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Document and Entity Information	12 Months Ended
Document and Entity Information	Dec. 31, 2021 shares
Document Information [Line Items]
Document Type	20-F
Amendment Flag	false
Document Period End Date	Dec. 31, 2021
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	FY
Entity Registrant Name	Oatly Group AB
Entity Central Index Key	0001843586
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Interactive Data Current	Yes
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Well-known Seasoned Issuer	No
Entity Common Stock, Shares Outstanding	591,777,001
Entity Shell Company	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Trading Symbol	OTLY
Title of 12(b) Security	Ordinary shares, par value $0.00018 per share
Security Exchange Name	NASDAQ
Entity File Number	001-40401
Entity Incorporation, State or Country Code	V7
Entity Address, Address Line One	Jagaregatan 4
Entity Address, Postal Zip Code	211 19
Entity Address, City or Town	Malmö
Entity Address, Country	SE
ICFR Auditor Attestation Flag	false
Document Annual Report	true
Document Transition Report	false
Document Shell Company Report	false
Document Registration Statement	false
Document Accounting Standard	International Financial Reporting Standards
Auditor Firm ID	1433
Auditor Name	Ernst & Young AB
Auditor Location	Stockholm, Sweden
Business Contact
Document Information [Line Items]
Contact Personnel Name	Christian Hanke
Entity Address, Address Line One	Jagaregatan 4
Entity Address, Postal Zip Code	211 19
Entity Address, City or Town	Malmö
Entity Address, Country	SE
City Area Code	+46 418
Local Phone Number	47 5500

Consolidated statement of operations - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Statement [Abstract]
Revenue	$ 643,190	$ 421,351	$ 204,047
Cost of goods sold	(488,177)	(292,107)	(137,462)
Gross profit	155,013	129,244	66,585
Research and development expenses	(16,771)	(6,831)	(4,310)
Selling, general and administrative expenses	(353,929)	(167,792)	(93,443)
Other operating (expense)/income	1,944	(1,714)	409
Operating loss	(213,743)	(47,093)	(30,759)
Finance income	14,435	515	47
Finance expenses	(15,740)	(11,372)	(3,655)
Loss before tax	(215,048)	(57,950)	(34,367)
Income tax benefit/(expense)	2,655	(2,411)	(1,258)
Loss for the year, attributable to shareholders of the parent	$ (212,393)	$ (60,361)	$ (35,625)
Loss per share, attributable to shareholders of the parent:
Basic and diluted	$ (0.39)	$ (0.13)	$ (0.09)
Weighted average common shares outstanding:
Basic and diluted	549,080,310	454,266,908	407,344,383

Consolidated statement of comprehensive loss - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Statement Of Comprehensive Income [Abstract]
Loss for the year	$ (212,393)	$ (60,361)	$ (35,625)
Items that may be reclassified to consolidated statement of operations in subsequent periods (net of tax):
Exchange differences from translation of foreign operations	(71,961)	17,185	(5,739)
Total other comprehensive income/(loss) for the year	(71,961)	17,185	(5,739)
Total comprehensive loss for the year	$ (284,354)	$ (43,176)	$ (41,364)

- Definition

The amount of change in equity resulting from transactions and other events, other than those changes resulting from transactions with owners in their capacity as owners.

+ References + Details

Consolidated statement of financial position - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Non-current assets
Intangible assets	$ 145,925	$ 156,463
Property, plant and equipment	509,648	237,625
Right-of-use assets	158,448	38,103
Other non-current receivables	5,534	6,550
Deferred tax assets	2,293	26
Total non-current assets	821,848	438,767
Current assets
Inventories	95,661	39,115
Trade receivables	105,519	71,297
Current tax assets	435	514
Other current receivables	32,229	12,363
Prepaid expenses	27,711	11,509
Short-term investments	249,937
Cash and cash equivalents	295,572	105,364
Total current assets	807,064	240,162
TOTAL ASSETS	1,628,912	678,929
Equity
Share capital	105	21
Other contributed capital	1,628,103	448,251
Foreign currency translation reserve	(74,486)	(2,525)
Accumulated deficit	(308,423)	(119,661)
Total equity attributable to shareholders of the parent	1,245,299	326,086
Non-current liabilities
Lease liabilities	126,516	23,883
Liabilities to credit institutions		91,655
Other non-current liabilities		233
Deferred tax liabilities	2,677	1,307
Provisions	11,033	7,121
Total non-current liabilities	140,226	124,199
Current liabilities
Lease liabilities	16,703	6,261
Liabilities to credit institutions	5,987	5,532
Shareholder loans		106,118
Trade payables	93,043	45,295
Current tax liabilities	567	852
Other current liabilities	9,614	4,632
Accrued expenses	117,473	59,954
Total current liabilities	243,387	228,644
Total liabilities	383,613	352,843
TOTAL EQUITY AND LIABILITIES	$ 1,628,912	$ 678,929

Consolidated statement of changes in equity - USD ($) $ in Thousands	Total	Share Capital	Other Contributed Capital	Foreign Currency Translation Reserve	Accumulated Deficit
Beginning balance at Dec. 31, 2018	$ 176,259	$ 17	$ 216,824	$ (13,971)	$ (26,611)
Loss for the year	(35,625)				(35,625)
Other comprehensive income/(loss) for the year	(5,739)			(5,739)
Total comprehensive loss for the year	(41,364)			(5,739)	(35,625)
Issue of shares	41,985	2	41,983
Transaction costs	(19)		(19)
Warrant issue	1,512		1,512
Shareholders’ contributions	7,506		7,506
Share-based payments	1,922				1,922
Ending balance at Dec. 31, 2019	187,801	19	267,806	(19,710)	(60,314)
Loss for the year	(60,361)				(60,361)
Other comprehensive income/(loss) for the year	17,185			17,185
Total comprehensive loss for the year	(43,176)			17,185	(60,361)
Issue of shares	200,044	2	200,042
Transaction costs	(8,412)		(8,412)
Warrant issue	2,675		2,675
Redemption of warrants	(10,146)		(10,146)
Transaction with shareholders	(3,714)		(3,714)
Share-based payments	1,014				1,014
Ending balance at Dec. 31, 2020	326,086	21	448,251	(2,525)	(119,661)
Loss for the year	(212,393)				(212,393)
Other comprehensive income/(loss) for the year	(71,961)			(71,961)
Total comprehensive loss for the year	(284,354)			(71,961)	(212,393)
Bonus issue		64	(64)
Issue of shares	1,099,696	12	1,099,684
Transaction costs	(62,371)		(62,371)
Conversion of shareholder loans	104,108	1	104,107
Exercise of warrants	38,503	7	38,496
Share-based payments	23,632				23,632
Ending balance at Dec. 31, 2021	$ 1,245,299	$ 105	$ 1,628,103	$ (74,486)	$ (308,423)

Consolidated statement of cash flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Operating activities
Net loss	$ (212,393)	$ (60,361)	$ (35,625)
Adjustments to reconcile net loss to net cash flows
Depreciation of property, plant and equipment and right-of-use assets and amortization of intangible assets	27,222	13,118	8,094
Impairment of property, plant and equipment and right-of-use assets	4,970
Impairment (gain)/loss on trade receivables	(253)	448	2,219
Share-based payments expense	23,632	1,014	1,922
Finance income	(14,435)	(515)	(47)
Finance costs	15,740	11,372	3,655
Income tax (benefit)/expense	(2,655)	2,411	1,258
Loss on disposal of property, plant and equipment and intangible assets	422	1,176
Other	(138)	52	87
Interest received	1,740	60	4
Interest paid	(9,237)	(6,488)	(2,715)
Income tax paid	(2,734)	(1,226)	(1,277)
Changes in working capital:
Increase in inventories	(58,607)	(10,304)	(20,187)
Increase in trade receivables, other current receivables, prepaid expenses	(79,278)	(38,679)	(29,116)
Increase in trade payables, other current liabilities, accrued expenses	92,172	43,614	32,611
Net cash flows used in operating activities	(213,832)	(44,308)	(39,117)
Investing activities
Purchase of intangible assets	(7,838)	(7,454)	(2,999)
Purchase of property, plant and equipment	(273,760)	(134,283)	(53,566)
Investments in financial assets	(1,162)
Proceeds from /(payments for) financial instruments	5,720	364	(527)
Purchase of short-term investments	(385,165)
Proceeds from short-term investments	117,877
Contingent consideration paid			(7,594)
Net cash flows used in investing activities	(544,328)	(141,373)	(64,686)
Financing activities
Proceeds from issue of shares, net of transaction costs	1,037,325	191,632	41,965
Shareholder´s contributions received			7,506
Proceeds from shareholder loans		87,828
Repayment of shareholder loans	(10,941)
Proceeds from liabilities to credit institutions	118,005	129,593	50,826
Repayment of liabilities to credit institutions	(212,913)	(119,116)	(765)
Repayment of lease liabilities	(9,282)	(6,044)	(3,991)
Proceeds from exercise of warrants	38,503
Redemption of warrants		(9,986)
Payment of loan transaction costs	(4,900)
Cash flows from financing activities	955,797	273,907	95,541
Net increase/(decrease) in cash and cash equivalents	197,637	88,226	(8,262)
Cash and cash equivalents at January 1	105,364	10,571	20,734
Exchange rate differences in cash and cash equivalents	(7,429)	6,567	(1,901)
Cash and cash equivalents at December 31	$ 295,572	$ 105,364	$ 10,571

Corporate information

12 Months Ended

Dec. 31, 2021

Text Block1 [Abstract]

Corporate information

1. Corporate information

These financial statements are consolidated financial statements for the group consisting of Oatly Group AB and its subsidiaries. A list of the subsidiaries is included in Note 12.

Oatly Group AB (the “Company” or the “parent”) is a public limited company incorporated and domiciled in Sweden. The Company’s registered office is located at Jagaregatan 4, Malmö, Sweden.

Oatly Group AB and its subsidiaries (together, the “Group”) manufacture, distribute and sell oat-based products.

These consolidated financial statements were authorized for issue by the Board of Directors on April 6, 2022.

Summary of significant accounting policies

12 Months Ended

Dec. 31, 2021

Summary Of Significant Accounting Policies [Abstract]

Summary of significant accounting policies

2. Summary of significant accounting policies

The principal accounting policies applied in the preparation of these consolidated financial statements are set out below. These policies have been consistently applied unless otherwise stated. All amounts are in thousands of U.S. dollars unless otherwise stated. All references in these financial statements to “$” or “USD” are to U.S. dollars and all references to “SEK” are to Swedish Kronor.

2.1. Basis of preparation

The consolidated financial statements of Oatly Group AB have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”).

The preparation of the consolidated financial statements in conformity with IFRS requires the use of certain critical accounting estimates. It also requires management to exercise its judgment in the process of applying the accounting policies. The areas involving a higher degree of judgment or complexity, or areas where assumptions and estimates are significant to the consolidated financial statements are disclosed in Note 4. The consolidated financial statements have been prepared using the cost method except for short-term investments, derivative instruments, and contingent consideration measured at fair value.

Changes in accounting policies - Software-as-a-Service (SaaS)

During 2021, the IFRS Interpretation Committee (IFRIC) has included an agenda decision on configuration and customization costs in a cloud computing arrangement which clarifies the accounting of IAS 38 that involves SaaS arrangements. The Group applies the agenda decision and has included additional information in the accounting policies of how the Group treats costs incurred in relation to service contracts for SaaS arrangements. Adjustments made related to the agenda decision for new SaaS arrangements were not material for the Group for the year ended December 31, 2021. There were no adjustments for the year ended December 31, 2020.

New and amended standards and interpretations

See below the amended standards that are effective from 1 January 2021 but had no impact on the Group’s financial statements. Certain other new accounting standards and interpretations have been issued by the IASB, but are not yet effective for the December 31, 2021 reporting period and have not been early adopted by the Group. These standards are not expected to have a material impact on the Group in the current or future reporting periods nor on foreseeable future transactions.

Interest Rate Benchmark Reform – Phase 2: Amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16

The amendments provide temporary reliefs which address the financial reporting effects when an interbank offered rate (IBOR) is replaced with an alternative nearly risk-free interest rate (RFR). The amendments include the following practical expedients:

•

A practical expedient to require contractual changes, or changes to cash flows that are directly required by the reform, to be treated as changes to a floating interest rate, equivalent to a movement in a market rate of interest

•

Permit changes required by IBOR reform to be made to hedge designations and hedge documentation without the hedging relationship being discontinued

•

Provide temporary relief to entities from having to meet the separately identifiable requirement when an RFR instrument is designated as a hedge of a risk component

These amendments had no impact on the consolidated financial statements of the Group. The Group intends to use the practical expedients in future periods if they become applicable.

Covid-19-Related Rent Concessions beyond 30 June 2021 Amendments to IFRS 16

On 28 May 2020, the IASB issued Covid-19-Related Rent Concessions - amendment to IFRS 16 Leases. The amendments provide relief to lessees from applying IFRS 16 guidance on lease modification accounting for rent concessions arising as a direct consequence of the Covid-19 pandemic. As a practical expedient, a lessee may elect not to assess whether a Covid-19 related rent concession from a lessor is a lease modification. A lessee that makes this election accounts for any change in lease payments resulting from the Covid-19 related rent concession the same way it would account for the change under IFRS 16, if the change were not a lease modification.

The amendment was intended to apply until 30 June 2021, but as the impact of the Covid-19 pandemic is continuing, on 31 March 2021, the IASB extended the period of application of the practical expedient to 30 June 2022.The amendment applies to annual reporting periods beginning on or after 1 April 2021. However, the Group has not received Covid-19-related rent concessions but plans to apply the practical expedient if it becomes applicable within allowed period of application.

2.2. Basis of consolidation

Subsidiaries are all companies over which the Group has control. The Group has control over a company when it is exposed to or has a right to variable returns from its participation in the company and has the possibility to influence the return through its participation in the company. Subsidiaries are consolidated from the date on which control is transferred to the Group. They are deconsolidated from the date that control ceases.

The Group applies the acquisition method to recognize the Group’s business combinations. The acquisition price is the consideration paid for a subsidiary and comprises the fair value of the sum of the assets transferred and the liabilities incurred by the Group to the previous owner of the company. The consideration also includes the fair value of any asset or liability resulting from a contingent consideration arrangement. Identifiable assets acquired and liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. Acquisition-related costs are expensed as incurred.

Inter-company transactions, balances and unrealized gains and losses on transactions between Group companies are eliminated.

2.3. Segment reporting

The operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision maker. The CEO is the chief operating decision maker and evaluates financial position and performance and makes strategic decisions. The CEO monitors the Group’s performance from a geographic perspective through the reportable segments EMEA, Asia and Americas. No operating segments have been aggregated to form the reportable segments.

The CEO primarily uses a measure of earnings before interest, tax, depreciation and amortization (“EBITDA”), and earnings for the period attributable to shareholders of the parent adjusted to exclude, when applicable, income tax expense,

finance expenses, finance income, depreciation and amortization expense, share-based compensation expense, product recall expenses, asset impairment charge and IPO preparation and transaction costs (“Adjusted EBITDA”), to assess the performance of the operating segments.

2.4. Foreign currency translation

Functional currency and presentation currency

The entities in the Group have the local currency as their functional currency, as the local currency has been defined as the primary economic environment in which each entity operates. The Group’s presentation currency is U.S. dollars.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the exchange rates prevailing on the transaction dates. Foreign exchange rate profits and losses from the settlement of such transactions and the translation of monetary assets and liabilities in foreign currencies using the exchange rates prevailing at the reporting date are recognized in operating loss in the consolidated statement of operations.

Foreign exchange rate profits and losses attributable to the financing of the Group are recognized in the consolidated statement of operations as finance income and finance costs. All other foreign exchange rate profits and losses are recognized under other operating income and expense.

Translation of foreign group companies

The results and financial position for all companies with a functional currency other than the presentation currency are translated into the Group’s reporting currency. Assets and liabilities are translated from the foreign operation’s functional currency to the Group’s reporting currency using the exchange rates prevailing at the reporting date. Income and expenses for each statement of operations and statement of comprehensive loss are translated to USD using the average exchange rate for the period. Foreign exchange differences arising from the currency translation of foreign operations are recognized in other comprehensive loss. Goodwill and fair value adjustments arising from the acquisition of foreign operations are treated as assets and liabilities in these operations and are translated to the reporting currency using the exchange rate at the reporting date.

In the consolidated accounts, exchange rate differences attributable to monetary items that form part of the net investment in foreign operations are recognized in other comprehensive loss and are reclassified from equity to the consolidated statement of operations when the foreign operation is divested in whole or in part.

2.5. Revenue recognition

The Group’s principles for recognition of revenue from customer contracts are presented below.

Sale of goods

Revenue from contracts with customers consists of sales of goods. Revenue from the sale of goods is recognized at the point in time when control of goods has transferred to the customer, being when the products are delivered to the customer, the customer has full discretion over the channel to sell the goods, and there is no unfulfilled obligation that could affect the customer’s acceptance of the goods. Delivery occurs when the products are shipped to the specific location, the risks of obsolescence and loss have been transferred to the customer and either the customer has accepted the products in accordance with the sales contract or the Group has objective evidence that all criteria for acceptance have been satisfied.

Revenue from contracts with customers is measured at an amount that reflects the consideration to which the Group expects to be entitled in exchange for those goods. Presented revenue excludes VAT and other sales taxes. The Group considers if contracts include other promises that constitute separate performance obligations to which a portion of the transaction price needs to be allocated. The Group considers the effects of variable consideration in determining the transaction price. The Group is acting as principal in its revenue arrangements because the Group maintains control of the goods until they are transferred to the customers.

Variable consideration and other consideration

The transaction price is adjusted for estimates of known or expected variable consideration, which includes cash discounts, product returns and allowances such as coupons. Variable consideration is recorded as a reduction to revenue based on amounts the Group expects to be liable for. Estimates of variable consideration are based on a number of factors, including current contract sales terms, estimated units sold, customer participation and redemption rates. Estimates are

reviewed regularly until the incentives or product returns are realized and the impact of any adjustments are recognized in the period the adjustments are identified.

The Group accounts for consideration payable to a customer as a reduction of the transaction, unless the payment to the customer is in exchange for a distinct good or service that the customer transfers to the Group. Such reductions to revenue include slotting and listing fees.

Contract costs

The Group incurs expenses for sales commissions to third parties to obtain customer contracts. Sales commissions are recognized in the consolidated statement of operations, in selling, general and administration expenses. The Group applies the practical expedient that permits the Group to expense the costs to obtain a contract as incurred when the expected amortization period is one year or less.

Interest income

Interest income is recognized with the application of the effective interest method.

Financing components

The Group does not have any contracts where the period between the transfer of the promised goods or services to the customer and payment by the customer exceeds one year. As a consequence, the Group does not adjust any of the transaction prices for the time value of money.

Cost of goods sold

Cost of goods sold consists primarily of the cost of oats and other raw materials, product packaging, co-manufacturing fees, direct labor and associated overhead costs and property, plant and equipment depreciation. Our cost of goods sold also includes warehousing and transportation of inventory.

Research and development expenses

Research and development expenses consist primarily of personnel related expenses for our research and development staff, including salaries, benefits and bonuses, but also third-party consultancy fees and expenses incurred related to product trial runs. Our research and development efforts are focused on enhancements to our existing product formulations and production processes in addition to the development of new products.

Selling, general and administrative expenses

Selling, general and administrative expenses include primarily personnel related expenses, brand awareness and advertising costs, costs associated with consumer promotions, product samples and sales aids. These also include customer distribution costs, i.e. outbound shipping and handling costs for finished goods, and other functional related selling and marketing expenses, depreciation and amortization expense on non-manufacturing assets and other miscellaneous operating items. Selling, general and administrative expenses also include auditor fees and other third-party consultancy fees, expenses related to management, finance and accounting, information technology, human resources and other office functions.

Other operating income and (expenses), net

Other operating income and (expenses), net consists primarily of net foreign exchange gains (losses) on operating related activities.

Finance income and expenses, net

Finance income and expenses, net primarily consists of interest expense related to loans from credit institutions, interest expense on lease liabilities and foreign exchange gains and losses attributable to our external and internal financing arrangements.

Income tax expense

Income tax expense represents both current and deferred income tax expenses. Current tax expenses primarily represent income taxes based on income in multiple foreign jurisdictions.

2.6. Current versus non-current classification

The Group presents assets and liabilities in the consolidated statement of financial position based on current/ non-current classification. An asset is current when it is:

•

expected to be realized or intended to be sold or consumed in the normal operating cycle,

•

held primarily for the purpose of trading,

•

expected to be realized within twelve months after the reporting period, or

•

cash or cash equivalent unless restricted from being exchanged or used to settle a liability for at least twelve months after the reporting period.

All other assets are classified as non-current. A liability is current when:

•

it is expected to be settled in the normal operating cycle,

•

it is held primarily for the purpose of trading,

•

it is due to be settled within twelve months after the reporting period, or

•

there is no unconditional right to defer the settlement of the liability for at least twelve months after the reporting period.

The Group classifies all other liabilities as non-current.

Deferred tax assets and liabilities are classified as non-current assets and liabilities.

2.7. Leases

As lessee

The Group’s leases pertain to land and buildings, and plant and machinery. Contracts may contain both lease and non-lease components. The Group allocates the consideration in the contract to the lease and non-lease components based on their relative stand-alone prices. Lease terms are negotiated on an individual basis and contain a wide range of different terms and conditions. The lease agreements do not impose any covenants other than the security interests in the leased assets that are held by the lessor. Leased assets may not be used as security for borrowing purposes.

Leases are recognized as a right-of-use asset and a corresponding liability at the date at which the leased asset is available for use by the Group. Liabilities arising from a lease are initially measured on a present value basis.

Lease liabilities include the net present value of the following lease payments:

•

fixed payments (including in-substance fixed payments), less any lease incentives receivable variable lease payment that are based on an index or a rate, initially measured using the index or rate as at the commencement date,

•

amounts expected to be payable by the Group under residual value guarantees,

•

the exercise price of a purchase option if the Group is reasonably certain to exercise that option, and

•

payments of penalties for terminating the lease, if the lease term reflects the Group exercising that option.

Lease payments to be made under reasonably certain extension options are also included in the measurement of the liability. The lease payments are discounted using the interest rate implicit in the lease. If that rate cannot be readily determined, which is the case for leases in the Group, the lessee’s incremental borrowing rate is used, which is the rate that the individual lessee would have to pay to borrow the funds necessary to obtain an asset of similar value to the right-of-use asset in a similar economic environment with similar terms, security, and conditions.

To determine the incremental borrowing rate, the Group:

•

uses a build-up approach that starts with a risk-free interest rate adjusted for credit risk, and

•

makes adjustments specific to the lease, e.g. term, country, currency and security.

The Group is exposed to potential future increases in variable lease payments based on an index or rate, which are not included in the lease liability until they take effect. When adjustments to lease payments based on an index or rate take effect, the lease liability is reassessed and adjusted against the right-of-use asset. Lease payments are allocated between principal and finance cost. The finance cost is charged to profit or loss over the lease period so as to produce a constant periodic rate of interest on the remaining balance of the liability for each period.

Right-of-use assets are measured at cost comprising the following:

•

the amount of the initial measurement of lease liability,

•

any lease payments made at or before the commencement date less any lease incentives received,

•

any initial direct costs, and

•

restoration costs.

Right-of-use assets are generally depreciated over the shorter of the asset’s useful life and the lease term on a straight-line basis. If the Group is reasonably certain to exercise a purchase option, the right-of-use asset is depreciated over the underlying asset’s useful life. Payments associated with short-term leases and leases of low-value assets are recognized on a straight-line basis as an expense in profit or loss. Short-term leases are leases with a lease term of 12 months or less.

2.8. Taxes

Current income tax

Current income tax assets and liabilities are measured at the amount expected to be recovered from or paid to the taxation authorities. The tax rates and tax laws used to compute the amount are those that are enacted or substantively enacted at the reporting date in the countries where the Group operates and generates taxable income.

Current income tax is recognized in the consolidated statement of operations except for tax attributable to items that are recognized in other comprehensive loss or directly in equity. In such cases, tax is also recognized in other comprehensive loss and equity, respectively.

Management periodically evaluates positions taken in the tax returns with respect to situations in which applicable tax regulations are subject to interpretation and establishes provisions where appropriate.

Deferred Tax

Deferred tax is recognized for all temporary differences that arise between the taxable value of assets and liabilities and their carrying values in the consolidated financial statements. However, a deferred tax liability is not recognized if it arises as a result of the initial recognition of goodwill, nor is a deferred tax liability recognized if it arises as a result of a transaction that constitutes the initial recognition of an asset or a liability that is not a business combination and which, at the date of the transaction, neither impacts the carrying value nor the taxable profit (loss). Deferred tax is measured at the tax rates that are expected to be applied to temporary differences when they reverse, using tax rates enacted or substantively enacted at the reporting date. The measurement of deferred tax reflects the tax consequences that would follow from the manner in which the Group expects at the reporting date to recover or settle the carrying amount of its assets and liabilities.

Deferred tax assets are recognized to the extent that it is probable that there will be future taxable surpluses against which the temporary differences can be utilized.

Deferred tax assets and tax liabilities are offset when there is a legal right to offset for current tax assets and tax liabilities, and when the deferred tax assets and tax liabilities are attributable to taxes charged by the same tax authorities and are either attributable to the same tax subject or different tax subjects, where there is an intention to settle the balances through net payments.

Deferred tax relating to items recognized outside the statement of operations is recognized outside the statement of operations. Deferred tax items are recognized in correlation to the underlying transaction either in other comprehensive loss or directly in equity.

