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Segment information (Tables)
12 Months Ended
Dec. 31, 2021
Disclosure Of Operating Segments [Abstract]  
Summary of Revenue and EBITDA

 

For the year ended December 31, 2021

 

EMEA

 

 

Americas

 

 

Asia

 

 

Corporate*

 

 

Eliminations**

 

 

Total

 

Revenue

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue from external customers

 

 

336,452

 

 

 

179,830

 

 

 

126,908

 

 

 

 

 

 

 

 

 

643,190

 

Intersegment revenue

 

 

89,460

 

 

 

908

 

 

 

 

 

 

 

 

 

(90,368

)

 

 

 

Total segment revenue

 

 

425,912

 

 

 

180,738

 

 

 

126,908

 

 

 

 

 

 

(90,368

)

 

 

643,190

 

Adjusted EBITDA

 

 

21,959

 

 

 

(44,560

)

 

 

(16,480

)

 

 

(107,896

)

 

 

 

 

 

(146,977

)

Share-based compensation expense

 

 

(3,780

)

 

 

(2,963

)

 

 

(4,192

)

 

 

(12,697

)

 

 

 

 

 

(23,632

)

Product recall expenses1

 

 

(1,654

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1,654

)

Asset impairment charge2

 

 

(4,970

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(4,970

)

IPO preparation and transaction costs

 

 

 

 

 

 

 

 

 

 

 

(9,288

)

 

 

 

 

 

(9,288

)

EBITDA

 

 

11,555

 

 

 

(47,523

)

 

 

(20,672

)

 

 

(129,881

)

 

 

 

 

 

(186,521

)

Finance income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

14,435

 

Finance expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(15,740

)

Depreciation and Amortization

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(27,222

)

Loss before tax

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(215,048

)

 

*

Corporate consists of general overhead costs not allocated to the segments.

**

Eliminations in 2021 refer to intersegment revenue for sales of products from EMEA and Americas to Asia.

(1)

Relates to recall of products in Sweden as previously communicated on November 17, 2021. See the Company’s Form 6-K filed on November 17, 2021.

(2)

Relates to an asset impairment charge of certain production equipment at our Landskrona production facility in Sweden for which we have no alternative use. Of the $5.0 million, $4.3 million relates to property, plant and equipment and $0.7 million relates to leases.

 

For the year ended December 31, 2020

 

EMEA

 

 

Americas

 

 

Asia

 

 

Corporate*

 

 

Eliminations**

 

 

Total

 

Revenue

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue from external customers

 

 

267,691

 

 

 

99,997

 

 

 

53,663

 

 

 

 

 

 

 

 

 

421,351

 

Intersegment revenue

 

 

35,208

 

 

 

230

 

 

 

 

 

 

 

 

 

(35,438

)

 

 

 

Total segment revenue

 

 

302,899

 

 

 

100,227

 

 

 

53,663

 

 

 

 

 

 

(35,438

)

 

 

421,351

 

Adjusted EBITDA

 

 

39,456

 

 

 

(25,117

)

 

 

(2,141

)

 

 

(44,480

)

 

 

 

 

 

(32,282

)

Share-based compensation expense

 

 

 

 

 

 

 

 

 

 

 

(1,014

)

 

 

 

 

 

(1,014

)

IPO preparation and transaction costs

 

 

 

 

 

 

 

 

 

 

 

(679

)

 

 

 

 

 

(679

)

EBITDA

 

 

39,456

 

 

 

(25,117

)

 

 

(2,141

)

 

 

(46,173

)

 

 

 

 

 

(33,975

)

Finance income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

515

 

Finance expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(11,372

)

Depreciation and Amortization

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(13,118

)

Loss before tax

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(57,950

)

 

*

Corporate consists of general overhead costs not allocated to the segments.

**

Eliminations in 2020 primarily refer to intersegment revenue for sales of products from EMEA to Asia.

 

For the year ended December 31, 2019

 

EMEA

 

 

Americas

 

 

Asia

 

 

Corporate*

 

 

Eliminations**

 

 

Total

 

Revenue

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue from external customers

 

 

154,746

 

 

 

39,120

 

 

 

10,182

 

 

 

 

 

 

 

 

 

204,047

 

Intersegment revenue

 

 

6,222

 

 

 

 

 

 

 

 

 

 

 

 

(6,222

)

 

 

 

Total segment revenue

 

 

160,967

 

 

 

39,120

 

 

 

10,182

 

 

 

 

 

 

(6,222

)

 

 

204,047

 

Adjusted EBITDA

 

 

16,594

 

 

 

(13,663

)

 

 

(5,211

)

 

 

(18,463

)

 

 

 

 

 

(20,743

)

Share-based compensation expense

 

 

 

 

 

 

 

 

 

 

 

(1,922

)

 

 

 

 

 

(1,922

)

IPO preparation and transaction costs

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

EBITDA

 

 

16,594

 

 

 

(13,663

)

 

 

(5,211

)

 

 

(20,386

)

 

 

 

 

 

(22,665

)

Finance income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

47

 

Finance expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(3,655

)

Depreciation and Amortization

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(8,094

)

Loss before tax

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(34,367

)

 

*

Corporate consists of general overhead costs not allocated to the segments.

**

Eliminations in 2019 refer to intersegment revenue for sales of products from EMEA to Asia.

Summary of Non-current Assets by Country

Non-current assets for this purpose consists of property, plant and equipment and right-of-use assets:

 

 

 

2021

 

 

2020

 

US

 

 

262,538

 

 

 

142,563

 

Sweden

 

 

122,488

 

 

 

98,285

 

UK

 

 

119,973

 

 

 

106

 

China

 

 

101,082

 

 

 

800

 

Singapore

 

 

36,182

 

 

 

8,780

 

Other

 

 

25,833

 

 

 

25,194

 

Total

 

 

668,096

 

 

 

275,728

 

Summary of Revenue from External Customers

The Group is domiciled in Sweden. The amount of its revenue from external customers, broken down by location of the customers, is shown in the table below.

 

 

 

2021

 

 

2020

 

 

2019

 

US

 

 

177,180

 

 

 

99,988

 

 

 

39,123

 

UK

 

 

120,278

 

 

 

92,805

 

 

 

47,347

 

China

 

 

111,830

 

 

 

47,452

 

 

 

9,274

 

Germany

 

 

70,699

 

 

 

51,673

 

 

 

17,322

 

Sweden

 

 

57,937

 

 

 

56,587

 

 

 

47,290

 

Finland

 

 

27,420

 

 

 

25,818

 

 

 

21,505

 

The Netherlands

 

 

24,047

 

 

 

17,017

 

 

 

9,125

 

Other

 

 

53,799

 

 

 

30,011

 

 

 

13,061

 

Total

 

 

643,190

 

 

 

421,351

 

 

 

204,047

 

Revenue from external customers, broken down by channel, is shown in the table below.

 

 

 

2021

 

 

2020

 

 

2019

 

Retail

 

 

387,939

 

 

 

297,973

 

 

 

153,035

 

Foodservice

 

 

223,125

 

 

 

108,317

 

 

 

42,850

 

Other

 

 

32,126

 

 

 

15,061

 

 

 

8,162

 

Total

 

 

643,190

 

 

 

421,351

 

 

 

204,047