Annual and transition report of foreign private issuers pursuant to Section 13 or 15(d)

General and administrative expenses

v3.23.1
General and administrative expenses
 12 Months Ended
Dec. 31, 2022
General and Administrative Expenses [Abstract]  
General and administrative expenses General and administrative expenses
2022 2021 2020
(in €‘000)
(restated)1
(restated)1
Employee benefits expenses 65,089  105,025  23,549 
Depreciation of property, plant and equipment 185  206  285 
Depreciation of right-of-use assets 5,676  3,175  1,511 
Amortization of intangible assets 577  97  333 
IT costs 3,307  1,625  2,786 
Housing and facility costs 490  337  496 
Travelling costs 398  7  81 
Legal, accounting and consulting fees 73,867  208,945  9,134 
Insurance costs 7,164  397  240 
Other costs 7,891  9,483  1,018 
Share-based payment expenses - SPAC Transaction 158,714  —  — 
Total 323,358  329,297  39,433 
Employee benefits expenses for the year ended December 31, 2022 include share-based payment expenses relating to the First and Second Special Fees Agreements of €26,869 thousand (2021: €89,636 thousand, 2020: €2,450 thousand) as certain directors of the Company are entitled to a percentage of the total benefits received by the external consulting firm as part of these agreements. Refer to Note 11.1 and Note 11.2 for details. Furthermore, employee benefits expenses for the year ended December 31, 2022 include share-based payment expenses relating to the management incentive plan of €14,361 thousand (2021: € nil, 2020: € nil) as the Group has granted the options to acquire a percentage of the Company's issued share capital to key management personnel. Refer to Note 11.3 for details.
Legal, accounting and consulting fees for the year ended December 31, 2022 include share-based payment expenses relating to the First and Second Special Fees Agreements of €58,145 thousand (2021: €202,201 thousand, 2020: €4,650 thousand) as the Group has provided share-based payment awards to an external consulting firm. Refer to Note 11.1 and Note 11.2 for details.
Share-based payment expenses related to the SPAC Transaction for the year ended December 31, 2022 represent the difference between Spartan’s net assets at the closing date and the fair value of the Company’s shares exchanged in the transaction to Spartan. This difference is considered as an expense representing the costs of service in respect of the stock exchange listing for Spartan’s shares.
Refer to Note 10 for a breakdown of expenses by nature.
1 Refer to Note 2.7.24 for details regarding the restatement of comparative figures as a result of changes in accounting policies