2.9. Intangible assets

Goodwill

Goodwill arises at the acquisition of subsidiaries and consists of the amount by which the consideration, any non-controlling interest in the acquired company and fair value at the acquisition dates of previous shareholdings, exceeds the fair value of identifiable net assets acquired.

In order to perform impairment tests, goodwill acquired in a business combination is allocated to cash generating units or groups of cash generating units that are expected to benefit with synergies from the acquisition. Each unit or group of units to which goodwill has been allocated correspond to the lowest level in the Group for which goodwill is monitored. The Group monitors goodwill at the operating segment level for internal purposes, consistent with the way it assesses performance and allocates resources. The goodwill as at December 31, 2021 is allocated to the EMEA segment.

Other intangible assets

Capitalized expenditure for development activities

Expenditure for development and testing of new or significantly improved materials, products, processes or systems are recognized as an asset in the consolidated statement of financial position if the following criteria are met:

•

it is technically feasible to complete the asset so that it will be available for use,

•

it is the Group’s purpose to complete the asset so that it will be available for use or sale,

•

there are prerequisites to make the asset available for use or sale,

•

it is possible to prove how the asset is likely to generate future economic benefits,

•

there are adequate technical, economic and other resources to fulfil the development and to make the asset available for use or sale, and

•

the costs attributable to the asset during development can be reliably measured.

Other development costs are recognized in the consolidated statement of operations as costs are incurred. In the consolidated statement of financial position, capitalized development costs are reported at cost less accumulated depreciation and any impairment. Capitalized development expenditure is recognized as intangible assets and is depreciated from the date when the asset is ready for use. The estimated useful life is 3-5 years, which corresponds to the estimated period of time during which these assets will generate cash flows.

Development costs that do not meet these criteria are expensed as incurred. Development expenditure previously carried at cost is not recognized as an asset in a subsequent period.

Software-as-a-Service (SaaS) arrangements

SaaS arrangements are service contracts providing the Group with the right to access the cloud provider’s application software over the contract period. As such the Group does not receive a software intangible asset at the contract

commencement date. A right to receive future access to the supplier’s software does not, at the contract commencement date, give the customer the power to obtain the future economic benefits flowing from the software itself and to restrict others’ access to those benefits.

The Group treats costs incurred in relation to SaaS arrangements as operating expenses over the term of the service contract or as operating expenses when the service is received, depending on the nature of the expenses incurred and whether they are distinct from the cloud computing service or not in the underlying SaaS arrangement.

There could be a variety of other costs incurred as part of the arrangement, for example development of bridging modules that connect or integrate the SaaS software with existing software/systems that may be controlled by the Group. The Group assesses such expenses to determine if they should be expensed or may qualify for capitalization as an intangible asset.

Trademarks, patents and similar rights

Separately acquired trademarks and patents are shown at historical cost. They are reported at fair value at the time of acquisition and amortized on a straight-line basis over the projected useful life. They are reported in subsequent periods at cost less accumulated amortization and impairment. The estimated useful life is 5 years, which corresponds to the estimated time these will generate cash flow.

2.10. Tangible assets

Property, plant and equipment

Property, plant and equipment consist of land, buildings and fixtures, plant and machinery and construction in progress. These are recognized at historical cost less depreciation and impairment, except for construction in progress. Construction in progress is transferred to another asset (and depreciation begins) once an asset is in the location and condition necessary for it to be capable of operating in the manner intended by management. Historical cost includes expenditure that is directly attributable to the acquisition of the items.

Subsequent costs are added to the asset’s carrying value or are recognized as a separate asset, depending on which is most suitable, only when it is probable that the future economic benefits attributable to the asset will flow to the Group and the cost of the asset can be reliably measured. The carrying value of the replaced component is derecognized from the consolidated statement of financial position. All other kinds of repairs and maintenance are recognized at cost in the consolidated statement of operations in the period in which they occur.

Depreciation of assets is calculated using the straight-line method to allocate the cost of the assets, net of their residual values, over the estimated useful life of each component of an item of buildings and plant and machinery as follows:



• Buildings and fixtures	8-40 years
• Plant and machinery	3-15 years

The assets’ residual values and useful lives are assessed at the end of each reporting period and adjusted, if needed.

Profit or loss from disposals is established through a comparison of the profit from sales and carrying value and is recognized in “Other operating income and expense” in the consolidated statement of operations.

2.11. Impairment of non-financial assets

Intangible assets that have an indefinite useful life (goodwill) or intangible assets not ready to use (capitalized expenditure for development) are not subject to amortization and are tested for impairment annually and when circumstances indicate that the carrying value may be impaired. Other assets are tested for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable.

An impairment loss is recognized for the amount by which the asset’s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset’s fair value less costs of disposal and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash inflows, which are largely independent of the cash inflows from other assets or groups of assets (cash-generating units). Non-financial assets other than goodwill are reviewed for reversal of the impairment at the end of each reporting period.

2.12. Inventories

Raw materials and finished goods are stated at the lower of cost and net realizable value. Costs consist of direct materials, direct labor and an appropriate proportion of variable and fixed overhead expenditure. Overhead expenditures are allocated on the basis of normal operating capacity. Costs of purchased inventory are determined after deducting rebates and discounts. Net realizable value is the estimated selling price in the ordinary course of business less the estimated costs of completion and the estimated costs necessary to make the sale. The Group reviews inventory quantities and records a provision for excess and obsolete inventory based primarily on demand and the age of the inventory, among other factors.

2.13. Financial instruments

Initial recognition

Purchases and sales of financial assets are recognized on trade date, being the date upon which the Group commits to purchase or sell the asset. Financial assets are derecognized when the rights to receive cash flows from the financial assets have expired or have been transferred, and the Group has transferred substantially all the risks and rewards of ownership.

Financial assets—Classification and measurement

Financial assets include cash and cash equivalents, trade receivables, short-term investments, derivatives and other financial assets. The Group classifies its financial assets in the following measurement categories:

•

those to be measured subsequently at fair value (either through other comprehensive loss or through profit or loss), and

•

those to be measured at amortized cost.

The classification depends on the Group’s business model for managing the financial assets and contractual terms of the cash flows. For assets measured at fair value, gains and losses will either be recorded in profit or loss or other comprehensive loss. The Group reclassifies debt investments when and only when its business model for managing those assets changes.

At initial recognition, the Group measures a financial asset at its fair value plus, in the case of a financial asset, not at fair value through profit or loss (“FVPL”), transaction costs that are directly attributable to the acquisition of the financial asset. Transaction costs of financial assets carried at FVPL are expensed in profit or loss.

Subsequent measurement of debt instruments depends on the Group’s business model for managing the asset and the cash flow characteristics of the asset. All debt instruments in the Group are measured at amortized cost. The Group’s financial assets measured at amortized cost consist of the items other non-current receivables, trade receivables, other current receivables and cash and cash equivalents.

Amortized cost: Assets that are held for collection of contractual cash flows, where those cash flows represent solely payments of principal and interest, are measured at amortized cost. Interest income from these financial assets is included in finance income using the effective interest rate method. Any gain or loss arising on derecognition is recognized directly in profit or loss and presented in Other operating income and expense net together with foreign exchange gains and losses.

Fair value through profit or loss: Assets that are held primarily for the purpose to secure and increase value of the investments are included in the business model “Other”.

Derivatives

Derivatives are initially recognized at the fair value on the date a derivative contract is entered into, and they are subsequently remeasured to their fair value at the end of each reporting period. Changes in the fair value are recognized in finance income or finance expenses in the consolidated statement of operations.

Short-term investments

Short-term investments are primarily comprised of funds and bonds carried at fair value through profit and loss. The primary purpose of the portfolio is to secure and increase value of the investments compared to keeping cash in bank

accounts, until cash is needed for other investments in the business, for example new production facilities. Based on the primary purpose of the portfolio and indicators identified in the IFRS 9 Financial Instruments test, the overall assessment is that the portfolio is the business model “Other”. The investments in the portfolio are therefore recognized at fair value through profit or loss and presented as short-term investments and cash and cash equivalents in the statement of financial position.

Derecognition of financial assets

Purchases and sales of financial instruments are reported on the trade date, that is, the date on which the Group commits itself to purchase or sell the asset. Financial assets are derecognized from the statement of financial position when the right to receive cash flows from the instrument has expired or been transferred, and the Group has, in all significant aspects, transferred all risk and benefits associated with the ownership. Profits and losses arising from derecognition from the statement of financial position are recognized directly in the statement of operations.

Financial liabilities—Classification and measurement

Financial liabilities at amortized cost

At initial recognition, the Group measures a financial liability at its fair value plus transaction costs that are directly attributable to the financial liability. After initial recognition, the majority of the Group’s financial liabilities are valued at amortized cost applying the effective interest method.

The Group’s financial liabilities measured at amortized cost comprise liabilities to credit institutions, bank overdraft facilities, trade payables and accrued expenses.

Financial liabilities at fair value

At initial recognition, the Group measures a financial liability at its fair value. Transaction costs of financial liabilities carried at fair value are expensed in the consolidated statement of operations.

The Group’s financial liabilities at fair value comprise a contingent consideration that was settled during 2019. For more information see Note 12.

Derecognition of financial liabilities

Financial liabilities are derecognized from the statement of financial position when the obligations are settled, cancelled or have expired in any other way. The difference between the carrying value of a financial liability that has been extinguished or transferred to another party and the fee paid are reported in the consolidated statement of operations.

When the terms and conditions of a financial liability are renegotiated and are not derecognized from the statement of financial position, a profit or loss is reported in the consolidated statement of operations. The profit or loss is calculated as the difference between the original contractual cash flows and the modified cash flows discounted at the original effective interest rate.

Offsetting of financial instruments

Financial assets and liabilities are offset and recognized with a net amount in the statement of financial position only when there is a legal right to offset the recognized amounts and an intention to balance the items with a net amount or to simultaneously realize the asset and settle the liability.

Impairment of financial assets recognized at amortized cost

The Group assesses, on a forward-looking basis, the expected credit losses associated with its debt instruments carried at amortized cost. The impairment methodology applied depends on whether there has been a significant increase in credit risk.

For trade receivables, the Group applies the simplified approach, i.e., the reserve will correspond to the expected loss over the lifetime of the trade receivables. In order to measure the expected credit losses, trade receivables have been

grouped based on days past due. The Group applies forward-looking variables for expected credit losses. Expected credit losses are recognized in the consolidated statement of operations, in selling, general and administration expenses.

2.14. Trade receivables

Trade receivables are recognized initially at the amount of consideration that is unconditional, unless they contain significant financing components when they are recognized at fair value. They are subsequently measured at amortized cost using the effective interest rate method, less allowance for expected credit losses.

2.15. Cash and cash equivalents

For the purpose of presentation in the consolidated statement of cash flows, cash and cash equivalents include cash on hand, deposits held at call with financial institutions. Bank overdrafts are shown within liabilities to credit institutions in current liabilities in the statement of financial position.

2.16. Share capital

Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new shares are shown in equity as a deduction, net of tax, from the proceeds.

2.17. Liabilities to credit institutions

Liabilities to credit institutions are initially recognized at fair value, net of transaction costs incurred. Liabilities to credit institutions are subsequently measured at amortized cost. Any difference between the proceeds (net of transaction costs) and the redemption amount is recognized in profit or loss over the period of the liabilities to credit institutions using the effective interest method. Fees paid on the establishment of loan facilities are recognized as transaction costs of the loan to the extent that it is probable that some or all of the facility will be drawn down. In this case, the fee is deferred until the draw-down occurs. To the extent there is no evidence that it is probable that some or all of the facility will be drawn down, the fee is capitalized as a prepayment for liquidity services and amortized over the period of the facility to which it relates.

Liabilities to credit institutions are classified as current liabilities, unless the Group has an unconditional right to defer settlement of the liability for at least 12 months after the reporting period.

General and specific borrowing costs that are directly attributable to the acquisition, construction or production of a qualifying asset are capitalized during the period of time that is required to complete and prepare the asset for its intended use or sale. Qualifying assets are assets that necessarily take a substantial period of time to get ready for their intended use or sale. Investment income earned on the temporary investment of specific borrowings, pending their expenditure on qualifying assets, is deducted from the borrowing costs eligible for capitalization. Other borrowing costs are expensed in the period in which they are incurred.

2.18. Provisions

Provisions are recognized when the Group has a present obligation (legal or constructive) as a result of a past event and it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation, and a reliable estimate can be made of the amount of the obligation. The expense relating to a provision is presented in the statement of operations net of any reimbursement.

If the effect of the time value of money is material, provisions are discounted using a current pre-tax rate that reflects, when appropriate, the risks specific to the liability. When discounting is used, the increase in the provision due to the passage of time is recognized as a finance cost.

Provision for restoration costs

The Group recognizes provisions for restoration costs of leased manufacturing facilities. Restoration costs are provided for at the present value of expected costs to settle the obligation using estimated cash flows and are recognized as part of the cost of the relevant asset. The cash flows are discounted at a current pre-tax rate that reflects the risks specific to the liability for the restoration costs. The unwinding of the discount is expensed as incurred and recognized in the statement of operations as a finance cost. The estimated future costs of the restorations are reviewed annually and adjusted as

appropriate. Changes in the estimated future costs, or in the discount rate applied, are added to, or deducted from the cost of the asset.

2.19. Employee benefits

Short-term benefits to employees

Liabilities for wages and salaries, annual leave and accumulating sick leave that are expected to be settled wholly within 12 months after the end of the period in which the employees render the related services are recognized in respect of employees’ services up to the end of the reporting period, and they are measured at the amounts expected to be paid when the liabilities are settled. The liabilities are presented as accrued expenses in the statement of financial position.

Post-employment obligations

Within the Group, there are defined-contribution plans. A defined-contribution plan is a pension plan according to which the Group pays a fixed amount to a separate legal entity. The Group has no legal or constructive obligation to pay additional premiums if this legal entity does not have adequate means to pay all benefits to employees, attributable to their service in current or previous periods. The premiums are reported as costs in the consolidated statement of operations when they fall due.

The Swedish Financial Reporting Board is a private sector body in Sweden with the authority to develop interpretations of IFRS Standards for consolidated financial statements for issues that are very specific to the Swedish environment, for example, UFR 10 Accounting for the pension plan ITP 2 financed through an insurance in Alecta. The Group’s pension obligations for certain employees in Sweden, which are secured through an insurance with Alecta, are reported as a defined contribution plan. According to UFR 10, this is a defined benefit multi-employer plan. For the financial year 2021, the Group has not had access to information in order to be able to report its proportional share of the obligations of the plan, plan assets and costs and therefore, it has not been possible to recognize the plan as a defined benefit plan. The ITP 2 pension plan, secured through an insurance with Alecta, is therefore reported as a defined contribution plan. The premium of the defined contributions plan for retirement pensions and survivor’s pension is calculated individually and is, among other factors, based on salary, previously earned pension and expected remaining years of service. Expected premiums for the next reporting period for ITP 2 insurances signed with Alecta is $2.5 million. Premiums for the year ended December 31, 2021 for ITP 2 insurances signed with Alecta amounted to $1.7 million.

The collective consolidation level comprises the market value of Alecta’s assets as a percentage of the insurance obligations in accordance with Alecta’s actuarial methods and assessments. The collective consolidation level should normally be allowed to vary between 125% and 175%. If Alecta’s collective consolidation level falls below 125% or exceeds 175%, measure should be taken in order for the consolidation level to return to the normal interval. At a low consolidation, one measure might be to increase the price when signing new insurance agreements and an expansion of existing benefits. At a high level of consolidation, one measure might be to introduce lower premiums. At the end of the financial year 2021, Alecta’s surplus of the collective consolidation level was 172%.

Share-based payments—equity settled

Employee stock options (ESOP) and Restricted Stock Units (RSU) (2021)

For share-based payment schemes, the fair value of the instruments granted are established at the grant date and recognized as an employee benefits expense, with a corresponding increase in equity.

The fair value of ESOPs at grant date has been established by using the Black-Scholes option pricing model and input data in the model is disclosed in Note 8.

The awards only have a service condition whereby the awards vest in 12-month installments over 36 months. Each of the instalments are treated as separate awards which are expensed on a linear basis for each instalment period i.e., 12 months, 24 months, and 36 months; this will result in a front-loaded IFRS 2 charge. At the end of each period, the entity revises its estimates of the number of instruments that are expected to vest based on the service conditions. It recognizes the impact of the revision to original estimates, if any, in profit or loss, with a corresponding adjustment to retained earnings within equity.

Warrants (2016-2020)

The Group grants warrants to certain employees in exchange for payments equal, or at a discount, to the fair value estimated using the Black-Scholes option pricing model as of the grant date.

Warrants are accounted for as equity settled share-based payments, proceeds are recognized in equity and share-based payments expense is recognized in situations where warrants are granted at a discount to grant date fair value.

There are no service conditions, and share-based payments expense is recognized immediately upon grant date or employment commencement date.

For further information on share-based payments, see Note 8.

2.20. Loss per share

Basic loss per share is calculated by dividing the loss after tax by the weighted average number of ordinary shares outstanding for the period. Diluted loss per share is computed using the treasury stock method to the extent that the effect is dilutive by using the weighted-average number of outstanding ordinary shares and potential ordinary shares during the period. The Group’s potential ordinary shares consist of incremental shares issuable upon the assumed exercise of warrants, excluding all anti-dilutive ordinary shares outstanding during the period.

2.21. Initial public offering costs

The initial public offering (“IPO”) costs for the Group involved costs both for issuing new shares and the listing of existing shares/ADS and were recorded within prepaid expenses in the statement of financial position and were accounted for as a reduction of equity since they were incremental costs that were directly attributable to issuing new shares (net of any income tax benefit) when the IPO occurred.

Financial risk management

12 Months Ended

Dec. 31, 2021

Disclosure Of Financial Risk Management [Abstract]

Financial risk management

3. Financial risk management

3.1. Financial risk factors

Through its operations, the Group is exposed to various financial risks attributable to primarily cash, short-term investments, trade receivables, trade payables and liabilities to credit institutions. The financial risks are market risk, mainly interest risk and currency risk, credit risk, liquidity risk and refinancing risk. The Group strives to minimize potential unfavorable effects from these risks on the Group’s financial results.

The aim of the Group’s financial operations is to:

•

ensure that the Group can meet its payment obligations,

•

manage financial risks,

•

ensure a supply of necessary financing, and

•

optimize the Group’s finance net.

The Group’s risk management is predominantly controlled by a central treasury department (the “Group treasury”) under policies owned by the CFO and approved by the Board of Directors. The CEO is responsible to the Board of Directors for the risk management and ensuring that the guidelines and risk mandates are followed and carried out in accordance with established treasury policy.

The Group treasury identifies, evaluates and hedges financial risks in close cooperation with the Group’s operating units. The treasury policy provides principles for overall risk management, as well as policies covering specific areas, such as foreign exchange risk, interest rate risk, credit risk, use of derivative financial instruments and non-derivative financial instruments and investment of excess liquidity. The treasury policy (a) identifies categories of financial risks and describe how they should be managed, (b) clarifies the responsibility in financial risk management among the Board of Directors, the

CEO, the CFO, Group Treasury and the Subsidiaries, (c) specifies reporting and control requirements for Group treasury functions and (d) ensures that the treasury operations of the Group are supporting the overall strategy of the Group.

3.1.1 Market risk

Currency risk (transaction risk)

The Group operates internationally and is exposed to foreign exchange risk. Foreign exchange risk arises from future commercial transactions and recognized assets and liabilities denominated in a currency that is not the functional currency of the relevant Group entity. Primarily, the Group is exposed to currency risk in Group companies with SEK as the functional currency. The primary risks in these companies are USD/SEK, GBP/SEK, EUR/SEK and CNY/SEK due to sales (trade receivables), purchases (trade payables), borrowings and short-term deposits (cash and cash equivalents).

Due to the growth profile of the Group it is necessary to maintain a dynamic risk management of currency. Treasury monitors forecast of highly probable cash flows for each currency and aim to achieve a natural match of inflows and outflows. For those currencies which have a net cash flow that is positive or negative, foreign exchange instruments (FX forward or spot) are used to manage the risk between 50% and 100% of the exposure for the following 12 months. The Group does not apply hedge accounting. As at December 31, 2021 the Group had no currency derivatives. As at December 31, 2020 the Group had currency derivatives of £20 million for which the fair value was $0.8 million.

Exposure

The Group’s primary exposure to foreign currency risk at the end of the reporting period, expressed in thousands of USD was as follows:

	As at December 31, 2021
	SEK/USD			SEK/EUR			SEK/GBP			SEK/CNY
Trade receivables		—			9,220			382			—
Short-term deposits		—			—			—			78,766
Liabilities to credit institutions		—			(5,314	)		—			—
Trade payables		(723	)		(14,732	)		(1,238	)		—
Lease liabilities		—			(2,903	)		—			—
Total		(723	)		(13,729	)		(856	)		78,766

	As at December 31, 2020
	SEK/USD			SEK/EUR			SEK/GBP			SEK/CNY
Trade receivables		—			6,113			135			—
Liabilities to credit institutions		—			(8,041	)		—			—
Shareholder loans		(40,284	)		(45,427	)		—			—
Trade payables		(4,154	)		(10,856	)		(302	)		—
Lease liabilities		—			(3,074	)		—			—
Derivatives		—			—			(27,273	)		—
Total		(44,438	)		(61,285	)		(27,440	)		—

Sensitivity

The Group is primarily exposed to changes in USD/SEK, EUR/SEK, GBP/SEK and CNY/SEK exchange rates. The Group’s risk exposure in foreign currencies:

	Impact on loss before tax
	2021	2020		2019
USD/SEK exchange rate—increase/decrease 10 %	+/- 72	+/- 4,444		+/- 1,700
EUR/SEK exchange rate—increase/decrease 10 %	+/- 1,211	+/- 6,129		+/- 1,451
GBP/SEK exchange rate—increase/decrease 10 %	+/- 63	+/- 2,786		+/- 116
CNY/SEK exchange rate—increase/decrease 10 %	+/- 7,877		—		—

Currency risk (translation risk)

The Group is also exposed to currency risk when foreign subsidiaries with a functional currency other than USD are consolidated, primarily for EUR, SEK, GBP and CNY. The Group’s policy is not to hedge the translation exposure related to net foreign assets to reduce translation risk in the consolidated financial statements.

Interest-rate risk

The Group’s main interest rate risk arises from long-term liabilities to credit institutions with variable rates (primarily Euro Interbank Offered Rate “Euribor” 3 Months during 2021 and 2020 and Stockholm Interbank Offered Rate “Stibor” 3 Months during 2020), which expose the Group to cash flow interest rate risk. As at December 31, 2021, the nominal amount of liabilities to credit institutions with variable interest rate were $5.3 million with no hedges. As at December 31, 2020, the nominal amount of liabilities to credit institutions with variable interest rate were $97.6 million, whereof, $5.7 million were swapped using floating-to-fixed interest rate swaps for the risk in Stibor 3M.

Sensitivity

Profit or loss is sensitive to higher/lower interest expense primarily from liabilities to credit institutions as a result of changes in interest rates.

Impact on loss

before tax

2021

2020

2019

Interest rates - increase/decrease by 100 basis points

+/- 60

+/- 996

+/- 721

Fair value / Price risk

The Group is exposed to price risk from changes in fair value from short-term investments held by the Group that are classified as fair value through profit and loss. To manage the risk arising from investments, surplus liquidity may be invested primarily in liquid assets with low risk, investment grade BBB- or better rated. The fair value of the short-term investments as of December 31, 2021 is $250 (-) million. The investment portfolio consists of funds, bonds and certificates in USD and SEK. Funds consist of primarily “money market funds”, i.e., a kind of mutual fund that invests in highly liquid, near-term instruments and high-credit-rating debt-based securities with a short-term maturity. Bonds and certificates consist of corporate bonds and commercial papers.

Sensitivity

Profit or loss is sensitive to changes in fair value from short-term investments.

Impact on loss

before tax

2021

2020

2019

Fair value - increase/decrease by 10%

+/- 25

—

Commodity price risk

The Group is exposed to risk related to the price and availability of our ingredients and our profitability is dependent on, among other things, our ability to anticipate and react to availability of ingredients and inflationary pressures. Currently, the main ingredient in our products is oat. The Group purchases oats from millers in Belgium, Sweden, Finland the United States, Malaysia and China, so supply may be particularly affected by any adverse events in these countries and regions. The prices of oats and other ingredients, such as rapeseed oil, used are subject to many factors beyond the Group’s control, including poor harvests due to adverse weather conditions, natural disasters and changes in world economic conditions, including as a result of COVID-19 and the conflict in Ukraine. Oat prices and other ingredients such as rapeseed oil are normally agreed to annually with suppliers for the following year based on the outcome of the current year harvest.

The Group believes it will be able to address material commodity increases by either increasing prices or reducing operating expenses. However, increases in commodity prices, without adjustments to pricing, or reduction to operating expenses, or a delay in pricing actions, could increase costs and increase loss as a share of revenue. In addition, macro-economic and competitive conditions could make additional price increases difficult.

A general commodity cost price increase of 5% would have increased our 2021 commodity costs by $10.0 million.

3.1.2 Credit risk

Credit risk arises primarily from cash and cash equivalents and debt instruments carried at amortized cost.

Financial counterparty credit risk is managed on a Group basis. The external financial counterparties must be high-quality international credit institutions or other major participants in the financial markets, in each case, with a minimum investment grade rating BBB- / Baa3. The rating of the financial counterparties used during 2021 and 2020 were in the range from BBB- to AA+.

Customer and supplier credit risk is mitigated through credit risk assessment, credit limit setting in case of payment obligations overdue and through the contractual terms. There are no significant concentrations of credit risk in regards of exposure to specific industry sectors and/or regions. For the year ended December 31, 2021, one customer in the foodservice channel represented approximately 14% of total revenue. The Group has not had any incurred losses from this customer historically. During 2020, there were no customers who individually represented more than 10% of revenue.

