, 2021, borrowing costs have been capitalized for qualifying assets that consist of construction in progress for production facilities. The capitalization rate used to determine the amount of borrowing costs that have been capitalized, is the weighted average interest rate applicable to the Group’s general liabilities to credit institutions, shareholder loan and lease liabilities during the year, in this case 3.82 % for 2021 . |
Net Exchange Rate Differences
Net Exchange Rate Differences | 12 Months Ended |
Dec. 31, 2023 | |
Exchange differences on translation [abstract] | |
Net Exchange Rate Differences | 11. Net exchange rate differences The exchange-rate differences recognized in the consolidated statement of operations are included as follows: 2023 2022 2021 Other operating income and (expenses), net (Note 9) ( 2,991 ) ( 3,776 ) 662 Finance income and expenses (Note 10) 7,825 13,112 12,661 Exchange-rate differences—net 4,834 9,336 13,323 |
Income tax
Income tax | 12 Months Ended |
Dec. 31, 2023 | |
Major components of tax expense (income) [abstract] | |
Income tax | 12. Income tax The major components of income tax (expense)/benefit for the year ended December 31, 2023, 2022 and 2021 are as follows: 2023 2022 2021 Current tax: Current income tax (expense)/benefit ( 10,892 ) ( 3,250 ) 1,887 Adjustments in respect of income tax of previous years ( 2,282 ) 1,724 ( 120 ) ( 13,174 ) ( 1,526 ) 1,767 Deferred tax: Relating to origination and reversal of temporary 4,279 6,353 888 4,279 6,353 888 Income tax (expense)/benefit reported in the consolidated ( 8,895 ) 4,827 2,655 Reconciliation of tax (expense)/benefit and the accounting loss multiplied by Sweden’s corporate tax rate: 2023 2022 2021 Accounting loss before tax ( 408,165 ) ( 397,394 ) ( 215,048 ) At Sweden’s corporate income tax rate of 20,6 % 84,082 81,863 44,300 Effect of tax rates in foreign jurisdictions 3,028 ( 803 ) ( 835 ) Non-taxable income 170 7 26 Non-deductible costs ( 4,352 ) ( 8,978 ) ( 2,738 ) Adjustments in respect of income tax of previous years ( 2,282 ) 1,724 ( 120 ) Change in unrecognized deferred taxes ( 89,262 ) ( 69,219 ) ( 38,915 ) Tax effect of changes in tax rates ( 304 ) 112 ( 13 ) Other 25 121 950 Income tax expense/(benefit) ( 8,895 ) 4,827 2,655 Deferred tax Deferred tax relates to the following: 2023 2022 Property, plant and equipment ( 3,759 ) ( 11,287 ) Lease right-of-use asset ( 9,899 ) ( 29,474 ) Lease liability 9,470 30,750 Inventory 2,900 4,103 Loss allowances for financial assets 203 289 Accrued interest 234 1,798 Accrued expenses 5,098 1,438 Tax losses carried forward 497 4,533 Deferred tax credit 1,296 766 Share based compensation 503 319 Other 3,660 2,625 Net deferred tax assets 10,203 5,860 Reflected in the consolidated statement of financial Deferred tax assets 10,203 5,860 Deferred tax assets and deferred tax liabilities are offset if a legally enforceable right exists to set off current tax assets against current tax liabilities and the deferred taxes relate to the same taxable entity and the same taxation authority. Deferred income tax assets are recognized for tax loss carry-forwards, temporary differences or other tax credits to the extent that the realization of the related tax benefit through future taxable profits is probable. A reconciliation of net deferred tax is shown in the table below: 2023 2022 Balance at January 1 5,860 ( 384 ) Movement recognized in the consolidated statement of 4,279 6,353 Exchange differences 64 ( 109 ) Balance at December 31 10,203 5,860 In some subsidiaries, a deferred income tax asset has been recognized to the extent that there are sufficient taxable temporary differences relating to the same taxation authority and the same taxable entity. For the Swedish subsidiaries, no deferred income tax asset was recognized since, according to the Group, the criteria for reporting deferred tax assets in IAS 12 were not met. Deferred tax assets have not been recognized in respect of the following items: 2023 2022 Property, plant and equipment (1) 31,138 — Provisions (2) 6,152 — Lease liabilities 11,951 2,162 Tax losses carried forward 194,417 112,970 Net interest expense carried forward 12,196 2,061 Total unrecognized deferred tax assets 255,854 117,193 (1) Relates to impairment charges due to the decision to discontinue the construction of the new production facility in Peterborough, UK. Refer to Note 15 Property, plant and equipment for further details. (2) Relates to provisions due to the decision to discontinue the construction of the new production facility in Peterborough, UK. Refer to Note 26 Provisions for further details. As of December 31, 2023 , the Group’s accumulated loss carry-forwards amounted to $ 947.5 million ( 2022 : $ 570.6 million). Tax loss carry-forwards as of December 31, 2023 were expected to expire as follows: Expected expiry Less than Unlimited Total Tax loss carry-forwards 4,655 942,816 947,471 The Group has unrecognized tax losses that arose in Sweden of $ 940.1 million ( 2022 : $ 548.4 million, 2021 : $ 345.3 million) that are available indefinitely for offsetting against future taxable profits of the companies in Sweden. Deferred tax assets have not been recognized in respect of these losses as they may not be used to offset taxable profits elsewhere in the Group, they have arisen in companies that have been loss-making for some time, and there is no other evidence of recoverability in the foreseeable future. If the Group were able to recognize all unrecognized deferred tax assets on tax losses in Sweden, the result would increase by $ 193.7 , $ 113.0 , and $ 71.1 million for the years ended December 31, 2023, 2022 and 2021, respectively. Furthermore, the Group has tax losses in other foreign jurisdictions amounting to $ 2.7 million ( 2022 : $ 3.9 million, 2021 : $ 12.4 million). A deferred tax asset has been recognized in respect of these losses as at December 31, 2023 as it is likely that these will be able to be utilized in the foreseeable future. The measurement of deferred tax assets is subject to uncertainty and the actual result may diverge from judgments due to future changes in business climate, altered tax laws etc. An assessment is made at each closing date of the likelihood that the deferred tax asset will be utilized. As of December 31, 2023 , no deferred tax liability had been recognized on investments in subsidiaries. The Company has concluded it has the ability and intention to control the timing of any distribution from its subsidiaries and determined that the undistributed profits of its subsidiaries will not be distributed in the foreseeable future. It is not practicable to calculate the aggregate amount of temporary differences associated with investments in subsidiaries, for which deferred tax liabilities have not been recognized. The Company applies significant judgment in identifying uncertainties over income tax treatments. Since the Company operates in a complex multinational environment, it periodically evaluates positions taken in the tax returns to validate whether it has any uncertain tax positions, particularly those relating to transfer pricing. The tax filings of the Company and the subsidiaries in different jurisdictions include adjustments related to transfer pricing and the taxation authorities may challenge those tax treatments. The Company determined, based on its tax compliance and transfer pricing study, that it is probable that its tax treatments (including those for the subsidiaries) will be accepted by the taxation authorities. |
Investments in subsidiaries
Investments in subsidiaries | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of subsidiaries [abstract] | |
Investments in subsidiaries | 13. Investments in subsidiaries The Group had the following principal subsidiaries as at December 31, 2023: Name Country/place of Principal Proportion of Direct ownership Cereal Base CEBA AB Sweden Holding 100 % Indirect ownership Oatly AB Sweden Holding 100 % Oatly Sweden Operations & Supply AB Sweden Production 100 % Oatly UK Ltd. United Kingdom Selling 100 % Oatly UK Operations & Supply Ltd. United Kingdom Production 100 % Oatly Germany GmbH Germany Selling 100 % Oatly Norway AS Norway Selling 100 % Oy Oatly AB Finland Selling 100 % Oatly Netherlands BV Netherlands Selling 100 % Oatly Netherlands Operation & Supply BV Netherlands Production 100 % Oatly EMEA AB Sweden Selling 100 % Oatly Inc. United States Holding 100 % Oatly US Inc. United States Selling 100 % Oatly US Operations & Supply Inc. United States Production 100 % Havrekärnan AB Sweden Production 100 % Oatly Singapore Operations & Supply Pte Ltd. Singapore Production 100 % Oatly Hong Kong Holding Ltd. Hong Kong, China Selling 100 % Oatly Shanghai Co. Ltd. China Selling 100 % Oatly Food Co Ltd. China Production 100 % Oatly Thousands of Island Co Ltd. China Production 100 % |
Intangible assets
Intangible assets | 12 Months Ended |
Dec. 31, 2023 | |
Intangible assets and goodwill [abstract] | |
Intangible assets | 14. Intangible assets Other Intangible assets Goodwill Capitalized Other Ongoing Total Cost At January 1, 2022 130,364 11,167 4,520 3,075 149,126 Additions — 1,961 1,628 800 4,389 Reclassification — 2,223 — ( 2,223 ) — Exchange differences ( 17,460 ) ( 1,530 ) ( 653 ) ( 438 ) ( 20,081 ) At December 31, 2022 112,904 13,821 5,495 1,214 133,434 Additions — 252 1,800 446 2,498 Reclassification — 555 — ( 555 ) — Exchange differences 5,309 698 322 54 6,383 At December 31, 2023 118,213 15,326 7,617 1,159 142,315 Accumulated amortization At January 1, 2022 — ( 1,806 ) ( 1,395 ) — ( 3,201 ) Amortization charge — ( 2,101 ) ( 976 ) — ( 3,077 ) Exchange differences — 315 217 — 532 At December 31, 2022 — ( 3,592 ) ( 2,154 ) — ( 5,746 ) Amortization charge — ( 4,040 ) ( 1,305 ) — ( 5,345 ) Impairment — ( 336 ) — — ( 336 ) Exchange differences — ( 389 ) ( 173 ) — ( 562 ) At December 31, 2023 — ( 8,357 ) ( 3,632 ) — ( 11,989 ) Cost, net accumulated amortization At December 31, 2022 112,904 10,229 3,341 1,214 127,688 At December 31, 2023 118,213 6,969 3,985 1,159 130,326 Goodwill is in its entirely related to the acquisition of Cereal Base CEBA AB in 2016. 14.1. Test of goodwill impairment The CEO assesses the operating performance based on the Group’s three operating segments: EMEA, Americas and Asia. Goodwill is monitored by the CEO at the level of the three operating segments. The goodwill existing as at December 31, 2023 and 2022 is entirely attributable to EMEA. The Group tests whether goodwill has suffered any impairment on an annual basis, or more frequently if events or changes in circumstances indicate that it might be impaired. The Group performed its annual impairment test as of December 31, 2023 and 2022. For the 2023 and 2022 reporting period, the recoverable amount of the cash-generating unit (“CGU”) was determined based on a value in use calculation, which requires the use of assumptions. The calculations use cash flow projections based on financial budgets approved by Management covering a five-year period. Cash flows beyond the five-year period are extrapolated using an estimated growth rate of 2.0 % ( 2022 : 2.0 %). The growth rate is consistent with forecasts included in industry reports specific to the industry in which the CGU operates. The pre-tax discount rate used is 10.2 % ( 2022 : 10.6 %). The following are key assumptions used in value in use calculations: • Long-term EBITDA margin • Long-term growth rate • Pre-tax discount rate Management has determined the values assigned to each of the above key assumptions as follows: • Long-term EBITDA margin: Based on past performance and management’s expectations for the future when continuing to scale the business. • Long-term growth rate: This is the weighted average growth rate used to extrapolate cash flows beyond the budget period. The rates are consistent with forecasts included in industry reports. • Pre-tax discount rate: Reflect specific risks relating to the relevant segment and the countries in which they operate. The recoverable amount exceeds the carrying amount of goodwill. As of January 1, 2024 the Company changed its operating segments. The new operating segments are Europe & International, North America and Greater China. The goodwill is entirely attributable to Europe & International. Refer to Note 35 Events after the end of the reporting period for further information on the change of operating segments. The recoverable amount exceeds the carrying amount of goodwill also after the change in operating segments. Sensitivity analysis The sensitivity analysis is based on the new operating segments as described above and further in Note 35 Events after the end of the reporting period. The recoverable amount would equal the carrying amount if the pre-tax discount rate increased by 2.9 percentage points or if the long-term EBITDA margin decreased by 2.6 percentage points. |
Property, plant and equipment
Property, plant and equipment | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of detailed information about property, plant and equipment [abstract] | |
Property, plant and equipment | 15. Property, plant and equipment A summary of property, plant and equipment as at December 31, 2023 and December 31, 2022 is as follows: Land and Plant and Construction Total Cost At January 1, 2022 117,423 199,005 234,385 550,813 Additions 7,719 57,446 122,931 188,096 Sold — ( 982 ) ( 5,254 ) ( 6,236 ) Assets held for sale ( 64,180 ) ( 52,534 ) ( 31,925 ) ( 148,639 ) Disposals — ( 45 ) — ( 45 ) Reclassifications 21,857 50,697 ( 72,554 ) — Exchange differences ( 5,760 ) ( 10,188 ) ( 21,643 ) ( 37,591 ) At December 31, 2022 77,059 243,399 225,940 546,398 Additions 5,498 15,245 21,258 42,001 Sold ( 295 ) — — ( 295 ) Disposals ( 123 ) ( 701 ) ( 801 ) ( 1,625 ) Reclassifications 19,938 16,550 ( 36,488 ) — Exchange differences 2,672 4,356 7,386 14,414 At December 31, 2023 104,749 278,849 217,295 600,893 Accumulated depreciation and impairment At January 1, 2022 ( 7,890 ) ( 29,781 ) ( 3,494 ) ( 41,165 ) Depreciation charge ( 5,854 ) ( 26,157 ) — ( 32,011 ) Sold — 692 3,494 4,186 Assets held for sale 13,925 16,082 8,504 38,511 Impairment (1) ( 10,413 ) ( 7,647 ) ( 8,504 ) ( 26,564 ) Exchange differences 863 2,734 — 3,597 At December 31, 2022 ( 9,369 ) ( 44,077 ) — ( 53,446 ) Depreciation charge ( 5,636 ) ( 27,392 ) — ( 33,028 ) Sold 295 — — 295 Disposals 39 668 — 707 Impairment (2) — ( 171 ) ( 152,187 ) ( 152,358 ) Exchange differences ( 397 ) ( 1,507 ) ( 873 ) ( 2,777 ) At December 31, 2023 ( 15,068 ) ( 72,479 ) ( 153,060 ) ( 240,607 ) Cost, net accumulated depreciation and impairment At December 31, 2022 67,690 199,322 225,940 492,952 At December 31, 2023 89,681 206,370 64,235 360,286 (1) Of the total $ 26.6 million, $ 26.3 million relates to an impairment charge for assets remeasured to fair value less costs of disposal as part of the YYF Transaction. Refer to Note 34 Non-current assets held for sale for details. (2) Of the total $ 152.4 million, $ 152.2 million relates to impairment charges due to the decision to discontinue the construction of new production facilities in Peterborough, UK and Dallas-Fort Worth, Texas. The additions during the year ended December 31, 2023 is mainly related to investment in existing production facilities. Reclassifications between construction in progress and land and buildings and plant and machinery are mainly related to the Landskrona, Sweden production facility. The depreciation expense for years ended December 31, 2023, 2022 and 2021 was $ 33.0 million, $ 32.0 million and $ 15.9 million, respectively. Part of the Group’s property, plant and equipment are pledged to secure the Group’s liabilities to credit institutions. Refer to Note 3 Financial risk management for further details. 15.1. Test of impairment As described in Note 4 Significant accounting judgments, estimates and assessments , Management decided, for the 2023 and 2022 reporting periods, to perform impairment tests for the non-financial assets in all the three operating segments, not only for the segment containing goodwill. Refer to Note 14 Intangible assets for disclosure of impairment test for the operating segment EMEA. The Group performed the impairment tests as of December 31, 2023 and 2022. For Americas and Asia the recoverable amount for the cash generating units were established through calculation of the value in use, which require the use of assumptions. The calculations use cash flow projections based on financial budgets approved by management covering a ten-year period. Cash flows beyond the ten-year period are extrapolated using an estimated growth rate of 2 %. The growth rate is consistent with forecasts included in industry reports specific to the industry in which the CGU operates. The pre-tax discount rate used for Americas was 10.8 % (2022: 10.8 %) and for Asia 9.7 % (2022: 10.3 %). The recoverable amount exceeds the carrying amount of non-financial assets for both Americas and Asia. As of January 1, 2024 the Company changed its operating segments. The new operating segments are Europe & International, North America and Greater China. Refer to Note 35 Events after the end of the reporting period for further information on the change of operating segments. The recoverable amount exceeds the carrying amount of non-financial assets also after the change in operating segments. Sensitivity analysis The sensitivity analysis is based on the new operating segments as described above and further in Note 35 Events after the end of the reporting period . The recoverable amount of the Greater China CGU would equal the carrying amount if the pre-tax discount rate increased by 3.2 percentage points or if the long-term EBITDA margin decreased by 3.4 percentage points. The recoverable amount of the North America CGU would equal the carrying amount if the pre-tax discount rate increased by 4.0 percentage points or if the long-term EBITDA margin decreased by 3.4 percentage points. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2023 | |
Lease [Abstract] | |
Leases | 16. Leases This note provides information for leases where the Group is a lessee. 16.1. The Group’s leasing activities and how these are accounted for One lease agreement related to the headquarters office in Malmö, Sweden, commenced during the twelve months ended December 31, 202 3. The lease term is 5 years. The addition to the right-of-use asset amounts to $ 5.2 million. One lease agreement related to research and development premises in Lund, Sweden, commenced during the twelve months ended December 31, 2023. The addition to the right-of-use asset amounts to $ 7.7 million for a term of 15 years. Lease terms for production facilities are generally between 10 and 20 years, and lease terms for other properties (i.e., offices) are generally between one and 15 years. Lease terms for production equipment are generally between one and five years . The Group also has leases with a shorter lease term than 12 months and leases pertaining to assets of low value, such as office equipment. For these, the Group has chosen to apply the exemption rules in IFRS 16 Leases, meaning the value of these contracts is not part of the right-of-use asset or lease liability. Extension and termination options Extension and termination options are used to maximize operational flexibility in terms of managing the assets used in the Group’s operations. The majority of extension and termination options held are exercisable only by the Group and not by the respective lessor. For more information regarding the Group’s extension options, please refer to Note 4 Significant accounting judgments, estimates and assessments . 16.2. Amounts recognized in the consolidated statement of financial position The consolidated statement of financial position discloses the following amounts relating to leases: 2023 2022 Right-of-use assets Land and buildings 69,434 87,015 Plant and machinery 18,959 21,583 Total 88,393 108,598 Lease liabilities Non-current 72,570 82,285 Current 16,432 16,823 Total 89,002 99,108 Land and Plant and Total Cost At January 1, 2022 138,803 39,277 178,080 Increases 12,989 7,305 20,294 Decreases ( 4,594 ) ( 2,499 ) ( 7,093 ) Assets held for sale ( 38,724 ) ( 10,675 ) ( 49,399 ) Exchange differences ( 8,361 ) ( 2,883 ) ( 11,244 ) At December 31, 2022 100,113 30,525 130,638 Increases 16,700 2,578 19,278 Decreases (1) ( 27,255 ) ( 1,775 ) ( 29,030 ) Exchange differences 3,015 454 3,469 At December 31, 2023 92,573 31,782 124,355 Accumulated depreciation and impairment At January 1, 2022 ( 11,030 ) ( 8,602 ) ( 19,632 ) Depreciation ( 20,029 ) ( 8,147 ) ( 28,176 ) Decreases ( 5,094 ) 215 ( 4,879 ) Impairment (2) 9,688 2,325 12,013 Assets held for sale 12,594 4,230 16,824 Exchange differences 773 1,037 1,810 At December 31, 2022 ( 13,098 ) ( 8,942 ) ( 22,040 ) Depreciation ( 8,921 ) ( 5,156 ) ( 14,077 ) Decreases 4,687 1,651 6,338 Impairment (3) ( 5,355 ) — ( 5,355 ) Exchange differences ( 452 ) ( 376 ) ( 828 ) At December 31, 2023 ( 23,139 ) ( 12,823 ) ( 35,962 ) Cost, net accumulated depreciation and impairment At December 31, 2022 87,015 21,583 108,598 At December 31, 2023 69,434 18,959 88,393 (1) Primarily related to change of lease term due to the decision to discontinue the construction of the new production facility in Peterborough, UK. (2) Asset impairment charge related to the YYF Transaction, amounting to $ 12.0 million. Refer to Note 34 Non-current assets held for sale for details on the YYF Transaction. (3) Includes an asset impairment charge of $ 3.7 million due to the decision to discontinue the construction of the new production facility in Peterborough, UK. 16.3 Amounts recognized in the consolidated statement of operations 2023 2022 2021 Depreciation and impairment charge of right-of-use assets Land and buildings ( 14,276 ) ( 20,029 ) ( 7,507 ) Plant and machinery ( 5,156 ) ( 8,147 ) ( 4,982 ) Total ( 19,432 ) ( 28,176 ) ( 12,489 ) Interest expense (included in finance expenses) ( 6,779 ) ( 8,144 ) ( 5,026 ) Expense relating to short-term leases ( 454 ) ( 1,302 ) ( 576 ) Expense relating to leases of low-value assets that are not shown above as short-term leases ( 723 ) ( 310 ) ( 1,605 ) The total cash outflow for leases in 2023 was $ 19.4 million ( 2022 : 20.7 million). The Group has the following lease agreements, which had not commenced as of December 31, 2023, but the Group is committed to: • One lease agreement regarding production equipment in Ma’anshan, China, under which the Group’s obligations collectively amount to $ 3.6 million for a term of six years . The lease will commence during 2024. |
Other non-current receivables
Other non-current receivables | 12 Months Ended |
Dec. 31, 2023 | |
Trade and other non-current receivables [abstract] | |
Other non-current receivables | 17. Other non-current receivables 2023 2022 Derivatives 1,027 — Deposits 1,861 1,802 Promissory notes 22,093 — Long-term prepaid expenses 15,782 3,070 Other receivables 3,615 2,976 Total 44,378 7,848 The promissory note is part of the purchase price from selling the manufacturing facilities in Ogden, Utah and Dallas-Fort Worth, Texas (respectively, the “Ogden Facility” and the “Dallas-Fort Worth Facility,” and together, the “Facilities”), to YYF. The note has a maturity date of May 31, 2028 . The nominal interest rate is 8 % for the first year and then increases by 200 basis points each year. The interest is capitalized semi-annually, and the effective interest rate is 12.56 %. Long-term prepaid expenses consist primarily of a credit toward future use of shared assets at the Facilities due to the YYF Transaction. Due to the decision to discontinue the construction of the production facility in Dallas-Fort Worth, Texas, an impairment charge of $ 2.5 million was recorded during the year ended December 31, 2023. The impairment charge is included in Other operating income and (expenses), net in the consolidated statement of operations. For further information on the YYF Transaction, see Note 34 Non-current assets held for sale . |
Financial instruments per categ
Financial instruments per category | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of detailed information about financial instruments [abstract] | |
Financial instruments per category | 18. Financial instruments per category December 31 2023 2022 2023 2022 Fair value through At amortized cost Assets in the consolidated statement of financial position Other non-current receivables — — 43,351 7,848 Derivatives (part of 'other non-current receivables') 1,027 — — — Trade receivables — — 112,951 100,955 Other current receivables — — 22,764 6,063 Derivatives (part of 'current receivables') 857 — — — Cash and cash equivalents — — 249,299 82,644 Total 1,884 — 428,365 197,510 December 31 2023 2022 2023 2022 Fair value through At amortized cost Liabilities in the consolidated statement of financial position Convertible Notes 323,528 — — — Liabilities to credit institutions — — 120,305 52,590 Trade payables — — 64,368 82,516 Derivatives (part of 'Other current liabilities') — 316 — — Accrued expenses — — 90,692 90,869 Total 323,528 316 275,365 225,975 The change in fair value recorded in the profit and loss for 2023 was a gain of $ 97.1 million (2022: loss of $ 1.8 million, 2021: loss of $ 0.2 million.), consisting primarily of fair value changes on Convertible Notes. The fair value changes are included in Finance income and (expenses), net in the consolidated statement of operations. Fair value hierarchy This note explains the judgments and estimates made in determining the fair values of the financial instruments that are recognized and measured at fair value in the financial statements. To provide an indication about the reliability of the inputs used in determining fair value, the Group has classified its financial instruments into the three levels prescribed under the accounting standards. Level 1: The fair value of financial instruments traded in active markets (such as publicly traded derivatives and equity securities) is based on quoted market prices at the end of the reporting period. The quoted market price used for financial assets held by the Group is the current bid price. These instruments are included in Level 1. Level 2: The fair value of financial instruments that are not traded in an active market (for example, over-the-counter derivatives) is determined using valuation techniques, which maximize the use of observable market data and rely as little as possible on entity-specific estimates. If all significant inputs required to fair value an instrument are observable, the instrument is included in Level 2. Specific valuation techniques used in Level 2 to value financial instruments include: • for foreign currency forwards, the present value of future cash flows based on the forward exchange rates at the balance sheet date • for interest rate caps – option pricing models (e.g. Black-Scholes model) Level 3: If one or more of the significant inputs is not based on observable market data, the instrument is included in Level 3. This is the case for unlisted equity securities. Recurring fair value measurements at December 31, 2023 Level 1 Level 2 Level 3 Financial assets Derivatives (part of other non-current receivables) — 1,027 — Derivatives (part of other current receivables) — 857 — Total financial assets — 1,884 — Financial liabilities Convertible Notes — — 323,528 Total financial liabilities — — 323,528 Recurring fair value measurements at December 31, 2022 Level 1 Level 2 Level 3 Financial liabilities Derivatives (part of other current liabilities) — 316 — Total financial liabilities — 316 — There were no transfers between the levels during 2023 and 2022. The carrying amount of the promissory note, is a reasonable approximation of fair value since the transaction was closed on March 1, 2023, and there have been no significant changes to credit risk or market rates during the period March 1 until December 31, 2023. See Note 17 Other non-current receivables. The carrying amount of non-current liabilities to credit institutions in the Group is a reasonable approximation of fair value since the interest rate is variable and there have been no significant changes to credit risk since issued on April 18, 2023. See Note 25 Liabilities to credit institutions. The carrying amount of current liabilities to credit institutions and other financial instruments in the Group is a reasonable approximation of fair value since they are short-term, and the discount effect is not significant. Convertible Notes Convertible Notes At January 1, 2023 — Issue of Convertible Notes 324,950 Fair value changes (including interest expenses) recognized in the consolidated statement of operations ( 74,078 ) Change in fair value recognized in consolidated statement of other comprehensive loss 72,656 At December 31, 2023 323,528 December 31, 2023 Carrying amount 323,528 Includes: Cumulative fair value changes on Convertible Notes attributable to changes in credit risk, recognized in the fair value reserve 72,656 Amount the Company is contractually obligated to pay to holders of the Convertible Notes at maturity 546,842 Difference between carrying amount and the amount the Company is contractually obligated to pay to holders of Convertible Notes at maturity ( 223,314 ) The Group determines the amount of fair value changes which are attributable to credit risk by first determining the changes due to market conditions which give rise to market risk, and then deducting those changes from the total change in fair value of the Convertible Notes. Market conditions which give rise to market risk include changes in the benchmark interest rate. Fair value movements on the conversion option embedded derivative are included in the assessment of market risk fair value changes. The fair value of the instrument in its entirety has been determined by using a combination of a Monte Carlo simulation and a discounted cash flow analysis. The following table lists the key inputs and assumptions used in the valuation model as of December 31, 2023 : December 31, 2023 Conversion price ($) (1) 1.36 - 2.52 Share price at valuation date ($) 1.18 Expected price volatility of the Company share (%) 65.00 Risk-free interest rate (%) 3.90 Market interest rate (%) 21.50 (1) The Convertible Notes are convertible at the option of each holder at an initial conversion price of $ 2.41 - 2.52 per ordinary share or per ADS, subject to customary anti-dilution adjustments and a conversion rate reset on March 23, 2024 and March 23, 2025. For further details on the Convertible Notes and the conversion price reset mechanis m, see Note 27 Convertible Notes. The market interest rate has been assessed based on the observed range of yields on corporate bonds with comparable terms and comparable credit ratings to that of the Group. The following table shows the impact of the key inputs and assumptions on the fair value of the Convertible Notes: December 31, 2023 Share price decrease 30 % 284,266 Share price increase 30 % 357,969 Volatility decrease 10 % 313,437 Volatility increase 10 % 333,614 Risk-free interest rate decrease 1 % 321,889 Risk-free interest rate increase 1 % 325,089 Market interest rate decrease 1 % 332,199 Market interest rate increase 1 % 315,256 |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2023 | |
Classes of current inventories [abstract] | |
Inventories | 19. Inventories 2023 2022 Raw materials and consumables 16,500 20,638 Finished goods 51,382 93,837 Total 67,882 114,475 Inventories recognized as an expense during the year ended December 31, 2023 amounted to $ 599.0 million (2022 : $ 608.8 million, 2021: $ 459.7 million) and were included in cost of goods sold in the consolidated statement of operations. Write-downs of inventories to net realizable value during the year ended December 31, 2023 amounted to $ 17.0 million (2022: $ 28.8 million, 2021: $ 5.1 million). The write-downs were recognized as an expense during the years ended December 31, 2023, 2022 and 2021 and included in cost of goods sold in the consolidated statement of operations. |
Trade receivables
Trade receivables | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure Of Trade Receivables [Abstract] | |
Trade receivables | 20. Trade receivables 2023 2022 Trade receivables 114,171 104,685 Less: allowance for expected credit losses ( 1,220 ) ( 3,730 ) Trade receivables—net 112,951 100,955 Carrying amounts, by currency, for the Group’s trade receivables are as follows: 2023 2022 EUR 31,523 26,692 USD 27,828 23,192 GBP 20,909 22,004 CNY 19,445 17,372 SEK 5,939 3,377 SGD 1,934 1,525 HKD 1,074 3,667 Other 4,299 3,126 Total 112,951 100,955 For more information on aging schedule and the allowance for expected credit losses, please see Note 3.1.2 Credit risk . The maximum exposure to credit risk on the date of the statement of financial position is the carrying amounts according to the above. |
Other current receivables
Other current receivables | 12 Months Ended |
Dec. 31, 2023 | |
Other Current Receivables [Abstract] | |
Other current receivables | 21. Other current receivables 2023 2022 Value added tax 8,954 11,109 Advance payments to vendors 1,788 3,078 Short-term derivatives 857 — Other 22,221 3,631 Total 33,820 17,818 Other includes a receivable of $ 12.2 million relating to production equipment returned to a supplier due to the decision to discontinue the construction of the new production facility in Peterborough, UK. During the twelve months ending December 31, 2023, a credit toward future capital expenditures related to the YYF Transaction for the completion of oat base capacity at the Dallas-Fort Worth Facility was recorded. The receivable was subsequently impaired during the year due to the decision to discontinue the construction of the new production facility in Dallas-Fort Worth, Texas. The impairment amounted to $ 13.9 million and is included in Other operating income and (expenses), net in the consolidated statement of operations. For further information on the YYF Transaction, see Note 34 Non-current assets held for sale. |
Prepaid expenses
Prepaid expenses | 12 Months Ended |
Dec. 31, 2023 | |
Prepaid Expenses [Abstract] | |
Prepaid expenses | 22. Prepaid expenses 2023 2022 Prepaid production and warehouse expenses 102 407 Prepaid selling and marketing expenses 1,587 229 Prepaid insurance expenses 620 9,090 Prepaid financing expenses 4,006 3,399 Other 10,613 10,288 Total 16,928 23,413 |
Cash and cash equivalents
Cash and cash equivalents | 12 Months Ended |
Dec. 31, 2023 | |
Cash and cash equivalents [abstract] | |
