Financial Assets and Liabilities (Tables)

3 Months Ended

Mar. 31, 2023

Disclosure of detailed information about financial instruments [abstract]

Schedule of Financial Assets and Liabilities

Financial assets and liabilities comprise the following:

	March 31, 2023		December 31, 2022
	(EUR’000)
Financial assets by category
Trade receivables		16,121		11,910
Other receivables (excluding income tax and indirect tax receivables)		8,464		3,884
Marketable securities		84,460		298,180
Cash and cash equivalents		501,281		444,767
Financial assets measured at amortized cost		610,326		758,741
Total financial assets		610,326		758,741
Classified in the statement of financial position
Non-current assets		1,984		9,412
Current assets		608,342		749,329
Total financial assets		610,326		758,741
Financial liabilities by category
Borrowings
Convertible senior notes		399,880		399,186
Lease liabilities		105,501		109,191
Trade payables and accrued expenses		131,438		101,032
Financial liabilities measured at amortized cost		636,819		609,409
Derivative liabilities		116,768		157,950
Financial liabilities measured at fair value through profit or loss		116,768		157,950
Total financial liabilities		753,587		767,359
Classified in the statement of financial position
Non-current liabilities		596,756		640,907
Current liabilities		156,831		126,452
Total financial liabilities		753,587		767,359

Summary of Marketable securities

The composition of the portfolio of marketable securities is specified in the following table:

	March 31, 2023		December 31, 2022
	(EUR’000)
Marketable securities
U.S. Treasury bills		—		79,086
U.S. Government bonds		42,955		99,337
Corporate bonds		36,907		104,236
Agency bonds		4,598		15,521
Total marketable securities		84,460		298,180
Classified based on maturity profiles
Non-current assets		—		7,492
Current assets		84,460		290,688
Total marketable securities		84,460		298,180
Specified by rate structure
Fixed rate		75,834		205,825
Floating rate		8,626		11,787
Zero-coupon		—		80,568
Total marketable securities		84,460		298,180
Specified by investment grade credit rating
High grade		51,052		203,530
Upper medium grade		33,408		94,650
Total marketable securities		84,460		298,180

Summary of Fair Value Hierarchy

	March 31, 2023				December 31, 2022
	Carrying amount		Fair value		Carrying amount		Fair value		Fair value level
	(EUR’000)								(1-3)
Financial assets
Marketable securities		84,460		83,525		298,180		295,843	1
Financial assets measured at amortized cost		84,460		83,525		298,180		295,843
Total financial assets		84,460		83,525		298,180		295,843
Financial liabilities
Convertible senior notes		399,880		388,003		399,186		382,459	3
Financial liabilities measured at amortized cost		399,880		388,003		399,186		382,459
Derivative liabilities		116,768		116,768		157,950		157,950	3
Financial liabilities measured at fair value through profit or loss		116,768		116,768		157,950		157,950
Total financial liabilities		516,648		504,771		557,136		540,409

Movements in Level 3 Fair Value Measurements

Movements in level 3 fair value measurements are specified below:

	2023			2022
	(EUR’000)
Derivative liabilities
January 1		157,950			—
Additions		—			142,467
Remeasurement recognized in financial (income) or expense		(41,182	)		(1,088	)
March 31		116,768			141,379

Summary of Maturity Analysis For Financial Liabilities

Maturity analysis (on an undiscounted basis) for non-derivative financial liabilities recognized in the unaudited condensed consolidated statements of financial position at March 31, 2023, is specified below:

	< 1 year		1-5 years		>5 years		Total contractual cash-flows		Carrying amount
	(EUR’000)
Financial liabilities
March 31, 2023
Borrowings
Convertible senior notes		11,897		41,638		534,684		588,219		399,880
Lease liabilities		13,565		51,967		57,331		122,863		105,501
Trade payables and accrued expenses		131,438		—		—		131,438		131,438
Total financial liabilities		156,900		93,605		592,015		842,520		636,819