Document and Entity Information
Document and Entity Information | 12 Months Ended |
Dec. 31, 2021 | |
Document and Entity Information [Abstract] | |
Document Type | POS AM |
Entity Registrant Name | Lilium N.V. |
Entity Emerging Growth Company | true |
Entity Ex Transition Period | false |
Entity Central Index Key | 0001855756 |
Amendment Flag | true |
Amendment Description | POST-EFFECTIVE AMENDMENT NO. 1 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Other Comprehensive Income (Loss) - EUR (€) € in Thousands | 12 Months Ended | ||||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |||
Consolidated Statements of Operations and Other Comprehensive Income (Loss) | |||||
Revenue | € 47 | € 97 | |||
Cost of sales | (11) | (10) | |||
Gross profit | 36 | 87 | |||
Research and development expenses | (144,558) | (90,345) | € (38,136) | ||
General and administrative expenses | (239,093) | (35,406) | (15,437) | ||
Selling Expenses | (17,189) | (15,272) | (4,645) | ||
Other income | 2,274 | 2,346 | 76 | ||
Other expenses | (2,036) | (130) | (58) | ||
Operating loss | (400,566) | (138,720) | (58,200) | ||
Finance income | 11,288 | 80 | 518 | ||
Finance expenses | (20,201) | (49,741) | (5,736) | ||
Financial result | (8,913) | (49,661) | (5,218) | ||
Share of loss in an associated company | (848) | ||||
Loss before income tax | (410,327) | (188,381) | (63,418) | ||
Income tax expense | (709) | (46) | (61) | ||
Net loss for the year | (411,036) | (188,427) | [1] | (63,479) | [1] |
Other comprehensive income (loss) | |||||
Other comprehensive income that may be reclassified to profit or loss | 44 | 36 | 3 | ||
Exchange differences on translation of foreign business units | 44 | 36 | 3 | ||
Items that will not be subsequently reclassified to profit or loss | 162 | (44) | (114) | ||
Remeasurement of defined pension benefit obligation | 162 | (44) | (114) | ||
Other comprehensive income / (loss) | 206 | (8) | (111) | ||
Total consolidated comprehensive loss for the year | € (410,830) | € (188,435) | € (63,590) | ||
Loss per share basic | € (1.91) | € (0.97) | € (0.38) | ||
Loss per share diluted | € (1.91) | € (0.97) | € (0.38) | ||
[1] | Certain amounts have been reclassified from prior years’ financial statements to conform to the current presentation. |
Consolidated Statement of Finan
Consolidated Statement of Financial Position - EUR (€) € in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | ||
ASSETS | ||||
Intangible assets | € 1,394 | € 1,372 | ||
Property, plant and equipment | 30,610 | 22,715 | ||
Investment in an associate | 15,054 | |||
Other financial assets | 3,779 | 2,112 | ||
Non-financial assets | 8,113 | 153 | ||
Non-current assets | 58,950 | 26,352 | ||
Other financial assets | 219,625 | 50,676 | ||
Non-financial assets | 22,994 | 5,774 | ||
Cash and cash equivalents | 129,856 | 102,144 | [1] | |
Current assets | 372,475 | 158,594 | ||
Total Assets | 431,425 | 184,946 | ||
SHAREHOLDERS' EQUITY AND LIABILITIES | ||||
Subscribed capital | [2] | 40,138 | 29,550 | |
Share premium | [2] | 779,141 | 224,359 | |
Other capital reserves | 240,430 | 110,055 | ||
Treasury Shares | (151) | (25) | ||
Accumulated loss | (717,134) | (306,098) | ||
Accumulated other comprehensive income/ (loss) | 87 | (119) | ||
Shareholders' equity | 342,511 | 57,722 | ||
Other non-current financial liabilities | 27 | |||
Lease liabilities | 9,861 | 9,505 | ||
Provisions | 373 | 411 | ||
Trade payables | 2,906 | |||
Deferred tax liabilities | 10 | |||
Non-current liabilities | 13,150 | 9,943 | ||
Other financial liabilities | 21 | |||
Lease liabilities | 1,962 | 1,613 | ||
Shares-based payment liability | 8,028 | |||
Provisions | 2,422 | 80 | ||
Income tax payable | 552 | 43 | ||
Warrants | 21,405 | |||
Convertible loans | 99,235 | |||
Trade and other payables | 35,335 | 11,092 | ||
Other non-financial liabilities | 6,060 | 5,197 | ||
Current liabilities | 75,764 | 117,281 | ||
Total Shareholders' Equity and Liabilities | € 431,425 | € 184,946 | ||
[1] | Certain amounts have been reclassified from prior years’ financial statements to conform to the current presentation. | |||
[2] | Retrospective application of the stock split which occurred in 2021, see note 21 “Shareholders’ Equity”. |
Consolidated Statement of Chang
Consolidated Statement of Changes in Equity - EUR (€) € in Thousands | Subscribed capital | Share premium | Other capital reserves | Treasury shares | Retained Earnings [Member] | Currency translation reserve | Remeasurement of defined pension benefit obligation | Total | ||
Retrospective application of stock split | € 24,278 | € (24,278) | ||||||||
January 1, 2019, as adjusted | 24,332 | 65,382 | € (54,192) | € 35,522 | ||||||
Beginning balance at Dec. 31, 2018 | 54 | 89,660 | (54,192) | 35,522 | ||||||
Profit (Loss) for the period | (63,479) | (63,479) | [1] | |||||||
Other comprehensive income and expenses | € 3 | € (114) | (111) | |||||||
Total comprehensive income (loss) | (63,479) | 3 | (114) | (63,590) | ||||||
Convertible loans | € 3,981 | 3,981 | ||||||||
Increase in share capital | 128 | (128) | ||||||||
Ending balance at Dec. 31, 2019 | 24,460 | 65,254 | 3,981 | (117,671) | 3 | (114) | (24,087) | |||
Profit (Loss) for the period | (188,427) | (188,427) | [1] | |||||||
Other comprehensive income and expenses | 36 | (44) | (8) | |||||||
Total comprehensive income (loss) | (188,427) | 36 | (44) | (188,435) | ||||||
Share-based payments | 71,990 | 71,990 | ||||||||
Convertible loans | 2,299 | 65,824 | 34,084 | 102,207 | ||||||
Share buy-back | (738) | € (25) | (763) | |||||||
Increase in share capital | [2] | 2,791 | 94,019 | 96,810 | ||||||
Ending balance at Dec. 31, 2020 | 29,550 | 224,359 | 110,055 | (25) | (306,098) | 39 | (158) | 57,722 | ||
Profit (Loss) for the period | (411,036) | (411,036) | ||||||||
Other comprehensive income and expenses | 44 | 162 | 206 | |||||||
Total comprehensive income (loss) | (411,036) | 44 | 162 | (410,830) | ||||||
Share-based payments | 53,350 | 53,350 | ||||||||
Convertible loans | 2,464 | 127,813 | (34,084) | 96,193 | ||||||
Share buy-back | 45 | (45) | ||||||||
Reorganization | [2] | 2,724 | 51,116 | 111,109 | (81) | 164,868 | ||||
Increase in share capital | 5,400 | 375,808 | 381,208 | |||||||
Ending balance at Dec. 31, 2021 | € 40,138 | € 779,141 | € 240,430 | € (151) | € (717,134) | € 83 | € 4 | € 342,511 | ||
[1] | Certain amounts have been reclassified from prior years’ financial statements to conform to the current presentation. | |||||||||
[2] | Net of transaction cost. Refer to note 21. |
Consolidated Statement of Cash
Consolidated Statement of Cash Flows - EUR (€) € in Thousands | 12 Months Ended | |||||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||||
Cash flow from operating activities | ||||||
Net loss for the period | € (411,036) | € (188,427) | [1] | € (63,479) | [1] | |
Adjustments to reconcile consolidated net profit (loss) to net cash flows | ||||||
Income tax expense | 709 | 46 | [1] | 61 | [1] | |
Net interest | 4,289 | 34,498 | [1] | 5,734 | [1] | |
Depreciation and amortisation | 6,476 | 4,159 | [1] | 2,334 | [1] | |
Share listing expense | 111,109 | |||||
Expenses for other share-based payments | 61,378 | 50,907 | [1] | 7,880 | [1] | |
Net gains/losses from the disposal of intangibles and PP&E | [1] | 74 | ||||
Share of loss in an associated company | 848 | |||||
Fair value changes of financial instruments and expected credit losses | 4,625 | 15,164 | [1] | (516) | [1] | |
Income tax paid | (196) | (89) | [1] | (5) | [1] | |
Expense from change in provisions change in provisions | 2,392 | 116 | [1] | 40 | [1] | |
Working capital adjustments: | ||||||
Changes in trade and other payables | 20,517 | 8,358 | [1] | 131 | [1] | |
Change in other assets and liabilities | (16,177) | (2,689) | [1] | 773 | [1] | |
Cash flow from operating activities | (215,066) | (77,883) | [1] | (47,047) | [1] | |
Cash flow from investing activities | ||||||
Purchases of intangible assets | (1,597) | (1,212) | [1] | (534) | [1] | |
Purchases of and advance payments on property, plant and equipment | (17,099) | (7,657) | [1] | (4,263) | [1] | |
Disposals of intangible assets, property, plant and equipment | 1 | 4 | [1] | |||
Proceeds from short-term investments | 50,000 | |||||
Payments for short-term investments | (220,006) | (50,000) | [1] | |||
Payments for acquisition of an associate | (13,680) | |||||
Payments for promissory notes | (1,051) | (630) | [1] | |||
Interest received | 6 | 23 | [1] | |||
Cash flow from investing activities | (203,426) | (59,472) | [1] | (4,797) | [1] | |
Cash flow from financing activities | ||||||
Proceeds from convertible loans | 1,850 | 85,900 | [1] | 65,500 | [1] | |
Payments for share buy-back | [1] | (763) | ||||
Proceeds from share capital increase and capital contribution | 7 | 97,320 | [1] | |||
Proceeds from the Reorganization | 83,393 | |||||
Proceeds from the PIPE capital increase | 381,208 | |||||
Payment of transaction cost for capital contribution | (2,227) | (503) | [1] | |||
Payment for foreign exchange contract | (423,372) | |||||
Proceeds from foreign exchange contract | 407,840 | |||||
Principal elements of lease payments | (1,781) | (1,439) | [1] | (854) | [1] | |
Interest paid | (734) | (560) | [1] | (385) | [1] | |
Cash flow from financing activities | [2] | 446,184 | 179,955 | [1] | 64,261 | [1] |
Cash-based changes in cash and cash equivalents | 27,692 | 42,600 | [1] | 12,417 | [1] | |
Effect of foreign exchange rate changes on cash and cash equivalents | 20 | (27) | [1] | 15 | [1] | |
Net increase in cash and cash equivalents | 27,712 | 42,573 | [1] | 12,432 | [1] | |
Cash and cash equivalents at the beginning of the year | [1] | 102,144 | 59,571 | 47,139 | ||
Cash and cash equivalents at the end of the year | € 129,856 | € 102,144 | [1] | € 59,571 | [1] | |
[1] | Certain amounts have been reclassified from prior years’ financial statements to conform to the current presentation. | |||||
[2] | Please refer to note 28.3. |
Corporate Information
Corporate Information | 12 Months Ended |
Dec. 31, 2021 | |
Corporate Information | |
Corporate Information | Lilium Group IFRS CONSOLIDATED FINANCIAL STATEMENTS 1. Corporate Information Lilium N.V., together with its German subsidiary Lilium GmbH (“Lilium” or the “Group”), is a start-up in the field of urban air mobility and intends to make regional air mobility a reality. Since its founding, Lilium GmbH has primarily engaged in research and development of a self-developed electric Vertical Takeoff and Landing (eVTOL) jet (the “Lilium Jet”) for production and operation of a regional air mobility service as well as related services. Lilium GmbH became a subsidiary of Lilium N.V. as part of the reorganization (as described below) on September 14, 2021. Lilium N.V. is a public company under Dutch law and is registered under the Dutch trade register number 82165874. Lilium N.V. has its activities exclusively in Germany. The registered headquarters is Claude-Dornier Str. 1, Geb. 335, 82234 Wessling, Germany. Lilium GmbH is a German limited-liability company and is registered in the commercial register at the Bavaria District Court Munich Germany under the number 216921. Prior to September 14, 2021, Lilium N.V. was a shell company with no active trade or business, and all relevant assets and liabilities, as well as income and expenses, were borne by Lilium GmbH. Therefore, the comparable consolidated financial statements as of December 31, 2020 and for the years ended December 31, 2020 and 2019 represent consolidated financial statements of Lilium GmbH. The share split of 1 The consolidated financial statements of the Group for the year ended December 31, 2021 were authorized for issue by the Management Board on March 28, 2022. The Reorganization On September 14, 2021 (“Closing Date”), Lilium GmbH consummated the capital reorganization pursuant to the Business Combination Agreement, dated as of March 30, 2021, as amended by an amendment agreement dated July 14, 2021, by and among Qell Acquisition Corp (“Qell”), Lilium GmbH, Lilium N.V., and Queen Cayman Merger LLC (“Merger Sub”). On the Closing Date, (i) Qell converted the Qell Class A Ordinary shares held by Qell shareholders and Qell sponsors into a claim for corresponding equity in Merger Sub, with such claim then contributed to Lilium N.V. in exchange for one Class A share of Lilium N.V., (ii) the shareholders of Lilium GmbH exchanged their shares of Lilium GmbH for shares in the capital of Lilium N.V., with all Lilium GmbH shareholders, but one shareholder, receiving Class A shares in the share capital of Lilium N.V., and one shareholder receiving Class B shares of Lilium N.V., and (iii) each outstanding warrant to purchase a Qell Class A Ordinary share was converted into a warrant to purchase one Lilium N.V. Class A share. On March 30, 2021, concurrently with the execution of the Business Combination Agreement, Qell and Lilium GmbH entered into Subscription Agreements with certain investors (the “PIPE Investors”), pursuant to which the PIPE Investors agreed to subscribe for and purchase, and Lilium N.V. agreed to issue and sell to such PIPE Investors, an aggregate of 45,000,000 Lilium N.V. Class A shares (the “PIPE Shares”) at a price of approximately €8.47 per share, for gross proceeds of approximately €381.2 million (the “PIPE Financing”) on the Closing Date. The PIPE financing closed concurrent with the Business Combination Agreement. The Business Combination Agreement was accounted for as a capital reorganization (“Reorganization”). Under this method of accounting, Qell was treated as the “acquired” company for financial reporting purposes, with Lilium GmbH being the accounting acquirer and accounting predecessor. Accordingly, the Reorganization was treated as the equivalent of Lilium N.V. issuing shares at the closing of the Reorganization for the net assets of Qell as of the Closing Date, accompanied by a recapitalization. The Reorganization, which was not within the scope of IFRS 3 since Qell did not meet the definition of a business in accordance with IFRS 3, was accounted for within the scope of IFRS 2. In accordance with IFRS 2, Lilium N.V. recorded a one-time non-cash expense of €111,109 thousand, recognized as a share listing expense, based on the excess of the fair value of Lilium shares issued considering a fair value of the Lilium N.V. shares of $9.41 per share (price of Lilium N.V. Class A shares at Closing Date) over the fair value of Qell's identifiable net assets acquired: Qell Qell In € thousand, except share and per share data shareholders sponsors Total Shares issued 13,422,406 7,658,555 21,080,961 Fair value as of September 14, 2021 (USD) 9.41 8.94* Exchange rate 0.8472 0.8472 Fair value as of September 14, 2021 (EUR) 7.97 7.57 Estimated market value of shares 107,002 58,000 165,002 Qell net assets — — 53,893 Excess fair value of shares over Qell’s net assets acquired — — 111,109 * discount of 5% applied to reflect lack of marketability In addition to the shares issued shown in the table above, shares were issued in connection with the Reorganization related to both the conversion of convertible loans and to bonuses paid in shares. Refer to note 21 for additional information. |
Basis of Preparation
Basis of Preparation | 12 Months Ended |
Dec. 31, 2021 | |
Basis of Preparation | |
Basis of Preparation | 2. Basis of Preparation The Group’s consolidated financial statements are prepared in accordance with International Financial Reporting Standards (“IFRS”), as issued by the International Accounting Standards Board (“IASB”) and the related interpretations issued by the IFRS Interpretations Committee. The consolidated financial statements have been prepared on a going concern basis, applying a historical cost convention, unless otherwise indicated. They are prepared and reported in thousands of Euro (“€ thousand”) except where otherwise stated. Due to rounding, numbers presented may not add up precisely to the totals provided and percentages may not precisely reflect the absolute figures. Group information Consolidated entities are as follows: Country of Date of % equity interest owned Name Incorporation incorporation 12/31/ 2021 12/31/ 2020 Lilium N.V. Netherlands March 11, 2021 100.0 % n/a Lilium GmbH Germany February 11, 2015 100.0 % 100.0 % Lilium Schweiz GmbH Switzerland December 8, 2017 100.0 % 100.0 % Lilium Aviation UK Ltd. United Kingdom December 20, 2017 100.0 % 100.0 % Lilium Aviation Inc. United States July 1, 2020 100.0 % 100.0 % Lilium eAircraft GmbH Germany August 17, 2020 100.0 % 100.0 % Stichting JSOP Netherlands September 10, 2021 0.0 % n/a The Netherlands trust “Stichting JSOP” (“Stichting”) has been fully consolidated, as Lilium has the right to appoint the members of the board of the trust and therefore controls the trust. Lilium is exposed to a variable return risk due to an interest-bearing loan that was granted to the trust. Principles of consolidation The consolidated financial statements incorporate the financial positions and the results of operations of the Group. Control is achieved when the Group is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. The financial statements of the subsidiaries are prepared for the same reporting period as Lilium N.V. previously Lilium GmbH, using consistent accounting policies. Intercompany transactions, balances and unrealized gains on transactions between Group companies are eliminated. Segment The Group operates its business as a single operating segment, which is also its reporting segment. An operating segment is defined as a component of an entity for which discrete financial information is available and whose results of operations are regularly reviewed by the chief operating decision maker. The Group's chief operating decision maker is the Chief Executive Officer, who reviews results of operations to make decisions about allocating resources and assessing performance based on consolidated financial information. For a geographical split of non-current assets our investment in an associated company is related to an entity located in the United States, and for property plant and equipment, we refer to note 15. Most of the remaining non-current assets are located in Germany. Foreign currency The Group's consolidated financial statements are presented using the Euro, which is the Group's functional currency. The functional currency of all foreign consolidated entities included in these financial statements is their local currency. Lilium translates the financial statements of these subsidiaries to Euro using year-end exchange rates for assets and liabilities, and average exchange rates for income and expenses. Adjustments resulting from translating foreign functional currency financial statements into Euro are recorded as a separate component on the consolidated statements of comprehensive income. Monetary assets and liabilities that are denominated in currencies other than the respective functional currencies are initially recognized at the foreign exchange rate on that date and remeasured at the foreign currency rates as of the reporting date. Foreign currency transaction gains and losses from the remeasurement are included in other income and other expenses, as appropriate, in the consolidated statements of operations for the period. New standards, interpretations and amendments adopted by the Group The accounting policies adopted in the preparation of the consolidated financial statements are consistent with those followed in the preparation of the Group’s annual consolidated financial statements for the year ended December 31, 2020, except for the adoption of new standards effective as of January 1, 2021. The following standards, amendments and interpretations were issued as of December 31, 2021: Standard/amendment/ interpretation Effective date Adoption status January 1, 2021 Amendment to IFRS 16, ‘Leases’ – COVID-19 related rent concessions Annual periods on or after June 1, 2020 Early adoption is permitted Amendment to IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16 – Interest rate benchmark reform – Phase 2 Annual periods on or after January 1, 2021 Early adoption is permitted The Group has not early adopted any standard, interpretation or amendment that has been issued but is not yet effective (see below). Several amendments apply for the first time in 2021, but do not have an impact on the consolidated financial statements of the Group. Interest Rate Benchmark Reform – Phase 2: Amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16 The amendments provide temporary relief to address the financial reporting effects that arise when an interbank offered rate (IBOR) is replaced with an alternative nearly risk-free interest rate (RFR). The amendments include the practical expedient to require contractual changes, or changes to cash flows that are directly required by the reform, to be treated as changes to a floating interest rate, equivalent to a movement in a market rate of interest. In addition, new disclosures are required due to the IBOR reform. None of the present financial instruments are subject to a direct risk from the change in alternative benchmark interest rates nor subject to changes in the valuation methodology or discount rates (indirect risk) as of December 31, 2021. These amendments have no impact on the consolidated financial statements of the Group. New Standards and Interpretations not yet adopted by the Group A number of new standards and amendments to standards and interpretations are effective for annual periods beginning on or after January 1, 2022 and have not been applied in preparing these consolidated financial statements. None of these standards is expected to have a significant effect on the consolidated financial statements of the Group: Standard/amendment/ interpretation Effective date Adoption status January 1, 2022 Amendments to IFRS 3, ‘Business combinations’, IAS 16 ‘Property, plant and equipment’ and IAS 37 ‘Provisions, contingent liabilities and contingent assets’ Annual periods on or after January 1, 2022 Early adoption is permitted Annual improvements 2018-2020 Annual periods on or after January 1, 2022 Early adoption is permitted January 1, 2023 IFRS 17, ‘Insurance contracts’ as amended in June 2020 by amendments to IFRS 17, Insurance Contracts Annual periods on or after January 1, 2023 Early adoption is permitted for entities that apply IFRS 9 Financial Instruments Amendment to IAS 1, ‘Presentation of financial statements’, on classification of liabilities Annual periods on or after January 1, 2023 Early adoption is permitted Amendment to IAS 1, ‘Presentation of financial statements’, IFRS Practice statement 2 and IAS 8, ‘Accounting policies, changes in accounting estimates and errors’ Annual periods on or after January 1, 2023 Early adoption is permitted |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2021 | |
Significant Accounting Policies | |
Significant Accounting Policies | 3. Significant Accounting Policies Intangible assets Research and development costs In developing this novel eVTOL technology, the Group is incurring significant research and development costs. The costs for internally generated research and development are expensed when incurred. A portion of costs for internally generated development is capitalized if: ● the product or process is technically feasible; ● adequate resources are available to successfully complete the development; ● the benefits from the assets are demonstrated; ● the costs attributable to the projects are reliably measured; ● the Group intends to produce and market or use the developed product or process and can demonstrate its market relevance. Management recognizes an interest for an air mobility service, especially within heavily populated urban areas; however, there is not yet an established market for this new industry. The self-developed eVTOL technology going into the Lilium Jet development is highly innovative and there are uncertainties related to successful completion of the development. Consequently, the Group has not yet capitalized development costs. These costs are reflected in the statement of operations in the period in which the expenditure is incurred. Purchased intangibles Intangible assets acquired separately are measured on initial recognition at cost. Following initial recognition, intangible assets are carried at cost less any accumulated amortization and accumulated impairment losses. Amortization is calculated on a straight-line basis: Useful life Software 2 – 15 years Purchased concessions, rights and other intangible assets 10 – 20 years Impairment tests At the end of each reporting period, the Group assesses whether there is an indication that an asset may be impaired. If any indication exists, or when annual impairment testing for an asset is required, the Group estimates the asset’s recoverable amount. The recoverable amount is determined for an individual asset, unless the asset does not generate cash inflows that are largely independent of those from other assets or groups of assets. An asset’s recoverable amount is the higher of an asset or cash generating unit (“CGU”)’s fair value less costs of disposal and its value in use. When the carrying amount of an asset or CGU exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable amount. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. In determining fair value less costs of disposal, recent market transactions are taken into account. If no such transactions can be identified, an appropriate valuation model is used. Property, Plant and Equipment Property, plant and equipment are measured at cost, net of accumulated depreciation and any accumulated impairment losses. Costs of construction recognized include all attributable direct costs including material and production overheads and, where applicable, an initial estimate of the cost of dismantling and removing the item and restoring the site on which it is located. Borrowing costs are capitalized as part of the underlying asset under construction if there is a qualifying asset. Subsequent expenditures on assets are capitalized only when it is probable that future economic benefits associated with the expenditure will flow to the Group. Repairs and maintenance are expensed in profit or loss in the period the costs are incurred. If items of property, plant and equipment are sold or disposed of, the gain or loss arising from the disposal is recognized as other operating income or expense in the consolidated statement of operations and other comprehensive income (loss). Depreciation is calculated on a straight-line basis based on the following useful lives: Useful life Rights to land and buildings including leasehold improvements 2 – 9 years Technical equipment and machinery 3 – 25 years Office and other equipment 3 – 13 years Vehicles 5 – 11 years Assets qualifying as low value assets with a value of up to €1 thousand are aggregated into groups and depreciated over a useful life of 5 years. Leasehold improvements are amortized over the unexpired portion of the lease term or the estimated useful life of the improvements, whichever is shorter. The residual values, useful lives and methods of depreciation of property, plant and equipment are reviewed at each financial year end and adjusted prospectively, if appropriate. Leases The Group’s lease obligations primarily relate to rights to buildings mainly for its office and research and development premises. As lease contracts are negotiated on an individual basis, lease terms contain a range of different terms and conditions. Lease contracts are typically entered for a period of 2-9 years and regularly include renewal and termination options, which provide operational flexibility to Lilium. As a lessee, at the inception of a contract, the Group assesses whether the contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. The Group recognizes right of use assets which represent a right to use the underlying leased assets and corresponding lease liabilities which represent the present value of future lease payments, and according to IFRS 16 B3-B8 adopting the exemption for excluding short-term leases (lease term of 12 months or less from commencement date and do not contain a purchase options) and leases of low value assets (acquisition costs less than €5 thousand), in the consolidated statement of financial position at the date at which the leased asset is available for use. Liabilities arising from a lease are initially measured at present value of lease payments discounted using the interest rate implicit in the lease or the incremental borrowing rate in case the interest rate implicit in the lease is not readily determinable. Main components of the lease payments included in the measurement of the lease liability comprise the following: ● fixed lease payments; ● variable lease payments that are linked to an index (consumer price index); ● lease payments in an optional renewal period if the Group is reasonably certain to exercise an extension option. Lease payments contain principal elements and interest. Interest is presented as part of finance costs in the consolidated statements of operations and other comprehensive income using the effective interest method. Principal and interest portion of lease payments have been presented within financing activities in the consolidated statement of cash flows. The carrying amount of lease liabilities is remeasured if there is change in the future lease payments due to change in index or rate. Right of use assets at the lease commencement date are measured at cost less any accumulated depreciation and impairment losses and adjusted for any remeasurement of lease liabilities recognized. Cost of right of use assets includes lease liabilities, initial direct costs, prepayments made on or before the commencement date and less any lease incentives received. Right of use assets are depreciated on a straight-line basis from the commencement date to the earlier of the end of the useful life of the right-of-use asset and the end of the lease term. The estimated useful lives of right of use assets are determined on the same basis as those of the leased property and equipment. The right of use asset is periodically assessed for impairment. The Group has presented right of use assets within “Property, plant and equipment”. Assets related to retirement obligations for leased buildings are included in the cost of right of use assets for the respective underlying building lease. The Group does not have any contracts as a lessor as of the date of the consolidated statement of financial position. Investment in associated Companies Under the equity accounting method, the investment in an associate is initially recognized at cost. The carrying amount of the investment is subsequently adjusted to recognize changes in the Group’s share of net assets of the associate since the acquisition date. On acquisition of the investment, any difference between the cost of the investment and the entity’s share of the net fair value of the investee’s identifiable assets and liabilities is accounted for as follows: (a) Goodwill relating to an associate is included in the carrying amount of the investment. Amortization of that goodwill is not permitted. (b) Any excess of the entity’s share of the net fair value of the investee’s identifiable assets and liabilities over the cost of the investment is included as income in the determination of the entity’s share of the associate’s profit or loss in the period in which the investment is acquired. The consolidated statement of operations and other comprehensive income (loss) reflects the Group’s share of the results of operations of the associate. Any change in other comprehensive income (loss) (“OCI”) of those investees is presented as part of the Group’s OCI. Gains and losses resulting from transactions between the Group and the associate would be eliminated to the extent of the interest in the associate. Non-financial Assets Insurance recoveries are recognized for expected reimbursements for damaged assets. They have been measured based on a ratio of total tangible assets to insurance coverage. The tangible asset values were derived from replacement costs adjusted to exclude tools still available, premiums paid on materials and costs of related salaries or wages. Other non-financial assets are recognized at their nominal amounts. Cash and Cash Equivalents Cash and cash equivalents in the consolidated statement of financial position and consolidated statement of cash flows comprise cash at banks and on hand, and short-term highly liquid deposits with a maturity of three months or less that are readily convertible to a known amount of cash and subject to an insignificant risk of changes in value. Depending on the classification, these financial assets are measured at amortized cost or fair value with changes through profit or loss – see financial instruments, note 28. Treasury Shares The treasury shares represent the amount paid or payable for own shares held in treasury. The nominal value of the shares is shown in the treasury share reserve, which is part of the capital reserves. Acquisition values higher or lower than the nominal value are reduced from or added to the share premium reserve. Financial Instruments Financial instruments are contracts that give rise to a financial asset for one entity and to a financial liability or equity instrument for another entity. Purchases or sales of financial assets that require delivery of assets within a time frame established by regulation or convention in the marketplace (regular way trades) are recognized on the settlement date. Financial assets and financial liabilities are offset, and the net amount is reported in the consolidated statement of financial position if there is a currently enforceable legal right to offset the recognized amounts and there is an intention to settle on a net basis, to realize the assets and settle the liabilities simultaneously. The Group has no such assets and liabilities. Financial assets The Group’s financial assets include cash and cash equivalents and other financial assets. Other financial assets consist of security deposits for leases, fixed-term deposits and money market funds. Financial assets are initially measured at fair value plus, in the case of a financial asset not measured at fair value through profit or loss, transaction costs. As an exception of this general rule, trade receivables are measured at their transaction price. Financial assets are classified at initial recognition as either measured at amortized cost (“AC”), fair value through other comprehensive income (“FVOCI”), or fair value through profit or loss (“FVTPL”) depending on the contractual cash flows and the Group’s business model for managing them. For all financial assets the Group has the objective to hold financial assets in order to collect the contractual cash flows. If the contractual terms of the financial assets give rise on specified dates to cash flows that are solely payments of principal and interest on the principal outstanding amount, the Group will measure these financial assets at amortized cost under consideration of impairment (see following section). All financial assets are measured at amortized cost, with the exception of money market funds and promissory notes which are required to be measured at fair value through profit or loss because their cash flows are not solely payments of principal and interest on the principal outstanding amount. Gains and losses from financial assets measured at fair value (FVTPL) are shown in the income statement in finance income and finance expense. Gains and losses from financial assets measured at amortized cost (AC) including effects resulting from impairment are also presented in finance income and finance expense. Generally, the gains and losses from foreign currency translation effects are presented in other income / other expense. A financial asset is derecognized (i.e., removed from the Group’s consolidated statement of financial position) when the rights to receive cash flows from the asset have expired or have been transferred in terms of fulfilling the derecognition criteria. Impairment of financial assets — expected credit losses (“ECL”) All financial assets measured at amortized cost are required to be impaired at initial recognition in the amount of their expected credit loss (“ECL”). ECLs are based on the difference between the contractual cash flows due in accordance with the contract and all the cash flows that the Group expects to receive. Lilium recognizes an allowance for ECLs for cash and cash equivalents and other financial assets according to the “general approach”. This means that ECLs are recognized in three stages. For credit exposures at initial recognition, ECL are provided for credit losses that result from default events which may be possible within the next 12-months (Stage 1: a 12-month ECL). For credit exposures for which there has been a significant increase in credit risk since initial recognition (which is deemed to have occurred if a payment is more than 30 days past due), a loss allowance is required for credit losses expected over the remaining life of the exposure, irrespective of the timing of the default (Stage 2: a lifetime ECL). The same applies if objective indications exist that a default event has occurred (Stage 3: an incurred loss). In this case, any interest income is measured on the basis of the net carrying amount, while for stage 1 and 2 the basis is the gross carrying amount. Examples of objective evidence are significant financial difficulties experienced by the debtor, payment default or delays, a lowering of the credit rating, insolvency or where measures are taken to secure a debtor’s financial situation, or if other observable data indicates that expected cash flows deriving from financial assets may be appreciably reduced. For cash and cash equivalents as well as other financial assets, the simplification available for financial instruments with a low credit risk (“low credit risk exemption”) is applied as of the reporting date. Factors that can contribute to a low credit risk assessment are debtor-specific rating information and related outlooks. The requirement for classification with a low credit risk is regarded to be fulfilled for counterparties that have at least an investment grade rating; in this case there is no need to monitor credit risks for financial instruments with a low credit risk. The default probabilities applied to determine the expected credit losses for cash and cash equivalents and other financial assets are based on credit default swap spreads that are quoted on markets, which take future-oriented macroeconomic data into account. In general, Lilium defines a default event as a situation in which the debt is no longer recoverable. If the financial instrument is perceived to be unrecoverable, then the expectation is that future contractual cash flows will not occur. At this point in time, the balance is written off after giving consideration to any possible security that is available. Impairment losses (including reversals of impairment losses on financial assets) are not presented as a separate item in accordance with IAS 1.82(ba) as they are considered immaterial. Impairment losses or income from the reversal of impairment losses on financial assets are reported net under finance income or finance expenses. Financial liabilities The Group’s financial liabilities include warrants, lease liabilities (see note 16), convertible loans (including embedded derivatives), derivatives, trade and other payables, and other financial liabilities. Financial liabilities are classified as measured at amortized cost (“AC”) or fair value through profit or loss (“FVTPL”). All financial liabilities are recognized initially at fair value less, in the case of a financial liability not at fair value through profit or loss, directly attributable transaction costs. Financial liabilities at FVTPL are measured at fair value and gains and losses resulting from changes in fair value are recognized in finance income / expenses. The Group only accounts for separated embedded derivatives of convertible loans and warrants as well as for other derivatives as a financial liability at FVTPL. All other financial liabilities are subsequently measured at amortized cost using the effective interest rate (“EIR”) method. When applying the effective interest rate method, the Group generally amortizes any fees, points paid or received, transaction costs and other premiums or discounts that are included in the calculation of the EIR over the expected life of the financial instrument. Gains and losses are recognized in interest expense when the liabilities are derecognized as well as through the EIR amortization process. For financial liabilities subsequently measured at amortized cost, the foreign currency translation effects are presented in other income or expense. An embedded derivative in a hybrid contract, with a financial liability or a non-financial host, is separated from the host and accounted for as a separate derivative if: the economic characteristics and risks are not closely related to the host; a separate instrument with the same terms as the embedded derivative would meet the definition of a derivative; and the hybrid contract is not measured at fair value through profit or loss. The assessment whether to separate an embedded derivative is done only once at initial recognition of the hybrid contract. Reassessment only occurs if there is a change in the terms of the contract that significantly modifies the cash flows. Embedded derivatives are measured at fair value with changes in fair value recognized in profit or loss. A financial liability is derecognized when the obligation under the liability is discharged or cancelled or expires. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as the derecognition of the original liability and the recognition of a new liability. The resulting gain or loss is recognized in the consolidated comprehensive income statement. Convertible Loans IFRS requires that a convertible loan shall be bifurcated into a debt component and a conversion right if the latter is an equity instrument. The conversion right of a convertible loan is not an equity instrument but a liability if some conversion features of the loan lead to a conversion into a variable number of shares. In this case it has to be assessed if embedded derivatives need to be separated from the host contract (see section above). If this is the case, the remaining host contract is measured at amortized cost and the separated embedded derivative is measured at fair value through profit or loss until the loan is converted into equity or becomes due for repayment. The conversion features and other repayment options provided for in the contract are identified as a combined embedded derivative if they share the same risk exposure and are interdependent. Derivative Warrant Liabilities The Group evaluates all of its financial instruments, including issued stock purchase warrants, to determine if such instruments are derivatives or contain features that qualify as embedded derivatives, pursuant to “IFRS 9 Financial Instruments” (“IFRS 9”). Warrants are recognized as derivative liabilities in accordance with IFRS 9. Accordingly, the Group recognizes the warrant instruments as liabilities at fair value and adjusts the instruments to fair value at each reporting period. The liabilities are subject to re-measurement at each balance sheet date until exercised, and any change in fair value is recognized in the Group’s statements of operations. Income Taxes Current income taxes 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. 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 taxes The Group uses the liability method of accounting for income taxes. Deferred income tax assets and liabilities represent temporary differences between the carrying amounts of assets and liabilities in the consolidated financial statements and their corresponding tax basis used in the computation of taxable income. Deferred tax, however, is not recognized on the initial recognition of goodwill or the initial recognition of an asset or liability (other than in a business combination) in a transaction that affects neither tax nor accounting income. Deferred tax assets are recognized for all deductible temporary differences, carry forward of unused tax credits and any unused tax losses to the extent it is probable that taxable profit will be available against which the deductible temporary differences, the carry forward of unused tax credits and the unused tax losses can be utilized. Deferred tax liabilities are recognized for all taxable temporary differences associated with investments in subsidiaries and associates, except where the Group is able to control the reversal of the temporary differences and it is probable that the temporary difference will not reverse in the foreseeable future. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the year in which the asset is realized, or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted at the reporting date. Deferred tax liabilities and assets are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when they relate to income taxes levied by the same taxation authority and the Group intends to settle its current tax assets and liabilities on a net basis. Current and deferred tax items are recognized similar to the underlying transaction either in profit or loss, other comprehensive income or directly in equity. Changes in deferred tax assets or liabilities are recognized as a component of tax expense (benefit) in the consolidated statement of operations, except where they relate to items that are recognized in other comprehensive income or directly in equity, in which case the related deferred tax is also recognized in other comprehensive income or equity, respectively. Where deferred tax arises from the initial accounting for a business combination, the tax effect is included in the accounting for the business combination. Deferred tax assets and deferred tax liabilities are not discounted. Deferred taxes are always classified as non-current. Provisions Provisions are recognized when the Group has a present obligation (legal or constructive) as a result of a past event, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. Fair Values of Assets and Liabilities Fair value is a market-based measurement. For some assets and liabilities, observable market transactions or market information is available. For other assets and liabilities, observable market transactions or market information might not be available. When a price for an identical asset or liability is not observable, another valuation technique is used. To increase consistency and comparability in fair value measurements, there are three levels of the fair value hierarchy: ● Level 1: contains the use of unadjusted quoted prices in active markets for identical assets or liabilities ● Level 2: inputs are other than quoted prices included within Level 1 that are observable for the asset or liability either directly or indirectly ● Level 3: inputs are based on unobservable market data If the inputs used to measure the fair value of an asset or a liability fall into different levels of the fair value hierarchy, then the fair value measurement is categorized in its entirety in the same level of the fair value hierarchy as the lowest level input that is significant to the entire measurement. The Group recognizes transfers between levels of the fair value hierarchy at the end of the reporting period during which the change has occurred. Further information about the assumptions made in measuring fair values of financial instruments is included in note 28.1. In cases where a gain or loss arises on initial recognition of a financial asset or a financial liability because the fair value deviates from the transaction price and is neither evidenced by a quoted price in an active market for an identical asset (i.e., a Level 1 input) nor based on a valuation technique that uses only data from observable markets (i.e., a Level 2 input), this gain or loss remains unrecognized until all market inputs become observable. In case such gain or loss results from a transaction with shareholders, this amount is to be considered as capital contribution to the Group and is therefore to be recognized in equity. Share-based Payments General accounting principles The Group offers share-based payments that have been issued to the Group’s employees and advisors in exchange for their service. These share-based payments qualify either as cash-settled or equity-settled transactions depending on the terms of settlement. When the settlement choice (i.e. cash versus shares) lies with the participant, awards are classified as compound financial instrument. Only in the case the equity component is zero, the award is accounted for as a cash-settled option. When the settlement choice lies with the Group, the award is classified as equity-settled grant unless the Group has a present obligation to settle in cash. For cash-settled awards a liability is recognized for the fair value. The fair value is measured initially and at each reporting date up to and including the settlement date, with changes in fair value recognized in profit or loss for the period. An equity-settled award is measured based on the fair value determined at the grant date, or the modification date for employees and advisors who accepted the modified contract, and the number of awards expected to vest. The fair value remains unchanged after grant date. The Group grants several share-based awards in several different plans, which are described in the following. Refer to note 22 for the measurement approach of the fair value of options. Due to the Reorganization, the Group has granted certain nonrecurring share-based awards to external consultants. The expenses for services received are recognized when the participant renders services over the applicable vesting period with a corresponding increase of either the liability or equity, depending on the classification of the awards. The related share-based payment expense is recorded in the functional cost category to which the award recipient’s costs are classified. Standard Employee Stock Option Program (“ESOP”) The Group maintains a standard Employee Stock Option Program (“ESOP”), originally established in 2017, which allows for the issuance of options to purchase ordinary shares to its employees, executives and certain advisors. Share options typically follow a vesting schedule over a four-year period. 25% will vest after the one-year anniversary of the applicable vesting commencement data (the “Cliff Period”) and then monthly thereafter on a graded vesting basis through the end of the vesting period. Individuals must continue to provide services to a Group entity in order to vest. Upon termination, all unvested options are forfeited . no The manner of settlement in the form of cash or shares under the original terms of the ESOP implemented in 2017 (the “2017 ESOP”) was at the election of the participants and, accordingly, options granted under the 2017 ESOP were classified as cash settled. In November 2020, the Group modified certain terms and conditions of the 2017 ESOP (the “2020 ESOP”), which included modifications to the manner of settlement and stipulated that the Group has the discretion to determine the form of settlement of the options. Furthermore, the definition of an exit event was extended to include an indirect IPO, such as a merger of the Group into a publicly traded shell company, if certain additional conditions are met. Letters were sent to all participants of options granted under the 2017 ESOP and each such holder was asked to provide acceptance of the amendments before the end of December 2020. Options granted to participants who were U.S. resident taxpayers at the time of grant were also revised to clarify that such awards would be functionally treated as restricted stock units for U.S. tax purposes, and such options would be automatically settled to the extent vested upon an exit event that occurs within eight years of the grant date and would continue to be automatically settled on each vesting date. As of December 31, 2021: 100 % (December 31, 2020: 89%) of the holders of options granted under the 2017 ESOP accepted the terms of the modification, which triggered a change in the accounting treatment from cash-settled to equity settled. Consequently, these options were remeasured at the modification date fair value and the relevant liability was transferred to equity. In October 2021, Lilium GmbH sent letters to all employees under the current ESOP plan to modify certain terms of the agreement. As per the modification agreement, an employee’s vested options shall now be exclusively settled in shares of Lilium N.V. instead of shares of Lilium GmbH in consideration for the employee’s claim for settlement under the ESOP conditions (as amended) to Lilium N.V. Options which are unvested at the time of the modification shall continue to vest in accordance with the regular vesting schedule. Vested options shall become exercisable after expiration of a lock-up period of 180 calendar days from the date of listing of Lilium N.V. on the Nasdaq Stock Market. Vested options may not be exercised at any freely selected point in time after the expiration of the lock-up period but must be exercised during certain exercise windows during each quarter of the fiscal year of the Group, their exact dates during each such quarterly period being determined by the Group. The options will expire on the 10th anniversary on the date which vested options become exercisable. As of December 31, 2021: 100 % of the holders of the options have signed the modification agreement. By signing this modification, the illiquid shares of Lilium GmbH have been converted to liquid shares of Lilium N.V. tradable on Nasdaq Stock Market. Additionally, the exercise condition of an exit event is also waived. General population – Restricted Stock Units (“RSU”) The Group offered Restricted |
Significant Accounting Judgment
Significant Accounting Judgments, Estimates and Assumptions | 12 Months Ended |
Dec. 31, 2021 | |
Significant Accounting Judgments, Estimates and Assumptions | |
Significant Accounting Judgments, Estimates and Assumptions | 4. Significant Accounting Judgments, Estimates and Assumptions The preparation of the Group’s consolidated financial statements requires management to make judgements, estimates and assumptions that affect the reported amounts in the consolidated financial statements. In preparing these consolidated financial statements, management exercises its best judgement based upon its experience and the circumstances prevailing at that time. The estimates and assumptions are based on available information and conditions at the end of the financial period presented and are reviewed on an ongoing basis. Actual results may differ from these estimates under different assumptions and conditions and may materially affect the financial results or the financial position reported in future periods. Key estimates and judgements that have a significant influence on the amounts recognized in the Group’s consolidated financial statements are described below: Going Concern The financial statements have been prepared on a basis that assumes the Group will continue as a going concern and which contemplates the realization of assets and satisfaction of liabilities and commitments in the ordinary course of business. Management assessed the Group’s ability to continue as a going concern and evaluated whether there are certain conditions and events, considered in the aggregate, that raise substantial doubt about the Group’s ability to continue as a going concern using all information available about the future, focusing on the twelve-month period after the issuance date of the financial statements. Historically, the Group has funded its operations primarily through capital raises and loans from shareholders. In 2021, management realized plans to finance these investments and costs with the US public listing via a Reorganization which was completed in September 2021 (see note 1). Since the inception the Group has incurred recurring losses and negative cash flows from operations including accumulated losses of €717.1 million. The Group expects to continue generating operating losses for several years. Based on the business plan the Group depends on additional financing for development activities and operations. This realization of the Reorganization has been crucial for the Group’s ability to continue as a going concern. Based on its recurring losses from operations since inception, expectation of continuing operating losses in the future and the need to raise additional capital to finance its future operations, the Group has concluded that there is substantial doubt about its ability to continue as a going concern. The financial statements do not include any adjustments that might result from the outcome of this uncertainty. Leases – Lease Term The Group has lease agreements for rental properties with material renewal options. The Group applies judgement in evaluating whether it is reasonably certain to exercise the option to extend or terminate the lease. The Group considers all relevant factors that create an economic incentive for it to exercise the respective extension option. After the commencement date, the Group reassesses the lease term if there is a significant event or change in circumstances that is within its control and affects whether the Group is reasonably certain to exercise or not to exercise the option to extend or terminate the lease (e.g., more than insignificant penalty, construction of significant leasehold improvements or significant customization to the leased asset). Leases – Incremental Borrowing Rate The Group cannot readily determine the interest rate implicit in the majority of leases, 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 IBRs used by the Group are calculated based on the risk-free rate, individual country risk premiums of underlying country and credit spread. The weighted average IBR in FY2021 is 3.75 % (for FY2020: 4.05%). Investment in associate – Purchase Price Allocation The Group acquired 34.8 % of Zenlabs Energy, Inc, described in detail in note 17. Management calculated the goodwill acquired upon purchase by performing a purchase price allocation, allocating the total consideration between the fair value of the identified net assets acquired and the goodwill acquired upon purchase. Assessing the fair value of the identified net assets acquired required significant judgement. Management concluded that the fair value of the technology portfolio and the brand value acquired significantly exceeded their carrying value. Management used the Multi-Period Excess Earnings Method (MPEEM) for the valuation of the technology portfolio. The MPEEM estimates the fair value of an intangible asset as a residual value after deducting charges for all other assets. It is assumed that the company holds only the intangible asset to be valued and leases all other assets necessary to operate the business. Contributory asset charges (CACs) reflect all return on and of the supporting assets and are deducted for the use of all other assets. The Remaining Useful Life for the technology portfolio is estimated to be 15 years. Management used the Relief-from-Royalty (RfR) method for valuation of the Zenlabs brand. This method is based on the assumption that if the company did not own the brand, it would be willing to enter a licensing agreement for the brand. As part of this hypothetical licensing transaction, the licensee would have to pay royalty fees to the licensor. The value of the brand can thus be estimated as the present value of all future royalty payments in a hypothetical licensing transaction. Management has applied a hypothetical royalty rate of 0.93 % based on comparable industry peers. The remaining useful life for the brand asset is estimated to be 15 years. Share-based Payments Significant judgments were made in determining the valuation of shares prior to the Reorganization. Determining the value of the shares, the following methods have been used: ● For all periods prior to the Reorganization, a hybrid model between option pricing methods (Black-Scholes) and probability-weighted expected return method has been used. ● Prior to the Reorganization, the past financing rounds have been used as an approximation of the equity value of the shares without any impact of the Reorganization; these calculations were performed with an option pricing method to reflect the value of different share classes. ● On and after December 31, 2020, the expected share value from the Reorganization has been used for this scenario. ● After the Reorganization, the market value of the publicly traded share has been used. An option pricing model (Black-Scholes) has been used for the determination of the fair value of awards. A simplified approach has been used in cases where share options have been deep in the money, so that the intrinsic value could serve as an approximation for the value of the option. Estimates also require the determination of the most appropriate inputs to the valuation model when calculating the fair value of the share option, such as the volatility of stock price, the discount for lack of marketability, and the probability and timing of an exit event. For the parameters used to calculate the fair value within 2021 we refer to note 22. For cash-settled share-based payment transactions, the liability has to be remeasured at the end of each reporting period until the date of settlement, with any changes in fair value recognized in profit or loss. This requires a reassessment of the estimates used at the end of each reporting period. Performance-based Stock Options For the performance-based stock options, the service-based condition is predetermined and does not require any assumptions or estimates. For valuation purposes the performance condition is assumed to be fulfilled in 4 years as a weighted average assumption. This assumption is reassessed at every reporting date. Success Fees The number of financing rounds with expected amounts raised and their probabilities are the significant estimates for the valuation of the success fees. The weighted average expected timing of fulfillment of the performance condition is 20 months with a weighted average probability of 69%. Share listing expense For the share listing expense, the Group has assessed the discount for lack of marketability on 5 % for the transfer restrictions imposed on Sponsor Lock-Up Shares and Sponsor Earnout Shares. Convertible Loans and Embedded Derivatives The initial fair value of the convertible loans (before bifurcation of the embedded derivatives) as well as the subsequent measurement of the embedded derivatives is calculated using an internal valuation model and many of the input parameters are not observable. Therefore, this valuation is considered highly judgmental. For detailed information on the convertible loans and its embedded derivatives, especially a description of the valuation model, the input parameters as well as a sensitivity analysis, see note 28. Warrants The fair value of the Private Warrants is deemed to be equal to the fair value of the Public Warrants. The Private Warrants are identical to the Public Warrants, except that the Private Warrants were not transferable, assignable or salable until 30 days after the completion of the Business Combination. Additionally, the Private Warrants will not be redeemable by Lilium so long as they are held by the initial purchasers or such purchasers’ permitted transferees. If the Private Warrants are held by holders other than the initial purchaser or their permitted transferees, the Private Warrants will be redeemable by Lilium and exercisable by such holders on the same basis as the Public Warrants. The Group has certain redemption rights depending on the share price of which one only relates to the Public Warrants, but given the other elements in the agreement, the Group has a certain economic incentive to call for redemption of all Warrants before a certain share price. Consequently, management has applied the same valuation for both the Public and Private Warrants. COVID-19 Risks and Uncertainties Since January 2020, the Corona Virus (COVID-19) has spread worldwide. The strict measures to stop the spread of COVID-19 adopted in several countries where the Group operates have resulted in the majority of the Group’s workforce working from home with a small number of teams with special purposes for development of the Lilium Jet remaining onsite. Modern forms of communication enabled contact to be maintained between various members of staff and deadlines defined before the period during which employees were working from home have been complied with. We continue to take actions as may be required or recommended by government authorities or in the best interests of our employees and business partners but COVID-19 could also affect the operations of our suppliers and business partners which may result in delays or disruptions in the supply chain of our components and delay the development and rollout of a Vertiport network and commercial operations. The potential delay did not trigger an impairment of assets. Additional costs were incurred related to health, safety and transportation of employees which remained onsite, however, the impact of these did not materially impact these consolidated financial statements. The current uncertainty regarding the consequences and duration of COVID-19 has negatively impacted the ability to develop a precise forecast for product development. Based on COVID-19 developments throughout 2020 and 2021 and the latest developments, the Group is expecting that business operation can be continued, no other impacts have been considered relevant. War in Ukraine Near the end of February 2022, a war started between Ukraine and Russia, and the tensions between Russia and the Western world are rising. Bilateral sanctions between Russia and Western countries worsen the business conditions worldwide, especially for companies working in Russia or with Russian companies. Currently, we do not see any major direct impact on Lilium’s business; Lilium has no suppliers in Russia or Ukraine. Nonetheless, the general worldwide economic climate worsens as well and already leads to increasing prices for raw materials and other parts provided by suppliers. |
Revenue from Contracts with Cus
Revenue from Contracts with Customers and Cost of Sales | 12 Months Ended |
Dec. 31, 2021 | |
Revenue from Contracts with Customers and Cost of Sales | |
Revenue from Contracts with Customers and Cost of Sales | 5. Revenue from Contracts with Customers and Cost of Sales Lilium is currently not generating revenues from mobility services. In rolling-out the business, Lilium is engaged in infrastructure and mobility consultancy services provided to airport authorities with which future collaborations are planned; revenue amounting to €47 thousand has been recognized from one customer at a point in time upon receipt of acceptance in 2021 (2020: €97 thousand; 2019: nil). The geographic region which recognized revenues was Germany based on the Group location which bills the customer. Related costs are captured in costs of sales and comprise personnel expenses. |
Research and Development Expens
Research and Development Expenses | 12 Months Ended |
Dec. 31, 2021 | |
Research and Development Expenses. | |
Research and Development Expenses | 6. Research and Development Expenses Research and development expenses consist of the following: In € thousand 2021 2020 2019 Salaries and social security 75,672 66,536 26,162 Professional services 49,421 8,448 2,472 Materials 9,009 8,253 5,012 Depreciation/amortization 4,541 2,829 1,404 IT and communication expense 1,248 1,857 1,175 Other research and development expenses 4,667 2,422 1,911 Total research and development expenses 144,558 90,345 38,136 Expenses for salaries and social security mainly include salary, salary-related expenses and share-based payments recognized from the Group’s share-based payment programs (note 22). Professional services include €31,576 thousand for consulting services (2020: €3,732 thousand; 2019: €1,880 thousand) and €17,845 thousand for contractors (2020: €4,716 thousand; 2019: €592 thousand). Consulting and contractor services have increased due to the ramp up of research and development activities being conducted with suppliers and partners in readiness for entry into service (EIS). Materials include various components used in development of the Lilium Jet. |
General and Administrative Expe
General and Administrative Expenses | 12 Months Ended |
Dec. 31, 2021 | |
General and Administrative Expenses. | |
General and Administrative Expenses | 7. General and Administrative Expenses General and administrative expenses consist of the following: In € thousand 2021 2020 2019 Share listing expense 111,109 — — Professional services 70,380 8,483 2,615 Salaries and social security 35,395 20,926 8,057 IT and communication expense 12,391 2,255 1,545 Depreciation/amortization 1,870 1,289 896 Insurances 1,698 73 118 HR related expenses (training, recruitment) 1,617 1,026 357 Other administrative expenses 4,633 1,354 1,849 Total administrative expenses 239,093 35,406 15,437 The share listing expense is the fair value of the shares issued by Lilium N.V. in excess of the net assets acquired from Qell as a result of the Reorganization (see note 1 for details). Expenses for salaries and social security mainly include salary, salary-related expenses and share-based payments recognized from the Group’s share-based payment programs (note 22). Professional services in 2021 include €33,127 thousand for consulting and legal fees in relation to the Reorganization which are not capitalizable and investor relations costs not deducted from capital reserves. Professional services in 2021 also include €13,030 thousand for the issue of Azul warrants (see note 22) and €5,439 thousand for JSOP bonus expense (see note 22). Additionally, professional services relate to general legal and tax advice, external contractors, consultants, audit expense and bookkeeping services. IT and communication included expenses for a new ERP system in 2021. Insurance expenses increased mainly due to a Directors & Officers insurance that closed in 2021. Other administrative expenses primarily include human resource expenses like recruitment and training, occupancy costs, travel expenses, membership fees and other operating expenses. |
Selling Expenses
Selling Expenses | 12 Months Ended |
Dec. 31, 2021 | |
Selling Expenses. | |
Selling Expenses | 8. Selling Expenses Selling expenses consist of the following: In € thousand 2021 2020 2019 Salaries, social security 11,971 13,115 3,012 Professional services 1,983 1,196 327 Marketing 2,059 613 751 Travel 626 167 387 Depreciation/amortization 65 41 34 Other selling expenses 485 140 134 Total selling expenses 17,189 15,272 4,645 In preparation for providing air mobility services, the Group has incurred expenses to allow it to operate as an airline, to prepare infrastructure for Vertiports, and for marketing and external communications. These have been classified as selling expenses. Expenses for salaries and social security mainly include salary and salary-related expenses and share-based payments recognized from the Group’s share-based payment programs (note 22). Marketing costs have increased in general due to the Reorganization. |
Other Income
Other Income | 12 Months Ended |
Dec. 31, 2021 | |
Other Income | |
Other Income | 9. Other Income Other income consists of the following: In € thousand 2021 2020 2019 Foreign currency gains 1,689 19 11 Insurance recoveries 456 1,906 — Grants received from the German government 51 307 53 Income from other grants — 42 — Other miscellaneous income 78 72 12 Total other income 2,274 2,346 76 Foreign currency gains of €1,689 thousand in 2021 are primarily derived from favorable exchange rate movements on the Group’s cash holdings denominated in US Dollar and from currency gains on foreign trade payables. Insurance recoveries are for damage which occurred as a result of an accident during maintenance work of which €1,000 thousand was received during 2020 and €1,362 thousand in the second half of 2021; an additional €456 thousand was recovered in 2021 compared to what was expected. Lilium has been granted government funds for conducting research on future mobility infrastructure and technology, especially assessing existing infrastructure for building vertiports and vertistops; the conditions connected with the grants are fulfilled by the Group. |
Other Expenses
Other Expenses | 12 Months Ended |
Dec. 31, 2021 | |
Other Expenses | |
Other Expenses | 10. Other Expenses Other expenses consist of the following: In € thousand 2021 2020 2019 Foreign currency losses 1,054 107 56 Miscellaneous other items 982 23 2 Total other expenses 2,036 130 58 Foreign currency losses of €1,054 thousand in 2021 are primarily derived from unfavorable exchange rate movements on the Group’s cash holdings denominated in US Dollar and from currency losses on foreign trade payables. |
Financial Result
Financial Result | 12 Months Ended |
Dec. 31, 2021 | |
Financial Result | |
Financial Result | 11. Financial Result Financial result is comprised of the following: In € thousand 2021 2020 2019 Finance income 11,288 80 518 thereof: fair value changes 11,280 58 516 Finance expenses (20,201) (49,741) (5,736) thereof: interest portion of lease payments (437) (450) (341) thereof: fair value changes (15,645) (15,222) — thereof: expected credit losses (260) — — thereof: interest on convertible loans (3,483) (33,960) (5,350) Financial result (8,913) (49,661) (5,218) Fair value changes resulted from the embedded derivatives of the convertible loans (2021: €6,351 thousand in finance income and €26 thousand in finance expense; 2020: €15,222 thousand in finance expense; 2019: €516 thousand in finance income), changes in the fair value of warrants (2021: €4,454 thousand in finance income; 2020 and 2019: nil), promissory notes (2021: €475 thousand; 2020: €58 thousand; and 2019: nil in finance income) and a foreign currency exchange contract (2021: €15,532 thousand in finance expense; 2020 and 2019: nil) which was concluded to hedge the foreign currency exchange risk related to the funds from the Reorganization expected to be received in USD. Fair value changes from the money market funds are also included in finance expenses (2021: €87 thousand; 2020 and 2019: nil). Of the €260 thousand allowance for expected credit losses recognized in finance expense in 2021, €257 thousand is related to other financial assets (i.e., fixed-term deposits and security deposits) and €3 thousand is related to cash and cash equivalents. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2021 | |
Income Taxes | |
Income Taxes | 12. Income Taxes Income Tax Expense The expense for income taxes is comprised of the following: In € thousand 2021 2020 2019 Current income tax expense 556 46 61 Current income tax expense related to prior years 143 — — Deferred tax expense 10 — — Total income tax expense 709 46 61 The income tax expenses mainly relate to foreign subsidiaries. At German companies, a corporation tax rate of 15 % was used for the calculation of deferred taxes. In addition, a solidarity surcharge of 5.5 % on corporation tax and a trade tax rate of 11.73 % were taken into account. This resulted in an overall tax rate of 27.55 % for German companies, which is also the Group’s tax rate (2020 and 2019: 27.55 )%. For international Group companies, the respective country-specific tax rates have been used for the calculation of current and deferred taxes. Tax Rate Reconciliation The following table presents the reconciliation of expected tax expense and reported tax expense. Expected tax expense is determined by multiplying consolidated profit before tax from continuing operations by the total group tax rate of 27.55 %: In € thousand 2021 2020 2019 Profit (Loss) before income tax (410,327) (188,381) (63,418) Income tax rate 27.55 % 27.55 % 27.55 % Expected income taxes on this 113,045 51,899 17,472 Effects deriving from differences to the expected tax rate 40 54 (3) Other non-deductible expenses and taxes (209) (238) (312) Changes in the realization of deferred tax assets (67,465) (22,371) (18,978) Other (46,120) (29,390) 1,760 Income tax as per statement of operations (709) (46) (61) Effective tax rate in % (0.2) % 0.0 % (0.1) % The other effects in 2021 mainly relate to expenses resulting from non-cash share listing expense (€111,109 thousand; resulting in a reconciliation effect of €30,610 thousand) and other share-based payments (€40,321 thousand, resulting in a reconciliation effect of €11,108 thousand) and the share-based payment for the Azul up-front warrants (€13,030 thousand; resulting in a reconciliation effect of €3,590 thousand) as well as finance income resulting from the embedded derivatives of the convertible loans (€6,351 thousand; resulting in a reconciliation effect of €1,750 thousand) and fair value adjustments of former Qell warrants (€4,454 thousand; resulting in a reconciliation effect of €1,227 thousand). The other effects in 2020 mainly relate to equity settled share-based payments (€71,990 thousand, resulting in a reconciliation effect of €19,883 thousand), the recognition of the day one effect of the convertible loan in equity (€34,084 thousand, resulting in a reconciliation effect of €9,390 thousand) and transaction cost deducted from equity (€503 thousand, resulting in a reconciliation effect €139 thousand). The other effects in 2019 mainly relate to the embedded derivative of the convertible loans (€ 3,981 Deferred Taxes Deferred taxes relate to the following: Deferred tax assets Deferred tax liabilities In € thousand 12/31/2021 12/31/2020 12/31/2021 12/31/2020 Non-current assets 3,010 2,289 3,099 3,043 Intangible assets 2,995 2,261 — — Property, plant and equipment 15 — 3,088 2,855 Financial assets — 28 11 188 Current assets 14 9 286 — Inventories 11 9 — — Receivables and other assets 3 — 286 — Non-current liabilities 645 531 167 9 Provisions 24 — 3 9 Liabilities 621 531 163 — Current liabilities 222 563 631 340 Provisions 91 — — 62 Liabilities 131 563 631 278 Loss carry forwards 282 — — — Gross value 4,173 3,392 4,183 3,392 Netting (4,173) (3,392) (4,173) (3,392) Recognition in the statement of financial position — — 10 — The deferred tax assets and liabilities disclosure as of December 31, 2021 and 2020, reflect the gross deferred tax right-of-use asset and related gross deferred lease liability. As of December 31, 2021, and 2020, there were the following tax attributes (gross): In € thousand 12/31/2021 12/31/2020 Corporation tax loss carryforwards 388,980 129,704 Trade tax loss carryforwards 387,524 128,889 Interest carryforwards 15,846 14,879 The reported tax loss and interest carryforwards mainly relate to the German Lilium entities and can be carried forward indefinitely. Tax loss carryforwards amounting to €47,780 thousand cannot be used during the time of the tax group between Lilium GmbH as controlling entity and Lilium eAircraft GmbH as controlled entity. German minimum taxation rules and interest stripping rules apply. These tax attributes may be subject to restrictions of the German change in ownership rules (Sec. 8c KStG) going forward. The closing of the de-SPAC transaction did not result in the forfeiture of the tax loss carryforwards. These tax attributes relate to entities that have a history of losses which have been accumulated in the previous years. The respective entities neither have any taxable temporary difference exceeding the deductible temporary differences nor any tax planning opportunities and documentation available that could partly support the recognition of these tax attributes as deferred tax assets. On this basis, the Group has determined that it cannot recognize deferred tax assets on the tax attributes carried forward. For the following deductible temporary differences and tax loss and interest carryforwards, no deferred tax assets were recognized in the financial statements: Deferred tax assets on Interest Temporary Tax carry In € thousand differences losses forward Total Unrecognized deferred tax assets as of January 1, 2020 20,313 11,540 2,352 34,205 Addition — 24,099 1,311 25,410 Deductions (3,037) — — (3,037) Unrecognized deferred tax assets as of December 31, 2020 17,276 35,639 3,663 56,578 Addition — 70,625 266 70,891 Deductions (3,426) — — (3,426) Unrecognized deferred tax assets as of December 31, 2021 13,850 106,624 3,929 124,043 |
Loss per Share
Loss per Share | 12 Months Ended |
Dec. 31, 2021 | |
Loss per Share | |
Loss per Share | 13. Loss per Share Basic loss per share (EPS) is calculated by dividing the net loss for the year by the weighted average number of ordinary shares outstanding during the year. Diluted EPS is calculated by dividing the net loss for the year by the weighted average number of ordinary shares outstanding during the year plus the ordinary shares that would be issued upon conversion of all outstanding stock options and warrants into ordinary shares. For the periods included in these consolidated financial statements, the Group was loss making; therefore, anti-dilutive stock options and warrants are excluded from the diluted EPS calculation, including the outstanding equity awards during the period and the warrants (former Qell warrants) and 1,800,000 Azul warrants issued in 2021. Comparative earnings per share (basic and diluted) were restated to give effect to the stock split (refer to note 21) for comparability purposes. The following table reflects the income and share data used in the basic and diluted EPS calculations: 2021 2020 2019 Comprehensive loss attributed to equity shareholders (410,830) (188,435) (63,590) (in € thousand) Weighted average number of shares outstanding Basic and diluted 214,858,203 193,722,062 169,224,125 Basic and diluted EPS (in €) (1.91) (0.97) (0.38) |
Intangible Assets
Intangible Assets | 12 Months Ended |
Dec. 31, 2021 | |
Intangible Assets | |
Intangible Assets | 14. Intangible Assets Intangible assets comprise the following: Purchased concessions, rights and other In € thousand Software intangible assets Total Costs of acquisition January 1, 2021 2,401 108 2,509 Additions 1,586 — 1,586 Transfer from property, plant and equipment 11 — 11 December 31, 2021 3,998 108 4,106 Accumulated amortization/write downs January 1, 2021 1,125 12 1,137 Amortization 1,569 6 1,575 December 31, 2021 2,694 18 2,713 Carrying amount: December 31, 2020 1,276 96 1,372 December 31, 2021 1,304 90 1,394 Purchased concessions, rights, and other In € thousand Software in-tangible assets Total Costs of acquisition January 1, 2020 1,241 89 1,330 Additions 1,188 24 1,212 Disposals (28) (5) (33) December 31, 2020 2,401 108 2,509 Accumulated amortization/write downs January 1, 2020 481 7 488 Amortization 642 6 648 Impairment 18 — 18 Disposals (16) (1) (17) December 31, 2020 1,125 12 1,137 Carrying amount: December 31, 2019 760 82 842 December 31, 2020 1,276 96 1,372 An item of software was impaired in 2020 as the value in use is nil due to obsolescence. There were no further indicators of impairment which would have required intangible assets to be tested for impairment in the fiscal years ended December 31, 2021 and 2020. |
Property, Plant and Equipment
Property, Plant and Equipment | 12 Months Ended |
Dec. 31, 2021 | |
Property, Plant and Equipment | |
Property, Plant and Equipment | 15. Property, Plant and Equipment Property, plant and equipment is comprised of the following: Rights to land and Technical buildings equipment Office Assets and leasehold and and other under In € thousand improvements Vehicles machinery equipment construction Total Costs of acquisition or construction: January 1, 2021 15,774 160 6,195 5,590 1,144 28,863 Additions 3,444 6 2,532 2,644 4,200 12,826 Disposals — — — (1) — (1) Transfers 711 — 2,009 2 (2,722) — Transfer to intangible assets — — — — (11) (11) Indexation impact (26) — — — — (26) Foreign exchange — — 2 8 — 10 December 31, 2021 19,903 166 10,738 8,243 2,611 41,661 Accumulated depreciation: January 1, 2021 3,057 40 640 2,411 — 6,148 Depreciation 2,381 42 1,028 1,450 — 4,901 Transfer — — 1 (1) — — Foreign exchange — — — 2 — 2 December 31, 2021 5,438 82 1,669 3,862 — 11,051 Carrying amount: December 31, 2020 12,717 120 5,555 3,179 1,144 22,715 December 31, 2021 14,465 84 9,069 4,381 2,611 30,610 Rights to land and Technical buildings equipment Office Assets and leasehold and and other under In € thousand improvements Vehicles machinery equipment construction Total Costs of acquisition or construction: January 1, 2020 10,272 109 2,626 3,736 634 17,377 Additions 4,795 51 1,268 1,873 3,479 11,466 Disposals — — (37) (43) — (80) Transfers 607 — 2,338 24 (2,969) — Indexation impact 100 — — — — 100 December 31, 2020 15,774 160 6,195 5,590 1,144 28,863 Accumulated depreciation: January 1, 2020 1,170 6 236 1,265 — 2,677 Depreciation 1,887 34 408 1,164 — 3,493 Disposals — — (4) (18) — (22) December 31, 2020 3,057 40 640 2,411 — 6,148 Carrying amount: December 31, 2019 9,102 103 2,390 2,471 634 14,700 December 31, 2020 12,717 120 5,555 3,179 1,144 22,715 Property, plant and equipment includes right-of-use assets for an amount of €11,525 thousand as of December 31, 2021 (December 31, 2020: €10,941 thousand). For further information refer to note 16. The transfers from assets under construction mainly relate to leasehold improvements and equipment which are required for construction of the Lilium Jet prototype. There are no security pledges. Property, plant and equipment is distributed among geographical areas as follows: In € thousand 12/31/2021 12/31/2020 Germany 18,933 11,723 United Kingdom 100 38 United States 38 10 Switzerland 14 3 Total property, plant and equipment 19,085 11,774 No indicators of impairment existed which would have required items of property, plant and equipment to be tested for impairment in the fiscal years ended December 31, 2021 and 2020. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2021 | |
Leases | |
Leases | 16. Leases The Group has lease contracts for facilities which contain variable lease payments and vehicles, equipment and other assets which contain fixed-rate payment terms. The carrying amounts of right-of-use assets recognized and the movements during the period were as follows: Technical equipment Office Rights and and other In € thousand to buildings Vehicles machinery equipment Total January 1, 2020 8,053 88 496 50 8,687 Additions to right-of-use assets 3,757 20 — 8 3,785 Depreciation (1,535) (31) (35) (30) (1,631) Indexation impact 100 — — — 100 December 31, 2020 10,375 77 461 28 10,941 Additions to right-of-use assets 2,369 — 29 170 2,568 Transfer — — (17) — (17) Depreciation (1,808) (34) (45) (54) (1,941) Indexation impact (26) — — — (26) December 31, 2021 10,910 43 428 144 11,525 Some lease payments for rights to buildings are indexed to the German consumer price index, adjusted on a yearly basis. The carrying amounts of lease liabilities and the movements during the period were as follows: In € thousand Lease Liability January 1, 2020 8,715 Additions 3,742 Interest 450 Payments (1,889) Indexation impact 100 December 31, 2020 11,118 Additions 2,512 Interest 437 Payments (2,218) Indexation impact (26) December 31, 2021 11,823 The consolidated statement of operations and other comprehensive income (loss) include the following amounts of lease related expense: In € thousand 2021 2020 2019 Depreciation of right of-use-assets 1,941 1,631 1,013 Interest expense on lease liabilities 437 450 341 Short-term lease expenses 488 108 138 Lease expenses for low-value assets 220 80 72 Total amount recognized in expense 3,086 2,269 1,567 Variable lease payments result from indexed rental payments for facility leases and are included in lease liabilities. The following table provides further information about the composition of the lease payments as included in the above movement schedule of lease liabilities: In € thousand 2021 2020 Fixed lease payments 204 154 Variable lease payments 2,014 1,735 Total amount of lease payments 2,218 1,889 The below table provides information on the total cash outflow from all leases during the year: In € thousand 2021 2020 2019 Principal paid 1,781 1,439 854 Interest paid 437 450 341 Short term and low value leases 708 188 213 Total amount paid 2,926 2,077 1,408 |
Investment in Associated Compan
Investment in Associated Companies | 12 Months Ended |
Dec. 31, 2021 | |
Investment in Associated Companies | |
Investment in Associated Companies | 17. Investment in Associated Companies Investment in Zenlabs On March 10, 2021, the Group entered into a Stock Purchase Agreement in which the Lilium Group acquired 25.7 % of the shares of Zenlabs Energy Inc. (“Zenlabs”) for a purchase price of €8,502 thousand ($10,054 thousand), including transactions costs. Zenlabs are a supplier of battery technology for Lilium. The principal place of business for Zenlabs is the United States of America. On July 15, 2021, the Group entered into an additional Stock Purchase Agreement in which the Lilium Group acquired a further 9.1 % of the shares of Zenlabs across two transactions on July 16, 2021 and September 27, 2021, for a total consideration of €7,400 thousand ($8,716 thousand). The consideration included the conversion of outstanding promissory notes at a fair value of €2,222 thousand ($2,629 thousand), including a €1,051 thousand ($1,250 thousand) promissory note purchased on March 19, 2021. The Group’s investment in Zenlabs is accounted for using the equity method of accounting. Lilium holds preferred stocks in Zenlabs, which give Lilium preferred dividend rights as well as rights of preferential payments in certain events. Preferred dividends are not cumulative, and payment is at the discretion of the Board of Directors of Zenlabs out of any funds and assets legally available. In a deemed liquidation event, which is defined in the preferred stock purchase agreement as mergers and consolidations and certain asset sales in the preferred stock purchase agreement, Lilium is entitled to redeem cash or other assets from Zenlabs which provides Lilium a share in Zenlabs net assets. In the event of liquidation, dissolution or winding up or deemed liquidation event, Lilium is entitled to preferential payments if there are sufficient funds in Zenlabs to pay the preferred stockholders. The preferred stocks carry the same shareholder voting rights as holders of equivalent common stock. The preferred stocks also entitle the Group to nominate two directors to the Board of Directors of Zenlabs. As such, the Group is considered to have significant influence over Zenlabs. The significant influence together with other features of the preferred stocks result in Lilium participating in a share of gains or losses from Zenlabs; as such, the investment is accounted for at-equity under IAS 28 ‘Investment in associates and joint ventures’. For each date of acquisition of the equity-accounted investee, the fair value of Zenlabs’ identifiable net assets and liabilities was identified, and the difference between the purchase price and the fair value of identified net assets has been accounted for as goodwill. The goodwill is included within the carrying value of the Investment in Associate. The total fair value of the identifiable net assets acquired is €8,344 thousand ($9,843 thousand), generating goodwill upon purchase of €7,558 thousand ($8,927 thousand). The fair value of the identifiable net assets acquired includes a carrying value of €2,248 thousand ($2,652 thousand) and a fair value step-up of €8,688 thousand ($10,250 thousand) for Zenlabs’ brand and technology portfolio, offset by €2,592 thousand ($3,059 thousand) for deferred taxation. As of December 31, 2021, there were no indicators that an impairment expense should be recognized on the carrying value of the investment in an associate. The following table illustrates the summarized valuation of the Group’s investment in Zenlabs: In € thousand Carrying Value January 1, 2021 — Initial recognition 8,502 Conversion of promissory notes (July 2021) 2,222 Capital increases (July and September 2021) 5,178 Share of loss in an associated company (848) December 31, 2021 15,054 The following is the summarized financial information for Zenlabs, based on their consolidated financial statements prepared in accordance with IFRS, modified for fair value adjustments on acquisition. The numbers presented reflect the amounts in the IFRS financial statements of the associate, not of Lilium's ownership share in these amounts. Zenlabs Energy, Inc - Consolidated Statement of Operations for the period March 10, 2021, until December 31, 2021 In € thousand 3/10/2021 – 12/31/2021 Revenue 806 Net loss for the period (2,907) Zenlabs Energy, Inc. - Consolidated Statement of Financial Position as of December 31, 2021 In € thousand 12/31/2021 Non-current assets (1) 24,255 Current assets 6,724 Preferred stock reclassification (2) 20,283 Non-current liabilities (28,200) Current liabilities (756) Shareholders’ equity 22,306 Group’s effective interest in the associate 34.8 % Group’s share in shareholders’ equity (2020: nil) 7,762 Goodwill 7,558 Currency translation difference (266) Investment in an associate 15,054 (1) As the purchase price allocation is performed at each acquisition date (as of March 10, July 16 and September 27, 2021), differences occur due to the different ownership rates used in purchase price allocation and equity accounting. These differences are adjusted in Zenlabs’ summary financial state-ments. (2) Based on the Group's analysis of significant influence and investors’ current access to returns, Lilium concluded that its investment in Zenlabs is accounted for using the equity method under IAS 28 'Investment in associates and joint ventures'. However, in Zenlabs’ IFRS financial statements, the preferred stock owned by Lilium is accounted for as a financial liability based on its analysis under IAS 32 'Financial Instru-ments: Presentation' due to the features of preferred stock as explained above. In order to give effect to uniform accounting policies and consistency in accounting, the above-mentioned financial liability in Zenlabs’ financial statements is treated as equity in purchase price allocation and goodwill calculation. |