The Group has primarily two types of financial assets that are subject to the expected credit loss model:

•

trade receivables, and

•

loans to employees (other non-current financial assets at amortized cost).

Trade receivables

The Group applies the simplified approach to measuring expected credit losses, which uses a lifetime expected loss allowance for all trade receivables.

To measure the expected credit losses, trade receivables have been grouped based on days past due. The expected loss rates are based on sales over a period of 36 months before December 31, 2021, and the corresponding historical credit losses experienced within this period. The historical loss rates are adjusted to reflect current and forward-looking information on macroeconomic factors affecting the ability of the customers to settle the receivables. In cases when the Group has more information on customers than the statistical model reflects, a management overlay is made for those specific customers. Historically, the Group has experienced immaterial credit losses. Based on the historical data of very low credit losses together with a forward-looking assessment, the expected credit loss for trade receivables is not material. The Group has during 2021 and 2020 not had any significant impairment losses relating to specific customers.

The aging of the Group’s trade receivables is as follows:

	2021			2020
Current		78,771			55,086
1-30 days past due		18,387			10,473
31-60 days past due		4,268			1,726
61-90 days past due		1,159			2,154
91- days past due		3,817			2,569
Gross carrying amount		106,402			72,009
Allowance for expected credit losses		(883	)		(712	)
Net carrying amount		105,519			71,297

The movements in the Group’s allowance for expected credit losses of trade receivables are as follows:

	2021			2020
As at January 1		(712	)		(2,557	)
Increase of allowance recognized in statement of operations during the year		(490	)		(552	)
Receivables written off during the year as uncollectible		—			2,569
Unused amount reversed		290			104
Translation differences		29			(276	)
As at December 31		(883	)		(712	)

Trade receivables are written off where there is no reasonable expectation of recovery. Assessments are made individually, in each case, based on indicators that there is no reasonable expectation of recovery. Indicators include, amongst others, the failure of a debtor to engage in a repayment plan with the Group. Impairment losses on trade receivables are presented as selling, general and administration expenses within operating loss. Subsequent recoveries of amounts previously written off are credited against the same line item.

Loans to employees (Other financial assets at amortized cost)

Other financial assets at amortized cost primarily include loans to certain members of key management and other employees. The loans are full recourse and were issued 2016, 2017, 2019 and 2020 at a market rate for the purchase price of warrants in the parent (Oatly Group AB). The market rate was set at a rate equivalent to Swedish government borrowing rate (Sw. statslåneräntan) at the date of the loan plus a margin of 1%. Total issued amount for the loans was $5.1 million as at December 31, 2020. The loans have a maturity date that is the same as the use of the warrants which is at latest 10 years from grant date. The loans from employees have been repaid during 2021.

The credit risk for other financial assets at amortized cost as at December 31, 2021 and 2020 is not material, and no credit loss reserve has been recognized. The Group monitors closely if the credit risk for any issued loans has changed. For more information of the warrants and outstanding balances to related parties, see Note 7 Employee and personnel costs and Note 30 Related party disclosures.

3.1.3 Liquidity risk

Liquidity risk is the Group’s risk of not being able to meet the short-term payment obligations due to insufficient funds. Management monitors rolling forecasts of the Group’s liquidity reserve (comprising the undrawn borrowing facilities below) and cash and cash equivalents on the basis of expected cash flows. This is monitored at Group level with input from local management. In addition, the Group’s liquidity management policy involves projecting cash flows in major currencies and considering the level of liquid assets necessary to meet these, monitoring balance sheet liquidity ratios against internal and external regulatory requirements and maintaining debt financing plans Due to the dynamic nature of the underlying businesses, the Group treasury maintains flexibility in funding by maintaining availability under committed credit lines.

At the end of the reporting period, the Group held cash and cash equivalents of $295.6 ($105.4) million and short-term investments of $249.9 ($ - ) million that are available for managing liquidity risk. The Group has both long-term and a short-term financing with credit institutions.

In April 2021 the Group entered into Sustainable Revolving Credit Facility Agreement (the “SRCF Agreement”) including a multicurrency revolving credit facility of SEK 3.6 billion (equivalent of USD 397.8 million) with an accordion option of another SEK 850 million (equivalent of USD 93.9 million), subject to the fulfilment of certain conditions and at the lenders’ discretion. The initial term of the SRCF Agreement is three years from May 20, 2021, with an option to extend twice, for one additional year each at the lenders’ discretion. Borrowings under the SRCF Agreement are repayable at the end of the interest period to which that loan relates and carry an interest rate of the aggregate of the applicable margin and SONIA, LIBOR (with a rate switch to SOFR), STIBOR or EURIBOR, depending on the denominated currency, amounts loaned and if the denominated currency is a rate switch currency. Under the SRCF Agreement, the Group is subject to both financial and non-financial covenants. The non-financial covenants are covenants linked to sustainability measures. The financial covenants are tangible solvency, minimum EBITDA and liquidity requirements. The financial covenants are subject to a conversion right that may be exercised at the Group’s discretion from December 31, 2023, and following such conversion, the existing tangible solvency, minimum EBITDA and liquidity covenants will fall away and be replaced with a total net leverage ratio. The SRCF Agreement also contains limitations on the Group’s ability to pay dividends until the Group exercises their covenant conversion right. The SRCF agreement replaced the previous credit facility of $146.3 million.

As at December 31, 2021, the Group has not utilized any loan amounts under the new SRCF agreement. The Liabilities to credit institutions balance at December 31, 2021, is related to outstanding amounts on the European Investment Fund Facility (the “EIF Facility”) which was entered in October 2019 and matures in October 2022. The recognized amount as at December 31, 2021, is $6.0 ($8.0) million (denominated in EUR).

At December 31, 2020, the Group also had a term loan of $88.4 million that was repaid in 2021.

During 2020, the Group had a short-term credit facility of $15 million with a credit institute in the United States that could be utilized by providing collateral in trade receivables and inventories. As at December 31, 2020 $1.9 million was utilized and the same amount of trade receivables and inventories were pledged as collateral. The facility was pre-terminated in June 2021.

During 2020, the Group received a shareholder loan (the Subordinated Bridge Facilities Agreement) of $87.8 million split into EUR, USD and SEK. The loan was settled in full during 2021. For further information on the terms and conditions for 2020, see Note 27 Shareholder loans.

In total, the Group had access to undrawn bank overdraft facilities at the end of the reporting period amounting to $397.8 ($157.9) million.

3.1.4 Refinancing risk

Refinancing risk is defined as the risk for difficulties in refinancing the Group, that financing cannot be achieved, or can only be achieved at a higher cost. Liabilities to credit institutions and available facilities within the Group has an average maturity of 27 (18) months.

During 2021, the Group entered into a new multicurrency revolving credit facility of SEK 3.6 billion (equivalent of USD 397.8 million) with an accordion option of another SEK 850 million (equivalent of USD 93.9 million), subject to the fulfilment of certain conditions and at the lenders’ discretion. See above under “Liquidity risk” for a description of the deal.

The tables below analyze the Group’s financial liabilities into maturity groupings based on their contractual maturities for:

a) all non-derivative financial liabilities:

b) and net settled derivative financial instruments for which the contractual maturities represent the timing of the cash flows.

The amounts disclosed in the table are the contractual undiscounted cash flows. Balances due within 12 months equal their carrying balances as the impact of discounting is not significant. For interest rate swaps, the cash flows have been estimated using forward interest rates applicable at the end of the reporting period.

December 31, 2021	Less than 3 months		Between 3 months and 1 year		Between 1 and 2 years		Between 2 and 5 years		After 5 years		Total contractual cash flows		Carrying amount
Non-derivatives
Trade payables		93,043		—		—		—		—		93,043		93,043
Liabilities to credit institutions		1,240		4,904		—		—		—		6,144		5,987
Lease liabilities		4,275		12,826		19,134		39,702		200,327		276,265		143,219
Total non-derivatives		98,558		17,730		19,134		39,702		200,327		375,452		242,249

December 31, 2020	Less than 3 months		Between 3 months and 1 year		Between 1 and 2 years		Between 2 and 5 years		After 5 years		Total contractual cash flows		Carrying amount
Non-derivatives
Trade payables		45,295		—		—		—		—		45,295		45,295
Liabilities to credit institutions		3,802		5,553		96,703		—		—		106,058		95,990
Bank overdraft facility		1,197		—		—		—		—		1,197		1,197
Shareholder loans		—		108,401		—		—		—		108,401		106,118
Lease liabilities		1,917		5,751		5,696		12,693		12,429		38,486		30,144
Total non-derivatives		52,211		119,705		102,399		12,693		12,429		299,437		278,744
Derivatives
Interest rate swaps—net settled		17		51		67		146		9		290		189
Total derivatives		17		51		67		146		9		290		189

3.2. Capital management

The Group’s objectives when managing capital are to safeguard its ability to continue as a going concern, so that the Group can continue its business and provide future returns for shareholders and maintain an optimal capital structure to reduce the cost of capital. In order to maintain or adjust the capital structure, the Group may issue new shares or sell assets to reduce debt. Capital is calculated as “equity attributable to owners of the Company” as shown in the balance sheet plus total borrowings (including current and non-current liabilities to credit institutions and lease liabilities as shown in the balance sheet) less cash and cash equivalents.

Significant accounting judgments, estimates and assessments

12 Months Ended

Dec. 31, 2021

Significant Accounting Judgments Estimates And Assessments [Abstract]

Significant accounting judgments, estimates and assessments

4. Significant accounting judgments, estimates and assessments

The preparation of the consolidated financial statements requires management to make judgments, estimates and assumptions that affect the reported amounts of revenues, expenses, assets, liabilities and equity in the consolidated financial statements and the accompanying disclosures. Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events. Uncertainty about these assumptions and the use of accounting estimates may not equal the actual results. This note provides an overview of the areas that involved a higher degree of judgment or complexity.

Revenue recognition—variable consideration for discounts and trade promotion

If the consideration in a contract includes a variable amount, the Group estimates the consideration to which the Group will be entitled in exchange for transferring goods to the customer. The Group’s expected discounts and payments for trade promotion activities are analyzed on a per customer basis. The Group estimates the consideration using either the expected value method or the most likely amount method, depending on which method better predicts the amount of consideration to which the Group will be entitled. The most likely amount method is used for contracts with a single contract

sum, while the expected value method is used for contracts with more than one threshold due to the complexity and the activities agreed with the individual customer.

Management makes judgments when deciding whether trade promotion activities with a customer should be classified as a reduction to revenue or as a marketing expense. Generally, activities with the individual customer are accounted for as a reduction to revenue whereas costs related to broader marketing activities are classified as marketing expenses.

Valuation of loss carry-forwards

A deferred tax asset is only recognized for loss carry-forwards, for which it is probable that they can be utilized against future tax surpluses and against taxable temporary differences. The majority of the loss carry-forwards as at December 31, 2021 and 2020 are not recognized in the Group as these are not expected to be utilized in the foreseeable future. Refer to Note 11 for further details.

Leases—Determining the lease term of contracts with renewal and termination options—Group as lessee

In determining the lease term, management considers all facts and circumstances that create an economic incentive to exercise an extension option, or not exercise a termination option. Extension options (or periods after termination options) are only included in the lease term if the lease is reasonably certain to be extended (or not terminated).

The majority of the extension options in properties and production equipment have not been included in the lease liability, primarily due to the fact that the Group could replace the assets without significant cost or business disruption. However, for four new production plants, which commenced during 2021, extension options have been included in the lease term since the Group intends to make larger investments in the plants. The total lease terms for these production plants are 10, 20 and 40 years. For two existing production plants, the contracts were amended during the period and additional extension options were included for a total lease term of 40 years.

The lease term is reassessed when it is decided that an option will be exercised (or not exercised) or the Group becomes obliged to exercise (or not exercise) it. The assessment of reasonable certainty is only revised if a significant event or a significant change in circumstances occurs, which affects this assessment, and that is within the control of the lessee. Refer to Note 15 for further details.

Leases—Estimating the incremental borrowing rate

The Group cannot readily determine the interest rate implicit in the lease, therefore, it uses its incremental borrowing rate (“IBR”) to measure lease liabilities. The IBR is the rate of interest that the Group would have to pay to borrow over a similar term and, with a similar security, the funds necessary to obtain an asset of a similar value to the right-of-use asset in a similar economic environment. The IBR therefore reflects what the Group “would have to pay,” which requires estimation when no observable rates are available (such as for subsidiaries that do not enter into financing transactions). The Group estimates the IBR using observable inputs (such as market interest rates) when available and is required to make certain entity-specific estimates (such as the subsidiary’s stand-alone credit rating).

Embedded leases

The Group has supplier contracts that have been reviewed in order to assess if the agreements contain embedded leases. There is judgment involved in assessing if an arrangement contains an embedded lease. The general rule is that an arrangement contains a lease if (1) there is an explicit or implicit identified asset in the contract, and (2) the customer controls use of the identified asset. For two supplier contracts entered into during 2021, the Group has concluded that there are embedded lease contracts. The lease liability for these embedded leases at year-end was approximately $10 million. For all other contracts and amendments, the Group has concluded that these agreements do not contain any embedded leases since it does not have the right to direct how and for what purpose the assets are used throughout the period of use.

Test of impairment of goodwill

The Group performs tests annually and if there are any indications of impairment to determine whether there is a need for impairment of goodwill, in accordance with the accounting principle presented in Note 2. At present, the Group only

has goodwill allocated to the operating segment EMEA. Recoverable amount for cash generating units are established through the calculation of the value in use. The calculation of the value in use is based on estimated future cash flows. The Group has estimated that EBITDA, the discount rate and the long-term growth rate are the most significant assumptions in the impairment test. Refer to Note 13 Intangible assets for further details.

Share-based payments

The Group measures the cost of equity-settled transactions by reference to the fair value of the equity instruments at the date at which they are granted. The fair value is estimated using a model, which requires the determination of the appropriate inputs. The assumptions and models used for estimating the fair value of share-based payment transactions including sensitivity analysis are disclosed in Note 8.

Segment information

12 Months Ended

Dec. 31, 2021

Disclosure Of Operating Segments [Abstract]

Segment information

5. Segment information

5.1. Description of segments and principal activities

The CEO is the chief operating decision maker of the Group. The CEO evaluates financial position and performance and makes strategic decisions. The CEO makes decisions on the allocation of resources and evaluates performance based on geographic perspective. Internal reporting is also based on the geographic perspective. Geographically, the CEO considers the performance in EMEA, Americas and Asia; thus, three geographical areas are considered to be the Group’s three segments.

5.2. 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.

Revenues of approximately 14% in 2021 are derived from a single external customer in the foodservice channel. These revenues are attributed to the Americas and Asia segments. There were no revenues in 2020 of 10% or more that derived from a single external customer. In 2019, revenues of approximately 10% were derived from a single external customer. These revenues were attributed to the EMEA segment.

Our oatmilk accounted for approximately 91%, 90%, and 86% of our revenue in the years ended December 31, 2021, 2020 and 2019, respectively.

5.3 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

5.4. Revenue from external customers, broken down by location of the 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

5.5. Revenue from external customers, broken down by channel

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

Other is primarily related to e-commerce, both direct-to-consumer and through third-party platforms.

Depreciation Amortization and Impairment by Per Function

12 Months Ended

Dec. 31, 2021

Depreciation And Amortisation Expense [Abstract]

Depreciation Amortization and Impairment by Per Function

6. Depreciation, amortization and impairment by function

	2021
	Property, plant and equipment			Right-of-use assets			Intangible assets			Total
Cost of goods sold¹		(16,337	)		(5,894	)		—			(22,231	)
Research and development expenses		(294	)		(58	)		(77	)		(429	)
Selling, general and administrative expenses²		(3,546	)		(3,863	)		(2,123	)		(9,532	)
Total depreciation/amortization/impairment by function		(20,177	)		(9,815	)		(2,200	)		(32,192	)

(1)	Within property, plant and equipment, the cost of goods sold portion of the EMEA asset impairment amounted to $1.5 million.

(2)	Within property, plant and equipment, the selling, general and administrative expenses portion of the EMEA asset impairment amounted to $3.5 million.

	2020
	Property, plant and equipment			Right-of-use assets			Intangible assets			Total
Cost of goods sold		(6,131	)		(3,314	)		—			(9,445	)
Research and development expenses		(17	)		(7	)		(12	)		(36	)
Selling, general and administrative expenses		(189	)		(2,500	)		(948	)		(3,637	)
Total depreciation/amortization/impairment by function		(6,337	)		(5,821	)		(960	)		(13,118	)

	2019
	Property, plant and equipment			Right-of-use assets			Intangible assets			Total
Cost of goods sold		(3,775	)		(2,866	)		—			(6,641	)
Research and development expenses		(9	)		(7	)		(6	)		(22	)
Selling, general and administrative expenses		(135	)		(1,230	)		(66	)		(1,431	)
Total depreciation/amortization/impairment by function		(3,919	)		(4,103	)		(72	)		(8,094	)

Employee and Personnel Costs

12 Months Ended

Dec. 31, 2021

Disclosure Of Defined Benefit Plans [Abstract]

Employee and Personnel Costs

7. Employee and personnel costs

The disclosure amounts are based on the expense recognized in the consolidated statement of operations.

	2021			2020			2019
Salaries and other remuneration		(109,847	)		(62,769	)		(30,365	)
Social security costs		(19,158	)		(11,376	)		(6,853	)
Share-based payments		(23,632	)		(1,014	)		(546	)
Pension costs—defined contribution plans		(8,390	)		(4,543	)		(2,782	)
Total employee benefits		(161,027	)		(79,702	)		(40,546	)

Key management compensation	2021			2020			2019
Short-term employee benefits		(6,459	)		(4,660	)		(2,530	)
Post-employment benefits		(766	)		(652	)		(367	)
Share-based payments		(13,921	)		(1,014	)		—
Social security contributions		(2,521	)		(1,331	)		(1,275	)
Total		(23,666	)		(7,657	)		(4,172	)

Key management is comprised of 13 members of management, including our Executive Officers (CEO and CFO), and the Board of Directors.

7.1 Employee benefits expenses by function

	2021			2020			2019
Cost of goods sold		(35,959	)		(23,133	)		(11,382	)
Research and development expenses		(10,336	)		(4,145	)		(2,762	)
Selling, general and administrative expenses		(114,732	)		(52,424	)		(26,402	)
Total		(161,027	)		(79,702	)		(40,546	)

Share-based payments

12 Months Ended

Dec. 31, 2021

Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Abstract]

Share-based payments

8. Share-based payments

LTI 2021

The extraordinary general meeting in the Company held on May 6, 2021 (the “EGM”) adopted a long-term incentive program for the Company’s board members, management and employees (including qualifying consultants who work full-time for the group and over a longer period) called (“LTI 2021”). The LTI 2021 contains an omnibus incentive plan, the Oatly 2021 Incentive Award Plan, that was adopted at the EGM (the “LTI Incentive Plan”), applicable to all LTI 2021 participants. The principal purpose of the LTI 2021 is to attract, retain and motivate selected employees, consultants and members of the Board of Directors through the granting of share-based compensation awards and cash-based performance bonus awards from 2021 and onwards.

Pursuant to LTI 2021, the Company may grant restricted stock units (“RSUs”) and stock options (jointly, “Awards”) to eligible participants to acquire (i) common shares, with a quota value of SEK 0.0015 per share as of 20 May 2021 (“Common Shares”), or (ii) American Depositary Shares or American Depositary Receipts, each representing one Common Share (jointly, the “Shares”).

Pursuant to LTI 2021, the Company may grant Awards entitling to a maximum of 69,496,515 Shares. The LTI 2021 is a multi-year long term incentive program and Awards may be awarded up until and including 2026. To ensure the delivery of Shares underlying the Awards in accordance with the LTI 2021, the EGM resolved to issue not more than 69,496,515 warrants (the “Warrants”), whereby the Company’s share capital could be increased by not more than SEK 102,957.80 (assuming a quota value of SEK 0.0015 per share) upon exercise of the Warrants for subscription and registration with the Swedish Companies Registration Office (the “SCRO”) of Common Shares. All 69,496,515 Warrants shall be subscribed for by the Company (which in accordance with the EGM’s resolution shall be entitled to transfer the Warrants to participants or a third party in order to fulfil the commitments arising from LTI 2021) and will be registered with the SCRO.

RSUs

During the financial year 2021, the Company, under the LTI 2021, issued 1,791,602 RSUs to employees and 41,175 RSUs to members of the Board of Directors. The RSUs were granted free of charge and are accounted for as equity-settled share-based payment transactions. The RSUs are measured based on the fair market value of the underlying ordinary shares on the date of grant. The RSUs granted to employees vest gradually over three years from date of grant, subject to continued service. The RSUs granted to members of its Board of Directors vest over one year from date of grant, subject to continued service.

Activity in the Group´s RSUs outstanding and related information is as follows:

	Grant date fair value ($)		Number of RSUs
As at December 31, 2020		—		—
Granted May	17.00			1,257,127
Granted November	9.92			575,650
Forfeited		—		(131,770	)
As at December 31, 2021		—		1,701,007

Employee stock options

During the financial year 2021, the Company, under the LTI 2021, issued 7,002,430 employee stock options to employees, of which 5,750,002 were issued to members of key management (excl. the Board of Directors). The employee stock options were granted free of charge and are accounted for as equity-settled share-based payment transactions. For employee stock options granted under the LTI 2021, the exercise price is equal to the fair value of the ordinary shares on grant date. The exercise price is included in the grant date fair value of the award. The employee stock options granted to participants under the LTI 2021 vest in equal instalments on each of the first three anniversaries of the date of grant, subject to continued service. The stock options expire, in relation to each instalment under the vesting schedule, five years after vesting, corresponding to a total term of six, seven and eight years for the respective installment.

	Weighted average exercise price ($)		Number of employee stock options
As at December 31, 2020		—		—
Granted May	17.00			6,867,649
Granted November	9.92			134,781
Forfeited	17.00			(44,118	)
As at December 31, 2021	16.86			6,958,312

No options expired during the period covered by the above table.

Employee stock options outstanding as at December 31, 2021, amounted to 6,823,531 for the May 2021 grant with an exercise price of $17 per share, and 134,781 for the November 2021 grant with an exercise price of $9.92 per share. One-third of the employee stock options vests each anniversary after grant, and the expiration date is five years from the relevant vesting date.

The fair value at grant date of employee stock options granted during the financial year 2021 was USD 6.24 for the May 2021 grant date and USD 3.67 for the November 2021 grant date. The fair value of the employee stock options at grant date has been determined using the Black-Scholes option-pricing model, which takes into account the exercise price, the expected term of the employee stock options, the share price at grant date, expected price volatility of the underlying share, the expected dividend yield, the risk-free interest rate for the term of the employee stock options and the correlations and volatilities of the peer Group companies. The Company does not anticipate paying any cash dividends in the near future and therefore uses an expected dividend yield of zero in the option valuation model. The following table lists the inputs to the Black-Scholes option-pricing model used for employee stock options granted during the financial year 2021:

	May 2021	November 2021
Exercise price ($)	17	9.92
Expected term (years)	6-8	6-8
Share price at grant date	17	9.92
Expected price volatility of the Company's shares (%)	33.00	33.00
Risk-free interest rate (%)	1.09-1.44	1.34-1.48

employee stock options. The sensitivity analysis below shows the impact of increasing and decreasing the share price by 10%, expected volatility by 2% as well as the impact of increasing and decreasing the expected term by 6 months. This analysis was performed on employee stock options granted in 2021.

The following table shows the impact of these changes on fair value per employee stock option granted 2021:

	May 2021			November 2021
Share price decrease 10%	(1.16)				(0.68	)
Share price increase 10%	1.23			0.73
Volatility decrease 2%		(0.31	)		(0.18	)
Volatility increase 2%	0.31			0.18
Expected life decrease 6 months		(0.26	)		(0.14	)
Expected life increase 6 months	0.26			0.14

Warrants 2016-2020

The Group has granted warrants to employees during 2016 to 2020. The warrants outstanding as at January 1, 2021, have been either exercised or forfeited during the year as follows:

Set out below are summaries of warrants granted under the plans:

	Average exercise price per share	Number of warrants*
As at January 1, 2020	SEK 5.65		1,492,864
Granted during the year	SEK 39.77		107,000
Redeemed during the year	SEK 5.27		(123,667	)
As at December 31, 2020	SEK 8.16		1,476,197

*	Warrant holders have the right to subscribe to 27 ordinary shares per warrant.

	Average exercise price per share	Number of warrants*
As at January 1, 2021	SEK 8.16		1,476,197
Exercised during the period	SEK 8.16		(1,456,197	)
Forfeited during the period	SEK 7.68		(20,000	)
As at December 31, 2021	-	-

*	Warrant holders have the right to subscribe to 27 ordinary shares per warrant.

The estimated weighted average fair value at grant date of warrants granted during 2020 was SEK 115.9. The fair value of the warrants at grant date has been determined using the Black-Scholes model, which takes into account the exercise price, the expected term of the warrant, the share price at grant date, expected price volatility of the underlying share, the expected dividend yield, the risk-free interest rate for the term of the warrant and the correlations and volatilities of the peer Group companies.