Cash and cash equivalents | 23. Cash and cash equivalents The consolidated statement of financial position and the consolidated statement of cash flows include the following items in “cash and cash equivalents”: 2023 2022 Short-term deposits 170,000 13,894 Cash at bank and on hand 79,299 68,750 Total 249,299 82,644 Short-term deposits are time deposits and structured deposits, with maturities of 1 to 3 months. The expected change in value is assessed as insignificant since the amount received cannot be less than the amount deposited. |
Equity
Equity | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of classes of share capital [abstract] | |
Equity | 24. Equity Share capital and Treasury shares In May 2021, the shareholders resolved to issue 69,497 thousand warrants to secure the future delivery of shares under the 2021 Plan. During May 2022, the Company exercised 650 thousand warrants, and during May 2023, the Company exercised 2,882 thousand warrants. As of December 31, 2023 and 2022 , there were 65,965 thousand and 68,847 thousand warrants outstanding, respectively. Upon exercise of the warrants in May 2023, 2,882 thousand ordinary shares were allotted and issued, and 1,935 thousand ordinary shares were converted to American Depositary Shares to be delivered to participants under the 2021 Incentive Award Plan related to the vesting of the May 2021 and May 2022 grants. In November 2023, an additional 805 thousand were converted to American Depositary Shares to be delivered to participants under the 2021 Incentive Award Plan related to the vesting of the November 2021, November 2022 and May 2023 grants. The remaining balance is held as treasury shares to enable the Company's timely delivery of shares upon the exercise of outstanding share options and to meet future vesting of the RSUs. As of December 31, 2023 and 2022 , 595,060 thousand and 592,320 thousand ordinary shares were outstanding, respectively, and the par value per share was $ 0.00018 (SEK 0.0015 ). The Company had 249 thousand treasury shares as of December 31, 2023 and 107 thousand treasury shares as of December 31, 2022. Other contributed capital As of December 31, 2023 and 2022 other contributed capital of $ 1,628.0 million consists of share premium, shareholders contribution and proceeds from warrant issues. Other reserves As of December 31, 2023 , foreign currency translation reserves of $( 233.2 ) million consists of fair value reserve of $( 72.7 ) million related to fair value gains and losses on the Convertible Notes attributable to changes in the Group’s credit risk, and foreign currency translation reserve of $( 160.5 ) million primarily related to the exchange differences occurring from the translation of foreign operations in another currency than the reporting currency of the Group (USD). As of December 31, 2022 other reserves of $ ( 171.5 ) million consisted of foreign currency translation reserve primarily related to the exchange differences occurring from the translation of foreign operations in another currency than the reporting currency of the Group (USD). Accumulated deficit As of December 31, 2023 and 2022 accumulated deficit of $( 1,061.0 ) million and $( 665.5 ) million, respectively, consists of accumulated losses and share-based payments. Non-controlling interest On July 27, 2023, one of the Group’s subsidiaries in China carried out a share issue. Prior to the share issue the Group owned 100 percent of the share capital in the subsidiary. Xiangpiaopiao Food Co., Ltd. subscribed for a part of the new issued shares and owns 40 percent of the share capital after the transaction, whereas the Group recognized a non-controlling interest. As of December 31, 2023, non-controlling interests amounted to $ 1.8 million. |
Liabilities to Credit Instituti
Liabilities to Credit Institutions | 12 Months Ended |
Dec. 31, 2023 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Liabilities to Credit Institutions | 25. Liabilities to credit institutions 2023 2022 Non-current liabilities to credit institutions 114,249 2,668 Current liabilities to credit institutions 6,056 49,922 Total 120,305 52,590 As of December 31, 2023 the Liabilities to credit institutions balance amounts to $ 120.3 million and is related to outstanding amounts under the TLB Credit Agreement (as defined below), the EIF Facility (as defined below). As of December 31, 2022, the Liabilities to credit institutions balance amounted to $ 52.6 million, and were related to outstanding amounts under the SRCF Agreement and the EIF Facility. The European Investment Fund guaranteed three-year term loan facility with Svensk Exportkredit (the “EIF Facility” ) was entered into in October 2019. In October 2022, the EIF Facility was amended to extend the term for another three years , with a maturity date in October 2025 . The loan facility and interest margin remain unchanged. As of December 31, 2023 and December 31, 2022, the Group ha d € 2.5 million (equivalent of $ 2.8 million) and € 3.8 million (equivalent of $ 4.0 million), respectively, outstanding on the EIF Facility, including accrued interest. In April 2023, the Company entered into a Term Loan B Credit Agreement (the “TLB Credit Agreement” ) with, amongst others, Silver Point Finance LLC as Syndication Agent and Lead Lender, J.P. Morgan SE, as Administrative Agent and Wilmington Trust (London) Limited as Security Agent, including a term loan facility of $ 130 million borrowed by Oatly AB. The term of the TLB Credit Agreement is five years from the funding date of the term loan facility, and the term loan facility is subject to 1 % amortization per annum paid in quarterly instalments. Borrowings carry an interest rate of Term SOFR (with floor of 2.50 %) plus 7.5 % or Base Rate (with floor of 3.50 %) plus 6.5 %. The TLB Credit Agreement, contains maintenance financial covenants such as minimum EBITDA, total net leverage ratio and liquidity requirements. The TLB Credit Agreement also contains certain negative covenants, including but not limited to restrictions on indebtedness, limitations on liens, fundamental changes covenant, asset sales covenant, and restricted payments covenant. The debt under the TLB Credit Agreement ranks pari passu with, and shares in the same security and guarantees from the Group as the EIF Facility and the SRCF Agreement by way of the Intercreditor Agreement. As of December 31, 2023 the Group had $ 117.5 million outstanding on the TLB Credit Agreement, including accrued interest and net after original issue discount and transaction costs. In April 2023, the SRCF Agreement was amended and restated whereby, among other things, (i) the term of the SRCF Agreement was reset to three years and six months, with a one year uncommitted extension option , (ii) the lender group under the SRCF Agreement was reduced to JP Morgan SE, BNP Paribas SA, Bankfilial Sverige, Coöperatie ve Rabobank U.A. and Nordea Bank Abp, filial i Sverige and the commitments under the SRCF Agreement were reduced to SEK 2,100 million (equivalent of $ 192.1 million), with an uncommitted incremental revolving facility option of up to SEK 500 million (equivalent of $ 45.7 million), (iii) the initial ma rgin was reset at 4.00 % p.a., (iv) the tangible solvency ratio, minimum EBITDA, minimum liquidity and total net leverage ratio financial covenants were reset, (v) the existing negative covenants were amended to further align with those included in the TLB Credit Agreement, including in relation to incurrence of indebtedness, and (vi) the debt under the SRCF Agreement ranks pari passu with, and shares in the same security and guarantees from the Group as, the EIF Facility and the TLB Credit Agreement by way of the Intercreditor Agreement. As of December 31, 2023 , the Group had no utilized loan amounts under the amended SRCF Agreement. As of December 31, 2022, the Group had utilized loan amounts under the previous SRCF agreement of SEK 507 million (equivalent of $ 48.6 million), including accrued interest. In May 2023, (i) the SRCF Agreement was amended pursuant to an amendment letter to, among other things, ensure that the HH Notes constitute “PIPE Financing” under and as defined in the SRCF Agreement and (ii) the TLB Credit Agreement was amended pursuant to an amendment agreement to, among other things, ensure that the HH Notes constitute “Convertible Bonds” under and as defined in the TLB Credit Agreement. See Note 27 Convertible Notes for more information on the Company’s Convertible Notes. The EIF Facility, TLB Credit Agreement and the SRCF Agreement benefit from the same guarantees. Refer to Note 3 Financial risk management for further details. In November 2022, the Group's indirect subsidiary Oatly Shanghai Co., Ltd. entered into a RMB 150 million (equivalent of $ 20.7 million) working capital credit facility with China Merchants Bank Co., Ltd. Shanghai Branch (the “CMB Credit Facility”). As of December 31, 2022, there were no outstanding borrowings under the CMB Credit Facility. In November 2023, the CMB Credit Facility was terminated. For changes in facilities and borrowings after the reporting period, see Note 35 Events after the end of the reporting period . |
Provisions
Provisions | 12 Months Ended |
Dec. 31, 2023 | |
Provisions [abstract] | |
Provisions | 26. Provisions Restructuring Decommissioning Legal settlement At December 31, 2022 3,800 7,194 — Decreases: Included in the acquisition value of right-of-use assets ( 2,133 ) — Charged to the consolidated statement of operations: - Additional provisions recognized 41,269 — 9,250 - Unwinding of discount effect 116 52 — - Reversal of non-utilized amounts ( 396 ) — — Amounts used during the year ( 13,781 ) — — Reclassifications 3,608 ( 3,608 ) — Charged to other comprehensive loss: - Exchange differences 647 26 — At December 31, 2023 35,263 1,531 9,250 Non-current 9,185 1,531 — Current 26,078 — 9,250 Restructuring The restructuring provisions recorded in 2023 relate principally to decommissioning and other exit costs for the discontinued construction of the new production facilities in Peterborough, UK and Dallas-Fort Worth, Texas. The Group has also recorded provisions related to organizational restructuring. The organizational restructuring plan was drawn up and announced to the employees during 2023. The restructuring provision recorded in 2022 related principally to organizational restructuring. The restructuring plan was drawn up and announced to the employees of the Group in the fourth quarter of 2022. The restructuring was completed in 2023. Decommissioning A provision has been recognized for decommissioning costs which relates to restoration costs for leased production facilities. The decommissioning is expected to be settled at the end of the respective lease term. Legal settlement For information regarding the legal settlement, see Note 33 Commitments and contingencies. |
Convertible Notes
Convertible Notes | 12 Months Ended |
Dec. 31, 2023 | |
Convertible Notes [abstract] | |
Convertible Notes | Note 27. Convertible Notes On March 23, 2023 and April 18, 2023, the Company issued $ 300 million aggregate principal amount of 9.25 % Convertible Senior PIK Notes due 2028 (the notes issued on March 23, 2023, the “U.S. Notes” and the notes issued on April 18, 2023, the “Swedish Notes” and, together with the U.S. Notes, the “Original Convertible Notes,” and the Original Convertible Notes, together with the HH Notes (as defined below), the “Convertible Notes”). The U.S. Notes and the Swedish Notes have substantially identical economic terms. Certain of the Company’s existing shareholders, Nativus Company Limited, Verlinvest and Blackstone Funds, purchased $ 200.1 million aggregate principal amount of the Swedish Notes and other institutional investors purchased $ 99.9 million aggregate principal amount of the U.S. Notes. The investors paid an aggregate purchase price of $ 291 million, reflecting an original issue discount of 3 %. The Convertible Notes bear interest at a rate of 9.25 % per annum, payable semi-annually in arrears in cash or in payment-in-kind, at the Company’s option, on April 15 and October 15 of each year , beginning on October 15, 2023 . The Convertible Notes will mature on September 14, 2028 , unless earlier converted by the holders or required to be converted, repurchased or redeemed by the Company. The Original Convertible Notes are convertible at the option of each holder at an initial conversion price of $ 2.41 per Ordinary Share or per ADS, subject to customary anti-dilution adjustments and a conversion rate reset on March 23, 2024 and March 23, 2025 if the average of the daily volume-weighted average prices of the ADSs for the 30 consecutive trading days immediately preceding March 23, 2024 and March 23, 2025, respectively, is below a specified price. The conversion price of the Original Convertible Notes, before considering customary anti-dilution adjustments, cannot be reset to lower than $ 1.81 on March 23, 2024 and $ 1.36 on March 23, 2025. The Company may require conversion of the Convertible Notes if the last reported sale price of the Company’s ADSs equals or exceeds 200 % of the applicable conversion price on any 45 trading days during any 90 consecutive day period beginning on or after the third anniversary of the issuance of the U.S. Notes (with respect to the U.S. Notes and the HH Notes) and the Swedish Notes (with respect to the Swedish Notes). On April 18, 2023, the Company, Oatly AB, Oatly Inc. and other parties entered into the Intercreditor Agreement which includes customary ranking, enforcement and turnover provisions intended to govern the relationship between the creditor groups and which affect e.g. the Convertible Notes. On May 9, 2023 the Company entered into an agreement with an affiliate of Hillhouse Investment Management Ltd. (“Hillhouse”) to sell an additional $ 35 million in Convertible Notes (the “HH Notes”), resulting in approximately $ 34 million in financing after reflecting an original issue discount of 3 %. The economic terms of the HH Notes are substantially identical to the economic terms of the U.S. Notes except (i) that the HH Notes are convertible at Hillhouse’s option at an initial conversion price of $ 2.52 per ADS, representing an approximate 17 % premium to the last reported sale price of the Company’s ADSs on the Nasdaq Global Market on May 8, 2023, and (ii) with respect to the specified prices in connection with the conversion rate resets of the HH Notes. The conversion price of the HH Notes, before considering customary anti-dilution adjustments, cannot be reset to lower than $ 1.89 on March 23, 2024 and $ 1.41 on March 23, 2025. In addition, on May 9, 2023, one of the existing holders of Swedish Notes and an affiliate of one of the Company’s shareholders, Verlinvest, agreed to sell and Hillhouse agreed to purchase from Verlinvest $ 15 million aggregate principal amount of Swedish Notes (the “Resale Notes”). The purchase and sale of the HH Notes and the Resale Notes closed on May 31, 2023. The HH Notes are also subject to the Intercreditor Agreement. The terms of the Convertible Notes contain covenants limiting the Company’s ability to incur additional debt other than certain debt permitted under the TLB Credit Agreement, issue preferred stock, and incur convertible debt or subordinated debt, in each case without the consent of the holders of a majority of the Convertible Notes (as determined pursuant to the terms of the applicable Convertible Notes). For details on the fair value on Convertible Notes, see Note 18 Financial instruments per category. |
Other current liabilities
Other current liabilities | 12 Months Ended |
Dec. 31, 2023 | |
Other Current Liabilities [Abstract] | |
Other current liabilities | 28. Other current liabilities 2023 2022 Derivatives — 316 Employee withholding taxes 2,224 1,830 Value added tax 10,203 7,617 Other 1,446 2,060 Total 13,873 11,823 |
Accrued expenses
Accrued expenses | 12 Months Ended |
Dec. 31, 2023 | |
Accrued Expenses [Abstract] | |
Accrued expenses | 29. Accrued expenses 2023 2022 Accrued personnel expenses 30,646 32,169 Accrued production expenses 26,140 28,286 Accrued variable consideration 19,649 15,575 Accrued marketing and sales expenses 10,050 6,279 Accrued logistic expenses 9,318 19,699 Other accrued expenses 25,535 21,029 Total 121,338 123,037 |
Related party disclosures
Related party disclosures | 12 Months Ended |
Dec. 31, 2023 | |
Related party transactions [abstract] | |
Related party disclosures | 30. Related party disclosures Entity with significant influence over the Group CR Verlinvest Health Investment Limited (Org No 2380741), headquartered in Hong Kong, the People’s Republic of China, owns 45.7 % of the ordinary shares in the Group ( 2022 : 45.9 %). Related parties are CR Verlinvest Health Investment Limited and its subsidiaries, as well as the Board of Directors and key management (senior executives and their associates) in the Group. Information about key management compensation is found in Note 7 Employee and personnel costs . Subsidiaries Interests in subsidiaries are set out in Note 13 Investments in subsidiaries . Transactions with related parties For 2023 , $ 1.0 million ( 2022 : $ 1.0 million, 2021 : $ 0.9 million) has been recognized in the consolidated statement of operations for compensation to the Board of Directors. For the year ended December 31, 2023, Oatly expens ed $ 1.1 million ( 2022 : $ 0.9 million, 2021: $ 0.3 million) pursuant to a Distribution Agreement with the distribution company Chef Sam, of which Bernard Hours, a member of the Board of Directors, is a 33 % owner. On April 18, 2023 the Company issued Convertible Notes to related parties, Nativus Company Limited and Verlinvest S.A, with a fair value of $ 174.0 million. As of December 31, 2023 , the fair value of the outstanding Convertible Notes to related parties amounted to $ 158.4 million. The Convertible Notes were issued with the terms and conditions described in Note 27 Convertible Notes . |
Changes in liabilities attribut
Changes in liabilities attributable to financing activities | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of reconciliation of liabilities arising from financing activities [abstract] | |
Changes in liabilities attributable to financing activities | 31. Changes in liabilities attributable to financing activities Liabilities Shareholder Leases Convertible Notes Total Balance at January 1, 2021 97,187 106,118 30,144 — 233,449 Cash flows ( 94,908 ) ( 10,941 ) ( 9,282 ) — ( 115,131 ) Non-cash flows: Addition – leases — — 117,793 — 117,793 Foreign exchange adjustments 773 3,675 ( 2,413 ) — 2,035 Converted to shares — ( 104,108 ) — — ( 104,108 ) Other changes 2,935 5,256 6,977 — 15,168 Balance at December 31, 2021 5,987 — 143,219 — 149,206 Cash flows 46,818 — ( 10,899 ) — 35,919 Non-cash flows: Addition – leases — — 20,111 — 20,111 Foreign exchange adjustments ( 292 ) — ( 8,529 ) — ( 8,821 ) Assets held for sale (Note 34) — — ( 44,794 ) — ( 44,794 ) Other changes 77 — — — 77 Balance at December 31, 2022 52,590 — 99,108 — 151,698 Cash flows 61,985 — ( 11,411 ) 324,950 375,524 Non-cash flows: Addition – leases — — 21,341 — 21,341 Foreign exchange adjustments 407 — 2,844 — 3,251 Fair value changes (including interest expenses) recognized in the consolidated statement of operations — — — ( 74,078 ) ( 74,078 ) Change in fair value recognized in consolidated statement of other comprehensive loss — — — 72,656 72,656 Remeasurement - leases (1) — — ( 17,886 ) — ( 17,886 ) Other changes 5,323 — ( 4,994 ) — 329 Balance at December 31, 2023 120,305 — 89,002 323,528 532,835 (1) Remeasurement related to change of lease term due to the decision to discontinue the construction of the new production facility in Peterborough, UK. The Group classifies interest paid as cash flows from operating activities. |
Loss per share
Loss per share | 12 Months Ended |
Dec. 31, 2023 | |
Earnings per share [abstract] | |
Loss per share | 32. Loss per share The Company calculates loss per share by dividing loss for the period attributable to the shareholders of the parent by the weighted average number of shares outstanding during the period (net of treasury shares). 2023 2022 2021 Loss for the year, attributable to the shareholders of ( 416,874 ) ( 392,567 ) ( 212,393 ) Weighted average number of shares (thousands) 593,601 592,032 549,080 Basic and diluted loss per share, U.S. $ ( 0.70 ) ( 0.66 ) ( 0.39 ) Potential dilutive securities that were not included in the diluted loss per share calculations because they would be anti-dilutive were as follows: 2023 2022 2021 Restricted stock units 8,415,816 8,147,594 1,701,007 Stock options 21,289,191 14,339,052 6,958,312 Convertible Notes (1) 400,616,344 — — (1) The number of potential dilutive shares or ADSs from the Convertible Notes are calculated assuming the most advantageous conversion price from the standpoint of the holder and assuming all capitalized interest at maturity will be settled with shares or ADSs. For further details on the Convertible Notes and the conversion price reset mechanism, see Note 27 Convertible Notes . Refer to Note 8 Share-based compensation for a description of RSUs and stock options. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2023 | |
Commitments And Contingencies [Abstract] | |
Commitments and contingencies | 33. Commitments and contingencies Commitments Minimum purchase commitments The Group has several supplier contracts primarily for production and packaging services where minimum purchase commitments exist in the contract terms. The commitments are associated with contracts that are enforceable and legally binding and that specify all significant terms, including fixed or minimum services to be used and fixed, minimum or variable price provisions. For the twelve months ended December 31, 2023, the Group continued to consolidate the use of co-packers and increase the utilization of expanded in-house manufacturing facilities. The lower allocation of volumes to co-packers in EMEA and Americas, and a volume adjustment related to a co-packer arrangement in Asia, resulted in volume shortfall expenses of $ 13.4 million. In 2022, the consolidated use of co-packers in EMEA, and a volume adjustment related to a co-packer arrangements in Asia, resulted in total shortfall expenses of $ 8.7 million for the twelve months ended December 31, 2022. The shortfall expenses are presented in cost of goods sold in the consolidated statement of operations. Leases The future cash outflows relating to leases that have not yet commenced are disclosed in Note 16 Leases . Legal contingencies From time to time, the Company may be involved in various claims and legal proceedings related to claims arising out of the operations. In July and September 2021, three securities class action complaints were filed under the captions Jochims v. Oatly Group AB et al ., Case No. 1:21-cv-06360-AKH, Bentley v. Oatly Group AB et al ., Case No. 1:21-cv-06485-AKH, and Kostendt v. Oatly Group AB et al ., Case No. 1:21-cv-07904-AKH, in the United States District Court for the Southern District of New York against the Company and certain of its officers and directors, alleging violations of the Securities Exchange Act of 1934 and SEC Rule 10b-5. These actions have been consolidated under the caption In re Oatly Group AB Securities Litigation , Consolidated Civil Action No. 1:21-cv-06360-AKH. The operative consolidated complaint alleges violations of the Securities Exchange Act of 1934, SEC Rule 10b-5, and the Securities Act of 1933. In February 2022, a securities class action complaint was filed under the caption Hipple v. Oatly Group AB et al ., Index No. 151432/2022 in the New York County Supreme Court against the Company and certain of its officers and directors, alleging violations of the Securities Act of 1933. In May 2022, the New York County Supreme Court granted a stay of Hipple v. Oatly Group AB et al . pending final adjudication of In re Oatly Group AB Securities Litigation in the United States District Court for the Southern District of New York. In December 2022, the parties in In re Oatly Group AB Securities Litigation completed briefing of the defendants’ motion to dismiss the operative consolidated complaint; there was oral argument on the motion on May 31, 2023, and the Court granted the motion without prejudice, except for the claim brought under Section 12 of the Securities Act of 1933, which the Court dismissed with prejudice. Plaintiffs filed their amended complaint on August 11, 20 23. In October 2023, the parties reached a settlement in principle of both matters that would require the Company to pay $ 9.25 million, which is contingent upon court approval, among other thin gs. The parties filed a motion seeking preliminary approval of the settlement on February 16, 2024 . If the settlement does not become effective, the cases will be returned to litigation. |
Non-current Assets Held for Sal
Non-current Assets Held for Sale | 12 Months Ended |
Dec. 31, 2023 | |
Non-current assets or disposal groups classified as held for sale or as held for distribution to owners [abstract] | |
Non-current assets held for sale | 34. Non-current assets held for sale On December 30, 2022, Oatly, Inc., and its wholly owned subsidiary, Oatly US Operations & Supply Inc., entered into an asset purchase agreement (the “Asset Purchase Agreement”) with Ya YA Foods USA LLC (“YYF”), and parent Aseptic Beverage Holdings LP, a Delaware limited partnership (“Buyer Parent”), to establish a strategic partnership pursuant to which Oatly, Inc. would sell the Facilities to YYF. Subject to the terms and conditions of the Asset Purchase Agreement, YYF would acquire a majority of the assets that were used in the operation of the Facilities and assume the obligations arising under the real property leases and certain contracts for and related to the Facilities. The assets subject to the Asset Purchase Agreement were included in the Americas reportable segment. As of December 31, 2022, these assets met the criteria for classification as held for sale. As part of the transaction and reclassification to held for sale, an impairment of $ 38.3 million was recognized to reduce the carrying amount of the assets to their fair value less costs of disposal. The impairment was recognized as other operating expenses in the consolidated statement of operations as of December 31, 2022. The major classes of assets and liabilities of the Group classified as held for sale as at 31 December were as follows: 2022 Assets Property, plant and equipment (Note 15) 110,128 Right-of-use assets (Note 16) 32,575 Assets held for sale 142,703 Liabilities Non-current lease liabilities (Note 16) 40,967 Current lease liabilities (Note 16) 3,827 Provisions (Note 26) 3,677 Liabilities directly associated with assets held for sale 48,471 Net assets directly associated with disposal group 94,232 On January 25, 2023, a consent letter was entered into in connection with the SRCF Agreement pursuant to which the lenders under the SRCF Agreement agreed that the YYF Transaction shall constitute a permitted disposal for the purposes of the SRCF Agreement. On March 1, 2023, the YYF Transaction closed, and the Company and its wholly owned subsidiary, Oatly US Operations & Supply Inc. sold the Facilities to YYF in connection with the establishment of a strategic manufacturing alliance with YYF, pursuant to the terms of that certain asset purchase agreement with YYF and Buyer Parent, dated December 30, 2022 (collectively, the “YYF Transaction”). Pursuant to the terms and conditions of the Asset Purchase Agreement, YYF acquired a majority of the assets that are used in the operation of the Facilities and assumed the Company’s obligations arising under the real property leases and certain contracts for and related to the Facilities. The Company continues to own all intellectual property related to production of oat base, the Company’s principal, proprietary ingredient for all Oatly products, and the Company continues to own and operate its own equipment, fixtures and supplies associated with its production of oat base at the Facilities. In connection with the YYF Transaction, YYF and the Company also have entered into a contract manufacturing agreement pursuant to which YYF will manufacture certain finished products for the Company, using oat base supplied by Oatly (the “Co-Pack Agreement”). As consideration for the YYF Transaction, the Company received an aggregate purchase price of approximately $ 102.6 million. Of this aggregate purchase price, $ 86.5 million is attributable to the Ogden Facility, of which (a) $ 72.0 million was paid to the Company through a combination of $ 52.0 million cash and $ 20.0 million in the form of a promissory note from the Buyer Parent to the Company, and (b) $ 14.5 million is in the form of a credit toward future use of shared assets at the Ogden Facility. The remaining $ 16.1 million of the aggregate purchase price is attributable to the Dallas-Fort Worth Facility, of which (a) $ 13.6 million is a credit toward future capital expenditures associated with completion of oat base capacity at the Dallas-Fort Worth Facility, and (b) $ 2.5 million is in the form of a credit toward future use of shared assets at the Dallas-Fort Worth Facility. As part of the consideration for the Transaction, the Buyer Parent issued a promissory note for $ 20 million to the Company due May 31, 2028 (the “Note”). The interest rate of the Note begins at 8 % and escalates an additional 2 % each year. The Note is guaranteed by the founder and chief executive officer of the Buyer Parent. The Buyer Parent’s obligation under the Note may be offset by amounts owed to YYF under the Co-Pack Agreement only if such amounts are not paid in accordance with the Co-Pack Agreement. The Note also contains other customary terms and conditions. Following certain events during the fourth quarter of 2023, the Company decided to discontinue the construction of the production facility in Dallas-Fort Worth, Texas. For the twelve months ended December 31, 2023, the Company recorded an impairment charge of $ 13.9 million related to the credit toward future capital expenditures, and an impairment charge of $ 2.5 million related to the credit toward future use of shared assets at the Dallas-Fort Worth Facility. The impairment charges are included in Other operating income and (expenses), net in the consolidated statement of operations. See Note 17 Other non-current receivables and Note 21 Other current receivables for further information. |
Events after the end of the rep
Events after the end of the reporting period | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of non-adjusting events after reporting period [abstract] | |
Events after the end of the reporting period | 35. Events after the end of the reporting period Effective as of January 1, 2024 the Company has made changes to how it makes strategic decisions and allocates resources among its operating segments. As part of this change the Greater China business will be managed separately from the rest of the Asia business, forming its own operating segment. The rest of the Asia business, including the Singapore manufacturing facility, will be managed together with the current EMEA business, which is now identified as Europe & International. Following these changes the new operating segments are (i) Europe & International, (ii) North America and (iii) Greater China. In addition to the above-described changes, a majority of the research and development expenses, currently part of corporate overhead, will be allocated to the operating segments to align with how resources are being allocated and monitored as of January 1, 2024. On February 14, 2024, the Sustainable Revolving Credit Facility Agreement and the Term Loan B Credit Agreement were amended and restated to, among other things, (i) reset the financial covenant levels applying to the minimum EBITDA (including separate testing of the Group’s Europe & International EBITDA, the definition of which has subsequently been corrected by way of subsequent amendment), minimum liquidity and total net leverage ratio financial covenants and, in relation to the Sustainable Revolving Credit Facility Agreement, the tangible solvency ratio financial covenant, (ii) revise certain financial definitions to permit additional adjustments for the purpose of the calculation of the financial covenants and (iii) provide certain flexibility for disposals of assets relating to the Group’s production facilities in Dallas Fort Worth, Texas, United States of America and Peterborough, United Kingdom. In addition, the existing draw-stop level for the Sustainable Revolving Credit Facility Agreement, which requires that a certain amount of such facility remains undrawn for as long as the last twelve months’ (“LTM”) consolidated EBITDA of the Group is negative, has been increased from $ 50 million to $ 100 million, and the original 24 months’ non-call/make-whole period applying under the Term Loan B Credit Agreement has been reset to apply for the 18 months following the amendment effective date (for the avoidance of doubt, the subsequent 12 months’ prepayment fee period still applies after the end of such 18-month period). Under the amended Sustainable Revolving Credit Facility Agreement and Term Loan B Credit Agreement, the total net leverage ratio financial covenant, tested in respect of the LTM period ending on each quarter date, will start to apply in respect of the LTM period ending on 31 December 2026 and the applicable financial covenant level will be 4.50:1, stepping down to 3.50:1 for each LTM period ending in 2027 and to 3.00:1 for each LTM period in 2028. The reset quarterly tangible solvency ratio financial covenant level applying under the amended Sustainable Revolving Credit Facility Agreement is 30 %. On February 14, 2024, the EIF Facility was amended and restated to, where and to the extent applicable, implement equivalent amendments as those made to the Sustainable Revolving Credit Facility Agreement on February 14, 2024. |
Summary of accounting policies
Summary of accounting policies (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Summary Of Significant Accounting Policies [Abstract] | |