Other Financial Assets
Other Financial Assets | 12 Months Ended |
Dec. 31, 2021 | |
Other Financial Assets | |
Other Financial Assets | 18. Other Financial Assets Other financials assets are as follows: In € thousand 12/31/2021 12/31/2020 Security deposits 3,779 2,096 Miscellaneous other non-current financial assets — 16 Total non-current financial assets 3,779 2,112 Fixed term deposits 119,664 50,000 Money market funds 99,919 — Promissory notes — 676 Security deposits 42 — Total current other financial assets 219,625 50,676 On May 14, 2020, the Group entered into a fixed-term deposit with a term of nine months and fixed interest rate of 0.02 %. The deposit was not redeemable before maturity. On July 31, 2020, the Group entered into a promissory note for a nominal amount of $500 thousand (€422 thousand) convertible into a variable number of shares of equity of the issuer. On December 23, 2020, the Group entered into another promissory note for a nominal amount of $250 thousand (€205 thousand) with the same conditions. Both promissory notes bear 7 % interest annually and maturity is upon demand of the Group after one year, however, the notes can be converted earlier under certain conditions. Both promissory notes were measured at fair value through profit or loss according to IFRS 9. In March 2021, the Group purchased another promissory note for a nominal amount of $1,250 thousand (€1,051 thousand) with the similar conditions as for the other promissory notes. All promissory notes including accumulated interest have been converted into Zenlabs shares in July 2021 (see note 17). In October 2021, the Group has invested total €120,000 thousand into fixed term deposits with terms of 6 , 9 and 12 months , €40,000 thousand each; the principal amount has reduced by €336 thousand due to negative interest rates of €80 thousand and an expected credit loss of €257 thousand. Prior year’s €50,000 thousand short-term deposit has been repaid during the year. In addition, the Group has invested €100,006 into a money market funds in November 2021. Security deposits include €400 thousand (December 31, 2020: nil) pledged as collateral for customs, €253 thousand (December 31, 2020: €120 thousand) pledged as collateral for a furniture lease and €196 thousand (December 31, 2020: nil) pledged as collateral for use of credit card facilities. Additional deposits in the amount of €2,942 thousand (December 31, 2020: €1,976 thousand) are pledged as collaterals for facility leases, and €30 thousand (December 31, 2020: nil) refer to deposits to suppliers. |
Non-Financial Assets
Non-Financial Assets | 12 Months Ended |
Dec. 31, 2021 | |
Non-Financial Assets | |
Non-Financial Assets | 19. Non-Financial Assets Non-financial assets are as follows: In € thousand 12/31/2021 12/31/2020 Advance payments 8,113 153 Total non-current non-financial assets 8,113 153 Value added tax claims 12,602 3,420 Prepaid expenses 9,924 1,284 Miscellaneous other current non-financial assets 468 1,070 Total current non-financial assets 22,994 5,774 Total non-financial assets 31,107 5,927 Advance payments are payments made for the acquisition of fixed assets (€6,852 thousand) and prepayments for multi-year supplier contracts, which have required upfront prepayments due to necessary investments by the suppliers (€11,185 thousand). Miscellaneous other current non-financial assets have mainly included the insurance claim amounting to €906 thousand in prior year (refer to note 9). |
Cash and Cash Equivalents
Cash and Cash Equivalents | 12 Months Ended |
Dec. 31, 2021 | |
Cash and Cash Equivalents | |
Cash and Cash Equivalents | 20. Cash and Cash Equivalents Cash and cash equivalents are as follows: In € thousand 12/31/2021 12/31/2020 Petty cash 2 2 Cash at banks 129,854 102,142 Total cash and cash equivalents 129,856 102,144 The increase is primarily a result of the Reorganization, for further details please see the consolidated statement of cash flows. Other portions of the proceeds from the Reorganization have been invested into short-term investments (see other financial assets note 18). |
Shareholders' Equity
Shareholders' Equity | 12 Months Ended |
Dec. 31, 2021 | |
Shareholders' Equity | |
Equity | 21. Shareholders’ Equity On September 14, 2021, upon the Reorganization, all outstanding Lilium GmbH shares (Common shares, Seed shares, Series A, Series B1 and Series B2) have been transferred to Class A shares in the relationship 1 : 2,857 outstanding Class A shares have a nominal value of €0.12 per share and are freely transferrable (subject to any lock-up as may be contractually agreed from time to time) and each Class A share confers the right to cast twelve (12) votes in Lilium’s shareholders meeting, subject to a so-called voting cap as defined in Article 1 of Lilium’s articles of association and as may be elected by a certain shareholder to apply to it. Class B shares have a nominal value of €0.36 and may only be transferred to (i) permitted transferees or (ii) Lilium. One Class B share will be converted into one Class A share and one Class C ordinary share, nominal value €0.24 per share (a “Class C share”) upon the occurrence of certain conversion events. A conversion event is triggered in respect of Class B shares in case the holder of Class B shares is not qualified to hold such Class B shares anymore as defined in Lilium’s articles of association. Each Class B share confers the right to cast thirty-six (36) votes and each Class C share confers the right to cast twenty-four (24) votes in Lilium’s shareholders meeting. As of December 31, 2021, no Class C shares were issued and outstanding If a Class C share is held by anyone else other than Lilium (regardless of the consequence of conversion), such holder of Class C shares (a transferor) must notify Lilium of this fact by written notice within three days after the occurrence of such event, following the failure of which Lilium is irrevocably empowered and authorized to offer and transfer the relevant Class C shares. The transferor, other than Lilium itself, must transfer such Class C shares to Lilium for no consideration. The result of the conversion of Class B shares is that a Lilium shareholder acquires one Class A share for each converted Class B share. As of December 31, 2021, no transfer and conversion of Class B shares have been conducted. The holders of Class A shares and Class B shares shall be entitled pari passu pro rata The movements of the shares issued during the years have been retrospectively adjusted to reflect the share split that occurred in 2021, prior to the Reorganization. Accordingly, this retrospective application of the share split has increased subscribed capital by €24,278 and decreased share premium by the same amount as of January 1, 2019; retrospective application leaves total shareholders’ equity unchanged. Common Supervoting Lilium shares shares GmbH (in units) (Class A) (Class B) Total Total (1) Issued and outstanding as of January 1, 2019 53,883 — 53,883 53,883 Retrospective application of share split 129,476,783 24,413,065 153,889,848 — Issued and outstanding as of January 1, 2019, as adjusted 129,530,666 24,413,065 153,943,731 53,883 Issued shares – capital increase 1,065,661 — 1,065,661 373 Issued and outstanding as of December 31, 2019, as adjusted 130,596,327 24,413,065 155,009,392 54,256 Issued shares - convertible loans 19,156,185 — 19,156,185 6,705 Share buy-back - treasury shares (205,704) — (205,704) (72) Issued shares – capital increase 23,261,694 — 23,261,694 8,142 Outstanding as of December 31, 2020, as adjusted 172,808,502 24,413,065 197,221,567 69,031 Issued as of December 31, 2020, as adjusted 173,014,206 24,413,065 197,427,271 69,103 Issued shares - convertible loans 20,533,259 — 20,533,259 7,187 Reorganization as of September 14, 2021 22,697,450 — 22,697,450 (76,218) Treasury shares Lilium GmbH not exchanged into Lilium N.V. shares 205,704 — 205,704 (72) Capital increase PIPE 45,000,000 — 45,000,000 — Treasury shares (375,000) — (375,000) — Treasury shares (due to consolidation) (879,691) — (879,691) — Outstanding as of December 31, 2021 259,990,224 24,413,065 284,403,289 — Issued as of December 31, 2021 261,244,915 24,413,065 285,657,980 — (1) Not adjusted retrospectively to reflect the share split which occurred in 2021. In 2019, the Group has issued 1,065,661 shares, increasing subscribed capital and decreasing share premium In March 2020, the 2019 convertible loans were converted into 19,156,185 shares, increasing subscribed capital by €2,299 thousand, share premium by €65,824 thousand and other capital reserves by €34,084 thousand (retrospectively adjusted). For the convertible loan, the €34,084 thousand exceeded the initial fair value of the convertible loan by this amount. Since the lender of this convertible loan was also a shareholder, this difference has been considered as a capital contribution; it was reclassified into share premium in March 2021 due to the conversion of the convertible loan. Share premium represents additional consideration for shares above the nominal value of shares in issue less transaction cost that incurred for the share issuance. During 2020, there was a net increase in shareholders’ equity of €96,810 thousand from the issuance of 23,261,694 shares (retrospectively adjusted) as a result of a capital increase, adding €2,791 thousand to subscribed capital and €94,019 thousand to share premium (retrospectively adjusted). Transaction costs of €503 thousand have been deducted from the share premium. These increases in 2020 were offset by a decrease of €763 thousand as a result of the buyback of 205,704 shares, €738 thousand have reduced share premium and (€25) thousand have been put into the reserve for treasury shares (retrospectively adjusted). On March 26, 2021 the convertible loan of €85,900 thousand (CLA3) and the accrued interest were converted into shares. In order to facilitate the transaction, the Group issued 20,533,259 shares, subscribed capital increased by €2,464 thousand, share premium by €127,813 thousand (retrospectively adjusted) and other capital reserves decreased by €34,084 thousand due to the conversion as described above. From the Reorganization and the PIPE capital increase, the Group has increased shareholders’ equity by €164,868 thousand and €381,208 thousand, respectively. As a result of the Reorganization, subscribed capital increased by €2,724 thousand, share premium by €51,116 thousand (net of €2,227 thousand transaction costs) and other capital reserves by the share listing expense of €111,109 thousand. These amounts related to the Reorganization also reflect the impacts of (i) the conversion of the convertible loan (CLA4) into 274,272 Lilium N.V. shares, which increased subscribed capital by €33 thousand and share premium by €2,023 thousand, and (ii) the additional 293,230 Lilium N.V. shares related to the success fee, which increased subscribed capital by €35 thousand and share premium by €1 thousand. Additionally, the reserve for treasury shares decreased by €81 thousand as a result of the Reorganization. From the PIPE capital increase, subscribed capital increased by €5,400 thousand and share premium by €375,808 thousand. For the Reorganization, Lilium’s total transaction costs amount to €29,029 thousand. The Group received cash proceeds of €83,393 thousand from the Reorganization and €381,208 thousand from the PIPE capital increase. Other capital reserves of €240,430 thousand consist of the impact of the conversion of convertible loans to equity and share-based payments reserve. Convertible loans issued in May 2019 and October 2019 resulted in a capital contribution amounting to €3,981 thousand as the conversion feature qualifies as an embedded equity derivative which was separated from the host contract at initial recognition. All other capital reserves show the value of equity-settled share-based payments provided to employees, including key management personnel, and external service providers (Azul, share listing expense). Refer to notes 1 and 22 for further details of these plans. The reserve for treasury shares represents the nominal amount of own shares held in treasury. Payments for treasury shares above or below nominal value are deducted from or added to share premium, respectively. During 2020, Lilium GmbH reacquired 72 (retrospectively adjusted 205,704 Lilium N.V. shares) of its own shares from its co-founders through a share buy-back, decreasing the treasury share reserve by €72 (retrospectively adjusted €25 thousand) and reducing share premium by €738 thousand; these shares have not been exchanged into Lilium N.V. shares. As result of the Reorganization, these shares are no longer presented as treasury shares. The 375,000 outstanding shares of Lilium N.V. have been returned by the shareholders as part of the Reorganization. As no consideration was paid for these shares by Lilium N.V., the nominal amount of €45 thousand has been recorded in share premium. Additionally, as the Stichting JSOP is consolidated in the Group, 879,691 shares held by Stichting are now presented with their nominal amount of €106 thousand as treasury shares but are subject to fiduciary trust restrictions. As of December 31, 2021, there were additional 1,620,451,736 shares with a par value each of €0.12 authorized for issue. |
Share-based Payments
Share-based Payments | 12 Months Ended |
Dec. 31, 2021 | |
Share-based Payments | |
Share-based Payments | 22. Share-based Payments Overview Lilium offers several share-based plans as summarized in the table below. All plans are equity-settled, except for new success fees and JSOP (including bonus) which are treated as cash-settled. Refer to note 3 for the general accounting principles of share-based payments. The ESOP plan started in 2017, initial success fees started in 2020, while all other plans such as RSU, performance-based stock option, time-based stock option, new success fees, presence bonus and JSOP came into place in 2021. In € thousand 2021 2020 General population and executives – standard ESOP 29,286 50,316 General population - RSU 77 — Executives – ESOP modified 2,135 — Executives – RSU 1,178 — Executives - Performance-based stock options 2,296 — Executives - Time-based stock options 3,505 — Executives – Success fees (cash-settled) 2,590 — Executives – Success fee (equity-settled) 1,844 592 Executives - Presence bonus 0 — Joint stock ownership Plan (JSOP) incl. bonus 5,438 — Total expense 48,349 50,908 General population and Executives – standard Employee Stock Option Program (“ESOP”) The fair value of the share-based awards was estimated at the grant date or the later modification date for participants who signed the ESOP amendment letter, which resulted in 2021 in an additional capital reserve of €6,948 thousand at the reporting date (included in the figures below). The expense recognized for participant services received during the year is shown in the following table: In € thousand 2021 2020 Expense arising from equity-settled share-based payments 29,286 — Expense arising from cash-settled share-based payments — 50,316 The total fair value of options granted during the year was €23,061 thousand (2020: €16,949 thousand). On October 8, 2021, Lilium has offered ESOP participants to settle their vested options exclusively in shares of Lilium N.V. instead of Lilium GmbH. As all participants have accepted, they now can exercise vested options at a conversion rate of 1 ESOP in Lilium GmbH into 2,857 options in Lilium N.V. in accordance with the relevant exercise windows. No accounting effects resulted from this conversion. The exercise price is €1 for 2,857 shares in Lilium N.V. Movements during the year The following table illustrates the number and weighted average exercise prices (“WAEP”) of, and movements in, Lilium N.V. share options during the years: Equity-settled options: 2021 2020 Number of 2021 Number of 2020 (in units) options WAEP options WAEP Outstanding at January 1 13,962,159 0.00 — — Granted during the year 4,019,799 0.00 — — Forfeited during the year (757,105) 0.00 — — Transferred from cash-settled 2,348,454 0.00 13,962,159 0.00 Outstanding at December 31 19,573,307 0.00 13,962,159 0.00 Cash-settled options: 2021 2020 Number of 2021 Number of 2020 (in units) options WAEP options WAEP Outstanding at January 1 2,348,454 0.00 14,593,556 0.00 Granted during the year — — 2,799,860 0.00 Forfeited during the year — — (1,082,803) 0.00 Transferred to equity-settled (2,348,454) 0.00 (13,962,159) 0.00 Outstanding at December 31 — — 2,348,454 0.00 The exact WAEP for all options is €1 divided by 2,857, which is 0.00035 and rounded to nil. Total options in Lilium N.V. shares vested during the year were 3,300,960 options (2020: 3,788,382 options). As of December 31, 2021, none of the options granted under the ESOP had been exercisable and/or eligible to be settled because of the waiting period of 180 calendar days after the Reorganization on September 14, 2021. As of December 31, 2021, 13,286,568 option are vested and will be exercisable as of March 14, 2022. As of December 31, 2020, none of the options granted under the ESOP had been exercisable and/or eligible to be settled because an exit event has not occurred. Measurement of fair values For grant dates on and after September 15, 2021, the fair value of the ESOP has been set equal to the actual share price using a simplified approach. The following table lists the inputs to the models used for the ESOP for the year ended December 31, 2020: 12/31/2020 Discount for lack of marketability 5 % Expected volatility (%) 154 % Probability of direct IPO 0 % Probability of indirect IPO 60 % Probability of other scenarios 40 % Due to the business combination agreement with Qell, the indirect IPO probability was increased to 85 % as of March 31, 2021, and further increased by 5 % points on month-end of July, August and on September 14, 2021, ending up at a 100 % probability as of September 14, 2021. Except for small modifications in volatility, other assumptions have been unchanged since 2020. The expected volatility was based on an evaluation of the historical volatilities of comparable listed peer group companies. It reflects the assumption that the historical volatility is indicative of future trends, which may not necessarily be the actual outcome. Other common inputs to option pricing models such as discount rate, dividends expected and expected term are not significant due to the low exercise price. The fair value of the options as of December 31, 2020, was derived from the estimated equity value of Lilium on that date because the beneficiary is entitled to shares of Lilium for a nominal amount in the case of an exit event. The value of the common shares was derived by applying a market approach on the basis of external financing rounds and an expected financing round valuation. With regards to the financing rounds, the liquidation preferences of the Seed shares, Series A, B1 and B2 shares (as described in note 21, Shareholders’ Equity) were taken into account. A hybrid model between option pricing method and probability-weighted expected return method was used for the valuation. This led to a fair value of €17,297 in Lilium GmbH (€6.05 retrospectively adjusted for Lilium N.V.) per share as of December 31, 2020. Retrospectively adjusted, the fair value has developed as follows: Price of one share in in € Valuation methodology Lilium N.V. December 31, 2020 Hybrid model 6.05 March 31, 2021 Hybrid model 7.13 June 30, 2021 Hybrid model 7.05 July 31, 2021 Hybrid model 7.36 August 31, 2021 Hybrid model 7.71 September 15, 2021 Actual share price 7.89 December 31, 2021 Actual share price 6.12 General population - Restricted Stock Units to new hires The expense recognized for participant services received during the years is shown in the following table: 01/01 /- 01/01 /- In € thousand 12/31/2021 12/31/2020 Expense arising from equity settled RSU 77 — Movements during the year The following table illustrates the number and weighted average exercise prices (“WAEP”) of, and movements in, RSU during the years ended December 31, 2021 and 2020: 2021 2020 Number of 2021 Number of 2020 (in units) options WAEP options WAEP Outstanding at January 1 — — — — Assigned during the year 162,800 € 0.12 — — Forfeited during the year — — — — Outstanding at December 31 162,800 € 0.12 — — No options are granted as of December 31, 2021, but there is the explicit intention granting the RSU to new hires. No options are exercisable as of December 31, 2021. The weighted average remaining contractual life of RSU is 1.7 years. Measurement of fair values The options are equity settled and have an exercise price of nominal €0.12 per share. The exercise price is significantly lower than the share price at grant date. Accordingly, the intrinsic value of the RSU has been used, i.e. the share price at grant date less the exercise price. The weighted average fair value of options granted during the period is €5.97. Executives - Employee Stock Option Program (“ESOP”) modified Some executives have received ESOP comparable with the general ESOP program, but with individual conditions in respect to the vesting scheme and with different exercise prices. The expense recognized for participant services received during the year is shown in the following table: In € thousand 2021 2020 Expense arising from equity-settled share-based payments 2,135 — The total fair value of these options granted during the year was €11,229 thousand. Movements during the year The following table illustrates the number and weighted average exercise prices (“WAEP”) of, and movements in, Lilium N.V. share-based share options during the years: 2021 2020 Number of 2021 Number of 2020 (in units) options WAEP options WAEP Outstanding at January 1 — — — — Granted during the year 1,888,477 7.90 — — Forfeited during the year — — — — Outstanding at December 31 1,888,477 7.90 — — Total options in Lilium N.V. shares vested during the year were 101,018 options (2020: 0 options). As of December 31, 2021, none of the options granted under the ESOP plan had been exercisable and/or eligible to be settled. The weighted average remaining contractual life is 12.4 years. Measurement of fair values For grant dates on and after September 15, 2021, the fair value of the ESOP has been derived from the actual share price, using an option price model (Black-Scholes). The following table lists the inputs to the Black-Scholes model used for the fair market value for the year ended December 31, 2021: 12/31/2021 Risk free rate range (0.75) % – (0.71) % Expected dividend yield — Expected exercise term 2 - 4 years Expected volatility 118.9% The expected volatility was based on an evaluation of the historical volatilities of comparable listed peer group companies. It reflects the assumption that the historical volatility is indicative of future trends, which may not necessarily be the actual outcome. Executives - Restricted Stock Units (“RSU”) The expense recognized for participant services received during the year is shown in the following table: 01/01/- 01/01/- In € thousand 12/31/2021 12/31/2020 Expense arising from equity settled RSUs 1,178 — Movements during the year The following table illustrates the number and weighted average exercise prices (“WAEP”) of, and movements in, share options during the years ended December 31, 2021 and 2020: 2021 2020 Number Number of 2021 of 2020 (in units) options WAEP options WAEP Outstanding at January 1 — — — — Granted during the year 1,050,913 € 0.12 — — Forfeited during the year — — — — Outstanding at December 31 1,050,913 € 0.12 — — 26,335 options are exercisable as of December 31, 2021. The weighted average remaining contractual life is 2.7 years. Measurement of fair values Similar to the RSU for the general population the exercise price is significantly below the share price at grant. While a Black-Scholes model was used to determine the RSU fair market value, the outcome of the valuation basically reflects the intrinsic value of the RSU. Accordingly, the input assumptions other than the share price are not material. For fair value calculations the share price was taken as the closing price at grant date of Lilium N.V. share. The weighted average fair value of options granted during the period was €7.09. Executives – Performance-based stock options The expense recognized for participant services received during the years is shown in the following table: 01/01/- 01/01/- In € thousand 12/31/2021 12/31/2020 Expense arising from performance-based stock options 2,296 — Movements during the year The following table illustrates the number and weighted average exercise prices (“WAEP”) of, and movements in, share options during the years ended December 31, 2021 and 2020: 2021 2020 Number of 2021 Number of 2020 (in units) options WAEP options WAEP Outstanding at January 1 — — — — Granted during the year 7,036,501 € 8.15 — — Forfeited during the year — — — — Outstanding at December 31 7,036,501 € 8.15 — — No options are exercisable as of December 31, 2021. The weighted average remaining contractual life is 9.9 years. Measurement of fair values The following table lists the inputs to the Black-Scholes model used for the fair market value calculation for performance-based stock options for the year ended December 31, 2021: 12/31/2021 Risk free rate range (0.69) % – (0.66) % Expected dividend yield — Expected exercise term 4 years Expected volatility 121.8% The expected volatility was based on an evaluation of the historical volatilities of comparable listed peer group companies. It reflects the assumption that the historical volatility is indicative of future trends, which may not necessarily be the actual outcome. For fair value calculation the share price was taken as the closing price at grant date of Lilium N.V. The weighted average fair value of options granted during the period was €5.68. The exercise prices are €7.11 or €8.80. Executives – Time-based stock options The expense recognized for participant services received during the years is shown in the following table: 01/01/- 01/01/- In € thousand 12/31/2021 12/31/2020 Expense arising from time-based stock options 3,505 — Movements during the year The following table illustrates the number and weighted average exercise prices (“WAEP”) of, and movements in, share options during the years ended December 31, 2021 and 2020: 2021 2020 Number of 2021 Number of 2020 (in units) options WAEP options WAEP Outstanding at January 1 — — — — Granted during the year 2,951,000 € 7.25 — — Forfeited during the year — — — — Outstanding at December 31 2,951,000 € 7.25 — — No stock options are exercisable as of December 31, 2021. The weighted average remaining contractual life is 9.9 years. Measurement of fair values The following table lists the inputs to the Black-Scholes model used for the fair market value calculation for time-based stock options as of the grant date: 12/31/2021 Risk free rate (0.69) % Expected dividend yield — Expected exercise term 4 years Expected volatility 121.9 % The expected volatility was based on an evaluation of the historical volatilities of comparable listed peer group companies. It reflects the assumption that the historical volatility is indicative of future trends, which may not necessarily be the actual outcome. Other common inputs to option pricing models such as discount rate, dividends expected and expected term. For fair value calculation the share price was taken as the closing price at grant date of Lilium N.V. share. The weighted average fair value of options granted during the period was €5.31. The exercise price of the option is €7.25. Executives – Success fees The expense recognized for participant services received during the years is shown in the following table: 01/01/- 01/01/- In € thousand 12/31/2021 12/31/2020 Expense for success fees cash-settled 2,590 — Expense for success fee equity-settled 1,844 592 Total expense 4,434 592 These expenses do not include the success fee that was converted to the JSOP and bonus arrangement; those expenses are disclosed in the corresponding section below. As of December 31, 2021, €2,590 thousand are recorded as provisions in the consolidated statement of financial position. The equity-settled success fee was determined as a 0.5 % percentage of the proceeds from the Reorganization, which was subsequently converted into 293,230 Lilium N.V. shares at a share price of $10.00 (€8.47) as of September 14, 2021. Measurement of success fees The success fees were measured as discounted expected cash flows for the success fee arrangements. The total expense of success fee is calculated as a percentage of the amount raised and recognized over the period of grant date and estimated fundraising dates i.e., over the period when the performance condition is expected to be satisfied. The expected fundraising amounts are adjusted to the probability of fundraising, based on management's best estimate. The total expected fundraising amount is expected to exceed the relevant cap of $1bn with a weighted average probability of 68 % and a weighted average timing of 2 years. Discount rates in the range of (0.73 %) to (0.62 %) has been applied. Executives - Joint Stock Ownership Plan (JSOP) and bonus Expense and the liability from the JSOP and the bonus are shown in the following table, the award is fully vested: 01/01/- 01/01/- In € thousand 12/31/2021 12/31/2020 Expense for JSOP 3,762 — Expense for bonus 1,676 — Total expense 5,438 — Measurement of the JSOP and the bonus The employee will receive the value of the shares at the time the Sell Right is exercised. The payment is split into two parts and one part is subject to social security contributions (bonus component). For valuation purposes, the two parts are measured separately, using an option pricing model (Black-Scholes). The following table lists the inputs to the models used for the year ended December 31, 2021: 12/31/2021 Risk-free rate (0.62) % Expected dividend yield 0 Expected term 3.7 years Expected volatility (%) 126.0 % The expected volatility was based on an evaluation of the historical volatilities of comparable listed peer group companies. It reflects the assumption that the historical volatility is indicative of future trends, which may not necessarily be the actual outcome. The remaining contractual life is 4.7 years. Advisors – Strategic collaboration agreement (Azul Warrants) The Azul up-front warrants, (refer to note 30) entitle Azul to purchase 1,800,000 Class A shares at an exercise price of €0.12 per share. The Azul up-front warrants will expire on October 22, 2026 (“Expiration Date”), five years after their issuance. The Azul warrants and any Class A Shares issuable upon exercise of the Azul warrants may not be transferred until the twelve-month anniversary of issuance (the “Lockup”). Lilium has the option to settle the awards in shares or cash. The Azul up-front warrants are accounted for as equity-settled awards, as Lilium had no present obligation to settle the awards in cash. They are considered fully vested once both parties signed the term sheet, which occurred on July 31, 2021. After that date, no services were required to be provided by Azul for the warrants to vest thereafter. Due to the unique nature of the services provided by Azul, Lilium considered direct measurement of the services provided unreliable and referred to the fair value of the up-front warrants to indirectly measure the compensation arrangement. The 1,800,000 warrants have been expensed as of July 31, 2021 based on a hybrid valuations model, using different scenarios and a deduction of 5 % for the lack of marketability at this point of time. For the valuation of the share price, multiple connected Black-Scholes models have been used and for the IPO scenario a simplified valuation based on past financing rounds. The General & Administration expense (professional fees) amount of €13,030 thousand was posted directly into capital reserves (see note 7). The Azul up-front warrants have not been exercised by Azul as of December 31, 2021. |
Warrants, Convertible Loans and
Warrants, Convertible Loans and Other Financial Liabilities | 12 Months Ended |
Dec. 31, 2021 | |
Warrants, Convertible Loans and Other Financial Liabilities | |
Warrants, Convertible Loans and Other Financial Liabilities | 23. Warrants, Convertible Loans and Other Financial Liabilities Warrants, convertible loans and other financial liabilities are as follows: in € thousand 12/31/2021 12/31/2020 Other non-current financial liabilities — 27 Other current financial liabilities — 21 Warrants 21,405 — Convertible loans – host — 84,287 Convertible loans – embedded derivative — 14,948 Convertible loans — 99,235 Warrants Upon the Reorganization, 12,650 thousand public warrants (“Public Warrants”) and 7,060 thousand warrants that were issued in a private placement transaction (“Private Warrants”) were assigned as former Qell warrants to Lilium warrants. The terms of the Public Warrants and Private Warrants remain unchanged following the assignment. As of December 31, 2021, all warrants were outstanding. The Public Warrants and the Private Warrants give the holder the right, but not the obligation, to subscribe to Lilium’s shares at a fixed or determinable price for a specified period of time subject to the provision of the Warrant Agreement. The Warrants became exercisable 30 days after the consummation of the Reorganization. The Warrants will expire five years after the completion of the Reorganization or earlier upon redemption, liquidation or expiration in accordance with their terms. Those instruments were considered to be part of the net assets acquired and therefore, management applied the provisions of debt and equity classification under IAS 32 Financial Instruments: Presentation (“IAS 32”). In accordance with IAS 32, a contract to issue a variable number of shares fails to meet the definition of equity and must instead be classified as a derivative liability and measured at fair value with changes in fair value recognized in the consolidated statement of operations and other comprehensive income (loss) at each reporting date. As the Public and Private Warrants include contingent settlement provisions that introduce potential variability to the settlement amounts of the Public Warrants and Private Warrants, dependent on the occurrence of some uncertain future events, the Public Warrants and Private Warrants are accounted for as derivative financial liabilities at fair value, with changes in fair value reflected through profit and loss on the consolidated statement of operations and other comprehensive income (loss). Convertible loans In January 2021, the Group entered into a new loan convertible (CLA4) to equity for an amount of €1,850 thousand. The loan bears 5 % accrued interest and matures upon the occurrence of certain conversion or termination events. The Group assessed that the entire instrument is a liability. There is one component to be bifurcated as equity because one conversion feature of the loan leads to a conversion into a fixed number of shares for a fixed amount. However, the Group has assessed that the fair value of this equity component equals zero. In addition, all of the embedded conversion features were bifurcated and separately measured as one combined derivative financial liability at fair value through profit or loss, since they share the same risk exposure and are interdependent. As of September 14, 2021, the convertible loan holders assigned their claims to Lilium N.V. in exchange for 274,272 newly issued Lilium N.V. Class A shares. The sum of the carrying amount of the embedded derivative and the host contract in totaling €2,056 thousand has been transferred into subscribed capital (€33 thousand) and capital reserves (€2,023 thousand). On March 11, 2020, the Group entered into a loan convertible (CLA3) to equity for an amount of €85,900 thousand. The loan bears 2 % accrued interest and matures on March 11, 2027, or earlier upon the occurrence of certain conversion or termination events. At initial recognition, a day one gain for the Group in the amount of € 34,084 thousand incurred, as the consideration received exceeded the initial fair value of the convertible loan by this amount. The following tables show the effect of reasonable changes of these input parameters on the initial fair value of the convertible loan (host contract) and the resulting equity effect as of March 11, 2020: in € thousand March 11, 2020 Fair value host contract Effect on capital contribution Base 52,090 Conversion 1 year later 43,678 8,412 Conversion 1 year earlier 61,582 (9,492) in € thousand March 11, 2020 Fair value host contract Effect on capital contribution Base 52,090 credit spread + 10 % 49,558 2,532 credit spread - 10 % 54,819 (2,730) As the lender is a shareholder at the same time, this amount was considered as additional capital contribution to the Group and was therefore recognized in equity without subsequent measurement. The Group assessed that the entire instrument is a liability and there is no component to be bifurcated as equity because some conversion features of the loan lead to a conversion into a variable number of shares and are not under the control of the Group. Instead, some of the embedded conversion and prepayment features were bifurcated and separately measured as one combined derivative financial liability at fair value through profit or loss, since they share the same risk exposure and are interdependent. The remaining debt component is measured as liability at amortized cost until it is converted into equity or becomes due for repayment. On March 26, 2021, the convertible loan of €85,900 thousand and the accrued interest were converted into series 7,187 series B2 shares of Lilium GmbH (20,533,259 Class A Lilium N.V. shares, retrospectively adjusted). At the conversion event the day one gain amounting to €34,084 thousand has been reclassified from other capital reserves into share premium. |
Provisions
Provisions | 12 Months Ended |
Dec. 31, 2021 | |
Provisions. | |
Provisions | 24. Provisions The movement in provisions during the year is as follows: Unwinding of discount and change Additions/ in discount In € thousand 01/01/2021 Reversals rate 12/31/2021 Asset retirement obligations 175 54 4 233 Post-employment benefits (see note 25) 193 (109) — 84 Record retention obligations 43 13 — 56 Total non-current provisions 411 (42) 4 373 Year-end audit — 1,067 — 1,067 Severance payments 80 539 — 619 Other — 736 — 736 Total current provisions 80 2,342 — 2,422 Asset retirement obligations originate from the Group’s lease rental contracts (removal of tenant fixtures - refer to note 16) and they are expected to incur in May 2027 at the lease contract end. Accrued severance payments from prior year have been paid to two former employees. |
Post-Employment Benefits
Post-Employment Benefits | 12 Months Ended |
Dec. 31, 2021 | |
Post-Employment Benefits | |
Post-Employment Benefits | 25. Post-Employment Benefits Defined contribution plans The Group participates in defined contribution plans in the UK and Germany that are funded through payments by employees and by the Group to funds administered by third parties. The Group’s expenses for these plans were €465 thousand (2020: €296 thousand). No assets or liabilities are recognized in the Group’s balance sheet in respect of such plans, apart from regular prepayments and accruals of the contributions withheld from employees’ wages and salaries and of the Group’s contributions. Contributions totaling €28 thousand (2020: €28 thousand) were payable to the fund at the reporting date and are included in creditors. Defined benefit plans Corporate post-retirement benefits are provided by the Group in Switzerland in accordance with local law through defined benefit plans. Current pension arrangements for employees in Switzerland are made through plans governed by the Swiss Federal Occupational Old Age, Survivors and Disability Pension Act (‘BVG’). The Group’s pension plans are administered by separate legal foundations, which are funded by regular employee and company contributions. The final benefit is contribution based with certain guarantees regarding the benefits provided. Due to these guarantees, such Swiss pension plans are treated as defined benefit plans. In case the pension foundation becomes underfunded the employer together with the employees can be obliged to refinance a plan until the funding level has reached again 100%. Such measures might include increasing employee and company contributions, lowering the interest rate on retirement account balances, reducing prospective benefits and a suspension of the early withdrawal facility. The Group in Switzerland is currently affiliated to a fully reinsured collective pension foundation which cannot become underfunded as all risks are reinsured with a life insurance company. However, the Group is exposed to certain refinancing risk in the future as the current affiliation contract can be cancelled or amended by both contractual parties. The present value of the defined benefit obligations and the fair value of the plan assets is as follows: In € thousand 12/31/2021 12/31/2020 Present value of funded obligations 155 433 Fair value of plan assets 71 240 Total post-employment benefit obligations 84 193 Reconciliation of the net defined benefit liability: In € thousand 2021 2020 Net defined liability at January 1 193 126 Defined benefit cost recognized in consolidated statement of operations 117 48 Defined benefit cost recognized in other comprehensive income (162) 44 Employer contributions (74) (25) Currency effects 10 — Net defined liability at December 31 84 193 Reconciliation of the amount recognized in the consolidated statement of financial position: In € thousand 2021 2020 Employee benefit obligations as of January 1 433 304 Actuarial adjustments (233) 44 thereof: experience adjustments (202) 28 thereof: demographic adjustments (25) — thereof: adjustments for financial assumptions (6) 16 Current service cost 112 45 Past service (credit) / cost (1) — Interest expense 1 1 Currency effects 19 0 Employee contributions 74 25 Benefits paid (250) 14 Employee benefit obligations as of December 31 155 433 Reconciliation of the plan assets: In € thousand 2021 2020 Fair value of plan assets as of January 1 240 178 Employer contributions 74 25 Employee contributions 74 25 Benefits paid (250) 14 Administration expenses (5) (3) Return on asset excl. interest income (71) (0) Interest income 0 1 Currency effects 9 — Fair value of plan assets as of December 31 71 240 The plan assets are primarily comprised of retirement savings accounts of participants. These retirement savings are 100% funded with qualifying insurance policies as the foundation has reinsured all of its liabilities with a life insurer. The expense / (income) recognized in the consolidated statements of operations and other comprehensive income is made up as follows: In € thousand 2021 2020 Actuarial gains (-) / losses (+) deriving from experience adjustments (202) 28 Actuarial gains (-) / losses (+) deriving from changes in demographical assumptions (25) — Actuarial gains (-) / losses (+) deriving from changes in financial assumptions (6) 16 Return on plan assets etc., interest income 71 — Included in other comprehensive income (162) 44 Current service cost 112 45 Past service (credit) / cost (1) — Interest income 0 (1) Administrative expenses (effective) 5 3 Interest expense 1 1 Included in the consolidated statements of operations 117 48 Total included in the consolidated statements of operations and other comprehensive income (45) 92 The current service cost is included as part of personnel costs within the respective functional area; interest cost relating to the obligation is a component of the result from financing activities. For the years ended December 31, 2022 and 2023, the Group expects to make future payment contributions of €56 thousand. The following were the principal actuarial assumptions as of: 12/31/2021 12/31/2020 Future salary increases 1.00 % 1.00 % Inflation rate 0.60 % 0.20 % Future pension increases 0.00 % 0.00 % Discount rate 0.35 % 0.15 % Sensitivity Analysis The main actuarial assumptions that are used to calculate the provisions for post-employment benefits are the discount rate and the trend for future increases in post-employment benefit obligations. A reasonably possible increase, or respectively decrease, in the significant actuarial assumptions would have had the following impact on the present value of the post-employment benefit obligations as of the respective reporting dates: 2021 2020 2021 2020 Discount rate 0.25 % 0.25 % (0.25) % (0.25) % Present value of the post-employment benefit obligations (in € thousand) 149 414 163 455 Salary increase 0.25 % 0.25 % (0.25) % (0.25) % Present value of the post-employment benefit obligations (in € thousand) 156 434 155 433 Pension increase 0.25 % 0.25 % (0.25) % (0.25) % Present value of the post-employment benefit obligations (in € thousand) 159 446 n/a n/a Duration The average duration of the obligations is 18 years (December 31, 2020: 19 years). Expected Benefit Payments (in € thousand) December 31, 2021 Financial years 2022 2023-2026 2027-2031 Expected benefit payments 18 95 147 Total expected benefit payments 18 95 147 (in € thousand) December 31, 2020 Financial years 2021 2022-2025 2026-2030 Expected benefit payments 12 69 229 Total expected benefit payments 12 69 229 |