The model inputs for warrants granted during the year ended December 31, 2020, included:

	2020
Weighted average exercise price per share	SEK 39.77
Grant date	July 2020
Contractual term	10 years
Weighted average expected term	0.8 years
Weighted average share price at grant date	SEK 39.77
Expected price volatility of the Company’s shares		30	%
Expected dividend yield		0	%
Risk-free interest rate		0	%

Valuation assumptions are determined at each grant date and, as a result, are likely to change for share-based awards granted in future periods. Changes to the input assumptions could materially affect the estimated fair value of the warrants. The sensitivity analysis below shows the impact of increasing and decreasing the share price by 10%, expected volatility by 2% as well as the impact of increasing and decreasing the expected term by 6 months. This analysis was performed on warrants granted in 2020.

The following table shows the impact of these changes on fair value per warrant granted 2020:

		2020
Share price decrease 10%		SEK (51.40)
Share price increase 10%		SEK 66.90
Volatility decrease 2%		SEK (7.70)
Volatility increase 2%		SEK 7.70
Expected life decrease 6 months		SEK (43.60)
Expected life increase 6 months		SEK 31.00

In addition to the warrants, the Group has issued full recourse loans at a market rate to the participants for the purchase price of the warrants. For further information, see Note 16 Other non-current receivables and Note 30 Related party disclosures.

Expenses arising from the share-based payment transactions	2021			2020			2019
RSUs issued under LTI 2021		(7,489	)		—			—
Employee stock options issued under LTI 2021		(16,143	)		—			—
Warrants		—			(1,014	)		(1,921	)
Social security costs		(1,581	)		(319	)		(604	)
Total		(25,213	)		(1,333	)		(2,525	)

Finance income and expenses

12 Months Ended

Dec. 31, 2021

Disclosure Of Detailed Information About Finance Income And Expense [Abstract]

Finance income and expenses

9. Finance income and expenses

	2021			2020			2019
Interest income		1,774			119			47
Net foreign exchange difference		12,661			396			—
Total finance income		14,435			515			47
Interest expenses—loan from credit institutions		(8,623	)		(5,627	)		(1,515	)
Interest expenses—lease liabilities		(5,026	)		(1,462	)		(1,216	)
Interest expenses—shareholder loans		(5,256	)		(7,343	)		—
Fair value changes contingent consideration		—			—			(112	)
Fair value changes derivatives		(16	)		976			34
Fair value changes short-term investments		(222	)		—			—
Other financial expenses		(518	)		(478	)		(35	)
Borrowing costs capitalized		3,921			2,562			235
Net foreign exchange difference		—			—			(1,046	)
Total finance expenses		(15,740	)		(11,372	)		(3,655	)

Capitalized borrowing costs

Borrowing costs have been capitalized for qualifying assets that consist of construction in progress for production facilities. The capitalization rate used to determine the amount of borrowing costs that have been capitalized, is the weighted average interest rate applicable to the Group’s general liabilities to credit institutions, shareholder loan and lease liabilities during the year, in this case 3.82% (6.78%).

Net Exchange Rate Differences

12 Months Ended

Dec. 31, 2021

Exchange Differences On Translation [Abstract]

Net Exchange Rate Differences

10. Net exchange-rate differences

The exchange-rate differences recognized in the consolidated statement of operations are included as follows:

	2021		2020			2019
Other operating income and expense, net		662		(1,792	)		332
Finance income and expenses (Note 9)		12,661		396			(1,046	)
Exchange-rate differences—net		13,323		(1,396	)		(714	)

Income tax

12 Months Ended

Dec. 31, 2021

Major Components Of Tax Expense Income [Abstract]

Income tax

11. Income tax

The major components of income tax expense for the year ended December 31 2021, 2020 and 2019 are as follows:

	2021			2020			2019
Current tax:
Current income tax benefit/(expense)		1,887			(1,442	)		(672	)
Adjustments in respect of income tax of previous years		(120	)		(141	)		(137	)
		1,767			(1,583	)		(809	)
Deferred tax:
Relating to origination and reversal of temporary differences		888			(828	)		(449	)
		888			(828	)		(449	)
Income tax benefit/(expense) reported in the consolidated statement of operations		2,655			(2,411	)		(1,258	)

Reconciliation of tax expense and the accounting loss multiplied by Sweden’s corporate tax rate:

	2021			2020			2019
Accounting loss before tax		(215,048	)		(57,950	)		(34,367	)
At Sweden’s corporate income tax rate of 20.6% (21.4%)		44,300			12,401			7,355
Effect of tax rates in foreign jurisdictions		(835	)		(1,229	)		(65	)
Non-deductible costs		(2,712	)		(3,141	)		(777	)
Adjustments in respect of income tax of previous years		(120	)		(141	)		(137	)
Change in unrecognized deferred taxes		(38,915	)		(10,373	)		(7,381	)
Tax effect of changes in tax rates		(13	)		(439	)		(252	)
Other		950			511			(1	)
Income tax benefit/(expense)		2,655			(2,411	)		(1,258	)

In 2018, it was decided that the corporate tax rate in Sweden was going to be lowered in two steps. The corporate tax rate was lowered from 22.0% to 21.4% for financial years commencing after December 31, 2018. In the next step, the corporate tax rate was lowered to 20.6% for financial years commencing after December 31, 2020.

Deferred tax

Deferred tax relates to the following:

	2021			2020
Property, plant and equipment		(36,642	)		(4,131	)
Tax losses carried forward		27,792			1,303
Leases		930			184
Share based compensation		282			—
Accrued expenses		1,280			731
Deferred tax credits		1,822			353
Loss allowances for financial assets		62			122
Other		4,090			157
Net deferred tax liabilities		(384	)		(1,281	)
Reflected in the consolidated statement of financial position as follows:
Deferred tax assets		2,293			26
Deferred tax liabilities		(2,677	)		(1,307	)
Deferred tax liabilities, net		(384	)		(1,281	)

Deferred tax assets and deferred tax liabilities are offset if a legally enforceable right exists to set off current tax assets against current tax liabilities and the deferred taxes relate to the same taxable entity and the same taxation authority. Deferred income tax assets are recognized for tax loss carry-forwards, temporary differences or other tax credits to the extent that the realization of the related tax benefit through future taxable profits is probable.

A reconciliation of net deferred tax is shown in the table below:

	2021			2020
Balance at January 1		(1,281	)		(454	)
Movement recognized in the consolidated statement of operations		888			(828	)
Exchange differences		9			1
Balance at December 31		(384	)		(1,281	)

In some subsidiaries, a deferred income tax asset has been recognized to the extent that there are sufficient taxable temporary differences relating to the same taxation authority and the same taxable entity. For the Swedish subsidiaries, no

deferred income tax asset was recognized since, according to the Group, the criteria for reporting deferred tax assets in IAS 12 were not met.

Deferred tax assets have not been recognized in respect of the following items:

	2021		2020
Loss allowance for trade receivables		49		577
Accrued expenses		64		1,754
Tax losses carried forward		71,124		29,877
Net interest expense carried forward		2,262		1,168
Other		718		189
Total unrecognized deferred tax assets		74,217		33,565

The Group’s accumulated loss carry-forwards amounted to $484.2 ($152.5) million. Tax loss carry-forwards as at December 31, 2021 were expected to expire as follows:

Expected expiry

Less than

5 years

Unlimited

Total

Tax loss carry-forwards

—

484,225

The Group has unrecognized tax losses that arose in Sweden of $345.3 ($136.8) million that are available indefinitely for offsetting against future taxable profits of the companies in Sweden. Deferred tax assets have not been recognized in respect of these losses as they may not be used to offset taxable profits elsewhere in the Group, they have arisen in companies that have been loss-making for some time, and there is no other evidence of recoverability in the foreseeable future. If the Group were able to recognize all unrecognized deferred tax assets on tax losses in Sweden, the result would increase by $71.1, $28.2, and $10.4 million for the years ended December 31, 2021, 2020 and 2019, respectively.

Furthermore, the Group has tax losses in foreign jurisdictions amounting to $12.4 ($8.7) million. A deferred tax asset has been recognized in respect of these losses as at December 31, 2021 as it is likely that these will be able to be utilized in the foreseeable future. The measurement of deferred tax assets is subject to uncertainty and the actual result may diverge from judgements due to future changes in business climate, altered tax laws etc. An assessment is made at each closing date of the likelihood that the deferred tax asset will be utilized.

The Group also has tax losses that arose in the United States of $126.5 ($6.1) million. A deferred tax asset has been recognized in respect of these losses as there are sufficient taxable temporary differences to offset against. Utilization of loss carry-forwards in jurisdictions in which the Group operates may be subject to limitations if there is a change in control.

As at December 31, 2021, no deferred tax liability had been recognized on investments in subsidiaries. The Company has concluded it has the ability and intention to control the timing of any distribution from its subsidiaries and determined that the undistributed profits of its subsidiaries will not be distributed in the foreseeable future. It is not practicable to calculate the aggregate amount of temporary differences associated with investments in subsidiaries, for which deferred tax liabilities have not been recognized.

The Company applies significant judgement in identifying uncertainties over income tax treatments. Since the Company operates in a complex multinational environment, it periodically evaluates positions taken in the tax returns to validate whether it has any uncertain tax positions, particularly those relating to transfer pricing. The tax filings of the Company and the subsidiaries in different jurisdictions include adjustments related to transfer pricing and the taxation authorities may challenge those tax treatments. The Company determined, based on its tax compliance and transfer pricing study, that it is probable that its tax treatments (including those for the subsidiaries) will be accepted by the taxation authorities.

Investments in subsidiaries

12 Months Ended

Dec. 31, 2021

Disclosure Of Significant Investments In Subsidiaries [Abstract]

Investments in subsidiaries

12. Investments in subsidiaries

The Group had the following principal subsidiaries as at December 31, 2021:

Name	Country/place of registration and operations	Principal activities	Proportion of voting rights and shares held (directly or indirectly) (%)
Direct ownership
Cereal Base CEBA AB	Sweden	Holding		100	%
Indirect ownership
Oatly AB	Sweden	Selling and production		100	%
Oatly Sweden Operations & Supply AB	Sweden	Production		100	%
Oatly UK Ltd.	United Kingdom	Selling		100	%
Oatly UK Operations & Supply Ltd.	United Kingdom	Production		100	%
Oatly Germany GmbH	Germany	Selling		100	%
Oatly Norway AS	Norway	Selling		100	%
Oy Oatly AB	Finland	Selling		100	%
Oatly Netherlands BV	Netherlands	Selling		100	%
Oatly Netherlands Operation & Supply BV	Netherlands	Production		100	%
Oatly EMEA AB	Sweden	Selling		100	%
Oatly Inc.	United States	Selling		100	%
Oatly US Inc.	United States	Selling		100	%
Oatly US Operations & Supply Inc.	United States	Production		100	%
Havrekärnan AB	Sweden	Production		100	%
Oatly Singapore Operations & Supply Pte Ltd.	Singapore	Production		100	%
Oatly Hong Kong Holding Ltd.	Hong Kong, China	Selling		100	%
Oatly Shanghai Co. Ltd.	China	Selling		100	%
Oatly Food Co. Ltd.	China	Production		100	%
Oatly Thousands of Island Co Ltd.	China	Production		100	%

Intangible assets

12 Months Ended

Dec. 31, 2021

Intangible Assets And Goodwill [Abstract]

Intangible assets

13. Intangible assets

				Other Intangible assets
	Goodwill			Capitalized software			Other intangible assets			Ongoing development costs			Total
Cost
At January 1, 2020		126,624			—			1,108			2,900			130,632
Additions		—			—			1,777			6,692			8,469
Reclassification		—			2,463			—			(2,463	)		—
Exchange differences		17,202			323			340			714			18,579
At December 31, 2020		143,826			2,786			3,225			7,843			157,680
Additions		—			2,860			1,667			2,597			7,124
Scrapped		—			(245	)		—			(165	)		(410	)
Reclassification		—			6,553			—			(6,553	)		—
Exchange differences		(13,462	)		(787	)		(372	)		(647	)		(15,268	)
At December 31, 2021		130,364			11,167			4,520			3,075			149,126
Accumulated amortization
At January 1, 2020		—			—			(153	)		—			(153	)
Amortization charge		—			(454	)		(506	)		—			(960	)
Exchange differences		—			(41	)		(63	)		—			(104	)
At December 31, 2020		—			(495	)		(722	)		—			(1,217	)
Amortization charge		—			(1,420	)		(780	)		—			(2,200	)
Exchange differences		—			109			107			—			216
At December 31, 2021		—			(1,806	)		(1,395	)		—			(3,201	)
Cost, net accumulated amortization
At December 31, 2020		143,826			2,291			2,503			7,843			156,463
At December 31, 2021		130,364			9,361			3,125			3,075			145,925

Adjustments made related to the agenda decision for new SaaS arrangements were not material for the Group for the year ended December 31, 2021. There were no adjustments for the year ended December 31, 2020. Refer to Note 2 for a summary of the change in accounting policy for SaaS arrangements.

Goodwill is in its entirely related to the acquisition of Cereal Base CEBA AB in 2016. A contingent consideration existed in relation to the acquisition. The contingent consideration was paid in full during 2019 at the amount of $7.6 million.

13.1. Test of goodwill impairment

The CEO assesses the operating performance based on the Group’s three operating segments: EMEA, Americas and Asia. Goodwill is monitored by the CEO at the level of the three operating segments. The goodwill existing as at December 31, 2021 and 2020 is entirely attributable to EMEA.

The Group tests whether goodwill has suffered any impairment on an annual basis. For the 2021 and 2020 reporting period, the recoverable amount of the cash-generating unit (“CGU”) was determined based on value-in-use calculations, which require the use of assumptions. The calculations use cash flow projections based on financial budgets approved by management covering a five-year period.

Cash flows beyond the five-year period are extrapolated using the estimated growth rate stated below. The growth rate is consistent with forecasts included in industry reports specific to the industry in which the CGU operates.

The following table sets out the key assumptions:

	2021			2020
Long-term growth rate (%)		2	%		2	%
Pre-tax discount rate (%)		12.6	%		12.8	%

Management has determined the values assigned to each of the above key assumptions as follows:

•

Long-term growth rate: This is the weighted average growth rate used to extrapolate cash flows beyond the budget period. The rates are consistent with forecasts included in industry reports.

•

Pre-tax discount rates: Reflect specific risks relating to the relevant segments and the countries in which they operate.

The residual value exceeds the carrying amount of goodwill.

Property, plant and equipment

12 Months Ended

Dec. 31, 2021

Disclosure Of Property Plant And Equipment [Abstract]

Property, plant and equipment

14. Property, plant and equipment

A summary of property, plant and equipment as at December 31, 2021 and December 31, 2020 is as follows:

	Land and buildings			Plant and machinery			Construction in progress			Total
Cost
At January 1, 2020		32,685			49,911			22,749			105,345
Additions		294			1,915			142,203			144,412
Disposals		—			(477	)		(1,051	)		(1,528	)
Reclassifications		3,395			2,218			(5,613	)		—
Exchange differences		2,620			4,195			5,699			12,514
At December 31, 2020		38,994			57,762			163,987			260,743
Additions		23,590			69,341			211,949			304,880
Disposals		—			(21	)		—			(21	)
Reclassifications		57,744			76,591			(134,820	)		(485	)
Exchange differences		(2,905	)		(4,668	)		(6,731	)		(14,304	)
At December 31, 2021		117,423			199,005			234,385			550,813
Accumulated depreciation and impairment
At January 1, 2020		(3,862	)		(10,983	)		—			(14,845	)
Depreciation charge		(1,305	)		(5,032	)		—			(6,337	)
Disposals		—			352			—			352
Reclassifications		10			(10	)		—			—
Exchange differences		(613	)		(1,675	)		—			(2,288	)
At December 31, 2020		(5,770	)		(17,348	)		—			(23,118	)
Depreciation charge		(2,687	)		(13,163	)		—			(15,850	)
Disposals		—			3			—			3
Impairment		—			(833	)		(3,494	)		(4,327	)
Reclassifications		—			—			—			—
Exchange differences		567			1,560			—			2,127
At December 31, 2021		(7,890	)		(29,781	)		(3,494	)		(41,165	)
Cost, net accumulated depreciation and impairment
At December 31, 2020		33,224			40,414			163,987			237,625
At December 31, 2021		109,533			169,224			230,891			509,648

The additions in Construction in progress during the year ended December 31, 2021 is mainly related to investment in new and existing production facilities.

The reclassifications between Construction in progress and Land and buildings and Plant and machinery are mainly related to part of the Ogden, Utah production facility, and the Singapore production facility, which were completed during the year ended December 31, 2021.

The depreciation expense for years ended December 31, 2021, 2020 and 2019 was $15.9 million, $6.3 million and $3.9 million, respectively.

Leases

12 Months Ended

Dec. 31, 2021

Lease [Abstract]

Leases

15. Leases

This note provides information for leases where the Group is a lessee.

15.1. The Group’s leasing activities and how these are accounted for

Lease terms for properties are generally between 1 and 10 years, except for the production facilities described below.

The lease agreement for the production facility in Ogden, Utah, originally had a lease term of total 20 years (including extension options). The lease was modified during the year ended December 31, 2021, in regards of the lease term adding options to extend the lease further from December 31, 2038, to December 31, 2061. The Group has assessed it as reasonably certain that all extension periods will be utilized up until 2061. The addition to the right-of-use asset as a result of the modification amounts to $4.7 million.

In addition to the modification above, the lease was also amended with two additional buildings at the Ogden production facility. One addition commenced in June 2021, and the commencement date for the second addition is December 31, 2022.

Furthermore, five lease agreements regarding production facilities were entered into during the year ended December 31, 2021:

•

One in Fort Worth, Texas, which commenced in March 2021 with a lease term of 20 years having included two extension options of five years each,

•

One in Ma’anshan, China which commenced in January 2021 with a lease term of 10 years having included an extension option of five years,

•

One in Singapore which commenced in May 2021 with a lease term of 10 years,

•

One in Peterborough, United Kingdom, which commenced in September 2021 with a lease term of 40 years having included two extension options of 10 years each, and

•

One in China (Asia III) which commenced in October 2021 with a lease term of 50 years.

Lease terms for production equipment are generally between 1 and 5 years. The Group also has leases with a shorter lease term than 12 months and leases pertaining to assets of low value, such as office equipment. For these, the Group has chosen to apply the exemption rules in IFRS 16 Leases, meaning the value of these contracts is not part of the right-of-use asset or lease liability.

Extension and termination options

Extension and termination options are used to maximize operational flexibility in terms of managing the assets used in the Group’s operations. The majority of extension and termination options held are exercisable only by the Group and not by the respective lessor. For more information regarding the Group’s extension options, please refer to Note 4.

15.2. Amounts recognized in the consolidated statement of financial position

The consolidated statement of financial position discloses the following amounts relating to leases:

	2021		2020
Right-of-use assets
Land and buildings		127,773		23,153
Plant and machinery		30,675		14,950
Total		158,448		38,103
Lease liabilities
Non-current		126,516		23,883
Current		16,703		6,261
Total		143,219		30,144

	Land and buildings			Plant and machinery			Total
Cost
At January 1, 2020		16,553			19,174			35,727
Increases		10,588			2,176			12,764
Decreases		(507	)		(1,298	)		(1,805	)
Exchange differences		1,192			2,491			3,683
At December 31, 2020		27,826			22,543			50,369
Increases		113,597			21,526			135,123
Decreases		(934	)		(3,556	)		(4,490	)
Reclassifications		—			485			485
Exchange differences		(1,686	)		(1,721	)		(3,407	)
At December 31, 2021		138,803			39,277			178,080
Accumulated depreciation
At January 1, 2020		(1,732	)		(4,472	)		(6,204	)
Depreciation		(3,149	)		(2,981	)		(6,130	)
Decreases		497			732			1,229
Exchange differences		(289	)		(872	)		(1,161	)
At December 31, 2020		(4,673	)		(7,593	)		(12,266	)
Depreciation¹		(7,507	)		(4,982	)		(12,489	)
Decreases		933			3,175			4,108
Exchange differences		217			798			1,015
At December 31, 2021		(11,030	)		(8,602	)		(19,632	)
Cost, net accumulated depreciation
At December 31, 2020		23,153			14,950			38,103
At December 31, 2021		127,773			30,675			158,448

(1)	Includes an asset impairment charge of certain production equipment at our Landskrona production facility in Sweden for which we have no alternative use, amounting to $5.0 million, of which $4.3 million relates to property, plant and equipment and $0.7 million relates to right of use assets.

15.3 Amounts recognized in the statement of operations

	2021			2020			2019
Depreciation and impairment charge of right-of-use assets
Land and buildings		(7,507	)		(3,149	)		(1,708	)
Plant and machinery		(4,982	)		(2,981	)		(2,670	)
Total		(12,489	)		(6,130	)		(4,378	)
Interest expense (included in finance cost)		(5,026	)		(1,462	)		(1,216	)
Expense relating to short-term leases		(576	)		(314	)		(331	)
Expense relating to leases of low-value assets that are not shown above as short-term leases		(1,605	)		(1,984	)		(1,593	)

The total cash outflow for leases in 2021 was $16.5 ($9.8) million.

The Group has the following lease agreements, which had not commenced as of December 31, 2021, but the Group is committed to:

•

For the previously mentioned Ogden, Utah, agreement, one additional building under which the Group’s obligations amount to $27.9 million for a term of 40 years. The additional building has a commencement date of December 31, 2022.

•

One lease agreement regarding production equipment in Ma’anshan, China, under which the Group’s obligations collectively amount to $8.0 million for a term of six years. The commencement date is expected to be in the first half of 2022.

•

One lease agreement regarding R&D premises in Lund, Sweden, under which the Group’s obligations amount to $13.8 million for a term of 15 years. The lease has a commencement date of September 1, 2023.

Other non-current receivables

12 Months Ended

Dec. 31, 2021

Noncurrent Receivables [Abstract]

Other non-current receivables

16. Other non-current receivables

	2021		2020
Deposits		941		—
Loans to employees		—		5,064
Long term prepaid expenses		3,411		—
Other receivables		1,182		1,486
Total		5,534		6,550

As at December 31, 2021, other non-current receivables primarily included deposits and long term prepaid expenses. As at December 31, 2020, other non-current receivables primarily included full recourse loans to certain members of key management and other employees. Refer to section 3.1.2 Credit risk for further description of the loans. For more information of the warrants and related outstanding balances, see Note 7 Employee and personnel costs and Note 30 Related party disclosures.

Financial instruments per category

12 Months Ended

Dec. 31, 2021

Disclosure Of Financial Instruments [Abstract]

Financial instruments per category

17. Financial instruments per category

December 31	2021		2020		2021		2020
	Fair value through profit or loss				At amortized cost
Assets in the consolidated statement of financial position
Other non-current receivables		—		—		5,534		6,550
Derivatives		—		827		—		—
Trade receivables		—		—		105,519		71,297
Other current receivables		—		—		6,982		1,969
Short-term investments		249,937		—		—		—
Cash and cash equivalents		—		—		295,572		105,364
Total		249,937		827		413,607		185,180

December 31	2021		2020		2021		2020
	Fair value through profit or loss				At amortized cost
Liabilities in the consolidated statement of financial position
Liabilities to credit institutions		—		—		5,987		95,990
Shareholder loans		—		—		—		106,118
Derivatives (part of other non-current liabilities)		—		189		—		—
Bank overdraft facilities		—		—		—		1,197
Trade payables		—		—		93,043		45,295
Accrued expenses		—		—		85,987		36,147
Total		—		189		185,017		284,747

Short-term investments

Some of the cash received in the IPO has been invested in different short-term investments, namely funds, bonds and certificates, for the purpose of securing and increasing the value until the cash is needed for investments in the business, including, for example, new production facilities. The short-term investments are made in SEK and USD.

Funds consist of primarily “money market funds”, i.e. a kind of mutual fund that invests in highly liquid, near-term instruments and high-credit-rating, debt-based securities with a short-term maturity.

Bonds and certificates consist of corporate bonds and commercial papers.

The changes in fair value recorded in the profit and loss for the year ended December 31, 2021 were $0.2 million. The fair value changes are included in Finance income and expenses, net.

Fair value hierarchy

This note explains the judgments and estimates made in determining the fair values of the financial instruments that are recognized and measured at fair value in the financial statements. To provide an indication about the reliability of the inputs used in determining fair value, the Group has classified its financial instruments into the three levels prescribed under the accounting standards.

Level 1: The fair value of financial instruments traded in active markets (such as publicly traded derivatives and equity securities) is based on quoted market prices at the end of the reporting period. The quoted market price used for financial assets held by the Group is the current bid price. These instruments are included in level 1.

Level 2: The fair value of financial instruments that are not traded in an active market (for example, over-the-counter derivatives) is determined using valuation techniques, which maximize the use of observable market data and rely as little as possible on entity-specific estimates. If all significant inputs required to fair value an instrument are observable, the instrument is included in level 2.

Specific valuation techniques used in level 2 to value financial instruments include:

•

for short-term investments, quoted market prices or dealer quotes for similar instruments,

•

for interest rate swaps, the present value of the estimated future cash flows based on observable yield curves, and

•

for foreign currency forwards, the present value of future cash flows based on the forward exchange rates at the balance sheet date

Level 3: If one or more of the significant inputs is not based on observable market data, the instrument is included in level 3. This is the case for unlisted equity securities.

Recurring fair value measurements at December 31, 2021	Level 1		Level 2		Level 3
Financial assets
Short-term investments		—		249,937		—
Total financial assets		—		249,937		—

Recurring fair value measurements at December 31, 2020	Level 1		Level 2		Level 3
Financial assets
Derivatives		—		827		—
Total financial assets		—		827		—
Financial liabilities
Derivatives		—		189		—
Total financial liabilities		—		189		—

There were no transfers between the levels during 2021 and 2020.

The fair value of liabilities to credit institutions is estimated to correspond to the carrying amount since all borrowing is at a floating interest rate, and the credit risk in the Group has not changed significantly.