Basis of preparation | 2.1. Basis of preparation The consolidated financial statements of Oatly Group AB have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”). The preparation of the consolidated financial statements in conformity with IFRS requires the use of certain critical accounting estimates. It also requires management to exercise its judgment in the process of applying the accounting policies. The areas involving a higher degree of judgment or complexity, or areas where assumptions and estimates are significant to the consolidated financial statements are disclosed in Note 4 Significant accounting judgments estimates and assessments . The consolidated financial statements have been prepared using the cost method except for short-term investments, derivative instruments, and Convertible Notes measured at fair value. New and amended standards and interpretations Disclosure of Accounting Policies – Amendments to IAS 1 and IFRS Practice Statement 2 On January 1, 2023, the Group adopted the amendment to IAS 1 (“IAS 1 Amendment”) which provides guidance and examples to help entities apply materiality judgments to accounting policy disclosures. The amendments aim to help entities provide accounting policy disclosures that are more useful by replacing the requirement for entities to disclose their “significant” accounting policies with a requirement to disclose their “material” accounting policies and adding guidance on how entities apply the concept of materiality in making decisions about accounting policy disclosures. The adoption of IAS 1 Amendment did not have a material impact on the accounting policy disclosures in the consolidated financial statements. Deferred Tax related to Assets and Liabilities arising from a Single Transaction – Amendments to IAS 12 On January 1, 2023, the Group adopted the amendment to IAS 12 Income Taxes (“IAS 12 Amendment”) which requires recognition of deferred taxes on transactions that, on initial recognition, give rise to equal amounts of taxable and deductible temporary differences. This amendment applies to differences associated with right-of-use assets, lease liabilities and decommissioning obligations. This amendment is applied to transactions that occurred on or after the beginning of the earliest comparative period presented. The adoption of the IAS 12 Amendment did not have a material impact on the consolidated financial statements. New standards and interpretations issued not yet effective Classification of Liabilities as Current or Non-current – Amendments to IAS 1 and Non-current Liabilities with Covenants – Amendments to IAS 1 In January 2020, the IASB issued amendments to paragraphs 69 to 76 of IAS 1 Presentation of Financial Statements to specify the requirements for classifying liabilities as current or non-current. In November 2022, the IASB issued further amendments delaying the effective date to annual reporting periods beginning on or after January 1, 2024. The amendments are required to be applied on a retrospective basis. The amendments will require the Group to classify the Convertible Notes as current liabilities, even if no noteholder actually requires the Company to exchange their notes. The Group has chosen early adoption of this amendment and has classified the Convertible Notes as current liabilities as at December 31, 2023. There are no other new or amended standards that are expected to have a material impact on the Group in the current or future reporting periods nor on foreseeable future transactions. |
Basis of consolidation | 2.2. Basis of consolidation Subsidiaries are all companies over which the Group has control. The Group has control over a company when it is exposed to or has a right to variable returns from its participation in the company and has the possibility to influence the return through its participation in the company. Subsidiaries are consolidated from the date on which control is transferred to the Group. They are deconsolidated from the date that control ceases. |
Segment reporting | 2.3. Segment reporting The operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision maker. The CEO is the chief operating decision maker and evaluates financial position and perfor mance and makes strategic decisions. The CEO monitors the Group’s performance from a geographic perspective through the reportable segments EMEA, Asia and Americas. No operating segments have been aggregated to form the reportable segments. The CEO primarily uses a measure of earnings before interest, tax, depreciation and amortization (“EBITDA”), and earnings for the period adjusted to exclude, when applicable, income tax expense, finance expenses, finance income, depreciation and amortization expense, share-based compensation expense, restructuring costs, asset impairment charges and other costs related to discontinued construction of production facilities, asset impairment charge and other costs related to assets held for sale, costs related to legal settlement, and non-controlling interests (“Adjusted EBITDA”), to assess the performance of the operating segments. |
Foreign currency translation | 2.4. Foreign currency translation Functional currency and presentation currency The entities in the Group have the local currency as their functional currency, as the local currency has been defined as the primary economic environment in which each entity operates. The Group’s presentation currency is U.S. dollars. Transactions and balances Foreign currency transactions are translated into the functional currency using the exchange rates prevailing on the transaction dates. Foreign exchange rate profits and losses from the settlement of such transactions and the translation of monetary assets and liabilities in foreign currencies using the exchange rates prevailing at the reporting date are recognized in operating loss in the consolidated statement of operations. Foreign exchange rate profits and losses attributable to the financing of the Group are recognized in the consolidated statement of operations as finance income and finance costs. All other foreign exchange rate profits and losses are recognized under other operating income and (expenses), net. Translation of foreign group companies The results and financial position for all companies with a functional currency other than the presentation currency are translated into the Group’s reporting currency. Assets and liabilities are translated from the foreign operation’s functional currency to the Group’s reporting currency using the exchange rates prevailing at the reporting date. Income and expenses for each consolidated statement of operations and consolidated statement of comprehensive loss are translated to USD using the average exchange rate for the period. Foreign exchange differences arising from the currency translation of foreign operations are recognized in other comprehensive loss. Goodwill and fair value adjustments arising from the acquisition of foreign operations are treated as assets and liabilities in these operations and are translated to the reporting currency using the exchange rate at the reporting date. In the consolidated accounts, exchange rate differences attributable to monetary items that form part of the net investment in foreign operations are recognized in other comprehensive loss and are reclassified from equity to the consolidated statement of operations when the foreign operation is divested in whole or in part. |
Revenue recognition | 2.5. Revenue recognition The Group’s principles for recognition of revenue from customer contracts are presented below. Sale of goods Revenue from contracts with customers consists of sales of goods. Revenue from the sale of goods is recognized at the point in time when control of goods has transferred to the customer, being when the products are delivered to the customer, the customer has full discretion over the channel to sell the goods, and there is no unfulfilled obligation that could affect the customer’s acceptance of the goods. Delivery occurs when the products are shipped to the specific location, the risks of obsolescence and loss have been transferred to the customer and either the customer has accepted the products in accordance with the sales contract or the Group has objective evidence that all criteria for acceptance have been satisfied. Revenue from contracts with customers is measured at an amount that reflects the consideration to which the Group expects to be entitled in exchange for those goods. Presented revenue excludes VAT and other sales taxes. The Group considers if contracts include other promises that constitute separate performance obligations to which a portion of the transaction price needs to be allocated. The Group considers the effects of variable consideration in determining the transaction price. The Group is acting as principal in its revenue arrangements because the Group maintains control of the goods until they are transferred to the customers. Variable consideration and other consideration The transaction price is adjusted for estimates of known or expected variable consideration, which includes, but is not limited to, trade promotion activities, slotting and listing fees, cash discounts, product returns, and penalties. Variable consideration is recorded as a reduction to revenue based on amounts the Group expects to be liable for. Estimates of variable consideration are based on a number of factors, including current contract sales terms and estimated units sold. Estimates are reviewed regularly until the incentives or product returns are realized and the impact of any adjustments are recognized in the period the adjustments are identified. The Group accounts for consideration payable to a customer as a reduction of the transaction, unless the payment to the customer is in exchange for a distinct good or service that the customer transfers to the Group. Contract costs The Group incurs expenses for sales commissions to third parties to obtain customer contracts. Sales commissions are recognized in the consolidated statement of operations, in selling, general and administration expenses. The Group applies the practical expedient that permits the Group to expense the costs to obtain a contract as incurred when the expected amortization period is one year or less. Cost of goods sold Cost of goods sold consists primarily of the cost of oats and other raw materials, product packaging, co-manufacturing fees, direct labor and associated overhead costs and property, plant and equipment depreciation. Cost of goods sold also includes warehousing and transportation of inventory. Research and development expenses Research and development expenses consist primarily of personnel related expenses for research and development staff, including salaries, benefits and bonuses, but also third-party consultancy fees and expenses incurred related to product trial runs. Research and development efforts are focused on enhancements to existing product formulations and production processes in addition to the development of new products. Selling, general and administrative expenses Selling, general and administrative expenses include primarily personnel related expenses, brand awareness and advertising costs, costs associated with consumer promotions, product samples and sales aids. These also include customer distribution costs, i.e., outbound shipping and handling costs for finished goods, and other functional related selling and marketing expenses, depreciation and amortization expense on non-manufacturing assets and other miscellaneous operating items. Customer distribution costs for the year ended December 31, 2023 amounted to $ 51.7 million (2022 : $ 61.3 million, 2021: $ 49.4 million). Selling, general and administrative expenses also include auditor fees and other third-party consultancy fees, expenses related to management, finance and accounting, information technology, human resources and other office functions. Other operating income and (expense), net Other operating income and (expenses), net consists primarily of impairment charges related to assets held for sale and net foreign exchange gains/(losses) on operating related activities. Finance income Finance income primarily consists of impact from fair value changes on Convertible Notes, interest income from cash in bank accounts and short-term deposits, and net foreign exchange gains attributable to external and internal financing arrangements. Finance income is recognized with the application of the effective interest method. Finance expenses Finance expenses primarily consists of interest expenses on Convertible Notes, interest expenses on loans from credit institutions and other financial expenses primarily consisting of transaction costs. Income tax benefit/(expense) Income tax benefit/(expense) represents both current and deferred income tax expenses. Current tax expenses primarily represent income taxes based on income in multiple foreign jurisdictions. |
Current versus non-current classification | 2.6. Current versus non-current classification The Group presents assets and liabilities in the consolidated statement of financial position based on current/ non-current classification. An asset is current when it is: • expected to be realized or intended to be sold or consumed in the normal operating cycle, • held primarily for the purpose of trading, • expected to be realized within twelve months after the reporting period, or • cash or cash equivalent unless restricted from being exchanged or used to settle a liability for at least twelve months after the reporting period. All other assets are classified as non-current. A liability is current when: • it is expected to be settled in the normal operating cycle, • it is held primarily for the purpose of trading, • it is due to be settled within twelve months after the reporting period, or • there is no unconditional right to defer the settlement of the liability for at least twelve months after the reporting period. The Group classifies all other liabilities as non-current. Deferred tax assets and liabilities are classified as non-current assets and liabilities. |
Leases | 2.7. Leases As lessee The Group’s leases pertain to land and buildings, and plant and machinery. Contracts may contain both lease and non-lease components. The Group allocates the consideration in the contract to the lease and non-lease components based on their relative stand-alone prices. Lease terms are negotiated on an individual basis and contain a wide range of different terms and conditions. The lease agreements do not impose any covenants other than the security interests in the leased assets that are held by the lessor. Leased assets may not be used as security for borrowing purposes. Leases are recognized as a right-of-use asset and a corresponding liability at the date at which the leased asset is available for use by the Group. Liabilities arising from a lease are initially measured on a present value basis. Lease liabilities include the net present value of the following lease payments: • fixed payments (including in-substance fixed payments), less any lease incentives receivable variable lease payment that are based on an index or a rate, initially measured using the index or rate as at the commencement date, • amounts expected to be payable by the Group under residual value guarantees, • the exercise price of a purchase option if the Group is reasonably certain to exercise that option, and • payments of penalties for terminating the lease, if the lease term reflects the Group exercising that option. Lease payments to be made under reasonably certain extension options are also included in the measurement of the liability. The lease payments are discounted using the interest rate implicit in the lease. If that rate cannot be readily determined, which is the case for leases in the Group, the lessee’s incremental borrowing rate is used, which is the rate that the individual lessee would have to pay to borrow the funds necessary to obtain an asset of similar value to the right-of-use asset in a similar economic environment with similar terms, security, and conditions. To determine the incremental borrowing rate, the Group: • uses a build-up approach that starts with a risk-free interest rate adjusted for credit risk, and • makes adjustments specific to the lease, e.g., term, country, currency and security. The Group is exposed to potential future increases in variable lease payments based on an index or rate, which are not included in the lease liability until they take effect. When adjustments to lease payments based on an index or rate take effect, the lease liability is reassessed and adjusted against the right-of-use asset. Lease payments are allocated between principal and finance cost. The finance cost is charged to profit or loss over the lease period so as to produce a constant periodic rate of interest on the remaining balance of the liability for each period. Right-of-use assets are measured at cost comprising the following: • the amount of the initial measurement of lease liability, • any lease payments made at or before the commencement date less any lease incentives received, • any initial direct costs, • restoration costs, and • extension options. Right-of-use assets are generally depreciated over the shorter of the asset’s useful life and the lease term on a straight-line basis. If the Group is reasonably certain to exercise a purchase option, the right-of-use asset is depreciated over the underlying asset’s useful life. Payments associated with short-term leases and leases of low-value assets are recognized on a straight-line basis as an expense in profit or loss. Short-term leases are leases with a lease term of 12 months or less . |
Taxes | 2.8. Taxes Current income tax Current income tax assets and liabilities are measured at the amount expected to be recovered from or paid to the taxation authorities. The tax rates and tax laws used to compute the amount are those that are enacted or substantively enacted at the reporting date in the countries where the Group operates and generates taxable income. Current income tax is recognized in the consolidated statement of operations except for tax attributable to items that are recognized in other comprehensive loss or directly in equity. In such cases, tax is also recognized in other comprehensive loss and equity, respectively. Management periodically evaluates positions taken in the tax returns with respect to situations in which applicable tax regulations are subject to interpretation and establishes provisions where appropriate. Deferred Tax Deferred tax is recognized for all temporary differences that arise between the taxable value of assets and liabilities and their carrying values in the consolidated financial statements. Deferred tax is measured at the tax rates that are expected to be applied to temporary differences when they reverse, using tax rates enacted or substantively enacted at the reporting date. The measurement of deferred tax reflects the tax consequences that would follow from the manner in which the Group expects at the reporting date to recover or settle the carrying amount of its assets and liabilities. Deferred tax assets are recognized to the extent that it is probable that there will be future taxable surpluses against which the temporary differences can be utilized. Deferred tax assets and tax liabilities are offset when there is a legal right to offset for current tax assets and tax liabilities, and when the deferred tax assets and tax liabilities are attributable to taxes charged by the same tax authorities and are either attributable to the same tax subject or different tax subjects, where there is an intention to settle the balances through net payments. Deferred tax relating to items recognized outside the consolidated statement of operations is recognized outside the consolidated statement of operations. Deferred tax items are recognized in correlation to the underlying transaction either in other comprehensive loss or directly in equity. |
Intangible assets | 2.9. Intangible assets Goodwill Goodwill arises at the acquisition of businesses and consists of the amount by which the consideration, any non-controlling interest in the acquired company and fair value at the acquisition dates of previous shareholdings, exceeds the fair value of identifiable net assets acquired. In order to perform impairment tests, goodwill acquired in a business combination is allocated to cash generating units or groups of cash generating units that are expected to benefit with synergies from the acquisition. Each unit or group of units to which goodwill has been allocated correspond to the lowest level in the Group for which goodwill is monitored. The Group monitors goodwill at the operating segment level for internal purposes, consistent with the way it assesses performance and allocates resources. The goodwill is allocated to the EMEA segment. Other intangible assets Capitalized expenditure for development activities Expenditure for development and testing of new or significantly improved materials, products, processes or systems are recognized as an asset in the consolidated statement of financial position if the following criteria are met: • it is technically feasible to complete the asset so that it will be available for use, • it is the Group’s purpose to complete the asset so that it will be available for use or sale, • there are prerequisites to make the asset available for use or sale, • it is possible to prove how the asset is likely to generate future economic benefits, • there are adequate technical, economic and other resources to fulfill the development and to make the asset available for use or sale, and • the costs attributable to the asset during development can be reliably measured. Other development costs are recognized in the consolidated statement of operations as costs are incurred. In the consolidated statement of financial position, capitalized development costs are reported at cost less accumulated depreciation and any impairment. Capitalized development expenditure is recognized as intangible assets and is depreciated from the date when the asset is ready for use. The estimated useful life is 3 - 5 years, which corresponds to the estimated period of time during which these assets will generate cash flows. Development costs that do not meet these criteria are expensed as incurred. Development expenditure previously carried at cost is not recognized as an asset in a subsequent period. Software-as-a-Service (SaaS) arrangements SaaS arrangements are service contracts providing the Group with the right to access the cloud provider’s application software over the contract period. As such the Group does not receive a software intangible asset at the contract commencement date. A right to receive future access to the supplier’s software does not, at the contract commencement date, give the Group the power to obtain the future economic benefits flowing from the software itself and to restrict others’ access to those benefits. The Group treats costs incurred in relation to SaaS arrangements as operating expenses over the term of the service contract or as operating expenses when the service is received, depending on the nature of the expenses incurred and whether they are distinct from the cloud computing service or not in the underlying SaaS arrangement. There could be a variety of other costs incurred as part of the arrangement, for example development of bridging modules that connect or integrate the SaaS software with existing software/systems that may be controlled by the Group. The Group assesses such expenses to determine if they should be expensed or may qualify for capitalization as an intangible asset. Other intangible assets Other intangible assets consist primarily of separately acquired trademarks and patents are recognized at historical cost. They are reported at fair value at the time of acquisition and amortized on a straight-line basis over the projected useful life. They are reported in subsequent periods at cost less accumulated amortization and impairment. The estimated useful life is 5 years, which corresponds to the estimated time these will generate cash flow. |
Tangible assets | 2.10. Tangible assets Property, plant and equipment Property, plant and equipment consist of land, buildings and fixtures, plant and machinery and construction in progress. These are recognized at historical cost less depreciation and impairment, except for construction in progress. Construction in progress is transferred to another asset (and depreciation begins) once an asset is in the location and condition necessary for it to be capable of operating in the manner intended by management. Historical cost includes expenditure that is directly attributable to the acquisition of the items. Subsequent costs are added to the asset’s carrying value or are recognized as a separate asset, depending on which is most suitable, only when it is probable that the future economic benefits attributable to the asset will flow to the Group and the cost of the asset can be reliably measured. The carrying value of the replaced component is derecognized from the consolidated statement of financial position. All other kinds of repairs and maintenance are recognized at cost in the consolidated statement of operations in the period in which they occur. Depreciation of assets is calculated using the straight-line method to allocate the cost of the assets, net of their residual values, over the estimated useful life of each component of an item of buildings and plant and machinery as follows: Buildings and fixtures 8 - 40 years Plant and machinery 3 - 15 years The assets’ residual values and useful lives are assessed at the end of each reporting period and adjusted, if needed. Profit or loss from disposals is established through a comparison of the profit from sales and carrying value and is recognized in other operating income and (expenses), net in the consolidated statement of operations. |
Impairment of non-financial assets | 2.11. Impairment of non-financial assets Intangible assets that have an indefinite useful life (goodwill) or intangible assets not ready to use (capitalized expenditure for development) are not subject to amortization and are tested for impairment annually and when circumstances indicate that the carrying value may be impaired. Other assets are tested for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognized for the amount by which the asset’s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset’s fair value less costs of disposal and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash inflows, which are largely independent of the cash inflows from other assets or groups of assets (cash-generating units). Non-financial assets other than goodwill are reviewed for reversal of the impairment at the end of each reporting period. |
Inventories | 2.12. Inventories Raw materials and finished goods are stated at the lower of cost and net realizable value. Costs consist of direct materials, direct labor and an appropriate proportion of variable and fixed overhead expenditure. Overhead expenditures are allocated on the basis of normal operating capacity. Costs of purchased inventory are determined after deducting rebates and discounts. Net realizable value is the estimated selling price in the ordinary course of business less the estimated costs of completion and the estimated costs necessary to make the sale. The Group reviews inventory quantities and records a provision for excess and obsolete inventory based primarily on demand and the age of the inventory, among other factors. |
Financial instruments | 2.13. Financial instruments Initial recognition Purchases and sales of financial assets are recognized on trade date, being the date upon which the Group commits to purchase or sell the asset. Financial assets are derecognized when the rights to receive cash flows from the financial assets have expired or have been transferred, and the Group has transferred substantially all the risks and rewards of ownership. Financial assets—Classification and measurement Financial assets include cash and cash equivalents, trade receivables, short-term investments, derivatives and other financial assets. The Group classifies its financial assets in the following measurement categories: • those to be measured subsequently at fair value (either through other comprehensive loss or through profit or loss), and • those to be measured at amortized cost. The classification depends on the Group’s business model for managing the financial assets and contractual terms of the cash flows. For assets measured at fair value, gains and losses will either be recorded in profit or loss or other comprehensive loss. The Group reclassifies debt investments when and only when its business model for managing those assets changes. At initial recognition, the Group measures a financial asset at its fair value plus, in the case of a financial asset, not at fair value through profit or loss (“FVPL”), transaction costs that are directly attributable to the acquisition of the financial asset. Transaction costs of financial assets carried at FVPL are expensed in profit or loss. Subsequent measurement of debt instruments depends on the Group’s business model for managing the asset and the cash flow characteristics of the asset. All debt instruments in the Group are measured at amortized cost. The Group’s financial assets measured at amortized cost consist of the items other non-current receivables, trade receivables, other current receivables and cash and cash equivalents. Amortized cost: Assets that are held for collection of contractual cash flows, where those cash flows represent solely payments of principal and interest, are measured at amortized cost. Interest income from these financial assets is included in finance income using the effective interest rate method. Any gain or loss arising on derecognition is recognized directly in profit or loss and presented in other operating income and (expenses), net together with foreign exchange gains and losses. Fair value through profit or loss: Assets that are held primarily for the purpose to secure and increase value of the investments are included in the business model “Other”. Derivatives Derivatives are initially recognized at the fair value on the date a derivative contract is entered into, and they are subsequently remeasured to their fair value at the end of each reporting period. Changes in the fair value are recognized in finance income or finance expenses in the consolidated statement of operations. Short-term investments Short-term investments are primarily comprised of funds and bonds carried at fair value through profit and loss. The primary purpose of the portfolio is to secure and increase value of the investments compared to keeping cash in bank accounts, until cash is needed for other investments in the business, for example new production facilities. Based on the primary purpose of the portfolio and indicators identified in the IFRS 9 Financial Instruments test, the overall assessment is that the portfolio is the business model “Other”. The investments in the portfolio are therefore recognized at fair value through profit or loss and presented as short-term investments and cash and cash equivalents in the statement of financial position. Derecognition of financial assets Purchases and sales of financial instruments are reported on the trade date, that is, the date on which the Group commits itself to purchase or sell the asset. Financial assets are derecognized from the statement of financial position when the right to receive cash flows from the instrument has expired or been transferred, and the Group has, in all significant aspects, transferred all risk and benefits associated with the ownership. Profits and losses arising from derecognition from the statement of financial position are recognized directly in the consolidated statement of operations. Financial liabilities—Classification and measurement Financial liabilities at amortized cost At initial recognition, the Group measures a financial liability at its fair value plus transaction costs that are directly attributable to the financial liability. After initial recognition, the majority of the Group’s financial liabilities are valued at amortized cost applying the effective interest method. The Group’s financial liabilities measured at amortized cost comprise liabilities to credit institutions, bank overdraft facilities, trade payables and accrued expenses. Financial liabilities at fair value At initial recognition, the Group measures a financial liability at its fair value. Transaction costs of financial liabilities carried at fair value are expensed in the consolidated statement of operations. Financial liabilities designated at fair value through profit or loss The Group has Convertible Notes (as defined in Note 27 Convertible Notes ) which are classified entirely as liabilities at the initial date of recognition at fair value through profit or loss under the fair value option in accordance with IFRS 9 Financial Instruments. The Convertible Notes were issued with a conversion option that does not fulfill the “fixed for fixed” criteria. As the instrument contains an embedded derivative that is not closely related, the Convertible Notes have been designated in its entirety as at fair value through profit or loss on initial recognition and as such the embedded conversion feature is not separated. All transaction costs related to financial instruments designated at fair value through profit or loss are expensed as incurred. Fair value changes relating to the Group's own credit risk are recognized in other comprehensive income. Amounts recorded in other comprehensive income related to credit risk are not subject to recycling in profit or loss, but are transferred to retained earnings when realized. Fair value changes relating to market risk are recognized in finance income in the consolidated statement of operations. Derecognition of financial liabilities Financial liabilities are derecognized from the statement of financial position when the obligations are settled, canceled or have expired in any other way. The difference between the carrying value of a financial liability that has been extinguished or transferred to another party and the fee paid are reported in the consolidated statement of operations. When the terms and conditions of a financial liability are renegotiated and are not derecognized from the statement of financial position, a profit or loss is reported in the consolidated statement of operations. The profit or loss is calculated as the difference between the original contractual cash flows and the modified cash flows discounted at the original effective interest rate. Offsetting of financial instruments Financial assets and liabilities are offset and recognized with a net amount in the statement of financial position only when there is a legal right to offset the recognized amounts and an intention to balance the items with a net amount or to simultaneously realize the asset and settle the liability. Impairment of financial assets recognized at amortized cost The Group assesses, on a forward-looking basis, the expected credit losses associated with its debt instruments carried at amortized cost. The impairment methodology applied depends on whether there has been a significant increase in credit risk. For trade receivables, the Group applies the simplified approach, i.e., the reserve will correspond to the expected loss over the lifetime of the trade receivables. In order to measure the expected credit losses, trade receivables have been grouped based on days past due. The Group applies forward-looking variables for expected credit losses. Expected credit losses are recognized in the consolidated statement of operations, in selling, general and administration expenses. |