Trade and other Payables
Trade and other Payables | 12 Months Ended |
Dec. 31, 2021 | |
Trade and other Payables | |
Trade and other Payables | 26. Trade and other Payables Trade and other payables are as follows: In € thousand 12/31/2021 12/31/2020 Trade payables 2,906 — Non-current trade and other payables 2,906 — Trade payables 14,936 4,854 Accruals for outstanding invoices 20,399 6,238 Current trade and other payables 35,335 11,092 Total trade and other payables 38,241 11,092 |
Other Non-Financial Liabilities
Other Non-Financial Liabilities | 12 Months Ended |
Dec. 31, 2021 | |
Other Non-Financial Liabilities | |
Other Non-Financial Liabilities | 27. Other Non-Financial Liabilities Other non-financial liabilities are as follows: In € thousand 12/31/2021 12/31/2020 Vacation accruals 2,488 1,680 Value added tax payables 242 1,477 Payroll tax and social security 2,992 1,455 Miscellaneous other current non-financial liabilities 338 585 Total other non-financial liabilities 6,060 5,197 Other tax liabilities mainly comprise of personnel-related taxes. This also includes an uncertain tax position for personnel-related taxes. Miscellaneous other non-financial liabilities mainly result from personnel-related liabilities. |
Financial Instruments
Financial Instruments | 12 Months Ended |
Dec. 31, 2021 | |
Financial Instruments | |
Financial Instruments | 28. Financial Instruments 28.1 Carrying Amounts and Fair Value The following tables disclose the carrying amounts of each class of financial instruments together with its corresponding fair value and the aggregated carrying amount per category: Financial instruments, analyzed by classes and categories 12/31/2021 In € thousand Category Carrying amount Fair value Financial assets, by class Cash at banks and petty cash AC 129,856 n/a Money Market Funds FVTPL 99,919 99,919 Fixed term deposit AC 119,664 n/a Security deposits AC 3,821 3,821 Total financial assets 353,260 Financial liabilities, by class Trade and other payables AC 38,241 n/a Warrants FVTPL 21,405 21,405 Total financial liabilities 59,646 Carrying Thereof aggregated to categories according to IFRS 9 amount Financial assets measured at amortized cost (AC) 253,341 Financial assets measured at FVTPL 99,919 Financial liabilities measured at FVTPL 21,405 Financial liabilities measured at amortized cost (AC) 38,241 Financial instruments, analyzed by classes and categories 12/31/2020 In € thousand Category Carrying amount Fair value Financial assets, by class Cash and cash equivalents AC 102,144 n/a Fixed term deposit AC 50,000 n/a Promissory notes FVTPL 676 676 Security deposits AC 2,096 2,096 Other financial assets AC 16 16 Total financial assets 154,932 Financial liabilities, by class Trade and other payables AC 11,092 n/a Convertible loans – host contract AC 84,287 105,007 Convertible loans – embedded derivative FVTPL 14,948 14,948 Other financial liabilities AC 48 48 Total financial liabilities 110,375 Carrying Thereof aggregated to categories according to IFRS 9 amount Financial assets measured at amortized cost (AC) 154,256 Financial assets measured at FVTPL 676 Financial liabilities measured at FVTPL 14,948 Financial liabilities measured at amortized cost (AC) 95,427 The Public Warrants are traded in an active market and are therefore categorized in level 1 of the fair value hierarchy - the Private Warrants have been treated equally (see note 4 on warrants). In addition, money market funds are also categorized as level 1 as traded in an active market. Promissory notes and the convertible loans (both host contract and embedded derivative) were categorized in level 3 of the fair value hierarchy in the previous year. All other financial instruments are categorized in level 2 of the fair value hierarchy. Fair values in level 2 are determined as expected cash flows discounted using market-based credit risk adjusted interest rate curves that are applicable for the Group and specific for the residual term of each financial instrument. The fair value of the promissory notes has been calculated using a trinomial tree approach, set to optional conversion at an expected date. The primary inputs used in the model included the borrower’s share price at valuation date, probability of occurrence of each possible conversion and termination event, borrower-specific credit risk and risk-free interest rate. While the risk-free interest rate was based on currency specific time congruent IBOR and swap rates, the credit risk and stock prices of the borrower were not observable in a market and therefore highly judgmental. The fair value of the embedded derivatives that were bifurcated from the convertible loan issued in 2020 is determined by aggregating the valuations for the various expected conversion and termination events. Since all events would lead to a conversion for a set fixed conversion price (however, for a variable number of shares), the value is derived as a forward contract embedded in the loan contract. The primary inputs used in the model include the own share price at valuation date, probability of occur-rence of each possible conversion and termination event, borrower-specific credit spread and risk-free interest rate. Credit risk is model-implied and adjusted for movement in credit spreads to consider the investor’s higher risk in connection with this convertible instrument at each valuation date, and the risk-free interest rate is based on currency specific time congruent IBOR and swap rates. As credit spreads and stock prices are not observable in a market, especially these input parameters are highly judgmental. The following tables show the effect of reasonable changes of the most significant input parameters on the fair values of the embedded derivatives as of December 31, 2020. in € thousand December 31, 2020 Share Price Value derivative Effect on financial result Base 0 % 14,948 Up 10 % 18,815 (3,867) Down (0.00) % 11,081 3,867 in € thousand December 31, 2020 Credit Spread Value derivative Effect on financial Result Base 0 % 14,948 Up 10 % 14,282 666 Down (0.00) % 15,646 (698) The fair value of the embedded derivative that was bifurcated from the convertible loan issued in 2021 followed the same valuation methodology as the 2020 convertible loan, except that share price at valuation date was not an input. The convertible loan was converted to equity during 2021 and no further gains or losses will be recognized in finance income / (expenses) in the Statement of Operations. Financial instruments, changes in Fair Value of level 3 instruments Convertible loan – In € thousand Promissory Notes embedded derivative January 1, 2020 — — Purchases / issuances 627 (274) Changes from fair value remeasurement 58 15,222 Foreign exchange effects (9) — December 31, 2020 676 14,948 Purchases / issuances 1,051 312 Changes from fair value remeasurement 475 (6,326) Foreign exchange effects 20 — Conversion (2,222) (8,934) December 31, 2021 — — The net gains and losses for each of the financial instrument measurement categories were as follows: 2021 Subsequent measurement Foreign Reversals exchange Impairment of loss Total per In € thousand Interest conversion Fair value loss (net) allowance category Financial assets measured at amortized cost (364) 1,061 — (260) — 437 Financial liabilities measured at amortized cost (3,483) (446) — — — (3,929) Financial assets and liabilities measured at fair value through profit or loss — 20 (4,365) — — (4,345) Total (3,847) 635 (4,365) (260) — (7,837) 2020 Subsequent measurement Foreign Increase Reversals exchange in loss of loss Total per In € thousand Interest conversion Fair value allowance allowance category Financial assets measured at amortized cost (83) — — — — (83) Financial liabilities measured at amortized cost (33,960) (98) — — — (34,058) Financial assets and liabilities measured at fair value through profit or loss — (4) (15,164) — — (15,168) Total (34,043) (102) (15,164) — — (49,309) The total interest income for financial assets that are not measured at fair value through profit or loss is €5 thousand (2020: €18 thousand), while the total interest expense for these financial assets is €369 thousand (2020: €101 thousand). The total interest expense for financial liabilities that are not measured at fair value through profit or loss is €3,483 thousand (2020: €33,960 thousand). 28.2 Financial Instrument Risk Management Objectives and Policies The Group is exposed especially to market risk (especially foreign exchange risk) and liquidity risk. The Group’s senior management oversees the management of these risks. The CFO in combination with Treasury provides assurance to the Group’s senior management that the Group’s financial risk activities are governed by appropriate procedures and that financial risks are identified, measured and managed in accordance with the Group’s risk objectives. The Executive Board reviews and agrees procedures for managing each of these risks, which are summarized below. Management regularly reviews the Group’s risk management objectives to ensure that risks are identified and managed appropriately. The Executive Board is made aware of and reviews management’s risk assessments prior to entering into significant transactions. Credit Risk The following tables provide information about the exposures to credit risk for all financial assets that are not measured at fair value through profit or loss and therefore are generally subject to the impairment regulations of IFRS 9. The most significant part of the impairment loss allowance relates to the fixed-term deposits and cash balances. No impairment has been recorded for 2020. 12/31/2021 Equivalent to external Gross Impairment credit rating Carrying Loss Credit- in € thousand [S&P] amount allowance impaired Grades 1–6: Low risk BBB- to AAA 253,601 (260) No Of which: Cash and cash equivalents 129,859 (3) No Fixed-term deposits 119,920 (256) No Security deposits 3,822 (1) No 12/31/2020 Equivalent to external Gross Impairment credit rating carrying loss Credit- in € thousand [S&P] amount allowance impaired Grades 1–6: Low risk BBB- to AAA 154,256 — No Of which: Cash and cash equivalents 102,144 — No Fixed-term deposits 50,000 — No Security deposits 2,096 — No Other financial assets 16 — No Foreign Currency Risk The Group operates globally and is exposed to foreign currency risk arising from exposure to various currencies in the ordinary course of business. The Group’s foreign currency exposures primarily consist of the British pound (“GBP”), Swiss Franc (“CHF”) and US Dollar (“USD”). Foreign currency exchange risk mainly arises from commercial and financing transactions that resulted in recognized financial assets and liabilities denominated in a currency other than the local functional currency. The following table demonstrates the sensitivity of the Group to a reasonably possible appreciation and depreciation of the EUR towards USD and GBP by 10 %, with all other variables held constant. The impact on the Group’s profit or loss before tax is due to changes in the carrying amount of monetary assets and liabilities as of December 31, 2021: Effect of EUR appreciation on Effect of EUR depreciation on profit before tax profit before tax Currency (in € thousand) (in € thousand) USD 735 (898) GBP 15 (19) The impact on the Group’s profit or loss before tax is due to changes in the carrying amount of monetary assets and liabilities as of December 31, 2020: Effect of EUR appreciation on Effect of EUR depreciation on profit before tax profit before tax Currency (in € thousand) (in € thousand) USD (47) 58 GBP (46) 56 In 2020, the sensitivity analysis for the EUR (net) exposure of the Group entity in the UK was calculated by shifting EUR against GBP. In 2021, the sensitivity analysis was performed by keeping EUR constant and shifting the foreign currency for all exposures. As a result, the numbers of the EUR/GBP sensitivity analysis for 2020 were adjusted from prior year for comparability. Interest Rate Risk Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. Interest rate risks from financial instruments can in general arise in connection with financial liabilities. Fixed rate securities may have their market value adversely impacted due to a rise in interest rates. Our cash equivalents and investment portfolio can also be subject to market risk due to changes in interest rates. The Group is required to pay negative interest on cash accounts if and to the extent certain thresholds are exceeded. Banks are adjusting the negative interest rate depending on changes of the respective reference rates set by central banks. Considering existing thresholds, a hypothetical reasonable increase / decrease of 10 basis points in interest rates would have an effect on the Group's financial statements of €130 / (€130) thousand (2020: €1 / (€1) thousand) arising from cash at banks. Other Price Risk In 2021, the Group invested into a Money Market Fund with a total market value as of December 31, 2021 of €99,919 thousand. The value of the Money Market Fund is based on its publicly traded price. A reasonable possible increase or decrease in the market price by 10 % would lead to a gain / (loss) before tax of €9,992 thousand. In 2021, the Group invested in one further promissory note for a nominal amount of €1,051 thousand ($1,250 thousand). As of December 31, 2021, all promissory notes have been converted so that the Group is no longer exposed to equity price risk in relation to the promissory notes as of year-end. The Group has invested into promissory notes in 2020 with a total nominal amount of €627 thousand ($750 thousand, for details see note 18), whose fair value depends (among other variables) on the share price of the investee. A reasonably possible increase (decrease) in the share price by 10%, with all other variables held constant, would lead to a gain (loss) before tax of €73 thousand with a corresponding effect in the financial result. In 2021 during the Reorganization, the Group has entered into obligations to settle warrants for a total number of 19,710,000 (please refer to note 24). The value of the warrants is based on their publicly traded price. A reasonably possible increase or decrease in the warrant price by 10 %, with all other variables held constant, would have led to a loss or gain before tax of €2,140 thousand with a corresponding effect in the financial result. Liquidity Risk Liquidity risk is the risk that the Group will encounter difficulty in meeting its obligations associated with its financial liabilities as they fall due. The Group is expanding very rapidly which results in increasingly stringent requirements regarding the corporate planning for budgeting and procuring of financial resources in such a way that the development program of the Lilium Jet is not delayed. Consequently, the continuation of development is based on the Group’s ability to raise financing from investors in the form of various financing rounds. The Group ensures that the supply of liquidity is always sufficient to settle financial liabilities that are due for payment. Liquidity is evaluated and maintained using forecasts based on fixed planning horizons covering several months and through the cash and cash equivalent balances that are available. The following table provides details of the (undiscounted) cash outflows of financial liabilities (including interest payments). Note that the Group expected the convertible loans to be settled in own equity instruments. Therefore, the probability of an outflow of the below disclosed cash amount was remote. 12/31/2021 2027 and in € thousand 2022 2023 2024 to 2026 thereafter Lease liabilities 2,356 2,705 8,001 2,187 Trade and other payables 35,335 29 3,498 — 12/31/2020 2026 and in € thousand 2021 2022 2023 to 2025 thereafter Lease liabilities 2,006 1,962 5,767 2,869 Convertible loans 88,013 — — — Trade and other payables 11,092 — — — Other financial liabilities 21 27 — — Capital Management For the purpose of the Group’s capital management, capital includes all share capital and other equity reserves attributable to the equity holders. The primary objectives of capital management are to support operating activities and maximize the shareholder value through investment in the development activities of the Group. Based on the ongoing development of the Lilium Jet, the Group has to rely almost exclusively on equity funding by its shareholders and debt financing until the Group can refinance itself in the future from marketable products as a result of successful development projects. The Group’s finance department reviews the total amount of cash of the Group on a monthly basis. As part of this review, management considers the total cash and cash equivalents, the cash outflow, currency translation differences and funding activities. The Group monitors cash using a burn rate. The cash burn rate is defined as the average monthly net cash flow from operating and investing activities during a financial year. The Group is not subject to externally imposed capital requirements. The objectives of the Group’s capital management were achieved in the reporting year. No changes were made in the objectives, policies or processes for managing cash during the years ended December 31, 2021 and 2020. 28.3 Reconciliation of Changes in Liabilities arising from Financing Activities Convertible Lease In € thousand loans liabilities Warrants Total Statement of Financial Position as of December 31, 2020 99,235 11,118 — 110,353 Proceeds from convertible loans 1,850 — — 1,850 Principal elements of lease payments — (1,781) — (1,781) Interest paid — (437) — (437) Change in the cash flow from financing activities 1,850 (2,218) — (368) Additions to lease liabilities due to new lease contracts — 2,486 — 2,486 Additions to warrants — — 25,859 25,859 Fair value changes (6,326) — (4,454) (10,780) Interest expenses 3,483 437 — 3,920 Capital contributions (98,242) — — (98,242) Statement of Financial Position as of December 31, 2021 — 11,823 21,405 33,228 Convertible Lease In € thousand loans liabilities Total Statement of Financial Position as of December 31, 2019 66,353 8,715 75,068 Proceeds from convertible loans 85,900 — 85,900 Principal elements of lease payments — (1,439) (1,439) Interest paid — (450) (450) Change in the cash flow from financing activities 85,900 (1,889) 84,011 Additions to lease liabilities due to new lease contracts — 3,842 3,842 Fair value changes 15,222 — 15,222 Interest expenses 33,960 450 34,410 Capital contributions (102,200) — (102,200) Statement of Financial Position as of December 31, 2020 99,235 11,118 110,353 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2021 | |
Commitments and Contingencies. | |
Commitments and Contingencies | 29. Commitments and Contingencies The Group has various lease contracts that have not yet commenced as of December 31, 2021. The future lease payments for these non-cancellable lease contracts are nil within one year, €1,601 thousand between one and five years and €400 thousand thereafter. The Group has non-cancellable commitments under operating contracts. The future payments for the non-cancellable operating contracts are €2,175 thousand within one year, €37,517 thousand between one and five years and €7,063 thousand thereafter. Further, the Group has commitments of €12,003 thousand to acquire items of property, plant & equipment and commitments of €2,731 thousand to acquire items of intangible assets. The Group is required to issue, subject to the execution of definitive agreements, warrants to purchase up to 6,200,000 Class A Shares (the “Azul Additional Warrants”), which are expected to vest in three tranches upon achieving certain performance and market conditions. Please refer to the Strategic Commercial Collaboration with Azul in note 30. |
Related Party Disclosures
Related Party Disclosures | 12 Months Ended |
Dec. 31, 2021 | |
Related Party Disclosures | |
Related Party Disclosures | 30. Related Party Disclosures Ultimate controlling party The Group has no parent and no ultimate controlling party. Furthermore, the management holds shares. Shares (in thousand units) Ownership Interest (%) Function 12/31/2021 12/31/2020 (1) 12/31/2021 12/31/2020 Key management 25,743 25,019 9.1 % 12.7 % Other related parties 121,389 107,140 42.7 % 54.3 % (1) Retrospectively adjusted Subsidiaries Interests in subsidiaries are set out in note 2. Transactions with Key Management Key management personnel have been defined as the members of the Advisory Board and Senior Leadership Team of Lilium. In 2020, the Group entered into a short-term consultancy contract with one of the key management personnel before his appointment as an employee; total remuneration paid amounted to €66 thousand in 2020. During 2020, Lilium GmbH purchased 18 Lilium GmbH shares each from the four co-founders (72 shares in total) for a total consideration of €763 thousand. These shares were reacquired at fair value. The annual remuneration and related compensation costs recognized as expense during the reporting period is comprised of the following (number of granted options in Lilium N.V. shares): In € thousand 2021 2020 Short-term employee benefits 3,634 1,966 Severance accruals 619 — Share-based payment remuneration (legacy ESOP - 2021: 6,276,829 options; 2020: 4,239,788 options) 10,796 14,875 Modified ESOP for executives (2021: 1,888,477; 2020: no options) 2,135 — Stock options (2021: 11,038,414; 2020: no options) 6,979 — Success fees 9,872 591 Total 34,035 17,432 Success fee remuneration includes the creation of the Joint Stock Ownership Plan (Stichting JSOP) and the bonus issued to one member of key management personnel, as described in notes 1 and 22. €3,732 thousand are recognized in General & Administrative expenses in relation to the JSOP and €1,707 thousand in General & Administrative expenses in relation to the bonus. As of December 31, 2021, €5,439 thousand are recognized in provisions in relation to the JSOP and the bonus. The Stichting JSOP is a trust entity incorporated solely for the purpose of settling the transaction bonus to the member of key management personnel and is 100 % controlled by the Group. Under the JSOP arrangement, the Stichting JSOP holds 879,691 Class A shares in the Group. As of December 31, 2021, these are recognized in treasury shares in the consolidated statement of financial position. In 2021, the Group paid €95 thousand in General and Administration expenses for consulting services to an entity controlled by a member of the key management personnel. In 2021, the board members of the Lilium N.V. have received a compensation of €72 thousand. Short-term benefits Short-term benefits include salaries, bonuses and other benefits such as medical, death and disability coverage, company car and other usual facilities as applicable. Share-based payment remuneration The share-based payment remuneration represents the compensation cost of ESOP and the performance-based equity award. Refer to note 22. Transactions with related parties Excluding key management personnel, related parties include entities over which the Group has significant influence. The following transactions occurred with related parties: (in € thousand) 2021 2020 Convertible loans Beginning of the year 99,235 66,353 Proceeds from convertible loans 1,007 85,900 Fair value changes of convertible loans (6,337) 15,222 Interest expenses (not paid) 3,400 33,960 Subscribed capital (7) — Contribution to capital reserves (97,298) 102,200 End of the year — 99,235 Azul up-front warrants 13,030 — Convertible loans During the year ended December 31, 2021, the convertible loan of €85,900 thousand were converted into 20,533,259 Lilium N.V. shares in March 2021 (retrospectively adjusted). In January 2021, the Group entered into another loan convertible to equity of €1,000 thousand with a significant shareholder which has been converted into 148,564 Lilium N.V. Class A shares in September 2021. During the year ended December 31, 2020, the 2019 loans were converted into 14,205,004 Lilium N.V. shares in March 2020 (retrospectively adjusted). The Group entered into another loan convertible to equity of €85,900 thousand with a related party having significant influence over the Group; the entire loan was outstanding as of December 31, 2020. License & Development agreement In June 2021, Lilium closed a licensing agreement for the use of Zenlabs Energy Inc.’s intellectual property, to be paid as a royalty rate on battery capacity manufactured for the Lilium Jet. The licensing agreement stipulates a minimum fee to be paid from 2026 onward for use of Zenlabs’ battery technology. In the same month, Lilium signed an amendment to an existing Development agreement with Zenlabs, extending an exclusivity period for the use of Zenlabs’ licensed technology. During 2021, Lilium have incurred Research and Development expenditure of €347 thousand under the Development Agreement. As of December 31, 2021, a balance of €45 thousand is held in Trade and other payables. In 2020 and 2021, Lilium has purchased promissory notes from Zenlabs Energy Inc., which have been converted to shares of Zenlabs in July 2021, see note 17. Strategic Commercial Collaboration On July 31, 2021, Lilium executed a term sheet in which Lilium agreed to enter into negotiations with Azul to establish a strategic collaboration whereby Azul and Lilium will negotiate contracts to buy a certain number of Lilium Jets. As of the date these financial statements were approved, no contracts with respect to the acquisition of Lilium Jets or any other collaboration have been executed. Except for the up-front warrants, the term sheet is legally non-binding. The controlling shareholder of Azul is key management personnel; therefore, Azul is a related party as of the date of the Reorganization. For further information on the Azul warrants, please refer to notes 22 and 29. Other related party transactions In 2021, the Group purchased Property, Plant and Equipment from a related party for €1 thousand. In 2021, the Group incurred €1 thousand General and Administration expenses, €14 thousand Research and Development expenses and €167 thousand Selling expenses with related parties. As of December 31, 2021, balances of €10 thousand in Trade and other payables and €150 thousand in non-current Trade Payables were owed to related parties. As part of the Reorganization, Qell shares have been repurchased by the Group for no consideration from the Qell shareholders. Please see note 21 for additional information. Transactions with shareholders Cloud subscription On March 28, 2021, we entered into a non-cancelable purchase obligation for a cloud subscription with a shareholder (which provides advanced data analytics capability), including support services, updates and related professional services, for €42,433 thousand ($50,000 thousand) payables in increasing annual instalments over five years. This shareholder has no significant influence on Lilium. In 2021, €6,590 thousand expenditures have been incurred under the contract in General and Administration expenses. As of December 31, 2021, the Group has prepaid €2,927 thousand for future costs in non-financial assets. As of December 31, 2021, the Group has remaining commitments of €34,015 thousand on the contract. |
Events after the Reporting Peri
Events after the Reporting Period | 12 Months Ended |
Dec. 31, 2021 | |
Events after the Reporting Period | |
Events after the Reporting Period | 31. Events after the Reporting Period NetJets Agreement In December 2021 and February 2022, Lilium entered into a non-binding Memoranda of Understanding (“MOU”) with NetJets and one of its affiliates. Lilium and NetJets are in discussions on how to collaborate on new products and commercial offerings. The proposed arrangement with NetJets remains subject to the parties finalizing commercial terms and definitive documentation. As of the date these financial statements were approved, no contracts with respect to any collaborations have been executed. Restricted Stock Units In connection with the ongoing activities, the Group approved a grant of up to 180,000 Restricted Stock Units to external advisors. |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
Significant Accounting Policies | |
Intangible assets | Intangible assets Research and development costs In developing this novel eVTOL technology, the Group is incurring significant research and development costs. The costs for internally generated research and development are expensed when incurred. A portion of costs for internally generated development is capitalized if: ● the product or process is technically feasible; ● adequate resources are available to successfully complete the development; ● the benefits from the assets are demonstrated; ● the costs attributable to the projects are reliably measured; ● the Group intends to produce and market or use the developed product or process and can demonstrate its market relevance. Management recognizes an interest for an air mobility service, especially within heavily populated urban areas; however, there is not yet an established market for this new industry. The self-developed eVTOL technology going into the Lilium Jet development is highly innovative and there are uncertainties related to successful completion of the development. Consequently, the Group has not yet capitalized development costs. These costs are reflected in the statement of operations in the period in which the expenditure is incurred. Purchased intangibles Intangible assets acquired separately are measured on initial recognition at cost. Following initial recognition, intangible assets are carried at cost less any accumulated amortization and accumulated impairment losses. Amortization is calculated on a straight-line basis: Useful life Software 2 – 15 years Purchased concessions, rights and other intangible assets 10 – 20 years |
Impairment tests | Impairment tests At the end of each reporting period, the Group assesses whether there is an indication that an asset may be impaired. If any indication exists, or when annual impairment testing for an asset is required, the Group estimates the asset’s recoverable amount. The recoverable amount is determined for an individual asset, unless the asset does not generate cash inflows that are largely independent of those from other assets or groups of assets. An asset’s recoverable amount is the higher of an asset or cash generating unit (“CGU”)’s fair value less costs of disposal and its value in use. When the carrying amount of an asset or CGU exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable amount. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. In determining fair value less costs of disposal, recent market transactions are taken into account. If no such transactions can be identified, an appropriate valuation model is used. |
Property, Plant and Equipment | Property, Plant and Equipment Property, plant and equipment are measured at cost, net of accumulated depreciation and any accumulated impairment losses. Costs of construction recognized include all attributable direct costs including material and production overheads and, where applicable, an initial estimate of the cost of dismantling and removing the item and restoring the site on which it is located. Borrowing costs are capitalized as part of the underlying asset under construction if there is a qualifying asset. Subsequent expenditures on assets are capitalized only when it is probable that future economic benefits associated with the expenditure will flow to the Group. Repairs and maintenance are expensed in profit or loss in the period the costs are incurred. If items of property, plant and equipment are sold or disposed of, the gain or loss arising from the disposal is recognized as other operating income or expense in the consolidated statement of operations and other comprehensive income (loss). Depreciation is calculated on a straight-line basis based on the following useful lives: Useful life Rights to land and buildings including leasehold improvements 2 – 9 years Technical equipment and machinery 3 – 25 years Office and other equipment 3 – 13 years Vehicles 5 – 11 years Assets qualifying as low value assets with a value of up to €1 thousand are aggregated into groups and depreciated over a useful life of 5 years. Leasehold improvements are amortized over the unexpired portion of the lease term or the estimated useful life of the improvements, whichever is shorter. The residual values, useful lives and methods of depreciation of property, plant and equipment are reviewed at each financial year end and adjusted prospectively, if appropriate. |
Leases | Leases The Group’s lease obligations primarily relate to rights to buildings mainly for its office and research and development premises. As lease contracts are negotiated on an individual basis, lease terms contain a range of different terms and conditions. Lease contracts are typically entered for a period of 2-9 years and regularly include renewal and termination options, which provide operational flexibility to Lilium. As a lessee, at the inception of a contract, the Group assesses whether the contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. The Group recognizes right of use assets which represent a right to use the underlying leased assets and corresponding lease liabilities which represent the present value of future lease payments, and according to IFRS 16 B3-B8 adopting the exemption for excluding short-term leases (lease term of 12 months or less from commencement date and do not contain a purchase options) and leases of low value assets (acquisition costs less than €5 thousand), in the consolidated statement of financial position at the date at which the leased asset is available for use. Liabilities arising from a lease are initially measured at present value of lease payments discounted using the interest rate implicit in the lease or the incremental borrowing rate in case the interest rate implicit in the lease is not readily determinable. Main components of the lease payments included in the measurement of the lease liability comprise the following: ● fixed lease payments; ● variable lease payments that are linked to an index (consumer price index); ● lease payments in an optional renewal period if the Group is reasonably certain to exercise an extension option. Lease payments contain principal elements and interest. Interest is presented as part of finance costs in the consolidated statements of operations and other comprehensive income using the effective interest method. Principal and interest portion of lease payments have been presented within financing activities in the consolidated statement of cash flows. The carrying amount of lease liabilities is remeasured if there is change in the future lease payments due to change in index or rate. Right of use assets at the lease commencement date are measured at cost less any accumulated depreciation and impairment losses and adjusted for any remeasurement of lease liabilities recognized. Cost of right of use assets includes lease liabilities, initial direct costs, prepayments made on or before the commencement date and less any lease incentives received. Right of use assets are depreciated on a straight-line basis from the commencement date to the earlier of the end of the useful life of the right-of-use asset and the end of the lease term. The estimated useful lives of right of use assets are determined on the same basis as those of the leased property and equipment. The right of use asset is periodically assessed for impairment. The Group has presented right of use assets within “Property, plant and equipment”. Assets related to retirement obligations for leased buildings are included in the cost of right of use assets for the respective underlying building lease. The Group does not have any contracts as a lessor as of the date of the consolidated statement of financial position. |
Investment in associated Companies | Investment in associated Companies Under the equity accounting method, the investment in an associate is initially recognized at cost. The carrying amount of the investment is subsequently adjusted to recognize changes in the Group’s share of net assets of the associate since the acquisition date. On acquisition of the investment, any difference between the cost of the investment and the entity’s share of the net fair value of the investee’s identifiable assets and liabilities is accounted for as follows: (a) Goodwill relating to an associate is included in the carrying amount of the investment. Amortization of that goodwill is not permitted. (b) Any excess of the entity’s share of the net fair value of the investee’s identifiable assets and liabilities over the cost of the investment is included as income in the determination of the entity’s share of the associate’s profit or loss in the period in which the investment is acquired. The consolidated statement of operations and other comprehensive income (loss) reflects the Group’s share of the results of operations of the associate. Any change in other comprehensive income (loss) (“OCI”) of those investees is presented as part of the Group’s OCI. Gains and losses resulting from transactions between the Group and the associate would be eliminated to the extent of the interest in the associate. |
Non-financial Assets | Non-financial Assets Insurance recoveries are recognized for expected reimbursements for damaged assets. They have been measured based on a ratio of total tangible assets to insurance coverage. The tangible asset values were derived from replacement costs adjusted to exclude tools still available, premiums paid on materials and costs of related salaries or wages. Other non-financial assets are recognized at their nominal amounts. |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents in the consolidated statement of financial position and consolidated statement of cash flows comprise cash at banks and on hand, and short-term highly liquid deposits with a maturity of three months or less that are readily convertible to a known amount of cash and subject to an insignificant risk of changes in value. Depending on the classification, these financial assets are measured at amortized cost or fair value with changes through profit or loss – see financial instruments, note 28. |
Treasury Shares | Treasury Shares The treasury shares represent the amount paid or payable for own shares held in treasury. The nominal value of the shares is shown in the treasury share reserve, which is part of the capital reserves. Acquisition values higher or lower than the nominal value are reduced from or added to the share premium reserve. |
Financial Instruments | Financial Instruments Financial instruments are contracts that give rise to a financial asset for one entity and to a financial liability or equity instrument for another entity. Purchases or sales of financial assets that require delivery of assets within a time frame established by regulation or convention in the marketplace (regular way trades) are recognized on the settlement date. Financial assets and financial liabilities are offset, and the net amount is reported in the consolidated statement of financial position if there is a currently enforceable legal right to offset the recognized amounts and there is an intention to settle on a net basis, to realize the assets and settle the liabilities simultaneously. The Group has no such assets and liabilities. Financial assets The Group’s financial assets include cash and cash equivalents and other financial assets. Other financial assets consist of security deposits for leases, fixed-term deposits and money market funds. Financial assets are initially measured at fair value plus, in the case of a financial asset not measured at fair value through profit or loss, transaction costs. As an exception of this general rule, trade receivables are measured at their transaction price. Financial assets are classified at initial recognition as either measured at amortized cost (“AC”), fair value through other comprehensive income (“FVOCI”), or fair value through profit or loss (“FVTPL”) depending on the contractual cash flows and the Group’s business model for managing them. For all financial assets the Group has the objective to hold financial assets in order to collect the contractual cash flows. If the contractual terms of the financial assets give rise on specified dates to cash flows that are solely payments of principal and interest on the principal outstanding amount, the Group will measure these financial assets at amortized cost under consideration of impairment (see following section). All financial assets are measured at amortized cost, with the exception of money market funds and promissory notes which are required to be measured at fair value through profit or loss because their cash flows are not solely payments of principal and interest on the principal outstanding amount. Gains and losses from financial assets measured at fair value (FVTPL) are shown in the income statement in finance income and finance expense. Gains and losses from financial assets measured at amortized cost (AC) including effects resulting from impairment are also presented in finance income and finance expense. Generally, the gains and losses from foreign currency translation effects are presented in other income / other expense. A financial asset is derecognized (i.e., removed from the Group’s consolidated statement of financial position) when the rights to receive cash flows from the asset have expired or have been transferred in terms of fulfilling the derecognition criteria. Impairment of financial assets — expected credit losses (“ECL”) All financial assets measured at amortized cost are required to be impaired at initial recognition in the amount of their expected credit loss (“ECL”). ECLs are based on the difference between the contractual cash flows due in accordance with the contract and all the cash flows that the Group expects to receive. Lilium recognizes an allowance for ECLs for cash and cash equivalents and other financial assets according to the “general approach”. This means that ECLs are recognized in three stages. For credit exposures at initial recognition, ECL are provided for credit losses that result from default events which may be possible within the next 12-months (Stage 1: a 12-month ECL). For credit exposures for which there has been a significant increase in credit risk since initial recognition (which is deemed to have occurred if a payment is more than 30 days past due), a loss allowance is required for credit losses expected over the remaining life of the exposure, irrespective of the timing of the default (Stage 2: a lifetime ECL). The same applies if objective indications exist that a default event has occurred (Stage 3: an incurred loss). In this case, any interest income is measured on the basis of the net carrying amount, while for stage 1 and 2 the basis is the gross carrying amount. Examples of objective evidence are significant financial difficulties experienced by the debtor, payment default or delays, a lowering of the credit rating, insolvency or where measures are taken to secure a debtor’s financial situation, or if other observable data indicates that expected cash flows deriving from financial assets may be appreciably reduced. For cash and cash equivalents as well as other financial assets, the simplification available for financial instruments with a low credit risk (“low credit risk exemption”) is applied as of the reporting date. Factors that can contribute to a low credit risk assessment are debtor-specific rating information and related outlooks. The requirement for classification with a low credit risk is regarded to be fulfilled for counterparties that have at least an investment grade rating; in this case there is no need to monitor credit risks for financial instruments with a low credit risk. The default probabilities applied to determine the expected credit losses for cash and cash equivalents and other financial assets are based on credit default swap spreads that are quoted on markets, which take future-oriented macroeconomic data into account. In general, Lilium defines a default event as a situation in which the debt is no longer recoverable. If the financial instrument is perceived to be unrecoverable, then the expectation is that future contractual cash flows will not occur. At this point in time, the balance is written off after giving consideration to any possible security that is available. Impairment losses (including reversals of impairment losses on financial assets) are not presented as a separate item in accordance with IAS 1.82(ba) as they are considered immaterial. Impairment losses or income from the reversal of impairment losses on financial assets are reported net under finance income or finance expenses. Financial liabilities The Group’s financial liabilities include warrants, lease liabilities (see note 16), convertible loans (including embedded derivatives), derivatives, trade and other payables, and other financial liabilities. Financial liabilities are classified as measured at amortized cost (“AC”) or fair value through profit or loss (“FVTPL”). All financial liabilities are recognized initially at fair value less, in the case of a financial liability not at fair value through profit or loss, directly attributable transaction costs. Financial liabilities at FVTPL are measured at fair value and gains and losses resulting from changes in fair value are recognized in finance income / expenses. The Group only accounts for separated embedded derivatives of convertible loans and warrants as well as for other derivatives as a financial liability at FVTPL. All other financial liabilities are subsequently measured at amortized cost using the effective interest rate (“EIR”) method. When applying the effective interest rate method, the Group generally amortizes any fees, points paid or received, transaction costs and other premiums or discounts that are included in the calculation of the EIR over the expected life of the financial instrument. Gains and losses are recognized in interest expense when the liabilities are derecognized as well as through the EIR amortization process. For financial liabilities subsequently measured at amortized cost, the foreign currency translation effects are presented in other income or expense. An embedded derivative in a hybrid contract, with a financial liability or a non-financial host, is separated from the host and accounted for as a separate derivative if: the economic characteristics and risks are not closely related to the host; a separate instrument with the same terms as the embedded derivative would meet the definition of a derivative; and the hybrid contract is not measured at fair value through profit or loss. The assessment whether to separate an embedded derivative is done only once at initial recognition of the hybrid contract. Reassessment only occurs if there is a change in the terms of the contract that significantly modifies the cash flows. Embedded derivatives are measured at fair value with changes in fair value recognized in profit or loss. A financial liability is derecognized when the obligation under the liability is discharged or cancelled or expires. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as the derecognition of the original liability and the recognition of a new liability. The resulting gain or loss is recognized in the consolidated comprehensive income statement. Convertible Loans IFRS requires that a convertible loan shall be bifurcated into a debt component and a conversion right if the latter is an equity instrument. The conversion right of a convertible loan is not an equity instrument but a liability if some conversion features of the loan lead to a conversion into a variable number of shares. In this case it has to be assessed if embedded derivatives need to be separated from the host contract (see section above). If this is the case, the remaining host contract is measured at amortized cost and the separated embedded derivative is measured at fair value through profit or loss until the loan is converted into equity or becomes due for repayment. The conversion features and other repayment options provided for in the contract are identified as a combined embedded derivative if they share the same risk exposure and are interdependent. Derivative Warrant Liabilities The Group evaluates all of its financial instruments, including issued stock purchase warrants, to determine if such instruments are derivatives or contain features that qualify as embedded derivatives, pursuant to “IFRS 9 Financial Instruments” (“IFRS 9”). Warrants are recognized as derivative liabilities in accordance with IFRS 9. Accordingly, the Group recognizes the warrant instruments as liabilities at fair value and adjusts the instruments to fair value at each reporting period. The liabilities are subject to re-measurement at each balance sheet date until exercised, and any change in fair value is recognized in the Group’s statements of operations. |