The fair value of the shareholder loan in 2020 was estimated to correspond to the carrying amount since the due date was 3 months from the reporting date, hence the discount effect is not significant.

The carrying amount of other financial instruments in the Group is a reasonable approximation of fair value since they are short-term, and the discount effect is not significant.

Inventories

12 Months Ended

Dec. 31, 2021

Classes Of Inventories [Abstract]

Inventories

18. Inventories

	2021		2020
Raw materials and consumables		17,296		7,056
Finished goods		78,365		30,875
Advances to suppliers		—		1,184
Total		95,661		39,115

Inventories recognized as an expense during the year ended December 31, 2021 amounted to $459.7 ($251.2) million and were included in cost of goods sold.

Write-downs of inventories to net realizable value amounted to $5.1 ($2.0) million. The write-downs were recognized as an expense during the years ended December 31, 2021 and 2020 and included in cost of goods sold in the statement of operations.

Trade receivables

12 Months Ended

Dec. 31, 2021

Disclosure Of Trade Receivables [Abstract]

Trade receivables

19. Trade receivables

	2021			2020
Trade receivables		106,402			72,009
Less: allowance for expected credit losses		(883	)		(712	)
Trade receivables—net		105,519			71,297

Carrying amounts, by currency, for the Group’s trade receivables are as follows:

	2021		2020
EUR		32,394		20,941
GBP		18,541		15,421
USD		24,877		13,830
CNY		20,871		14,048
SEK		3,979		5,184
Other		4,857		1,873
Total		105,519		71,297

For more information on aging schedule and the allowance for expected credit losses, please see Note 3.1.2.

The maximum exposure to credit risk on the date of the statement of financial position is the carrying amounts according to the above.

Other current receivables

12 Months Ended

Dec. 31, 2021

Other Current Receivables [Abstract]

Other current receivables

20. Other current receivables

	2021		2020
Derivatives		—		827
Value added tax		20,801		7,767
Advance payments to vendors		3,915		1,184
Other		7,513		2,585
Total		32,229		12,363

Prepaid expenses

12 Months Ended

Dec. 31, 2021

Prepaid Expenses [Abstract]

Prepaid expenses

21. Prepaid expenses

	2021		2020
Prepaid production and warehouse expenses		309		6,066
Prepaid selling and marketing expenses		5,215		299
IPO preparation costs		—		1,474
Prepaid insurance expenses		8,894		458
Prepaid financing expenses		3,537		777
Other		9,756		2,435
Total		27,711		11,509

Cash and cash equivalents

12 Months Ended

Dec. 31, 2021

Cash And Cash Equivalents [Abstract]

Cash and cash equivalents

22. Cash and cash equivalents

The consolidated statement of financial position and the consolidated statement of cash flows include the following items in “cash and cash equivalents”:

	2021		2020
Short-term deposits		180,458		—
Cash at bank and on hand		115,114		105,364
Total		295,572		105,364

Short-term deposits are time deposits and structured deposits, with maturities of 1 to 3 months. The deposits can be withdrawn at any time before maturity date. The expected change in value is assessed as insignificant since the amount received cannot be less than the amount deposited.

Share capital and other contributed capital

12 Months Ended

Dec. 31, 2021

Disclosure Of Classes Of Share Capital [Abstract]

Share capital and other contributed capital

23. Share capital and other contributed capital

As at December 31, 2021, 591,777 thousand ordinary shares were outstanding and the par value per share was $0.00018 (SEK 0.0015).

As at December 31, 2020, the Company’s share capital consisted of 433,502,145 A-shares with a par value of $0 (SEK 0.00037), 46,797,804 B-shares with a par value of $0 (SEK 0.00037) and 1,405,944 G-shares with a par value of $0 (SEK 0.00037).

At an extraordinary general meeting held on March 15, 2021, a bonus issue with a registration date of March 22, 2021, was made. The bonus issue resulted in an increase in the share capital of $62.8 thousand (SEK 535.2 thousand). The number of shares were unchanged. The par value per share changed to $0.00017 (SEK 0.00148).

At an extraordinary general meeting on May 4, 2021, the shareholders of the Company approved to adopt new articles of association according to the Board’s proposal. As a consequence of the adoption of the new articles of association, the share classes were removed so that the Company only has ordinary shares.

On the date of the IPO, on May 20, 2021, the following transactions were carried out:

•

A redemption of 58 thousand shares was made in order to maintain the economic values among the shareholders after the removal of share classes. The reduction took place through retirement of shares and the share capital was reduced by the amount of $10.35 (SEK 86.24).

•

All outstanding warrants were exercised into 39,317 thousand ordinary shares and the share capital was increased by $7.1 thousand (SEK 59.0 thousand).

•

6,124 thousand ordinary shares were issued to convert a portion of the shareholder’s loan and the share capital was increased by $1.1 thousand (SEK 9.2 thousand).

•

A bonus issue was made. The bonus issue resulted in that the par value per share changed to $0.00018 (SEK 0.0015) through an increase in the share capital of $1.1 thousand (SEK 8.9 thousand). The number of shares remained unchanged.

•

A new share issue was carried out consisting of 64,688 thousand shares which have been subscribed and allotted and the share capital was increased by $11.7 thousand (SEK 97.0 thousand).

The shares carry a voting power of one vote/share. All shares issued by the parent are fully paid.

Other contributed capital of $1,628.1 ($448.3) million consists of share premium, shareholders contribution and proceeds from warrant issues.

Foreign currency translation reserve of $(74.5) ($(2.5)) million primarily consists of exchange differences occurring from the translation of foreign operations in another currency than the reporting currency of the Group (USD).

Accumulated deficit of $(308.4) ($(119.7)) million consists of accumulated losses and share-based payments.

Liabilities to Credit Institutions

12 Months Ended

Dec. 31, 2021

Subclassifications Of Assets Liabilities And Equities [Abstract]

Liabilities to Credit Institutions

24. Liabilities to credit institutions

	2021		2020
Non-current liabilities to credit institutions		—		91,655
Current liabilities to credit institutions, consisting of the following:
—Liabilities to credit institutions		5,987		4,335
—Overdraft facilities		—		1,197
Total		5,987		97,187

During April 2021 the Group entered into a new Sustainable Revolving Credit Facility Agreement (the “SRCF Agreement”) including a multicurrency revolving credit facility of SEK 3.6 billion (equivalent of USD 397.8 million) with an accordion option of another SEK 850 million (equivalent of USD 93.9 million), subject to the fulfilment of certain conditions and at the lenders’ discretion. For more information, see Note 3.1.3.

At December 31, 2021 the Group has not utilized any loan amounts under the new SRCF agreement. The Liabilities to credit institutions balance at December 31, 2021 is related to outstanding amounts on the EIF Facility which was entered into in October 2019. For more information, see Note 3.1.3.

Collateral

As at December 31, 2020, the Group pledged part of the trade receivables and inventories to fulfil collateral requirements for liabilities to credit institutions of $1.9 million, real estate mortgages of $11.2 million and chattel mortgages of $24.4 million in order to fulfil the collateral requirements for liabilities to credit institutions. The above collateral requirements were terminated during 2021 when the previous credit facility was replaced by the SRCF Agreement described above.

As at December 31, 2021, the Company has pledged shares in its subsidiaries Oatly AB and Cereal Base CEBA AB in order to fulfil the collateral requirements for liabilities to credit institutions.

There are no other significant terms and conditions associated with the use of collateral.

Other non-current liabilities

12 Months Ended

Dec. 31, 2021

Disclosure Of Other Non Current Liabilities [Abstract]

Other non-current liabilities

25. Other non-current liabilities

	2021		2020
Derivatives		—		189
Other non-current liabilities		—		44
Total		—		233

Provisions

12 Months Ended

Dec. 31, 2021

Provisions [Abstract]

Provisions

26. Provisions

	2021		2020
At January 1		7,121		—
Additions: included in the acquisition value of right-of-use assets		3,714		7,040
Charged to the consolidated statement of operations:
Unwinding of discount effect		165		81
Charged to other comprehensive income/(loss):
Exchange differences		33		—
At December 31		11,033		7,121

The provision relates to restoration costs for leased production facilities.

Shareholder loans

12 Months Ended

Dec. 31, 2021

Designated Loans Or Receivables At Fair Value Through Profit Or Loss [Abstract]

Shareholder loans

27. Shareholder loans

During 2020, the Group received a shareholder loan of $87.8 million. The loan was received between January to April 2020. The loan had a nominal interest rate of 15%. The effective interest rate at the dates of receiving the loan was 10% and the difference between the nominal interest rate and the effective interest rate was recognized in equity as a transaction with shareholders at a value of $3.7 million. The loan was originally issued partly in SEK and partly in EUR. At the end of May 2020, the loan was renegotiated, which resulted in half of the EUR amount being converted to USD. The effective interest rate for the USD amount at the time of renegotiation was 8% and the renegotiation resulted in a loss of $0.3 million when derecognizing the EUR part converted to USD. The cost was recognized as a finance cost.

In April 2021, the Company and the majority shareholders extended the final repayment date of the Subordinated Bridge Facilities from April 1, 2021 to the earlier of (a) the date of settlement in respect of the initial public offering of shares (or related instruments) in Oatly Group AB in the U.S. and (b) August 17, 2021. In May 2021, $10.9 million was repaid in cash, and the remainder was converted into 6,124,004 ordinary shares at a price equal to the public price in the initial public offering.

Other current liabilities

12 Months Ended

Dec. 31, 2021

Other Current Liabilities [Abstract]

Other current liabilities

28. Other current liabilities

	2021		2020
Employee withholding taxes		1,694		1,238
Value added tax		7,267		2,949
Other		653		445
Total		9,614		4,632

Accrued expenses

12 Months Ended

Dec. 31, 2021

Accrued Expenses [Abstract]

Accrued expenses

29. Accrued expenses

	2021		2020
Accrued marketing and sales expenses		19,992		9,545
Accrued personnel expenses		31,487		24,157
Accrued production expenses		30,904		4,576
Accrued variable consideration		12,314		6,258
Other		22,776		15,418
Total		117,473		59,954

Related party disclosures

12 Months Ended

Dec. 31, 2021

Related party disclosures

30. Related party disclosures

Entity with significant influence over the Group

China Resources Verlinvest Health Investment Limited (Org No 2380741), headquartered in Hong Kong, the People’s Republic of China, owns 45.9% of the ordinary shares in the Group (60.5% in 2020 before the IPO). Related parties

are China Resources Verlinvest Health Investment Limited and its subsidiaries, as well as the Board of Directors and key management (senior executives and their associates) in the Group. Information about key management compensation is found in Note 7.

Subsidiaries

Interests in subsidiaries are set out in Note 12.

Transactions with related parties

For 2021, $0.6 ($0.1) million has been recognized in the consolidated statement of operations for compensation to the Board of Directors.

In December 2021, Oatly entered into a consulting agreement (the “Consulting Agreement”) with Bernard Hours, a non-executive director, pursuant to which Oatly agreed to pay a fixed rate of $0.1 million for services performed through June 2022 pursuant to the Consulting Agreement. No amounts were paid to Mr. Hours in 2021.

For the year ended December 31, 2021, Oatly paid $0.3 million pursuant to a Distribution Agreement with the distribution company Chef Sam, of which Bernard Hours, a member of our Board of Directors, is a 57% owner.

Loans to related parties

During 2016 to 2020, the Group granted warrants to certain members of key management, other employees and to an entity controlled by related parties. In addition to the warrants, the Group issued full recourse loans at a market rate to the participants for the purchase price of the warrants. The balances outstanding relating to certain members of key management was $3.3 million at December 31, 2020. In connection with the Company’s IPO in May 2021, the warrants were exercised, and the loans were repaid by the warrant holders.

Shareholder loans from related parties

The shareholder loans received during 2020 have been completely settled in connection with the Company’s IPO in May 2021. The shareholder loan is described in more detail in Note 27 Shareholder loans.

Changes in liabilities attributable to financing activities

12 Months Ended

Dec. 31, 2021

Disclosure Of Reconciliation Of Liabilities Arising From Financing Activities [Abstract]

Changes in liabilities attributable to financing activities

31. Changes in liabilities attributable to financing activities

	Liabilities to credit institutions			Shareholder loans			Leases			Total
Balance at January 1, 2019		25,278			—			19,468			44,746
Cash flows		50,061			—			(3,991	)		46,070
Non-cash flows:
Addition – leases		—			—			14,011			14,011
Foreign exchange adjustments		(1,706	)		—			(622	)		(2,328	)
Other changes		94			—			—			94
Balance at December 31, 2019		73,727			—			28,866			102,593
Cash flows		10,477			87,828			(6,044	)		92,261
Non-cash flows:
Addition – leases		—			—			6,250			6,250
Foreign exchange adjustments		12,056			6,957			2,123			21,136
Other changes		927			11,333			(1,051	)		11,209
Balance at December 31, 2020		97,187			106,118			30,144			233,449
Cash flows		(94,908	)		(10,941	)		(9,282	)		(115,131	)
Non-cash flows:
Addition – leases		—			—			117,793			117,793
Foreign exchange adjustments		773			3,675			(2,413	)		2,035
Converted to shares		—			(104,108	)		—			(104,108	)
Other changes		2,935			5,256			6,977			15,168
Balance at December 31, 2021		5,987			—			143,219			149,206

The Group classifies interest paid as cash flows from operating activities.

Loss per share

12 Months Ended

Dec. 31, 2021

Earnings Per Share [Abstract]

Loss per share

32. Loss per share

		2021				2020				2019
Weighted average number of shares (thousands)			549,080				454,267				407,344

Loss per share was calculated as follows:

	2021			2020			2019
Loss for the year, attributable to the shareholders of the parent		(212,393	)		(60,361	)		(35,625	)
Weighted average number of shares (thousands)		549,080			454,267			407,344
Basic and diluted loss per share, US $		(0.39	)		(0.13	)		(0.09	)

Potential dilutive securities that were not included in the diluted loss per share calculations because they would be anti-dilutive were as follows:

	2021		2020		2019
Restricted stock units		1,701,007		—		—
Stock options		6,958,312		—		—
Warrants		—		39,857,319		40,307,328

Refer to Note 8 for a description of restricted stock units, stock options and warrants.

Commitments and Contingencies

12 Months Ended

Dec. 31, 2021

Commitments And Contingencies [Abstract]

Commitments and contingencies

33. Commitments and contingencies

Commitments

Minimum purchase commitments

The Group has several supplier contracts primarily for production and packaging services where minimum purchase commitments exist in the contract terms. The commitments are associated with contracts that are enforceable and legally binding and that specify all significant terms, including fixed or minimum services to be used and fixed, minimum or variable price provisions. Historically, the Group’s annual purchase volumes have exceeded the minimum purchase commitments. For the year ended December 31, 2021, the Group had volume shortfalls during the transition to, and ramp-up of, new production facilities. The financial impact of the volume shortfalls was not material.

Leases and property, plant and equipment

The future cash outflows relating to leases that have not yet commenced are disclosed in Note 15.

The Group is committed to two purchase agreements regarding production equipment in Peterborough, UK, under which the Group’s obligations amount to $68.5 million. The production equipment is expected to be delivered in 2022.

Legal contingencies

From time to time, the Group may be involved in various claims and legal proceedings related to claims arising out of the operations. In July and September 2021, three securities class action complaints were filed under the captions Jochims v. Oatly Group AB et al., Case No. 1:21-cv-06360-AKH, Bentley v. Oatly Group AB et al., Case No. 1:21-cv-06485-AKH, and Kostendt v. Oatly Group AB et al., Case No. 1:21-cv-07904-AKH, in the United States District Court for the Southern District of New York against the Company and certain of its officers and directors, alleging violations of the Securities Exchange Act and SEC Rule 10b-5. These actions have been consolidated under the caption In re Oatly Group AB Securities Litigation, Consolidated Civil Action No. 1:21-cv-06360-AKH. The Company disputes each and every claim and intends to defend this matter vigorously.

Events after the end of the reporting period

12 Months Ended

Dec. 31, 2021

Disclosure Of Nonadjusting Events After Reporting Period [Abstract]

Events after the end of the reporting period

34. Events after the end of the reporting period

In February 2022, a securities class action complaint was filed under the caption Hipple v. Oatly Group AB et al., Index No. 151432/2022, in the New York County Supreme Court against the Company, certain of its officers and directors (including a former director), among others, alleging violations of the Securities Act of 1933. The Company disputes each and every claim and intends to defend this matter vigorously.

In March 2022, Plaintiffs in In re Oatly Group AB Securities Litigation, Consolidated Civil Action No. 1:21-cv-06360-AKH, the securities class action pending in the United States District Court for the Southern District of New York, filed a consolidated amended complaint against the Company and certain of its officers and directors (including a former director), among others, alleging violations of the Securities Act of 1933, in addition to violations of the Securities Exchange Act of 1934 and SEC Rule 10b-5. The Company disputes each and every claim and intends to defend this matter vigorously.

On March 28, 2022, the SRCF Agreement was amended for the purpose of, among other things, (i) postponing the application of the minimum EBITDA financial covenant from the third quarter of 2022 to (A) the second quarter of 2023 or (B) provided that the Group has successfully raised capital of at least $400 million by December 31, 2022, the second quarter of 2024, (ii) lowering the applicable tangible solvency ratio financial covenant levels, and (iii) introducing further restrictions on dividends from the Company stipulating that, following the exercise of the covenant conversion right, in addition to the requirement that no Event of Default (as defined in the SRCF Agreement) is outstanding or would occur immediately thereafter, any dividend from the Company is subject to the total net leverage ratio being equal to or less than 1.00:1 immediately before and after the making of such dividend.

Summary of significant accounting policies (Policies)

12 Months Ended

Dec. 31, 2021

Summary Of Significant Accounting Policies [Abstract]

Basis of preparation

2.1. Basis of preparation

Changes in accounting policies - Software-as-a-Service (SaaS)

New and amended standards and interpretations

Interest Rate Benchmark Reform – Phase 2: Amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16

•

Permit changes required by IBOR reform to be made to hedge designations and hedge documentation without the hedging relationship being discontinued

•

Provide temporary relief to entities from having to meet the separately identifiable requirement when an RFR instrument is designated as a hedge of a risk component

These amendments had no impact on the consolidated financial statements of the Group. The Group intends to use the practical expedients in future periods if they become applicable.

Covid-19-Related Rent Concessions beyond 30 June 2021 Amendments to IFRS 16

Basis of consolidation

2.2. Basis of consolidation

Inter-company transactions, balances and unrealized gains and losses on transactions between Group companies are eliminated.

Segment reporting

2.3. Segment reporting

Foreign currency translation

2.4. Foreign currency translation

Functional currency and presentation currency

Transactions and balances

Translation of foreign group companies

Revenue recognition

2.5. Revenue recognition

The Group’s principles for recognition of revenue from customer contracts are presented below.

Sale of goods

Variable consideration and other consideration

reviewed regularly until the incentives or product returns are realized and the impact of any adjustments are recognized in the period the adjustments are identified.

Contract costs

Interest income

Interest income is recognized with the application of the effective interest method.

Financing components

Cost of goods sold

Research and development expenses

Selling, general and administrative expenses

Other operating income and (expenses), net

Other operating income and (expenses), net consists primarily of net foreign exchange gains (losses) on operating related activities.

Finance income and expenses, net

Income tax expense

Income tax expense represents both current and deferred income tax expenses. Current tax expenses primarily represent income taxes based on income in multiple foreign jurisdictions.

Current versus non-current classification

2.6. Current versus non-current classification

The Group presents assets and liabilities in the consolidated statement of financial position based on current/ non-current classification. An asset is current when it is:

•

expected to be realized or intended to be sold or consumed in the normal operating cycle,

•

held primarily for the purpose of trading,

•

expected to be realized within twelve months after the reporting period, or

•

cash or cash equivalent unless restricted from being exchanged or used to settle a liability for at least twelve months after the reporting period.

All other assets are classified as non-current. A liability is current when:

•

it is expected to be settled in the normal operating cycle,

•

it is held primarily for the purpose of trading,

•

it is due to be settled within twelve months after the reporting period, or

•

there is no unconditional right to defer the settlement of the liability for at least twelve months after the reporting period.

The Group classifies all other liabilities as non-current.

Deferred tax assets and liabilities are classified as non-current assets and liabilities.

Leases

2.7. Leases

As lessee

Lease liabilities include the net present value of the following lease payments:

•

amounts expected to be payable by the Group under residual value guarantees,

•

the exercise price of a purchase option if the Group is reasonably certain to exercise that option, and

•

payments of penalties for terminating the lease, if the lease term reflects the Group exercising that option.

To determine the incremental borrowing rate, the Group:

•

uses a build-up approach that starts with a risk-free interest rate adjusted for credit risk, and

•

makes adjustments specific to the lease, e.g. term, country, currency and security.

Right-of-use assets are measured at cost comprising the following:

•

the amount of the initial measurement of lease liability,

•

any lease payments made at or before the commencement date less any lease incentives received,

•

any initial direct costs, and

•

restoration costs.

Taxes

2.8. Taxes

Current income tax

Deferred Tax

Deferred tax assets are recognized to the extent that it is probable that there will be future taxable surpluses against which the temporary differences can be utilized.

Intangible assets

2.9. Intangible assets

Goodwill

Other intangible assets

Capitalized expenditure for development activities

•

it is technically feasible to complete the asset so that it will be available for use,

•

it is the Group’s purpose to complete the asset so that it will be available for use or sale,

•

there are prerequisites to make the asset available for use or sale,

•

it is possible to prove how the asset is likely to generate future economic benefits,

•

there are adequate technical, economic and other resources to fulfil the development and to make the asset available for use or sale, and

•

the costs attributable to the asset during development can be reliably measured.

Development costs that do not meet these criteria are expensed as incurred. Development expenditure previously carried at cost is not recognized as an asset in a subsequent period.

Software-as-a-Service (SaaS) arrangements

Trademarks, patents and similar rights

Tangible assets

2.10. Tangible assets

Property, plant and equipment



• Buildings and fixtures	8-40 years
• Plant and machinery	3-15 years

The assets’ residual values and useful lives are assessed at the end of each reporting period and adjusted, if needed.

Impairment of non-financial assets

2.11. Impairment of non-financial assets

Inventories

2.12. Inventories

Financial instruments

2.13. Financial instruments

Initial recognition

Financial assets—Classification and measurement

•

those to be measured subsequently at fair value (either through other comprehensive loss or through profit or loss), and

•

those to be measured at amortized cost.

Fair value through profit or loss: Assets that are held primarily for the purpose to secure and increase value of the investments are included in the business model “Other”.

Derivatives

Short-term investments

Derecognition of financial assets

Financial liabilities—Classification and measurement

Financial liabilities at amortized cost

The Group’s financial liabilities measured at amortized cost comprise liabilities to credit institutions, bank overdraft facilities, trade payables and accrued expenses.

Financial liabilities at fair value

The Group’s financial liabilities at fair value comprise a contingent consideration that was settled during 2019. For more information see Note 12.

Derecognition of financial liabilities

Offsetting of financial instruments

Impairment of financial assets recognized at amortized cost

Trade receivables

2.14. Trade receivables

Cash and cash equivalents

2.15. Cash and cash equivalents

Share capital

2.16. Share capital

Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new shares are shown in equity as a deduction, net of tax, from the proceeds.

Liabilities to credit institutions

2.17. Liabilities to credit institutions

Provisions

2.18. Provisions

Provision for restoration costs

appropriate. Changes in the estimated future costs, or in the discount rate applied, are added to, or deducted from the cost of the asset.

Employee benefits

2.19. Employee benefits

Short-term benefits to employees

Post-employment obligations

Share-based payments—equity settled

Employee stock options (ESOP) and Restricted Stock Units (RSU) (2021)

For share-based payment schemes, the fair value of the instruments granted are established at the grant date and recognized as an employee benefits expense, with a corresponding increase in equity.

The fair value of ESOPs at grant date has been established by using the Black-Scholes option pricing model and input data in the model is disclosed in Note 8.

Warrants (2016-2020)

The Group grants warrants to certain employees in exchange for payments equal, or at a discount, to the fair value estimated using the Black-Scholes option pricing model as of the grant date.

There are no service conditions, and share-based payments expense is recognized immediately upon grant date or employment commencement date.

For further information on share-based payments, see Note 8.

Loss per share

2.20. Loss per share

Initial public offering costs

2.21. Initial public offering costs

Summary of significant accounting policies (Tables)

12 Months Ended

Dec. 31, 2021

Summary Of Significant Accounting Policies [Abstract]

Estimated Useful Life of Property, Plant and Equipment



• Buildings and fixtures	8-40 years
• Plant and machinery	3-15 years

Financial risk management (Tables)

12 Months Ended

Dec. 31, 2021

Disclosure Of Financial Instruments [Line Items]

Summary of Aging of Groups Trade Receivables

The aging of the Group’s trade receivables is as follows:

	2021			2020
Current		78,771			55,086
1-30 days past due		18,387			10,473
31-60 days past due		4,268			1,726
61-90 days past due		1,159			2,154
91- days past due		3,817			2,569
Gross carrying amount		106,402			72,009
Allowance for expected credit losses		(883	)		(712	)
Net carrying amount		105,519			71,297

Summary of Financial Liabilities into Maturity Groupings based on Contractual Maturities

The tables below analyze the Group’s financial liabilities into maturity groupings based on their contractual maturities for:

a) all non-derivative financial liabilities:

b) and net settled derivative financial instruments for which the contractual maturities represent the timing of the cash flows.

