Annual and transition report of foreign private issuers [Sections 13 or 15(d)]

Borrowings (Tables)

v3.25.1
Borrowings (Tables)
 12 Months Ended
Dec. 31, 2024
Disclosure of detailed information about borrowings [abstract]  
Summary of Breakdown of Borrowings
This note provides a breakdown of borrowings in place as at December 31, 2024 and 2023.
(in €‘000) Interest rate Maturity December 31,
2024		 December 31,
2023
Renewed facility
Euribor* + 3.9%**
December 19, 2027 364,577  350,722 
Convertible debt
15%***
 December 27, 2031 147,437  — 
Total 512,014  350,722 
*The Euribor rate (6M) is floored at 0%. This floor is closely related to the contract of the loan and is therefore not presented separately in the consolidated statement of financial position.
**The margin of 3.9% will increase by 0.2% for the first time in December 2025.
***The bonds shall carry a compounding interest rate of 15% per annum.
Summary of Carrying Amount of Assets Pledged
The carrying amount of assets pledged as security for the renewed facility are as follows:
(in €‘000) December 31,
2024		 December 31,
2023
Current assets
Floating charge
Cash and cash equivalents 159,623  40,628 
Trade receivables 5,478  7,178 
Other receivables —  — 
Total current assets pledged as security 165,101  47,806 
Non-current assets
Floating charge
Non-current other financial assets 20,242  10,500 
Total current assets pledged as security 20,242  10,500 
Total assets pledged as security 185,343  58,306 
Summary of Movements in Liabilities from Financing Activities
The movements in liabilities from financing activities in 2024 and 2023 have been as follows:
(in €‘000) Renewed facility Convertible Bond Lease
liabilities		 Total
As at January 1, 2023 269,033  —  51,324  320,357 
Proceeds from borrowings 82,400  —  —  82,400 
Transaction fees (624) —  —  (624)
Payment of principal portion of lease liabilities —  —  (4,692) (4,692)
New leases —  —  37,932  37,932 
Termination of leases —  —  (393) (393)
Foreign exchange adjustments —  —  (684) (684)
Other changes (87) —  3  (84)
As at December 31, 2023 350,722  —  83,490  434,212 
Proceeds from borrowings 14,851  150,000  —  164,851 
Transaction fees —  (2,564) —  (2,564)
Payment of principal portion of lease liabilities —  —  (7,362) (7,362)
New leases —  —  55,704  55,704 
Termination of leases —  —  (16,349) (16,349)
Foreign exchange adjustments —  —  931  931 
Other changes (996) 1  1  (994)
As at December 31, 2024 364,577  147,437  116,415  628,429