Income Taxes | Income Taxes Current income taxes 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. 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 taxes The Group uses the liability method of accounting for income taxes. Deferred income tax assets and liabilities represent temporary differences between the carrying amounts of assets and liabilities in the consolidated financial statements and their corresponding tax basis used in the computation of taxable income. Deferred tax, however, is not recognized on the initial recognition of goodwill or the initial recognition of an asset or liability (other than in a business combination) in a transaction that affects neither tax nor accounting income. Deferred tax assets are recognized for all deductible temporary differences, carry forward of unused tax credits and any unused tax losses to the extent it is probable that taxable profit will be available against which the deductible temporary differences, the carry forward of unused tax credits and the unused tax losses can be utilized. Deferred tax liabilities are recognized for all taxable temporary differences associated with investments in subsidiaries and associates, except where the Group is able to control the reversal of the temporary differences and it is probable that the temporary difference will not reverse in the foreseeable future. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the year in which the asset is realized, or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted at the reporting date. Deferred tax liabilities and assets are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when they relate to income taxes levied by the same taxation authority and the Group intends to settle its current tax assets and liabilities on a net basis. Current and deferred tax items are recognized similar to the underlying transaction either in profit or loss, other comprehensive income or directly in equity. Changes in deferred tax assets or liabilities are recognized as a component of tax expense (benefit) in the consolidated statement of operations, except where they relate to items that are recognized in other comprehensive income or directly in equity, in which case the related deferred tax is also recognized in other comprehensive income or equity, respectively. Where deferred tax arises from the initial accounting for a business combination, the tax effect is included in the accounting for the business combination. Deferred tax assets and deferred tax liabilities are not discounted. Deferred taxes are always classified as non-current. |
Provisions | Provisions Provisions are recognized when the Group has a present obligation (legal or constructive) as a result of a past event, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. |
Fair Values of Assets and Liabilities | Fair Values of Assets and Liabilities Fair value is a market-based measurement. For some assets and liabilities, observable market transactions or market information is available. For other assets and liabilities, observable market transactions or market information might not be available. When a price for an identical asset or liability is not observable, another valuation technique is used. To increase consistency and comparability in fair value measurements, there are three levels of the fair value hierarchy: ● Level 1: contains the use of unadjusted quoted prices in active markets for identical assets or liabilities ● Level 2: inputs are other than quoted prices included within Level 1 that are observable for the asset or liability either directly or indirectly ● Level 3: inputs are based on unobservable market data If the inputs used to measure the fair value of an asset or a liability fall into different levels of the fair value hierarchy, then the fair value measurement is categorized in its entirety in the same level of the fair value hierarchy as the lowest level input that is significant to the entire measurement. The Group recognizes transfers between levels of the fair value hierarchy at the end of the reporting period during which the change has occurred. Further information about the assumptions made in measuring fair values of financial instruments is included in note 28.1. In cases where a gain or loss arises on initial recognition of a financial asset or a financial liability because the fair value deviates from the transaction price and is neither evidenced by a quoted price in an active market for an identical asset (i.e., a Level 1 input) nor based on a valuation technique that uses only data from observable markets (i.e., a Level 2 input), this gain or loss remains unrecognized until all market inputs become observable. In case such gain or loss results from a transaction with shareholders, this amount is to be considered as capital contribution to the Group and is therefore to be recognized in equity. |
Share-based Payments | Share-based Payments General accounting principles The Group offers share-based payments that have been issued to the Group’s employees and advisors in exchange for their service. These share-based payments qualify either as cash-settled or equity-settled transactions depending on the terms of settlement. When the settlement choice (i.e. cash versus shares) lies with the participant, awards are classified as compound financial instrument. Only in the case the equity component is zero, the award is accounted for as a cash-settled option. When the settlement choice lies with the Group, the award is classified as equity-settled grant unless the Group has a present obligation to settle in cash. For cash-settled awards a liability is recognized for the fair value. The fair value is measured initially and at each reporting date up to and including the settlement date, with changes in fair value recognized in profit or loss for the period. An equity-settled award is measured based on the fair value determined at the grant date, or the modification date for employees and advisors who accepted the modified contract, and the number of awards expected to vest. The fair value remains unchanged after grant date. The Group grants several share-based awards in several different plans, which are described in the following. Refer to note 22 for the measurement approach of the fair value of options. Due to the Reorganization, the Group has granted certain nonrecurring share-based awards to external consultants. The expenses for services received are recognized when the participant renders services over the applicable vesting period with a corresponding increase of either the liability or equity, depending on the classification of the awards. The related share-based payment expense is recorded in the functional cost category to which the award recipient’s costs are classified. Standard Employee Stock Option Program (“ESOP”) The Group maintains a standard Employee Stock Option Program (“ESOP”), originally established in 2017, which allows for the issuance of options to purchase ordinary shares to its employees, executives and certain advisors. Share options typically follow a vesting schedule over a four-year period. 25% will vest after the one-year anniversary of the applicable vesting commencement data (the “Cliff Period”) and then monthly thereafter on a graded vesting basis through the end of the vesting period. Individuals must continue to provide services to a Group entity in order to vest. Upon termination, all unvested options are forfeited . no The manner of settlement in the form of cash or shares under the original terms of the ESOP implemented in 2017 (the “2017 ESOP”) was at the election of the participants and, accordingly, options granted under the 2017 ESOP were classified as cash settled. In November 2020, the Group modified certain terms and conditions of the 2017 ESOP (the “2020 ESOP”), which included modifications to the manner of settlement and stipulated that the Group has the discretion to determine the form of settlement of the options. Furthermore, the definition of an exit event was extended to include an indirect IPO, such as a merger of the Group into a publicly traded shell company, if certain additional conditions are met. Letters were sent to all participants of options granted under the 2017 ESOP and each such holder was asked to provide acceptance of the amendments before the end of December 2020. Options granted to participants who were U.S. resident taxpayers at the time of grant were also revised to clarify that such awards would be functionally treated as restricted stock units for U.S. tax purposes, and such options would be automatically settled to the extent vested upon an exit event that occurs within eight years of the grant date and would continue to be automatically settled on each vesting date. As of December 31, 2021: 100 % (December 31, 2020: 89%) of the holders of options granted under the 2017 ESOP accepted the terms of the modification, which triggered a change in the accounting treatment from cash-settled to equity settled. Consequently, these options were remeasured at the modification date fair value and the relevant liability was transferred to equity. In October 2021, Lilium GmbH sent letters to all employees under the current ESOP plan to modify certain terms of the agreement. As per the modification agreement, an employee’s vested options shall now be exclusively settled in shares of Lilium N.V. instead of shares of Lilium GmbH in consideration for the employee’s claim for settlement under the ESOP conditions (as amended) to Lilium N.V. Options which are unvested at the time of the modification shall continue to vest in accordance with the regular vesting schedule. Vested options shall become exercisable after expiration of a lock-up period of 180 calendar days from the date of listing of Lilium N.V. on the Nasdaq Stock Market. Vested options may not be exercised at any freely selected point in time after the expiration of the lock-up period but must be exercised during certain exercise windows during each quarter of the fiscal year of the Group, their exact dates during each such quarterly period being determined by the Group. The options will expire on the 10th anniversary on the date which vested options become exercisable. As of December 31, 2021: 100 % of the holders of the options have signed the modification agreement. By signing this modification, the illiquid shares of Lilium GmbH have been converted to liquid shares of Lilium N.V. tradable on Nasdaq Stock Market. Additionally, the exercise condition of an exit event is also waived. General population – Restricted Stock Units (“RSU”) The Group offered Restricted Stock Units to its newly hired employees in 2021 based on their grade. Upon vesting the plan participants are eligible to acquire shares at a price of €0.12. Final contracts are still in the drafting phase. Based on the communication to the new hires the vesting will be take place in equal quarterly installments until December 31, 2024, with the first 12 months as cliff period. The RSU are expected to be settled in shares of Lilium N.V., and hence are accounted as equity-settled awards. Upon termination, employee is entitled to the vested portion of the RSU. All unvested RSU are forfeited. Executives - Restricted Stock Units (“RSU”) The Group offered restricted stock units of Lilium N.V. to executives. These RSU are expected to be settled in shares, but the Group has the option to settle in cash. Hence, they are accounted as equity-settled awards. RSU are exercisable with a nominal amount of €0.12 per share. The RSU can be divided into four categories, based on their vesting schedule, specified below: General RSU Annual RSU Initial RSU Election RSU Upon termination, the executive is entitled to the vested portion of the RSU. All unvested RSU are forfeited. Executives – Performance-based stock options The Group offers performance-based stock options of Lilium N.V. shares to executives. These options are settled in Lilium N.V. shares and can be exercised as soon as they vest until expiration or 90 days after the participant ceases to be an employee of the Group. The performance-based stock options are expected to be settled in shares of Lilium N.V., and hence they are accounted for as equity-settled options. These options vest and are exercisable upon the satisfaction of both the service-based vesting criteria and the performance-based vesting condition. Typically, the service-based vesting criteria shall be satisfied in 17 quarterly installments between the vesting commencement date and December 31, 2025. The performance-based vesting condition shall be satisfied on the date the Group earns its first dollar or any equivalent currency of revenue recognized in the Group’s financial statements directly from providing service to a customer by the operation of its own developed and certified aircraft by either the European Union Aviation Safety Agency or the Federal Aviation Administration and the customer has also paid for such services. The maximum term of options granted is 10 years from the date of grant. If the performance-based vesting condition is satisfied prior to any service-based vesting date, any portion of the option with respect to which the service-based vesting criteria have not been satisfied as of the date the performance-based vesting condition is achieved shall remain subject to satisfaction of such service-based vesting criteria. Executives - Time-based stock options In addition, there are time-based stock options for one participant. Time-based stock options are settled in shares of Lilium N.V. and are treated as equity-settled. 7.7 % options vest on December 31, 2021. Remaining options vests in equal monthly installments commencing on January 1, 2022 and ending on December 31, 2025, subject to participants’ continuous service in the Group. These options can be exercised only after March 13, 2022 until expiration or until 90 days after the participant ceases to be an employee. The maximum term of options granted is the 10 years from date of grant. Upon termination, employee is entitled to the vested portion of the shares. All unvested options are forfeited. Executives – Success fees The Group has granted success fees to certain key management personnel for successful fundraising. Initial success fees were granted end of 2020 and beginning of 2021. Upon successful fundraising in September 2021, one award was settled in shares while another award was settled by execution of a so-called Joint Stock Ownership Program (“JSOP”) arrangement and a bonus agreement. Please refer to the section below for more details on the JSOP and the bonus. New success fees for future fund-raising were agreed upon in September 2021, superseding the initial arrangement. Upon successful new financing until December 31, 2025, the participant will receive an agreed percentage of the fundraising in shares or cash capped at specific maximum funding amount. The new arrangements offer a settlement choice to the participants and are accounted for as cash-settled accordingly. In case the plan participants chose to settle in equity, he needs to pay the nominal share value. As the new success fees may be settled in cash as per participants’ choice, they are accounted as cash-settled awards. The expense for success fees is recognized over the period until a successful financing is expected. The assumption regarding a successful financing is reassessed by management at each reporting date. In case a successful financing is probable, the compensation expense is recognized. Executives – Presence bonus Additionally, the annual presence bonus awards are offered to one individual if the individual performs an agreed percentage of employment services from the base location (Group’s head offices near Munich, Germany). The employee shall be eligible to an annual bonus in each calendar year from 2021 until 2025. The bonus will be accounted for on an annual basis, i.e., the period the respective services are received. As the condition was not met in 2021 the bonus was forfeited. Generally, the bonus offers a choice of settlement to the Group. The annual presence bonus awards are to be settled in shares of Lilium N.V., and hence are accounted for as equity-settled awards. Executives – Joint Stock Ownership plan (JSOP) and bonus Between one management member of the UK subsidiary and the Group, a success fee was agreed (see description on success fees above). Upon successful fundraising the success fee agreement provided the management member with a settlement choice to either receive cash, shares, participate from the value of shares based on a JSOP and a bonus agreement or a combination of cash and shares/JSOP. The management member has chosen a remuneration based on JSOP and the bonus. Setting-up the JSOP and the bonus according to the arrangements made consists of the following steps: ● Setting up a trust: A Dutch foundation “Stichting JSOP” was incorporated through a deed of incorporation. ● Joint Ownership agreement: Shares in Lilium N.V. with a total value corresponding to the success fee were issued against a fair market value consideration to Stichting which serves as joint owner of the shares together with the management member. The management member has a sell right, which upon exercise, has the effect that all shares held together with Stichting are sold in the market. The sell right needs to be executed before September 14, 2026. If the sell right expires, the Stichting has a buy right buying back the management member’s shares. The buy right needs to be executed before March 14, 2027. In any case, the shares will be sold. The proceeds from the shares will be divided between the Stichting and the management member according to the respective portion in the shares, also taking into consideration that Stichting is entitled to a carry charge of 7.5 % p.a. ● Bonus agreement with Lilium GmbH: Stichting’s portion of the sale of shares are paid to Lilium GmbH and forwarded to the manager after deduction of employment income tax and social security contributions. ● In substance, the management member receives in total the proceeds from the sale of shares after execution of the Sell Right or Buy Right, one part directly from Stichting (“JSOP”) and the other part from the Lilium GmbH as a bonus: ● The proceeds directly from the JSOP are the difference between the proceeds from the sale of shares received (treasury shares due to consolidation) and the acquisition cost of the shares received at the time of the setup of the Stichting plus 7.5 % interest p.a.; if this difference is negative, the JSOP is nil. ● The bonus is the lower of the proceeds from the sale of shares received (treasury shares due to consolidation) and the acquisition costs of the shares at the time of the setup of the Stichting plus 7.5 % interest p.a. As the management member will receive cash from the JSOP and the bonus, both parts of these awards are accounted for as cash-settled. Advisors – Strategic collaboration agreement On July 31, 2021, Lilium executed a term sheet in which Lilium agreed to enter into negotiations with Brazilian airline Azul S.A. and Azul Linhas Aereas Brasileiras S.A. (collectively, “Azul”) to establish a strategic collaboration whereby Azul and Lilium will negotiate contracts to buy a certain number of Lilium Jets. Except for the up-front warrants, the term sheet is legally non-binding. As of the date these financial statements were approved, no contracts with respect to the acquisition of Lilium Jets or any other collaboration have been executed. The Azul up-front warrants are within the scope of IFRS 2 Share-Based Payment as they were granted in contemplation of signing a service agreement to explore the feasibility of eVTOL in Brazil and are expected to be settled in our Class A shares. In consideration of the commercial collaboration, Lilium agreed to use all efforts to grant to Azul warrants to purchase up to 8,000,000 Class A shares at an exercise price of €0.12 per share, consisting of (i) warrants to purchase 1,800,000 Class A shares, which warrants were issued to Azul on a fully vested basis on October 22, 2021, granted for the signed term sheet and (ii) subject to the execution of definitive agreements and legally non-binding, warrants to purchase additional 6,200,000 Class A shares, which are expected to vest in three tranches. These warrants are subject to the execution of the above-mentioned definitive agreements and legally non-binding. As of the balance sheet date it was not yet sufficiently probable that they will be granted. As the Azul up-front warrants are to be settled in shares of Lilium N.V., they are accounted as equity-settled awards. Share listing expense The Reorganization is accounted for within the scope of IFRS 2. In accordance with IFRS 2, the difference in the fair value of the shares issued to former Qell’s shareholders by Lilium (€165.0 million) and the fair value of the Qell’s identifiable net assets (€53.9 million) represents a service received by Lilium, and thus is recognized as an expense (€111.1 million) at Closing Date. The determination of the fair value of the shares issued is based on the share price of Lilium N.V.’s publicly traded common stock. As of Closing Date, Lilium N.V. shares issued to Qell shareholders were trading at $9.41 per share. This trading price represents a Level 1 measurement, as it is a quoted price in an active market with sufficient trading volume for identical instruments. Within the Reorganization, Qell shareholders have received 21,080,961 shares in Lilium N.V. some of which are subject to transfer restrictions: 1. Sponsor Lock-Up Shares: 4,595,133 Lilium Class A Shares acquired by Qell Partners LLC (the “Sponsor”) in connection with the Reorganization, having a lock-up period of one year . 2. Sponsor Earnout Shares: 3,063,422 Lilium Class A Shares acquired by the Sponsor in connection with the Reorganization. Pursuant to the Sponsor Support Agreement, concurrently with the closing of the Business Combination, the Sponsor Earnout Shares were imprinted in three tranches ( 1,148,783 , 1,148,783 and 765,856 shares respectively) with a legend to note restrictions on transfer, which will be removed after the occurrence of a certain milestone or a specific date which is between March 2024 and September 2025. For the transfer restrictions, the valuation has been adjusted as follows: ● Qell Sponsor Lock-Up Shares: the closing price of Lilium N.V. shares as of Closing Date has been adjusted for a 5 % discount for lack of marketability due to the one-year lock-up restriction ● Qell Sponsor Earnout Shares: the closing price of Lilium N.V. shares as of Closing Date has been adjusted for a 5 % discount for lack of marketability. The net assets held by Qell had a fair value upon closing of €53.9 million, comprising of cash and cash equivalents held in Qell’s trust account (€83.3 million), offset by current liabilities (€3.6 million) and financial liabilities for the former Qell Warrants (€25.8 million). As the share listing expense is to be settled in shares of Lilium N.V., it is accounted as equity-settled awards. |
Pension Benefits | Pension Benefits The Group operates a defined benefit pension plan in Switzerland which requires contributions to be made to a separately administered fund. The cost of providing benefits under the defined benefit plan is determined using the projected unit credit method. The defined benefit obligation is recognized within non-current provisions. Remeasurements, comprising of actuarial gains and losses, the effect of the asset ceiling, and the return on plan assets (excluding amounts included in net interest on the net defined benefit liability), are recognized immediately in the consolidated statement of financial position with a corresponding debit or credit to retained earnings through OCI in the period in which they occur. Remeasurements are not reclassified to profit or loss in subsequent periods. Past service costs are recognized in profit or loss on the earlier of: ● The date of the plan amendment or curtailment, and ● The date that the Group recognizes related restructuring costs Net interest is calculated by applying the discount rate to the net defined benefit liability or asset. The Group recognizes the following changes in the net defined benefit obligation under, ‘Research and development’, ‘General and administrative’, and ‘Selling’ expenses’ in the consolidated statement of operations and other comprehensive income (loss) (by function): ● Service costs comprising current service costs, past-service costs, gains and losses on curtailments, ● Non-routine settlements, and ● Net interest expense or income |
Non-financial Liabilities | Non-financial Liabilities Non-financial liabilities are recognized at their nominal amounts. |
Revenue Recognition | Revenue Recognition Revenues from contracts are recognized when the customer gains the ability to direct the use of and obtain substantially all the remaining benefits from the services performed. The consideration which the Group expects to receive is allocated to each of the performance obligations, using the relative stand-alone selling price method. |
Government Grants | Government Grants Grants from governments are recognized at their fair value, where there is a reasonable assurance that the grant will be received, and the Group will comply with all attached conditions. Government grants relating to costs are deferred and recognized gross in other operating income over the period necessary to match them with the cost that they are intended to compensate. |
Corporate Information (Tables)
Corporate Information (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Corporate Information | |
Schedule of estimated fair value of shares over net assets acquired | Qell Qell In € thousand, except share and per share data shareholders sponsors Total Shares issued 13,422,406 7,658,555 21,080,961 Fair value as of September 14, 2021 (USD) 9.41 8.94* Exchange rate 0.8472 0.8472 Fair value as of September 14, 2021 (EUR) 7.97 7.57 Estimated market value of shares 107,002 58,000 165,002 Qell net assets — — 53,893 Excess fair value of shares over Qell’s net assets acquired — — 111,109 * discount of 5% applied to reflect lack of marketability |
Basis of Preparation (Tables)
Basis of Preparation (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Basis of Preparation | |
Schedule of equity interest owned by the company in subsidiaries | Country of Date of % equity interest owned Name Incorporation incorporation 12/31/ 2021 12/31/ 2020 Lilium N.V. Netherlands March 11, 2021 100.0 % n/a Lilium GmbH Germany February 11, 2015 100.0 % 100.0 % Lilium Schweiz GmbH Switzerland December 8, 2017 100.0 % 100.0 % Lilium Aviation UK Ltd. United Kingdom December 20, 2017 100.0 % 100.0 % Lilium Aviation Inc. United States July 1, 2020 100.0 % 100.0 % Lilium eAircraft GmbH Germany August 17, 2020 100.0 % 100.0 % Stichting JSOP Netherlands September 10, 2021 0.0 % n/a |
Schedule of new standards, interpretations and amendments adopted | Standard/amendment/ interpretation Effective date Adoption status January 1, 2021 Amendment to IFRS 16, ‘Leases’ – COVID-19 related rent concessions Annual periods on or after June 1, 2020 Early adoption is permitted Amendment to IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16 – Interest rate benchmark reform – Phase 2 Annual periods on or after January 1, 2021 Early adoption is permitted |
Schedule of New Standards and Interpretations not yet adopted | Standard/amendment/ interpretation Effective date Adoption status January 1, 2022 Amendments to IFRS 3, ‘Business combinations’, IAS 16 ‘Property, plant and equipment’ and IAS 37 ‘Provisions, contingent liabilities and contingent assets’ Annual periods on or after January 1, 2022 Early adoption is permitted Annual improvements 2018-2020 Annual periods on or after January 1, 2022 Early adoption is permitted January 1, 2023 IFRS 17, ‘Insurance contracts’ as amended in June 2020 by amendments to IFRS 17, Insurance Contracts Annual periods on or after January 1, 2023 Early adoption is permitted for entities that apply IFRS 9 Financial Instruments Amendment to IAS 1, ‘Presentation of financial statements’, on classification of liabilities Annual periods on or after January 1, 2023 Early adoption is permitted Amendment to IAS 1, ‘Presentation of financial statements’, IFRS Practice statement 2 and IAS 8, ‘Accounting policies, changes in accounting estimates and errors’ Annual periods on or after January 1, 2023 Early adoption is permitted |
Significant Accounting Polici_3
Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Significant Accounting Policies | |
Schedule of purchase of intangible assets | Useful life Software 2 – 15 years Purchased concessions, rights and other intangible assets 10 – 20 years |
Schedule of estimated useful lives of property plant and equipment | Useful life Rights to land and buildings including leasehold improvements 2 – 9 years Technical equipment and machinery 3 – 25 years Office and other equipment 3 – 13 years Vehicles 5 – 11 years |
Research and Development Expe_2
Research and Development Expenses (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Research and Development Expenses. | |
Schedule of research and development expenses | In € thousand 2021 2020 2019 Salaries and social security 75,672 66,536 26,162 Professional services 49,421 8,448 2,472 Materials 9,009 8,253 5,012 Depreciation/amortization 4,541 2,829 1,404 IT and communication expense 1,248 1,857 1,175 Other research and development expenses 4,667 2,422 1,911 Total research and development expenses 144,558 90,345 38,136 |
General and Administrative Ex_2
General and Administrative Expenses (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
General and Administrative Expenses. | |
Schedule of general and administrative expenses | In € thousand 2021 2020 2019 Share listing expense 111,109 — — Professional services 70,380 8,483 2,615 Salaries and social security 35,395 20,926 8,057 IT and communication expense 12,391 2,255 1,545 Depreciation/amortization 1,870 1,289 896 Insurances 1,698 73 118 HR related expenses (training, recruitment) 1,617 1,026 357 Other administrative expenses 4,633 1,354 1,849 Total administrative expenses 239,093 35,406 15,437 |
Selling Expenses (Tables)
Selling Expenses (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Selling Expenses. | |
Selling Expenses | In € thousand 2021 2020 2019 Salaries, social security 11,971 13,115 3,012 Professional services 1,983 1,196 327 Marketing 2,059 613 751 Travel 626 167 387 Depreciation/amortization 65 41 34 Other selling expenses 485 140 134 Total selling expenses 17,189 15,272 4,645 |
Other Income (Tables)
Other Income (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Other Income | |
Schedule of other income | In € thousand 2021 2020 2019 Foreign currency gains 1,689 19 11 Insurance recoveries 456 1,906 — Grants received from the German government 51 307 53 Income from other grants — 42 — Other miscellaneous income 78 72 12 Total other income 2,274 2,346 76 |
Other Expenses (Tables)
Other Expenses (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Other Expenses | |
Schedule of other expenses | In € thousand 2021 2020 2019 Foreign currency losses 1,054 107 56 Miscellaneous other items 982 23 2 Total other expenses 2,036 130 58 |
Financial Result (Tables)
Financial Result (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Financial Result | |
Schedule of financial results | In € thousand 2021 2020 2019 Finance income 11,288 80 518 thereof: fair value changes 11,280 58 516 Finance expenses (20,201) (49,741) (5,736) thereof: interest portion of lease payments (437) (450) (341) thereof: fair value changes (15,645) (15,222) — thereof: expected credit losses (260) — — thereof: interest on convertible loans (3,483) (33,960) (5,350) Financial result (8,913) (49,661) (5,218) |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Income Taxes | |
Schedule of income tax expense | In € thousand 2021 2020 2019 Current income tax expense 556 46 61 Current income tax expense related to prior years 143 — — Deferred tax expense 10 — — Total income tax expense 709 46 61 |
Schedule of reconciliation of expected tax expense and reported tax expense | In € thousand 2021 2020 2019 Profit (Loss) before income tax (410,327) (188,381) (63,418) Income tax rate 27.55 % 27.55 % 27.55 % Expected income taxes on this 113,045 51,899 17,472 Effects deriving from differences to the expected tax rate 40 54 (3) Other non-deductible expenses and taxes (209) (238) (312) Changes in the realization of deferred tax assets (67,465) (22,371) (18,978) Other (46,120) (29,390) 1,760 Income tax as per statement of operations (709) (46) (61) Effective tax rate in % (0.2) % 0.0 % (0.1) % |
Schedule of deferred taxes | Deferred tax assets Deferred tax liabilities In € thousand 12/31/2021 12/31/2020 12/31/2021 12/31/2020 Non-current assets 3,010 2,289 3,099 3,043 Intangible assets 2,995 2,261 — — Property, plant and equipment 15 — 3,088 2,855 Financial assets — 28 11 188 Current assets 14 9 286 — Inventories 11 9 — — Receivables and other assets 3 — 286 — Non-current liabilities 645 531 167 9 Provisions 24 — 3 9 Liabilities 621 531 163 — Current liabilities 222 563 631 340 Provisions 91 — — 62 Liabilities 131 563 631 278 Loss carry forwards 282 — — — Gross value 4,173 3,392 4,183 3,392 Netting (4,173) (3,392) (4,173) (3,392) Recognition in the statement of financial position — — 10 — |
Schedule of tax attributes (gross) | In € thousand 12/31/2021 12/31/2020 Corporation tax loss carryforwards 388,980 129,704 Trade tax loss carryforwards 387,524 128,889 Interest carryforwards 15,846 14,879 |
Schedule of deductible temporary differences and tax loss and interest carryforwards | Deferred tax assets on Interest Temporary Tax carry In € thousand differences losses forward Total Unrecognized deferred tax assets as of January 1, 2020 20,313 11,540 2,352 34,205 Addition — 24,099 1,311 25,410 Deductions (3,037) — — (3,037) Unrecognized deferred tax assets as of December 31, 2020 17,276 35,639 3,663 56,578 Addition — 70,625 266 70,891 Deductions (3,426) — — (3,426) Unrecognized deferred tax assets as of December 31, 2021 13,850 106,624 3,929 124,043 |
Loss per Share (Tables)
Loss per Share (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Loss per Share | |
Schedule of income and share data used in the basic and diluted EPS calculations | 2021 2020 2019 Comprehensive loss attributed to equity shareholders (410,830) (188,435) (63,590) (in € thousand) Weighted average number of shares outstanding Basic and diluted 214,858,203 193,722,062 169,224,125 Basic and diluted EPS (in €) (1.91) (0.97) (0.38) |
Intangible Assets (Tables)
Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Intangible Assets | |
Schedule of intangible assets | Purchased concessions, rights and other In € thousand Software intangible assets Total Costs of acquisition January 1, 2021 2,401 108 2,509 Additions 1,586 — 1,586 Transfer from property, plant and equipment 11 — 11 December 31, 2021 3,998 108 4,106 Accumulated amortization/write downs January 1, 2021 1,125 12 1,137 Amortization 1,569 6 1,575 December 31, 2021 2,694 18 2,713 Carrying amount: December 31, 2020 1,276 96 1,372 December 31, 2021 1,304 90 1,394 Purchased concessions, rights, and other In € thousand Software in-tangible assets Total Costs of acquisition January 1, 2020 1,241 89 1,330 Additions 1,188 24 1,212 Disposals (28) (5) (33) December 31, 2020 2,401 108 2,509 Accumulated amortization/write downs January 1, 2020 481 7 488 Amortization 642 6 648 Impairment 18 — 18 Disposals (16) (1) (17) December 31, 2020 1,125 12 1,137 Carrying amount: December 31, 2019 760 82 842 December 31, 2020 1,276 96 1,372 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Property, Plant and Equipment | |
Schedule of Property, plant and equipment | Rights to land and Technical buildings equipment Office Assets and leasehold and and other under In € thousand improvements Vehicles machinery equipment construction Total Costs of acquisition or construction: January 1, 2021 15,774 160 6,195 5,590 1,144 28,863 Additions 3,444 6 2,532 2,644 4,200 12,826 Disposals — — — (1) — (1) Transfers 711 — 2,009 2 (2,722) — Transfer to intangible assets — — — — (11) (11) Indexation impact (26) — — — — (26) Foreign exchange — — 2 8 — 10 December 31, 2021 19,903 166 10,738 8,243 2,611 41,661 Accumulated depreciation: January 1, 2021 3,057 40 640 2,411 — 6,148 Depreciation 2,381 42 1,028 1,450 — 4,901 Transfer — — 1 (1) — — Foreign exchange — — — 2 — 2 December 31, 2021 5,438 82 1,669 3,862 — 11,051 Carrying amount: December 31, 2020 12,717 120 5,555 3,179 1,144 22,715 December 31, 2021 14,465 84 9,069 4,381 2,611 30,610 Rights to land and Technical buildings equipment Office Assets and leasehold and and other under In € thousand improvements Vehicles machinery equipment construction Total Costs of acquisition or construction: January 1, 2020 10,272 109 2,626 3,736 634 17,377 Additions 4,795 51 1,268 1,873 3,479 11,466 Disposals — — (37) (43) — (80) Transfers 607 — 2,338 24 (2,969) — Indexation impact 100 — — — — 100 December 31, 2020 15,774 160 6,195 5,590 1,144 28,863 Accumulated depreciation: January 1, 2020 1,170 6 236 1,265 — 2,677 Depreciation 1,887 34 408 1,164 — 3,493 Disposals — — (4) (18) — (22) December 31, 2020 3,057 40 640 2,411 — 6,148 Carrying amount: December 31, 2019 9,102 103 2,390 2,471 634 14,700 December 31, 2020 12,717 120 5,555 3,179 1,144 22,715 |
Schedule of Property, plant and equipment is distributed among geographical areas | In € thousand 12/31/2021 12/31/2020 Germany 18,933 11,723 United Kingdom 100 38 United States 38 10 Switzerland 14 3 Total property, plant and equipment 19,085 11,774 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Leases | |
Schedule of right-of-use assets and lease liabilities | Technical equipment Office Rights and and other In € thousand to buildings Vehicles machinery equipment Total January 1, 2020 8,053 88 496 50 8,687 Additions to right-of-use assets 3,757 20 — 8 3,785 Depreciation (1,535) (31) (35) (30) (1,631) Indexation impact 100 — — — 100 December 31, 2020 10,375 77 461 28 10,941 Additions to right-of-use assets 2,369 — 29 170 2,568 Transfer — — (17) — (17) Depreciation (1,808) (34) (45) (54) (1,941) Indexation impact (26) — — — (26) December 31, 2021 10,910 43 428 144 11,525 |
Schedule of lease related expense recognised in consolidated statement of operations and comprehensive income | In € thousand Lease Liability January 1, 2020 8,715 Additions 3,742 Interest 450 Payments (1,889) Indexation impact 100 December 31, 2020 11,118 Additions 2,512 Interest 437 Payments (2,218) Indexation impact (26) December 31, 2021 11,823 |
Schedule of carrying amounts of lease liabilities and the movements | In € thousand 2021 2020 2019 Depreciation of right of-use-assets 1,941 1,631 1,013 Interest expense on lease liabilities 437 450 341 Short-term lease expenses 488 108 138 Lease expenses for low-value assets 220 80 72 Total amount recognized in expense 3,086 2,269 1,567 |
Schedule of information about the composition of the lease payments | In € thousand 2021 2020 Fixed lease payments 204 154 Variable lease payments 2,014 1,735 Total amount of lease payments 2,218 1,889 |
Schedule of information on the total cash outflow from all leases | In € thousand 2021 2020 2019 Principal paid 1,781 1,439 854 Interest paid 437 450 341 Short term and low value leases 708 188 213 Total amount paid 2,926 2,077 1,408 |
Investment in Associated Comp_2
Investment in Associated Companies (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Investment in Associated Companies | |
Schedule of valuation of investment in Zenlabs | In € thousand Carrying Value January 1, 2021 — Initial recognition 8,502 Conversion of promissory notes (July 2021) 2,222 Capital increases (July and September 2021) 5,178 Share of loss in an associated company (848) December 31, 2021 15,054 |
Schedule of financial information for Zenlabs | In € thousand 3/10/2021 – 12/31/2021 Revenue 806 Net loss for the period (2,907) In € thousand 12/31/2021 Non-current assets (1) 24,255 Current assets 6,724 Preferred stock reclassification (2) 20,283 Non-current liabilities (28,200) Current liabilities (756) Shareholders’ equity 22,306 Group’s effective interest in the associate 34.8 % Group’s share in shareholders’ equity (2020: nil) 7,762 Goodwill 7,558 Currency translation difference (266) Investment in an associate 15,054 (1) As the purchase price allocation is performed at each acquisition date (as of March 10, July 16 and September 27, 2021), differences occur due to the different ownership rates used in purchase price allocation and equity accounting. These differences are adjusted in Zenlabs’ summary financial state-ments. (2) Based on the Group's analysis of significant influence and investors’ current access to returns, Lilium concluded that its investment in Zenlabs is accounted for using the equity method under IAS 28 'Investment in associates and joint ventures'. However, in Zenlabs’ IFRS financial statements, the preferred stock owned by Lilium is accounted for as a financial liability based on its analysis under IAS 32 'Financial Instru-ments: Presentation' due to the features of preferred stock as explained above. In order to give effect to uniform accounting policies and consistency in accounting, the above-mentioned financial liability in Zenlabs’ financial statements is treated as equity in purchase price allocation and goodwill calculation. |