December 31, 2021	Less than 3 months		Between 3 months and 1 year		Between 1 and 2 years		Between 2 and 5 years		After 5 years		Total contractual cash flows		Carrying amount
Non-derivatives
Trade payables		93,043		—		—		—		—		93,043		93,043
Liabilities to credit institutions		1,240		4,904		—		—		—		6,144		5,987
Lease liabilities		4,275		12,826		19,134		39,702		200,327		276,265		143,219
Total non-derivatives		98,558		17,730		19,134		39,702		200,327		375,452		242,249

December 31, 2020	Less than 3 months		Between 3 months and 1 year		Between 1 and 2 years		Between 2 and 5 years		After 5 years		Total contractual cash flows		Carrying amount
Non-derivatives
Trade payables		45,295		—		—		—		—		45,295		45,295
Liabilities to credit institutions		3,802		5,553		96,703		—		—		106,058		95,990
Bank overdraft facility		1,197		—		—		—		—		1,197		1,197
Shareholder loans		—		108,401		—		—		—		108,401		106,118
Lease liabilities		1,917		5,751		5,696		12,693		12,429		38,486		30,144
Total non-derivatives		52,211		119,705		102,399		12,693		12,429		299,437		278,744
Derivatives
Interest rate swaps—net settled		17		51		67		146		9		290		189
Total derivatives		17		51		67		146		9		290		189

Trade receivables [member]

Disclosure Of Financial Instruments [Line Items]

Summary of Allowance for Expected Credit Losses of Trade Receivables

The movements in the Group’s allowance for expected credit losses of trade receivables are as follows:

	2021			2020
As at January 1		(712	)		(2,557	)
Increase of allowance recognized in statement of operations during the year		(490	)		(552	)
Receivables written off during the year as uncollectible		—			2,569
Unused amount reversed		290			104
Translation differences		29			(276	)
As at December 31		(883	)		(712	)

Currency Risk

Disclosure Of Financial Instruments [Line Items]

Summary of Exposure to Foreign Currency Risk

The Group’s primary exposure to foreign currency risk at the end of the reporting period, expressed in thousands of USD was as follows:

	As at December 31, 2021
	SEK/USD			SEK/EUR			SEK/GBP			SEK/CNY
Trade receivables		—			9,220			382			—
Short-term deposits		—			—			—			78,766
Liabilities to credit institutions		—			(5,314	)		—			—
Trade payables		(723	)		(14,732	)		(1,238	)		—
Lease liabilities		—			(2,903	)		—			—
Total		(723	)		(13,729	)		(856	)		78,766

	As at December 31, 2020
	SEK/USD			SEK/EUR			SEK/GBP			SEK/CNY
Trade receivables		—			6,113			135			—
Liabilities to credit institutions		—			(8,041	)		—			—
Shareholder loans		(40,284	)		(45,427	)		—			—
Trade payables		(4,154	)		(10,856	)		(302	)		—
Lease liabilities		—			(3,074	)		—			—
Derivatives		—			—			(27,273	)		—
Total		(44,438	)		(61,285	)		(27,440	)		—

Summary of Sensitivity Analysis

The Group is primarily exposed to changes in USD/SEK, EUR/SEK, GBP/SEK and CNY/SEK exchange rates. The Group’s risk exposure in foreign currencies:

	Impact on loss before tax
	2021	2020		2019
USD/SEK exchange rate—increase/decrease 10 %	+/- 72	+/- 4,444		+/- 1,700
EUR/SEK exchange rate—increase/decrease 10 %	+/- 1,211	+/- 6,129		+/- 1,451
GBP/SEK exchange rate—increase/decrease 10 %	+/- 63	+/- 2,786		+/- 116
CNY/SEK exchange rate—increase/decrease 10 %	+/- 7,877		—		—

Interest rate risk [member]

Disclosure Of Financial Instruments [Line Items]

Summary of Sensitivity Analysis

Profit or loss is sensitive to higher/lower interest expense primarily from liabilities to credit institutions as a result of changes in interest rates.

Impact on loss

before tax

2021

2020

2019

Interest rates - increase/decrease by 100 basis points

+/- 60

+/- 996

+/- 721

Fair value/price risk [member]

Disclosure Of Financial Instruments [Line Items]

Summary of Sensitivity Analysis

Profit or loss is sensitive to changes in fair value from short-term investments.

Impact on loss

before tax

2021

2020

2019

Fair value - increase/decrease by 10%

+/- 25

—

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

Depreciation Amortization and Impairment by Per Function (Tables)

12 Months Ended

Dec. 31, 2021

Depreciation And Amortisation Expense [Abstract]

Summary of Depreciation and Amortization

	2021
	Property, plant and equipment			Right-of-use assets			Intangible assets			Total
Cost of goods sold¹		(16,337	)		(5,894	)		—			(22,231	)
Research and development expenses		(294	)		(58	)		(77	)		(429	)
Selling, general and administrative expenses²		(3,546	)		(3,863	)		(2,123	)		(9,532	)
Total depreciation/amortization/impairment by function		(20,177	)		(9,815	)		(2,200	)		(32,192	)

(1)	Within property, plant and equipment, the cost of goods sold portion of the EMEA asset impairment amounted to $1.5 million.

(2)	Within property, plant and equipment, the selling, general and administrative expenses portion of the EMEA asset impairment amounted to $3.5 million.

	2020
	Property, plant and equipment			Right-of-use assets			Intangible assets			Total
Cost of goods sold		(6,131	)		(3,314	)		—			(9,445	)
Research and development expenses		(17	)		(7	)		(12	)		(36	)
Selling, general and administrative expenses		(189	)		(2,500	)		(948	)		(3,637	)
Total depreciation/amortization/impairment by function		(6,337	)		(5,821	)		(960	)		(13,118	)

	2019
	Property, plant and equipment			Right-of-use assets			Intangible assets			Total
Cost of goods sold		(3,775	)		(2,866	)		—			(6,641	)
Research and development expenses		(9	)		(7	)		(6	)		(22	)
Selling, general and administrative expenses		(135	)		(1,230	)		(66	)		(1,431	)
Total depreciation/amortization/impairment by function		(3,919	)		(4,103	)		(72	)		(8,094	)

Employee and Personnel Costs (Tables)

12 Months Ended

Dec. 31, 2021

Disclosure Of Employee Benefits [Abstract]

Summary of Employee Benefits

The disclosure amounts are based on the expense recognized in the consolidated statement of operations.

	2021			2020			2019
Salaries and other remuneration		(109,847	)		(62,769	)		(30,365	)
Social security costs		(19,158	)		(11,376	)		(6,853	)
Share-based payments		(23,632	)		(1,014	)		(546	)
Pension costs—defined contribution plans		(8,390	)		(4,543	)		(2,782	)
Total employee benefits		(161,027	)		(79,702	)		(40,546	)

Key management compensation	2021			2020			2019
Short-term employee benefits		(6,459	)		(4,660	)		(2,530	)
Post-employment benefits		(766	)		(652	)		(367	)
Share-based payments		(13,921	)		(1,014	)		—
Social security contributions		(2,521	)		(1,331	)		(1,275	)
Total		(23,666	)		(7,657	)		(4,172	)

Summary of Employee Benefits Expenses by Function

7.1 Employee benefits expenses by function

	2021			2020			2019
Cost of goods sold		(35,959	)		(23,133	)		(11,382	)
Research and development expenses		(10,336	)		(4,145	)		(2,762	)
Selling, general and administrative expenses		(114,732	)		(52,424	)		(26,402	)
Total		(161,027	)		(79,702	)		(40,546	)

Share-based payments (Tables)

12 Months Ended

Dec. 31, 2021

Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Abstract]

Summary of RSUs Outstanding and Related Information

Activity in the Group´s RSUs outstanding and related information is as follows:

	Grant date fair value ($)		Number of RSUs
As at December 31, 2020		—		—
Granted May	17.00			1,257,127
Granted November	9.92			575,650
Forfeited		—		(131,770	)
As at December 31, 2021		—		1,701,007

Summary of Number and Exercise Prices of Employee Stock Options

	Weighted average exercise price ($)		Number of employee stock options
As at December 31, 2020		—		—
Granted May	17.00			6,867,649
Granted November	9.92			134,781
Forfeited	17.00			(44,118	)
As at December 31, 2021	16.86			6,958,312

Summary of Inputs to Black-Scholes Option-pricing Model Used for Employee Stock Options

	May 2021	November 2021
Exercise price ($)	17	9.92
Expected term (years)	6-8	6-8
Share price at grant date	17	9.92
Expected price volatility of the Company's shares (%)	33.00	33.00
Risk-free interest rate (%)	1.09-1.44	1.34-1.48

Summary of Impact of Input Assumptions Changes in Fair Value Per Employee Stock Option

The following table shows the impact of these changes on fair value per employee stock option granted 2021:

	May 2021			November 2021
Share price decrease 10%	(1.16)				(0.68	)
Share price increase 10%	1.23			0.73
Volatility decrease 2%		(0.31	)		(0.18	)
Volatility increase 2%	0.31			0.18
Expected life decrease 6 months		(0.26	)		(0.14	)
Expected life increase 6 months	0.26			0.14

Summary of Warrants Granted

Set out below are summaries of warrants granted under the plans:

	Average exercise price per share	Number of warrants*
As at January 1, 2020	SEK 5.65		1,492,864
Granted during the year	SEK 39.77		107,000
Redeemed during the year	SEK 5.27		(123,667	)
As at December 31, 2020	SEK 8.16		1,476,197

*	Warrant holders have the right to subscribe to 27 ordinary shares per warrant.

	Average exercise price per share	Number of warrants*
As at January 1, 2021	SEK 8.16		1,476,197
Exercised during the period	SEK 8.16		(1,456,197	)
Forfeited during the period	SEK 7.68		(20,000	)
As at December 31, 2021	-	-

*	Warrant holders have the right to subscribe to 27 ordinary shares per warrant.

Summary of Model Inputs for Warrants Granted

The model inputs for warrants granted during the year ended December 31, 2020, included:

	2020
Weighted average exercise price per share	SEK 39.77
Grant date	July 2020
Contractual term	10 years
Weighted average expected term	0.8 years
Weighted average share price at grant date	SEK 39.77
Expected price volatility of the Company’s shares		30	%
Expected dividend yield		0	%
Risk-free interest rate		0	%

Summary of Changes on Fair Value Per Warrant Granted

The following table shows the impact of these changes on fair value per warrant granted 2020:

		2020
Share price decrease 10%		SEK (51.40)
Share price increase 10%		SEK 66.90
Volatility decrease 2%		SEK (7.70)
Volatility increase 2%		SEK 7.70
Expected life decrease 6 months		SEK (43.60)
Expected life increase 6 months		SEK 31.00

Summary of Expenses Arising from Share-based Payment Transactions

Expenses arising from the share-based payment transactions	2021			2020			2019
RSUs issued under LTI 2021		(7,489	)		—			—
Employee stock options issued under LTI 2021		(16,143	)		—			—
Warrants		—			(1,014	)		(1,921	)
Social security costs		(1,581	)		(319	)		(604	)
Total		(25,213	)		(1,333	)		(2,525	)

Finance income and expenses (Tables)

12 Months Ended

Dec. 31, 2021

Disclosure Of Detailed Information About Finance Income And Expense [Abstract]

Summary of Finance Income and Expenses

	2021			2020			2019
Interest income		1,774			119			47
Net foreign exchange difference		12,661			396			—
Total finance income		14,435			515			47
Interest expenses—loan from credit institutions		(8,623	)		(5,627	)		(1,515	)
Interest expenses—lease liabilities		(5,026	)		(1,462	)		(1,216	)
Interest expenses—shareholder loans		(5,256	)		(7,343	)		—
Fair value changes contingent consideration		—			—			(112	)
Fair value changes derivatives		(16	)		976			34
Fair value changes short-term investments		(222	)		—			—
Other financial expenses		(518	)		(478	)		(35	)
Borrowing costs capitalized		3,921			2,562			235
Net foreign exchange difference		—			—			(1,046	)
Total finance expenses		(15,740	)		(11,372	)		(3,655	)

Net Exchange Rate Differences (Tables)

12 Months Ended

Dec. 31, 2021

Exchange Differences On Translation [Abstract]

Disclosure of exchange rate differences recognized

The exchange-rate differences recognized in the consolidated statement of operations are included as follows:

	2021		2020			2019
Other operating income and expense, net		662		(1,792	)		332
Finance income and expenses (Note 9)		12,661		396			(1,046	)
Exchange-rate differences—net		13,323		(1,396	)		(714	)

Income tax (Tables)

12 Months Ended

Dec. 31, 2021

Major Components Of Tax Expense Income [Abstract]

Major Components of Income Tax Expense

The major components of income tax expense for the year ended December 31 2021, 2020 and 2019 are as follows:

	2021			2020			2019
Current tax:
Current income tax benefit/(expense)		1,887			(1,442	)		(672	)
Adjustments in respect of income tax of previous years		(120	)		(141	)		(137	)
		1,767			(1,583	)		(809	)
Deferred tax:
Relating to origination and reversal of temporary differences		888			(828	)		(449	)
		888			(828	)		(449	)
Income tax benefit/(expense) reported in the consolidated statement of operations		2,655			(2,411	)		(1,258	)

Summary of Reconciliation of Tax Expense and Accounting Loss

Reconciliation of tax expense and the accounting loss multiplied by Sweden’s corporate tax rate:

	2021			2020			2019
Accounting loss before tax		(215,048	)		(57,950	)		(34,367	)
At Sweden’s corporate income tax rate of 20.6% (21.4%)		44,300			12,401			7,355
Effect of tax rates in foreign jurisdictions		(835	)		(1,229	)		(65	)
Non-deductible costs		(2,712	)		(3,141	)		(777	)
Adjustments in respect of income tax of previous years		(120	)		(141	)		(137	)
Change in unrecognized deferred taxes		(38,915	)		(10,373	)		(7,381	)
Tax effect of changes in tax rates		(13	)		(439	)		(252	)
Other		950			511			(1	)
Income tax benefit/(expense)		2,655			(2,411	)		(1,258	)

Summary of Deferred Tax

Deferred tax relates to the following:

	2021			2020
Property, plant and equipment		(36,642	)		(4,131	)
Tax losses carried forward		27,792			1,303
Leases		930			184
Share based compensation		282			—
Accrued expenses		1,280			731
Deferred tax credits		1,822			353
Loss allowances for financial assets		62			122
Other		4,090			157
Net deferred tax liabilities		(384	)		(1,281	)
Reflected in the consolidated statement of financial position as follows:
Deferred tax assets		2,293			26
Deferred tax liabilities		(2,677	)		(1,307	)
Deferred tax liabilities, net		(384	)		(1,281	)

Summary of Reconciliation of Net Deferred Tax

A reconciliation of net deferred tax is shown in the table below:

	2021			2020
Balance at January 1		(1,281	)		(454	)
Movement recognized in the consolidated statement of operations		888			(828	)
Exchange differences		9			1
Balance at December 31		(384	)		(1,281	)

Summary of Deferred Tax Assets Not Been Recognized

Deferred tax assets have not been recognized in respect of the following items:

	2021		2020
Loss allowance for trade receivables		49		577
Accrued expenses		64		1,754
Tax losses carried forward		71,124		29,877
Net interest expense carried forward		2,262		1,168
Other		718		189
Total unrecognized deferred tax assets		74,217		33,565

Summary of Tax Loss Carryforwards

Tax loss carry-forwards as at December 31, 2021 were expected to expire as follows:

Expected expiry

Less than

5 years

Unlimited

Total

Tax loss carry-forwards

—

484,225

Investments in subsidiaries (Tables)

12 Months Ended

Dec. 31, 2021

Disclosure Of Significant Investments In Subsidiaries [Abstract]

Summary of Principal Subsidiaries

The Group had the following principal subsidiaries as at December 31, 2021:

Name	Country/place of registration and operations	Principal activities	Proportion of voting rights and shares held (directly or indirectly) (%)
Direct ownership
Cereal Base CEBA AB	Sweden	Holding		100	%
Indirect ownership
Oatly AB	Sweden	Selling and production		100	%
Oatly Sweden Operations & Supply AB	Sweden	Production		100	%
Oatly UK Ltd.	United Kingdom	Selling		100	%
Oatly UK Operations & Supply Ltd.	United Kingdom	Production		100	%
Oatly Germany GmbH	Germany	Selling		100	%
Oatly Norway AS	Norway	Selling		100	%
Oy Oatly AB	Finland	Selling		100	%
Oatly Netherlands BV	Netherlands	Selling		100	%
Oatly Netherlands Operation & Supply BV	Netherlands	Production		100	%
Oatly EMEA AB	Sweden	Selling		100	%
Oatly Inc.	United States	Selling		100	%
Oatly US Inc.	United States	Selling		100	%
Oatly US Operations & Supply Inc.	United States	Production		100	%
Havrekärnan AB	Sweden	Production		100	%
Oatly Singapore Operations & Supply Pte Ltd.	Singapore	Production		100	%
Oatly Hong Kong Holding Ltd.	Hong Kong, China	Selling		100	%
Oatly Shanghai Co. Ltd.	China	Selling		100	%
Oatly Food Co. Ltd.	China	Production		100	%
Oatly Thousands of Island Co Ltd.	China	Production		100	%

Intangible assets (Tables)

12 Months Ended

Dec. 31, 2021

Intangible Assets And Goodwill [Abstract]

Summary of Intangible Assets

				Other Intangible assets
	Goodwill			Capitalized software			Other intangible assets			Ongoing development costs			Total
Cost
At January 1, 2020		126,624			—			1,108			2,900			130,632
Additions		—			—			1,777			6,692			8,469
Reclassification		—			2,463			—			(2,463	)		—
Exchange differences		17,202			323			340			714			18,579
At December 31, 2020		143,826			2,786			3,225			7,843			157,680
Additions		—			2,860			1,667			2,597			7,124
Scrapped		—			(245	)		—			(165	)		(410	)
Reclassification		—			6,553			—			(6,553	)		—
Exchange differences		(13,462	)		(787	)		(372	)		(647	)		(15,268	)
At December 31, 2021		130,364			11,167			4,520			3,075			149,126
Accumulated amortization
At January 1, 2020		—			—			(153	)		—			(153	)
Amortization charge		—			(454	)		(506	)		—			(960	)
Exchange differences		—			(41	)		(63	)		—			(104	)
At December 31, 2020		—			(495	)		(722	)		—			(1,217	)
Amortization charge		—			(1,420	)		(780	)		—			(2,200	)
Exchange differences		—			109			107			—			216
At December 31, 2021		—			(1,806	)		(1,395	)		—			(3,201	)
Cost, net accumulated amortization
At December 31, 2020		143,826			2,291			2,503			7,843			156,463
At December 31, 2021		130,364			9,361			3,125			3,075			145,925

Summary of Key Assumptions

The following table sets out the key assumptions:

	2021			2020
Long-term growth rate (%)		2	%		2	%
Pre-tax discount rate (%)		12.6	%		12.8	%

Property, plant and equipment (Tables)

12 Months Ended

Dec. 31, 2021

Disclosure Of Property Plant And Equipment [Abstract]

Summary of Property, Plant and Equipment

A summary of property, plant and equipment as at December 31, 2021 and December 31, 2020 is as follows:

	Land and buildings			Plant and machinery			Construction in progress			Total
Cost
At January 1, 2020		32,685			49,911			22,749			105,345
Additions		294			1,915			142,203			144,412
Disposals		—			(477	)		(1,051	)		(1,528	)
Reclassifications		3,395			2,218			(5,613	)		—
Exchange differences		2,620			4,195			5,699			12,514
At December 31, 2020		38,994			57,762			163,987			260,743
Additions		23,590			69,341			211,949			304,880
Disposals		—			(21	)		—			(21	)
Reclassifications		57,744			76,591			(134,820	)		(485	)
Exchange differences		(2,905	)		(4,668	)		(6,731	)		(14,304	)
At December 31, 2021		117,423			199,005			234,385			550,813
Accumulated depreciation and impairment
At January 1, 2020		(3,862	)		(10,983	)		—			(14,845	)
Depreciation charge		(1,305	)		(5,032	)		—			(6,337	)
Disposals		—			352			—			352
Reclassifications		10			(10	)		—			—
Exchange differences		(613	)		(1,675	)		—			(2,288	)
At December 31, 2020		(5,770	)		(17,348	)		—			(23,118	)
Depreciation charge		(2,687	)		(13,163	)		—			(15,850	)
Disposals		—			3			—			3
Impairment		—			(833	)		(3,494	)		(4,327	)
Reclassifications		—			—			—			—
Exchange differences		567			1,560			—			2,127
At December 31, 2021		(7,890	)		(29,781	)		(3,494	)		(41,165	)
Cost, net accumulated depreciation and impairment
At December 31, 2020		33,224			40,414			163,987			237,625
At December 31, 2021		109,533			169,224			230,891			509,648

Leases (Tables)

12 Months Ended

Dec. 31, 2021

Lease [Abstract]

Summary of Consolidated Statement of Financial Position Amounts Relating to Leases

The consolidated statement of financial position discloses the following amounts relating to leases:

	2021		2020
Right-of-use assets
Land and buildings		127,773		23,153
Plant and machinery		30,675		14,950
Total		158,448		38,103
Lease liabilities
Non-current		126,516		23,883
Current		16,703		6,261
Total		143,219		30,144

	Land and buildings			Plant and machinery			Total
Cost
At January 1, 2020		16,553			19,174			35,727
Increases		10,588			2,176			12,764
Decreases		(507	)		(1,298	)		(1,805	)
Exchange differences		1,192			2,491			3,683
At December 31, 2020		27,826			22,543			50,369
Increases		113,597			21,526			135,123
Decreases		(934	)		(3,556	)		(4,490	)
Reclassifications		—			485			485
Exchange differences		(1,686	)		(1,721	)		(3,407	)
At December 31, 2021		138,803			39,277			178,080
Accumulated depreciation
At January 1, 2020		(1,732	)		(4,472	)		(6,204	)
Depreciation		(3,149	)		(2,981	)		(6,130	)
Decreases		497			732			1,229
Exchange differences		(289	)		(872	)		(1,161	)
At December 31, 2020		(4,673	)		(7,593	)		(12,266	)
Depreciation¹		(7,507	)		(4,982	)		(12,489	)
Decreases		933			3,175			4,108
Exchange differences		217			798			1,015
At December 31, 2021		(11,030	)		(8,602	)		(19,632	)
Cost, net accumulated depreciation
At December 31, 2020		23,153			14,950			38,103
At December 31, 2021		127,773			30,675			158,448

(1)	Includes an asset impairment charge of certain production equipment at our Landskrona production facility in Sweden for which we have no alternative use, amounting to $5.0 million, of which $4.3 million relates to property, plant and equipment and $0.7 million relates to right of use assets.