Trade receivables | 2.14. Trade receivables Trade receivables are recognized initially at the amount of consideration that is unconditional, unless they contain significant financing components when they are recognized at fair value. They are subsequently measured at amortized cost using the effective interest rate method, less allowance for expected credit losses. |
Cash and cash equivalents | 2.15. Cash and cash equivalents For the purpose of presentation in the consolidated statement of cash flows, cash and cash equivalents include cash on hand and deposits held at call with financial institutions. Bank overdrafts are shown within liabilities to credit institutions in current liabilities in the statement of financial position. |
Share capital | 2.16. Share capital Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new shares are shown in equity as a deduction, net of tax, from the proceeds. |
Liabilities to credit institutions | 2.17. Liabilities to credit institutions Liabilities to credit institutions are initially recognized at fair value, net of transaction costs incurred. Liabilities to credit institutions are subsequently measured at amortized cost. Any difference between the proceeds (net of transaction costs) and the redemption amount is recognized in profit or loss over the period of the liabilities to credit institutions using the effective interest method. Fees paid on the establishment of loan facilities are recognized as transaction costs of the loan to the extent that it is probable that some or all of the facility will be drawn down. In this case, the fee is deferred until the draw-down occurs. To the extent there is no evidence that it is probable that some or all of the facility will be drawn down, the fee is capitalized as a prepayment for liquidity services and amortized over the period of the facility to which it relates. Liabilities to credit institutions are classified as current liabilities, unless the Group has an unconditional right to defer settlement of the liability for at least 12 months after the reporting period. General and specific borrowing costs that are directly attributable to the acquisition, construction or production of a qualifying asset are capitalized during the period of time that is required to complete and prepare the asset for its intended use or sale. Qualifying assets are assets that necessarily take a substantial period of time to get ready for their intended use or sale. Investment income earned on the temporary investment of specific borrowings, pending their expenditure on qualifying assets, is deducted from the borrowing costs eligible for capitalization. Other borrowing costs are expensed in the period in which they are incurred. |
Provisions | 2.18. Provisions Provisions are recognized when the Group has a present obligation (legal or constructive) as a result of a past event and it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation, and a reliable estimate can be made of the amount of the obligation. The expense relating to a provision is presented in the consolidated statement of operations net of any reimbursement. If the effect of the time value of money is material, provisions are discounted using a current pre-tax rate that reflects, when appropriate, the risks specific to the liability. When discounting is used, the increase in the provision due to the passage of time is recognized as a finance cost. Provision for restoration costs The Group recognizes provisions for restoration costs of leased manufacturing facilities. Restoration costs are provided for at the present value of expected costs to settle the obligation using estimated cash flows and are recognized as part of the cost of the relevant asset. The cash flows are discounted at a current pre-tax rate that reflects the risks specific to the liability for the restoration costs. The unwinding of the discount is expensed as incurred and recognized in the consolidated statement of operations as a finance expense. The estimated future costs of the restorations are reviewed annually and adjusted as appropriate. Changes in the estimated future costs, or in the discount rate applied, are added to, or deducted from the cost of the asset. Provision for restructuring costs The Group recognizes provisions for restructuring costs only when there is a constructive obligation, which is when: • there is a detailed formal plan that identifies the business or part of the business concerned, the location and number of employees affected, the detailed estimate of the associated costs, and the timeline; and • the employees affected have been notified of the plan’s main features. |
Provision for restoration costs | Provision for restoration costs The Group recognizes provisions for restoration costs of leased manufacturing facilities. Restoration costs are provided for at the present value of expected costs to settle the obligation using estimated cash flows and are recognized as part of the cost of the relevant asset. The cash flows are discounted at a current pre-tax rate that reflects the risks specific to the liability for the restoration costs. The unwinding of the discount is expensed as incurred and recognized in the consolidated statement of operations as a finance expense. The estimated future costs of the restorations are reviewed annually and adjusted as appropriate. Changes in the estimated future costs, or in the discount rate applied, are added to, or deducted from the cost of the asset. |
Provision for restructuring costs | Provision for restructuring costs The Group recognizes provisions for restructuring costs only when there is a constructive obligation, which is when: • there is a detailed formal plan that identifies the business or part of the business concerned, the location and number of employees affected, the detailed estimate of the associated costs, and the timeline; and • the employees affected have been notified of the plan’s main features. |
Employee benefits | 2.19. Employee benefits Short-term benefits to employees Liabilities for wages and salaries, annual leave and accumulating sick leave that are expected to be settled wholly within 12 months after the end of the period in which the employees render the related services are recognized in respect of employees’ services up to the end of the reporting period, and they are measured at the amounts expected to be paid when the liabilities are settled. The liabilities are presented as accrued expenses in the statement of financial position. Post-employment obligations Within the Group, there are defined-contribution plans. A defined-contribution plan is a pension plan according to which the Group pays a fixed amount to a separate legal entity. The Group has no legal or constructive obligation to pay additional premiums if this legal entity does not have adequate means to pay all benefits to employees, attributable to their service in current or previous periods. The premiums are reported as costs in the consolidated statement of operations when they fall due. The Swedish Financial Reporting Board is a private sector body in Sweden with the authority to develop interpretations of IFRS Standards for consolidated financial statements for issues that are very specific to the Swedish environment, for example, UFR 10 Accounting for the pension plan ITP 2 financed through an insurance in Alecta . The Group’s pension obligations for certain employees in Sweden, which are secured through an insurance with Alecta, are reported as a defined contribution plan. According to UFR 10, this is a defined benefit multi-employer plan. For the financial year 2023, the Group has not had access to information in order to be able to report its proportional share of the obligations of the plan, plan assets and costs and therefore, it has not been possible to recognize the plan as a defined benefit plan. The ITP 2 pension plan, secured through an insurance with Alecta, is therefore reported as a defined contribution plan. The premium of the defined contributions plan for retirement pensions and survivor’s pension is calculated individually and is, among other factors, based on salary, previously earned pension and expected remaining years of servic e. Expected premiums for the next reporting period for ITP 2 insurances signed with Alecta is $ 1.0 million. Premiums for the year ended December 31, 2023 for ITP 2 insurances signed with Alecta amounted to $ 1.0 million ( 2022 : $ 1.1 million). The collective consolidation level comprises the market value of Alecta’s assets as a percentage of the insurance obligations in accordance with Alecta’s actuarial methods and assessments. The collective consolidation level should normally be allowed to vary between 125 % and 175 %. If Alecta’s collective consolidation level falls below 125% or exceeds 175%, measure should be taken in order for the consolidation level to return to the normal interval. At a low consolidation, one measure might be to increase the price when signing new insurance agreements and an expansion of existing benefits. At a high level of consolidation, one measure might be to introduce lower premiums. At the end of the financial year 2023, Alecta’s surplus of the collective consolidation level was 158 %. Share-based payments—equity settled Employee stock options (ESOPs) and Restricted Stock Units (RSUs) (2021) For share-based payment schemes, the fair value of the instruments granted are established at the grant date and recognized as an employee benefits expense, with a corresponding increase in equity. The fair value of ESOPs at grant date has been established by using the Black-Scholes option pricing model and input data in the model is disclosed in Note 8 Share-based compensation . The awards only have a service condition whereby the awards vest in 12 -month installments over 36 months. Each of the installments are treated as separate awards which are expensed on a linear basis for each installment period i.e., 12 months, 24 months, and 36 months; this will result in a front-loaded IFRS 2 charge. At the end of each period, the entity revises its estimates of the number of instruments that are expected to vest based on the service conditions. It recognizes the impact of the revision to original estimates, if any, in profit or loss, with a corresponding adjustment to retained earnings within equity. |
Loss per share | 2.20. Loss per share Basic loss per share is calculated by dividing the loss after tax by the weighted average number of ordinary shares outstanding for the period. Diluted loss per share is computed using the treasury stock method to the extent that the effect is dilutive by using the weighted-average number of outstanding ordinary shares and potential ordinary shares during the period. |
Initial public offering costs | 2.21. Initial public offering costs The initial public offering (“IPO”) costs for the Group involved costs both for issuing new shares and the listing of existing shares/ADS and were recorded within prepaid expenses in the statement of financial position and were accounted for as a reduction of equity since they were incremental costs that were directly attributable to issuing new shares (net of any income tax benefit) when the IPO occurred. |
Non-current assets held for sale | 2.22 Non-current assets held for sale The Group classifies non-current assets and disposal groups as held for sale if their carrying amounts will be recovered principally through a sale transaction rather than through continuing use. Non-current assets and disposal groups classified as held for sale are measured at the lower of their carrying amount and fair value less costs of disposal. Costs to sell are the incremental costs directly attributable to the disposal of an asset (disposal group), excluding finance costs and income tax expense. The criteria for held for sale classification is regarded as met only when the sale is highly probable, and the asset or disposal group is available for immediate sale in its present condition. Actions required to complete the sale should indicate that it is unlikely that significant changes to the sale will be made or that the decision to sell will be withdrawn. Management must be committed to the plan to sell the asset and the sale expected to be completed within one year from the date of the classification. An impairment loss is recognized for any initial or subsequent write-down of the asset (or disposal group) to fair value less costs of disposal. A gain is recognized for any subsequent increases in fair value less costs of disposal of an asset (or disposal group), but not in excess of any cumulative impairment loss previously recognized. A gain or loss not previously recognized by the date of the sale of the non-current asset (or disposal group) is recognized at the date of derecognition. The gain or loss is recognized in other operating income and expenses, net in the consolidated statement of operations. Property, plant and equipment are not depreciated once classified as held for sale. Assets and liabilities classified as held for sale are presented separately as current items in the statement of financial position. |
Summary of accounting policie_2
Summary of accounting policies (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Summary Of Significant Accounting Policies [Abstract] | |
Estimated Useful Life of Property, Plant and Equipment | Depreciation of assets is calculated using the straight-line method to allocate the cost of the assets, net of their residual values, over the estimated useful life of each component of an item of buildings and plant and machinery as follows: Buildings and fixtures 8 - 40 years Plant and machinery 3 - 15 years |
Financial risk management (Tabl
Financial risk management (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure Of Financial Instruments [Line Items] | |
Summary of Aging of Groups Trade Receivables | The aging of the Group’s trade receivables is as follows: 2023 2022 Current 92,293 83,020 1-30 days past due 15,127 9,739 31-60 days past due 2,488 4,630 61-90 days past due 1,381 1,431 91- days past due 2,882 5,865 Gross carrying amount 114,171 104,685 Allowance for expected credit losses ( 1,220 ) ( 3,730 ) Net carrying amount 112,951 100,955 |
Summary of Financial Liabilities into Maturity Groupings based on Contractual Maturities | The tables below analyze the Group’s financial liabilities into maturity groupings based on their contractual maturities for: a) all non-derivative financial liabilities; and b) derivative financial instruments for which the contractual maturities represent the timing of the cash flows. amounts disclosed in the table are the contractual undiscounted cash flows. Balances due within 12 months equal their carrying balances as the impact of discounting is not significant. December 31, 2023 Less than Between Between 1 Between After Total Carrying Non-derivatives Lease liabilities 4,208 12,625 15,892 35,121 66,486 134,332 89,002 Convertible Notes — — — 546,842 — 546,842 323,528 Liabilities to credit institutions 5,503 14,617 19,262 171,296 — 210,678 120,305 Trade payables 64,368 — — — — 64,368 64,368 Total non-derivatives 74,079 27,242 35,154 753,259 66,486 956,220 597,203 December 31, 2022 Less than Between Between 1 Between After Total Carrying Non-derivatives Lease liabilities 4,671 14,015 13,328 35,201 113,277 180,492 99,108 Liabilities to credit institutions 49,327 1,127 1,443 1,376 — 53,273 52,590 Trade payables 82,516 — — — — 82,516 82,516 Total non-derivatives 136,514 15,142 14,771 36,577 113,277 316,281 234,214 Derivatives Foreign currency ( 47,850 ) — — — — ( 47,850 ) — Foreign currency 48,238 — — — — 48,238 — Total derivatives 388 — — — — 388 316 |
Trade receivables [member] | |
Disclosure Of Financial Instruments [Line Items] | |
Summary of Allowance for Expected Credit Losses of Trade Receivables | The movements in the Group’s allowance for expected credit losses of trade receivables are as follows: 2023 2022 As at January 1 ( 3,730 ) ( 883 ) Increase of allowance recognized in statement of ( 720 ) ( 3,666 ) Receivables written off during the year as uncollectible 1,912 205 Unused amount reversed 1,331 578 Translation differences ( 13 ) 36 As at December 31 ( 1,220 ) ( 3,730 ) |
Currency Risk | |
Disclosure Of Financial Instruments [Line Items] | |
Summary of Exposure to Foreign Currency Risk | The Group’s primary exposure to foreign currency risk at the end of the reporting period, expressed in thousands of USD was as follows: As of December 31, 2023 (in thousands of U.S. dollars) SEK/USD SEK/EUR SEK/GBP SEK/CNY SEK/SGD SEK/NOK USD/SEK SGD/CNY GBP/EUR Accounts receivables — 8,318 — — — — — 42,245 — Other receivables — 1,077 22,938 — 53,661 10,406 24,400 — 2,780 S-T deposits 170,000 — — — — — — — — Liabilities to credit institutions ( 132,831 ) ( 2,810 ) — — — — — — — Trade payables ( 1,757 ) ( 15,701 ) — ( 47,727 ) ( 35,785 ) — — — — Lease liabilities — ( 2,047 ) — — — — — — — Other current liabilities ( 7,813 ) — — — — — ( 22,388 ) — — Total 27,599 ( 11,163 ) 22,938 ( 47,727 ) 17,876 10,406 2,012 42,245 2,780 As of December 31, 2022 (in thousands of U.S. dollars) SEK/USD SEK/EUR SEK/GBP SEK/CNY SEK/SGD SEK/NOK USD/SEK SGD/CNY GBP/EUR Accounts receivables — 6,864 5,864 23,060 — — — 31,117 — Other receivables — 18,058 — — 26,995 11,359 — — — S-T deposits — — — 4,315 — — — — — Liabilities to credit institutions — ( 4,002 ) — — — — — — — Trade payables ( 942 ) ( 15,944 ) — ( 9,821 ) ( 12,083 ) — — — — Lease liabilities — ( 2,615 ) — — — — — — — Other current liabilities ( 127,884 ) — — — — — — — ( 11,808 ) Total ( 128,826 ) 2,361 5,864 17,554 14,912 11,359 — 31,117 ( 11,808 ) |
Summary of Sensitivity Analysis | The Group is primarily exposed to changes in SEK/USD, SEK/EUR, SEK/GBP, SEK/CNY, SEK/SGD, SEK/NOK, USD/SEK, SGD/CNY and GBP/EUR exchange rates. The Group’s risk exposure in foreign currencies: Impact on loss 2023 2022 2021 SEK/USD exchange rate - increase/decrease 10 % +/- 2,760 +/- 12,883 +/- 7,036 SEK/EUR exchange rate - increase/decrease 10 % +/- 1,116 +/- 236 +/- 1,296 SEK/GBP exchange rate - increase/decrease 10 % +/- 2,294 +/- 586 +/- 350 SEK/CNY exchange rate - increase/decrease 10 % +/- 4,773 +/- 1,755 +/- 14,294 SEK/SGD exchange rate - increase/decrease 10 % +/- 1,788 +/- 1,491 +/- 2,722 SEK/NOK exchange rate - increase/decrease 10 % +/- 1,041 +/- 1,136 — USD/SEK exchange rate - increase/decrease 10 % +/- 201 — — SGD/CNY exchange rate - increase/decrease 10 % +/- 4,224 +/- 3,112 +/- 691 GBP/EUR exchange rate - increase/decrease 10 % +/- 278 +/- 1,181 +/- 1,225 |
Interest rate risk [member] | |
Disclosure Of Financial Instruments [Line Items] | |
Summary of Sensitivity Analysis | Profit or loss is sensitive to higher/lower interest expense primarily from liabilities to credit institutions as a result of changes in interest rates. Impact on loss 2023 2022 2021 Interest rates - increase by 100 basis points + 28 + 526 + 60 Interest rates - decrease by 100 basis points - 375 - 526 - 60 Interest rates - increase by 300 basis points + 84 + 1,578 + 180 Interest rates - decrease by 300 basis points - 642 - 1,578 - 180 |
Fair value/price risk [member] | |
Disclosure Of Financial Instruments [Line Items] | |
Summary of Sensitivity Analysis | Profit or loss is sensitive to changes in fair value from short-term investments and Convertible Notes. The following table shows the impact of changes in the fair value on the short-term investments: Impact on loss 2023 2022 2021 Fair value - increase/decrease by 10 % — — +/- 25 |
Segment information (Tables)
Segment information (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of operating segments [abstract] | |
Summary of Revenue Adjusted EBITDA and EBITDA | For the year ended December 31, 2023 EMEA Americas Asia Corporate* Eliminations** Total Revenue Revenue from external customers 402,168 250,264 130,916 — — 783,348 Intersegment revenue 1,725 — 7,317 — ( 9,042 ) — Total segment revenue 403,893 250,264 138,233 — ( 9,042 ) 783,348 Adjusted EBITDA 42,951 ( 28,137 ) ( 64,595 ) ( 107,780 ) — ( 157,561 ) Share-based compensation expense ( 1,781 ) ( 3,531 ) ( 4,704 ) ( 11,430 ) — ( 21,446 ) Restructuring costs (1) ( 1,103 ) ( 3,062 ) ( 2,954 ) ( 7,641 ) — ( 14,760 ) Asset impairment charges and other costs related to discontinued construction of production facilities (2) ( 158,551 ) ( 43,009 ) — — — ( 201,560 ) Costs related to the YYF Transaction (3) — ( 375 ) — — — ( 375 ) Legal settlement (4) — — — ( 9,250 ) — ( 9,250 ) Non-controlling interests — — ( 186 ) — — ( 186 ) EBITDA ( 118,484 ) ( 78,114 ) ( 72,439 ) ( 136,101 ) — ( 405,138 ) Finance income — — — — — 117,876 Finance expenses — — — — — ( 69,029 ) Depreciation and amortization — — — — — ( 51,874 ) Loss before tax — — — — — ( 408,165 ) For the year ended December 31, 2022 EMEA Americas Asia Corporate* Eliminations** Total Revenue Revenue from external customers 345,509 223,880 152,849 — — 722,238 Intersegment revenue 34,940 820 3,659 — ( 39,419 ) — Total segment revenue 380,449 224,700 156,508 — ( 39,419 ) 722,238 Adjusted EBITDA ( 10,298 ) ( 62,837 ) ( 75,183 ) ( 119,605 ) — ( 267,923 ) Share-based compensation expense ( 4,314 ) ( 4,485 ) ( 6,973 ) ( 19,694 ) — ( 35,466 ) Restructuring costs (1) ( 918 ) ( 797 ) ( 309 ) ( 2,391 ) — ( 4,415 ) Asset impairment charge and other costs related to assets held for sale (3) — ( 39,581 ) — — — ( 39,581 ) EBITDA ( 15,530 ) ( 107,700 ) ( 82,465 ) ( 141,690 ) — ( 347,385 ) Finance income — — — — — 15,256 Finance expenses — — — — — ( 16,665 ) Depreciation and amortization — — — — — ( 48,600 ) Loss before tax — — — — — ( 397,394 ) For the year ended December 31, 2021 EMEA Americas Asia Corporate* Eliminations** Total Revenue Revenue from external customers 336,452 179,830 126,908 — — 643,190 Intersegment revenue 89,460 908 — — ( 90,368 ) — Total segment revenue 425,912 180,738 126,908 — ( 90,368 ) 643,190 Adjusted EBITDA 21,959 ( 44,560 ) ( 16,480 ) ( 107,896 ) — ( 146,977 ) Share-based compensation expense ( 3,780 ) ( 2,963 ) ( 4,192 ) ( 12,697 ) — ( 23,632 ) Product recall (5) ( 1,654 ) — — — — ( 1,654 ) Asset impairment charge (6) ( 4,970 ) — — — — ( 4,970 ) IPO preparation and transaction costs — — — ( 9,288 ) — ( 9,288 ) EBITDA 11,555 ( 47,523 ) ( 20,672 ) ( 129,881 ) — ( 186,521 ) Finance income — — — — — 14,435 Finance expenses — — — — — ( 15,740 ) Depreciation and amortization — — — — — ( 27,222 ) Loss before tax — — — — — ( 215,048 ) * Corporate consists of general overhead costs not allocated to the segments. ** Eliminations in 2023 refer to intersegment revenue for sales of products from EMEA to Asia and from Asia to EMEA. Eliminations in 2022 primarily refer to intersegment revenue for sales of products from EMEA to Asia. Eliminations in 2021 primarily refer to intersegment revenue for sales of products from EMEA to Americas and Asia. (1) Relates primarily to severance payments as the Company continues to adjust its organizational structure to the macro environment, and inventory write-offs related to the Company’s strategy reset in the Asia segment. (2) Following certain events during the fourth quarter, the Company decided to discontinue the construction of its new production facilities in Peterborough, UK and Dallas-Fort Worth, Texas. The Company recorded $ 172.6 million in non-cash impairments and $ 29.0 million in restructuring and other exit costs relating to these production facilities. (3) Relates to the Ya YA Foods USA LLC transaction (the “YYF Transaction”). See Note 34 Non-current assets held for sale for further details. (4) Relates to US securities class action litigation settlement expenses. (5) Relates to recall of products in Sweden as communicated on November 17, 2021. See the Company's Form 6-K filed on November 17, 2021. (6) The 2021 asset impairment charge related to production equipment at our Landskrona production facility in Sweden for which we had no alternative use. |
Summary of Non-current Assets by Country | Non-current assets for this purpose consists of property, plant and equipment and right-of-use assets: 2023 2022 China 123,542 122,495 Sweden 120,864 108,073 US 102,883 130,295 UK 44,413 186,759 Singapore 26,115 29,944 Other 30,862 23,984 Total 448,679 601,550 |
Summary of Revenue from External Customers | The Group is domiciled in Sweden. The amount of its revenue from external customers, broken down by location of the customers, is shown in the table below. 2023 2022 2021 US 247,049 220,981 177,180 UK 134,967 124,948 120,278 China 119,507 134,001 111,830 Germany 104,854 79,764 70,699 Sweden 47,273 48,749 57,937 The Netherlands 26,921 25,582 24,047 Finland 22,178 23,353 27,420 Other 80,599 64,860 53,799 Total 783,348 722,238 643,190 Revenue from external customers, broken down by channel and segment, is shown in the table below. Year Ended December 31, 2023 EMEA Americas Asia Total Retail 331,635 127,690 19,630 478,955 Foodservice 68,619 116,811 85,127 270,557 Other 1,914 5,763 26,159 33,836 Total 402,168 250,264 130,916 783,348 Year Ended December 31, 2022 EMEA Americas Asia Total Retail 285,797 118,870 17,454 422,121 Foodservice 58,867 101,166 100,031 260,064 Other 845 3,844 35,364 40,053 Total 345,509 223,880 152,849 722,238 Year Ended December 31, 2021 EMEA Americas Asia Total Retail 282,090 96,552 9,297 387,939 Foodservice 49,802 78,860 94,463 223,125 Other 4,560 4,418 23,148 32,126 Total 336,452 179,830 126,908 643,190 |
Depreciation Amortization and_2
Depreciation Amortization and Impairment by Per Function (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Depreciation and amortisation expense [abstract] | |
Summary of Depreciation and Amortization | 2023 Property, Right-of-use Intangible Total Cost of goods sold ( 30,868 ) ( 7,970 ) — ( 38,838 ) Research and development expenses ( 1,060 ) ( 323 ) ( 124 ) ( 1,507 ) Selling, general and administrative expenses ( 1,100 ) ( 5,208 ) ( 5,221 ) ( 11,529 ) Total depreciation/amortization/impairment by function (1) ( 33,028 ) ( 13,501 ) ( 5,345 ) ( 51,874 ) (1) The impairment related to discontinued construction of certain production facilities is included in Other operating income and (expenses), net in the consolidated statement of operations. Refer to Note 15 Property, plant and equipment and Note 16 Leases for further details . 2022 Property, Right-of-use Intangible Total Cost of goods sold ( 31,372 ) ( 8,427 ) — ( 39,799 ) Research and development expenses ( 490 ) ( 186 ) ( 89 ) ( 765 ) Selling, general and administrative expenses ( 572 ) ( 4,476 ) ( 2,988 ) ( 8,036 ) Total depreciation/amortization/impairment by function (1) ( 32,434 ) ( 13,089 ) ( 3,077 ) ( 48,600 ) (1) The impairment related to the assets held for sale is included in Other operating income and (expenses), net in the consolidated statement of operations. Refer to Note 34 Non-current assets held for sale for details on the YYF Transaction . 2021 Property, Right-of-use Intangible Total Cost of goods sold (1) ( 16,337 ) ( 5,894 ) — ( 22,231 ) Research and development expenses ( 294 ) ( 58 ) ( 77 ) ( 429 ) Selling, general and administrative expenses (2) ( 3,546 ) ( 3,863 ) ( 2,123 ) ( 9,532 ) Total depreciation/amortization/impairment by function ( 20,177 ) ( 9,815 ) ( 2,200 ) ( 32,192 ) (1) Within property, plant and equipment, the cost of goods sold portion of the EMEA asset impairment amounted to $ 1.5 million. (2) Within property, plant and equipment, the selling, general and administrative expenses portion of the EMEA asset impairment amounted to $ 3.5 million. |
Employee and Personnel Costs (T
Employee and Personnel Costs (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure Of Employee Benefits [Abstract] | |
Summary of Employee Benefits | The disclosure amounts are based on the expense recognized in the consolidated statement of operations. 2023 2022 2021 Salaries and other remuneration ( 150,026 ) ( 151,444 ) ( 109,847 ) Social security costs ( 23,255 ) ( 24,241 ) ( 19,158 ) Share-based payments (1) ( 21,446 ) ( 35,466 ) ( 23,632 ) Pension and post-employment benefits ( 9,542 ) ( 9,208 ) ( 8,390 ) Total ( 204,269 ) ( 220,359 ) ( 161,027 ) (1) Refer to Note 8 Share-based compensation for further details. Key management compensation 2023 2022 2021 Short-term employee benefits (1) ( 11,120 ) ( 8,207 ) ( 6,459 ) Pension and post-employment benefits ( 628 ) ( 638 ) ( 766 ) Share-based payments (2) ( 9,151 ) ( 19,011 ) ( 13,921 ) Social security costs ( 3,404 ) ( 3,780 ) ( 2,521 ) Total ( 24,303 ) ( 31,636 ) ( 23,666 ) (1) For the twelve months ended December 31, 2023, severance pay of $ 2.5 million is included in short-term employee benefits. (2) Refer to Note 8 Share-based compensation for further details. |
Summary of Employee Benefits Expenses by Function | 7.1 Employee benefits expenses by function 2023 2022 2021 Cost of goods sold ( 37,671 ) ( 51,106 ) ( 35,959 ) Research and development expenses ( 12,431 ) ( 13,739 ) ( 10,336 ) Selling, general and administrative expenses ( 154,167 ) ( 155,514 ) ( 114,732 ) Total ( 204,269 ) ( 220,359 ) ( 161,027 ) |
Share-based compensation (Table
Share-based compensation (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of terms and conditions of share-based payment arrangement [abstract] | |
Summary of RSUs Outstanding and Related Information | Activity in the Group ’s RSUs outstanding and related information is as follows: Weighted average grant date fair value ($) Number of RSUs As of December 31, 2020 — — Granted during the period 14.78 1,832,777 Forfeited during the period 16.16 ( 131,770 ) As of December 31, 2021 14.67 1,701,007 Granted during the period 3.07 8,024,889 Forfeited during the period (1) 5.17 ( 1,035,380 ) Vested during the period 14.96 ( 542,922 ) As of December 31, 2022 4.42 8,147,594 Granted during the period 1.75 5,479,454 Forfeited during the period (2) 3.22 ( 2,470,898 ) Vested during the period 3.15 ( 2,740,334 ) As of December 31, 2023 2.91 8,415,816 — (1) Includes 493,856 forfeited RSUs related to the Company’s organizational restructuring and the YYF Transaction. Refer to Note 34 Non-current assets held for sale for details on the YYF Transaction. (2) Includes 961,990 forfeited RSUs related to the Company’s organizational restructuring during the year ended December 31, 2023. |
Summary of Number and Exercise Prices of Employee Stock Options | Activity in the Group ’s stock options outstanding and related information is as follows: Weighted average exercise price ($) Number of employee stock options As of December 31, 2020 — — Granted during the period 16.86 7,002,430 Forfeited during the period 17.00 ( 44,118 ) As of December 31, 2021 16.86 6,958,312 Granted during the period 3.45 9,651,313 Forfeited during the period (1) 6.71 ( 2,204,399 ) Expired during the period 17.00 ( 66,174 ) As of December 31, 2022 9.40 14,339,052 Granted during the period 1.75 11,111,723 Forfeited during the period (2) 5.88 ( 3,615,022 ) Expired during the period 11.88 ( 546,562 ) As of December 31, 2023 5.98 21,289,191 Vested and exercisable as of December 31, 2023 10.19 7,637,924 — (1) Includes 1,213,585 forfeited stock options related to the Company’s organizational restructuring during the year ended December 31, 2022. (2) Includes 2,581,696 forfeited stock options related to the Company’s organizational restructuring during the year ended December 31, 2023. |
Summary of Inputs to Black-Scholes Option-pricing Model Used for Employee Stock Options | The following tables lists the inputs to the Black-Scholes option-pricing model used for employee stock options granted during the financial year 2023, 2022 and 2021, respectively: 2023 2022 2021 Expected term (years) 6 - 8 6 - 8 6 - 8 Weighted-average share price at grant date 1.75 3.45 16.86 Expected price volatility of the Company's shares (%) 50.00 - 55.00 35.00 - 37.00 33.00 Risk-free interest rate (%) 3.84 - 4.61 2.81 - 3.96 1.09 - 1.48 |
Summary of Impact of Input Assumptions Changes in Fair Value Per Employee Stock Option | The following table shows the impact of these changes on fair value per employee stock option granted 2023: 2023 Share price increase 30 % 0.44 Share price decrease 30 % ( 0.40 ) Volatility increase 10 % 0.12 Volatility decrease 10 % ( 0.13 ) Expected life increase 12 months 0.06 Expected life decrease 12 months ( 0.07 ) |
Other Operating Income and (E_2
Other Operating Income and (Expenses), Net (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Analysis of income and expense [abstract] | |
Summary of Other Operating Income and (Expenses), Net | 2023 2022 2021 Impairment charges related to discontinued construction of certain production facilities (Note 14,15,16,17,21) ( 172,588 ) — — Other costs related to discontinued construction of certain production facilities (Note 26) ( 28,972 ) — — Legal settlement expenses (Note 26) ( 9,250 ) — — Impairment charge related to assets held for sale (Note 34) — ( 38,292 ) — Other costs related to assets held for sale (Note 34) — ( 1,289 ) — Exchange rate differences (Note 11) ( 2,991 ) ( 3,776 ) 662 Other ( 851 ) 2,406 1,282 Other operating income and (expenses), net ( 214,652 ) ( 40,951 ) 1,944 |
Finance income and expenses (Ta
Finance income and expenses (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure Of Detailed Information About Finance Income And Expense [Abstract] | |