Other Financial Assets (Tables)
Other Financial Assets (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Other Financial Assets | |
Schedule of other financials assets | In € thousand 12/31/2021 12/31/2020 Security deposits 3,779 2,096 Miscellaneous other non-current financial assets — 16 Total non-current financial assets 3,779 2,112 Fixed term deposits 119,664 50,000 Money market funds 99,919 — Promissory notes — 676 Security deposits 42 — Total current other financial assets 219,625 50,676 |
Non-Financial Assets (Tables)
Non-Financial Assets (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Non-Financial Assets | |
Schedule of Non-financial assets | In € thousand 12/31/2021 12/31/2020 Advance payments 8,113 153 Total non-current non-financial assets 8,113 153 Value added tax claims 12,602 3,420 Prepaid expenses 9,924 1,284 Miscellaneous other current non-financial assets 468 1,070 Total current non-financial assets 22,994 5,774 Total non-financial assets 31,107 5,927 |
Cash and Cash Equivalents (Tabl
Cash and Cash Equivalents (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Cash and Cash Equivalents | |
Schedule of cash and cash equivalents | In € thousand 12/31/2021 12/31/2020 Petty cash 2 2 Cash at banks 129,854 102,142 Total cash and cash equivalents 129,856 102,144 |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Shareholders' Equity | |
Schedule of amount of common and preferred shares | Common Supervoting Lilium shares shares GmbH (in units) (Class A) (Class B) Total Total (1) Issued and outstanding as of January 1, 2019 53,883 — 53,883 53,883 Retrospective application of share split 129,476,783 24,413,065 153,889,848 — Issued and outstanding as of January 1, 2019, as adjusted 129,530,666 24,413,065 153,943,731 53,883 Issued shares – capital increase 1,065,661 — 1,065,661 373 Issued and outstanding as of December 31, 2019, as adjusted 130,596,327 24,413,065 155,009,392 54,256 Issued shares - convertible loans 19,156,185 — 19,156,185 6,705 Share buy-back - treasury shares (205,704) — (205,704) (72) Issued shares – capital increase 23,261,694 — 23,261,694 8,142 Outstanding as of December 31, 2020, as adjusted 172,808,502 24,413,065 197,221,567 69,031 Issued as of December 31, 2020, as adjusted 173,014,206 24,413,065 197,427,271 69,103 Issued shares - convertible loans 20,533,259 — 20,533,259 7,187 Reorganization as of September 14, 2021 22,697,450 — 22,697,450 (76,218) Treasury shares Lilium GmbH not exchanged into Lilium N.V. shares 205,704 — 205,704 (72) Capital increase PIPE 45,000,000 — 45,000,000 — Treasury shares (375,000) — (375,000) — Treasury shares (due to consolidation) (879,691) — (879,691) — Outstanding as of December 31, 2021 259,990,224 24,413,065 284,403,289 — Issued as of December 31, 2021 261,244,915 24,413,065 285,657,980 — (1) Not adjusted retrospectively to reflect the share split which occurred in 2021. |
Share-based Payments (Tables)
Share-based Payments (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Schedule of share-based payment arrangement expense | In € thousand 2021 2020 General population and executives – standard ESOP 29,286 50,316 General population - RSU 77 — Executives – ESOP modified 2,135 — Executives – RSU 1,178 — Executives - Performance-based stock options 2,296 — Executives - Time-based stock options 3,505 — Executives – Success fees (cash-settled) 2,590 — Executives – Success fee (equity-settled) 1,844 592 Executives - Presence bonus 0 — Joint stock ownership Plan (JSOP) incl. bonus 5,438 — Total expense 48,349 50,908 |
General population and executives - standard ESOP | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Schedule of expense from share-based payment arrangement | The expense recognized for participant services received during the year is shown in the following table: In € thousand 2021 2020 Expense arising from equity-settled share-based payments 29,286 — Expense arising from cash-settled share-based payments — 50,316 |
Schedule of movements | Equity-settled options: 2021 2020 Number of 2021 Number of 2020 (in units) options WAEP options WAEP Outstanding at January 1 13,962,159 0.00 — — Granted during the year 4,019,799 0.00 — — Forfeited during the year (757,105) 0.00 — — Transferred from cash-settled 2,348,454 0.00 13,962,159 0.00 Outstanding at December 31 19,573,307 0.00 13,962,159 0.00 Cash-settled options: 2021 2020 Number of 2021 Number of 2020 (in units) options WAEP options WAEP Outstanding at January 1 2,348,454 0.00 14,593,556 0.00 Granted during the year — — 2,799,860 0.00 Forfeited during the year — — (1,082,803) 0.00 Transferred to equity-settled (2,348,454) 0.00 (13,962,159) 0.00 Outstanding at December 31 — — 2,348,454 0.00 |
Schedule of inputs used for measurement of fair values | The following table lists the inputs to the models used for the ESOP for the year ended December 31, 2020: 12/31/2020 Discount for lack of marketability 5 % Expected volatility (%) 154 % Probability of direct IPO 0 % Probability of indirect IPO 60 % Probability of other scenarios 40 % |
Schedule of fair values | Price of one share in in € Valuation methodology Lilium N.V. December 31, 2020 Hybrid model 6.05 March 31, 2021 Hybrid model 7.13 June 30, 2021 Hybrid model 7.05 July 31, 2021 Hybrid model 7.36 August 31, 2021 Hybrid model 7.71 September 15, 2021 Actual share price 7.89 December 31, 2021 Actual share price 6.12 |
General population - Restricted Stock Units ("RSU") | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Schedule of expense from share-based payment arrangement | 01/01 /- 01/01 /- In € thousand 12/31/2021 12/31/2020 Expense arising from equity settled RSU 77 — |
Schedule of movements | The following table illustrates the number and weighted average exercise prices (“WAEP”) of, and movements in, RSU during the years ended December 31, 2021 and 2020: 2021 2020 Number of 2021 Number of 2020 (in units) options WAEP options WAEP Outstanding at January 1 — — — — Assigned during the year 162,800 € 0.12 — — Forfeited during the year — — — — Outstanding at December 31 162,800 € 0.12 — — |
Executives - ESOP modified | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Schedule of expense from share-based payment arrangement | In € thousand 2021 2020 Expense arising from equity-settled share-based payments 2,135 — |
Schedule of movements | 2021 2020 Number of 2021 Number of 2020 (in units) options WAEP options WAEP Outstanding at January 1 — — — — Granted during the year 1,888,477 7.90 — — Forfeited during the year — — — — Outstanding at December 31 1,888,477 7.90 — — |
Schedule of inputs used for measurement of fair values | 12/31/2021 Risk free rate range (0.75) % – (0.71) % Expected dividend yield — Expected exercise term 2 - 4 years Expected volatility 118.9% |
Executives - Restricted Stock Units ("RSU") | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Schedule of expense from share-based payment arrangement | 01/01/- 01/01/- In € thousand 12/31/2021 12/31/2020 Expense arising from equity settled RSUs 1,178 — |
Schedule of movements | The following table illustrates the number and weighted average exercise prices (“WAEP”) of, and movements in, share options during the years ended December 31, 2021 and 2020: 2021 2020 Number Number of 2021 of 2020 (in units) options WAEP options WAEP Outstanding at January 1 — — — — Granted during the year 1,050,913 € 0.12 — — Forfeited during the year — — — — Outstanding at December 31 1,050,913 € 0.12 — — |
Executives - Performance-based stock options | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Schedule of expense from share-based payment arrangement | 01/01/- 01/01/- In € thousand 12/31/2021 12/31/2020 Expense arising from performance-based stock options 2,296 — |
Schedule of movements | The following table illustrates the number and weighted average exercise prices (“WAEP”) of, and movements in, share options during the years ended December 31, 2021 and 2020: 2021 2020 Number of 2021 Number of 2020 (in units) options WAEP options WAEP Outstanding at January 1 — — — — Granted during the year 7,036,501 € 8.15 — — Forfeited during the year — — — — Outstanding at December 31 7,036,501 € 8.15 — — |
Schedule of inputs used for measurement of fair values | The following table lists the inputs to the Black-Scholes model used for the fair market value calculation for performance-based stock options for the year ended December 31, 2021: 12/31/2021 Risk free rate range (0.69) % – (0.66) % Expected dividend yield — Expected exercise term 4 years Expected volatility 121.8% |
Executives - Time-based stock options | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Schedule of expense from share-based payment arrangement | 01/01/- 01/01/- In € thousand 12/31/2021 12/31/2020 Expense arising from time-based stock options 3,505 — |
Schedule of movements | The following table illustrates the number and weighted average exercise prices (“WAEP”) of, and movements in, share options during the years ended December 31, 2021 and 2020: 2021 2020 Number of 2021 Number of 2020 (in units) options WAEP options WAEP Outstanding at January 1 — — — — Granted during the year 2,951,000 € 7.25 — — Forfeited during the year — — — — Outstanding at December 31 2,951,000 € 7.25 — — |
Schedule of inputs used for measurement of fair values | 12/31/2021 Risk free rate (0.69) % Expected dividend yield — Expected exercise term 4 years Expected volatility 121.9 % |
Executives - Success fees | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Schedule of expense from share-based payment arrangement | 01/01/- 01/01/- In € thousand 12/31/2021 12/31/2020 Expense for success fees cash-settled 2,590 — Expense for success fee equity-settled 1,844 592 Total expense 4,434 592 |
Executives - Joint Stock Ownership plan (JSOP) and bonus | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Schedule of expense from share-based payment arrangement | 01/01/- 01/01/- In € thousand 12/31/2021 12/31/2020 Expense for JSOP 3,762 — Expense for bonus 1,676 — Total expense 5,438 — |
Schedule of inputs used for measurement of fair values | The following table lists the inputs to the models used for the year ended December 31, 2021: 12/31/2021 Risk-free rate (0.62) % Expected dividend yield 0 Expected term 3.7 years Expected volatility (%) 126.0 % |
Warrants, Convertible Loans a_2
Warrants, Convertible Loans and Other Financial Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Warrants, Convertible Loans and Other Financial Liabilities | |
Summary of warrants, convertible loans and other financial liabilities | in € thousand 12/31/2021 12/31/2020 Other non-current financial liabilities — 27 Other current financial liabilities — 21 Warrants 21,405 — Convertible loans – host — 84,287 Convertible loans – embedded derivative — 14,948 Convertible loans — 99,235 |
Summary of effect of reasonable changes of input parameters on the initial fair value of the convertible loan (host contract) and the resulting equity effect | in € thousand March 11, 2020 Fair value host contract Effect on capital contribution Base 52,090 Conversion 1 year later 43,678 8,412 Conversion 1 year earlier 61,582 (9,492) in € thousand March 11, 2020 Fair value host contract Effect on capital contribution Base 52,090 credit spread + 10 % 49,558 2,532 credit spread - 10 % 54,819 (2,730) |
Provisions (Tables)
Provisions (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Provisions. | |
Summary of movement in provisions | Unwinding of discount and change Additions/ in discount In € thousand 01/01/2021 Reversals rate 12/31/2021 Asset retirement obligations 175 54 4 233 Post-employment benefits (see note 25) 193 (109) — 84 Record retention obligations 43 13 — 56 Total non-current provisions 411 (42) 4 373 Year-end audit — 1,067 — 1,067 Severance payments 80 539 — 619 Other — 736 — 736 Total current provisions 80 2,342 — 2,422 |
Post-Employment Benefits (Table
Post-Employment Benefits (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Post-Employment Benefits | |
Schedule of present value of the defined benefit obligations and the fair value of the plan assets | In € thousand 12/31/2021 12/31/2020 Present value of funded obligations 155 433 Fair value of plan assets 71 240 Total post-employment benefit obligations 84 193 |
Schedule of reconciliation of the net defined benefit liability | In € thousand 2021 2020 Net defined liability at January 1 193 126 Defined benefit cost recognized in consolidated statement of operations 117 48 Defined benefit cost recognized in other comprehensive income (162) 44 Employer contributions (74) (25) Currency effects 10 — Net defined liability at December 31 84 193 |
Schedule of reconciliation of the amount recognized in the consolidated statement of financial position | In € thousand 2021 2020 Employee benefit obligations as of January 1 433 304 Actuarial adjustments (233) 44 thereof: experience adjustments (202) 28 thereof: demographic adjustments (25) — thereof: adjustments for financial assumptions (6) 16 Current service cost 112 45 Past service (credit) / cost (1) — Interest expense 1 1 Currency effects 19 0 Employee contributions 74 25 Benefits paid (250) 14 Employee benefit obligations as of December 31 155 433 |
Schedule of reconciliation of the plan assets | In € thousand 2021 2020 Fair value of plan assets as of January 1 240 178 Employer contributions 74 25 Employee contributions 74 25 Benefits paid (250) 14 Administration expenses (5) (3) Return on asset excl. interest income (71) (0) Interest income 0 1 Currency effects 9 — Fair value of plan assets as of December 31 71 240 |
Schedule of expense recognized in the consolidated statements of operations and other comprehensive income | In € thousand 2021 2020 Actuarial gains (-) / losses (+) deriving from experience adjustments (202) 28 Actuarial gains (-) / losses (+) deriving from changes in demographical assumptions (25) — Actuarial gains (-) / losses (+) deriving from changes in financial assumptions (6) 16 Return on plan assets etc., interest income 71 — Included in other comprehensive income (162) 44 Current service cost 112 45 Past service (credit) / cost (1) — Interest income 0 (1) Administrative expenses (effective) 5 3 Interest expense 1 1 Included in the consolidated statements of operations 117 48 Total included in the consolidated statements of operations and other comprehensive income (45) 92 |
Schedule of principal actuarial assumptions | 12/31/2021 12/31/2020 Future salary increases 1.00 % 1.00 % Inflation rate 0.60 % 0.20 % Future pension increases 0.00 % 0.00 % Discount rate 0.35 % 0.15 % 2021 2020 2021 2020 Discount rate 0.25 % 0.25 % (0.25) % (0.25) % Present value of the post-employment benefit obligations (in € thousand) 149 414 163 455 Salary increase 0.25 % 0.25 % (0.25) % (0.25) % Present value of the post-employment benefit obligations (in € thousand) 156 434 155 433 Pension increase 0.25 % 0.25 % (0.25) % (0.25) % Present value of the post-employment benefit obligations (in € thousand) 159 446 n/a n/a |
Schedule of significant actuarial assumptions would have had the following impact on the present value of the post-employment benefit obligations as of the respective reporting dates | (in € thousand) December 31, 2021 Financial years 2022 2023-2026 2027-2031 Expected benefit payments 18 95 147 Total expected benefit payments 18 95 147 (in € thousand) December 31, 2020 Financial years 2021 2022-2025 2026-2030 Expected benefit payments 12 69 229 Total expected benefit payments 12 69 229 |
Trade and other Payables (Table
Trade and other Payables (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Trade and other Payables | |
Summary of trade and other payables | In € thousand 12/31/2021 12/31/2020 Trade payables 2,906 — Non-current trade and other payables 2,906 — Trade payables 14,936 4,854 Accruals for outstanding invoices 20,399 6,238 Current trade and other payables 35,335 11,092 Total trade and other payables 38,241 11,092 |
Other Non-Financial Liabiliti_2
Other Non-Financial Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Other Non-Financial Liabilities | |
Summary of other non-financial liabilities | In € thousand 12/31/2021 12/31/2020 Vacation accruals 2,488 1,680 Value added tax payables 242 1,477 Payroll tax and social security 2,992 1,455 Miscellaneous other current non-financial liabilities 338 585 Total other non-financial liabilities 6,060 5,197 |
Financial Instruments (Tables)
Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Financial Instruments | |
Summary of financial instruments, analyzed by classes and categories | 12/31/2021 In € thousand Category Carrying amount Fair value Financial assets, by class Cash at banks and petty cash AC 129,856 n/a Money Market Funds FVTPL 99,919 99,919 Fixed term deposit AC 119,664 n/a Security deposits AC 3,821 3,821 Total financial assets 353,260 Financial liabilities, by class Trade and other payables AC 38,241 n/a Warrants FVTPL 21,405 21,405 Total financial liabilities 59,646 Carrying Thereof aggregated to categories according to IFRS 9 amount Financial assets measured at amortized cost (AC) 253,341 Financial assets measured at FVTPL 99,919 Financial liabilities measured at FVTPL 21,405 Financial liabilities measured at amortized cost (AC) 38,241 Financial instruments, analyzed by classes and categories 12/31/2020 In € thousand Category Carrying amount Fair value Financial assets, by class Cash and cash equivalents AC 102,144 n/a Fixed term deposit AC 50,000 n/a Promissory notes FVTPL 676 676 Security deposits AC 2,096 2,096 Other financial assets AC 16 16 Total financial assets 154,932 Financial liabilities, by class Trade and other payables AC 11,092 n/a Convertible loans – host contract AC 84,287 105,007 Convertible loans – embedded derivative FVTPL 14,948 14,948 Other financial liabilities AC 48 48 Total financial liabilities 110,375 Carrying Thereof aggregated to categories according to IFRS 9 amount Financial assets measured at amortized cost (AC) 154,256 Financial assets measured at FVTPL 676 Financial liabilities measured at FVTPL 14,948 Financial liabilities measured at amortized cost (AC) 95,427 |
Summary of effect of reasonable changes of the most significant input parameters on the fair values of the embedded derivatives | in € thousand December 31, 2020 Share Price Value derivative Effect on financial result Base 0 % 14,948 Up 10 % 18,815 (3,867) Down (0.00) % 11,081 3,867 in € thousand December 31, 2020 Credit Spread Value derivative Effect on financial Result Base 0 % 14,948 Up 10 % 14,282 666 Down (0.00) % 15,646 (698) |
Summary of financial instruments, changes in fair Value of level 3 instruments | Financial instruments, changes in Fair Value of level 3 instruments Convertible loan – In € thousand Promissory Notes embedded derivative January 1, 2020 — — Purchases / issuances 627 (274) Changes from fair value remeasurement 58 15,222 Foreign exchange effects (9) — December 31, 2020 676 14,948 Purchases / issuances 1,051 312 Changes from fair value remeasurement 475 (6,326) Foreign exchange effects 20 — Conversion (2,222) (8,934) December 31, 2021 — — |
Summary of net gains and losses for each of the financial instrument measurement categories | 2021 Subsequent measurement Foreign Reversals exchange Impairment of loss Total per In € thousand Interest conversion Fair value loss (net) allowance category Financial assets measured at amortized cost (364) 1,061 — (260) — 437 Financial liabilities measured at amortized cost (3,483) (446) — — — (3,929) Financial assets and liabilities measured at fair value through profit or loss — 20 (4,365) — — (4,345) Total (3,847) 635 (4,365) (260) — (7,837) 2020 Subsequent measurement Foreign Increase Reversals exchange in loss of loss Total per In € thousand Interest conversion Fair value allowance allowance category Financial assets measured at amortized cost (83) — — — — (83) Financial liabilities measured at amortized cost (33,960) (98) — — — (34,058) Financial assets and liabilities measured at fair value through profit or loss — (4) (15,164) — — (15,168) Total (34,043) (102) (15,164) — — (49,309) |
Summary of exposures to credit risk for all financial assets that are not measured at fair value through profit or loss | 12/31/2021 Equivalent to external Gross Impairment credit rating Carrying Loss Credit- in € thousand [S&P] amount allowance impaired Grades 1–6: Low risk BBB- to AAA 253,601 (260) No Of which: Cash and cash equivalents 129,859 (3) No Fixed-term deposits 119,920 (256) No Security deposits 3,822 (1) No 12/31/2020 Equivalent to external Gross Impairment credit rating carrying loss Credit- in € thousand [S&P] amount allowance impaired Grades 1–6: Low risk BBB- to AAA 154,256 — No Of which: Cash and cash equivalents 102,144 — No Fixed-term deposits 50,000 — No Security deposits 2,096 — No Other financial assets 16 — No |
Summary of sensitivity of a change in foreign currency | Effect of EUR appreciation on Effect of EUR depreciation on profit before tax profit before tax Currency (in € thousand) (in € thousand) USD 735 (898) GBP 15 (19) The impact on the Group’s profit or loss before tax is due to changes in the carrying amount of monetary assets and liabilities as of December 31, 2020: Effect of EUR appreciation on Effect of EUR depreciation on profit before tax profit before tax Currency (in € thousand) (in € thousand) USD (47) 58 GBP (46) 56 |
Summary of details of the (undiscounted) cash outflows of financial liabilities | 12/31/2021 2027 and in € thousand 2022 2023 2024 to 2026 thereafter Lease liabilities 2,356 2,705 8,001 2,187 Trade and other payables 35,335 29 3,498 — 12/31/2020 2026 and in € thousand 2021 2022 2023 to 2025 thereafter Lease liabilities 2,006 1,962 5,767 2,869 Convertible loans 88,013 — — — Trade and other payables 11,092 — — — Other financial liabilities 21 27 — — |
Summary of reconciliation of changes in liabilities arising from financing activities | Convertible Lease In € thousand loans liabilities Warrants Total Statement of Financial Position as of December 31, 2020 99,235 11,118 — 110,353 Proceeds from convertible loans 1,850 — — 1,850 Principal elements of lease payments — (1,781) — (1,781) Interest paid — (437) — (437) Change in the cash flow from financing activities 1,850 (2,218) — (368) Additions to lease liabilities due to new lease contracts — 2,486 — 2,486 Additions to warrants — — 25,859 25,859 Fair value changes (6,326) — (4,454) (10,780) Interest expenses 3,483 437 — 3,920 Capital contributions (98,242) — — (98,242) Statement of Financial Position as of December 31, 2021 — 11,823 21,405 33,228 Convertible Lease In € thousand loans liabilities Total Statement of Financial Position as of December 31, 2019 66,353 8,715 75,068 Proceeds from convertible loans 85,900 — 85,900 Principal elements of lease payments — (1,439) (1,439) Interest paid — (450) (450) Change in the cash flow from financing activities 85,900 (1,889) 84,011 Additions to lease liabilities due to new lease contracts — 3,842 3,842 Fair value changes 15,222 — 15,222 Interest expenses 33,960 450 34,410 Capital contributions (102,200) — (102,200) Statement of Financial Position as of December 31, 2020 99,235 11,118 110,353 |
Related Party Disclosures (Tabl
Related Party Disclosures (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Related Party Disclosures | |
Schedule of Share based ultimate controlling party | Shares (in thousand units) Ownership Interest (%) Function 12/31/2021 12/31/2020 (1) 12/31/2021 12/31/2020 Key management 25,743 25,019 9.1 % 12.7 % Other related parties 121,389 107,140 42.7 % 54.3 % (1) Retrospectively adjusted |
Schedule of annual remuneration and related compensation costs recognized as expense | In € thousand 2021 2020 Short-term employee benefits 3,634 1,966 Severance accruals 619 — Share-based payment remuneration (legacy ESOP - 2021: 6,276,829 options; 2020: 4,239,788 options) 10,796 14,875 Modified ESOP for executives (2021: 1,888,477; 2020: no options) 2,135 — Stock options (2021: 11,038,414; 2020: no options) 6,979 — Success fees 9,872 591 Total 34,035 17,432 |
Schedule of balances held by entities with significant influence over the company | (in € thousand) 2021 2020 Convertible loans Beginning of the year 99,235 66,353 Proceeds from convertible loans 1,007 85,900 Fair value changes of convertible loans (6,337) 15,222 Interest expenses (not paid) 3,400 33,960 Subscribed capital (7) — Contribution to capital reserves (97,298) 102,200 End of the year — 99,235 Azul up-front warrants 13,030 — |
Corporate Information (Details)
Corporate Information (Details) € / shares in Units, € in Thousands | Sep. 14, 2021EUR (€) | Mar. 30, 2021EUR (€)€ / sharesshares | Dec. 31, 2021EUR (€)shares | Dec. 31, 2020shares | Dec. 31, 2019shares | Sep. 14, 2021$ / sharesshares |
Corporate Information [Line Items] | ||||||
Share split | 0.0004 | |||||
Number of shares to purchase warrant | 6,200,000 | |||||
Number of shares issued during period | 23,261,694 | 1,065,661 | ||||
Gross proceeds | € | € 381,208 | |||||
Share listing expense | € | € 111,109 | |||||
Business Combination Agreement | ||||||
Corporate Information [Line Items] | ||||||
Number of shares exchanged for each share | 1 | |||||
Number of shares to purchase warrant | 1 | |||||
Price per share | $ / shares | $ 9.41 | |||||
Share listing expense | € | € 111,109 | |||||
PIPE Investor | Business Combination Agreement | ||||||
Corporate Information [Line Items] | ||||||
Number of shares issued during period | 45,000,000 | |||||
Price per share | € / shares | € 8.47 | |||||
Gross proceeds | € | € 381,200 |
Corporate Information - The Reo
Corporate Information - The Reorganization (Details) € / shares in Units, € in Thousands | Sep. 14, 2021USD ($)$ / sharesshares | Dec. 31, 2020shares | Dec. 31, 2019shares | Sep. 14, 2021EUR (€)€ / shares |
Corporate Information [Line Items] | ||||
Shares issued | shares | 23,261,694 | 1,065,661 | ||
Discount for lack of marketability (in percent) | 5.00% | |||
Total | ||||
Corporate Information [Line Items] | ||||
Shares issued | shares | 21,080,961 | |||
Estimated market value of shares | € 165,002 | |||
Qell net assets | 53,893 | |||
Excess fair value of shares over Qell's net assets acquired | € 111,109 | |||
Qell share-holders | ||||
Corporate Information [Line Items] | ||||
Shares issued | shares | 13,422,406 | |||
Fair value as of September 14, 2021 | (per share) | $ 9.41 | € 7.97 | ||
Exchange rate | $ | 0.8472 | |||
Estimated market value of shares | € 107,002 | |||
Qell Sponsors | ||||
Corporate Information [Line Items] | ||||
Shares issued | shares | 7,658,555 | |||
Fair value as of September 14, 2021 | (per share) | $ 8.94 | € 7.57 | ||
Exchange rate | $ | 0.8472 | |||
Estimated market value of shares | € 58,000 |
Basis of Preparation (Details)
Basis of Preparation (Details) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Lilium N.V. | ||
Disclosure Of Description Of Business And Basis Of Preparation Of Consolidated Financial Statements [line items] | ||
Proportion of interest in subsidiary | 100.00% | |
Lilium GmbH | ||
Disclosure Of Description Of Business And Basis Of Preparation Of Consolidated Financial Statements [line items] | ||
Proportion of interest in subsidiary | 100.00% | 100.00% |
Lilium Schweiz GmbH | ||
Disclosure Of Description Of Business And Basis Of Preparation Of Consolidated Financial Statements [line items] | ||
Proportion of interest in subsidiary | 100.00% | 100.00% |
Lilium Aviation UK Ltd. | ||
Disclosure Of Description Of Business And Basis Of Preparation Of Consolidated Financial Statements [line items] | ||
Proportion of interest in subsidiary | 100.00% | 100.00% |
Lilium Aviation Inc. | ||
Disclosure Of Description Of Business And Basis Of Preparation Of Consolidated Financial Statements [line items] | ||
Proportion of interest in subsidiary | 100.00% | 100.00% |
Lilium eAircraft GmbH | ||
Disclosure Of Description Of Business And Basis Of Preparation Of Consolidated Financial Statements [line items] | ||
Proportion of interest in subsidiary | 100.00% | 100.00% |
Stichting JSOP | ||
Disclosure Of Description Of Business And Basis Of Preparation Of Consolidated Financial Statements [line items] | ||
Proportion of interest in subsidiary | 0.00% |
Significant Accounting Polici_4
Significant Accounting Policies - Purchase of intangible assets (Details) | 12 Months Ended |
Dec. 31, 2021 | |
Minimum | Software | |
Significant accounting policies | |
Useful life of intangible assets | 2 years |
Minimum | Purchased concessions, rights and other intangible assets | |
Significant accounting policies | |
Useful life of intangible assets | 10 years |
Maximum | Software | |
Significant accounting policies | |
Useful life of intangible assets | 15 years |
Maximum | Purchased concessions, rights and other intangible assets | |
Significant accounting policies | |
Useful life of intangible assets | 20 years |
Significant Accounting Polici_5
Significant Accounting Policies - Estimated useful lives of property plant and equipment (Details) | 12 Months Ended |
Dec. 31, 2021 | |
Significant accounting policies | |
Useful life of property and equipment | 5 years |
Minimum | Rights to land and buildings including leasehold improvements | |
Significant accounting policies | |
Useful life of property and equipment | 2 years |
Minimum | Technical equipment and machinery | |
Significant accounting policies | |
Useful life of property and equipment | 3 years |
Minimum | Office and other equipment | |
Significant accounting policies | |
Useful life of property and equipment | 3 years |
Minimum | Vehicles | |
Significant accounting policies | |
Useful life of property and equipment | 5 years |
Maximum | Rights to land and buildings including leasehold improvements | |
Significant accounting policies | |
Useful life of property and equipment | 9 years |
Maximum | Technical equipment and machinery | |
Significant accounting policies | |
Useful life of property and equipment | 25 years |
Maximum | Office and other equipment | |
Significant accounting policies | |
Useful life of property and equipment | 13 years |
Maximum | Vehicles | |
Significant accounting policies | |
Useful life of property and equipment | 11 years |
Significant Accounting Polici_6
Significant Accounting Policies (Details) € in Thousands | 12 Months Ended |
Dec. 31, 2021EUR (€) | |
Significant accounting policies | |
Low value assets | € 1 |
Minimum | |
Significant accounting policies | |
Lease term | 2 years |
Maximum | |
Significant accounting policies | |
Lease term | 9 years |
Significant Accounting Polici_7
Significant Accounting Policies - Share-based Payments (Details) € / shares in Units, € in Thousands | Jan. 01, 2022 | Sep. 14, 2021EUR (€)€ / sharesshares | Sep. 30, 2021item | Dec. 31, 2021EUR (€)itemUSD ($)installment€ / sharesshares | Dec. 31, 2020EUR (€)shares | Dec. 31, 2019EUR (€)shares | Dec. 31, 2021$ / shares | Oct. 23, 2021shares | Oct. 22, 2021shares | Sep. 14, 2021$ / shares | Dec. 31, 2018EUR (€) | [1] | ||
Disclosure of Detailed Information About Significant Accounting Policies [line items] | ||||||||||||||
Number of tranches | item | 3 | |||||||||||||
Share listing expense | € 111,109 | |||||||||||||
Number of shares issued during period | shares | 23,261,694 | 1,065,661 | ||||||||||||
Discount for lack of marketability (in percent) | 5.00% | |||||||||||||
Cash and cash equivalents | 129,856 | € 102,144 | [1] | € 59,571 | [1] | € 47,139 | ||||||||
Current liabilities | € 75,764 | € 117,281 | ||||||||||||
Total | ||||||||||||||
Disclosure of Detailed Information About Significant Accounting Policies [line items] | ||||||||||||||
Fair value of shares | € 165,002 | |||||||||||||
Net assets | € 53,893 | |||||||||||||
Number of shares issued during period | shares | 21,080,961 | |||||||||||||
Qell share-holders | ||||||||||||||
Disclosure of Detailed Information About Significant Accounting Policies [line items] | ||||||||||||||
Fair value of shares | € 107,002 | |||||||||||||
Value per share traded | (per share) | € 7.97 | $ 9.41 | ||||||||||||
Number of shares issued during period | shares | 13,422,406 | |||||||||||||
Qell Sponsors | ||||||||||||||
Disclosure of Detailed Information About Significant Accounting Policies [line items] | ||||||||||||||
Fair value of shares | € 58,000 | |||||||||||||
Value per share traded | (per share) | € 7.57 | $ 8.94 | ||||||||||||
Number of shares issued during period | shares | 7,658,555 | |||||||||||||
General population and executives - standard ESOP | ||||||||||||||
Disclosure of Detailed Information About Significant Accounting Policies [line items] | ||||||||||||||
Vesting period (in years) | 4 years | |||||||||||||
Contractual life | 0 years | |||||||||||||
Exit period | 8 years | |||||||||||||
Percentage of holders accepted the modifications | 100.00% | 89.00% | ||||||||||||
Lock-up period for options become exercisable | 180 days | |||||||||||||
Percentage of holders signed the modifications | 100.00% | |||||||||||||
General population and executives - standard ESOP | Tranche one | ||||||||||||||
Disclosure of Detailed Information About Significant Accounting Policies [line items] | ||||||||||||||
Vesting percentage | 25.00% | |||||||||||||
General population - Restricted Stock Units ("RSU") | ||||||||||||||
Disclosure of Detailed Information About Significant Accounting Policies [line items] | ||||||||||||||
Price per share upon vesting | € / shares | € 0.12 | |||||||||||||
Executives - Restricted Stock Units ("RSU") | ||||||||||||||
Disclosure of Detailed Information About Significant Accounting Policies [line items] | ||||||||||||||
Price per share upon vesting | € / shares | € 0.12 | |||||||||||||
Election RSU | Tranche one | ||||||||||||||
Disclosure of Detailed Information About Significant Accounting Policies [line items] | ||||||||||||||
Vesting percentage | 16.00% | |||||||||||||
Election RSU | Tranche two | ||||||||||||||
Disclosure of Detailed Information About Significant Accounting Policies [line items] | ||||||||||||||
Vesting percentage | 84.00% | |||||||||||||
Executives - Performance-based stock options | ||||||||||||||
Disclosure of Detailed Information About Significant Accounting Policies [line items] | ||||||||||||||
Contractual life | 10 years | |||||||||||||
Period for exercise of shares upon vesting after cease from employment (in days) | 90 days | |||||||||||||
Number of quarterly installments | installment | 17 | |||||||||||||
Executives - Time-based stock options | ||||||||||||||
Disclosure of Detailed Information About Significant Accounting Policies [line items] | ||||||||||||||
Vesting percentage | 7.70% | |||||||||||||
Contractual life | 10 years | |||||||||||||
Period for exercise of shares upon vesting after cease from employment (in days) | 90 days | |||||||||||||
Number of persons awarded | $ | 1 | |||||||||||||
Executives - Success fees | ||||||||||||||
Disclosure of Detailed Information About Significant Accounting Policies [line items] | ||||||||||||||
Number of awards settled | item | 1 | |||||||||||||
Executives - Presence bonus | ||||||||||||||
Disclosure of Detailed Information About Significant Accounting Policies [line items] | ||||||||||||||
Number of persons awarded | item | 1 | |||||||||||||
Executives - Joint Stock Ownership plan (JSOP) and bonus | ||||||||||||||
Disclosure of Detailed Information About Significant Accounting Policies [line items] | ||||||||||||||
Number of persons awarded | item | 1 | |||||||||||||
Carry charge (in percent) | 7.50% | |||||||||||||
Interest (in percent) | 7.50% | |||||||||||||
Advisors - Strategic collaboration agreement | ||||||||||||||
Disclosure of Detailed Information About Significant Accounting Policies [line items] | ||||||||||||||
Number of warrants to purchase shares | shares | 8,000,000 | 6,200,000 | 1,800,000 | |||||||||||
Exercise price of warrant | € / shares | € 0.12 | |||||||||||||
Number of tranches | item | 3 | |||||||||||||
Share listing expense | ||||||||||||||
Disclosure of Detailed Information About Significant Accounting Policies [line items] | ||||||||||||||
Number of tranches | item | 3 | |||||||||||||
Share listing expense | Total | ||||||||||||||
Disclosure of Detailed Information About Significant Accounting Policies [line items] | ||||||||||||||
Net assets | € 53,900 | |||||||||||||
Cash and cash equivalents | 83,300 | |||||||||||||
Current liabilities | 3,600 | |||||||||||||
Financial liabilities | € 25,800 | |||||||||||||
Share listing expense | Total | Sponsor Lock-Up Shares | ||||||||||||||
Disclosure of Detailed Information About Significant Accounting Policies [line items] | ||||||||||||||
Discount for lack of marketability (in percent) | 5.00% | |||||||||||||
Share listing expense | Total | Sponsor Earnout Shares | ||||||||||||||
Disclosure of Detailed Information About Significant Accounting Policies [line items] | ||||||||||||||
Discount for lack of marketability (in percent) | 5.00% | |||||||||||||
Share listing expense | Qell share-holders | ||||||||||||||
Disclosure of Detailed Information About Significant Accounting Policies [line items] | ||||||||||||||
Fair value of shares | € 165,000 | |||||||||||||
Net assets | 53,900 | |||||||||||||
Share listing expense | € 111,100 | |||||||||||||
Value per share traded | $ / shares | $ 9.41 | |||||||||||||
Number of shares issued during period | shares | 21,080,961 | |||||||||||||
Share listing expense | Qell Sponsors | Sponsor Lock-Up Shares | ||||||||||||||
Disclosure of Detailed Information About Significant Accounting Policies [line items] | ||||||||||||||
Number of shares issued during period | shares | 4,595,133 | |||||||||||||
Lock-up period | 1 year | |||||||||||||
Share listing expense | Qell Sponsors | Sponsor Earnout Shares | ||||||||||||||
Disclosure of Detailed Information About Significant Accounting Policies [line items] | ||||||||||||||
Number of shares issued during period | shares | 3,063,422 | |||||||||||||
Share listing expense | Qell Sponsors | Sponsor Earnout Shares | Tranche one | ||||||||||||||
Disclosure of Detailed Information About Significant Accounting Policies [line items] | ||||||||||||||
Number of shares issued during period | shares | 1,148,783 | |||||||||||||
Share listing expense | Qell Sponsors | Sponsor Earnout Shares | Tranche two | ||||||||||||||
Disclosure of Detailed Information About Significant Accounting Policies [line items] | ||||||||||||||
Number of shares issued during period | shares | 1,148,783 | |||||||||||||
Share listing expense | Qell Sponsors | Sponsor Earnout Shares | Tranche three | ||||||||||||||
Disclosure of Detailed Information About Significant Accounting Policies [line items] | ||||||||||||||
Number of shares issued during period | shares | 765,856 | |||||||||||||
[1] | Certain amounts have been reclassified from prior years’ financial statements to conform to the current presentation. |
Significant Accounting Judgme_2
Significant Accounting Judgments, Estimates and Assumptions (Details) - EUR (€) € in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Significant Accounting Judgments, Estimates and Assumptions | ||
Cash flows from operations including accumulated losses | € 717.1 | |
Weighted average IBR | 3.75% | 4.05% |
Period of ownership restriction for Private Warrants after the completion of the Business Combination | 30 days |
Significant Accounting Judgme_3
Significant Accounting Judgments, Estimates and Assumptions - Investment in associate - Purchase Price Allocation (Details) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of associates [line items] | |
Percentage of ownership interest in associate | 34.80% |
Zenlabs | |
Disclosure of associates [line items] | |
Percentage of ownership interest in associate | 34.80% |
Hypothetical royalty rate | 0.93% |
Technology portfolio | Zenlabs | |
Disclosure of associates [line items] | |
Useful life of intangible assets | 15 years |
Brand asset | Zenlabs | |
Disclosure of associates [line items] | |
Useful life of intangible assets | 15 years |
Significant Accounting Judgme_4
Significant Accounting Judgments, Estimates and Assumptions - Share-based Payments (Details) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Weighted average expected timing of fulfillment of performance condition | 20 months |
Percentage of weighted average probability | 69.00% |
Share listing expense, percentage for transfer restrictions imposed on Sponsor Lock-Up Shares and Sponsor Earnout Shares | 5.00% |
Performance-based Stock Options | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Period of stock options | 4 years |
Revenue from Contracts with C_2
Revenue from Contracts with Customers and Cost of Sales (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Revenue from Contracts with Customers and Cost of Sales | |||
Revenue recognized | € 47 | € 97 | € 0 |
Research and Development Expe_3
Research and Development Expenses (Details) - Research and Development Expenses - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of attribution of expenses by nature to their function [line items] | |||
Salaries and social security | € 75,672 | € 66,536 | € 26,162 |
Professional services | 49,421 | 8,448 | 2,472 |
Materials | 9,009 | 8,253 | 5,012 |
Depreciation/amortization | 4,541 | 2,829 | 1,404 |
IT and communication expense | 1,248 | 1,857 | 1,175 |
Other | 4,667 | 2,422 | 1,911 |
Total | € 144,558 | € 90,345 | € 38,136 |
Research and Development Expe_4
Research and Development Expenses - Additional Information (Details) - Research and Development Expenses - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of attribution of expenses by nature to their function [line items] | |||
Professional fees, consulting services | € 31,576 | € 3,732 | € 1,880 |
Professional fees, contractors | € 17,845 | € 4,716 | € 592 |
General and Administrative Ex_3
General and Administrative Expenses (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of attribution of expenses by nature to their function [line items] | |||
Share listing expense | € 111,109 | ||
General and Administrative Expenses | |||
Disclosure of attribution of expenses by nature to their function [line items] | |||
Share listing expense | 111,109 | ||
Professional services | 70,380 | € 8,483 | € 2,615 |
Salaries and social security | 35,395 | 20,926 | 8,057 |
IT and communication expense | 12,391 | 2,255 | 1,545 |
Depreciation/amortization | 1,870 | 1,289 | 896 |
Insurances | 1,698 | 73 | 118 |
HR related expenses (training, recruitment) | 1,617 | 1,026 | 357 |
Other administrative expenses | 4,633 | 1,354 | 1,849 |
Total | € 239,093 | € 35,406 | € 15,437 |
General and Administrative Ex_4
General and Administrative Expenses - Additional Information (Details) - General and Administrative Expenses € in Thousands | 12 Months Ended |
Dec. 31, 2021EUR (€) | |
Disclosure of attribution of expenses by nature to their function [line items] | |
Professional services, consulting and legal fees | € 33,127 |
Professional services, issue of Azul warrants expenses | 13,030 |
Professional services, JSOP bonus expense | € 5,439 |
Selling Expenses (Details)
Selling Expenses (Details) - Selling Expenses - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of attribution of expenses by nature to their function [line items] | |||
Salaries and social security | € 11,971 | € 13,115 | € 3,012 |
Professional services | 1,983 | 1,196 | 327 |
Marketing | 2,059 | 613 | 751 |
Travel | 626 | 167 | 387 |
Depreciation/amortization | 65 | 41 | 34 |
Other | 485 | 140 | 134 |
Total | € 17,189 | € 15,272 | € 4,645 |
Other Income (Details)
Other Income (Details) - EUR (€) € in Thousands | 6 Months Ended | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Other Income | ||||
Foreign currency gains | € 1,689 | € 19 | € 11 | |
Insurance recoveries | 456 | 1,906 | ||
Grants received from the German government | 51 | 307 | 53 | |
Income from other grants | 42 | |||
Other miscellaneous income | 78 | 72 | 12 | |
Total other income | 2,274 | 2,346 | € 76 | |
Insurance recoveries received | € 1,362 | € 1,000 | ||
Increase in insurance recoveries received | € 456 |
Other Expenses (Details)
Other Expenses (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Other Expenses | |||
Foreign currency losses | € 1,054 | € 107 | € 56 |
Miscellaneous other items | 982 | 23 | 2 |
Total other expenses | € 2,036 | € 130 | € 58 |
Financial Result (Details)
Financial Result (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Financial Result | |||
Finance income | € 11,288 | € 80 | € 518 |
thereof: fair value changes | 11,280 | 58 | 516 |
Finance expenses | (20,201) | (49,741) | (5,736) |
thereof: interest portion of lease payments | (437) | (450) | (341) |
thereof: fair value changes | (15,645) | (15,222) | |
thereof: expected credit losses | (260) | ||
thereof: interest on convertible loans | (3,483) | (33,960) | (5,350) |
Financial result | € (8,913) | € (49,661) | € (5,218) |
Financial Result - Additional I
Financial Result - Additional Information (Details) - EUR (€) € in Thousands | 12 Months Ended | 24 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2020 | |
Finance Income (Cost) [Line Items] | ||||
Fair value changes of convertible loans included in finance expense | € 26 | € 15,222 | ||
Fair value changes of convertible loans included in finance income | 6,351 | € 516 | ||
Fair value changes of warrants included in finance income | 4,454 | 0 | 0 | |
Fair value changes of promissory notes included in finance income | 475 | 58 | 0 | |
Fair value changes of foreign currency exchange contract included in finance expense | 15,532 | € 0 | ||
Fair value changes of money market funds included in finance expense | 87 | € 0 | € 0 | |
Allowance for expected credit losses recognized in finance expense | 260 | |||
Cash and cash equivalents | ||||
Finance Income (Cost) [Line Items] | ||||
Allowance for expected credit losses recognized in finance expense | 3 | |||