Summary of Amounts Recognized in Statement of Operations

Amounts recognized in the statement of operations

	2021			2020			2019
Depreciation and impairment charge of right-of-use assets
Land and buildings		(7,507	)		(3,149	)		(1,708	)
Plant and machinery		(4,982	)		(2,981	)		(2,670	)
Total		(12,489	)		(6,130	)		(4,378	)
Interest expense (included in finance cost)		(5,026	)		(1,462	)		(1,216	)
Expense relating to short-term leases		(576	)		(314	)		(331	)
Expense relating to leases of low-value assets that are not shown above as short-term leases		(1,605	)		(1,984	)		(1,593	)

Other non-current receivables (Tables)

12 Months Ended

Dec. 31, 2021

Noncurrent Receivables [Abstract]

Summary of Other Non-Current Receivables

	2021		2020
Deposits		941		—
Loans to employees		—		5,064
Long term prepaid expenses		3,411		—
Other receivables		1,182		1,486
Total		5,534		6,550

Financial instruments per category (Tables)

12 Months Ended

Dec. 31, 2021

Disclosure Of Financial Instruments [Abstract]

Summary of Financial Instruments Per Category

December 31	2021		2020		2021		2020
	Fair value through profit or loss				At amortized cost
Assets in the consolidated statement of financial position
Other non-current receivables		—		—		5,534		6,550
Derivatives		—		827		—		—
Trade receivables		—		—		105,519		71,297
Other current receivables		—		—		6,982		1,969
Short-term investments		249,937		—		—		—
Cash and cash equivalents		—		—		295,572		105,364
Total		249,937		827		413,607		185,180

December 31	2021		2020		2021		2020
	Fair value through profit or loss				At amortized cost
Liabilities in the consolidated statement of financial position
Liabilities to credit institutions		—		—		5,987		95,990
Shareholder loans		—		—		—		106,118
Derivatives (part of other non-current liabilities)		—		189		—		—
Bank overdraft facilities		—		—		—		1,197
Trade payables		—		—		93,043		45,295
Accrued expenses		—		—		85,987		36,147
Total		—		189		185,017		284,747

Summary of Fair Value of Financial Instruments Include Interest Rate Swaps, Present Value of Estimated Future Cash Flows

Recurring fair value measurements at December 31, 2021	Level 1		Level 2		Level 3
Financial assets
Short-term investments		—		249,937		—
Total financial assets		—		249,937		—

Recurring fair value measurements at December 31, 2020	Level 1		Level 2		Level 3
Financial assets
Derivatives		—		827		—
Total financial assets		—		827		—
Financial liabilities
Derivatives		—		189		—
Total financial liabilities		—		189		—

Inventories (Tables)

12 Months Ended

Dec. 31, 2021

Classes Of Inventories [Abstract]

Summary of Inventories

	2021		2020
Raw materials and consumables		17,296		7,056
Finished goods		78,365		30,875
Advances to suppliers		—		1,184
Total		95,661		39,115

Trade receivables (Tables)

12 Months Ended

Dec. 31, 2021

Disclosure Of Trade Receivables [Abstract]

Summary of Trade Receivables

	2021			2020
Trade receivables		106,402			72,009
Less: allowance for expected credit losses		(883	)		(712	)
Trade receivables—net		105,519			71,297

Summary of Carrying Amounts By Currency

Carrying amounts, by currency, for the Group’s trade receivables are as follows:

	2021		2020
EUR		32,394		20,941
GBP		18,541		15,421
USD		24,877		13,830
CNY		20,871		14,048
SEK		3,979		5,184
Other		4,857		1,873
Total		105,519		71,297

Other Current Receivables (Tables)

12 Months Ended

Dec. 31, 2021

Other Current Receivables [Abstract]

Summary Of Other Current Receivables

	2021		2020
Derivatives		—		827
Value added tax		20,801		7,767
Advance payments to vendors		3,915		1,184
Other		7,513		2,585
Total		32,229		12,363

Prepaid expenses (Tables)

12 Months Ended

Dec. 31, 2021

Prepaid Expenses [Abstract]

Summary of Prepaid Expenses

	2021		2020
Prepaid production and warehouse expenses		309		6,066
Prepaid selling and marketing expenses		5,215		299
IPO preparation costs		—		1,474
Prepaid insurance expenses		8,894		458
Prepaid financing expenses		3,537		777
Other		9,756		2,435
Total		27,711		11,509

Cash and cash equivalents (Tables)

12 Months Ended

Dec. 31, 2021

Cash And Cash Equivalents [Abstract]

Summary of Cash and Cash Equivalents

The consolidated statement of financial position and the consolidated statement of cash flows include the following items in “cash and cash equivalents”:

	2021		2020
Short-term deposits		180,458		—
Cash at bank and on hand		115,114		105,364
Total		295,572		105,364

Liabilities to Credit Institutions (Tables)

12 Months Ended

Dec. 31, 2021

Subclassifications Of Assets Liabilities And Equities [Abstract]

Summary of Liabilities to Credit Institutions

	2021		2020
Non-current liabilities to credit institutions		—		91,655
Current liabilities to credit institutions, consisting of the following:
—Liabilities to credit institutions		5,987		4,335
—Overdraft facilities		—		1,197
Total		5,987		97,187

Other non-current liabilities (Tables)

12 Months Ended

Dec. 31, 2021

Disclosure Of Other Non Current Liabilities [Abstract]

Summary of Other Non-current Liabilities

	2021		2020
Derivatives		—		189
Other non-current liabilities		—		44
Total		—		233

Provisions (Tables)

12 Months Ended

Dec. 31, 2021

Provisions [Abstract]

Schedule of Changes in Provisions

	2021		2020
At January 1		7,121		—
Additions: included in the acquisition value of right-of-use assets		3,714		7,040
Charged to the consolidated statement of operations:
Unwinding of discount effect		165		81
Charged to other comprehensive income/(loss):
Exchange differences		33		—
At December 31		11,033		7,121

Other current liabilities (Tables)

12 Months Ended

Dec. 31, 2021

Other Current Liabilities [Abstract]

Summary of Other Current Liabilities

	2021		2020
Employee withholding taxes		1,694		1,238
Value added tax		7,267		2,949
Other		653		445
Total		9,614		4,632

Accrued expenses (Tables)

12 Months Ended

Dec. 31, 2021

Accrued Expenses [Abstract]

Summary of Accrued Expenses

	2021		2020
Accrued marketing and sales expenses		19,992		9,545
Accrued personnel expenses		31,487		24,157
Accrued production expenses		30,904		4,576
Accrued variable consideration		12,314		6,258
Other		22,776		15,418
Total		117,473		59,954

Changes in liabilities attributable to financing activities (Tables)

12 Months Ended

Dec. 31, 2021

Disclosure Of Reconciliation Of Liabilities Arising From Financing Activities [Abstract]

Summary of Changes in Liabilities Attributable to Financing Activities

	Liabilities to credit institutions			Shareholder loans			Leases			Total
Balance at January 1, 2019		25,278			—			19,468			44,746
Cash flows		50,061			—			(3,991	)		46,070
Non-cash flows:
Addition – leases		—			—			14,011			14,011
Foreign exchange adjustments		(1,706	)		—			(622	)		(2,328	)
Other changes		94			—			—			94
Balance at December 31, 2019		73,727			—			28,866			102,593
Cash flows		10,477			87,828			(6,044	)		92,261
Non-cash flows:
Addition – leases		—			—			6,250			6,250
Foreign exchange adjustments		12,056			6,957			2,123			21,136
Other changes		927			11,333			(1,051	)		11,209
Balance at December 31, 2020		97,187			106,118			30,144			233,449
Cash flows		(94,908	)		(10,941	)		(9,282	)		(115,131	)
Non-cash flows:
Addition – leases		—			—			117,793			117,793
Foreign exchange adjustments		773			3,675			(2,413	)		2,035
Converted to shares		—			(104,108	)		—			(104,108	)
Other changes		2,935			5,256			6,977			15,168
Balance at December 31, 2021		5,987			—			143,219			149,206

Loss per share (Tables)

12 Months Ended

Dec. 31, 2021

Earnings Per Share [Abstract]

Summary of Weighted Average Number of Shares

		2021				2020				2019
Weighted average number of shares (thousands)			549,080				454,267				407,344

Summary of Loss per Share

Loss per share was calculated as follows:

	2021			2020			2019
Loss for the year, attributable to the shareholders of the parent		(212,393	)		(60,361	)		(35,625	)
Weighted average number of shares (thousands)		549,080			454,267			407,344
Basic and diluted loss per share, US $		(0.39	)		(0.13	)		(0.09	)

Summary of Potential Dilutive Securities that were not Included in Diluted Loss per Share Calculations

Potential dilutive securities that were not included in the diluted loss per share calculations because they would be anti-dilutive were as follows:

	2021		2020		2019
Restricted stock units		1,701,007		—		—
Stock options		6,958,312		—		—
Warrants		—		39,857,319		40,307,328

Summary of Significant Accounting Policies - Additional Information (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021 USD ($) Segment Installment	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)
Significant Accounting Policies [Line Items]
Number of operating segments aggregated to form reportable segments \| Segment	0
Payment period by the customer in transfer of goods or services	1 year
Realizing period of current asset	12 months
Cash or cash equivalent unless restricted settling liability period	12 months
Settling period of current liability	12 months
Deferring settlement period of current liability	12 months
Short term lease term	12 months or less
Employee benefits settlement period	within 12 months
Premium expenses	$ 8,390	$ 4,543	$ 2,782
Employee stock options (ESOP) and Restricted Stock Units (RSU)
Significant Accounting Policies [Line Items]
Awards vesting description	The awards only have a service condition whereby the awards vest in 12-month installments over 36 months. Each of the instalments are treated as separate awards which are expensed on a linear basis for each instalment period i.e., 12 months, 24 months, and 36 months; this will result in a front-loaded IFRS 2 charge.
Number of installments \| Installment	12
Vesting period	36 months
Alecta
Significant Accounting Policies [Line Items]
Expected premiums	$ 2,500
Premium expenses	$ 1,700
Preliminary percentage of collective consolidation level	172.00%
Trademarks, Patents and Similar Rights
Significant Accounting Policies [Line Items]
Intangible assets, estimated useful life	5 years
Bottom of Range \| Alecta
Significant Accounting Policies [Line Items]
Percentage of insurance obligations in collective consolidation level	125.00%
Bottom of Range \| Capitalized Development Expenditure
Significant Accounting Policies [Line Items]
Intangible assets, estimated useful life	3 years
Top of Range \| Alecta
Significant Accounting Policies [Line Items]
Percentage of insurance obligations in collective consolidation level	175.00%
Top of Range \| Capitalized Development Expenditure
Significant Accounting Policies [Line Items]
Intangible assets, estimated useful life	5 years

Summary of Significant Accounting Policies - Estimated Useful Life of Property, Plant and Equipment (Details)	12 Months Ended
	Dec. 31, 2021
Buildings \| Fixtures \| Bottom of Range
Disclosure Of Property Plant And Equipment [Line Items]
Estimated useful life	8 years
Buildings \| Fixtures \| Top of Range
Disclosure Of Property Plant And Equipment [Line Items]
Estimated useful life	40 years
Machinery \| Plant \| Bottom of Range
Disclosure Of Property Plant And Equipment [Line Items]
Estimated useful life	3 years
Machinery \| Plant \| Top of Range
Disclosure Of Property Plant And Equipment [Line Items]
Estimated useful life	15 years

Financial Risk Management - Additional Information (Details) £ in Millions, kr in Millions	12 Months Ended
	Dec. 31, 2021 USD ($)	Dec. 31, 2021 GBP (£)	Dec. 31, 2020 USD ($)	Dec. 31, 2021 SEK (kr)	Apr. 30, 2021 USD ($)	Apr. 30, 2021 SEK (kr)	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)
Disclosure Of Financial Risk Management [Line Items]
Currency derivatives		£ 0	$ 20,000,000
Fair value of currency derivatives			800,000
Nominal amount of liabilities to credit institutions	$ 5,300,000		97,600,000
Short-term investments	249,937,000
Impairments loss for outstanding trade receivables	$ 0		0
Description of employees borrowing rate	The market rate was set at a rate equivalent to Swedish government borrowing rate (Sw. statslåneräntan) at the date of the loan plus a margin of 1%.	The market rate was set at a rate equivalent to Swedish government borrowing rate (Sw. statslåneräntan) at the date of the loan plus a margin of 1%.
Loans issued to employees			$ 5,100,000
Maturity period of loans issued to employees			10 years
Credit loss reserve recognized	$ 0		$ 0
Cash and cash equivalents	295,572,000		105,364,000				$ 10,571,000	$ 20,734,000
Long term financing			88,400,000
Short-term credit facility			1,197,000
Undrawn bank overdraft facilities	397,800,000		157,900,000
SRCF Agreement
Disclosure Of Financial Risk Management [Line Items]
Sustainability loan	397,800,000			kr 3,600	$ 397,800,000	kr 3,600
Option to extend sustainability loan	$ 93,900,000			kr 850	$ 93,900,000	kr 850
Term Loan One
Disclosure Of Financial Risk Management [Line Items]
Maturity	October 2022	October 2022
Credit Facility
Disclosure Of Financial Risk Management [Line Items]
Shareholder loan	$ 146,300,000
Trade Receivables and Inventories Pledged as Collateral
Disclosure Of Financial Risk Management [Line Items]
Short-term credit facility utilized			1,900,000
Subordinated Bridge Facilities Agreement
Disclosure Of Financial Risk Management [Line Items]
Shareholder loan			$ 87,800,000
Liabilities To Credit Institutions And Available Facilities
Disclosure Of Financial Risk Management [Line Items]
Maturity	27.3 months	27.3 months	17 months
Commodity Price Risk
Disclosure Of Financial Risk Management [Line Items]
Percentage of increase in general commodity cost price to effect commodity cost	5.00%	5.00%
Expected increase in commodity cost due to increase in general commodity cost price	$ 10,000,000.0
Denominated in EUR
Disclosure Of Financial Risk Management [Line Items]
Long term financing	$ 8,000,000.0
Credit Institute in United States \| Short-term Credit Facility
Disclosure Of Financial Risk Management [Line Items]
Short-term credit facility			$ 15,000,000
Interest rate swap contract [member]
Disclosure Of Financial Risk Management [Line Items]
Fair value of currency derivatives			$ 5,700,000
Bottom of Range
Disclosure Of Financial Risk Management [Line Items]
Percentage of exposure to currency risks	50.00%	50.00%
Top of Range
Disclosure Of Financial Risk Management [Line Items]
Percentage of exposure to currency risks	100.00%	100.00%

Financial Risk Management - Summary of Exposure to Foreign Currency Risk (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Disclosure Of Nature And Extent Of Risks Arising From Financial Instruments [Line Items]
Trade receivables	$ 105,519	$ 71,297
Short-term deposits	180,458
Shareholder loans		(106,118)
Trade payables	(93,043)	(45,295)
Lease liabilities	(143,219)	(30,144)
Currency Risk \| SEK/USD
Disclosure Of Nature And Extent Of Risks Arising From Financial Instruments [Line Items]
Shareholder loans		(40,284)
Trade payables	(723)	(4,154)
Total	(723)	(44,438)
Currency Risk \| SEK/EUR
Disclosure Of Nature And Extent Of Risks Arising From Financial Instruments [Line Items]
Trade receivables	9,220	6,113
Liabilities to credit institutions	(5,314)	(8,041)
Shareholder loans		(45,427)
Trade payables	(14,732)	(10,856)
Lease liabilities	(2,903)	(3,074)
Total	(13,729)	(61,285)
Currency Risk \| SEK/GBP
Disclosure Of Nature And Extent Of Risks Arising From Financial Instruments [Line Items]
Trade receivables	382	135
Trade payables	(1,238)	(302)
Derivatives		(27,273)
Total	(856)	$ (27,440)
Currency Risk \| SEK/CNY
Disclosure Of Nature And Extent Of Risks Arising From Financial Instruments [Line Items]
Short-term deposits	78,766
Total	$ 78,766

Financial Risk Management - Summary of Risk Exposure in Foreign Currencies (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
USD/SEK Exchange Rate
Disclosure Of Nature And Extent Of Risks Arising From Financial Instruments [Line Items]
Impact on loss before tax, increase	$ 72	$ 4,444	$ 1,700
Impact on loss before tax, decrease	72	4,444	1,700
EUR/SEK Exchange Rate
Disclosure Of Nature And Extent Of Risks Arising From Financial Instruments [Line Items]
Impact on loss before tax, increase	1,211	6,129	1,451
Impact on loss before tax, decrease	1,211	6,129	1,451
GBP/SEK Exchange Rate
Disclosure Of Nature And Extent Of Risks Arising From Financial Instruments [Line Items]
Impact on loss before tax, increase	63	2,786	116
Impact on loss before tax, decrease	63	$ 2,786	$ 116
CNY/SEK Exchange Rate
Disclosure Of Nature And Extent Of Risks Arising From Financial Instruments [Line Items]
Impact on loss before tax, increase	7,877
Impact on loss before tax, decrease	$ 7,877

Financial Risk Management - Summary of Risk Exposure in Foreign Currencies (Parenthetical) (Details)	12 Months Ended
	Dec. 31, 2021
USD/SEK Exchange Rate
Disclosure Of Nature And Extent Of Risks Arising From Financial Instruments [Line Items]
Percentage of increase decrease in foreign exchange rate	10.00%
EUR/SEK Exchange Rate
Disclosure Of Nature And Extent Of Risks Arising From Financial Instruments [Line Items]
Percentage of increase decrease in foreign exchange rate	10.00%
GBP/SEK Exchange Rate
Disclosure Of Nature And Extent Of Risks Arising From Financial Instruments [Line Items]
Percentage of increase decrease in foreign exchange rate	10.00%
CNY/SEK Exchange Rate
Disclosure Of Nature And Extent Of Risks Arising From Financial Instruments [Line Items]
Percentage of increase decrease in foreign exchange rate	10.00%

Financial Risk Management - Sensitivity Analysis of Interest Rate (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Disclosure Of Nature And Extent Of Risks Arising From Financial Instruments [Abstract]
Impact on loss before tax, increase	$ 60	$ 996	$ 721
Impact on loss before tax, decrease	$ 60	$ 996	$ 721

Financial Risk Management - Sensitivity Analysis of Interest Rate (Parenthetical) (Details)	Dec. 31, 2021
Floating Interest Rate
Disclosure Of Nature And Extent Of Risks Arising From Financial Instruments [Line Items]
Increase decrease in interest rate basis points	1.00%

Financial Risk Management - Sensitivity to Changes In Fair Value From Short-term Investments (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021 USD ($)
Disclosure Of Nature And Extent Of Risks Arising From Financial Instruments [Abstract]
Impact on loss before tax, increase	$ 25
Impact on loss before tax, decrease	$ 25

Financial Risk Management - Sensitivity to Changes In Fair Value From Short-term Investments (Parenthetical) (Details)	Dec. 31, 2021
Disclosure Of Nature And Extent Of Risks Arising From Financial Instruments [Abstract]
Fair value adjustment percentage	10.00%

Financial Risk Management - Summary of Aging of Groups Trade Receivables (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Aging Of Current Trade Receivables [Line Items]
Trade receivables	$ 105,519	$ 71,297
Gross carrying amount	106,402	72,009
Allowance for expected credit losses	(883)	(712)	$ (2,557)
Current
Aging Of Current Trade Receivables [Line Items]
Trade receivables	78,771	55,086
1-30 Days Past Due
Aging Of Current Trade Receivables [Line Items]
Trade receivables	18,387	10,473
31-60 Days Past Due
Aging Of Current Trade Receivables [Line Items]
Trade receivables	4,268	1,726
61-90 Days Past Due
Aging Of Current Trade Receivables [Line Items]
Trade receivables	1,159	2,154
91- Days Past Due
Aging Of Current Trade Receivables [Line Items]
Trade receivables	$ 3,817	$ 2,569

Financial Risk Management - Summary of Allowance for Expected Credit Losses of Trade Receivables (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Reconciliation Of Changes In Allowance Account For Credit Losses Of Financial Assets [Abstract]
As at January 1	$ (712)	$ (2,557)
Increase of allowance recognized in statement of operations during the year	(490)	(552)
Receivables written off during the year as uncollectible		2,569
Unused amount reversed	290	104
Translation differences	29	(276)
As at December 31	$ (883)	$ (712)

Financial Risk Management - Summary of Financial Liabilities into Maturity Groupings based on Contractual Maturities (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Non-derivatives
Trade payables	$ 93,043	$ 45,295
Liabilities to credit institutions	6,144	106,058
Lease liabilities	276,265	38,486
Total non-derivatives	375,452	299,437
Bank overdraft facility		1,197
Shareholder loans		108,401
Derivatives
Interest rate swaps—net settled		290
Total derivatives		290
Carrying Amount
Non-derivatives
Trade payables	93,043	45,295
Liabilities to credit institutions	5,987	95,990
Lease liabilities	143,219	30,144
Total non-derivatives	242,249	278,744
Bank overdraft facility		1,197
Shareholder loans		106,118
Derivatives
Interest rate swaps—net settled		189
Total derivatives		189
Less than 3 Months
Non-derivatives
Trade payables	93,043	45,295
Liabilities to credit institutions	1,240	3,802
Lease liabilities	4,275	1,917
Total non-derivatives	98,558	52,211
Bank overdraft facility		1,197
Shareholder loans		0
Derivatives
Interest rate swaps—net settled		17
Total derivatives		17
Between 3 Months and 1 Year
Non-derivatives
Trade payables	0	0
Liabilities to credit institutions	4,904	5,553
Lease liabilities	12,826	5,751
Total non-derivatives	17,730	119,705
Bank overdraft facility		0
Shareholder loans		108,401
Derivatives
Interest rate swaps—net settled		51
Total derivatives		51
Between 1 and 2 Years
Non-derivatives
Trade payables	0	0
Liabilities to credit institutions	0	96,703
Lease liabilities	19,134	5,696
Total non-derivatives	19,134	102,399
Bank overdraft facility		0
Shareholder loans		0
Derivatives
Interest rate swaps—net settled		67
Total derivatives		67
Between 2 and 5 Years
Non-derivatives
Trade payables	0	0
Liabilities to credit institutions	0	0
Lease liabilities	39,702	12,693
Total non-derivatives	39,702	12,693
Bank overdraft facility		0
Shareholder loans		0
Derivatives
Interest rate swaps—net settled		146
Total derivatives		146
After 5 Years
Non-derivatives
Trade payables	0	0
Liabilities to credit institutions	0	0
Lease liabilities	200,327	12,429
Total non-derivatives	$ 200,327	12,429
Bank overdraft facility		0
Shareholder loans		0
Derivatives
Interest rate swaps—net settled		9
Total derivatives		$ 9

Significant Accounting Judgments Estimates and Assessments - Additional Information (Details) $ in Millions	12 Months Ended
	Dec. 31, 2021 USD ($) Contract
Significant Accounting Judgments Estimates And Assessments [Line Items]
Description of lease extension option	four new production plants, which commenced during 2021, extension options have been included in the lease term since the Group intends to make larger investments in the plants.
Embedded Leases
Significant Accounting Judgments Estimates And Assessments [Line Items]
Number of supplier contracts \| Contract	2
Lease liabilities \| $	$ 10
Two Existing Production Plants
Significant Accounting Judgments Estimates And Assessments [Line Items]
Period of lease term option to extend	40 years
Production Plants One
Significant Accounting Judgments Estimates And Assessments [Line Items]
Lease term for production plants	10 years
Production Plants Two
Significant Accounting Judgments Estimates And Assessments [Line Items]
Lease term for production plants	20 years
Production Plants Three
Significant Accounting Judgments Estimates And Assessments [Line Items]
Lease term for production plants	40 years

Segment Information - Additional Information (Details)	12 Months Ended
Segment Information - Additional Information (Details)	Dec. 31, 2021 USD ($) Segment Area	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)
Disclosure Of Operating Segments [Line Items]
Number of geographical areas \| Area	3
Number of operating segments \| Segment	3
Revenues	$ 643,190,000	$ 421,351,000	$ 204,047,000
Oatmilk
Disclosure Of Operating Segments [Line Items]
Percentage of revenues derived from customer	91.00%	90.00%	86.00%
Single External Customer
Disclosure Of Operating Segments [Line Items]
Percentage of revenues derived from customer		10.00%
Revenues		$ 0
Single External Customer \| Americas and Asia Segment
Disclosure Of Operating Segments [Line Items]
Percentage of revenues derived from customer	14.00%
Single External Customer \| EMEA Segment
Disclosure Of Operating Segments [Line Items]
Percentage of revenues derived from customer			10.00%

- Definition

The income arising in the course of an entity's ordinary activities. Income is increases in assets, or decreases in liabilities, that result in increases in equity, other than those relating to contributions from holders of equity claims.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 8
-IssueDate 2021-01-01
-Paragraph 28
-Subparagraph a
-URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=8&code=ifrs-tx-2021-en-r&anchor=para_28_a&doctype=Standard
-URIDate 2021-03-24

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 8
-IssueDate 2021-01-01
-Paragraph 23
-Subparagraph a
-URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=8&code=ifrs-tx-2021-en-r&anchor=para_23_a&doctype=Standard
-URIDate 2021-03-24

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 8
-IssueDate 2021-01-01
-Paragraph 32
-URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=8&code=ifrs-tx-2021-en-r&anchor=para_32&doctype=Standard
-URIDate 2021-03-24

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 8
-IssueDate 2021-01-01
-Paragraph 33
-Subparagraph a
-URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=8&code=ifrs-tx-2021-en-r&anchor=para_33_a&doctype=Standard
-URIDate 2021-03-24

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 8
-IssueDate 2021-01-01
-Paragraph 34
-URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=8&code=ifrs-tx-2021-en-r&anchor=para_34&doctype=Standard
-URIDate 2021-03-24

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Name IAS
-Number 1
-IssueDate 2021-01-01
-Paragraph 82
-Subparagraph a
-URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&num=1&code=ifrs-tx-2021-en-r&anchor=para_82_a&doctype=Standard
-URIDate 2021-03-24

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Name IAS
-Number 1
-IssueDate 2021-01-01
-Paragraph 103
-URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&num=1&code=ifrs-tx-2021-en-r&anchor=para_103&doctype=Standard
-URIDate 2021-03-24

Reference 8: http://www.xbrl.org/2003/role/exampleRef
-Name IAS
-Number 1
-IssueDate 2021-01-01
-Paragraph 102
-URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&num=1&code=ifrs-tx-2021-en-r&anchor=para_102&doctype=Standard
-URIDate 2021-03-24

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 5
-IssueDate 2021-01-01
-Paragraph 33
-Subparagraph b
-Clause i
-URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=5&code=ifrs-tx-2021-en-r&anchor=para_33_b_i&doctype=Standard
-URIDate 2021-03-24

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 12
-IssueDate 2021-01-01
-Paragraph B12
-Subparagraph b
-Clause v
-URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=12&code=ifrs-tx-2021-en-r&anchor=para_B12_b_v&doctype=Appendix&subtype=B
-URIDate 2021-03-24

Reference 11: http://www.xbrl.org/2003/role/exampleRef
-Name IFRS
-Number 12
-IssueDate 2021-01-01
-Paragraph B10
-Subparagraph b
-URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=12&code=ifrs-tx-2021-en-r&anchor=para_B10_b&doctype=Appendix&subtype=B
-URIDate 2021-03-24