Summary of Finance Income and Expenses | 2023 2022 2021 Interest income 12,666 2,144 1,774 Other financial income 329 — — Fair value changes on derivatives 611 — — Fair value changes on Convertible Notes 96,445 — — Net foreign exchange difference 7,825 13,112 12,661 Total finance income 117,876 15,256 14,435 Interest expenses on loan from credit institutions ( 20,187 ) ( 5,784 ) ( 8,623 ) Interest expenses on lease liabilities ( 6,779 ) ( 8,144 ) ( 5,026 ) Interest expenses on Convertible Notes ( 22,367 ) — — Interest expenses on shareholder loans — — ( 5,256 ) Fair value changes on derivatives — ( 287 ) ( 16 ) Fair value changes on short-term investments — ( 1,821 ) ( 222 ) Other financial expenses ( 19,696 ) ( 629 ) ( 518 ) Borrowing costs capitalized — — 3,921 Total finance expenses ( 69,029 ) ( 16,665 ) ( 15,740 ) |
Net Exchange Rate Differences (
Net Exchange Rate Differences (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Exchange differences on translation [abstract] | |
Disclosure of exchange rate differences recognized | The exchange-rate differences recognized in the consolidated statement of operations are included as follows: 2023 2022 2021 Other operating income and (expenses), net (Note 9) ( 2,991 ) ( 3,776 ) 662 Finance income and expenses (Note 10) 7,825 13,112 12,661 Exchange-rate differences—net 4,834 9,336 13,323 |
Income tax (Tables)
Income tax (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Major components of tax expense (income) [abstract] | |
Major Components of Income Tax (Expense) Benefit | The major components of income tax (expense)/benefit for the year ended December 31, 2023, 2022 and 2021 are as follows: 2023 2022 2021 Current tax: Current income tax (expense)/benefit ( 10,892 ) ( 3,250 ) 1,887 Adjustments in respect of income tax of previous years ( 2,282 ) 1,724 ( 120 ) ( 13,174 ) ( 1,526 ) 1,767 Deferred tax: Relating to origination and reversal of temporary 4,279 6,353 888 4,279 6,353 888 Income tax (expense)/benefit reported in the consolidated ( 8,895 ) 4,827 2,655 |
Summary of Reconciliation of Tax (Expense) Benefit and Accounting Loss | Reconciliation of tax (expense)/benefit and the accounting loss multiplied by Sweden’s corporate tax rate: 2023 2022 2021 Accounting loss before tax ( 408,165 ) ( 397,394 ) ( 215,048 ) At Sweden’s corporate income tax rate of 20,6 % 84,082 81,863 44,300 Effect of tax rates in foreign jurisdictions 3,028 ( 803 ) ( 835 ) Non-taxable income 170 7 26 Non-deductible costs ( 4,352 ) ( 8,978 ) ( 2,738 ) Adjustments in respect of income tax of previous years ( 2,282 ) 1,724 ( 120 ) Change in unrecognized deferred taxes ( 89,262 ) ( 69,219 ) ( 38,915 ) Tax effect of changes in tax rates ( 304 ) 112 ( 13 ) Other 25 121 950 Income tax expense/(benefit) ( 8,895 ) 4,827 2,655 |
Summary of Deferred Tax | Deferred tax relates to the following: 2023 2022 Property, plant and equipment ( 3,759 ) ( 11,287 ) Lease right-of-use asset ( 9,899 ) ( 29,474 ) Lease liability 9,470 30,750 Inventory 2,900 4,103 Loss allowances for financial assets 203 289 Accrued interest 234 1,798 Accrued expenses 5,098 1,438 Tax losses carried forward 497 4,533 Deferred tax credit 1,296 766 Share based compensation 503 319 Other 3,660 2,625 Net deferred tax assets 10,203 5,860 Reflected in the consolidated statement of financial Deferred tax assets 10,203 5,860 |
Summary of Reconciliation of Net Deferred Tax | A reconciliation of net deferred tax is shown in the table below: 2023 2022 Balance at January 1 5,860 ( 384 ) Movement recognized in the consolidated statement of 4,279 6,353 Exchange differences 64 ( 109 ) Balance at December 31 10,203 5,860 |
Summary of Deferred Tax Assets Not Been Recognized | Deferred tax assets have not been recognized in respect of the following items: 2023 2022 Property, plant and equipment (1) 31,138 — Provisions (2) 6,152 — Lease liabilities 11,951 2,162 Tax losses carried forward 194,417 112,970 Net interest expense carried forward 12,196 2,061 Total unrecognized deferred tax assets 255,854 117,193 (1) Relates to impairment charges due to the decision to discontinue the construction of the new production facility in Peterborough, UK. Refer to Note 15 Property, plant and equipment for further details. (2) Relates to provisions due to the decision to discontinue the construction of the new production facility in Peterborough, UK. Refer to Note 26 Provisions for further details. |
Summary of Tax Loss Carryforwards | Tax loss carry-forwards as of December 31, 2023 were expected to expire as follows: Expected expiry Less than Unlimited Total Tax loss carry-forwards 4,655 942,816 947,471 |
Investments in subsidiaries (Ta
Investments in subsidiaries (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of subsidiaries [abstract] | |
Summary of Principal Subsidiaries | The Group had the following principal subsidiaries as at December 31, 2023: Name Country/place of Principal Proportion of Direct ownership Cereal Base CEBA AB Sweden Holding 100 % Indirect ownership Oatly AB Sweden Holding 100 % Oatly Sweden Operations & Supply AB Sweden Production 100 % Oatly UK Ltd. United Kingdom Selling 100 % Oatly UK Operations & Supply Ltd. United Kingdom Production 100 % Oatly Germany GmbH Germany Selling 100 % Oatly Norway AS Norway Selling 100 % Oy Oatly AB Finland Selling 100 % Oatly Netherlands BV Netherlands Selling 100 % Oatly Netherlands Operation & Supply BV Netherlands Production 100 % Oatly EMEA AB Sweden Selling 100 % Oatly Inc. United States Holding 100 % Oatly US Inc. United States Selling 100 % Oatly US Operations & Supply Inc. United States Production 100 % Havrekärnan AB Sweden Production 100 % Oatly Singapore Operations & Supply Pte Ltd. Singapore Production 100 % Oatly Hong Kong Holding Ltd. Hong Kong, China Selling 100 % Oatly Shanghai Co. Ltd. China Selling 100 % Oatly Food Co Ltd. China Production 100 % Oatly Thousands of Island Co Ltd. China Production 100 % |
Intangible assets (Tables)
Intangible assets (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Intangible assets and goodwill [abstract] | |
Summary of Intangible Assets | Other Intangible assets Goodwill Capitalized Other Ongoing Total Cost At January 1, 2022 130,364 11,167 4,520 3,075 149,126 Additions — 1,961 1,628 800 4,389 Reclassification — 2,223 — ( 2,223 ) — Exchange differences ( 17,460 ) ( 1,530 ) ( 653 ) ( 438 ) ( 20,081 ) At December 31, 2022 112,904 13,821 5,495 1,214 133,434 Additions — 252 1,800 446 2,498 Reclassification — 555 — ( 555 ) — Exchange differences 5,309 698 322 54 6,383 At December 31, 2023 118,213 15,326 7,617 1,159 142,315 Accumulated amortization At January 1, 2022 — ( 1,806 ) ( 1,395 ) — ( 3,201 ) Amortization charge — ( 2,101 ) ( 976 ) — ( 3,077 ) Exchange differences — 315 217 — 532 At December 31, 2022 — ( 3,592 ) ( 2,154 ) — ( 5,746 ) Amortization charge — ( 4,040 ) ( 1,305 ) — ( 5,345 ) Impairment — ( 336 ) — — ( 336 ) Exchange differences — ( 389 ) ( 173 ) — ( 562 ) At December 31, 2023 — ( 8,357 ) ( 3,632 ) — ( 11,989 ) Cost, net accumulated amortization At December 31, 2022 112,904 10,229 3,341 1,214 127,688 At December 31, 2023 118,213 6,969 3,985 1,159 130,326 |
Property, plant and equipment (
Property, plant and equipment (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of detailed information about property, plant and equipment [abstract] | |
Summary of Property, Plant and Equipment | A summary of property, plant and equipment as at December 31, 2023 and December 31, 2022 is as follows: Land and Plant and Construction Total Cost At January 1, 2022 117,423 199,005 234,385 550,813 Additions 7,719 57,446 122,931 188,096 Sold — ( 982 ) ( 5,254 ) ( 6,236 ) Assets held for sale ( 64,180 ) ( 52,534 ) ( 31,925 ) ( 148,639 ) Disposals — ( 45 ) — ( 45 ) Reclassifications 21,857 50,697 ( 72,554 ) — Exchange differences ( 5,760 ) ( 10,188 ) ( 21,643 ) ( 37,591 ) At December 31, 2022 77,059 243,399 225,940 546,398 Additions 5,498 15,245 21,258 42,001 Sold ( 295 ) — — ( 295 ) Disposals ( 123 ) ( 701 ) ( 801 ) ( 1,625 ) Reclassifications 19,938 16,550 ( 36,488 ) — Exchange differences 2,672 4,356 7,386 14,414 At December 31, 2023 104,749 278,849 217,295 600,893 Accumulated depreciation and impairment At January 1, 2022 ( 7,890 ) ( 29,781 ) ( 3,494 ) ( 41,165 ) Depreciation charge ( 5,854 ) ( 26,157 ) — ( 32,011 ) Sold — 692 3,494 4,186 Assets held for sale 13,925 16,082 8,504 38,511 Impairment (1) ( 10,413 ) ( 7,647 ) ( 8,504 ) ( 26,564 ) Exchange differences 863 2,734 — 3,597 At December 31, 2022 ( 9,369 ) ( 44,077 ) — ( 53,446 ) Depreciation charge ( 5,636 ) ( 27,392 ) — ( 33,028 ) Sold 295 — — 295 Disposals 39 668 — 707 Impairment (2) — ( 171 ) ( 152,187 ) ( 152,358 ) Exchange differences ( 397 ) ( 1,507 ) ( 873 ) ( 2,777 ) At December 31, 2023 ( 15,068 ) ( 72,479 ) ( 153,060 ) ( 240,607 ) Cost, net accumulated depreciation and impairment At December 31, 2022 67,690 199,322 225,940 492,952 At December 31, 2023 89,681 206,370 64,235 360,286 (1) Of the total $ 26.6 million, $ 26.3 million relates to an impairment charge for assets remeasured to fair value less costs of disposal as part of the YYF Transaction. Refer to Note 34 Non-current assets held for sale for details. (2) Of the total $ 152.4 million, $ 152.2 million relates to impairment charges due to the decision to discontinue the construction of new production facilities in Peterborough, UK and Dallas-Fort Worth, Texas. |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Lease [Abstract] | |
Summary of Consolidated Statement of Financial Position Amounts Relating to Leases | The consolidated statement of financial position discloses the following amounts relating to leases: 2023 2022 Right-of-use assets Land and buildings 69,434 87,015 Plant and machinery 18,959 21,583 Total 88,393 108,598 Lease liabilities Non-current 72,570 82,285 Current 16,432 16,823 Total 89,002 99,108 Land and Plant and Total Cost At January 1, 2022 138,803 39,277 178,080 Increases 12,989 7,305 20,294 Decreases ( 4,594 ) ( 2,499 ) ( 7,093 ) Assets held for sale ( 38,724 ) ( 10,675 ) ( 49,399 ) Exchange differences ( 8,361 ) ( 2,883 ) ( 11,244 ) At December 31, 2022 100,113 30,525 130,638 Increases 16,700 2,578 19,278 Decreases (1) ( 27,255 ) ( 1,775 ) ( 29,030 ) Exchange differences 3,015 454 3,469 At December 31, 2023 92,573 31,782 124,355 Accumulated depreciation and impairment At January 1, 2022 ( 11,030 ) ( 8,602 ) ( 19,632 ) Depreciation ( 20,029 ) ( 8,147 ) ( 28,176 ) Decreases ( 5,094 ) 215 ( 4,879 ) Impairment (2) 9,688 2,325 12,013 Assets held for sale 12,594 4,230 16,824 Exchange differences 773 1,037 1,810 At December 31, 2022 ( 13,098 ) ( 8,942 ) ( 22,040 ) Depreciation ( 8,921 ) ( 5,156 ) ( 14,077 ) Decreases 4,687 1,651 6,338 Impairment (3) ( 5,355 ) — ( 5,355 ) Exchange differences ( 452 ) ( 376 ) ( 828 ) At December 31, 2023 ( 23,139 ) ( 12,823 ) ( 35,962 ) Cost, net accumulated depreciation and impairment At December 31, 2022 87,015 21,583 108,598 At December 31, 2023 69,434 18,959 88,393 (1) Primarily related to change of lease term due to the decision to discontinue the construction of the new production facility in Peterborough, UK. (2) Asset impairment charge related to the YYF Transaction, amounting to $ 12.0 million. Refer to Note 34 Non-current assets held for sale for details on the YYF Transaction. (3) Includes an asset impairment charge of $ 3.7 million due to the decision to discontinue the construction of the new production facility in Peterborough, UK. |
Summary of Amounts Recognized in Consolidated Statement of Operations | Amounts recognized in the consolidated statement of operations 2023 2022 2021 Depreciation and impairment charge of right-of-use assets Land and buildings ( 14,276 ) ( 20,029 ) ( 7,507 ) Plant and machinery ( 5,156 ) ( 8,147 ) ( 4,982 ) Total ( 19,432 ) ( 28,176 ) ( 12,489 ) Interest expense (included in finance expenses) ( 6,779 ) ( 8,144 ) ( 5,026 ) Expense relating to short-term leases ( 454 ) ( 1,302 ) ( 576 ) Expense relating to leases of low-value assets that are not shown above as short-term leases ( 723 ) ( 310 ) ( 1,605 ) |
Other non-current receivables (
Other non-current receivables (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Trade and other non-current receivables [abstract] | |
Summary of Other Non-Current Receivables | 2023 2022 Derivatives 1,027 — Deposits 1,861 1,802 Promissory notes 22,093 — Long-term prepaid expenses 15,782 3,070 Other receivables 3,615 2,976 Total 44,378 7,848 |
Financial instruments per cat_2
Financial instruments per category (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of detailed information about financial instruments [abstract] | |
Summary of Financial Instruments Per Category | December 31 2023 2022 2023 2022 Fair value through At amortized cost Assets in the consolidated statement of financial position Other non-current receivables — — 43,351 7,848 Derivatives (part of 'other non-current receivables') 1,027 — — — Trade receivables — — 112,951 100,955 Other current receivables — — 22,764 6,063 Derivatives (part of 'current receivables') 857 — — — Cash and cash equivalents — — 249,299 82,644 Total 1,884 — 428,365 197,510 December 31 2023 2022 2023 2022 Fair value through At amortized cost Liabilities in the consolidated statement of financial position Convertible Notes 323,528 — — — Liabilities to credit institutions — — 120,305 52,590 Trade payables — — 64,368 82,516 Derivatives (part of 'Other current liabilities') — 316 — — Accrued expenses — — 90,692 90,869 Total 323,528 316 275,365 225,975 |
Summary of Fair Value of Financial Instruments Include Interest Rate Swaps, Present Value of Estimated Future Cash Flows | Recurring fair value measurements at December 31, 2023 Level 1 Level 2 Level 3 Financial assets Derivatives (part of other non-current receivables) — 1,027 — Derivatives (part of other current receivables) — 857 — Total financial assets — 1,884 — Financial liabilities Convertible Notes — — 323,528 Total financial liabilities — — 323,528 Recurring fair value measurements at December 31, 2022 Level 1 Level 2 Level 3 Financial liabilities Derivatives (part of other current liabilities) — 316 — Total financial liabilities — 316 — |
Summary of Convertible Notes | Convertible Notes Convertible Notes At January 1, 2023 — Issue of Convertible Notes 324,950 Fair value changes (including interest expenses) recognized in the consolidated statement of operations ( 74,078 ) Change in fair value recognized in consolidated statement of other comprehensive loss 72,656 At December 31, 2023 323,528 December 31, 2023 Carrying amount 323,528 Includes: Cumulative fair value changes on Convertible Notes attributable to changes in credit risk, recognized in the fair value reserve 72,656 Amount the Company is contractually obligated to pay to holders of the Convertible Notes at maturity 546,842 Difference between carrying amount and the amount the Company is contractually obligated to pay to holders of Convertible Notes at maturity ( 223,314 ) |
Summary of Key Inputs and Assumptions Used in the Valuation Model for Fair Value of the Convertible Note | December 31, 2023 Conversion price ($) (1) 1.36 - 2.52 Share price at valuation date ($) 1.18 Expected price volatility of the Company share (%) 65.00 Risk-free interest rate (%) 3.90 Market interest rate (%) 21.50 (1) The Convertible Notes are convertible at the option of each holder at an initial conversion price of $ 2.41 - 2.52 per ordinary share or per ADS, subject to customary anti-dilution adjustments and a conversion rate reset on March 23, 2024 and March 23, 2025. For further details on the Convertible Notes and the conversion price reset mechanis m, see Note 27 Convertible Notes. |
Summary of Impact of Key Inputs and Assumptions on the Fair Value of the Convertible Notes | The following table shows the impact of the key inputs and assumptions on the fair value of the Convertible Notes: December 31, 2023 Share price decrease 30 % 284,266 Share price increase 30 % 357,969 Volatility decrease 10 % 313,437 Volatility increase 10 % 333,614 Risk-free interest rate decrease 1 % 321,889 Risk-free interest rate increase 1 % 325,089 Market interest rate decrease 1 % 332,199 Market interest rate increase 1 % 315,256 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Classes of current inventories [abstract] | |
Summary of Inventories | 2023 2022 Raw materials and consumables 16,500 20,638 Finished goods 51,382 93,837 Total 67,882 114,475 |
Trade receivables (Tables)
Trade receivables (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure Of Trade Receivables [Abstract] | |
Summary of Trade Receivables | 2023 2022 Trade receivables 114,171 104,685 Less: allowance for expected credit losses ( 1,220 ) ( 3,730 ) Trade receivables—net 112,951 100,955 |
Summary of Carrying Amounts By Currency | Carrying amounts, by currency, for the Group’s trade receivables are as follows: 2023 2022 EUR 31,523 26,692 USD 27,828 23,192 GBP 20,909 22,004 CNY 19,445 17,372 SEK 5,939 3,377 SGD 1,934 1,525 HKD 1,074 3,667 Other 4,299 3,126 Total 112,951 100,955 |
Other Current Receivables (Tab
Other Current Receivables (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Other Current Receivables [Abstract] | |
Summary Of Other Current Receivables | 2023 2022 Value added tax 8,954 11,109 Advance payments to vendors 1,788 3,078 Short-term derivatives 857 — Other 22,221 3,631 Total 33,820 17,818 Other includes a receivable of $ 12.2 million relating to production equipment returned to a supplier due to the decision to discontinue the construction of the new production facility in Peterborough, UK. During the twelve months ending December 31, 2023, a credit toward future capital expenditures related to the YYF Transaction for the completion of oat base capacity at the Dallas-Fort Worth Facility was recorded. The receivable was subsequently impaired during the year due to the decision to discontinue the construction of the new production facility in Dallas-Fort Worth, Texas. The impairment amounted to $ 13.9 million and is included in Other operating income and (expenses), net in the consolidated statement of operations. For further information on the YYF Transaction, see Note 34 Non-current assets held for sale. |
Prepaid expenses (Tables)
Prepaid expenses (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Prepaid Expenses [Abstract] | |
Summary of Prepaid Expenses | 2023 2022 Prepaid production and warehouse expenses 102 407 Prepaid selling and marketing expenses 1,587 229 Prepaid insurance expenses 620 9,090 Prepaid financing expenses 4,006 3,399 Other 10,613 10,288 Total 16,928 23,413 |
Cash and cash equivalents (Tabl
Cash and cash equivalents (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Cash and cash equivalents [abstract] | |
Summary of Cash and Cash Equivalents | The consolidated statement of financial position and the consolidated statement of cash flows include the following items in “cash and cash equivalents”: 2023 2022 Short-term deposits 170,000 13,894 Cash at bank and on hand 79,299 68,750 Total 249,299 82,644 |
Liabilities to Credit Institu_2
Liabilities to Credit Institutions (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Summary of Liabilities to Credit Institutions | 2023 2022 Non-current liabilities to credit institutions 114,249 2,668 Current liabilities to credit institutions 6,056 49,922 Total 120,305 52,590 |
Provisions (Tables)
Provisions (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Provisions [abstract] | |
Schedule of Changes in Provisions | Restructuring Decommissioning Legal settlement At December 31, 2022 3,800 7,194 — Decreases: Included in the acquisition value of right-of-use assets ( 2,133 ) — Charged to the consolidated statement of operations: - Additional provisions recognized 41,269 — 9,250 - Unwinding of discount effect 116 52 — - Reversal of non-utilized amounts ( 396 ) — — Amounts used during the year ( 13,781 ) — — Reclassifications 3,608 ( 3,608 ) — Charged to other comprehensive loss: - Exchange differences 647 26 — At December 31, 2023 35,263 1,531 9,250 Non-current 9,185 1,531 — Current 26,078 — 9,250 |
Other current liabilities (Tab
Other current liabilities (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Other Current Liabilities [Abstract] | |
Summary of Other Current Liabilities | 2023 2022 Derivatives — 316 Employee withholding taxes 2,224 1,830 Value added tax 10,203 7,617 Other 1,446 2,060 Total 13,873 11,823 |
Accrued expenses (Tables)
Accrued expenses (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Accrued Expenses [Abstract] | |
Summary of Accrued Expenses | 2023 2022 Accrued personnel expenses 30,646 32,169 Accrued production expenses 26,140 28,286 Accrued variable consideration 19,649 15,575 Accrued marketing and sales expenses 10,050 6,279 Accrued logistic expenses 9,318 19,699 Other accrued expenses 25,535 21,029 Total 121,338 123,037 |
Changes in liabilities attrib_2
Changes in liabilities attributable to financing activities (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of reconciliation of liabilities arising from financing activities [abstract] | |
Summary of Changes in Liabilities Attributable to Financing Activities | Liabilities Shareholder Leases Convertible Notes Total Balance at January 1, 2021 97,187 106,118 30,144 — 233,449 Cash flows ( 94,908 ) ( 10,941 ) ( 9,282 ) — ( 115,131 ) Non-cash flows: Addition – leases — — 117,793 — 117,793 Foreign exchange adjustments 773 3,675 ( 2,413 ) — 2,035 Converted to shares — ( 104,108 ) — — ( 104,108 ) Other changes 2,935 5,256 6,977 — 15,168 Balance at December 31, 2021 5,987 — 143,219 — 149,206 Cash flows 46,818 — ( 10,899 ) — 35,919 Non-cash flows: Addition – leases — — 20,111 — 20,111 Foreign exchange adjustments ( 292 ) — ( 8,529 ) — ( 8,821 ) Assets held for sale (Note 34) — — ( 44,794 ) — ( 44,794 ) Other changes 77 — — — 77 Balance at December 31, 2022 52,590 — 99,108 — 151,698 Cash flows 61,985 — ( 11,411 ) 324,950 375,524 Non-cash flows: Addition – leases — — 21,341 — 21,341 Foreign exchange adjustments 407 — 2,844 — 3,251 Fair value changes (including interest expenses) recognized in the consolidated statement of operations — — — ( 74,078 ) ( 74,078 ) Change in fair value recognized in consolidated statement of other comprehensive loss — — — 72,656 72,656 Remeasurement - leases (1) — — ( 17,886 ) — ( 17,886 ) Other changes 5,323 — ( 4,994 ) — 329 Balance at December 31, 2023 120,305 — 89,002 323,528 532,835 (1) Remeasurement related to change of lease term due to the decision to discontinue the construction of the new production facility in Peterborough, UK. |
Loss per share (Tables)
Loss per share (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Earnings per share [abstract] | |
Summary of Loss per Share | 2023 2022 2021 Loss for the year, attributable to the shareholders of ( 416,874 ) ( 392,567 ) ( 212,393 ) Weighted average number of shares (thousands) 593,601 592,032 549,080 Basic and diluted loss per share, U.S. $ ( 0.70 ) ( 0.66 ) ( 0.39 ) |
Summary of Potential Dilutive Securities that were not Included in Diluted Loss per Share Calculations | Potential dilutive securities that were not included in the diluted loss per share calculations because they would be anti-dilutive were as follows: 2023 2022 2021 Restricted stock units 8,415,816 8,147,594 1,701,007 Stock options 21,289,191 14,339,052 6,958,312 Convertible Notes (1) 400,616,344 — — (1) The number of potential dilutive shares or ADSs from the Convertible Notes are calculated assuming the most advantageous conversion price from the standpoint of the holder and assuming all capitalized interest at maturity will be settled with shares or ADSs. For further details on the Convertible Notes and the conversion price reset mechanism, see Note 27 Convertible Notes . |
Non-current Assets Held for S_2
Non-current Assets Held for Sale (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Non-current assets or disposal groups classified as held for sale or as held for distribution to owners [abstract] | |
Disclosure of major classes of assets and liabilities classified as held for sale | The major classes of assets and liabilities of the Group classified as held for sale as at 31 December were as follows: 2022 Assets Property, plant and equipment (Note 15) 110,128 Right-of-use assets (Note 16) 32,575 Assets held for sale 142,703 Liabilities Non-current lease liabilities (Note 16) 40,967 Current lease liabilities (Note 16) 3,827 Provisions (Note 26) 3,677 Liabilities directly associated with assets held for sale 48,471 Net assets directly associated with disposal group 94,232 |
Summary of Accounting Policie_3
Summary of Accounting Policies - Additional Information (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 USD ($) Segment Installment | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Significant Accounting Policies [Line Items] | |||
Number of operating segments aggregated to form reportable segments | Segment | 0 | ||
Realizing period of current asset | 12 months | ||
Cash or cash equivalent unless restricted settling liability period | 12 months | ||
Settling period of current liability | 12 months | ||
Customer distribution costs | $ 51,700 | $ 61,300 | $ 49,400 |
Deferring settlement period of current liability | 12 months | ||
Short term lease term | 12 months or less | ||
Employee benefits settlement period | within 12 months | ||
Premium expenses | $ 9,542 | 9,208 | $ 8,390 |
Employee stock options (ESOPs) and Restricted Stock Units (RSUs) | |||
Significant Accounting Policies [Line Items] | |||
Awards vesting description | The awards only have a service condition whereby the awards vest in 12-month installments over 36 months. Each of the installments are treated as separate awards which are expensed on a linear basis for each installment period i.e., 12 months, 24 months, and 36 months; this will result in a front-loaded IFRS 2 charge. | ||
Number of installments | Installment | 12 | ||
Vesting period | 36 months | ||
Alecta | |||
Significant Accounting Policies [Line Items] | |||
Expected premiums | $ 1,000 | ||
Premium expenses | $ 1,000 | $ 1,100 | |
Preliminary percentage of collective consolidation level | 158% | ||
Trademarks, Patents and Similar Rights | |||
Significant Accounting Policies [Line Items] | |||
Intangible assets, estimated useful life | 5 years | ||
Bottom of Range | Alecta | |||
Significant Accounting Policies [Line Items] | |||
Percentage of insurance obligations in collective consolidation level | 125% | ||
Bottom of Range | Capitalized Development Expenditure | |||
Significant Accounting Policies [Line Items] | |||
Intangible assets, estimated useful life | 3 years | ||
Top of Range | Alecta | |||
Significant Accounting Policies [Line Items] | |||
Percentage of insurance obligations in collective consolidation level | 175% | ||
Top of Range | Capitalized Development Expenditure | |||
Significant Accounting Policies [Line Items] | |||
Intangible assets, estimated useful life | 5 years |
Summary of Accounting Policie_4
Summary of Accounting Policies - Estimated Useful Life of Property, Plant and Equipment (Details) | 12 Months Ended |
Dec. 31, 2023 | |
Buildings | Fixtures | Bottom of Range | |
Disclosure Of Property Plant And Equipment [Line Items] | |
Estimated useful life | 8 years |
Buildings | Fixtures | Top of Range | |
Disclosure Of Property Plant And Equipment [Line Items] | |
Estimated useful life | 40 years |
Machinery | Plant | Bottom of Range | |
Disclosure Of Property Plant And Equipment [Line Items] | |
Estimated useful life | 3 years |
Machinery | Plant | Top of Range | |
Disclosure Of Property Plant And Equipment [Line Items] | |
Estimated useful life | 15 years |
Financial Risk Management - Add
Financial Risk Management - Additional Information (Details) € in Millions, ¥ in Millions, kr in Millions | 1 Months Ended | 12 Months Ended | |||||||||||||||
Apr. 18, 2023 USD ($) | Apr. 18, 2023 SEK (kr) | Mar. 23, 2023 | Apr. 30, 2023 USD ($) | Oct. 31, 2022 | Dec. 31, 2023 USD ($) | Dec. 31, 2023 SEK (kr) | Dec. 31, 2022 USD ($) | Dec. 31, 2022 SEK (kr) | Dec. 31, 2021 USD ($) | Dec. 31, 2023 SEK (kr) | Dec. 31, 2023 EUR (€) | Dec. 31, 2022 SEK (kr) | Dec. 31, 2022 EUR (€) | Nov. 30, 2022 USD ($) | Nov. 30, 2022 CNY (¥) | Dec. 31, 2020 USD ($) | |
Disclosure Of Financial Risk Management [Line Items] | |||||||||||||||||
Currency derivatives | kr | kr 259.5 | kr 500 | |||||||||||||||
Fair value of currency derivatives | $ 900,000 | $ 300,000 | |||||||||||||||
Nominal amount of liabilities to credit institutions | 2,800,000 | 4,000,000 | |||||||||||||||
Short-term investments | $ 250,000,000 | ||||||||||||||||
Convertible notes | 323,528,000 | 0 | |||||||||||||||
Investments at fair value | 0 | ||||||||||||||||
Term loan facility | 130,000 | ||||||||||||||||
Impairments loss for outstanding trade receivables | $ 0 | 0 | |||||||||||||||
Agreement reset term | SRCF Agreement was reset to three years and six months, with a one year uncommitted extension option, | SRCF Agreement was reset to three years and six months, with a one year uncommitted extension option, | |||||||||||||||
Cash and cash equivalents | $ 249,299,000 | 82,644,000 | $ 295,572,000 | $ 105,364,000 | |||||||||||||
Long term financing | $ 130,000,000 | ||||||||||||||||
Maturity | 3 | 3 | |||||||||||||||
Liabilities to credit institutions balance | $ 120,305,000 | 52,590,000 | |||||||||||||||
Short-term credit facility | 6,056,000 | 49,922,000 | |||||||||||||||
Undrawn bank overdraft facilities | $ 210,300,000 | 318,400,000 | |||||||||||||||
SOFR | |||||||||||||||||
Disclosure Of Financial Risk Management [Line Items] | |||||||||||||||||
Interest rate | 2.50% | 2.50% | 2.50% | ||||||||||||||
CAP | |||||||||||||||||
Disclosure Of Financial Risk Management [Line Items] | |||||||||||||||||
Interest rate | 4.60% | 4.60% | 4.60% | ||||||||||||||
Base Rate with Floor Rate | |||||||||||||||||
Disclosure Of Financial Risk Management [Line Items] | |||||||||||||||||
Interest rate | 2.50% | 2.50% | 2.50% | ||||||||||||||
CMB Credit Facility | |||||||||||||||||
Disclosure Of Financial Risk Management [Line Items] | |||||||||||||||||
Liabilities to credit institutions balance | 0 | ||||||||||||||||
SRCF Agreement and EIF Facility | |||||||||||||||||
Disclosure Of Financial Risk Management [Line Items] | |||||||||||||||||
Liabilities to credit institutions balance | 52,600,000 | ||||||||||||||||
EIF Facility | |||||||||||||||||
Disclosure Of Financial Risk Management [Line Items] | |||||||||||||||||
Liabilities to credit institutions balance | $ 2,800,000 | $ 4,000,000 | € 2.5 | € 3.8 | |||||||||||||
Borrowings extended term | 3 years | ||||||||||||||||
Single External Customer | |||||||||||||||||
Disclosure Of Financial Risk Management [Line Items] | |||||||||||||||||
Percentage of revenues derived from customer | 12% | 12% | 14% | 14% | 14% | ||||||||||||
SRCF Agreement | |||||||||||||||||
Disclosure Of Financial Risk Management [Line Items] | |||||||||||||||||
Reduced commitments | 192,100,000 | kr 2,100 | |||||||||||||||
Uncommitted incremental revolving facility option | $ 45,700,000 | kr 500 | |||||||||||||||
Commitments initial margin percentage | 4% | 4% | |||||||||||||||
Utilized Loan Amount | $ 0 | $ 48,600,000 | kr 507 | ||||||||||||||
Working Capital Credit Facility | CMB Credit Facility | |||||||||||||||||
Disclosure Of Financial Risk Management [Line Items] | |||||||||||||||||
Liabilities to credit institutions balance | $ 20,700,000 | ¥ 150 | |||||||||||||||
Term Loan | EIF Facility | |||||||||||||||||
Disclosure Of Financial Risk Management [Line Items] | |||||||||||||||||
Maturity | October 2025 | October 2025 | |||||||||||||||
TLB Credit Agreement | |||||||||||||||||
Disclosure Of Financial Risk Management [Line Items] | |||||||||||||||||
Term loan facility period | 5 years | 5 years | 5 years | ||||||||||||||
Long term financing | $ 130,000,000 | ||||||||||||||||
Liabilities to credit institutions balance | $ 132,800,000 | ||||||||||||||||
TLB Credit Agreement | SOFR | |||||||||||||||||
Disclosure Of Financial Risk Management [Line Items] | |||||||||||||||||
Borrowings, amortization percentage | 1% | 1% | 1% | ||||||||||||||
TLB Credit Agreement | SOFR with Floor Rate | |||||||||||||||||
Disclosure Of Financial Risk Management [Line Items] | |||||||||||||||||
Interest rate | 2.50% | 2.50% | |||||||||||||||
TLB Credit Agreement | SOFR with Base Rate | |||||||||||||||||
Disclosure Of Financial Risk Management [Line Items] | |||||||||||||||||
Interest rate | 7.50% | 7.50% | |||||||||||||||
TLB Credit Agreement | Base Rate with Floor Rate | |||||||||||||||||
Disclosure Of Financial Risk Management [Line Items] | |||||||||||||||||
Interest rate | 3.50% | 3.50% | |||||||||||||||
TLB Credit Agreement | Base rate | |||||||||||||||||
Disclosure Of Financial Risk Management [Line Items] | |||||||||||||||||
Interest rate | 6.50% | 6.50% | |||||||||||||||
Liabilities To Credit Institutions And Available Facilities | |||||||||||||||||
Disclosure Of Financial Risk Management [Line Items] | |||||||||||||||||
Maturity | 41 months | 41 months | 16 months | 16 months | 27 months | ||||||||||||
9.25% Convertible Senior PIK Notes due 2028 | |||||||||||||||||
Disclosure Of Financial Risk Management [Line Items] | |||||||||||||||||
Convertible notes, maturity date | Sep. 14, 2028 | Sep. 14, 2028 | Sep. 14, 2028 | ||||||||||||||
Commodity Price Risk | |||||||||||||||||
Disclosure Of Financial Risk Management [Line Items] | |||||||||||||||||
Percentage of increase in general commodity cost price to effect commodity cost | 5% | 5% | |||||||||||||||
Expected increase in commodity cost due to increase in general commodity cost price | $ 12,000,000 | $ 11,200,000 | |||||||||||||||
Floating Charges Security | |||||||||||||||||
Disclosure Of Financial Risk Management [Line Items] | |||||||||||||||||
Assets pledged as security | 20,000,000 | kr 200 | |||||||||||||||
Real Property Mortgage Certificates | |||||||||||||||||
Disclosure Of Financial Risk Management [Line Items] | |||||||||||||||||
Assets pledged as security | $ 9,200,000 | kr 92 | |||||||||||||||
Bottom of Range | |||||||||||||||||
Disclosure Of Financial Risk Management [Line Items] | |||||||||||||||||
Percentage of exposure to currency risks | 0% | 0% | |||||||||||||||
Top of Range | |||||||||||||||||
Disclosure Of Financial Risk Management [Line Items] | |||||||||||||||||
Percentage of exposure to currency risks | 100% | 100% |
Financial Risk Management - Sum
Financial Risk Management - Summary of Exposure to Foreign Currency Risk (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Disclosure Of Nature And Extent Of Risks Arising From Financial Instruments [Line Items] | ||
Accounts receivables | $ 112,951 | $ 100,955 |
Other receivables | 33,820 | 17,818 |