Other assets | ||||
Finance Income (Cost) [Line Items] | ||||
Allowance for expected credit losses recognized in finance expense | € 257 |
Income Taxes - Expense for Inco
Income Taxes - Expense for Income Tax Expense (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Taxes | |||
Current income tax expense | € 556 | € 46 | € 61 |
Current income tax expense related to prior years | 143 | ||
Deferred tax expense | 10 | ||
Total tax expense (income) | € 709 | € 46 | € 61 |
Income Taxes - Income Tax Expen
Income Taxes - Income Tax Expense (Details) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Taxes | |||
Corporation tax rate | 15.00% | ||
Solidarity surcharge on corporation tax rate | 5.50% | ||
Trade tax rate | 11.73% | ||
Total group tax rate | 27.55% | 27.55% | 27.55% |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of expected tax expense (Details) - EUR (€) € in Thousands | 1 Months Ended | 12 Months Ended | ||||
Mar. 31, 2020 | Oct. 31, 2019 | May 31, 2019 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Tax Disclosure [Line Items] | ||||||
Profit (Loss) before income tax | € (410,327) | € (188,381) | € (63,418) | |||
Income tax rate | 27.55% | 27.55% | 27.55% | |||
Expected income taxes on this | € 113,045 | € 51,899 | € 17,472 | |||
Effects deriving from differences to the expected tax rate | 40 | 54 | (3) | |||
Other non-deductible expenses and taxes | (209) | (238) | (312) | |||
Changes in the realization of deferred tax assets | (67,465) | (22,371) | (18,978) | |||
Other | (46,120) | (29,390) | 1,760 | |||
Income tax as per statement of operations | € (709) | € (46) | € (61) | |||
Effective tax rate in % | (0.20%) | 0.00% | (0.10%) | |||
Non-cash share listing expens | € 111,109 | |||||
Income tax reconciliation effect of non-cash share listing expens | 30,610 | |||||
Income tax reconciliation effect of fair value adjustments of Warrants | 3,590 | |||||
Other share-based payments | 40,321 | |||||
Income tax reconciliation effect of other share-based payments | 11,108 | |||||
Convertible loans, share capital | € 34,084 | € 3,981 | € 3,981 | 96,193 | € 102,207 | € 3,981 |
Azul | ||||||
Income Tax Disclosure [Line Items] | ||||||
Fair value adjustments of Warrants | 13,030 | |||||
Convertible loans, share capital | 6,351 | |||||
Income tax reconciliation effect of embedded derivative of the convertible loans | 1,750 | |||||
Qell Acquisition Corp | ||||||
Income Tax Disclosure [Line Items] | ||||||
Fair value adjustments of Warrants | 4,454 | |||||
Income tax reconciliation effect of fair value adjustments of Warrants | € 1,227 |
Income Taxes - Tax Rate Reconci
Income Taxes - Tax Rate Reconciliation (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Taxes | |||
Equity settled share-based payments | € 53,350 | € 71,990 | |
Income tax reconciliation effect of equity settled share-based payments | 19,883 | ||
Recognition of the day one effect of the convertible loan in equity | 34,084 | ||
Income tax reconciliation effect of recognition of the day one effect of the convertible loan in equity | 9,390 | ||
Transaction cost deducted from equity | 503 | ||
Income tax reconciliation effect of transaction cost deducted from equity | 139 | € 1,097 | |
Other tax effects | € (46,120) | € (29,390) | € 1,760 |
Income Taxes - Deferred tax rel
Income Taxes - Deferred tax related to Assets and Liabilities (Details) - EUR (€) € in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred tax assets, Gross value | € 4,173 | € 3,392 |
Deferred tax liabilities, Gross value | 4,183 | 3,392 |
Deferred tax assets, Netting | (4,173) | (3,392) |
Deferred tax liabilities, Netting | (4,173) | (3,392) |
Recognition of deferred tax liabilities in the statement of financial position | 10 | |
Non-current assets | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred tax assets, Gross value | 3,010 | 2,289 |
Deferred tax liabilities, Gross value | 3,099 | 3,043 |
Intangible assets | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred tax assets, Gross value | 2,995 | 2,261 |
Property, plant and equipment | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred tax assets, Gross value | 15 | |
Deferred tax liabilities, Gross value | 3,088 | 2,855 |
Financial assets | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred tax assets, Gross value | 28 | |
Deferred tax liabilities, Gross value | 11 | 188 |
Current assets | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred tax assets, Gross value | 14 | 9 |
Deferred tax liabilities, Gross value | 286 | |
Inventories | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred tax assets, Gross value | 11 | 9 |
Receivables and other assets | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred tax assets, Gross value | 3 | |
Deferred tax liabilities, Gross value | 286 | |
Non-current liabilities | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred tax assets, Gross value | 645 | 531 |
Deferred tax liabilities, Gross value | 167 | 9 |
Provisions | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred tax assets, Gross value | 24 | |
Deferred tax liabilities, Gross value | 3 | 9 |
Liabilities, | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred tax assets, Gross value | 621 | 531 |
Deferred tax liabilities, Gross value | 163 | |
Current liabilities | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred tax assets, Gross value | 222 | 563 |
Deferred tax liabilities, Gross value | 631 | 340 |
Provisions. | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred tax assets, Gross value | 91 | |
Deferred tax liabilities, Gross value | 62 | |
Liabilities | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred tax assets, Gross value | 131 | 563 |
Deferred tax liabilities, Gross value | 631 | € 278 |
Loss carry forwards | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred tax assets, Gross value | € 282 |
Income Taxes - Tax attributes (
Income Taxes - Tax attributes (gross) (Details) - EUR (€) € in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Income Taxes | ||
Corporation tax loss carryforwards | € 388,980 | € 129,704 |
Trade tax loss carryforwards | 387,524 | 128,889 |
Interest carryforwards | 15,846 | € 14,879 |
Tax loss carryforwards cannot be used | € 47,780 |
Income Taxes - Deductible tempo
Income Taxes - Deductible temporary differences and tax loss and interest carryforwards (Details) - EUR (€) € in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Unrecognized deferred tax assets, Beginning balance | € 56,578 | € 34,205 |
Addition | 70,891 | 25,410 |
Deductions | (3,426) | (3,037) |
Unrecognized deferred tax assets, Ending balance | 124,043 | 56,578 |
Temporary differences | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Unrecognized deferred tax assets, Beginning balance | 17,276 | 20,313 |
Deductions | (3,426) | (3,037) |
Unrecognized deferred tax assets, Ending balance | 13,850 | 17,276 |
Tax losses | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Unrecognized deferred tax assets, Beginning balance | 35,639 | 11,540 |
Addition | 70,625 | 24,099 |
Unrecognized deferred tax assets, Ending balance | 106,624 | 35,639 |
Interest carry forward | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Unrecognized deferred tax assets, Beginning balance | 3,663 | 2,352 |
Addition | 266 | 1,311 |
Unrecognized deferred tax assets, Ending balance | € 3,929 | € 3,663 |
Loss per Share (Details)
Loss per Share (Details) - EUR (€) € / shares in Units, € in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Loss per Share | |||
Anti-dilutive warrants excluded from the diluted EPS calculation | 1,800,000 | ||
Comprehensive income | € (410,830) | € (188,435) | € (63,590) |
Weighted average number of ordinary shares outstanding | 214,858,203 | 193,722,062 | 169,224,125 |
Basic earnings (loss) per share | € (1.91) | € (0.97) | € (0.38) |
Diluted earnings (loss) per share | € (1.91) | € (0.97) | € (0.38) |
Intangible Assets (Details)
Intangible Assets (Details) - EUR (€) € in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of detailed information about intangible assets [line items] | ||
Beginning balance | € 1,372 | € 842 |
Ending balance | 1,394 | 1,372 |
Software | ||
Disclosure of detailed information about intangible assets [line items] | ||
Beginning balance | 1,276 | 760 |
Impairment | 0 | |
Ending balance | 1,304 | 1,276 |
Purchased concessions, rights and other intangible assets | ||
Disclosure of detailed information about intangible assets [line items] | ||
Beginning balance | 96 | 82 |
Ending balance | 90 | 96 |
Costs of acquisition or construction | ||
Disclosure of detailed information about intangible assets [line items] | ||
Beginning balance | 2,509 | 1,330 |
Additions | 1,586 | 1,212 |
Transfer from property, plant and equipment | 11 | |
Disposals | (33) | |
Ending balance | 4,106 | 2,509 |
Costs of acquisition or construction | Software | ||
Disclosure of detailed information about intangible assets [line items] | ||
Beginning balance | 2,401 | 1,241 |
Additions | 1,586 | 1,188 |
Transfer from property, plant and equipment | 11 | |
Disposals | (28) | |
Ending balance | 3,998 | 2,401 |
Costs of acquisition or construction | Purchased concessions, rights and other intangible assets | ||
Disclosure of detailed information about intangible assets [line items] | ||
Beginning balance | 108 | 89 |
Additions | 24 | |
Disposals | (5) | |
Ending balance | 108 | 108 |
Accumulated amortization/write downs and depreciation | ||
Disclosure of detailed information about intangible assets [line items] | ||
Beginning balance | (1,137) | (488) |
Amortization | 1,575 | 648 |
Impairment | 18 | |
Disposals | 17 | |
Ending balance | (2,713) | (1,137) |
Accumulated amortization/write downs and depreciation | Software | ||
Disclosure of detailed information about intangible assets [line items] | ||
Beginning balance | (1,125) | (481) |
Amortization | 1,569 | 642 |
Impairment | 18 | |
Disposals | 16 | |
Ending balance | (2,694) | (1,125) |
Accumulated amortization/write downs and depreciation | Purchased concessions, rights and other intangible assets | ||
Disclosure of detailed information about intangible assets [line items] | ||
Beginning balance | (12) | (7) |
Amortization | 6 | 6 |
Disposals | 1 | |
Ending balance | € (18) | € (12) |
Intangible Assets - Additional
Intangible Assets - Additional Information (Details) - EUR (€) € in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Intangible Assets | ||
Value in use | € 0 | € 0 |
Property, Plant and Equipment_2
Property, Plant and Equipment (Details) - EUR (€) € in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Reconciliation of changes in property, plant and equipment | ||
Property, plant and equipment at beginning of period | € 22,715 | € 14,700 |
Property, plant and equipment at end of period | 30,610 | 22,715 |
Costs of acquisition or construction | ||
Reconciliation of changes in property, plant and equipment | ||
Property, plant and equipment at beginning of period | 28,863 | 17,377 |
Additions | 12,826 | 11,466 |
Disposals | (1) | (80) |
Transfer to intangible assets | (11) | |
Indexation impact | (26) | 100 |
Foreign exchange | 10 | |
Property, plant and equipment at end of period | 41,661 | 28,863 |
Accumulated amortization/write downs and depreciation | ||
Reconciliation of changes in property, plant and equipment | ||
Property, plant and equipment at beginning of period | (6,148) | (2,677) |
Disposals | 22 | |
Foreign exchange | 2 | |
Depreciation | 4,901 | 3,493 |
Property, plant and equipment at end of period | (11,051) | (6,148) |
Rights to land and buildings including leasehold improvements | ||
Reconciliation of changes in property, plant and equipment | ||
Property, plant and equipment at beginning of period | 12,717 | 9,102 |
Property, plant and equipment at end of period | 14,465 | 12,717 |
Rights to land and buildings including leasehold improvements | Costs of acquisition or construction | ||
Reconciliation of changes in property, plant and equipment | ||
Property, plant and equipment at beginning of period | 15,774 | 10,272 |
Additions | 3,444 | 4,795 |
Transfers | 711 | 607 |
Indexation impact | (26) | 100 |
Property, plant and equipment at end of period | 19,903 | 15,774 |
Rights to land and buildings including leasehold improvements | Accumulated amortization/write downs and depreciation | ||
Reconciliation of changes in property, plant and equipment | ||
Property, plant and equipment at beginning of period | (3,057) | (1,170) |
Depreciation | 2,381 | 1,887 |
Property, plant and equipment at end of period | (5,438) | (3,057) |
Vehicles | ||
Reconciliation of changes in property, plant and equipment | ||
Property, plant and equipment at beginning of period | 120 | 103 |
Property, plant and equipment at end of period | 84 | 120 |
Vehicles | Costs of acquisition or construction | ||
Reconciliation of changes in property, plant and equipment | ||
Property, plant and equipment at beginning of period | 160 | 109 |
Additions | 6 | 51 |
Property, plant and equipment at end of period | 166 | 160 |
Vehicles | Accumulated amortization/write downs and depreciation | ||
Reconciliation of changes in property, plant and equipment | ||
Property, plant and equipment at beginning of period | (40) | (6) |
Depreciation | 42 | 34 |
Property, plant and equipment at end of period | (82) | (40) |
Technical equipment and machinery | ||
Reconciliation of changes in property, plant and equipment | ||
Property, plant and equipment at beginning of period | 5,555 | 2,390 |
Property, plant and equipment at end of period | 9,069 | 5,555 |
Technical equipment and machinery | Costs of acquisition or construction | ||
Reconciliation of changes in property, plant and equipment | ||
Property, plant and equipment at beginning of period | 6,195 | 2,626 |
Additions | 2,532 | 1,268 |
Disposals | (37) | |
Transfers | 2,009 | 2,338 |
Foreign exchange | 2 | |
Property, plant and equipment at end of period | 10,738 | 6,195 |
Technical equipment and machinery | Accumulated amortization/write downs and depreciation | ||
Reconciliation of changes in property, plant and equipment | ||
Property, plant and equipment at beginning of period | (640) | (236) |
Disposals | 4 | |
Transfers | 1 | |
Depreciation | 1,028 | 408 |
Property, plant and equipment at end of period | (1,669) | (640) |
Office and other equipment | ||
Reconciliation of changes in property, plant and equipment | ||
Property, plant and equipment at beginning of period | 3,179 | 2,471 |
Property, plant and equipment at end of period | 4,381 | 3,179 |
Office and other equipment | Costs of acquisition or construction | ||
Reconciliation of changes in property, plant and equipment | ||
Property, plant and equipment at beginning of period | 5,590 | 3,736 |
Additions | 2,644 | 1,873 |
Disposals | (1) | (43) |
Transfers | 2 | 24 |
Foreign exchange | 8 | |
Property, plant and equipment at end of period | 8,243 | 5,590 |
Office and other equipment | Accumulated amortization/write downs and depreciation | ||
Reconciliation of changes in property, plant and equipment | ||
Property, plant and equipment at beginning of period | (2,411) | (1,265) |
Disposals | 18 | |
Transfers | (1) | |
Foreign exchange | 2 | |
Depreciation | 1,450 | 1,164 |
Property, plant and equipment at end of period | (3,862) | (2,411) |
Assets under construction | ||
Reconciliation of changes in property, plant and equipment | ||
Property, plant and equipment at beginning of period | 1,144 | 634 |
Property, plant and equipment at end of period | 2,611 | 1,144 |
Assets under construction | Costs of acquisition or construction | ||
Reconciliation of changes in property, plant and equipment | ||
Property, plant and equipment at beginning of period | 1,144 | 634 |
Additions | 4,200 | 3,479 |
Transfers | (2,722) | (2,969) |
Transfer to intangible assets | (11) | |
Property, plant and equipment at end of period | 2,611 | 1,144 |
Right-of-use assets | ||
Reconciliation of changes in property, plant and equipment | ||
Property, plant and equipment under security pledges | € 11,525 | € 10,941 |
Property, Plant and Equipment -
Property, Plant and Equipment - Property, plant and equipment is distributed among geographical areas (Details) - EUR (€) € in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment | € 30,610 | € 22,715 | € 14,700 |
Total property plant and equipment [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment | 19,085 | 11,774 | |
Germany | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment | 18,933 | 11,723 | |
United Kingdom | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment | 100 | 38 | |
United States | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment | 38 | 10 | |
Switzerland | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment | € 14 | € 3 |
Leases - Right-of-use assets (D
Leases - Right-of-use assets (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of quantitative information about right-of-use assets [line items] | |||
Beginning balance | € 10,941 | € 8,687 | |
Additions to right-of-use assets | 2,568 | 3,785 | |
Transfer | (17) | ||
Depreciation | (1,941) | (1,631) | € (1,013) |
Indexation impact | (26) | 100 | |
Ending balance | 11,525 | 10,941 | 8,687 |
Rights to land and buildings including leasehold improvements | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Beginning balance | 10,375 | 8,053 | |
Additions to right-of-use assets | 2,369 | 3,757 | |
Depreciation | (1,808) | (1,535) | |
Indexation impact | (26) | 100 | |
Ending balance | 10,910 | 10,375 | 8,053 |
Vehicles | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Beginning balance | 77 | 88 | |
Additions to right-of-use assets | 20 | ||
Depreciation | (34) | (31) | |
Ending balance | 43 | 77 | 88 |
Property, plant and equipment | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Beginning balance | 461 | 496 | |
Additions to right-of-use assets | 29 | ||
Transfer | (17) | ||
Depreciation | (45) | (35) | |
Ending balance | 428 | 461 | 496 |
Office and other equipment | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Beginning balance | 28 | 50 | |
Additions to right-of-use assets | 170 | 8 | |
Depreciation | (54) | (30) | |
Ending balance | € 144 | € 28 | € 50 |
Leases - Lease liabilities (Det
Leases - Lease liabilities (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Leases | |||
Beginning balance | € 11,118 | € 8,715 | |
Additions | 2,512 | 3,742 | |
Interest | 437 | 450 | € 341 |
Payments | (2,218) | (1,889) | |
Indexation impact | (26) | 100 | |
Ending balance | € 11,823 | € 11,118 | € 8,715 |
Leases - Related expense (Detai
Leases - Related expense (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Leases | |||
Depreciation of right of-use-assets | € 1,941 | € 1,631 | € 1,013 |
Interest expense on lease liabilities | 437 | 450 | 341 |
Short-term lease expenses | 488 | 108 | 138 |
Lease expenses for low-value assets | 220 | 80 | 72 |
Total amount recognized in expense | € 3,086 | € 2,269 | € 1,567 |
Leases - Lease liabilities (D_2
Leases - Lease liabilities (Details) - EUR (€) € in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Leases | ||
Fixed lease payments | € 204 | € 154 |
Variable lease payments | 2,014 | 1,735 |
Total amount of lease payments | € 2,218 | € 1,889 |
Leases - Total cash outflow (De
Leases - Total cash outflow (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Leases | |||
Principal paid | € 1,781 | € 1,439 | € 854 |
Interest paid | 437 | 450 | 341 |
Short term and low value leases | 708 | 188 | 213 |
Total amount paid | € 2,926 | € 2,077 | € 1,408 |
Investment in Associated Comp_3
Investment in Associated Companies (Details) - Zenlabs € in Thousands, $ in Thousands | Dec. 31, 2021EUR (€) | Dec. 31, 2021USD ($) | Sep. 27, 2021EUR (€) | Sep. 27, 2021USD ($) | Jul. 27, 2021USD ($) | Jul. 16, 2021EUR (€) | Jul. 15, 2021 | Mar. 19, 2021EUR (€) | Mar. 19, 2021USD ($) | Mar. 10, 2021EUR (€) | Mar. 10, 2021USD ($) |
Disclosure of associates [line items] | |||||||||||
Percentage of shares acquired | 9.10% | 25.70% | 25.70% | ||||||||
Purchase price | € 8,502 | € 7,400 | $ 8,716 | $ 8,716 | € 7,400 | € 8,502 | $ 10,054 | ||||
Conversion of outstanding promissory notes at a fair value included in consideration | 2,222 | € 2,222 | $ 2,629 | ||||||||
Promissory notes held included in conversion | € 1,051 | $ 1,250 | |||||||||
Total fair value of identifiable net assets acquired | 8,344 | $ 9,843 | |||||||||
Goodwill | 7,558 | 8,927 | |||||||||
Identifiable net assets acquired | 2,248 | 2,652 | |||||||||
Fair value step-up brand and technology portfolio | 8,688 | 10,250 | |||||||||
Deferred taxation | € 2,592 | $ 3,059 |
Investment in Associated Comp_4
Investment in Associated Companies - Valuation of investment in Zenlabs (Details) - Zenlabs € in Thousands, $ in Thousands | Dec. 31, 2021EUR (€) | Sep. 27, 2021EUR (€) | Sep. 27, 2021USD ($) | Jul. 27, 2021USD ($) | Jul. 16, 2021EUR (€) | Mar. 19, 2021EUR (€) | Mar. 19, 2021USD ($) | Mar. 10, 2021EUR (€) | Mar. 10, 2021USD ($) |
Disclosure of associates [line items] | |||||||||
Initial recognition | € 8,502 | € 7,400 | $ 8,716 | $ 8,716 | € 7,400 | € 8,502 | $ 10,054 | ||
Conversion of promissory notes (July 2021) | 2,222 | € 2,222 | $ 2,629 | ||||||
Capital increases (July and September 2021) | 5,178 | ||||||||
Share of Loss Transferred on Acquisition Date | € (848) |
Investment in Associated Comp_5
Investment in Associated Companies - Financial information for Zenlabs (Details) - EUR (€) € in Thousands | 10 Months Ended | 12 Months Ended | ||||||
Dec. 31, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||||
Disclosure of associates [line items] | ||||||||
Net loss for the period | € (411,036) | € (188,427) | [1] | € (63,479) | [1] | |||
Revenue | 47 | 97 | ||||||
Current assets | € 372,475 | 372,475 | 158,594 | |||||
Non-current assets | 58,950 | 58,950 | 26,352 | |||||
Non-current liabilities | (13,150) | (13,150) | (9,943) | |||||
Current liabilities | (75,764) | (75,764) | (117,281) | |||||
Shareholders' equity | 342,511 | € 342,511 | 57,722 | € (24,087) | € 35,522 | |||
Reconciliation to the Group's interest in at equity-accounted investee: | ||||||||
Group's effective interest in the associate | 34.80% | |||||||
Group's share in shareholders' equity (2020: nil) | 7,762 | € 7,762 | ||||||
Goodwill | 7,558 | 7,558 | ||||||
Currency translation difference | (266) | (266) | ||||||
Investment in an associate | 15,054 | 15,054 | ||||||
Zenlabs | ||||||||
Disclosure of associates [line items] | ||||||||
Net loss for the period | (2,907) | |||||||
Revenue | 806 | |||||||
Current assets | 6,724 | 6,724 | ||||||
Non-current assets | [2] | 24,255 | 24,255 | |||||
Preferred stock reclassification | [3] | 20,283 | 20,283 | |||||
Non-current liabilities | (28,200) | (28,200) | ||||||
Current liabilities | (756) | (756) | ||||||
Shareholders' equity | 22,306 | € 22,306 | ||||||
Reconciliation to the Group's interest in at equity-accounted investee: | ||||||||
Group's effective interest in the associate | 34.80% | |||||||
Group's share in shareholders' equity (2020: nil) | 0 | |||||||
Investment in an associate | € 15,054 | € 15,054 | € 0 | |||||
[1] | Certain amounts have been reclassified from prior years’ financial statements to conform to the current presentation. | |||||||
[2] | As the purchase price allocation is performed at each acquisition date (as of March 10, July 16 and September 27, 2021), differences occur due to the different ownership rates used in purchase price allocation and equity accounting. These differences are adjusted in Zenlabs’ summary financial state-ments. | |||||||
[3] | Based on the Group's analysis of significant influence and investors’ current access to returns, Lilium concluded that its investment in Zenlabs is accounted for using the equity method under IAS 28 'Investment in associates and joint ventures'. However, in Zenlabs’ IFRS financial statements, the preferred stock owned by Lilium is accounted for as a financial liability based on its analysis under IAS 32 'Financial Instru-ments: Presentation' due to the features of preferred stock as explained above. In order to give effect to uniform accounting policies and consistency in accounting, the above-mentioned financial liability in Zenlabs’ financial statements is treated as equity in purchase price allocation and goodwill calculation. |
Other Financial Assets - Other
Other Financial Assets - Other financial assets (Details) - EUR (€) € in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Other Financial Assets | ||
Security deposits | € 3,779 | € 2,096 |
Miscellaneous other non-current financial assets | 16 | |
Total non-current financial assets | 3,779 | 2,112 |
Fixed term deposit | 119,664 | 50,000 |
Money market funds | 99,919 | |
Promissory notes | 676 | |
Security deposits | 42 | |
Total current other financial assets | € 219,625 | € 50,676 |
Other Financial Assets - Fixed
Other Financial Assets - Fixed term deposit (Details) $ in Thousands | May 14, 2020 | Oct. 31, 2021EUR (€) | Dec. 31, 2021EUR (€) | Dec. 31, 2020EUR (€) | Nov. 30, 2021EUR (€) | Mar. 31, 2021EUR (€) | Mar. 31, 2021USD ($) | Dec. 23, 2020EUR (€) | Dec. 23, 2020USD ($) | Jul. 31, 2020EUR (€) | Jul. 31, 2020USD ($) | |
Disclosure of financial assets [line items] | ||||||||||||
Payment of short-term deposits | € 220,006,000 | € 50,000,000 | [1] | |||||||||
Fixed term deposit | ||||||||||||
Disclosure of financial assets [line items] | ||||||||||||
Interest rate on fixed-term deposit (in percent) | 0.02% | |||||||||||
Notional amount | € 120,000,000 | |||||||||||
Term of deposits (in months) | 9 months | |||||||||||
Amount of reduction in principal | 336,000 | |||||||||||
Negative interest | 80,000 | |||||||||||
Expected credit loss | 257,000 | |||||||||||
Payment of short-term deposits | 50,000,000 | |||||||||||
Fixed-term deposit one | ||||||||||||
Disclosure of financial assets [line items] | ||||||||||||
Notional amount | € 40,000,000 | |||||||||||
Term of promissory notes (in years) | 6 months | |||||||||||
Fixed-term deposit two | ||||||||||||
Disclosure of financial assets [line items] | ||||||||||||
Term of promissory notes (in years) | 9 months | |||||||||||
Fixed-term deposit three | ||||||||||||
Disclosure of financial assets [line items] | ||||||||||||
Term of promissory notes (in years) | 12 months | |||||||||||
Promissory note | ||||||||||||
Disclosure of financial assets [line items] | ||||||||||||
Notional amount | € 1,051,000 | $ 1,250 | € 205,000 | $ 250 | € 422,000 | $ 500 | ||||||
Promissory notes interest rate | 7.00% | 7.00% | ||||||||||
Money Market Funds | ||||||||||||
Disclosure of financial assets [line items] | ||||||||||||
Notional amount | € 100,006 | |||||||||||
Security deposits | ||||||||||||
Disclosure of financial assets [line items] | ||||||||||||
Amount pledged as collateral for customs | 400,000 | 0 | ||||||||||
Amount pledged as collateral for furniture lease | 253,000 | 120,000 | ||||||||||
Amount pledged as collateral for use of credit card facilities | 196,000 | 0 | ||||||||||
Amount pledged as collateral for facility leases | 2,942,000 | 1,976,000 | ||||||||||
Amount of deposits pledged as collateral for deposits to suppliers. | € 30,000 | € 0 | ||||||||||
[1] | Certain amounts have been reclassified from prior years’ financial statements to conform to the current presentation. |
Non-Financial Assets (Details)
Non-Financial Assets (Details) - EUR (€) € in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Non-Financial Assets | ||
Advance payments | € 8,113 | € 153 |
Total non-current non-financial assets | 8,113 | 153 |
Value added tax claims | 12,602 | 3,420 |
Prepaid expenses | 9,924 | 1,284 |
Miscellaneous other current non-financial assets | 468 | 1,070 |
Total current non-financial assets | 22,994 | 5,774 |
Total non-financial assets | 31,107 | € 5,927 |
Insurance claim | € 906 |
Non-Financial Assets - Prepaid
Non-Financial Assets - Prepaid expenses (Details) € in Thousands | 12 Months Ended |
Dec. 31, 2021EUR (€) | |
Non-Financial Assets | |
Prepayments for acqusition of fixed assets | € 6,852 |
Prepayments for multi-year supplier contracts | € 11,185 |
Cash and Cash Equivalents (Deta
Cash and Cash Equivalents (Details) - EUR (€) € in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | [1] | Dec. 31, 2018 | [1] | |
Cash and Cash Equivalents | |||||||
Petty cash | € 2 | € 2 | |||||
Cash at banks | 129,854 | 102,142 | |||||
Total cash and cash equivalents | € 129,856 | € 102,144 | [1] | € 59,571 | € 47,139 | ||
[1] | Certain amounts have been reclassified from prior years’ financial statements to conform to the current presentation. |
Shareholders' Equity (Details)
Shareholders' Equity (Details) - shares | Sep. 14, 2021 | Mar. 26, 2021 | Mar. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||
Disclosure of classes of share capital [line items] | |||||||||
Number of shares issued during period | 23,261,694 | 1,065,661 | |||||||
Issued shares - convertible loans | 20,533,259 | 19,156,185 | 274,272 | ||||||
Share buy-back - treasury shares | 205,704 | ||||||||
Treasury shares Lilium GmbH not exchanged into Lilium N.V. shares | 375,000 | ||||||||
Treasury shares (due to consolidation) | 879,691 | ||||||||
Before reorganization | |||||||||
Disclosure of classes of share capital [line items] | |||||||||
Issued and outstanding as of January 1, 2019 | [1] | 53,883 | |||||||
Issued and outstanding as adjusted, beginning balance | [1] | 69,031 | 54,256 | 53,883 | |||||
Number of shares issued during period | [1] | 8,142 | 373 | ||||||
Issued and outstanding as adjusted, ending balancce | [1] | 69,031 | 54,256 | ||||||
Issued shares - convertible loans | [1] | 7,187 | 6,705 | ||||||
Share buy-back - treasury shares | [1] | (72) | |||||||
Issued as adjusted | [1] | 69,103 | |||||||
Reorganization as of September 14, 2021 | [1] | (76,218) | |||||||
Treasury shares Lilium GmbH not exchanged into Lilium N.V. shares | (72) | [1] | 72 | ||||||
After Reorganization | |||||||||
Disclosure of classes of share capital [line items] | |||||||||
Issued and outstanding as of January 1, 2019 | 53,883 | ||||||||
Retrospective application of share split | 153,889,848 | ||||||||
Issued and outstanding as adjusted, beginning balance | 197,221,567 | 155,009,392 | 153,943,731 | ||||||
Number of shares issued during period | 45,000,000 | 23,261,694 | 1,065,661 | ||||||
Issued and outstanding as adjusted, ending balancce | 197,221,567 | 155,009,392 | |||||||
Issued shares - convertible loans | 20,533,259 | 19,156,185 | |||||||
Share buy-back - treasury shares | (205,704) | ||||||||
Issued as adjusted | 197,427,271 | ||||||||
Reorganization as of September 14, 2021 | 22,697,450 | ||||||||
Treasury shares Lilium GmbH not exchanged into Lilium N.V. shares | 205,704 | 205,704 | |||||||
Treasury shares | (375,000) | ||||||||
Treasury shares (due to consolidation) | (879,691) | ||||||||
Number of shares outstanding, ending balance | 284,403,289 | ||||||||
Shares issued | 285,657,980 | ||||||||
Class A shares | |||||||||
Disclosure of classes of share capital [line items] | |||||||||
Issued and outstanding as of January 1, 2019 | 53,883 | ||||||||
Retrospective application of share split | 129,476,783 | ||||||||
Issued and outstanding as adjusted, beginning balance | 172,808,502 | 130,596,327 | 129,530,666 | ||||||
Number of shares issued during period | 45,000,000 | 23,261,694 | 1,065,661 | ||||||
Issued and outstanding as adjusted, ending balancce | 172,808,502 | 130,596,327 | |||||||
Issued shares - convertible loans | 20,533,259 | 19,156,185 | |||||||
Share buy-back - treasury shares | (205,704) | ||||||||
Issued as adjusted | 173,014,206 | ||||||||
Reorganization as of September 14, 2021 | 22,697,450 | ||||||||
Treasury shares Lilium GmbH not exchanged into Lilium N.V. shares | 205,704 | ||||||||
Treasury shares | (375,000) | ||||||||
Treasury shares (due to consolidation) | (879,691) | ||||||||
Number of shares outstanding, ending balance | 259,990,224 | ||||||||
Shares issued | 261,244,915 | 261,244,915 | |||||||
Class B shares | |||||||||
Disclosure of classes of share capital [line items] | |||||||||
Retrospective application of share split | 24,413,065 | ||||||||
Issued and outstanding as adjusted, beginning balance | 24,413,065 | 24,413,065 | 24,413,065 | ||||||
Issued and outstanding as adjusted, ending balancce | 24,413,065 | 24,413,065 | |||||||
Issued as adjusted | 24,413,065 | ||||||||
Number of shares outstanding, ending balance | 24,413,065 | 24,413,065 | |||||||
Shares issued | 24,413,065 | 24,413,065 | |||||||
[1] | Not adjusted retrospectively to reflect the share split which occurred in 2021. |
Shareholders' Equity - Addition
Shareholders' Equity - Additional information (Details) € / shares in Units, € in Thousands | Sep. 14, 2021EUR (€)Vote€ / sharesshares | Mar. 26, 2021EUR (€)shares | Mar. 11, 2020EUR (€) | Jan. 31, 2021EUR (€) | Mar. 31, 2020EUR (€)shares | Oct. 31, 2019EUR (€) | May 31, 2019EUR (€) | Dec. 31, 2021EUR (€)€ / sharesshares | Dec. 31, 2020EUR (€)shares | Dec. 31, 2019EUR (€)shares | Dec. 31, 2018EUR (€)shares | |||
Disclosure of classes of share capital [line items] | ||||||||||||||
IFRS Stockholders' Equity Note, Stock Split, Conversion Ratio | 0.0004 | |||||||||||||
Number of shares transferred to Class B shares | shares | 8,545 | |||||||||||||
Nominal value per share | € / shares | € 0.12 | |||||||||||||
Share capital | [1] | € 40,138 | € 29,550 | |||||||||||
Number of Class B shares converted to Class C share | shares | 1 | |||||||||||||
Number of Class B shares converted to Class A share | shares | 1 | |||||||||||||
Witten notice period (in days) | 3 days | |||||||||||||
Consideration value for transfer of shares | € 0 | |||||||||||||
Number of shares issued during period | shares | 23,261,694 | 1,065,661 | ||||||||||||
Increase in share capital | € 381,208 | € 96,810 | [2] | |||||||||||
Convertible loans, shares | shares | 20,533,259 | 19,156,185 | 274,272 | |||||||||||
Convertible loans, share capital | € 34,084 | € 3,981 | € 3,981 | € 96,193 | 102,207 | € 3,981 | ||||||||
Transaction costs | € 2,227 | 29,029 | 503 | |||||||||||
Amount of convertible loan | € 85,900 | € 85,900 | € 1,850 | |||||||||||
Share buyback | € 763 | |||||||||||||
Share buyback, shares | shares | 205,704 | |||||||||||||
Share capital increased through reorganization | [2] | 164,868 | ||||||||||||
Proceeds From Reorganization | 83,393 | |||||||||||||
Share capital | 342,511 | € 57,722 | € (24,087) | € 35,522 | ||||||||||
Proceeds from the PIPE capital increase | € 381,208 | |||||||||||||
Number of treasury shares transferred | shares | 375,000 | |||||||||||||
Shares held under consolidation | shares | 879,691 | |||||||||||||
Amount presented in nominal amount for consolidation | € 106 | |||||||||||||
Number of shares authorized for issue | shares | 1,620,451,736 | |||||||||||||
Success Fee | ||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||
Convertible loans, shares | shares | 293,230 | |||||||||||||
Before reorganization | ||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||
Number of shares outstanding | shares | [3] | 53,883 | ||||||||||||
Number of shares issued during period | shares | [3] | 8,142 | 373 | |||||||||||
Convertible loans, shares | shares | [3] | 7,187 | 6,705 | |||||||||||
Share buyback, shares | shares | [3] | (72) | ||||||||||||
Number of treasury shares transferred | shares | (72) | [3] | 72 | |||||||||||
After Reorganization | ||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||
Number of shares issued | shares | 285,657,980 | |||||||||||||
Number of shares outstanding | shares | 284,403,289 | 53,883 | ||||||||||||
Number of shares issued during period | shares | 45,000,000 | 23,261,694 | 1,065,661 | |||||||||||
Convertible loans, shares | shares | 20,533,259 | 19,156,185 | ||||||||||||
Share buyback, shares | shares | (205,704) | |||||||||||||
Number of treasury shares transferred | shares | 205,704 | 205,704 | ||||||||||||
Shares held under consolidation | shares | (879,691) | |||||||||||||
Class A shares | ||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||
Number of shares issued | shares | 261,244,915 | 261,244,915 | ||||||||||||
Nominal value per share | € / shares | € 0.12 | |||||||||||||
Share capital | € 31,300 | |||||||||||||
Number of votes | Vote | 12 | |||||||||||||
Number of shares outstanding | shares | 259,990,224 | 53,883 | ||||||||||||
Number of shares issued during period | shares | 45,000,000 | 23,261,694 | 1,065,661 | |||||||||||
Convertible loans, shares | shares | 20,533,259 | 19,156,185 | ||||||||||||
Share buyback, shares | shares | (205,704) | |||||||||||||
Number of treasury shares transferred | shares | 205,704 | |||||||||||||
Shares held under consolidation | shares | (879,691) | |||||||||||||
Class B shares | ||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||
Number of shares issued | shares | 24,413,065 | 24,413,065 | ||||||||||||
Nominal value per share | € / shares | € 0.36 | |||||||||||||
Share capital | € 8,800 | |||||||||||||
Number of votes | Vote | 36 | |||||||||||||
Number of shares outstanding | shares | 24,413,065 | 24,413,065 | ||||||||||||
Class C share Class C Shares | ||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||
Number of shares issued | shares | 0 | |||||||||||||
Nominal value per share | € / shares | € 0.24 | |||||||||||||
Number of votes | Vote | 24 | |||||||||||||
Number of shares outstanding | shares | 0 | |||||||||||||
Percentage of maximum profits on nominal value per share (in percent) | 0.10% | |||||||||||||
Subscribed capital | ||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||
Amount of increased subscribed capital through share split | € 24,278 | |||||||||||||
Increase in share capital | € 5,400 | € 2,791 | [2] | € 128 | ||||||||||
Convertible loans, share capital | 2,464 | 2,299 | 2,464 | 2,299 | ||||||||||
Share capital increased through reorganization | [2] | 2,724 | ||||||||||||
Share capital | 40,138 | 29,550 | 24,460 | 54 | ||||||||||
Subscribed capital | Success Fee | ||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||
Convertible loans, share capital | 35 | |||||||||||||
Subscribed capital | After Reorganization | ||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||
Convertible loans, share capital | 33 | |||||||||||||
Share premium | ||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||
Amount of increased subscribed capital through share split | (24,278) | |||||||||||||
Increase in share capital | 375,808 | 94,019 | [2] | (128) | ||||||||||
Convertible loans, share capital | 127,813 | 65,824 | 127,813 | 65,824 | ||||||||||
Share buyback | (45) | 738 | ||||||||||||
Share capital increased through reorganization | [2] | 51,116 | ||||||||||||
Share capital | 779,141 | 224,359 | 65,254 | € 89,660 | ||||||||||
Share premium | Success Fee | ||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||
Convertible loans, share capital | 1 | |||||||||||||
Share premium | After Reorganization | ||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||
Convertible loans, share capital | 2,023 | |||||||||||||
Share capital | 45 | |||||||||||||
Other capital reserves | ||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||
Convertible loans, share capital | € 34,084 | € 34,084 | (34,084) | 34,084 | 3,981 | |||||||||
Share capital increased through reorganization | [2] | 111,109 | ||||||||||||
Share capital | 240,430 | 110,055 | € 3,981 | |||||||||||
Other capital reserves | After Reorganization | ||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||
Convertible loans, share capital | 240,430 | |||||||||||||
Treasury shares | ||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||
Consideration value for transfer of shares | 0 | |||||||||||||
Share buyback | 45 | 25 | ||||||||||||
Share capital increased through reorganization | [2] | (81) | ||||||||||||
Share capital | (151) | (25) | ||||||||||||
Treasury shares | Success Fee | ||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||
Convertible loans, share capital | € 81 | |||||||||||||
Treasury shares | Before reorganization | ||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||
Share buyback | 72 | |||||||||||||
Treasury shares | After Reorganization | ||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||
Share buyback | € 25 | |||||||||||||
[1] | Retrospective application of the stock split which occurred in 2021, see note 21 “Shareholders’ Equity”. | |||||||||||||
[2] | Net of transaction cost. Refer to note 21. | |||||||||||||
[3] | Not adjusted retrospectively to reflect the share split which occurred in 2021. |
Share-based Payments - Other pl
Share-based Payments - Other plans (Details) - EUR (€) € in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Total expense | € 48,349 | € 50,908 |
General population and executives - standard ESOP | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Total expense | 29,286 | 50,316 |
General population - Restricted Stock Units ("RSU") | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Total expense | 77 | |
Executives - ESOP modified | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Total expense | 2,135 | |
Executives - Restricted Stock Units ("RSU") | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Total expense | 1,178 | |
Executives - Performance-based stock options | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Total expense | 2,296 | |
Executives - Time-based stock options | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Total expense | 3,505 | |
Executives - Success fees (cash-settled) | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Total expense | 2,590 | |
Executives - Success fee (equity-settled) | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Total expense | 1,844 | € 592 |
Executives - Presence bonus | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Total expense | 0 | |
Executives - Joint Stock Ownership plan (JSOP) and bonus | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Total expense | € 5,438 |
Share-based Payments - expense
Share-based Payments - expense recognized for participant services (Details) € / shares in Units, € in Thousands | Dec. 31, 2021USD ($)Options€ / shares | Sep. 15, 2021€ / shares | Sep. 14, 2021 | Aug. 31, 2021€ / shares | Jul. 31, 2021€ / shares | Jun. 30, 2021€ / shares | Mar. 31, 2021€ / shares | Mar. 31, 2021 | Dec. 31, 2021EUR (€) | Dec. 31, 2021Options | Dec. 31, 2021€ / shares | Dec. 31, 2021USD ($) | Dec. 31, 2021shares | Dec. 31, 2021 | Dec. 31, 2020EUR (€) | Dec. 31, 2020Options | Dec. 31, 2020€ / shares | Dec. 31, 2020shares | Dec. 31, 2020 |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||||||||||
Expense arising from equity-settled share-based payments | € | € 29,286 | ||||||||||||||||||
Expense arising from cash-settled share-based payments | € | € 50,316 | ||||||||||||||||||
Expense arising from share-based payments | € | 48,349 | 50,908 | |||||||||||||||||
Outstanding at January 1 | $ | 4,239,788 | ||||||||||||||||||
Outstanding at December 31 | $ | 6,276,829 | 6,276,829 | |||||||||||||||||
Discount for lack of marketability | 5.00% | ||||||||||||||||||
Expected volatility (%) | 154.00% | ||||||||||||||||||
Probability of direct IPO | 0.00% | ||||||||||||||||||
Probability of indirect IPO | 60.00% | ||||||||||||||||||
Probability of other scenarios | 40.00% | ||||||||||||||||||
Fair value option per share | € 6.12 | € 7.89 | € 7.71 | € 7.36 | € 7.05 | € 7.13 | € 6.05 | ||||||||||||
General population and executives - standard ESOP | |||||||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||||||||||
Expense arising from share-based payments | € | 29,286 | 50,316 | |||||||||||||||||
Granted during the year | Options | 0 | ||||||||||||||||||
Outstanding at December 31 | € 0 | € 0 | |||||||||||||||||
Discount for lack of marketability | 100.00% | 85.00% | |||||||||||||||||
Fair value option per share | € 6.05 | ||||||||||||||||||
General population and executives - standard ESOP | Equity-settled options | |||||||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||||||||||
Outstanding at January 1 | Options | 13,962,159 | ||||||||||||||||||
Granted during the year | $ | 4,019,799 | ||||||||||||||||||
Forfeited during the year | Options | (757,105) | ||||||||||||||||||
Transferred from cash-settled | shares | 2,348,454 | 13,962,159 | |||||||||||||||||
Outstanding at December 31 | Options | 19,573,307 | 19,573,307 | 13,962,159 | ||||||||||||||||
Outstanding at January 1 | 0 | ||||||||||||||||||
Granted during the year | 0 | ||||||||||||||||||
Forfeited during the year | € 0 | ||||||||||||||||||
Transferred from cash-settled | 0 | 0 | |||||||||||||||||
Outstanding at December 31 | € 0 | € 0 | € 0 | ||||||||||||||||
General population and executives - standard ESOP | Cash-settled options | |||||||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||||||||||
Outstanding at January 1 | 2,348,454 | 2,348,454 | 14,593,556 | ||||||||||||||||
Granted during the year | Options | 2,799,860 | ||||||||||||||||||
Forfeited during the year | Options | (1,082,803) | ||||||||||||||||||
Transferred from cash-settled | shares | (2,348,454) | (13,962,159) | |||||||||||||||||
Outstanding at December 31 | 2,348,454 | ||||||||||||||||||
Outstanding at January 1 | € 0 | 0 | |||||||||||||||||
Granted during the year | 0 | ||||||||||||||||||
Forfeited during the year | € 0 | ||||||||||||||||||
Transferred from cash-settled | 0 | 0 | |||||||||||||||||
Outstanding at December 31 | € 0 | ||||||||||||||||||
General population - Restricted Stock Units ("RSU") | |||||||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||||||||||
Expense arising from equity-settled share-based payments | € | 77 | ||||||||||||||||||
Expense arising from share-based payments | € | 77 | ||||||||||||||||||
Granted during the year | $ | 0 | ||||||||||||||||||
Assigned during the year | shares | 162,800 | ||||||||||||||||||
Outstanding at December 31 | Options | 162,800 | 162,800 | |||||||||||||||||
Assigned during the year | 0.12 | ||||||||||||||||||
Outstanding at December 31 | € 0.12 | € 0.12 | |||||||||||||||||
Executives - ESOP modified | |||||||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||||||||||
Expense arising from equity-settled share-based payments | € | 2,135 | ||||||||||||||||||
