Financial Assets and Financial Liabilities (Tables)

12 Months Ended

Dec. 31, 2022

Presentation of leases for lessee [abstract]

Schedule of Financial Assets and Financial Liabilities

Financial assets and liabilities comprise the following:

	2022		2021
	(EUR’000)
Financial assets by category
Trade receivables		11,910		2,200
Other receivables (excluding income tax and indirect tax receivables)		3,884		12,276
Marketable securities		298,180		343,358
Cash and cash equivalents		444,767		446,267
Financial assets measured at amortized cost		758,741		804,101
Total financial assets		758,741		804,101
Classified in the statement of financial position
Non-current assets		9,412		109,369
Current assets		749,329		694,732
Total financial assets		758,741		804,101
Financial liabilities by category
Borrowings
Convertible senior notes		399,186		—
Lease liabilities		109,191		104,961
Trade payables and accrued expenses		101,032		59,417
Financial liabilities measured at amortized cost		609,409		164,378
Derivative liabilities		157,950		—
Financial liabilities measured at fair value through profit or loss		157,950		—
Total financial liabilities		767,359		164,378
Classified in the statement of financial position
Non-current liabilities		640,907		97,966
Current liabilities		126,452		66,412
Total financial liabilities		767,359		164,378

Schedule of Finance Income and Finance Expenses

Finance income and expenses are specified below:

	2022		2021		2020
	(EUR’000)
Finance income
Interest income		7,426		692		1,812
Exchange rate gains (net)		44,755		59,026		—
Total finance income		52,181		59,718		1,812
Finance expenses
Interest expenses		30,682		3,911		1,918
Fair value loss, derivatives		15,483		—		—
Other financial expenses		4,322		—		—
Exchange rate losses (net)		—		—		78,924
Total finance expenses		50,487		3,911		80,842

Summary of Expenses, Relating To Lease Activities In The Consolidated Statements

The following expenses relating to lease activities are recognized in the consolidated statements of profit or loss:

	2022	2021	2020
	(EUR’000)
Lease expenses
Depreciation	11,740	10,963	6,857
Short term leases and leases of low value assets	280	186	470
Lease interest	3,842	3,396	1,617
Total lease expenses	15,862	14,545	8,944

Summary of Development in Borrowings Related to Financing Activities

Development in borrowings related to financing activities are specified below:

		Cash payments		Non-cash items
	Beginning of period	Repayments	Proceeds	Additions/ (disposals)	Separation of embedded derivative	Accretion of interest	Foreign exchange adjustment	End of period
	(EUR’000)
Financing activities
December 31, 2022
Borrowings
Convertible senior notes	—	(6,710)	503,281	—	(142,467)	30,216	14,866	399,186
Lease liabilities	104,961	(7,995)	—	3,194	—	3,842	5,189	109,191
Total financing activities	104,961	(14,705)	503,281	3,194	(142,467)	34,058	20,055	508,377
Financing activities
December 31, 2021
Borrowings
Lease liabilities	91,975	(7,755)	—	10,812	—	3,396	6,533	104,961
Total financing activities	91,975	(7,755)	—	10,812	—	3,396	6,533	104,961

For December 31, 2022, "separation of embedded derivative" on convertible senior notes relates to derivative liabilities that is separated from convertible senior notes and presented separately in the consolidated statement of financial position, please refer to following section, “Derivative Liabilities”.

Summary of Fair Value Hierarchy

	2022		2021
	Carrying amount	Fair value	Carrying amount	Fair value	Fair value level
	(EUR’000)				(1-3)
Financial assets
Marketable securities	298,180	295,843	343,358	342,731	1
Financial assets measured at amortized cost	298,180	295,843	343,358	342,731
Total financial assets	298,180	295,843	343,358	342,731
Financial liabilities
Convertible senior notes	399,186	382,459	—	—	3
Financial liabilities measured at amortized cost	399,186	382,459	—	—
Derivative liabilities	157,950	157,950	—	—	3
Financial liabilities measured at fair value through profit or loss	157,950	157,950	—	—
Total financial liabilities	157,950	157,950	—	—

Movements in Level 3 Fair Value Measurements

Movements in level 3 fair value measurements are specified below:

	2022	2021	2020
	(EUR’000)
Derivative liabilities
January 1	—	—	—
Additions	142,467	—	—
Remeasurement recognized in financial income or expense	15,483	—	—
December 31	157,950	—	—