S-T deposits | 170,000 | 13,894 |
Trade payables | (64,368) | (82,516) |
Lease liabilities | (89,002) | (99,108) |
Other current liabilities | (13,873) | (11,823) |
Currency Risk | SEK/USD | ||
Disclosure Of Nature And Extent Of Risks Arising From Financial Instruments [Line Items] | ||
S-T deposits | 170,000 | |
Liabilities to credit institutions | (132,831) | |
Trade payables | (1,757) | (942) |
Other current liabilities | (7,813) | (127,884) |
Total | 27,599 | (128,826) |
Currency Risk | SEK/EUR | ||
Disclosure Of Nature And Extent Of Risks Arising From Financial Instruments [Line Items] | ||
Accounts receivables | 8,318 | 6,864 |
Other receivables | 1,077 | 18,058 |
Liabilities to credit institutions | (2,810) | (4,002) |
Trade payables | (15,701) | (15,944) |
Lease liabilities | (2,047) | (2,615) |
Total | (11,163) | 2,361 |
Currency Risk | SEK/GBP | ||
Disclosure Of Nature And Extent Of Risks Arising From Financial Instruments [Line Items] | ||
Accounts receivables | 5,864 | |
Other receivables | 22,938 | |
Total | 22,938 | 5,864 |
Currency Risk | SEK/CNY | ||
Disclosure Of Nature And Extent Of Risks Arising From Financial Instruments [Line Items] | ||
Accounts receivables | 23,060 | |
S-T deposits | 4,315 | |
Trade payables | (47,727) | (9,821) |
Total | (47,727) | 17,554 |
Currency Risk | SEK/SGD | ||
Disclosure Of Nature And Extent Of Risks Arising From Financial Instruments [Line Items] | ||
Other receivables | 53,661 | 26,995 |
Trade payables | (35,785) | (12,083) |
Total | 17,876 | 14,912 |
Currency Risk | SEK/NOK | ||
Disclosure Of Nature And Extent Of Risks Arising From Financial Instruments [Line Items] | ||
Other receivables | 10,406 | 11,359 |
Total | 10,406 | 11,359 |
Currency Risk | USD/SEK | ||
Disclosure Of Nature And Extent Of Risks Arising From Financial Instruments [Line Items] | ||
Other receivables | 24,400 | |
Other current liabilities | (22,388) | |
Total | 2,012 | |
Currency Risk | SGD/CNY | ||
Disclosure Of Nature And Extent Of Risks Arising From Financial Instruments [Line Items] | ||
Accounts receivables | 42,245 | 31,117 |
Total | 42,245 | 31,117 |
Currency Risk | GBP/EUR | ||
Disclosure Of Nature And Extent Of Risks Arising From Financial Instruments [Line Items] | ||
Other receivables | 2,780 | |
Other current liabilities | (11,808) | |
Total | $ 2,780 | $ (11,808) |
Financial Risk Management - S_2
Financial Risk Management - Summary of Risk Exposure in Foreign Currencies (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
SEK/USD Exchange Rate | |||
Disclosure Of Nature And Extent Of Risks Arising From Financial Instruments [Line Items] | |||
Impact on loss before tax | $ 2,760 | $ 12,883 | $ 7,036 |
SEK/EUR Exchange Rate | |||
Disclosure Of Nature And Extent Of Risks Arising From Financial Instruments [Line Items] | |||
Impact on loss before tax | 1,116 | 236 | 1,296 |
SEK/GBP Exchange Rate | |||
Disclosure Of Nature And Extent Of Risks Arising From Financial Instruments [Line Items] | |||
Impact on loss before tax | 2,294 | 586 | 350 |
SEK/CNY Exchange Rate | |||
Disclosure Of Nature And Extent Of Risks Arising From Financial Instruments [Line Items] | |||
Impact on loss before tax | 4,773 | 1,755 | 14,294 |
SEK/SGD Exchange Rate | |||
Disclosure Of Nature And Extent Of Risks Arising From Financial Instruments [Line Items] | |||
Impact on loss before tax | 1,788 | 1,491 | 2,722 |
SEK/NOK Exchange Rate | |||
Disclosure Of Nature And Extent Of Risks Arising From Financial Instruments [Line Items] | |||
Impact on loss before tax | 1,041 | 1,136 | |
USD/SEK Exchange Rate | |||
Disclosure Of Nature And Extent Of Risks Arising From Financial Instruments [Line Items] | |||
Impact on loss before tax | 201 | ||
SGD/CNY Exchange Rate | |||
Disclosure Of Nature And Extent Of Risks Arising From Financial Instruments [Line Items] | |||
Impact on loss before tax | 4,224 | 3,112 | 691 |
GBP/EUR Exchange Rate | |||
Disclosure Of Nature And Extent Of Risks Arising From Financial Instruments [Line Items] | |||
Impact on loss before tax | $ 278 | $ 1,181 | $ 1,225 |
Financial Risk Management - S_3
Financial Risk Management - Summary of Risk Exposure in Foreign Currencies (Parenthetical) (Details) | 12 Months Ended |
Dec. 31, 2023 | |
SEK/USD Exchange Rate | |
Disclosure Of Nature And Extent Of Risks Arising From Financial Instruments [Line Items] | |
Percentage of increase decrease in foreign exchange rate | 10% |
SEK/EUR Exchange Rate | |
Disclosure Of Nature And Extent Of Risks Arising From Financial Instruments [Line Items] | |
Percentage of increase decrease in foreign exchange rate | 10% |
SEK/GBP Exchange Rate | |
Disclosure Of Nature And Extent Of Risks Arising From Financial Instruments [Line Items] | |
Percentage of increase decrease in foreign exchange rate | 10% |
SEK/CNY Exchange Rate | |
Disclosure Of Nature And Extent Of Risks Arising From Financial Instruments [Line Items] | |
Percentage of increase decrease in foreign exchange rate | 10% |
SEK/SGD Exchange Rate | |
Disclosure Of Nature And Extent Of Risks Arising From Financial Instruments [Line Items] | |
Percentage of increase decrease in foreign exchange rate | 10% |
SEK/NOK Exchange Rate | |
Disclosure Of Nature And Extent Of Risks Arising From Financial Instruments [Line Items] | |
Percentage of increase decrease in foreign exchange rate | 10% |
USD/SEK Exchange Rate | |
Disclosure Of Nature And Extent Of Risks Arising From Financial Instruments [Line Items] | |
Percentage of increase decrease in foreign exchange rate | 10% |
SGD/CNY Exchange Rate | |
Disclosure Of Nature And Extent Of Risks Arising From Financial Instruments [Line Items] | |
Percentage of increase decrease in foreign exchange rate | 10% |
GBP/EUR Exchange Rate | |
Disclosure Of Nature And Extent Of Risks Arising From Financial Instruments [Line Items] | |
Percentage of increase decrease in foreign exchange rate | 10% |
Financial Risk Management - Sen
Financial Risk Management - Sensitivity Analysis of Interest Rate (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
100 Basis Points | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Impact on loss before tax, increase | $ 28 | $ 526 | $ 60 |
Impact on loss before tax, decrease | 375 | 526 | 60 |
300 Basis Points | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Impact on loss before tax, increase | 84 | 1,578 | 180 |
Impact on loss before tax, decrease | $ 642 | $ 1,578 | $ 180 |
Financial Risk Management - S_4
Financial Risk Management - Sensitivity Analysis of Interest Rate (Parenthetical) (Details) - Floating Interest Rate | Dec. 31, 2023 |
100 Basis Points | |
Disclosure Of Nature And Extent Of Risks Arising From Financial Instruments [Line Items] | |
Increase decrease in interest rate basis points | 1% |
300 Basis Points | |
Disclosure Of Nature And Extent Of Risks Arising From Financial Instruments [Line Items] | |
Increase decrease in interest rate basis points | 3% |
Financial Risk Management - S_5
Financial Risk Management - Sensitivity to Changes In Fair Value From Short-term Investments (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2021 USD ($) | |
Disclosure of nature and extent of risks arising from financial instruments [abstract] | |
Impact on loss before tax, increase | $ 25 |
Impact on loss before tax, decrease | $ 25 |
Financial Risk Management - S_6
Financial Risk Management - Sensitivity to Changes In Fair Value From Short-term Investments (Parenthetical) (Details) | Dec. 31, 2021 |
Disclosure of nature and extent of risks arising from financial instruments [abstract] | |
Fair value adjustment percentage | 10% |
Financial Risk Management - S_7
Financial Risk Management - Summary of Aging of Groups Trade Receivables (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Aging Of Current Trade Receivables [Line Items] | |||
Trade receivables | $ 112,951 | $ 100,955 | |
Gross carrying amount | 114,171 | 104,685 | |
Allowance for expected credit losses | (1,220) | (3,730) | $ (883) |
Current | |||
Aging Of Current Trade Receivables [Line Items] | |||
Trade receivables | 92,293 | 83,020 | |
1-30 Days Past Due | |||
Aging Of Current Trade Receivables [Line Items] | |||
Trade receivables | 15,127 | 9,739 | |
31-60 Days Past Due | |||
Aging Of Current Trade Receivables [Line Items] | |||
Trade receivables | 2,488 | 4,630 | |
61-90 Days Past Due | |||
Aging Of Current Trade Receivables [Line Items] | |||
Trade receivables | 1,381 | 1,431 | |
91- Days Past Due | |||
Aging Of Current Trade Receivables [Line Items] | |||
Trade receivables | $ 2,882 | $ 5,865 |
Financial Risk Management - S_8
Financial Risk Management - Summary of Allowance for Expected Credit Losses of Trade Receivables (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Reconciliation of changes in allowance account for credit losses of financial assets [abstract] | ||
As at January 1 | $ (3,730) | $ (883) |
Increase of allowance recognized in statement of operations during the year | (720) | (3,666) |
Receivables written off during the year as uncollectible | 1,912 | 205 |
Unused amount reversed | 1,331 | 578 |
Translation differences | (13) | 36 |
As at December 31 | $ (1,220) | $ (3,730) |
Financial Risk Management - S_9
Financial Risk Management - Summary of Financial Liabilities into Maturity Groupings based on Contractual Maturities (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2023 | |
Non-derivatives | ||
Convertible Notes | $ 0 | $ 323,528 |
Liabilities to credit institutions | 53,273 | 210,678 |
Trade payables | 82,516 | 64,368 |
Total non-derivatives | 316,281 | 956,220 |
Bank overdraft facility | 49,922 | 6,056 |
Derivatives | ||
Foreign currency forward contracts- inflows | (47,850) | |
Foreign currency forward contracts- outflows | 48,238 | |
Total derivatives | 388 | |
Carrying Amount | ||
Non-derivatives | ||
Lease liabilities | 99,108 | 89,002 |
Convertible Notes | 323,528 | |
Liabilities to credit institutions | 52,590 | 120,305 |
Trade payables | 82,516 | 64,368 |
Total non-derivatives | 234,214 | 597,203 |
Derivatives | ||
Total derivatives | 316 | |
Total Undiscounted Cash Flows | ||
Non-derivatives | ||
Lease liabilities | 180,492 | 134,332 |
Convertible Notes | 546,842 | |
Trade payables | 82,516 | 64,368 |
Less than 3 Months | ||
Non-derivatives | ||
Lease liabilities | 4,671 | 4,208 |
Liabilities to credit institutions | 49,327 | 5,503 |
Trade payables | 82,516 | 64,368 |
Total non-derivatives | 136,514 | 74,079 |
Derivatives | ||
Foreign currency forward contracts- inflows | (47,850) | |
Foreign currency forward contracts- outflows | 48,238 | |
Total derivatives | 388 | |
Between 3 Months and 1 Year | ||
Non-derivatives | ||
Lease liabilities | 14,015 | 12,625 |
Liabilities to credit institutions | 1,127 | 14,617 |
Total non-derivatives | 15,142 | 27,242 |
Between 1 and 2 Years | ||
Non-derivatives | ||
Lease liabilities | 13,328 | 15,892 |
Liabilities to credit institutions | 1,443 | 19,262 |
Total non-derivatives | 14,771 | 35,154 |
Between 2 and 5 Years | ||
Non-derivatives | ||
Lease liabilities | 35,201 | 35,121 |
Convertible Notes | 546,842 | |
Liabilities to credit institutions | 1,376 | 171,296 |
Total non-derivatives | 36,577 | 753,259 |
After 5 Years | ||
Non-derivatives | ||
Lease liabilities | 113,277 | 66,486 |
Total non-derivatives | $ 113,277 | $ 66,486 |
Significant Accounting Judgme_2
Significant Accounting Judgments Estimates and Assessments - Additional Information (Details) - Embedded Leases $ in Millions | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) Contract |
Significant Accounting Judgments Estimates And Assessments [Line Items] | ||
Number of supplier contracts | Contract | 3 | |
Lease liabilities | $ | $ 9.2 | $ 10.5 |
Segment Information - Additiona
Segment Information - Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Oatmilk | ||||
Disclosure Of Operating Segments [Line Items] | ||||
Percentage of revenues derived from customer | 90% | 89% | 91% | |
Single External Customer | Americas and Asia Segment | ||||
Disclosure Of Operating Segments [Line Items] | ||||
Percentage of revenues derived from customer | 12% | 14% | 14% | |
Discontinued Operations | ||||
Disclosure Of Operating Segments [Line Items] | ||||
Non-cash impairments | $ 155.9 | |||
Discontinued Operations | US | ||||
Disclosure Of Operating Segments [Line Items] | ||||
Non-cash impairments | 20.7 | |||
Discontinued Operations | UK | ||||
Disclosure Of Operating Segments [Line Items] | ||||
Non-cash impairments | $ 135.2 |
Segment Information - Summary o
Segment Information - Summary of Revenue Adjusted EBITDA and EBITDA (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure Of Operating Segments [Line Items] | |||
Revenue | $ 783,348 | $ 722,238 | $ 643,190 |
Adjusted EBITDA | (157,561) | (267,923) | (146,977) |
Share-based compensation expense | (21,446) | (35,466) | (23,632) |
Restructuring costs | (14,760) | (4,415) | |
Product recall | (1,654) | ||
Asset impairment | (2,500) | (4,970) | |
Asset impairment charge and other costs related to assets held for sale | (39,581) | ||
Asset impairment charges and other costs related to discontinued construction of production facilities | (201,560) | ||
IPO preparation and transaction costs | (9,288) | ||
Costs related to the YYF Transaction | (375) | ||
Legal settlement | (9,250) | ||
Non-controlling interests | (186) | ||
EBITDA | (405,138) | (347,385) | (186,521) |
Finance income | 117,876 | 15,256 | 14,435 |
Finance expenses | (69,029) | (16,665) | (15,740) |
Depreciation and amortization | (51,874) | (48,600) | (27,222) |
Loss before tax | (408,165) | (397,394) | (215,048) |
EMEA | |||
Disclosure Of Operating Segments [Line Items] | |||
Revenue | 402,168 | 345,509 | 336,452 |
Americas | |||
Disclosure Of Operating Segments [Line Items] | |||
Revenue | 250,264 | 223,880 | 179,830 |
Asia | |||
Disclosure Of Operating Segments [Line Items] | |||
Revenue | 130,916 | 152,849 | 126,908 |
Operating Segments | EMEA | |||
Disclosure Of Operating Segments [Line Items] | |||
Revenue | 403,893 | 380,449 | 425,912 |
Adjusted EBITDA | 42,951 | (10,298) | 21,959 |
Share-based compensation expense | (1,781) | (4,314) | (3,780) |
Restructuring costs | (1,103) | (918) | |
Product recall | (1,654) | ||
Asset impairment | (4,970) | ||
Asset impairment charges and other costs related to discontinued construction of production facilities | (158,551) | ||
EBITDA | (118,484) | (15,530) | 11,555 |
Operating Segments | Americas | |||
Disclosure Of Operating Segments [Line Items] | |||
Revenue | 250,264 | 224,700 | 180,738 |
Adjusted EBITDA | (28,137) | (62,837) | (44,560) |
Share-based compensation expense | (3,531) | (4,485) | (2,963) |
Restructuring costs | (3,062) | (797) | |
Asset impairment charge and other costs related to assets held for sale | (39,581) | ||
Asset impairment charges and other costs related to discontinued construction of production facilities | (43,009) | ||
Costs related to the YYF Transaction | (375) | ||
EBITDA | (78,114) | (107,700) | (47,523) |
Operating Segments | Asia | |||
Disclosure Of Operating Segments [Line Items] | |||
Revenue | 138,233 | 156,508 | 126,908 |
Adjusted EBITDA | (64,595) | (75,183) | (16,480) |
Share-based compensation expense | (4,704) | (6,973) | (4,192) |
Restructuring costs | (2,954) | (309) | |
Non-controlling interests | (186) | ||
EBITDA | (72,439) | (82,465) | (20,672) |
Unallocated Amounts | |||
Disclosure Of Operating Segments [Line Items] | |||
IPO preparation and transaction costs | (9,288) | ||
Unallocated Amounts | Corporate | |||
Disclosure Of Operating Segments [Line Items] | |||
Adjusted EBITDA | (107,780) | (119,605) | (107,896) |
Share-based compensation expense | (11,430) | (19,694) | (12,697) |
Restructuring costs | (7,641) | (2,391) | |
Legal settlement | (9,250) | ||
EBITDA | (136,101) | (141,690) | (129,881) |
Eliminations | |||
Disclosure Of Operating Segments [Line Items] | |||
Revenue | (9,042) | (39,419) | (90,368) |
Revenue from External Customers | |||
Disclosure Of Operating Segments [Line Items] | |||
Revenue | 783,348 | 722,238 | 643,190 |
Revenue from External Customers | Operating Segments | EMEA | |||
Disclosure Of Operating Segments [Line Items] | |||
Revenue | 402,168 | 345,509 | 336,452 |
Revenue from External Customers | Operating Segments | Americas | |||
Disclosure Of Operating Segments [Line Items] | |||
Revenue | 250,264 | 223,880 | 179,830 |
Revenue from External Customers | Operating Segments | Asia | |||
Disclosure Of Operating Segments [Line Items] | |||
Revenue | 130,916 | 152,849 | 126,908 |
Intersegment Revenue | Operating Segments | EMEA | |||
Disclosure Of Operating Segments [Line Items] | |||
Revenue | 1,725 | 34,940 | 89,460 |
Intersegment Revenue | Operating Segments | Americas | |||
Disclosure Of Operating Segments [Line Items] | |||
Revenue | 820 | 908 | |
Intersegment Revenue | Operating Segments | Asia | |||
Disclosure Of Operating Segments [Line Items] | |||
Revenue | 7,317 | 3,659 | |
Intersegment Revenue | Eliminations | |||
Disclosure Of Operating Segments [Line Items] | |||
Revenue | $ (9,042) | $ (39,419) | $ (90,368) |
Segment Information - Summary_2
Segment Information - Summary of Revenue Adjusted EBITDA and EBITDA (Parenthetical) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | |
Disclosure of operating segments [line items] | |||
Restructuring and other exit costs | $ 14,760 | $ 4,415 | |
Discontinued Operations | Peterborough and Dallas Fort Worth | |||
Disclosure of operating segments [line items] | |||
Non-cash impairments | $ 172,600 | ||
Restructuring and other exit costs | $ 29,000 |
Segment Information - Summary_3
Segment Information - Summary of Non-current Assets by Country (Details) - Property Plant And Equipment And Right Of Use Assets - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Disclosure Of Operating Segments [Line Items] | ||
Non-current assets | $ 448,679 | $ 601,550 |
China | ||
Disclosure Of Operating Segments [Line Items] | ||
Non-current assets | 123,542 | 122,495 |
Sweden | ||
Disclosure Of Operating Segments [Line Items] | ||
Non-current assets | 120,864 | 108,073 |
US | ||
Disclosure Of Operating Segments [Line Items] | ||
Non-current assets | 102,883 | 130,295 |
UK | ||
Disclosure Of Operating Segments [Line Items] | ||
Non-current assets | 44,413 | 186,759 |
Singapore | ||
Disclosure Of Operating Segments [Line Items] | ||
Non-current assets | 26,115 | 29,944 |
Other | ||
Disclosure Of Operating Segments [Line Items] | ||
Non-current assets | $ 30,862 | $ 23,984 |
Segment Information - Summary_4
Segment Information - Summary of Revenue from External Customers (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure Of Operating Segments [Line Items] | |||
Revenues | $ 783,348 | $ 722,238 | $ 643,190 |
Retail | |||
Disclosure Of Operating Segments [Line Items] | |||
Revenues | 478,955 | 422,121 | 387,939 |
Foodservice | |||
Disclosure Of Operating Segments [Line Items] | |||
Revenues | 270,557 | 260,064 | 223,125 |
Other | |||
Disclosure Of Operating Segments [Line Items] | |||
Revenues | 33,836 | 40,053 | 32,126 |
EMEA | |||
Disclosure Of Operating Segments [Line Items] | |||
Revenues | 402,168 | 345,509 | 336,452 |
EMEA | Retail | |||
Disclosure Of Operating Segments [Line Items] | |||
Revenues | 331,635 | 285,797 | 282,090 |
EMEA | Foodservice | |||
Disclosure Of Operating Segments [Line Items] | |||
Revenues | 68,619 | 58,867 | 49,802 |
EMEA | Other | |||
Disclosure Of Operating Segments [Line Items] | |||
Revenues | 1,914 | 845 | 4,560 |
Americas | |||
Disclosure Of Operating Segments [Line Items] | |||
Revenues | 250,264 | 223,880 | 179,830 |
Americas | Retail | |||
Disclosure Of Operating Segments [Line Items] | |||
Revenues | 127,690 | 118,870 | 96,552 |
Americas | Foodservice | |||
Disclosure Of Operating Segments [Line Items] | |||
Revenues | 116,811 | 101,166 | 78,860 |
Americas | Other | |||
Disclosure Of Operating Segments [Line Items] | |||
Revenues | 5,763 | 3,844 | 4,418 |
Asia | |||
Disclosure Of Operating Segments [Line Items] | |||
Revenues | 130,916 | 152,849 | 126,908 |
Asia | Retail | |||
Disclosure Of Operating Segments [Line Items] | |||
Revenues | 19,630 | 17,454 | 9,297 |
Asia | Foodservice | |||
Disclosure Of Operating Segments [Line Items] | |||
Revenues | 85,127 | 100,031 | 94,463 |
Asia | Other | |||
Disclosure Of Operating Segments [Line Items] | |||
Revenues | 26,159 | 35,364 | 23,148 |
US | |||
Disclosure Of Operating Segments [Line Items] | |||
Revenues | 247,049 | 220,981 | 177,180 |
UK | |||
Disclosure Of Operating Segments [Line Items] | |||
Revenues | 134,967 | 124,948 | 120,278 |
China | |||
Disclosure Of Operating Segments [Line Items] | |||
Revenues | 119,507 | 134,001 | 111,830 |
Germany | |||
Disclosure Of Operating Segments [Line Items] | |||
Revenues | 104,854 | 79,764 | 70,699 |
Sweden | |||
Disclosure Of Operating Segments [Line Items] | |||
Revenues | 47,273 | 48,749 | 57,937 |
Finland | |||
Disclosure Of Operating Segments [Line Items] | |||
Revenues | 22,178 | 23,353 | 27,420 |
The Netherlands | |||
Disclosure Of Operating Segments [Line Items] | |||
Revenues | 26,921 | 25,582 | 24,047 |
Other | |||
Disclosure Of Operating Segments [Line Items] | |||
Revenues | $ 80,599 | $ 64,860 | $ 53,799 |
Depreciation Amortization and_3
Depreciation Amortization and Impairment by Per Function - Summary of Depreciation and Amortization (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure Of Depreciation Amortization And Impairment [Line Items] | |||
Total depreciation/amortization | $ (51,874) | $ (48,600) | $ (27,222) |
Total depreciation/amortization/impairment by function | (51,874) | (48,600) | (32,192) |
Property, plant and equipment | |||
Disclosure Of Depreciation Amortization And Impairment [Line Items] | |||
Total depreciation/amortization/impairment by function | (33,028) | (32,434) | (20,177) |
Right-of-use assets | |||
Disclosure Of Depreciation Amortization And Impairment [Line Items] | |||
Total depreciation/amortization/impairment by function | (13,501) | (13,089) | (9,815) |
Intangible assets | |||
Disclosure Of Depreciation Amortization And Impairment [Line Items] | |||
Total depreciation/amortization/impairment by function | (5,345) | (3,077) | (2,200) |
Cost of Goods Sold | |||
Disclosure Of Depreciation Amortization And Impairment [Line Items] | |||
Total depreciation/amortization/impairment by function | (38,838) | (39,799) | (22,231) |
Cost of Goods Sold | Property, plant and equipment | |||
Disclosure Of Depreciation Amortization And Impairment [Line Items] | |||
Total depreciation/amortization/impairment by function | (30,868) | (31,372) | (16,337) |
Cost of Goods Sold | Right-of-use assets | |||
Disclosure Of Depreciation Amortization And Impairment [Line Items] | |||
Total depreciation/amortization/impairment by function | (7,970) | (8,427) | (5,894) |
Research and Development Expenses | |||
Disclosure Of Depreciation Amortization And Impairment [Line Items] | |||
Total depreciation/amortization/impairment by function | (1,507) | (765) | (429) |
Research and Development Expenses | Property, plant and equipment | |||
Disclosure Of Depreciation Amortization And Impairment [Line Items] | |||
Total depreciation/amortization/impairment by function | (1,060) | (490) | (294) |
Research and Development Expenses | Right-of-use assets | |||
Disclosure Of Depreciation Amortization And Impairment [Line Items] | |||
Total depreciation/amortization/impairment by function | (323) | (186) | (58) |
Research and Development Expenses | Intangible assets | |||
Disclosure Of Depreciation Amortization And Impairment [Line Items] | |||
Total depreciation/amortization/impairment by function | (124) | (89) | (77) |
Selling, General and Administrative Expenses | |||
Disclosure Of Depreciation Amortization And Impairment [Line Items] | |||
Total depreciation/amortization/impairment by function | (11,529) | (8,036) | (9,532) |
Selling, General and Administrative Expenses | Property, plant and equipment | |||
Disclosure Of Depreciation Amortization And Impairment [Line Items] | |||
Total depreciation/amortization/impairment by function | (1,100) | (572) | (3,546) |
Selling, General and Administrative Expenses | Right-of-use assets | |||
Disclosure Of Depreciation Amortization And Impairment [Line Items] | |||
Total depreciation/amortization/impairment by function | (5,208) | (4,476) | (3,863) |
Selling, General and Administrative Expenses | Intangible assets | |||
Disclosure Of Depreciation Amortization And Impairment [Line Items] | |||
Total depreciation/amortization/impairment by function | $ (5,221) | $ (2,988) | $ (2,123) |
Depreciation Amortization and_4
Depreciation Amortization and Impairment by Per Function - Summary of Depreciation and Amortization (Parenthetical) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2021 | |
Disclosure Of Depreciation Amortization And Impairment [Line Items] | ||
Asset impairment charge | $ 2,500 | $ 4,970 |
Cost of Sales | ||
Disclosure Of Depreciation Amortization And Impairment [Line Items] | ||
Asset impairment charge | 1,500 | |
Selling, General and Administrative Expenses | ||
Disclosure Of Depreciation Amortization And Impairment [Line Items] | ||
Asset impairment charge | $ 3,500 |
Employee and Personnel Costs -
Employee and Personnel Costs - Summary of Employee Benefits (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure Of Employee Benefits [Abstract] | |||
Salaries and other remuneration | $ (150,026) | $ (151,444) | $ (109,847) |
Social security costs | (23,255) | (24,241) | (19,158) |
Share-based payments | (21,446) | (35,466) | (23,632) |
Pension and post-employment benefits | (9,542) | (9,208) | (8,390) |
Total | (204,269) | (220,359) | (161,027) |
Short-term employee benefits | (11,120) | (8,207) | (6,459) |
Pension and post-employment benefits | (628) | (638) | (766) |
Share-based payments | (9,151) | (19,011) | (13,921) |
Social security costs | (3,404) | (3,780) | (2,521) |
Total | $ (24,303) | $ (31,636) | $ (23,666) |
Employee and Personnel Costs _2
Employee and Personnel Costs - Summary of Employee Benefits (Parenthetical) (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2023 USD ($) | |
Disclosure Of Employee Benefits [Abstract] | |
Severance pay | $ 2.5 |
Employee and Personnel Costs _3
Employee and Personnel Costs - Additional Information (Details) - Member | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure Of Employee Benefits [Abstract] | |||
Average number of members of management | 14 | 14 | 13 |
Number of members of key management | 14 |
Employee and Personnel Costs _4
Employee and Personnel Costs - Summary of Employee Benefits Expenses by Function (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Employee Benefits Expenses By Function [Line Items] | |||
Employee benefits expenses by function | $ (204,269) | $ (220,359) | $ (161,027) |
Cost of Goods Sold | |||
Employee Benefits Expenses By Function [Line Items] | |||
Employee benefits expenses by function | (37,671) | (51,106) | (35,959) |
Research and Development Expenses | |||
Employee Benefits Expenses By Function [Line Items] | |||
Employee benefits expenses by function | (12,431) | (13,739) | (10,336) |
Selling, General and Administrative Expenses | |||
Employee Benefits Expenses By Function [Line Items] | |||
Employee benefits expenses by function | $ (154,167) | $ (155,514) | $ (114,732) |
Share-based compensation - Addi
Share-based compensation - Additional Information (Details) | 12 Months Ended | ||
Dec. 31, 2023 USD ($) shares | Dec. 31, 2022 USD ($) shares | Dec. 31, 2021 USD ($) shares | |
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | |||
Percentage of impact of increasing share price | 30% | ||
Percentage of impact of decreasing share price | 30% | ||
Percentage of impact of increasing expected volatility | 10% | ||
Percentage of impact of decreasing expected volatility | 10% | ||
Impact of increasing expected term | 12 months | ||
Impact of decreasing expected term | 12 months | ||
Share-based payments expense | $ | $ 21,446,000 | $ 35,466,000 | $ 23,632,000 |
Restricted Stock Units | |||
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | |||
Number of share options granted | 5,479,454 | ||
Number of warrants, granted | 5,479,454 | 8,024,889 | 1,832,777 |
Number of share options vested | 2,740,334 | ||
Grant date fair value, Granted | $ | $ 1,750 | $ 3,070 | $ 14,780 |
Employee Stock Options | |||
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | |||
Number of share options granted | 11,111,723 | 9,651,313 | 7,002,430 |
Number of employees stock option ,Expired | 546,562 | (66,174) | |
Percentage of impact of increasing share price | 30% | ||
Percentage of impact of decreasing share price | 30% | ||
Percentage of impact of increasing expected volatility | 10% | ||
Percentage of impact of decreasing expected volatility | 10% | ||
Impact of increasing expected term | 12 months | ||
Impact of decreasing expected term | 12 months | ||
Employee Stock Options | May 2021 | |||
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | |||
Fair value | $ | $ 6,240 | ||
Employee Stock Options | May 2022 | |||
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | |||
Fair value | $ | $ 1,490 | ||
Employee Stock Options | May 2023 | |||
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | |||
Fair value | $ | $ 980 | ||
Employee Stock Options | July 2023 | |||
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | |||
Fair value | $ | 1,090 | ||
Employee Stock Options | November 2023 | |||
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | |||
Fair value | $ | $ 430 | ||
Employee Stock Options | November 2022 | |||
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | |||
Fair value | $ | $ 860 | ||
Employee Stock Options | November 2021 | |||
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | |||
Fair value | $ | $ 3,670 | ||
Employees | Restricted Stock Units | |||
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | |||
Exercise term | first three anniversaries | ||
Board of Directors | Restricted Stock Units | |||
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | |||
Number of share options granted | 1,281,751 | ||
Number of share options vested | 468,787 | ||
Board of Directors | Employee Stock Options | |||
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | |||
Exercise term | five years after vesting, corresponding to a total term of six, seven and eight years for the respective installment. | ||
2021 Plan | |||
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | |||
Number of share options granted | 69,496,515 | ||
Number of warrants, granted | 69,496,515 | ||
2021 Plan | Employee Stock Options | |||
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | |||
Number of share options granted | 11,111,723 | ||
Number of share options vested | 5,929,995 | ||
2021 Plan | Board of Directors | Employee Stock Options | |||
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | |||
Number of share options granted | 7,941,720 | ||
Number of share options vested | 4,597,965 |
Share-based compensation - Summ
Share-based compensation - Summary of RSUs (Details) - Restricted Stock Units | 12 Months Ended | ||
Dec. 31, 2023 USD ($) shares $ / shares | Dec. 31, 2022 USD ($) shares $ / shares | Dec. 31, 2021 USD ($) shares | |
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | |||
Grant date fair value, Beginning balance | 4.42 | 14.67 | |
Grant date fair value, Granted | $ | $ 1,750 | $ 3,070 | $ 14,780 |
Grant date fair value, Forfeited | $ | $ 3,220 | $ 5,170 | $ 16,160 |
Grant date fair value , Vested | $ / shares | $ 3.15 | $ 14.96 | |
Grant date fair value, Ending balance | 2.91 | 4.42 | 14.67 |
Number of instruments, Beginning balance | 8,147,594 | 1,701,007 | |
Number of warrants, granted | 5,479,454 | 8,024,889 | 1,832,777 |
Number of instruments, Forfeited | (2,470,898) | (1,035,380) | (131,770) |
Number of instruments, Vested | (2,740,334) | (542,922) | |
Number of instruments, Ending balance | 8,415,816 | 8,147,594 | 1,701,007 |
Share-based compensation - Su_2
Share-based compensation - Summary of RSUs (Parenthetical) (Details) - shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Forfeited RSUs Related To Organizational Restructuring And YYF Transaction | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Number of warrants, Forfeited during the period | (493,856) | ||
Restricted Stock Units | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Number of warrants, Forfeited during the period | 2,470,898 | 1,035,380 | 131,770 |
Restricted Stock Units | Group Organizational Restructuring | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Number of warrants, Forfeited during the period | 961,990 |
Share-based compensation - Su_3
Share-based compensation - Summary of Employee Stock Options Granted (Details) - Employee Stock Options | 12 Months Ended | ||
Dec. 31, 2023 shares $ / shares | Dec. 31, 2022 shares $ / shares | Dec. 31, 2021 shares $ / shares | |
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | |||
Weighted average exercise price, Beginning balance | $ / shares | $ 9.4 | $ 16.86 | |
Weighted average exercise price, Granted | $ / shares | 1.75 | 3.45 | $ 16.86 |
Weighted average exercise price, Forfeited | $ / shares | 5.88 | 6.71 | 17 |
Weighted average exercise price, Expired | $ / shares | 11.88 | 17 | |
Weighted average exercise price, Ending balance | $ / shares | 5.98 | $ 9.4 | $ 16.86 |
Weighted average exercise price, Vested and exercisable | $ / shares | $ 10.19 | ||
Number of employee stock options, Beginning balance | shares | 14,339,052 | 6,958,312 | |
Number of share options granted | shares | 11,111,723 | 9,651,313 | 7,002,430 |
Number of employee stock options, Forfeited | shares | 3,615,022 | (2,204,399) | (44,118) |
Number of employees stock option ,Expired | shares | 546,562 | (66,174) | |
Number of employee stock options, Ending balance | shares | 21,289,191 | 14,339,052 | 6,958,312 |
Vested and exercisable as of December 31, 2023 | shares | 7,637,924 |
Share-based compensation - Su_4
Share-based compensation - Summary of Employee Stock Options Granted (Parenthetical) (Details) - Employee Stock Options - shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Number of employee stock options, Forfeited | 3,615,022 | (2,204,399) | (44,118) |
Organizational Restructuring | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Number of employee stock options, Forfeited | 1,213,585 | ||
Group Organizational Restructuring | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Number of employee stock options, Forfeited | 2,581,696 |
Share-based compensation - Su_5