Expense arising from share-based payments | € | 2,135 | ||||||||||||||||||
Granted during the year | Options | 1,888,477 | ||||||||||||||||||
Outstanding at December 31 | Options | 1,888,477 | 1,888,477 | |||||||||||||||||
Granted during the year | 7.90 | ||||||||||||||||||
Outstanding at December 31 | € 7.90 | 7.90 | |||||||||||||||||
Expected volatility (%) | 118.90% | ||||||||||||||||||
Executives - ESOP modified | Minimum | |||||||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||||||||||
Risk free rate | 0.75% | ||||||||||||||||||
Expected exercise term | $ | 2 | ||||||||||||||||||
Executives - ESOP modified | Maximum | |||||||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||||||||||
Risk free rate | 0.71% | ||||||||||||||||||
Expected exercise term | $ | 4 | ||||||||||||||||||
Executives - Restricted Stock Units ("RSU") | |||||||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||||||||||
Expense arising from equity-settled share-based payments | € | 1,178 | ||||||||||||||||||
Expense arising from share-based payments | € | 1,178 | ||||||||||||||||||
Granted during the year | Options | 1,050,913 | ||||||||||||||||||
Outstanding at December 31 | Options | 1,050,913 | 1,050,913 | |||||||||||||||||
Granted during the year | 0.12 | ||||||||||||||||||
Outstanding at December 31 | € 0.12 | 0.12 | |||||||||||||||||
Executives - Performance-based stock options | |||||||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||||||||||
Expense arising from equity-settled share-based payments | € | 2,296 | ||||||||||||||||||
Expense arising from share-based payments | € | 2,296 | ||||||||||||||||||
Granted during the year | Options | 7,036,501 | ||||||||||||||||||
Outstanding at December 31 | Options | 7,036,501 | 7,036,501 | |||||||||||||||||
Granted during the year | 8.15 | ||||||||||||||||||
Outstanding at December 31 | € 8.15 | 8.15 | |||||||||||||||||
Expected volatility (%) | 121.80% | ||||||||||||||||||
Expected exercise term | $ | 4 | ||||||||||||||||||
Executives - Performance-based stock options | Minimum | |||||||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||||||||||
Risk free rate | 0.69% | ||||||||||||||||||
Executives - Performance-based stock options | Maximum | |||||||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||||||||||
Risk free rate | 0.66% | ||||||||||||||||||
Executives - Time-based stock options | |||||||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||||||||||
Expense arising from share-based payments | € | 3,505 | ||||||||||||||||||
Granted during the year | Options | 2,951,000 | ||||||||||||||||||
Outstanding at December 31 | Options | 2,951,000 | 2,951,000 | |||||||||||||||||
Granted during the year | 7.25 | ||||||||||||||||||
Outstanding at December 31 | € 7.25 | € 7.25 | |||||||||||||||||
Expected volatility (%) | 121.90% | ||||||||||||||||||
Risk free rate | (0.69%) | ||||||||||||||||||
Expected exercise term | $ | 4 | ||||||||||||||||||
Executives - Success fees | |||||||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||||||||||
Expense arising from equity-settled share-based payments | € | 1,844 | 592 | |||||||||||||||||
Expense arising from cash-settled share-based payments | € | 2,590 | ||||||||||||||||||
Expense arising from share-based payments | € | 4,434 | € 592 | |||||||||||||||||
Expected volatility (%) | 68.00% | ||||||||||||||||||
Expected exercise term | $ | 2 | ||||||||||||||||||
Executives - Joint Stock Ownership plan (JSOP) and bonus | |||||||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||||||||||
Expense arising from share-based payments | € | 5,438 | ||||||||||||||||||
Expected volatility (%) | 126.00% | ||||||||||||||||||
Risk free rate | (0.62%) | ||||||||||||||||||
Expected dividend yield | 0.00% | ||||||||||||||||||
Expected exercise term | $ | 3.7 | ||||||||||||||||||
Executives - Joint Stock Ownership plan (JSOP) | |||||||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||||||||||
Expense arising from share-based payments | € | 3,762 | ||||||||||||||||||
Executives - shadow bonus | |||||||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||||||||||
Expense arising from share-based payments | € | € 1,676 |
Share-based Payments - Measurem
Share-based Payments - Measurement of fair values (Details) | Dec. 31, 2021EUR (€)Options€ / sharesshares | Oct. 08, 2021€ / sharesshares | Sep. 15, 2021€ / shares | Sep. 14, 2021€ / sharesshares | Aug. 31, 2021€ / shares | Jul. 31, 2021€ / shares | Jun. 30, 2021€ / shares | Mar. 31, 2021€ / shares | Aug. 31, 2021 | Jul. 31, 2021 | Mar. 31, 2021 | Dec. 31, 2021EUR (€)OptionsUSD ($)€ / sharesshares | Dec. 31, 2020EUR (€)Options€ / shares | Dec. 31, 2021USD ($)Optionsshares | Sep. 14, 2021$ / shares |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||||||
Number of options vested | $ | 13,286,568 | ||||||||||||||
Number of options exercisable | Options | 0 | ||||||||||||||
Discount for lack of marketability | 5.00% | ||||||||||||||
Fair value option per share | € 6.12 | € 7.89 | € 7.71 | € 7.36 | € 7.05 | € 7.13 | € 6.05 | ||||||||
Volatility rate (in percent) | 154.00% | ||||||||||||||
General population and executives - standard ESOP | |||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||||||
Fair value of share-based awards | € | € 6,948,000 | ||||||||||||||
Total fair value of options granted | € | € 23,061,000 | € 23,061,000 | € 16,949,000 | ||||||||||||
Conversion rate | 2857.00% | ||||||||||||||
Exercise vested options at a conversion rate into shares | shares | 2,857 | ||||||||||||||
Exercise price | € 1 | ||||||||||||||
WAEP | € 0 | € 0 | |||||||||||||
Number of options vested | Options | 3,300,960 | 3,788,382 | |||||||||||||
Number of options granted | Options | 0 | ||||||||||||||
Lock-up period for options become exercisable | 180 days | ||||||||||||||
Discount for lack of marketability | 100.00% | 85.00% | |||||||||||||
Increase in discount for lack of marketability | 5.00% | 5.00% | |||||||||||||
Fair value of option | € | € 17,297 | ||||||||||||||
Fair value option per share | € 6.05 | ||||||||||||||
General population - Restricted Stock Units ("RSU") | |||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||||||
Exercise price | € 0.12 | ||||||||||||||
WAEP | € 0.12 | € 0.12 | |||||||||||||
Weighted average remaining contractual life (in years) | 1 year 8 months 12 days | ||||||||||||||
Number of options granted | $ | 0 | ||||||||||||||
Number of options exercisable | $ | 0 | ||||||||||||||
Weighted average fair value of options granted | 5.97 | ||||||||||||||
Executives - ESOP modified | |||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||||||
Total fair value of options granted | € | € 11,229,000 | € 11,229,000 | |||||||||||||
WAEP | € 7.90 | € 7.90 | |||||||||||||
Weighted average remaining contractual life (in years) | 12 years 4 months 24 days | ||||||||||||||
Number of options vested | Options | 101,018 | 0 | |||||||||||||
Number of options granted | Options | 1,888,477 | ||||||||||||||
Volatility rate (in percent) | 118.90% | ||||||||||||||
Executives - ESOP modified | Minimum | |||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||||||
Expected term (in years) | $ | 2 | ||||||||||||||
Executives - ESOP modified | Maximum | |||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||||||
Expected term (in years) | $ | 4 | ||||||||||||||
Executives - Restricted Stock Units ("RSU") | |||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||||||
WAEP | € 0.12 | € 0.12 | |||||||||||||
Weighted average remaining contractual life (in years) | 2 years 8 months 12 days | ||||||||||||||
Number of options granted | Options | 1,050,913 | ||||||||||||||
Number of options exercisable | Options | 26,335 | 26,335 | 26,335 | ||||||||||||
Weighted average fair value of options granted | 7.09 | ||||||||||||||
Executives - Performance-based stock options | |||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||||||
WAEP | € 8.15 | € 8.15 | |||||||||||||
Weighted average remaining contractual life (in years) | 9 years 10 months 24 days | ||||||||||||||
Number of options granted | Options | 7,036,501 | ||||||||||||||
Number of options exercisable | Options | 0 | 0 | 0 | ||||||||||||
Weighted average fair value of options granted | 5.68 | ||||||||||||||
Volatility rate (in percent) | 121.80% | ||||||||||||||
Expected term (in years) | $ | 4 | ||||||||||||||
Executives - Performance-based stock options | Minimum | |||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||||||
Exercise price | € 7.11 | ||||||||||||||
Executives - Performance-based stock options | Maximum | |||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||||||
Exercise price | 8.80 | ||||||||||||||
Executives - Time-based stock options | |||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||||||
Exercise price | 7.25 | ||||||||||||||
WAEP | € 7.25 | € 7.25 | |||||||||||||
Weighted average remaining contractual life (in years) | 9 years 10 months 24 days | ||||||||||||||
Number of options granted | Options | 2,951,000 | ||||||||||||||
Number of options exercisable | Options | 0 | 0 | 0 | ||||||||||||
Weighted average fair value of options granted | 5.31 | ||||||||||||||
Volatility rate (in percent) | 121.90% | ||||||||||||||
Expected term (in years) | $ | 4 | ||||||||||||||
Executives - Success fees | |||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||||||
Provision made for payments | € | € 2,590,000 | € 2,590,000 | |||||||||||||
Percentage of success fee on proceeds from reorganization | 0.50% | ||||||||||||||
Number of shares converted | shares | 293,230 | ||||||||||||||
Price per share | (per share) | € 8.47 | $ 10 | |||||||||||||
Cap amount | $ | $ 1,000,000,000 | ||||||||||||||
Volatility rate (in percent) | 68.00% | ||||||||||||||
Expected term (in years) | $ | 2 | ||||||||||||||
Executives - Success fees | Minimum | |||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||||||
Discount rate (in percent) | 0.62% | ||||||||||||||
Executives - Success fees | Maximum | |||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||||||
Discount rate (in percent) | 0.73% | ||||||||||||||
Executives - Joint Stock Ownership plan (JSOP) and bonus | |||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||||||
Weighted average remaining contractual life (in years) | 4 years 8 months 12 days | ||||||||||||||
Volatility rate (in percent) | 126.00% | ||||||||||||||
Expected term (in years) | $ | 3.7 | ||||||||||||||
Advisors - Strategic collaboration agreement | |||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||||||
Discount for lack of marketability | 5.00% | ||||||||||||||
Number of warrants to purchase shares | shares | 1,800,000 | 1,800,000 | 1,800,000 | ||||||||||||
Exercise price of warrant | € 0.12 | € 0.12 | |||||||||||||
Expiration period (in years) | 5 years | ||||||||||||||
Transfer restriction period (in months) | 12 months | ||||||||||||||
Professional fees | € | € 13,030,000 |
Warrants, Convertible Loans a_3
Warrants, Convertible Loans and Other Financial Liabilities (Details) - EUR (€) € in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Warrants, Convertible Loans and Other Financial Liabilities | ||
Other non-current financial liabilities | € 27 | |
Other current financial liabilities | 21 | |
Warrants | € 21,405 | |
Convertible loans - host | 84,287 | |
Convertible loans - embedded derivative | 14,948 | |
Convertible loans | € 99,235 |
Warrants, Convertible Loans a_4
Warrants, Convertible Loans and Other Financial Liabilities - Additional information (Details) - EUR (€) € in Thousands | Sep. 14, 2021 | Mar. 26, 2021 | Mar. 11, 2020 | Jan. 31, 2021 | Dec. 31, 2021 |
Disclosure of other provisions [line items] | |||||
Warrants exercisable term | 30 days | ||||
Warrants expiration term | 5 years | ||||
Shares issued upon conversion of loan | 274,272 | 7,187 | |||
Amount of convertible loan to equity | € 85,900 | € 85,900 | € 1,850 | ||
Convertible loan interest rate | 2.00% | 5.00% | |||
Convertible loans consideration received in excess of fair value | € 34,084 | € 34,084 | |||
Convertible loans embedded derivative and host contract | € 2,056 | ||||
Convertible loans embedded derivative and host contract transferred to subscribed capital | 33 | ||||
Convertible loans embedded derivative and host contract transferred to capital reserve | € 2,023 | ||||
Public Warrants | |||||
Disclosure of other provisions [line items] | |||||
Warrants outstanding | 12,650,000 | ||||
Private Warrants | |||||
Disclosure of other provisions [line items] | |||||
Warrants outstanding | 7,060,000 | ||||
Class A shares | |||||
Disclosure of other provisions [line items] | |||||
Shares issued upon conversion of loan | 20,533,259 |
Warrants, Convertible Loans a_5
Warrants, Convertible Loans and Other Financial Liabilities - equity effect (Details) € in Thousands | Mar. 11, 2020EUR (€) |
Base | |
Disclosure of financial liabilities [line items] | |
Fair value host contract | € 52,090 |
Conversion 1 year later | |
Disclosure of financial liabilities [line items] | |
Fair value host contract | 43,678 |
Effect on capital contribution | 8,412 |
Conversion 1 year earlier | |
Disclosure of financial liabilities [line items] | |
Fair value host contract | 61,582 |
Effect on capital contribution | (9,492) |
credit spread +10% | |
Disclosure of financial liabilities [line items] | |
Fair value host contract | 49,558 |
Effect on capital contribution | 2,532 |
credit spread -10% | |
Disclosure of financial liabilities [line items] | |
Fair value host contract | 54,819 |
Effect on capital contribution | € (2,730) |
Minimum | |
Disclosure of financial liabilities [line items] | |
Credit spread rate | 10.00% |
Maximum | |
Disclosure of financial liabilities [line items] | |
Credit spread rate | 10.00% |
Provisions (Details)
Provisions (Details) € in Thousands | 12 Months Ended |
Dec. 31, 2021EUR (€)employee | |
Disclosure of other provisions [line items] | |
Number of former employees | employee | 2 |
Provision for asset retirement obligations | |
Disclosure of other provisions [line items] | |
Beginning balance | € 175 |
Additions/ Reversals | 54 |
Unwinding of discount and changes in discount rate | 4 |
Ending balance | 233 |
Post-employment benefits | |
Disclosure of other provisions [line items] | |
Beginning balance | 193 |
Additions/ Reversals | (109) |
Ending balance | 84 |
Record retention obligations | |
Disclosure of other provisions [line items] | |
Beginning balance | 43 |
Additions/ Reversals | 13 |
Ending balance | 56 |
Total non-current provisions | |
Disclosure of other provisions [line items] | |
Beginning balance | 411 |
Additions/ Reversals | (42) |
Unwinding of discount and changes in discount rate | 4 |
Ending balance | 373 |
Year-end audit | |
Disclosure of other provisions [line items] | |
Additions/ Reversals | 1,067 |
Ending balance | 1,067 |
Provisions for severance payment | |
Disclosure of other provisions [line items] | |
Beginning balance | 80 |
Additions/ Reversals | 539 |
Ending balance | 619 |
Other | |
Disclosure of other provisions [line items] | |
Additions/ Reversals | 736 |
Ending balance | 736 |
Total current provisions | |
Disclosure of other provisions [line items] | |
Beginning balance | 80 |
Additions/ Reversals | 2,342 |
Ending balance | € 2,422 |
Post-Employment Benefits (Detai
Post-Employment Benefits (Details) - EUR (€) € in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Post-Employment Benefits | ||
Expense for defined contribution plans | € 465 | € 296 |
Contributions | € 28 | € 28 |
Post-Employment Benefits - Pres
Post-Employment Benefits - Present value of the defined benefit obligations and the fair value of the plan assets (Details) - EUR (€) € in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Present value of the defined benefit obligations and the fair value of the plan assets | ||
Present value of funded obligations | € 155 | € 433 |
Fair value of plan assets | 71 | 240 |
Total post-employment benefit obligations | € 84 | € 193 |
Post-Employment Benefits - Reco
Post-Employment Benefits - Reconciliation of the net defined benefit liability (Details) - EUR (€) € in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Post-Employment Benefits | ||
Net defined liability at January 1 | € 193 | € 126 |
Defined benefit cost recognized in consolidated statement of operations | 117 | 48 |
Defined benefit cost recognized in other comprehensive income | (162) | 44 |
Employer contributions | (74) | (25) |
Currency effects | 10 | |
Net defined liability at December 31 | € 84 | € 193 |
Post-Employment Benefits - Re_2
Post-Employment Benefits - Reconciliation of the amount recognized in the consolidated statement of financial position (Details) - EUR (€) € in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of net defined benefit liability (asset) [line items] | ||
Net defined liability at January 1 | € 193 | € 126 |
thereof: experience adjustments | (202) | 28 |
thereof: adjustments for financial assumptions | (6) | 16 |
Current service cost | 112 | 45 |
Past service (credit) / cost | (1) | |
Currency effects | 10 | |
Net defined liability at December 31 | 84 | 193 |
Employee benefit obligations | ||
Disclosure of net defined benefit liability (asset) [line items] | ||
Net defined liability at January 1 | 433 | 304 |
Actuarial adjustments | (233) | 44 |
thereof: experience adjustments | (202) | 28 |
thereof: demographic adjustments | (25) | |
thereof: adjustments for financial assumptions | (6) | 16 |
Current service cost | 112 | 45 |
Past service (credit) / cost | (1) | |
Interest expense | 1 | 1 |
Currency effects | 19 | 0 |
Employee contributions | 74 | 25 |
Benefits paid | (250) | 14 |
Net defined liability at December 31 | € 155 | € 433 |
Post-Employment Benefits - Re_3
Post-Employment Benefits - Reconciliation of the plan assets (Details) - EUR (€) € in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of net defined benefit liability (asset) [line items] | ||
Net defined liability at January 1 | € 193 | € 126 |
Employer contributions | 74 | 25 |
Administration expenses | 5 | 3 |
Return on asset excl. interest income | 71 | |
Currency effects | 10 | |
Net defined liability at December 31 | 84 | 193 |
Plan assets | ||
Disclosure of net defined benefit liability (asset) [line items] | ||
Net defined liability at January 1 | 240 | 178 |
Employer contributions | 74 | 25 |
Employee contributions | 74 | 25 |
Benefits paid | (250) | 14 |
Administration expenses | (5) | (3) |
Return on asset excl. interest income | (71) | 0 |
Interest income | 0 | 1 |
Currency effects | 9 | |
Net defined liability at December 31 | € 71 | € 240 |
Post-Employment Benefits - Expe
Post-Employment Benefits - Expense recognized in the consolidated statements of operations and other comprehensive income (Details) - EUR (€) € in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Post-Employment Benefits | ||
Actuarial gains (-) / losses (+) deriving from experience adjustments | € (202) | € 28 |
Actuarial gains (-) / losses (+) deriving from changes in demographical assumptions | (25) | |
Actuarial gains (-) / losses (+) deriving from changes in financial assumptions | (6) | 16 |
Return on plan assets exc, interest income | 71 | |
Included in other comprehensive income | (162) | 44 |
Current service cost | 112 | 45 |
Past service (credit) / cost | (1) | |
Interest income | 0 | 1 |
Administrative expenses (effective) | 5 | 3 |
Interest expense | 1 | 1 |
Included in the consolidated statements of operations | 117 | 48 |
Total included in the consolidated statements of operations and other comprehensive income | (45) | € 92 |
Expected payment contributions | € 56 |
Post-Employment Benefits - Prin
Post-Employment Benefits - Principal actuarial assumptions (Details) | Dec. 31, 2021 | Dec. 31, 2020 |
Post-Employment Benefits | ||
Future salary increases | 1.00% | 1.00% |
Inflation rate | 0.60% | 0.20% |
Future pension increases | 0.00% | 0.00% |
Discount rate | 0.35% | 0.15% |
Post-Employment Benefits - Sens
Post-Employment Benefits - Sensitivity Analysis (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2019 | Dec. 31, 2020 | |
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |||
Present value of the post-employment benefit obligations | € 155 | € 433 | |
Average duration of the obligations | 18 years | 19 years | |
Discount rate | |||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |||
Increase in assumption (in percent) | 0.25% | 0.25% | |
Present value of the post-employment benefit obligations | € 149 | € 414 | |
Salary increase | |||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |||
Increase in assumption (in percent) | 0.25% | 0.25% | |
Present value of the post-employment benefit obligations | € 156 | € 434 | |
Pension increase | |||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |||
Increase in assumption (in percent) | 0.25% | 0.25% | |
Present value of the post-employment benefit obligations | € 159 | € 446 |
Post-Employment Benefits - Ex_2
Post-Employment Benefits - Expected Benefit Payments (Details) - EUR (€) € in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of net defined benefit liability (asset) [line items] | ||
Expected benefit payments | € 56 | |
Total expected benefit payments | 56 | |
2021 | ||
Disclosure of net defined benefit liability (asset) [line items] | ||
Expected benefit payments | 18 | € 12 |
Total expected benefit payments | 18 | 12 |
Between one and five years | ||
Disclosure of net defined benefit liability (asset) [line items] | ||
Expected benefit payments | 95 | 69 |
Total expected benefit payments | 95 | 69 |
2026-2030 | ||
Disclosure of net defined benefit liability (asset) [line items] | ||
Expected benefit payments | 147 | 229 |
Total expected benefit payments | € 147 | € 229 |
Trade and other Payables (Detai
Trade and other Payables (Details) - EUR (€) € in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Trade and other Payables | ||
Trade payables | € 2,906 | |
Non-current trade and other payables | 2,906 | |
Trade payables | 14,936 | € 4,854 |
Accruals for outstanding invoices | 20,399 | 6,238 |
Current trade and other payables | 35,335 | 11,092 |
Total trade and other payables | € 38,241 | € 11,092 |
Other Non-Financial Liabiliti_3
Other Non-Financial Liabilities (Details) - EUR (€) € in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Other Non-Financial Liabilities | ||
Vacation accruals | € 2,488 | € 1,680 |
Value added tax payables | 242 | 1,477 |
Payroll tax and social security | 2,992 | 1,455 |
Other tax liabilities | 2,992 | 1,455 |
Miscellaneous other current non-financial liabilities | 338 | 585 |
Total other non-financial liabilities | € 6,060 | € 5,197 |
Financial Instruments - Financi
Financial Instruments - Financial assets, by class (Details) - EUR (€) € in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure of financial assets [line items] | ||
Carrying amount | € 154,932 | |
Fair value | € 353,260 | |
Financial assets measured at amortized cost | ||
Disclosure of financial assets [line items] | ||
Carrying amount | 253,341 | 154,256 |
Financial assets measured at amortized cost | Cash and cash equivalents | ||
Disclosure of financial assets [line items] | ||
Carrying amount | 102,144 | |
Financial assets measured at amortized cost | Cash at banks and petty cash | ||
Disclosure of financial assets [line items] | ||
Carrying amount | 129,856 | |
Financial assets measured at amortized cost | Fixed term deposit | ||
Disclosure of financial assets [line items] | ||
Carrying amount | 119,664 | 50,000 |
Financial assets measured at amortized cost | Security deposits | ||
Disclosure of financial assets [line items] | ||
Carrying amount | 3,821 | 2,096 |
Fair value | 3,821 | 2,096 |
Financial assets measured at amortized cost | Other financial assets | ||
Disclosure of financial assets [line items] | ||
Carrying amount | 16 | |
Fair value | 16 | |
FVTPL | ||
Disclosure of financial assets [line items] | ||
Carrying amount | 99,919 | 676 |
FVTPL | Money Market Funds | ||
Disclosure of financial assets [line items] | ||
Carrying amount | 99,919 | |
Fair value | € 99,919 | |
FVTPL | Promissory notes | ||
Disclosure of financial assets [line items] | ||
Carrying amount | 676 | |
Fair value | € 676 |
Financial Instruments - Finan_2
Financial Instruments - Financial liabilities, by class (Details) - EUR (€) € in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure of financial liabilities [line items] | ||
Fair value | € 59,646 | € 110,375 |
Financial liabilities measured at amortized cost | ||
Disclosure of financial liabilities [line items] | ||
Carrying amount | 38,241 | 95,427 |
Financial liabilities measured at amortized cost | Trade and other payables | ||
Disclosure of financial liabilities [line items] | ||
Carrying amount | 38,241 | 11,092 |
Financial liabilities measured at amortized cost | Convertible loans - host contract | ||
Disclosure of financial liabilities [line items] | ||
Carrying amount | 84,287 | |
Fair value | 105,007 | |
Financial liabilities measured at amortized cost | Other financial liabilities | ||
Disclosure of financial liabilities [line items] | ||
Carrying amount | 48 | |
Fair value | 48 | |
FVTPL | ||
Disclosure of financial liabilities [line items] | ||
Carrying amount | 21,405 | 14,948 |
FVTPL | Convertible loans - embedded derivative | ||
Disclosure of financial liabilities [line items] | ||
Carrying amount | 14,948 | |
Fair value | € 14,948 | |
FVTPL | Warrants | ||
Disclosure of financial liabilities [line items] | ||
Carrying amount | 21,405 | |
Fair value | € 21,405 |
Financial Instruments - Thereof
Financial Instruments - Thereof aggregated to categories according to IFRS 9 (Details) - EUR (€) € in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure of detailed information about financial instruments [line items] | ||
Carrying amount, financial assets | € 154,932 | |
Financial assets measured at amortized cost | ||
Disclosure of detailed information about financial instruments [line items] | ||
Carrying amount, financial assets | € 253,341 | 154,256 |
FVTPL. | ||
Disclosure of detailed information about financial instruments [line items] | ||
Carrying amount, financial assets | 99,919 | 676 |
FVTPL | ||
Disclosure of detailed information about financial instruments [line items] | ||
Carrying amount, financial liabilities | 21,405 | 14,948 |
Financial liabilities measured at amortized cost | ||
Disclosure of detailed information about financial instruments [line items] | ||
Carrying amount, financial liabilities | € 38,241 | € 95,427 |
Financial Instruments - Effect
Financial Instruments - Effect of reasonable changes of the most significant input parameters on the fair values of the embedded derivatives (Details) € in Thousands | 12 Months Ended |
Dec. 31, 2020EUR (€) | |
Share Price | |
Disclosure of detailed information about financial instruments [line items] | |
Percentage, Base | 0 |
Percentage, up | 10.00% |
Percentage, down | (0.00%) |
Value derivative, Base | € 14,948 |
Value derivative, up | 18,815 |
Value derivative, down | 11,081 |
Effect on financial result, up | (3,867) |
Effect on financial result, down | € 3,867 |
Credit Spread | |
Disclosure of detailed information about financial instruments [line items] | |
Percentage, Base | 0 |
Percentage, up | 10.00% |
Percentage, down | (0.00%) |
Value derivative, Base | € 14,948 |
Value derivative, up | 14,282 |
Value derivative, down | 15,646 |
Effect on financial result, up | 666 |
Effect on financial result, down | € (698) |
Financial Instruments - Finan_3
Financial Instruments - Financial instruments, changes in Fair Value of level 3 instruments (Details) - EUR (€) € in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Financial assets | ||
Beginning balance, Financial assets | € 184,946 | |
Ending balance, Financial assets | 431,425 | € 184,946 |
Level 3 | Convertible loans - embedded derivative | ||
Financial liabilities | ||
Beginning balance, Financial liabilities | 14,948 | 0 |
Purchases / issuances | 312 | (274) |
Changes from fair value remeasurement | (6,326) | 15,222 |
Conversion | (8,934) | |
Ending balance, Financial liabilities | 14,948 | |
Level 3 | Promissory notes | ||
Financial assets | ||
Beginning balance, Financial assets | 676 | 0 |
Purchases / issuances | 1,051 | 627 |
Changes from fair value remeasurement | 475 | 58 |
Foreign exchange effects | (20) | (9) |
Conversion | € (2,222) | |
Ending balance, Financial assets | € 676 |
Financial Instruments - Net gai
Financial Instruments - Net gains and losses for each of the financial instrument measurement categories (Details) - EUR (€) € in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of detailed information about financial instruments [line items] | ||
Interest | € (3,847) | € (34,043) |
Foreign exchange conversion | 635 | (102) |
Fair value | (4,365) | (15,164) |
Impairment loss (net) | (260) | |
Gains and losses on financial instruments | (7,837) | (49,309) |
Interest income for financial assets not measured at fair value through profit or loss | 5 | 18 |
Interest expense on financial assets | 369 | 101 |
Interest expense for financial liabilities not measured at fair value through profit or loss | 3,483 | 33,960 |
Financial assets measured at amortized cost | ||
Disclosure of detailed information about financial instruments [line items] | ||
Interest | (364) | (83) |
Foreign exchange conversion | 1,061 | |
Impairment loss (net) | (260) | |
Gains and losses on financial instruments | 437 | (83) |
Financial liabilities measured at amortized cost | ||
Disclosure of detailed information about financial instruments [line items] | ||
Interest | (3,483) | (33,960) |
Foreign exchange conversion | (446) | (98) |
Gains and losses on financial instruments | (3,929) | (34,058) |
Financial assets and liabilities measured at fair value through profit or loss | ||
Disclosure of detailed information about financial instruments [line items] | ||
Foreign exchange conversion | 20 | (4) |
Fair value | (4,365) | (15,164) |
Gains and losses on financial instruments | € (4,345) | € (15,168) |
Financial Instruments - carryin
Financial Instruments - carrying amount of monetary assets and liabilities (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
USD | ||
Disclosure of risk management strategy related to hedge accounting [line items] | ||
Effect of EUR depreciation on profit before tax | $ 58 | |
GBP | ||
Disclosure of risk management strategy related to hedge accounting [line items] | ||
Effect of EUR depreciation on profit before tax | 56 | |
Currency Risk | ||
Disclosure of risk management strategy related to hedge accounting [line items] | ||
Percentage of reasonably possible increase | 10.00% | |
Currency Risk | USD | ||
Disclosure of risk management strategy related to hedge accounting [line items] | ||
Effect of EUR appreciation on profit before tax | $ 735 | (47) |
Effect of EUR depreciation on profit before tax | (898) | |
Currency Risk | GBP | ||
Disclosure of risk management strategy related to hedge accounting [line items] | ||
Effect of EUR appreciation on profit before tax | 15 | $ (46) |
Effect of EUR depreciation on profit before tax | $ (19) |
Financial Instruments - Interes
Financial Instruments - Interest Rate Risk (Details) - Interest Rate Risk - EUR (€) € in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure of risk management strategy related to hedge accounting [line items] | ||
Increase (decrease) in cash at banks due to reasonably possible increase in risk assumption | € 130 | € 1 |
Increase (decrease) in cash at banks due to reasonably possible decrease in risk assumption | € 130 | € 1 |
Financial Instruments - Other P
Financial Instruments - Other Price Risk (Details) € in Thousands, $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2021EUR (€) | Dec. 31, 2020EUR (€) | Dec. 31, 2021USD ($)shares | Dec. 31, 2021EUR (€)shares | Dec. 31, 2020USD ($) | Dec. 31, 2020EUR (€) | |
Disclosure of risk management strategy related to hedge accounting [line items] | ||||||
Warrants to purchase shares of common stock | shares | 6,200,000 | 6,200,000 | ||||
Other Price Risk | Warrants | ||||||
Disclosure of risk management strategy related to hedge accounting [line items] | ||||||
Percentage of reasonably possible increase (decrease) in risk component | 10.00% | |||||
Increase (decrease) in profit and loss due to reasonably possible increase (decrease) in designated risk component | € 2,140 | |||||
Warrants to purchase shares of common stock | shares | 19,710,000 | 19,710,000 | ||||
Other Price Risk | Promissory notes | ||||||
Disclosure of risk management strategy related to hedge accounting [line items] | ||||||
Notional amount | $ 1,250 | € 1,051 | ||||
Other Price Risk | Money Market Funds | ||||||
Disclosure of risk management strategy related to hedge accounting [line items] | ||||||
Notional amount | € 99,919 | |||||
Percentage of reasonably possible increase (decrease) in risk component | 10.00% | |||||
Increase (decrease) in profit and loss due to reasonably possible increase (decrease) in designated risk component | € 9,992 | |||||
Equity price Risk | Promissory notes | ||||||
Disclosure of risk management strategy related to hedge accounting [line items] | ||||||
Notional amount | $ 750 | € 627 | ||||
Percentage of possible increase or decrease in share price | 10.00% | |||||
Gain (loss) before tax due to possible change in share price | € 73 |
Financial Instruments - Finan_4
Financial Instruments - Financial Instrument Risk Management Objectives and Policies (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Oct. 31, 2021 | Dec. 31, 2020 | |
Disclosure of risk management strategy related to hedge accounting [line items] | |||
Carrying amount | € 154,932 | ||
Fixed term deposit | |||
Disclosure of risk management strategy related to hedge accounting [line items] | |||
Notional amount | € 120,000 | ||
Credit Risk | BBB- to AAA | |||
Disclosure of risk management strategy related to hedge accounting [line items] | |||
Impairment loss | € (260) | ||
Carrying amount | 253,601 | 154,256 | |
Notional amount | 0 | 0 | |
Credit Risk | Cash and cash equivalents | |||
Disclosure of risk management strategy related to hedge accounting [line items] | |||
Impairment loss | (3) | ||
Carrying amount | 129,859 | 102,144 | |
Notional amount | 0 | 0 | |
Credit Risk | Fixed term deposit | |||
Disclosure of risk management strategy related to hedge accounting [line items] | |||
Impairment loss | (256) | ||
Carrying amount | 119,920 | 50,000 | |
Notional amount | 0 | 0 | |
Credit Risk | Security deposits | |||
Disclosure of risk management strategy related to hedge accounting [line items] | |||
Impairment loss | (1) | ||
Carrying amount | 3,822 | 2,096 | |
Notional amount | 0 | 0 | |
Credit Risk | Other financial assets | |||
Disclosure of risk management strategy related to hedge accounting [line items] | |||
Carrying amount | 16 | ||
Notional amount | 0 | ||
Liquidity Risk | Year one | |||
Disclosure of risk management strategy related to hedge accounting [line items] | |||
Lease liabilities | 2,356 | 2,006 | |
Convertible loans | 88,013 | ||
Trade and other payables | 35,335 | 11,092 | |
Other financial liabilities | 21 | ||
Liquidity Risk | Year two | |||
Disclosure of risk management strategy related to hedge accounting [line items] | |||
Lease liabilities | 2,705 | 1,962 | |
Trade and other payables | 29 | ||
Other financial liabilities | 27 | ||
Liquidity Risk | Year 3-5 | |||
Disclosure of risk management strategy related to hedge accounting [line items] | |||
Lease liabilities | 8,001 | 5,767 | |
Trade and other payables | 3,498 | ||
Liquidity Risk | Thereafter | |||
Disclosure of risk management strategy related to hedge accounting [line items] | |||
Lease liabilities | € 2,187 | € 2,869 |
Financial Instruments - Reconci
Financial Instruments - Reconciliation of changes in liabilities arising from financing activities (Details) - EUR (€) € in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of detailed information about financial instruments [line items] | ||
Beginning balance | € 110,353 | € 75,068 |
Proceeds from convertible loans | 1,850 | 85,900 |
Principal elements of lease payment | (1,781) | (1,439) |
Interest paid | (437) | (450) |
Change in the cash flow from financing activities | (368) | 84,011 |
Additions to lease liabilities due to new lease contracts | 2,486 | 3,842 |
Additions to warrants | 25,859 | |
Fair value changes | (10,780) | 15,222 |
Interest expenses | 3,920 | 34,410 |
Capital contributions | (98,242) | (102,200) |
Ending balance | 33,228 | 110,353 |
Convertible loans | ||
Disclosure of detailed information about financial instruments [line items] | ||
Beginning balance | 99,235 | 66,353 |
Proceeds from convertible loans | 1,850 | 85,900 |
Change in the cash flow from financing activities | 1,850 | 85,900 |
Fair value changes | (6,326) | 15,222 |
Interest expenses | 3,483 | 33,960 |
Capital contributions | (98,242) | (102,200) |
Ending balance | 99,235 | |
Lease liabilities | ||
Disclosure of detailed information about financial instruments [line items] | ||
Beginning balance | 11,118 | 8,715 |
Principal elements of lease payment | (1,781) | (1,439) |
Interest paid | (437) | (450) |
Change in the cash flow from financing activities | (2,218) | (1,889) |
Additions to lease liabilities due to new lease contracts | 2,486 | 3,842 |
Interest expenses | 437 | 450 |
Ending balance | 11,823 | € 11,118 |
Warrants | ||
Disclosure of detailed information about financial instruments [line items] | ||
Additions to warrants | 25,859 | |
Fair value changes | (4,454) | |
Ending balance | € 21,405 |
Commitments and Contingencies -
Commitments and Contingencies - Lease contracts (Details) € in Thousands | 12 Months Ended |
Dec. 31, 2021EUR (€)itemshares | |
Disclosure of maturity analysis of operating lease payments [line items] | |
Warrants to purchase shares of common stock | shares | 6,200,000 |
Number of tranches upon achieving certain performance and market conditions | item | 3 |
Property, plant and equipment | |
Disclosure of maturity analysis of operating lease payments [line items] | |
Commitments to acquire assets | € 12,003 |
Intangible assets. | |
Disclosure of maturity analysis of operating lease payments [line items] | |
Commitments to acquire assets | 2,731 |
Within one year | |
Disclosure of maturity analysis of operating lease payments [line items] | |
Future lease payments for non-cancellable lease contracts not yet commenced | 0 |
Future payments for non-cancellable operating contracts | 2,175 |
Between one and five years | |
Disclosure of maturity analysis of operating lease payments [line items] | |
Future lease payments for non-cancellable lease contracts not yet commenced | 1,601 |
Future payments for non-cancellable operating contracts | 37,517 |
Thereafter | |
Disclosure of maturity analysis of operating lease payments [line items] | |
Future lease payments for non-cancellable lease contracts not yet commenced | 400 |
Future payments for non-cancellable operating contracts | € 7,063 |
Related Party Disclosures (Deta
Related Party Disclosures (Details) - shares | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Key management | ||
Disclosure of transactions between related parties [line items] | ||
Number of shares held | 25,743 | 25,019 |
Ownership Interest (as a percent) | 9.10% | 12.70% |
Other related parties | ||
Disclosure of transactions between related parties [line items] | ||
Number of shares held | 121,389 | 107,140 |
Ownership Interest (as a percent) | 42.70% | 54.30% |
Related Party Disclosures - Tra
Related Party Disclosures - Transactions with Key Management (Details) € in Thousands | 12 Months Ended |
Dec. 31, 2020EUR (€)shares | |
Related Party Disclosures | |
Total remuneration paid | € | € 66 |
Purchase of founder share from related party | shares | 18 |
Shares of Total consideration | shares | 72 |
Total consideration | € | € 763 |
Related Party Disclosures - Ann
Related Party Disclosures - Annual remuneration and related compensation costs recognized as expense (Details) € in Thousands | 12 Months Ended | |
Dec. 31, 2021EUR (€)USD ($)shares | Dec. 31, 2020EUR (€)USD ($)shares | |
Related Party Disclosures | ||
Short-term employee benefits | € 3,634 | € 1,966 |
Severance accruals | 619 | |
Share-based payment remuneration (legacy ESOP - 2021: 6,276,829 options; 2020: 4,239,788 options) | 10,796 | 14,875 |
Modified ESOP for executives (2021: 1,888,477; 2020: no options) | 2,135 | |
Stock options (2021: 11,038,414; 2020: no options) | 6,979 | |
Success fees | 9,872 | 591 |
Total | € 34,035 | € 17,432 |
Sharebased payment,stock option | $ | 6,276,829 | 4,239,788 |
Modified ESOP for executives in shares | shares | 1,888,477 | 0 |
Stock options in shares | shares | 11,038,414 | 0 |
Related Party Disclosures - Bal
Related Party Disclosures - Balances held by entities with significant influence over the company (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | ||
Disclosure of transactions between related parties [line items] | |||
Share capital | € 381,208 | € 96,810 | [1] |
Success fee remuneration | 9,872 | 591 | |
Compensation | 34,035 | € 17,432 | |
Board members | |||
Disclosure of transactions between related parties [line items] | |||
Compensation | € 72 | ||
Series A Ordinary Shares | |||
Disclosure of transactions between related parties [line items] | |||
Treasury shares | 879,691 | ||
Joint Stock Ownership Plan | |||
Disclosure of transactions between related parties [line items] | |||
Success fee remuneration | € 5,439 | ||
Percentage of trust controlled by entity | 100.00% | ||
General and Administrative Expenses | |||
Disclosure of transactions between related parties [line items] | |||
Consulting services to entity controlled by member of Key Management Personnel | € 95 | ||
General and Administrative Expenses | Joint Stock Ownership Plan | |||
Disclosure of transactions between related parties [line items] | |||
Success fee remuneration | 3,732 | ||
General and Administrative Expenses | Shadow bonus | |||
Disclosure of transactions between related parties [line items] | |||
Success fee remuneration | € 1,707 | ||
[1] | Net of transaction cost. Refer to note 21. |
Related Party Disclosures - T_2
Related Party Disclosures - Transactions with related parties (Details) - EUR (€) € in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of transactions between related parties [line items] | ||
End of the year | € 10 | |
Convertible loans | ||
Disclosure of transactions between related parties [line items] | ||
Beginning of the year | 99,235 | € 66,353 |
Proceeds from convertible loans | 1,007 | 85,900 |
Fair value changes of convertible loans | (6,337) | 15,222 |
Interest expenses (not paid) | 3,400 | 33,960 |
Subscribed capital | (7) | |
Contribution to capital reserves | (97,298) | 102,200 |
End of the year | € 99,235 | |
Azul up-front warrants | € 13,030 |
Related party Disclosures - Con
Related party Disclosures - Convertible Loan (Details) - EUR (€) € in Thousands | Sep. 14, 2021 | Mar. 26, 2021 | Jan. 31, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosure of transactions between related parties [line items] | ||||||
Shares issued upon conversion of loan | 274,272 | 7,187 | ||||
Outstanding loan balance | € 10 | |||||
Remaining commitments on the contract | 10 | |||||
Significant shareholder or party having significant influence | ||||||
Disclosure of transactions between related parties [line items] | ||||||
Original amount of loan converted | € 1,000 | € 85,900 | ||||
Shares issued upon conversion of loan | 148,564 | 20,533,259 | 14,205,004 | 14,205,004 | ||
Outstanding loan balance | € 85,900 | |||||
Remaining commitments on the contract | € 85,900 | |||||
License & Development agreement | Zenlabs | ||||||
Disclosure of transactions between related parties [line items] | ||||||
Outstanding loan balance | € 45 | |||||
Research and Development expenditure | 347 | |||||
Remaining commitments on the contract | € 45 |
Related party Disclosures - Str
Related party Disclosures - Strategic Commercial Collaboration (Details) € in Thousands | 12 Months Ended |
Dec. 31, 2021EUR (€) | |
Disclosure of transactions between related parties [line items] | |
Property, plant and equipment purchased from a related party | € 1 |
Remaining commitments on the contract | 10 |
Non current Trade and other payables | 150 |
General and Administrative Expenses | |
Disclosure of transactions between related parties [line items] | |
Expenses incurred in connection with reated party | 1 |
Research and Development expenses | |
Disclosure of transactions between related parties [line items] | |
Expenses incurred in connection with reated party | 14 |
Selling expenses | |
Disclosure of transactions between related parties [line items] | |
Expenses incurred in connection with reated party | € 167 |
Related Party Disclosures - T_3
Related Party Disclosures - Transactions with Shareholders (Details) - EUR (€) € in Thousands | Mar. 28, 2021 | Dec. 31, 2021 |
Disclosure of transactions between related parties [line items] | ||
Remaining commitments on the contract | € 10 | |
General and Administrative Expenses | ||
Disclosure of transactions between related parties [line items] | ||
Expenses incurred in connection with reated party | 1 | |
Cloud subscription | ||
Disclosure of transactions between related parties [line items] | ||
Remaining commitments on the contract | 34,015 | |
Cloud subscription | General and Administrative Expenses | ||
Disclosure of transactions between related parties [line items] | ||
Expenses incurred in connection with reated party | 6,590 | |
Prepaid expenses for future costs in non-financial assets | € 2,927 | |
Cloud subscription | Shareholders [Member] | ||
Disclosure of transactions between related parties [line items] | ||
Purchase obligation | € 42,433 | |
Term for Installment Payments | € 50,000 |
Events after the Reporting Pe_2
Events after the Reporting Period (Details) | 12 Months Ended |
Dec. 31, 2021item | |
Restricted Stock Units | |
Disclosure of non-adjusting events after reporting period [line items] | |
Number of restricted stock units granted | 180,000 |