| Summary of financial instruments measured at fair value (level 3) |
The changes in level 3 items for the year ended December 31, 2022 have been as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (in €‘000) |
|
Purchase
options |
|
Investment in equity securities |
| Carrying amount at January 1, 2021 |
|
— |
|
|
— |
|
| Movements during the year ended December 31, 2021 |
|
|
|
|
| Option premium paid for purchase options |
|
1,500 |
|
|
— |
|
| Fair Value gain recognized as a share premium contribution |
|
26,000 |
|
|
— |
|
| Fair value gains/(losses) recognized in other income/(expenses) |
|
2,900 |
|
|
— |
|
| Carrying amount at December 31, 2021 |
|
30,400
|
|
|
—
|
|
| Carrying amount at January 1, 2022 |
|
30,400 |
|
|
— |
|
| Movements during the year ended December 31, 2022 |
|
|
|
|
| Fair value gain on purchase options |
|
3,856 |
|
|
— |
|
| Derecognition of substantive purchase option |
|
(34,256) |
|
|
— |
|
| Exercise of purchase option |
|
— |
|
|
— |
|
| Transfer of investment in equity securities from level 2 |
|
— |
|
|
41,984 |
|
| Fair value loss on investment in equity securities from level 3 classification |
|
— |
|
|
(10,595) |
|
| Carrying amount at December 31, 2022 |
|
—
|
|
|
31,389
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (in €‘000) |
|
Warrant liabilities |
|
Preference shares derivatives |
| Carrying amount at January 1, 2021 |
|
— |
|
|
— |
|
| Movements during the year ended December 31, 2021 |
|
|
|
|
| Change in fair value of private placement warrant liabilities |
|
— |
|
|
— |
|
| Change in fair value of public warrant liabilities |
|
— |
|
|
— |
|
| Carrying amount at December 31, 2021 |
|
—
|
|
|
—
|
|
| Carrying amount at January 1, 2022 |
|
— |
|
|
— |
|
| Movements in the year ended December 31, 2022 |
|
|
|
|
| Public warrants assumed as part of the SPAC Transaction |
|
21,260 |
|
|
— |
|
| Private placement warrants assumed as part of the SPAC Transaction |
|
20,993 |
|
|
— |
|
| Change in fair value of private placement warrant liabilities |
|
(7,139) |
|
|
— |
|
| Transfer of private placement warrant liabilities into level 1 |
|
(13,854) |
|
|
— |
|
| Change in fair value of public warrant liabilities |
|
(14,546) |
|
|
— |
|
| Transfer of public warrant liabilities into level 1 |
|
(6,714) |
|
|
— |
|
| Preference shares derivatives acquired as part of MOMA acquisition |
|
— |
|
|
255 |
|
| Sale of preference shares derivatives |
|
— |
|
|
(186) |
|
| Fair value gains/(losses) recognized in other income/(expenses) |
|
— |
|
|
(69) |
|
| Carrying amount at December 31, 2022 |
|
— |
|
|
— |
|
|
| Summary of valuation inputs to the fair value of purchase options |
The following table summarizes the quantitative information about the significant unobservable input parameters used in the level 3 fair value measurement of the purchase options at the time of their derecognition or exercise in 2022, using a Black-Scholes pricing model.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 7, 2022 |
|
March 16, 2022 |
| Purchase option |
|
MOMA |
|
Mega-E |
| Parameters |
|
|
|
|
| Spot price per share (in €) |
|
253 |
|
|
437,000 |
|
| Volatility |
|
N/A |
|
100.00 |
% |
The following table summarizes the quantitative information about the significant unobservable input parameters used in the level 3 fair value measurement of the, using the DCF (“Discounted Cash Flows”) methodology.
|
|
|
|
|
|
|
|
|
| In % |
|
December 31, 2022 |
| Growth factor |
|
3.0 |
% |
| Discount rate |
|
11.9 |
% |
The following table summarizes the quantitative information about the significant unobservable input parameters used in the level 3 fair value measurement of the preference shares derivatives in 2022.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 7, 2022 |
|
December 15, 2022 |
| Parameters |
|
|
|
|
| Spot price per share (in €) |
|
115 |
|
|
108 |
|
| Volatility (in %) |
|
27.50 |
|
|
27.50 |
|
| Discount rate (in %) |
|
(0.1)% - 0.7% |
|
2.3% - 2.5% |
|