Share-based compensation - Summary of Employee Stock Options (Details) - Employee Stock Options | 12 Months Ended | ||
Dec. 31, 2023 yr $ / shares | Dec. 31, 2022 yr $ / shares | Dec. 31, 2021 yr $ / shares | |
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | |||
Weighted-average share price at grant date | $ / shares | $ 1.75 | $ 3.45 | $ 16.86 |
Expected price volatility of the Company's shares (%) | 33% | ||
Bottom of Range | |||
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | |||
Expected term (years) | 6 | 6 | 6 |
Expected price volatility of the Company's shares (%) | 50% | 35% | |
Risk-free interest rate (%) | 3.84% | 2.81% | 1.09% |
Top of Range | |||
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | |||
Expected term (years) | 8 | 8 | 8 |
Expected price volatility of the Company's shares (%) | 55% | 37% | |
Risk-free interest rate (%) | 4.61% | 3.96% | 1.48% |
Share-based compensation - Su_6
Share-based compensation - Summary of Changes on Fair Value Per Employee Stock Option Granted (Details) - Employee Stock Options | 12 Months Ended |
Dec. 31, 2023 $ / shares | |
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | |
Share price increase 10% | $ 0.44 |
Share price decrease 10% | (0.4) |
Volatility increase 2% | 0.12 |
Volatility decrease 2% | (0.13) |
Expected life increase 12 months | 0.06 |
Expected life decrease 12 months | $ (0.07) |
Share-based compensation - Su_7
Share-based compensation - Summary of Changes on Fair Value Per Employee Stock Option Granted (Parenthetical) (Details) | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | |
Percentage of impact of increasing share price | 30% |
Percentage of impact of decreasing share price | 30% |
Percentage of impact of increasing expected volatility | 10% |
Percentage of impact of decreasing expected volatility | 10% |
Impact of increasing expected term | 12 months |
Impact of decreasing expected term | 12 months |
Employee Stock Options | |
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | |
Percentage of impact of increasing share price | 30% |
Percentage of impact of decreasing share price | 30% |
Percentage of impact of increasing expected volatility | 10% |
Percentage of impact of decreasing expected volatility | 10% |
Impact of increasing expected term | 12 months |
Impact of decreasing expected term | 12 months |
Other Operating Income and (E_3
Other Operating Income and (Expenses), Net - Summary of Other Operating Income and (Expenses), Net (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of Other Operating Income and Expenses Net [Line Items] | |||
Impairment charges related to discontinued construction of certain production facilities (Note 14,15,16,17,21) | $ (172,588) | ||
Other costs related to discontinued construction of certain production facilities | (28,972) | ||
Legal settlement expenses (Note 26) | (9,250) | ||
Impairment charge related to assets held for sale (Note 34) | (38,300) | $ (38,292) | |
Other costs related to assets held for sale (Note 34) | (1,289) | ||
Exchange rate differences (Note 11) | (2,991) | (3,776) | $ 662 |
Other | (851) | 2,406 | 1,282 |
Other operating income and (expenses), net | $ (214,652) | $ (40,951) | $ 1,944 |
Finance income and expenses - S
Finance income and expenses - Summary of Finance Income and Expenses (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure Of Detailed Information About Finance Income And Expense [Abstract] | |||
Interest income | $ 12,666,000 | $ 2,144,000 | $ 1,774,000 |
Other financial income | 329,000 | ||
Fair value changes on derivatives | 611,000 | (287,000) | (16,000) |
Fair value changes on Convertible Notes | 96,445,000 | ||
Net foreign exchange difference | 7,825,000 | 13,112,000 | 12,661,000 |
Total finance income | 117,876,000 | 15,256,000 | 14,435,000 |
Interest expenses on loan from credit institutions | (20,187,000) | (5,784,000) | (8,623,000) |
Interest expenses on lease liabilities | (6,779,000) | (8,144,000) | (5,026,000) |
Interest expenses on Convertible Notes | (22,367,000) | ||
Interest expenses on shareholder loans | (5,256,000) | ||
Fair value changes on short-term investments | (1,821,000) | (222,000) | |
Other financial expenses | (19,696,000) | (629,000) | (518,000) |
Borrowing costs capitalized | 0 | 0 | 3,921,000 |
Total finance expenses | $ (69,029,000) | $ (16,665,000) | $ (15,740,000) |
Finance income and expenses - A
Finance income and expenses - Additional Information (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of detailed information about borrowings [line items] | |||
Borrowing costs capitalized | $ 0 | $ 0 | $ 3,921,000 |
Capitalization rate of borrowing costs | 3.82% | ||
Convertible Notes | |||
Disclosure of detailed information about borrowings [line items] | |||
Nominal coupon rate | 9.25% | ||
Transaction costs | $ 17,500,000 | ||
Sustainable Revolving Credit Facility Agreement | |||
Disclosure of detailed information about borrowings [line items] | |||
Transaction costs | $ 1,400,000 |
Net exchange-rate differences -
Net exchange-rate differences - Summary of Net exchange-rate differences (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Net Exchange Rate Differences [Abstract] | |||
Other operating income and (expenses), net (Note 9) | $ (2,991) | $ (3,776) | $ 662 |
Finance income and expenses (Note 10) | 7,825 | 13,112 | 12,661 |
Exchange-rate differences—net | $ (4,834) | $ (9,336) | $ 13,323 |
Income tax - Major Components o
Income tax - Major Components of Income Tax (Expense) Benefit (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Current tax: | |||
Current income tax (expense)/benefit | $ (10,892) | $ (3,250) | $ 1,887 |
Adjustments in respect of income tax of previous years | (2,282) | 1,724 | (120) |
Total current tax | (13,174) | (1,526) | 1,767 |
Deferred tax: | |||
Relating to origination and reversal of temporary differences | 4,279 | 6,353 | 888 |
Total deferred tax | 4,279 | 6,353 | 888 |
Income tax (expense)/benefit reported in the consolidated statement of operations | $ (8,895) | $ 4,827 | $ 2,655 |
Income tax - Additional Informa
Income tax - Additional Information (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits [Line Items] | |||
Deferred income tax asset | $ 0 | ||
Accumulated loss carry-forwards | 947,500,000 | $ 570,600,000 | |
Unused tax losses for which no deferred tax asset recognized | 940,100,000 | 548,400,000 | $ 345,300,000 |
Hypothetical deferred tax impact of unused tax losses for which no deferred tax asset recognised | 193,700,000 | 113,000,000 | 71,100,000 |
Other Foreign Jurisdictions Tax Losses | |||
Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits [Line Items] | |||
Unused tax losses for which no deferred tax asset recognized | $ 3,900,000 | $ 12,400,000 | |
Tax losses for which deferred tax asset recognized | 2,700,000 | ||
Subsidiaries | |||
Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits [Line Items] | |||
Deferred income tax asset | $ 0 | ||
Sweden | |||
Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits [Line Items] | |||
Income tax rate | 206% | 206% | 206% |
Income tax - Summary of Reconci
Income tax - Summary of Reconciliation of Tax (Expense) Benefit and Accounting Loss (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits [Line Items] | |||
Adjustments in respect of income tax of previous years | $ 2,282 | $ (1,724) | $ 120 |
Income tax (expense)/benefit reported in the consolidated statement of operations | (8,895) | 4,827 | 2,655 |
Sweden | |||
Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits [Line Items] | |||
Accounting loss before tax | (408,165) | (397,394) | (215,048) |
At Sweden’s corporate income tax rate of 20.6% (21.4%) | 84,082 | 81,863 | 44,300 |
Effect of tax rates in foreign jurisdictions | 3,028 | (803) | (835) |
Non-taxable income | 170 | 7 | 26 |
Non-deductible costs | (4,352) | (8,978) | (2,738) |
Adjustments in respect of income tax of previous years | (2,282) | 1,724 | (120) |
Change in unrecognized deferred taxes | (89,262) | (69,219) | (38,915) |
Tax effect of changes in tax rates | (304) | 112 | (13) |
Other | 25 | 121 | 950 |
Income tax (expense)/benefit reported in the consolidated statement of operations | $ (8,895) | $ 4,827 | $ 2,655 |
Income tax - Summary of Recon_2
Income tax - Summary of Reconciliation of Tax Benefit/(Expense) and Accounting Loss (Parenthetical) (Details) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Sweden | |||
Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits [Line Items] | |||
Income tax rate | 206% | 206% | 206% |
Income tax - Summary of Deferre
Income tax - Summary of Deferred Tax Relates (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits [Line Items] | ||
Net deferred tax assets | $ 10,203 | $ 5,860 |
Deferred tax assets | 10,203 | 5,860 |
Deferred tax assets | 10,203 | 5,860 |
Property, plant and equipment | ||
Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits [Line Items] | ||
Deferred tax liabilities | (3,759) | (11,287) |
Lease right-of-use asset | ||
Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits [Line Items] | ||
Deferred tax liabilities | (9,899) | (29,474) |
Lease liability | ||
Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits [Line Items] | ||
Deferred tax assets | 9,470 | 30,750 |
Inventory | ||
Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits [Line Items] | ||
Deferred tax assets | 2,900 | 4,103 |
Loss Allowances for Financial Assets | ||
Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits [Line Items] | ||
Deferred tax assets | 203 | 289 |
Accrued Interest [Member] | ||
Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits [Line Items] | ||
Deferred tax assets | 234 | 1,798 |
Accrued Expenses | ||
Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits [Line Items] | ||
Deferred tax assets | 5,098 | 1,438 |
Unused Tax Losses | ||
Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits [Line Items] | ||
Deferred tax assets | 497 | 4,533 |
Deferred Tax Credits | ||
Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits [Line Items] | ||
Deferred tax assets | 1,296 | 766 |
Share Based Compensation | ||
Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits [Line Items] | ||
Deferred tax assets | 503 | 319 |
Other | ||
Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits [Line Items] | ||
Deferred tax assets | $ 3,660 | $ 2,625 |
Income tax - Summary of Recon_3
Income tax - Summary of Reconciliation of Net Deferred Tax (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Reconciliation of changes in deferred tax liability (asset) [abstract] | |||
Beginning Balance | $ 5,860 | $ (384) | |
Relating to origination and reversal of temporary differences | 4,279 | 6,353 | $ 888 |
Exchange differences | 64 | (109) | |
Ending Balance | $ 10,203 | $ 5,860 | $ (384) |
Income tax - Summary of Defer_2
Income tax - Summary of Deferred Tax Assets Not Been Recognized (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Disclosure Of Deferred Tax Assets Have Not Been Recognized [Line Items] | ||
Total unrecognized deferred tax assets | $ 255,854 | $ 117,193 |
Property, plant and equipment | ||
Disclosure Of Deferred Tax Assets Have Not Been Recognized [Line Items] | ||
Total unrecognized deferred tax assets | 31,138 | 0 |
Provisions | ||
Disclosure Of Deferred Tax Assets Have Not Been Recognized [Line Items] | ||
Total unrecognized deferred tax assets | 6,152 | 0 |
Lease Liabilities | ||
Disclosure Of Deferred Tax Assets Have Not Been Recognized [Line Items] | ||
Total unrecognized deferred tax assets | 11,951 | 2,162 |
Tax Losses Carried Forward | ||
Disclosure Of Deferred Tax Assets Have Not Been Recognized [Line Items] | ||
Total unrecognized deferred tax assets | 194,417 | 112,970 |
Net Interest Expense Carried Forward | ||
Disclosure Of Deferred Tax Assets Have Not Been Recognized [Line Items] | ||
Total unrecognized deferred tax assets | $ 12,196 | $ 2,061 |
Income tax - Summary of Tax Los
Income tax - Summary of Tax Loss Carry-forwards (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2023 USD ($) | |
Major components of tax expense (income) [abstract] | |
Tax loss carry-forwards, Less than 5 years | $ 4,655 |
Tax loss carry-forwards, Unlimited | 942,816 |
Tax loss carry-forwards | $ 947,471 |
Investments in Subsidiaries - S
Investments in Subsidiaries - Summary of Principal Subsidiaries (Details) | 12 Months Ended |
Dec. 31, 2023 | |
Cereal Base CEBA AB | Direct Ownership | |
Disclosure Of Significant Investments In Subsidiaries [Line Items] | |
Name | Cereal Base CEBA AB |
Country/place of registration and operations | Sweden |
Principal activities | Holding |
Proportion of voting rights and shares held (directly or indirectly) (%) | 100% |
Oatly AB | Indirect Ownership | |
Disclosure Of Significant Investments In Subsidiaries [Line Items] | |
Name | Oatly AB |
Country/place of registration and operations | Sweden |
Principal activities | Holding |
Proportion of voting rights and shares held (directly or indirectly) (%) | 100% |
Oatly Sweden Operations & Supply AB | Indirect Ownership | |
Disclosure Of Significant Investments In Subsidiaries [Line Items] | |
Name | Oatly Sweden Operations & Supply AB |
Country/place of registration and operations | Sweden |
Principal activities | Production |
Proportion of voting rights and shares held (directly or indirectly) (%) | 100% |
Oatly UK Ltd | Indirect Ownership | |
Disclosure Of Significant Investments In Subsidiaries [Line Items] | |
Name | Oatly UK Ltd. |
Country/place of registration and operations | United Kingdom |
Principal activities | Selling |
Proportion of voting rights and shares held (directly or indirectly) (%) | 100% |
Oatly UK Operations & Supply Ltd | Indirect Ownership | |
Disclosure Of Significant Investments In Subsidiaries [Line Items] | |
Name | Oatly UK Operations & Supply Ltd. |
Country/place of registration and operations | United Kingdom |
Principal activities | Production |
Proportion of voting rights and shares held (directly or indirectly) (%) | 100% |
Oatly Germany GmbH | Indirect Ownership | |
Disclosure Of Significant Investments In Subsidiaries [Line Items] | |
Name | Oatly Germany GmbH |
Country/place of registration and operations | Germany |
Principal activities | Selling |
Proportion of voting rights and shares held (directly or indirectly) (%) | 100% |
Oatly Norway AS | Indirect Ownership | |
Disclosure Of Significant Investments In Subsidiaries [Line Items] | |
Name | Oatly Norway AS |
Country/place of registration and operations | Norway |
Principal activities | Selling |
Proportion of voting rights and shares held (directly or indirectly) (%) | 100% |
Oy Oatly AB | Indirect Ownership | |
Disclosure Of Significant Investments In Subsidiaries [Line Items] | |
Name | Oy Oatly AB |
Country/place of registration and operations | Finland |
Principal activities | Selling |
Proportion of voting rights and shares held (directly or indirectly) (%) | 100% |
Oatly Netherlands BV | Indirect Ownership | |
Disclosure Of Significant Investments In Subsidiaries [Line Items] | |
Name | Oatly Netherlands BV |
Country/place of registration and operations | Netherlands |
Principal activities | Selling |
Proportion of voting rights and shares held (directly or indirectly) (%) | 100% |
Oatly Netherlands Operation & Supply BV | Indirect Ownership | |
Disclosure Of Significant Investments In Subsidiaries [Line Items] | |
Name | Oatly Netherlands Operation & Supply BV |
Country/place of registration and operations | Netherlands |
Principal activities | Production |
Proportion of voting rights and shares held (directly or indirectly) (%) | 100% |
Oatly EMEA AB | Indirect Ownership | |
Disclosure Of Significant Investments In Subsidiaries [Line Items] | |
Name | Oatly EMEA AB |
Country/place of registration and operations | Sweden |
Principal activities | Selling |
Proportion of voting rights and shares held (directly or indirectly) (%) | 100% |
Oatly Inc | Indirect Ownership | |
Disclosure Of Significant Investments In Subsidiaries [Line Items] | |
Name | Oatly Inc. |
Country/place of registration and operations | United States |
Principal activities | Holding |
Proportion of voting rights and shares held (directly or indirectly) (%) | 100% |
Oatly US Inc | Indirect Ownership | |
Disclosure Of Significant Investments In Subsidiaries [Line Items] | |
Name | Oatly US Inc. |
Country/place of registration and operations | United States |
Principal activities | Selling |
Proportion of voting rights and shares held (directly or indirectly) (%) | 100% |
Oatly US Operations & Supply Inc | Indirect Ownership | |
Disclosure Of Significant Investments In Subsidiaries [Line Items] | |
Name | Oatly US Operations & Supply Inc. |
Country/place of registration and operations | United States |
Principal activities | Production |
Proportion of voting rights and shares held (directly or indirectly) (%) | 100% |
Havrekärnan AB | Indirect Ownership | |
Disclosure Of Significant Investments In Subsidiaries [Line Items] | |
Name | Havrekärnan AB |
Country/place of registration and operations | Sweden |
Principal activities | Production |
Proportion of voting rights and shares held (directly or indirectly) (%) | 100% |
Oatly Singapore Operations & Supply Pte Ltd | Indirect Ownership | |
Disclosure Of Significant Investments In Subsidiaries [Line Items] | |
Name | Oatly Singapore Operations & Supply Pte Ltd. |
Country/place of registration and operations | Singapore |
Principal activities | Production |
Proportion of voting rights and shares held (directly or indirectly) (%) | 100% |
Oatly Hong Kong Holding Ltd | Indirect Ownership | |
Disclosure Of Significant Investments In Subsidiaries [Line Items] | |
Name | Oatly Hong Kong Holding Ltd. |
Country/place of registration and operations | Hong Kong, China |
Principal activities | Selling |
Proportion of voting rights and shares held (directly or indirectly) (%) | 100% |
Oatly Shanghai Co. Ltd. | |
Disclosure Of Significant Investments In Subsidiaries [Line Items] | |
Name | Oatly Shanghai Co. Ltd. |
Country/place of registration and operations | China |
Principal activities | Selling |
Proportion of voting rights and shares held (directly or indirectly) (%) | 100% |
Oatly Food Co Ltd | Indirect Ownership | |
Disclosure Of Significant Investments In Subsidiaries [Line Items] | |
Name | Oatly Food Co Ltd. |
Country/place of registration and operations | China |
Principal activities | Production |
Proportion of voting rights and shares held (directly or indirectly) (%) | 100% |
Oatly Thousands of Island Co Ltd | Indirect Ownership | |
Disclosure Of Significant Investments In Subsidiaries [Line Items] | |
Name | Oatly Thousands of Island Co Ltd. |
Country/place of registration and operations | China |
Principal activities | Production |
Proportion of voting rights and shares held (directly or indirectly) (%) | 100% |
Intangible Assets - Summary of
Intangible Assets - Summary of Intangible Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Disclosure Of Intangible Assets [Line Items] | ||
Beginning balance | $ 127,688 | |
Ending balance | 130,326 | $ 127,688 |
Carrying Amount | ||
Disclosure Of Intangible Assets [Line Items] | ||
Beginning balance | 133,434 | 149,126 |
Additions | 2,498 | 4,389 |
Exchange differences | 6,383 | (20,081) |
Ending balance | 142,315 | 133,434 |
Accumulated Depreciation and Amortization | ||
Disclosure Of Intangible Assets [Line Items] | ||
Beginning balance | (5,746) | (3,201) |
Amortization charge | (5,345) | (3,077) |
Impairment | (336) | |
Exchange differences | (562) | 532 |
Ending balance | (11,989) | (5,746) |
Goodwill | ||
Disclosure Of Intangible Assets [Line Items] | ||
Beginning balance | 112,904 | |
Ending balance | 118,213 | 112,904 |
Goodwill | Carrying Amount | ||
Disclosure Of Intangible Assets [Line Items] | ||
Beginning balance | 112,904 | 130,364 |
Exchange differences | 5,309 | (17,460) |
Ending balance | 118,213 | 112,904 |
Capitalized Software | ||
Disclosure Of Intangible Assets [Line Items] | ||
Beginning balance | 10,229 | |
Ending balance | 6,969 | 10,229 |
Capitalized Software | Carrying Amount | ||
Disclosure Of Intangible Assets [Line Items] | ||
Beginning balance | 13,821 | 11,167 |
Additions | 252 | 1,961 |
Reclassification | 555 | 2,223 |
Exchange differences | 698 | (1,530) |
Ending balance | 15,326 | 13,821 |
Capitalized Software | Accumulated Depreciation and Amortization | ||
Disclosure Of Intangible Assets [Line Items] | ||
Beginning balance | (3,592) | (1,806) |
Amortization charge | (4,040) | (2,101) |
Impairment | (336) | |
Exchange differences | (389) | 315 |
Ending balance | (8,357) | (3,592) |
Other Intangible Assets | ||
Disclosure Of Intangible Assets [Line Items] | ||
Beginning balance | 3,341 | |
Ending balance | 3,985 | 3,341 |
Other Intangible Assets | Carrying Amount | ||
Disclosure Of Intangible Assets [Line Items] | ||
Beginning balance | 5,495 | 4,520 |
Additions | 1,800 | 1,628 |
Exchange differences | 322 | (653) |
Ending balance | 7,617 | 5,495 |
Other Intangible Assets | Accumulated Depreciation and Amortization | ||
Disclosure Of Intangible Assets [Line Items] | ||
Beginning balance | (2,154) | (1,395) |
Amortization charge | (1,305) | (976) |
Exchange differences | (173) | 217 |
Ending balance | (3,632) | (2,154) |
Ongoing Development Costs | ||
Disclosure Of Intangible Assets [Line Items] | ||
Beginning balance | 1,214 | |
Ending balance | 1,159 | 1,214 |
Ongoing Development Costs | Carrying Amount | ||
Disclosure Of Intangible Assets [Line Items] | ||
Beginning balance | 1,214 | 3,075 |
Additions | 446 | 800 |
Reclassification | (555) | (2,223) |
Exchange differences | 54 | (438) |
Ending balance | $ 1,159 | $ 1,214 |
Intangible Assets - Additional
Intangible Assets - Additional Information (Details) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Disclosure of detailed information about intangible assets [abstract] | ||
Explanation of period over which management has projected cash flows | five-year | |
Estimated growth rate | 2% | 2% |
Pre-tax discount rate | 10.20% | 10.60% |
Percentage amount by which value assigned to pre-tax discount rate increase in order for recoverable amount to be equal to carrying amount | 2.90% | |
Percentage amount by which value assigned to long-term EBITDA margin decrease in order for recoverable amount to be equal to carrying amount | 2.60% |
Property, Plant and Equipment -
Property, Plant and Equipment - Summary of Property, Plant and Equipment (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Disclosure Of Property Plant And Equipment [Line Items] | ||
Beginning balance | $ 492,952 | |
Ending balance | 360,286 | $ 492,952 |
Carrying Amount | ||
Disclosure Of Property Plant And Equipment [Line Items] | ||
Beginning balance | 546,398 | 550,813 |
Additions | 42,001 | 188,096 |
Sold | (295) | (6,236) |
Assets held for sale (Note 34) | (148,639) | |
Disposals | (1,625) | (45) |
Exchange differences | 14,414 | (37,591) |
Ending balance | 600,893 | 546,398 |
Accumulated Depreciation, Amortization and Impairment | ||
Disclosure Of Property Plant And Equipment [Line Items] | ||
Beginning balance | (53,446) | (41,165) |
Sold | 295 | 4,186 |
Assets held for sale (Note 34) | 38,511 | |
Depreciation charge | (33,028) | (32,011) |
Disposals | 707 | |
Impairment | (152,358) | (26,564) |
Exchange differences | (2,777) | 3,597 |
Ending balance | (240,607) | (53,446) |
Land and Buildings | ||
Disclosure Of Property Plant And Equipment [Line Items] | ||
Beginning balance | 67,690 | |
Ending balance | 89,681 | 67,690 |
Land and Buildings | Carrying Amount | ||
Disclosure Of Property Plant And Equipment [Line Items] | ||
Beginning balance | 77,059 | 117,423 |
Additions | 5,498 | 7,719 |
Sold | (295) | |
Assets held for sale (Note 34) | (64,180) | |
Disposals | (123) | |
Reclassifications | 19,938 | 21,857 |
Exchange differences | 2,672 | (5,760) |
Ending balance | 104,749 | 77,059 |
Land and Buildings | Accumulated Depreciation, Amortization and Impairment | ||
Disclosure Of Property Plant And Equipment [Line Items] | ||
Beginning balance | (9,369) | (7,890) |
Sold | 295 | |
Assets held for sale (Note 34) | 13,925 | |
Depreciation charge | (5,636) | (5,854) |
Disposals | 39 | |
Impairment | (10,413) | |
Exchange differences | (397) | 863 |
Ending balance | (15,068) | (9,369) |
Plant and Machinery | ||
Disclosure Of Property Plant And Equipment [Line Items] | ||
Beginning balance | 199,322 | |
Ending balance | 206,370 | 199,322 |
Plant and Machinery | Carrying Amount | ||
Disclosure Of Property Plant And Equipment [Line Items] | ||
Beginning balance | 243,399 | 199,005 |
Additions | 15,245 | 57,446 |
Sold | (982) | |
Assets held for sale (Note 34) | (52,534) | |
Disposals | (701) | (45) |
Reclassifications | 16,550 | 50,697 |
Exchange differences | 4,356 | (10,188) |
Ending balance | 278,849 | 243,399 |
Plant and Machinery | Accumulated Depreciation, Amortization and Impairment | ||
Disclosure Of Property Plant And Equipment [Line Items] | ||
Beginning balance | (44,077) | (29,781) |
Sold | 692 | |
Assets held for sale (Note 34) | 16,082 | |
Depreciation charge | (27,392) | (26,157) |
Disposals | 668 | |
Impairment | (171) | (7,647) |
Exchange differences | (1,507) | 2,734 |
Ending balance | (72,479) | (44,077) |
Construction in Progress | ||
Disclosure Of Property Plant And Equipment [Line Items] | ||
Beginning balance | 225,940 | |
Ending balance | 64,235 | 225,940 |
Construction in Progress | Carrying Amount | ||
Disclosure Of Property Plant And Equipment [Line Items] | ||
Beginning balance | 225,940 | 234,385 |
Additions | 21,258 | 122,931 |
Sold | (5,254) | |
Assets held for sale (Note 34) | (31,925) | |
Disposals | (801) | |
Reclassifications | (36,488) | (72,554) |
Exchange differences | 7,386 | (21,643) |
Ending balance | 217,295 | 225,940 |
Construction in Progress | Accumulated Depreciation, Amortization and Impairment | ||
Disclosure Of Property Plant And Equipment [Line Items] | ||
Beginning balance | (3,494) | |
Sold | 3,494 | |
Assets held for sale (Note 34) | 8,504 | |
Impairment | (152,187) | $ (8,504) |
Exchange differences | (873) | |
Ending balance | $ (153,060) |
Property, plant and equipment_2
Property, plant and equipment - Summary of Property, Plant and Equipment (Parenthetical) (Details) - Accumulated Depreciation, Amortization and Impairment - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Disclosure of detailed information about property, plant and equipment [line items] | ||
Impairment | $ 152,358 | $ 26,564 |
Fair Value Less Costs of Disposal as Part of YYF Transaction | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Impairment | $ 26,300 | |
Discontinue Construction of New Production Facilities in Peterborough UK and Dallas Fort Worth Texas | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Impairment | $ 152,200 |
Property, plant and equipment_3
Property, plant and equipment - Additional Information (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 USD ($) OperatingSegment | Dec. 31, 2022 USD ($) OperatingSegment | Dec. 31, 2021 USD ($) | |
Disclosure of detailed information about property, plant and equipment [line items] | |||
Depreciation expense | $ | $ 33 | $ 32 | $ 15.9 |
Number of operating segments of which impairment tests is to be performed for non-financial assets | OperatingSegment | 3 | 3 | |
Cash flow extrapolated period using estimated some growth rate percentage | ten-year | ||
Estimated growth rate | 2% | 2% | |
Pre-tax discount rate used | 10.20% | 10.60% | |
Americas | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Pre-tax discount rate used | 10.80% | 10.80% | |
Asia | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Pre-tax discount rate used | 9.70% | 10.30% | |
China | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Percentage amount by which value assigned to pre-tax discount rate must increase in order for unit's recoverable amount to be equal to carrying amount | 3.20% | ||
Percentage amount by which value assigned to long-term EBITDA margin must decrease in order for units recoverable amount to be equal to carrying amount. | 3.40% | ||
North America | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Percentage amount by which value assigned to pre-tax discount rate must increase in order for unit's recoverable amount to be equal to carrying amount | 4% | ||
Percentage amount by which value assigned to long-term EBITDA margin must decrease in order for units recoverable amount to be equal to carrying amount. | 3.40% |
Leases - Additional Information
Leases - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Disclosure Of Leases [Line Items] | ||
Right-of-use assets | $ 88,393 | $ 108,598 |
Cash outflow for leases | 19,400 | 20,700 |
Lease obligations | $ 89,002 | $ 99,108 |
Bottom of Range | ||
Disclosure Of Leases [Line Items] | ||
Lease term | 10 years | |
Top of Range | ||
Disclosure Of Leases [Line Items] | ||
Lease term | 20 years | |
Properties | Bottom of Range | ||
Disclosure Of Leases [Line Items] | ||
Lease term | 1 year | |
Properties | Top of Range | ||
Disclosure Of Leases [Line Items] | ||
Lease term | 15 years | |
Production Equipment | ||
Disclosure Of Leases [Line Items] | ||
Shorter lease term period | 12 | |
Production Equipment | Ma’anshan | ||
Disclosure Of Leases [Line Items] | ||
Lease term | 6 years | |
Lease obligations | $ 3,600 | |
Production Equipment | Bottom of Range | ||
Disclosure Of Leases [Line Items] | ||
Lease term | 1 year | |
Production Equipment | Top of Range | ||
Disclosure Of Leases [Line Items] | ||
Lease term | 5 years | |
R&D Premises | Lund, Sweden | ||
Disclosure Of Leases [Line Items] | ||
Lease term | 15 years | |
Additions to right-of-use assets | $ 7,700 | |
Headquarters Office | Malmo, Sweden | ||
Disclosure Of Leases [Line Items] | ||
Lease term | 5 years | |
Additions to right-of-use assets | $ 5,200 |
Leases - Summary of Consolidate
Leases - Summary of Consolidated Statement of Financial Position Amounts Relating to Leases (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Right Of Use Assets [Line Items] | ||
Right-of-use assets | $ 88,393 | $ 108,598 |
Lease liabilities | ||
Non-current lease liabilities (Note 16) | 72,570 | 82,285 |
Current lease liabilities (Note 16) | 16,432 | 16,823 |
Total | 89,002 | 99,108 |
Land and Buildings | ||
Right Of Use Assets [Line Items] | ||
Right-of-use assets | 69,434 | 87,015 |
Plant and Machinery | ||
Right Of Use Assets [Line Items] | ||
Right-of-use assets | $ 18,959 | $ 21,583 |
Leases - Summary of Changes in
Leases - Summary of Changes in Right of Use Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Disclosure Of Quantitative Information About Rightofuse Assets [Line Items] | ||
Beginning balance | $ 108,598 | |
Ending balance | 88,393 | $ 108,598 |
Accumulated Depreciation, Amortization and Impairment | ||
Disclosure Of Quantitative Information About Rightofuse Assets [Line Items] | ||
Beginning balance | (22,040) | (19,632) |
Depreciation | (14,077) | (28,176) |
Decreases | 6,338 | (4,879) |
Impairment | (5,355) | 12,013 |
Assets held for sale | (16,824) | |
Exchange differences | (828) | 1,810 |
Ending balance | (35,962) | (22,040) |
Cost | ||
Disclosure Of Quantitative Information About Rightofuse Assets [Line Items] | ||
Beginning balance | 130,638 | 178,080 |
Increases | 19,278 | 20,294 |
Decreases | (29,030) | (7,093) |
Assets held for sale | 49,399 | |
Exchange differences | 3,469 | (11,244) |
Ending balance | 124,355 | 130,638 |
Land and Buildings | ||
Disclosure Of Quantitative Information About Rightofuse Assets [Line Items] | ||
Beginning balance | 87,015 | |
Ending balance | 69,434 | 87,015 |
Land and Buildings | Accumulated Depreciation, Amortization and Impairment | ||
Disclosure Of Quantitative Information About Rightofuse Assets [Line Items] | ||
Beginning balance | (13,098) | (11,030) |
Depreciation | (8,921) | (20,029) |
Decreases | 4,687 | (5,094) |
Impairment | (5,355) | 9,688 |
Assets held for sale | (12,594) | |
Exchange differences | (452) | 773 |
Ending balance | (23,139) | (13,098) |
Land and Buildings | Cost | ||
Disclosure Of Quantitative Information About Rightofuse Assets [Line Items] | ||
Beginning balance | 100,113 | 138,803 |
Increases | 16,700 | 12,989 |
Decreases | (27,255) | (4,594) |
Assets held for sale | 38,724 | |
Exchange differences | 3,015 | (8,361) |
Ending balance | 92,573 | 100,113 |
Plant and Machinery | ||
Disclosure Of Quantitative Information About Rightofuse Assets [Line Items] | ||
Beginning balance | 21,583 | |
Ending balance | 18,959 | 21,583 |
Plant and Machinery | Accumulated Depreciation, Amortization and Impairment | ||
Disclosure Of Quantitative Information About Rightofuse Assets [Line Items] | ||
Beginning balance | (8,942) | (8,602) |
Depreciation | (5,156) | (8,147) |
Decreases | 1,651 | 215 |
Impairment | 2,325 | |
Assets held for sale | (4,230) | |
Exchange differences | (376) | 1,037 |
Ending balance | (12,823) | (8,942) |
Plant and Machinery | Cost | ||
Disclosure Of Quantitative Information About Rightofuse Assets [Line Items] | ||
Beginning balance | 30,525 | 39,277 |
Increases | 2,578 | 7,305 |
Decreases | (1,775) | (2,499) |
Assets held for sale | 10,675 | |
Exchange differences | 454 | (2,883) |
Ending balance | $ 31,782 | $ 30,525 |
Leases - Summary of Changes i_2
Leases - Summary of Changes in Right of Use Assets (Parenthetical) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure Of Quantitative Information About Rightofuse Assets [Line Items] | |||
Asset impairment charge | $ 2,500 | $ 4,970 | |
Discontinuance of Construction of New Production Facility In Peterborough UK | |||
Disclosure Of Quantitative Information About Rightofuse Assets [Line Items] | |||
Asset impairment charge | $ 3,700 | ||
YYF Transaction | |||
Disclosure Of Quantitative Information About Rightofuse Assets [Line Items] | |||
Asset impairment charge | $ 12,000 |
Leases - Summary of Amounts Rec
Leases - Summary of Amounts Recognized in Consolidated Statement of Operations (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure Of Depreciation Charge Of Right Of Use Assets [Line Items] | |||
Depreciation | $ (19,432) | $ (28,176) | $ (12,489) |
Interest expense (included in finance expenses) | (6,779) | (8,144) | (5,026) |
Expense relating to short-term leases | (454) | (1,302) | (576) |
Expense relating to leases of low-value assets that are not shown above as short-term leases | (723) | (310) | (1,605) |
Land and Buildings | |||
Disclosure Of Depreciation Charge Of Right Of Use Assets [Line Items] | |||
Depreciation | (14,276) | (20,029) | (7,507) |
Plant and Machinery | |||
Disclosure Of Depreciation Charge Of Right Of Use Assets [Line Items] | |||
Depreciation | $ (5,156) | $ (8,147) | $ (4,982) |
Other Non-Current Receivables -
Other Non-Current Receivables - Summary of Other Non-Current Receivables (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Noncurrent Receivables [line items] | ||
Deposits | $ 1,861 | $ 1,802 |
Promissory notes | 22,093 | |
Long-term prepaid expenses | 15,782 | 3,070 |
Other receivables | 3,615 | 2,976 |
Total | 44,378 | $ 7,848 |
Derivatives | ||
Noncurrent Receivables [line items] | ||
Derivatives | $ 1,027 |
Other Non-Current Receivables_2
Other Non-Current Receivables - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2021 | |
Noncurrent Receivables [line items] | ||
Impairment charge | $ 2,500 | $ 4,970 |
Promissory Note | ||
Noncurrent Receivables [line items] | ||
Maturity | May 31, 2028 | |
Interest rate description | The nominal interest rate is 8% for the first year and then increases by 200 basis points each year. The interest is capitalized semi-annually, and the effective interest rate is 12.56%. | |
Promissory Notes Receivable Nominal Interest Rate For First Year | 8% | |
Basis points | 200 basis points | |
Effective interest rate capitalized semi annually | 12.56% |
Financial Instruments Per Cat_3
Financial Instruments Per Category - Summary of Financial Instruments Per Category (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Assets in the consolidated statement of financial position | ||||
Other non-current receivables | $ 44,378 | $ 7,848 | ||
Trade receivables | 112,951 | 100,955 | ||
Other current receivables | 33,820 | 17,818 | ||
Cash and cash equivalents | 249,299 | 82,644 | $ 295,572 | $ 105,364 |
Total Assets, Fair value through profit or loss | 1,884 | |||
Total Assets, At amortized cost | 428,365 | 197,510 | ||
Liabilities in the consolidated statement of financial position | ||||
Convertible Notes | 323,528 | 0 | ||
Liabilities to credit institutions | 114,249 | 2,668 | ||
Trade payables | 64,368 | 82,516 | ||
Derivatives (part of 'Other current liabilities') | 316 | |||
Accrued expenses | 121,338 | 123,037 | ||
Total Liabilities, Fair value through profit or loss | 323,528 | 316 | ||
Total Liabilities, At amortized cost | 275,365 | 225,975 | ||
Fair Value through Profit or Loss | ||||
Liabilities in the consolidated statement of financial position | ||||
Convertible Notes | 323,528 | |||
Derivatives (part of 'Other current liabilities') | 316 | |||
At Amortized Cost | ||||
Liabilities in the consolidated statement of financial position | ||||
Liabilities to credit institutions | 120,305 | 52,590 | ||
Trade payables | 64,368 | 82,516 | ||
Accrued expenses | 90,692 | 90,869 | ||
Fair Value through Profit or Loss | ||||
Assets in the consolidated statement of financial position | ||||
Derivatives (part of 'other non-current receivables') | 1,027 | |||
Derivatives (part of 'current receivables') | 857 | |||
At Amortized Cost | ||||
Assets in the consolidated statement of financial position | ||||
Other non-current receivables | 43,351 | 7,848 | ||
Trade receivables | 112,951 | 100,955 | ||
Other current receivables | 22,764 | 6,063 | ||
Cash and cash equivalents | $ 249,299 | $ 82,644 |
Financial Instruments Per Cat_4
Financial Instruments Per Category - Additional Information (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of detailed information about financial instruments [abstract] | |||
Changes in fair value | $ 97,100,000 | $ (1,800,000) | $ (200,000) |
Short-term investments | $ 250,000,000 | ||
Transfers between levels | $ 0 | $ 0 |
Financial Instruments Per Cat_5
Financial Instruments Per Category - Summary of Financial Instruments Include Interest Rate Swaps, Present Value of Estimated Future Cash Flows (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Financial assets | |||
Short-term investments | $ 250,000 | ||
Financial liabilities | |||
Convertible Notes | $ 323,528 | $ 0 | |
Derivatives (part of other current liabilities) | 316 | ||
Level 2 | |||
Financial assets | |||
Derivatives (part of 'other non-current receivables') | 1,027 | ||
Derivatives (part of other current receivables) | 857 | ||
Total financial assets | 1,884 | ||
Financial liabilities | |||
Derivatives (part of other current liabilities) | 316 | ||
Total financial liabilities | $ 316 | ||
Level 3 | |||
Financial liabilities | |||
Convertible Notes | 323,528 | ||
Total financial liabilities | $ 323,528 |
Financial Instruments Per Cat_6
Financial Instruments Per Category - Summary of Convertible Notes (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2023 USD ($) | |
Disclosure of detailed information about financial instruments [abstract] | |
Convertible notes, Beginning Balance | $ 0 |
Issue of Convertible Notes | 324,950 |
Fair value changes (including interest expenses) recognized in the consolidated statement of operations | (74,078) |
Change in fair value recognized in consolidated statement of other comprehensive loss | 72,656 |
Convertible notes, Ending Balance | $ 323,528 |
Financial Instruments Per Cat_7
Financial Instruments Per Category - Summary of Carrying Amount of Convertible Notes (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Disclosure of detailed information about financial instruments [abstract] | ||
Carrying amount | $ 323,528 | $ 0 |
Includes: Cumulative fair value changes on Convertible Notes attributable to changes in credit risk, recognized in the fair value reserve | 72,656 | |
Amount the Company is contractually obligated to pay to holders of the Convertible Notes at maturity | 546,842 | |
Difference between carrying amount and the amount the Company is contractually obligated to pay to holders of Convertible Notes at maturity | $ (223,314) |
Financial Instruments Per Cat_8
Financial Instruments Per Category - Summary of Key Inputs and Assumptions Used in the Valuation Model for Fair Value of the Convertible Note (Details) | 12 Months Ended | |
Dec. 31, 2023 $ / shares | ||
Disclosure of detailed information about financial instruments [line items] | ||
Share price at valuation date | $ 1.18 | |
Expected price volatility of the Company share | 65% | |
Risk-free interest rate | 3.9 | |
Market interest rate | 21.5 | |
Bottom of range [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Conversion price | $ 1.36 | [1] |
Top of range [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Conversion price | $ 2.52 | [1] |
[1] The Convertible Notes are convertible at the option of each holder at an initial conversion price of $ 2.41 - 2.52 per ordinary share or per ADS, subject to customary anti-dilution adjustments and a conversion rate reset on March 23, 2024 and March 23, 2025. For further details on the Convertible Notes and the conversion price reset mechanis m, see Note 27 Convertible Notes. |
Financial Instruments Per Cat_9
Financial Instruments Per Category - Summary of Key Inputs and Assumptions Used in the Valuation Model for Fair Value of the Convertible Note (Parenthetical) (Details) - Events After Reporting Period | Mar. 23, 2024 $ / shares |
Bottom of range [member] | |
Disclosure of detailed information about financial instruments [line items] | |
Convertible notes, Initial conversion price per ordinary share or ADS | $ 2.41 |
Top of range [member] | |
Disclosure of detailed information about financial instruments [line items] | |
Convertible notes, Initial conversion price per ordinary share or ADS | $ 2.52 |
Financial instruments per ca_10
Financial instruments per category - Summary of Impact of Key Inputs and Assumptions on the Fair Value of the Convertible Notes (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2023 USD ($) | |
Disclosure of detailed information about financial instruments [abstract] | |
Share price decrease 30% | $ 284,266 |
Share price increase 30% | 357,969 |
Volatility decrease 10% | 313,437 |
Volatility increase 10% | 333,614 |
Risk-free interest rate decrease 1% | 321,889 |
Risk-free interest rate increase 1% | 325,089 |
Market interest rate decrease 1% | 332,199 |
Market interest rate increase 1% | $ 315,256 |
Financial instruments per ca_11
Financial instruments per category - Summary of Impact of Key Inputs and Assumptions on the Fair Value of the Convertible Notes (Parenthetical) (Details) | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of detailed information about financial instruments [abstract] | |
Percentage of impact of decreasing share price on convertible notes | 30% |
Percentage of impact of increasing share price on convertible notes | 30% |
Percentage of impact of decreasing volatility on convertible notes | 10% |
Percentage of impact of increasing volatility on convertible notes | 10% |
Percentage of impact of decreasing Risk-free interest rate on convertible notes | 1% |
Percentage of impact of increasing Risk-free interest rate on convertible notes | 1% |
Percentage of impact of decreasing market interest rate on convertible notes | 1% |
Percentage of impact of increasing market interest rate on convertible notes | 1% |
Inventories - Summary of Invent
Inventories - Summary of Inventories (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Classes of current inventories [abstract] | ||
Raw materials and consumables | $ 16,500 | $ 20,638 |
Finished goods | 51,382 | 93,837 |
Total | $ 67,882 | $ 114,475 |
Inventories - Additional Inform
Inventories - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Classes of current inventories [abstract] | |||
Cost of inventories recognized as expense during period | $ 599,000 | $ 608,800 | $ 459,700 |
Inventories, at net realizable value | $ 16,981 | $ 28,839 | $ 5,081 |
Trade receivables - Summary of
Trade receivables - Summary of Trade Receivables (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Trade Receivables [Abstract] | |||
Gross carrying amount | $ 114,171 | $ 104,685 | |
Allowance for expected credit losses | (1,220) | (3,730) | $ (883) |
Trade receivables—net | $ 112,951 | $ 100,955 |
Trade receivables - Summary o_2
Trade receivables - Summary of Carrying Amounts By Currency (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Current Trade Receivables [Line Items] | ||
Carrying amounts, by currency | $ 112,951 | $ 100,955 |
EUR | ||
Current Trade Receivables [Line Items] | ||
Carrying amounts, by currency | 31,523 | 26,692 |
USD | ||
Current Trade Receivables [Line Items] | ||
Carrying amounts, by currency | 27,828 | 23,192 |
GBP | ||
Current Trade Receivables [Line Items] | ||
Carrying amounts, by currency | 20,909 | 22,004 |
CNY | ||
Current Trade Receivables [Line Items] | ||
Carrying amounts, by currency | 19,445 | 17,372 |
SEK | ||
Current Trade Receivables [Line Items] | ||
Carrying amounts, by currency | 5,939 | 3,377 |
SGD | ||
Current Trade Receivables [Line Items] | ||
Carrying amounts, by currency | 1,934 | 1,525 |
HKD | ||
Current Trade Receivables [Line Items] | ||
Carrying amounts, by currency | 1,074 | 3,667 |
Other | ||
Current Trade Receivables [Line Items] | ||
Carrying amounts, by currency | $ 4,299 | $ 3,126 |
Other Current Receivables - Sum
Other Current Receivables - Summary of Other Current Receivables (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Other Current Receivables [Abstract] | ||
Value added tax | $ 8,954 | $ 11,109 |
Advance payments to vendors | 1,788 | 3,078 |
Short-term derivatives | 857 | |
Other | 22,221 | 3,631 |
Total | $ 33,820 | $ 17,818 |
Other Current Receivables - Add
Other Current Receivables - Additional Information (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2023 USD ($) | |
Other Current Receivables [Abstract] | |
Receivable relating to production equipment returned to a supplier due to decision to discontinue construction of new production facility | $ 12.2 |
Impairment of receivable due to the decision to discontinue the construction of new production facility | $ 13.9 |
Prepaid Expenses - Summary of P
Prepaid Expenses - Summary of Prepaid Expenses (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Prepaid Expenses [Abstract] | ||
Prepaid production and warehouse expenses | $ 102 | $ 407 |
Prepaid selling and marketing expenses | 1,587 | 229 |
Prepaid insurance expenses | 620 | 9,090 |
Prepaid financing expenses | 4,006 | 3,399 |
Other | 10,613 | 10,288 |
Total | $ 16,928 | $ 23,413 |
Cash and Cash Equivalents - Sum
Cash and Cash Equivalents - Summary of Cash and Cash Equivalents (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Cash and cash equivalents [abstract] | ||||
Short-term deposits | $ 170,000 | $ 13,894 | ||
Cash at bank and on hand | 79,299 | 68,750 | ||
Total | $ 249,299 | $ 82,644 | $ 295,572 | $ 105,364 |
Equity - Additional Information
Equity - Additional Information (Details) $ / shares in Units, shares in Thousands | 1 Months Ended | 12 Months Ended | |||||||
Jul. 27, 2023 | Nov. 30, 2023 shares | May 31, 2023 shares | May 31, 2022 shares | May 31, 2021 shares | Dec. 31, 2023 USD ($) shares $ / shares | Dec. 31, 2021 USD ($) | Dec. 31, 2023 kr / shares | Dec. 31, 2022 USD ($) shares | |
Disclosure Of Classes Of Share Capital [Line Items] | |||||||||
Exercise of warrants | $ 38,503,000 | ||||||||
Other contributed capital | $ 1,628,045,000 | $ 1,628,045,000 | |||||||
Other reserves | (233,200,000) | ||||||||
Change in fair value recognized in consolidated statement of other comprehensive loss | (72,656,000) | ||||||||
Accumulated deficit | (1,060,952,000) | $ (665,524,000) | |||||||
Percentage of share capital owned in subsidiary | 100% | ||||||||
Share capital percentage | 40% | ||||||||
Non-controlling interests | $ 1,787,000 | ||||||||
Warrants | |||||||||
Disclosure Of Classes Of Share Capital [Line Items] | |||||||||
Warrants outstanding | shares | 65,965 | 68,847 | |||||||
Treasury Shares | |||||||||
Disclosure Of Classes Of Share Capital [Line Items] | |||||||||
Ordinary shares outstanding | shares | 249 | 107 | |||||||
Other Reserves | |||||||||
Disclosure Of Classes Of Share Capital [Line Items] | |||||||||
Other reserves | $ (171,500) | ||||||||
Change in fair value recognized in consolidated statement of other comprehensive loss | $ (72,700) | ||||||||
Foreign Currency Translation Reserve | |||||||||
Disclosure Of Classes Of Share Capital [Line Items] | |||||||||
Other reserves | $ (160,500) | ||||||||
2021 Incentive Award Plan | |||||||||
Disclosure Of Classes Of Share Capital [Line Items] | |||||||||
Number of warrants, granted | shares | 69,497 | ||||||||
Shares issued in exercise of warrants | shares | 2,882 | 650 | |||||||
Ordinary Shares | |||||||||
Disclosure Of Classes Of Share Capital [Line Items] | |||||||||
Ordinary shares outstanding | shares | 595,060 | 592,320 | |||||||
Par value | (per share) | $ 0.00018 | kr 0.0015 | |||||||
Ordinary Shares | 2021 Incentive Award Plan | |||||||||
Disclosure Of Classes Of Share Capital [Line Items] | |||||||||
Ordinary shares issued to convert loan | shares | 2,882 | ||||||||
American Depositary Shares | 2021 Incentive Award Plan | |||||||||
Disclosure Of Classes Of Share Capital [Line Items] | |||||||||
Ordinary shares issued to convert loan | shares | 805 | 1,935 |
Liabilities to Credit Institu_3
Liabilities to Credit Institutions - Summary of Liabilities to Credit Institutions (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Subclassifications of assets, liabilities and equities [abstract] | ||
Non-current liabilities to credit institutions | $ 114,249 | $ 2,668 |
Current liabilities to credit institutions | 6,056 | 49,922 |
Total | $ 120,305 | $ 52,590 |
Liabilities to Credit Institu_4
Liabilities to Credit Institutions - Additional Information (Details) € in Millions, ¥ in Millions, kr in Millions | 1 Months Ended | 12 Months Ended | |||||||||
Apr. 18, 2023 USD ($) | Apr. 30, 2023 USD ($) | Apr. 30, 2023 SEK (kr) | Oct. 31, 2022 | Dec. 31, 2023 EUR (€) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 EUR (€) | Dec. 31, 2022 USD ($) | Dec. 31, 2022 SEK (kr) | Nov. 30, 2022 USD ($) | Nov. 30, 2022 CNY (¥) | |
Liabilities To Credit Institutions [Line Items] | |||||||||||
Term loan facility, Amount | $ 130,000,000 | ||||||||||
Maturity | 3 | ||||||||||
Liabilities to credit institutions balance | $ 120,305,000 | $ 52,590,000 | |||||||||
Agreement reset term | SRCF Agreement was reset to three years and six months, with a one year uncommitted extension option, | ||||||||||
SOFR | |||||||||||
Liabilities To Credit Institutions [Line Items] | |||||||||||
Borrowings, interest rate | 2.50% | 2.50% | |||||||||
Base Rate with Floor Rate | |||||||||||
Liabilities To Credit Institutions [Line Items] | |||||||||||
Borrowings, interest rate | 2.50% | 2.50% | |||||||||
TLB Credit Agreement | |||||||||||
Liabilities To Credit Institutions [Line Items] | |||||||||||
Term loan facility, Amount | $ 130,000,000 | ||||||||||
Term loan facility period | 5 years | 5 years | 5 years | ||||||||
Liabilities to credit institutions balance | $ 132,800,000 | ||||||||||
Liabilities to credit institutions balance, Net | 117,500,000 | ||||||||||
TLB Credit Agreement | SOFR | |||||||||||
Liabilities To Credit Institutions [Line Items] | |||||||||||
Borrowings, amortization percentage | 1% | 1% | 1% | ||||||||
TLB Credit Agreement | SOFR with Floor Rate | |||||||||||
Liabilities To Credit Institutions [Line Items] | |||||||||||
Borrowings, interest rate | 2.50% | 2.50% | |||||||||
TLB Credit Agreement | SOFR with Base Rate | |||||||||||
Liabilities To Credit Institutions [Line Items] | |||||||||||
Borrowings, interest rate | 7.50% | 7.50% | |||||||||
TLB Credit Agreement | Base Rate with Floor Rate | |||||||||||
Liabilities To Credit Institutions [Line Items] | |||||||||||
Borrowings, interest rate | 3.50% | 3.50% | |||||||||
TLB Credit Agreement | Base rate | |||||||||||
Liabilities To Credit Institutions [Line Items] | |||||||||||
Borrowings, interest rate | 6.50% | 6.50% | |||||||||
SRCF Agreement | |||||||||||
Liabilities To Credit Institutions [Line Items] | |||||||||||
Agreement reset term | SRCF Agreement was reset to three years and six months, with a one year uncommitted extension option | ||||||||||
Reduced commitments | $ 192,100,000 | kr 2,100 | |||||||||
Uncommitted incremental revolving facility option | $ 45,700,000 | kr 500 | |||||||||
Commitments initial margin percentage | 4% | 4% | |||||||||
Utilized loan amount | 0 | 48,600,000 | kr 507 | ||||||||
EIF Facility | |||||||||||
Liabilities To Credit Institutions [Line Items] | |||||||||||
Borrowings extended term | 3 years | ||||||||||
Liabilities to credit institutions balance | € 2.5 | 2,800,000 | € 3.8 | 4,000,000 | |||||||
EIF Facility | Term Loan | |||||||||||
Liabilities To Credit Institutions [Line Items] | |||||||||||
Maturity | October 2025 | ||||||||||
CMB Credit Facility | |||||||||||
Liabilities To Credit Institutions [Line Items] | |||||||||||
Liabilities to credit institutions balance | 0 | ||||||||||
CMB Credit Facility | Working Capital Credit Facility | |||||||||||
Liabilities To Credit Institutions [Line Items] | |||||||||||
Liabilities to credit institutions balance | $ 20,700,000 | ¥ 150 | |||||||||
SRCF Agreement and EIF Facility | |||||||||||
Liabilities To Credit Institutions [Line Items] | |||||||||||
Liabilities to credit institutions balance | $ 52,600,000 | ||||||||||
TLB Credit Agreement and EIF Facility | |||||||||||
Liabilities To Credit Institutions [Line Items] | |||||||||||
Liabilities to credit institutions balance | $ 120,300,000 |
Provisions - Summary of Changes
Provisions - Summary of Changes in Provisions (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2023 USD ($) | |
Disclosure Of Noncurrent Provisions [Line Items] | |
At December 31, 2022 | $ 3,800 |
At December 31, 2022 | 7,194 |
At December 31, 2023 | 35,328 |
At December 31, 2023 | 10,716 |
Restructuring | |
Disclosure Of Noncurrent Provisions [Line Items] | |
At December 31, 2022 | 3,800 |
Additional provisions recognized | 41,269 |
Unwinding of discount effect | 116 |
Reversal of non-utilized amounts | (396) |
Amounts used during the year | (13,781) |
Reclassifications | 3,608 |
Exchange differences | 647 |
At December 31, 2023 | 35,263 |
Non-current, Restructuring | 9,185 |
Current, Restructuring | 26,078 |
Decommissioning | |
Disclosure Of Noncurrent Provisions [Line Items] | |
At December 31, 2022 | 7,194 |
Decreases: included in the acquisition value of right-of-use assets | (2,133) |
Unwinding of discount effect | 52 |
Reclassifications | (3,608) |
Exchange differences | 26 |
At December 31, 2023 | 1,531 |
Non-current, Decommissioning | 1,531 |
Legal Settlement | |
Disclosure Of Noncurrent Provisions [Line Items] | |
Additional provisions recognized | 9,250 |
At December 31, 2023 | 9,250 |
Current, Legal settlement | $ 9,250 |
Shareholder Loans - Additional
Shareholder Loans - Additional Information (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2021 USD ($) | |
Shareholder Loans [Line Items] | |
Repayment of shareholder loans | $ 10,941 |
Convertible Notes - Additional
Convertible Notes - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||||||
Mar. 23, 2024 | May 09, 2023 | Apr. 18, 2023 | Mar. 23, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | ||
Convertible Notes [Line items] | |||||||
Aggregate purchase price paid | $ 291,000 | ||||||
Lowest potential reset price March 2025 before customary anti dilution adjustments | $ 1.41 | ||||||
Lowest potential reset price March 2024 before customary anti dilution adjustments | $ 1.89 | ||||||
Convertible notes | $ 323,528 | $ 0 | |||||
Bottom of Range | |||||||
Convertible Notes [Line items] | |||||||
Conversion price | [1] | $ 1.36 | |||||
Bottom of Range | Events After Reporting Period | |||||||
Convertible Notes [Line items] | |||||||
Convertible notes, Initial conversion price per ordinary share or ADS | $ 2.41 | ||||||
Top of Range | |||||||
Convertible Notes [Line items] | |||||||
Conversion price | [1] | $ 2.52 | |||||
Top of Range | Events After Reporting Period | |||||||
Convertible Notes [Line items] | |||||||
Convertible notes, Initial conversion price per ordinary share or ADS | $ 2.52 | ||||||
Hillhouse | Swedish Notes | |||||||
Convertible Notes [Line items] | |||||||
Aggregate principal amount of convertible debt | $ 15,000 | ||||||
Hillhouse | HH Notes | |||||||
Convertible Notes [Line items] | |||||||
Convertible debt original discount rate | 3% | ||||||
Convertible notes premium rate to the last reported sale price of company Ads | 17% | ||||||
Convertible notes, Initial conversion price per ordinary share or ADS | $ 2.52 | ||||||
Convertible notes | $ 35,000 | ||||||
Convertible notes in financing after reflecting original issue of discount | $ 34,000 | ||||||
9.25% Convertible Senior PIK Notes due 2028 | |||||||
Convertible Notes [Line items] | |||||||
Aggregate principal amount of convertible debt | $ 300,000 | $ 300,000 | |||||
Convertible debt interest rate | 9.25% | 9.25% | |||||
Convertible debt original discount rate | 3% | ||||||
Convertible notes interest rate | 9.25% | ||||||
Convertible notes interest rate, payable description | payable semi-annually in arrears in cash or in payment-in-kind, at the Company’s option, on April 15 and October 15 of each year | ||||||
Convertible notes interest rate, payable start date | Oct. 15, 2023 | ||||||
Convertible notes, maturity date | Sep. 14, 2028 | Sep. 14, 2028 | |||||
Convertible notes, Initial conversion price per ordinary share or ADS | $ 2.41 | ||||||
Lowest potential reset price March 2024 | $ 1.81 | ||||||
Lowest potential reset price March 2025 | $ 1.36 | ||||||
Conversion of the convertible notes if the last reported sale price of the company ADSE equals or exceeds 200% | 200% | ||||||
Conversion price, terms of description | conversion price on any 45 trading days during any 90 consecutive day period beginning on or after the third anniversary of the issuance of the U.S. Notes (with respect to the U.S. Notes and the HH Notes) and the Swedish Notes (with respect to the Swedish Notes). | ||||||
9.25% Convertible Senior PIK Notes due 2028 | Existing Shareholders, Nativus Company Limited, Verlinvest and Blackstone Funds | |||||||
Convertible Notes [Line items] | |||||||
Aggregate principal amount of convertible debt | $ 200,100 | ||||||
9.25% Convertible Senior PIK Notes due 2028 | Institutional Investors | |||||||
Convertible Notes [Line items] | |||||||
Aggregate principal amount of convertible debt | $ 99,900 | ||||||
[1] The Convertible Notes are convertible at the option of each holder at an initial conversion price of $ 2.41 - 2.52 per ordinary share or per ADS, subject to customary anti-dilution adjustments and a conversion rate reset on March 23, 2024 and March 23, 2025. For further details on the Convertible Notes and the conversion price reset mechanis m, see Note 27 Convertible Notes. |
Other Current Liabilities - Sum
Other Current Liabilities - Summary of Other Current Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Other Current Liabilities [Abstract] | ||
Derivatives | $ 316 | |
Employee withholding taxes | $ 2,224 | 1,830 |
Value added tax | 10,203 | 7,617 |
Other | 1,446 | 2,060 |
Total | $ 13,873 | $ 11,823 |
Accrued Expenses - Summary of A
Accrued Expenses - Summary of Accrued Expenses (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Accrued Expenses [Line Items] | ||
Accrued expenses | $ 121,338 | $ 123,037 |
Accrued Personnel Expenses | ||
Accrued Expenses [Line Items] | ||
Accrued expenses | 30,646 | 32,169 |
Accrued Production Expenses | ||
Accrued Expenses [Line Items] | ||
Accrued expenses | 26,140 | 28,286 |
Accrued Variable Consideration | ||
Accrued Expenses [Line Items] | ||
Accrued expenses | 19,649 | 15,575 |
Accrued Marketing and Sales Expenses | ||
Accrued Expenses [Line Items] | ||
Accrued expenses | 10,050 | 6,279 |
Accrued Logistic Expenses | ||
Accrued Expenses [Line Items] | ||
Accrued expenses | 9,318 | 19,699 |
Other Accrued Expenses | ||
Accrued Expenses [Line Items] | ||
Accrued expenses | $ 25,535 | $ 21,029 |
Related Party Disclosures - Add
Related Party Disclosures - Additional Information (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Apr. 18, 2023 | |
China Resources Verlinvest Health Investment Limited | ||||
Disclosure Of Transactions Between Related Parties [Line Items] | ||||
Ownership interest percentage | 45.70% | 45.90% | ||
Board of Directors | ||||
Disclosure Of Transactions Between Related Parties [Line Items] | ||||
Amount recognized for compensation | $ 1 | $ 1 | $ 0.9 | |
Chef Sam | Distribution Agreement | ||||
Disclosure Of Transactions Between Related Parties [Line Items] | ||||
Amount paid to related party | 1.1 | $ 0.9 | $ 0.3 | |
Percentage of ownership interest in related party by member of board of director | 33% | |||
Nativus Company Limited and Verlinvest S.A | ||||
Disclosure Of Transactions Between Related Parties [Line Items] | ||||
Fair value of convertible notes | $ 158.4 | |||
Fair value of convertible notes at start | $ 174 |
Changes in Liabilities Attrib_3
Changes in Liabilities Attributable to Financing Activities - Summary of Changes in Liabilities Attributable to Financing Activities (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Disclosure Of Reconciliation Of Liabilities Arising From Financing Activities [Line Items] | ||||
Balance | $ 151,698 | $ 149,206 | $ 233,449 | |
Cash flows | 375,524 | 35,919 | (115,131) | |
Non-cash flows: | ||||
Addition – leases | 21,341 | 20,111 | 117,793 | |
Foreign exchange adjustments | 3,251 | (8,821) | 2,035 | |
Converted to shares | (104,108) | |||
Assets held for sale (Note 34) | (44,794) | |||
Fair value changes (including interest expenses) recognized in the consolidated statement of operations | (74,078) | |||
Change in fair value recognized in consolidated statement of other comprehensive loss | 72,656 | |||
Remeasurement - leases | [1] | (17,886) | ||
Other changes | 329 | 77 | 15,168 | |
Balance | 532,835 | 151,698 | 149,206 | |
Liabilities to Credit Institutions | ||||
Disclosure Of Reconciliation Of Liabilities Arising From Financing Activities [Line Items] | ||||
Balance | 52,590 | 5,987 | 97,187 | |
Cash flows | 61,985 | 46,818 | (94,908) | |
Non-cash flows: | ||||
Foreign exchange adjustments | 407 | (292) | 773 | |
Other changes | 5,323 | 77 | 2,935 | |
Balance | 120,305 | 52,590 | 5,987 | |
Shareholder Loans | ||||
Disclosure Of Reconciliation Of Liabilities Arising From Financing Activities [Line Items] | ||||
Balance | 106,118 | |||
Cash flows | (10,941) | |||
Non-cash flows: | ||||
Foreign exchange adjustments | 3,675 | |||
Converted to shares | (104,108) | |||
Other changes | 5,256 | |||
Leases | ||||
Disclosure Of Reconciliation Of Liabilities Arising From Financing Activities [Line Items] | ||||
Balance | 99,108 | 143,219 | 30,144 | |
Cash flows | (11,411) | (10,899) | (9,282) | |
Non-cash flows: | ||||
Addition – leases | 21,341 | 20,111 | 117,793 | |
Foreign exchange adjustments | 2,844 | (8,529) | (2,413) | |
Assets held for sale (Note 34) | (44,794) | |||
Remeasurement - leases | [1] | (17,886) | ||
Other changes | (4,994) | 6,977 | ||
Balance | 89,002 | $ 99,108 | $ 143,219 | |
Convertible Notes | ||||
Disclosure Of Reconciliation Of Liabilities Arising From Financing Activities [Line Items] | ||||
Cash flows | 324,950 | |||
Non-cash flows: | ||||
Fair value changes (including interest expenses) recognized in the consolidated statement of operations | (74,078) | |||
Change in fair value recognized in consolidated statement of other comprehensive loss | 72,656 | |||
Balance | $ 323,528 | |||
[1] Remeasurement related to change of lease term due to the decision to discontinue the construction of the new production facility in Peterborough, UK. |
Loss per Share - Summary of Los
Loss per Share - Summary of Loss per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Earnings per share [abstract] | |||
Loss for the year, attributable to the shareholders of the parent | $ (416,874) | $ (392,567) | $ (212,393) |
Weighted average number of shares, Basic (thousands) | 593,600,863 | 592,031,935 | 549,080,310 |
Weighted average number of shares, Diluted (thousands) | 593,600,863 | 592,031,935 | 549,080,310 |
Basic loss per share, U.S. $ | $ (0.7) | $ (0.66) | $ (0.39) |
Diluted loss per share, U.S. $ | $ (0.7) | $ (0.66) | $ (0.39) |
Loss per Share - Summary of Pot
Loss per Share - Summary of Potential Dilutive Securities Not Included in Diluted Loss per Share Calculations (Details) - shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Restricted Stock Units | |||
Earnings Per Share [Line Items] | |||
Potentially dilutive securities not included in computation of diluted loss per share | 8,415,816 | 8,147,594 | 1,701,007 |
Stock Options | |||
Earnings Per Share [Line Items] | |||
Potentially dilutive securities not included in computation of diluted loss per share | 21,289,191 | 14,339,052 | 6,958,312 |
Convertible Notes | |||
Earnings Per Share [Line Items] | |||
Potentially dilutive securities not included in computation of diluted loss per share | 400,616,344 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | |
Oct. 31, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | |
Commitments And Contingencies [Line Items] | |||
Total shortfall expenses | $ 8,700 | ||
Shortfall expenses | $ 13,400 | ||
In re Oatly Group AB Securities Litigation | |||
Commitments And Contingencies [Line Items] | |||
Litigation commitments | $ 9,250 | ||
Litigation settlement date | Feb. 16, 2024 |
Non-current assets held for s_3
Non-current assets held for sale - Additional Information (Details) - USD ($) $ in Millions | 12 Months Ended | |
Mar. 01, 2023 | Dec. 31, 2023 | |
Sale of Manufacturing Facilities | ||
Disclosure of analysis of single amount of discontinued operations [line items] | ||
Issuance of promissory note related to non current asset held for sale which were sold | $ 20 | |
Sale of Manufacturing Facilities | Buyer Parent | ||
Disclosure of analysis of single amount of discontinued operations [line items] | ||
Percentage of Interest rate of promissory Notes | 8% | |
Percentage addition of promissory note in interest rate each year | 2% | |
Sale of Manufacturing Facilities | Ogden Facility | ||
Disclosure of analysis of single amount of discontinued operations [line items] | ||
Purchase price received | $ 86.5 | |
Received sales price consideration in cash | 52 | |
Consideration received | 72 | |
Consideration received in the form of promissory note | 20 | |
Consideration received in the form of shared assets | 14.5 | |
Sale of Manufacturing Facilities | DFW Facility | ||
Disclosure of analysis of single amount of discontinued operations [line items] | ||
Purchase price received | 16.1 | |
Consideration received in the form of shared assets | 2.5 | |
Impairment charge related to capital expenditures | $ 13.9 | |
Impairment charge related to shared assets | $ 2.5 | |
Sale of Manufacturing Facilities | YYF Transaction | ||
Disclosure of analysis of single amount of discontinued operations [line items] | ||
Purchase price received | 102.6 | |
Form of Credit Toward Future Use of Shared Assets | ||
Disclosure of analysis of single amount of discontinued operations [line items] | ||
Purchase price received | $ 13.6 |
Non-current assets held for s_4
Non-current assets held for sale - Summary of Assets and Liabilities of the Group Classified (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Assets [abstract] | ||
Assets held for sale | $ 0 | $ 142,703 |
Liabilities [Abstract] | ||
Non-current lease liabilities (Note 16) | 72,570 | 82,285 |
Current lease liabilities (Note 16) | 16,432 | 16,823 |
Provisions (Note 26) | 10,716 | 7,194 |
Liabilities directly associated with assets held for sale | $ 0 | 48,471 |
Property, plant and equipment | ||
Assets [abstract] | ||
Assets held for sale | 110,128 | |
Right-of-use assets | ||
Assets [abstract] | ||
Assets held for sale | 32,575 | |
Disposal Groups Classified as Held for Sale | ||
Liabilities [Abstract] | ||
Non-current lease liabilities (Note 16) | 40,967 | |
Current lease liabilities (Note 16) | 3,827 | |
Provisions (Note 26) | 3,677 | |
Liabilities directly associated with assets held for sale | 48,471 | |
Net assets directly associated with disposal group | $ 94,232 |
Events After the End of the R_2
Events After the End of the Reporting Period - Additional Information (Details) - Amendments to Sustainable Revolving Credit Facility Agreement and Term Loan B Credit Agreement - USD ($) $ in Millions | Feb. 14, 2024 | Feb. 14, 2023 |
Disclosure of non-adjusting events after reporting period [line items] | ||
Sustainable revolving credit facility agreement, increase in undrawn amount | $ 100 | $ 50 |
Percentage of quarterly tangible solvency ratio financial covenant level. | 30% |