+ Details

Segment Information - Summary of Revenue and EBITDA (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Disclosure Of Operating Segments [Line Items]
Revenue	$ 643,190	$ 421,351	$ 204,047
Adjusted EBITDA	(146,977)	(32,282)	(20,743)
Share-based compensation expense	(23,632)	(1,014)	(1,922)
Product recall expenses	(1,654)
Asset impairment charge	(4,970)
IPO preparation and transaction costs	(9,288)	(679)
EBITDA	(186,521)	(33,975)	(22,665)
Finance income	14,435	515	47
Finance expenses	(15,740)	(11,372)	(3,655)
Depreciation and Amortization	(27,222)	(13,118)	(8,094)
Loss before tax	(215,048)	(57,950)	(34,367)
Operating Segments \| EMEA
Disclosure Of Operating Segments [Line Items]
Revenue	425,912	302,899	160,967
Adjusted EBITDA	21,959	39,456	16,594
Share-based compensation expense	(3,780)
Product recall expenses	(1,654)
Asset impairment charge	(4,970)
EBITDA	11,555	39,456	16,594
Operating Segments \| Americas
Disclosure Of Operating Segments [Line Items]
Revenue	180,738	100,227	39,120
Adjusted EBITDA	(44,560)	(25,117)	(13,663)
Share-based compensation expense	(2,963)
EBITDA	(47,523)	(25,117)	(13,663)
Operating Segments \| Asia
Disclosure Of Operating Segments [Line Items]
Revenue	126,908	53,663	10,182
Adjusted EBITDA	(16,480)	(2,141)	(5,211)
Share-based compensation expense	(4,192)
EBITDA	(20,672)	(2,141)	(5,211)
Unallocated Amounts \| Corporate
Disclosure Of Operating Segments [Line Items]
Adjusted EBITDA	(107,896)	(44,480)	(18,463)
Share-based compensation expense	(12,697)	(1,014)	(1,922)
IPO preparation and transaction costs	(9,288)	(679)
EBITDA	(129,881)	(46,173)	(20,386)
Eliminations
Disclosure Of Operating Segments [Line Items]
Revenue	(90,368)	(35,438)	(6,222)
Revenue from External Customers
Disclosure Of Operating Segments [Line Items]
Revenue	643,190	421,351	204,047
Revenue from External Customers \| Operating Segments \| EMEA
Disclosure Of Operating Segments [Line Items]
Revenue	336,452	267,691	154,746
Revenue from External Customers \| Operating Segments \| Americas
Disclosure Of Operating Segments [Line Items]
Revenue	179,830	99,997	39,120
Revenue from External Customers \| Operating Segments \| Asia
Disclosure Of Operating Segments [Line Items]
Revenue	126,908	53,663	10,182
Intersegment Revenue \| Operating Segments \| EMEA
Disclosure Of Operating Segments [Line Items]
Revenue	89,460	35,208	6,222
Intersegment Revenue \| Operating Segments \| Americas
Disclosure Of Operating Segments [Line Items]
Revenue	908	230
Intersegment Revenue \| Eliminations
Disclosure Of Operating Segments [Line Items]
Revenue	$ (90,368)	$ (35,438)	$ (6,222)

Segment Information - Summary of Revenue and EBITDA (Parenthetical) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021 USD ($)
Disclosure Of Operating Segments [Line Items]
Asset impairment charge	$ 4,970
Property Plant And Equipment And Right Of Use Assets
Disclosure Of Operating Segments [Line Items]
Asset impairment charge	5,000
Property, Plant and Equipment
Disclosure Of Operating Segments [Line Items]
Asset impairment charge	4,300
Right-of-Use Assets
Disclosure Of Operating Segments [Line Items]
Asset impairment charge	$ 700

Segment Information - Summary of Non-current Assets by Country (Details) - Property Plant And Equipment And Right Of Use Assets - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Disclosure Of Operating Segments [Line Items]
Non-current assets	$ 668,096	$ 275,728
Sweden
Disclosure Of Operating Segments [Line Items]
Non-current assets	122,488	98,285
US
Disclosure Of Operating Segments [Line Items]
Non-current assets	262,538	142,563
UK
Disclosure Of Operating Segments [Line Items]
Non-current assets	119,973	106
China
Disclosure Of Operating Segments [Line Items]
Non-current assets	101,082	800
Singapore
Disclosure Of Operating Segments [Line Items]
Non-current assets	36,182	8,780
Other
Disclosure Of Operating Segments [Line Items]
Non-current assets	$ 25,833	$ 25,194

Segment Information - Summary of Revenue from External Customers (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Disclosure Of Operating Segments [Line Items]
Revenue from external customers	$ 643,190	$ 421,351	$ 204,047
Retail
Disclosure Of Operating Segments [Line Items]
Revenue from external customers	387,939	297,973	153,035
Foodservice
Disclosure Of Operating Segments [Line Items]
Revenue from external customers	223,125	108,317	42,850
Other
Disclosure Of Operating Segments [Line Items]
Revenue from external customers	32,126	15,061	8,162
Sweden
Disclosure Of Operating Segments [Line Items]
Revenue from external customers	57,937	56,587	47,290
UK
Disclosure Of Operating Segments [Line Items]
Revenue from external customers	177,180	99,988	39,123
US
Disclosure Of Operating Segments [Line Items]
Revenue from external customers	120,278	92,805	47,347
Finland
Disclosure Of Operating Segments [Line Items]
Revenue from external customers	27,420	25,818	21,505
China
Disclosure Of Operating Segments [Line Items]
Revenue from external customers	111,830	47,452	9,274
Germany
Disclosure Of Operating Segments [Line Items]
Revenue from external customers	70,699	51,673	17,322
Other
Disclosure Of Operating Segments [Line Items]
Revenue from external customers	53,799	30,011	13,061
The Netherlands
Disclosure Of Operating Segments [Line Items]
Revenue from external customers	$ 24,047	$ 17,017	$ 9,125

Depreciation Amortization and Impairment by Per Function - Summary of Depreciation and Amortization (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Disclosure Of Depreciation Amortization And Impairment [Line Items]
Total depreciation/amortization/impairment by function	$ (32,192)	$ (13,118)	$ (8,094)
Property, plant and equipment
Disclosure Of Depreciation Amortization And Impairment [Line Items]
Total depreciation/amortization/impairment by function	(20,177)	(6,337)	(3,919)
Right-of-use assets
Disclosure Of Depreciation Amortization And Impairment [Line Items]
Total depreciation/amortization/impairment by function	(9,815)	(5,821)	(4,103)
Intangible assets
Disclosure Of Depreciation Amortization And Impairment [Line Items]
Total depreciation/amortization/impairment by function	(2,200)	(960)	(72)
Cost of Goods Sold
Disclosure Of Depreciation Amortization And Impairment [Line Items]
Total depreciation/amortization/impairment by function	(22,231)	(9,445)	(6,641)
Cost of Goods Sold \| Property, plant and equipment
Disclosure Of Depreciation Amortization And Impairment [Line Items]
Total depreciation/amortization/impairment by function	(16,337)	(6,131)	(3,775)
Cost of Goods Sold \| Right-of-use assets
Disclosure Of Depreciation Amortization And Impairment [Line Items]
Total depreciation/amortization/impairment by function	(5,894)	(3,314)	(2,866)
Research and Development Expenses
Disclosure Of Depreciation Amortization And Impairment [Line Items]
Total depreciation/amortization/impairment by function	(429)	(36)	(22)
Research and Development Expenses \| Property, plant and equipment
Disclosure Of Depreciation Amortization And Impairment [Line Items]
Total depreciation/amortization/impairment by function	(294)	(17)	(9)
Research and Development Expenses \| Right-of-use assets
Disclosure Of Depreciation Amortization And Impairment [Line Items]
Total depreciation/amortization/impairment by function	(58)	(7)	(7)
Research and Development Expenses \| Intangible assets
Disclosure Of Depreciation Amortization And Impairment [Line Items]
Total depreciation/amortization/impairment by function	(77)	(12)	(6)
Selling, General and Administrative Expenses
Disclosure Of Depreciation Amortization And Impairment [Line Items]
Total depreciation/amortization/impairment by function	(9,532)	(3,637)	(1,431)
Selling, General and Administrative Expenses \| Property, plant and equipment
Disclosure Of Depreciation Amortization And Impairment [Line Items]
Total depreciation/amortization/impairment by function	(3,546)	(189)	(135)
Selling, General and Administrative Expenses \| Right-of-use assets
Disclosure Of Depreciation Amortization And Impairment [Line Items]
Total depreciation/amortization/impairment by function	(3,863)	(2,500)	(1,230)
Selling, General and Administrative Expenses \| Intangible assets
Disclosure Of Depreciation Amortization And Impairment [Line Items]
Total depreciation/amortization/impairment by function	$ (2,123)	$ (948)	$ (66)

Depreciation Amortization and Impairment by Per Function - Summary of Depreciation and Amortization (Parenthetical) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021 USD ($)
Disclosure Of Depreciation Amortization And Impairment [Line Items]
Asset impairment charge	$ 4,970
Cost of Sales
Disclosure Of Depreciation Amortization And Impairment [Line Items]
Asset impairment charge	1,500
Selling, General and Administrative Expenses
Disclosure Of Depreciation Amortization And Impairment [Line Items]
Asset impairment charge	$ 3,500

Employee and Personnel Costs - Summary of Employee Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Disclosure Of Employee Benefits [Abstract]
Salaries and other remuneration	$ (109,847)	$ (62,769)	$ (30,365)
Social security costs	(19,158)	(11,376)	(6,853)
Share-based payments	(23,632)	(1,014)	(546)
Pension costs—defined contribution plans	(8,390)	(4,543)	(2,782)
Total employee benefits	(161,027)	(79,702)	(40,546)
Short-term employee benefits	(6,459)	(4,660)	(2,530)
Post-employment benefits	(766)	(652)	(367)
Share-based payments	(13,921)	(1,014)
Social security contributions	(2,521)	(1,331)	(1,275)
Total	$ (23,666)	$ (7,657)	$ (4,172)

Employee and Personnel Costs - Additional Information (Details)	Dec. 31, 2021 Member
Disclosure Of Employee Benefits [Abstract]
Number of members of management	13

Employee and Personnel Costs - Summary of Employee Benefits Expenses by Function (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Employee Benefits Expenses By Function [Line Items]
Employee benefits expenses by function	$ (161,027)	$ (79,702)	$ (40,546)
Cost of Goods Sold
Employee Benefits Expenses By Function [Line Items]
Employee benefits expenses by function	(35,959)	(23,133)	(11,382)
Research and Development Expenses
Employee Benefits Expenses By Function [Line Items]
Employee benefits expenses by function	(10,336)	(4,145)	(2,762)
Selling, General and Administrative Expenses
Employee Benefits Expenses By Function [Line Items]
Employee benefits expenses by function	$ (114,732)	$ (52,424)	$ (26,402)

Share-based payments - Additional Information (Details)	1 Months Ended		12 Months Ended
Share-based payments - Additional Information (Details)	Nov. 30, 2021	May 31, 2021	Dec. 31, 2021 SEK (kr) shares kr / shares	Dec. 31, 2020 SEK (kr)	Dec. 31, 2021 USD ($) shares $ / shares
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Exercise term				10 years
Percentage of impact of increasing share price			10.00%	10.00%
Percentage of impact of decreasing share price			10.00%	10.00%
Percentage of impact of increasing expected volatility			2.00%	2.00%
Percentage of impact of decreasing expected volatility			2.00%	2.00%
Impact of increasing expected term			6 months	6 months
Impact of decreasing expected term			6 months	6 months
Grant date fair value, Granted \| kr				kr 115.9
Restricted Stock Units \| May 2021
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Number of warrants, granted			1,257,127
Grant date fair value, Granted \| $					$ 17.00
Restricted Stock Units \| November 2021
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Number of warrants, granted			575,650
Grant date fair value, Granted \| $					$ 9.92
Employee Stock Options
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Options expired			0
Awards vesting description			One-third of the employee stock options vests each anniversary after grant, and the expiration date is five years from the relevant vesting date
Expected dividend yield \| kr			kr 0
Percentage of impact of increasing share price	10.00%	10.00%
Percentage of impact of decreasing share price	10.00%	10.00%
Percentage of impact of increasing expected volatility	2.00%	2.00%
Percentage of impact of decreasing expected volatility	2.00%	2.00%
Impact of increasing expected term	6 months	6 months
Impact of decreasing expected term	6 months	6 months
Employee Stock Options \| May 2021
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Number of share options granted			6,867,649
Employee stock options					6,823,531
Exercise price \| $ / shares					$ 17
Fair value \| $					$ 6,240
Employee Stock Options \| November 2021
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Number of share options granted			134,781
Employee stock options					134,781
Exercise price \| $ / shares					$ 9.92
Fair value \| $					$ 3,670
Employees \| Restricted Stock Units
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Number of share options granted			1,791,602
Exercise term			three years
Employees \| Employee Stock Options
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Number of share options granted			7,002,430
Exercise term			five years after vesting, corresponding to a total term of six, seven and eight years for the respective installment
Board of Directors \| Restricted Stock Units
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Number of share options granted			41,175
Exercise term			one year
Board of Directors \| Employee Stock Options
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Number of share options granted			5,750,002
Exercise term			five years after vesting, corresponding to a total term of six, seven and eight years for the respective installment
LTI 2021
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Par value per share \| kr / shares			kr 0.0015
LTI 2021 \| Top of Range
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Par value per share \| kr / shares			kr 0.0015
Number of share options granted			69,496,515
Number of warrants, granted			69,496,515
Share capital					102,957.80

Share-based payments - Summary of RSUs (Details)	12 Months Ended
Share-based payments - Summary of RSUs (Details)	Dec. 31, 2021 USD ($) shares	Dec. 31, 2020 SEK (kr)
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Grant date fair value, Granted \| kr		kr 115.9
Restricted Stock Units
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Number of instruments, Forfeited	(131,770)
Number of instruments, Ending balance	1,701,007
Restricted Stock Units \| Granted May
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Grant date fair value, Granted \| $	$ 17.00
Number of warrants, granted	1,257,127
Restricted Stock Units \| Granted November
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Grant date fair value, Granted \| $	$ 9.92
Number of warrants, granted	575,650

Share-based payments - Summary of Employee Stock Options Granted (Details) - Employee Stock Options	12 Months Ended
	Dec. 31, 2021 shares $ / shares
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Weighted average exercise price, Forfeited \| $ / shares	$ 17.00
Weighted average exercise price, Ending balance \| $ / shares	$ 16.86
Number of employee stock options, Forfeited \| shares	(44,118)
Number of employee stock options, Ending balance \| shares	6,958,312
Granted May
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Weighted average exercise price, Granted \| $ / shares	$ 17.00
Number of share options granted \| shares	6,867,649
Granted November
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Weighted average exercise price, Granted \| $ / shares	$ 9.92
Number of share options granted \| shares	134,781

Share-based payments - Summary of Employee Stock Options (Details) - Employee Stock Options	12 Months Ended
	Dec. 31, 2021 yr $ / shares
May 2021
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Exercise price ($) \| $ / shares	$ 17
Share price at grant date \| $ / shares	$ 17
Expected price volatility of the Company's shares (%)	33.00%
May 2021 \| Bottom of Range
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Expected term (years) \| yr	6
Risk-free interest rate (%)	1.09%
May 2021 \| Top of Range
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Expected term (years) \| yr	8
Risk-free interest rate (%)	1.44%
November 2021
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Exercise price ($) \| $ / shares	$ 9.92
Share price at grant date \| $ / shares	$ 9.92
Expected price volatility of the Company's shares (%)	33.00%
November 2021 \| Bottom of Range
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Expected term (years) \| yr	6
Risk-free interest rate (%)	1.34%
November 2021 \| Top of Range
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Expected term (years) \| yr	8
Risk-free interest rate (%)	1.48%

Share-based payments - Summary of Changes on Fair Value Per Employee Stock Option Granted (Details) - kr / shares	1 Months Ended		12 Months Ended
	Nov. 30, 2021	May 31, 2021	Dec. 31, 2020
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Share price decrease 10%			kr (51.40)
Share price increase 10%			66.90
Volatility decrease 2%			(7.70)
Volatility increase 2%			7.70
Expected life decrease 6 months			(43.60)
Expected life increase 6 months			kr 31.00
Employee Stock Options
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Share price decrease 10%	kr (0.68)	kr (1.16)
Share price increase 10%	0.73	1.23
Volatility decrease 2%	(0.18)	(0.31)
Volatility increase 2%	0.18	0.31
Expected life decrease 6 months	(0.14)	(0.26)
Expected life increase 6 months	kr 0.14	kr 0.26

Share-based payments - Summary of Changes on Fair Value Per Employee Stock Option Granted (Parenthetical) (Details)	1 Months Ended		12 Months Ended
	Nov. 30, 2021	May 31, 2021	Dec. 31, 2021	Dec. 31, 2020
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Percentage of impact of increasing share price			10.00%	10.00%
Percentage of impact of decreasing share price			10.00%	10.00%
Percentage of impact of increasing expected volatility			2.00%	2.00%
Percentage of impact of decreasing expected volatility			2.00%	2.00%
Impact of increasing expected term			6 months	6 months
Impact of decreasing expected term			6 months	6 months
Employee Stock Options
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Percentage of impact of increasing share price	10.00%	10.00%
Percentage of impact of decreasing share price	10.00%	10.00%
Percentage of impact of increasing expected volatility	2.00%	2.00%
Percentage of impact of decreasing expected volatility	2.00%	2.00%
Impact of increasing expected term	6 months	6 months
Impact of decreasing expected term	6 months	6 months

Share-based payments - Summary of Warrants Granted (Details) - Warrants	12 Months Ended
	Dec. 31, 2021 shares kr / shares	Dec. 31, 2020 shares kr / shares
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Average exercise price per share, Beginning balance \| kr / shares	kr 8.16	kr 5.65
Average exercise price per share, Granted during the year \| kr / shares		39.77
Average exercise price per share, Redeemed during the year \| kr / shares		5.27
Average exercise price per share Exercised during the period \| kr / shares	8.16
Average exercise price per share, Forfeited during the period \| kr / shares	kr 7.68
Average exercise price per share, Ending balance \| kr / shares		kr 8.16
Number of instruments, Beginning balance \| shares	1,476,197	1,492,864
Number of warrants, granted \| shares		107,000
Number of warrants, Redeemed during the year \| shares		(123,667)
Number of warrants, Exercised during the period \| shares	(1,456,197)
Number of warrants, Forfeited during the period \| shares	(20,000)
Number of instruments, Ending balance \| shares		1,476,197

Share-based payments - Summary of Warrants Granted (Parenthetical) (Details) - shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Warrants
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Number of ordinary share per warrant	27	27

Share-based payments - Summary of Model Inputs for Warrants Granted (Details)	12 Months Ended
	Dec. 31, 2020 kr / shares
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Abstract]
Weighted average exercise price per share	kr 39.77
Grant date	July 2020
Exercise term	10 years
Weighted average expected term	9 months 18 days
Weighted average share price at grant date	kr 39.77
Expected price volatility of the Company’s shares	30.00%
Expected dividend yield	0.00%
Risk-free interest rate	0.00%

Share-based payments - Summary of Changes on Fair Value Per Warrant Granted (Details)	12 Months Ended
	Dec. 31, 2020 kr / shares
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Abstract]
Share price decrease 10%	kr (51.40)
Share price increase 10%	66.90
Volatility decrease 2%	(7.70)
Volatility increase 2%	7.70
Expected life decrease 6 months	(43.60)
Expected life increase 6 months	kr 31.00

Share-based payments - Summary of Changes on Fair Value Per Warrant Granted (Parenthetical) (Details)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Abstract]
Percentage of impact of increasing share price	10.00%	10.00%
Percentage of impact of decreasing share price	10.00%	10.00%
Percentage of impact of increasing expected volatility	2.00%	2.00%
Percentage of impact of decreasing expected volatility	2.00%	2.00%
Impact of increasing expected term	6 months	6 months
Impact of decreasing expected term	6 months	6 months

Share-based payments - Summary of Expenses Arising from Share-based Payment Transactions (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Expenses arising from share-based payment transactions	$ (23,632)	$ (1,014)	$ (1,922)
Total expenses arising from share-based payment transactions	(25,213)	(1,333)	(2,525)
Restricted Stock Units \| LTI 2021
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Expenses arising from share-based payment transactions	(7,489)
Employee Stock Options \| LTI 2021
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Expenses arising from share-based payment transactions	(16,143)
Warrants
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Expenses arising from share-based payment transactions		(1,014)	(1,921)
Social Security Costs
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Expenses arising from share-based payment transactions	$ (1,581)	$ (319)	$ (604)

Finance income and expenses - Summary of Finance Income and Expenses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Disclosure Of Detailed Information About Finance Income And Expense [Abstract]
Interest income	$ 1,774	$ 119	$ 47
Net foreign exchange difference	12,661	396	(1,046)
Total finance income	14,435	515	47
Interest expenses—loan from credit institutions	(8,623)	(5,627)	(1,515)
Interest expenses—lease liabilities	(5,026)	(1,462)	(1,216)
Interest expenses—shareholder loans	(5,256)	(7,343)
Fair value changes contingent consideration			(112)
Fair value changes derivatives	(16)	976	34
Fair value changes short-term investments	(222)
Other financial expenses	(518)	(478)	(35)
Borrowing costs capitalized	3,921	2,562	235
Net foreign exchange difference			(1,046)
Total finance expenses	$ (15,740)	$ (11,372)	$ (3,655)

Finance income and expenses - Additional Information (Details)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Analysis Of Income And Expense [Abstract]
Capitalization rate of borrowing costs	3.82%	6.78%

Net exchange-rate differences - Summary of Net exchange-rate differences (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Net Exchange Rate Differences [Abstract]
Other operating income and expense, net	$ 662	$ (1,792)	$ 332
Net foreign exchange difference	12,661	396	(1,046)
Exchange-rate differences—net	$ 13,323	$ (1,396)	$ (714)

Income tax - Major Components of Income Tax Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Current tax:
Current income tax benefit/(expense)	$ 1,887	$ (1,442)	$ (672)
Adjustments in respect of income tax of previous years	(120)	(141)	(137)
Total current tax	1,767	(1,583)	(809)
Deferred tax:
Relating to origination and reversal of temporary differences	888	(828)	(449)
Total deferred tax	888	(828)	(449)
Income tax benefit/(expense) reported in the consolidated statement of operations	$ 2,655	$ (2,411)	$ (1,258)

- Definition

The aggregate amount included in the determination of profit (loss) for the period in respect of current tax and deferred tax. [Refer: Current tax expense (income); Deferred tax expense (income)]

+ References + Details

Income tax - Additional Information (Details) - USD ($)	12 Months Ended
Income tax - Additional Information (Details) - USD ($)	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits [Line Items]
Deferred income tax asset		$ 0
Accumulated loss carry-forwards	$ 484,200,000	152,500,000
Unused tax losses for which no deferred tax asset recognized	345,300,000	136,800,000
Hypothetical deferred tax impact of unused tax losses for which no deferred tax asset recognised	71,100,000	28,200,000	$ 10,400,000
Foreign Jurisdictions Tax Losses
Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits [Line Items]
Unused tax losses for which no deferred tax asset recognized	12,400,000	8,700,000
Unused Tax Losses
Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits [Line Items]
Tax losses for which deferred tax asset recognized	126,500,000	$ 6,100,000
Subsidiaries
Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits [Line Items]
Deferred income tax asset	$ 0
Sweden
Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits [Line Items]
Income tax rate	20.60%	21.40%	21.40%	22.00%

Income tax - Summary of Reconciliation of Tax Expense and Accounting Loss (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits [Line Items]
Adjustments in respect of income tax of previous years	$ 120	$ 141	$ 137
Income tax benefit/(expense) reported in the consolidated statement of operations	2,655	(2,411)	(1,258)
Sweden
Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits [Line Items]
Accounting loss before tax	(215,048)	(57,950)	(34,367)
At Sweden’s corporate income tax rate of 20.6% (21.4%)	44,300	12,401	7,355
Effect of tax rates in foreign jurisdictions	(835)	(1,229)	(65)
Non-deductible costs	(2,712)	(3,141)	(777)
Adjustments in respect of income tax of previous years	(120)	(141)	(137)
Change in unrecognized deferred taxes	(38,915)	(10,373)	(7,381)
Tax effect of changes in tax rates	(13)	(439)	(252)
Other	950	511	(1)
Income tax benefit/(expense) reported in the consolidated statement of operations	$ 2,655	$ (2,411)	$ (1,258)

Income tax - Summary of Reconciliation of Tax Expense and Accounting Loss (Parenthetical) (Details)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Sweden
Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits [Line Items]
Income tax rate	20.60%	21.40%	21.40%	22.00%

Income tax - Summary of Deferred Tax Relates (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits [Line Items]
Net deferred tax liabilities	$ (384)	$ (1,281)
Deferred tax assets	2,293	26
Deferred tax liabilities	(2,677)	(1,307)
Deferred tax liabilities, net	(384)	(1,281)
Property, plant and equipment
Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits [Line Items]
Deferred tax liabilities	(36,642)	(4,131)
Leases
Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits [Line Items]
Deferred tax assets	930	184
Accrued Expenses
Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits [Line Items]
Deferred tax assets	1,280	731
Share Based Compensation
Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits [Line Items]
Deferred tax assets	282
Other
Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits [Line Items]
Deferred tax assets	4,090	157
Unused Tax Losses
Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits [Line Items]
Deferred tax assets	27,792	1,303
Deferred Tax Credits
Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits [Line Items]
Deferred tax assets	1,822	353
Loss Allowances for Financial Assets
Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits [Line Items]
Deferred tax assets	$ 62	$ 122

Income tax - Summary of Reconciliation of Net Deferred Tax (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Reconciliation Of Changes In Deferred Tax Liability Asset [Abstract]
Beginning Balance	$ (1,281)	$ (454)
Relating to origination and reversal of temporary differences	888	(828)	$ (449)
Exchange differences	9	1
Ending Balance	$ (384)	$ (1,281)	$ (454)

Income tax - Summary of Deferred Tax Assets Not Been Recognized (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Disclosure Of Deferred Tax Assets Have Not Been Recognized [Line Items]
Total unrecognized deferred tax assets	$ 74,217	$ 33,565
Loss Allowance for Trade Receivables
Disclosure Of Deferred Tax Assets Have Not Been Recognized [Line Items]
Total unrecognized deferred tax assets	49	577
Accrued Expenses
Disclosure Of Deferred Tax Assets Have Not Been Recognized [Line Items]
Total unrecognized deferred tax assets	64	1,754
Tax Losses Carried Forward
Disclosure Of Deferred Tax Assets Have Not Been Recognized [Line Items]
Total unrecognized deferred tax assets	71,124	29,877
Net Interest Expense Carried Forward
Disclosure Of Deferred Tax Assets Have Not Been Recognized [Line Items]
Total unrecognized deferred tax assets	2,262	1,168
Other
Disclosure Of Deferred Tax Assets Have Not Been Recognized [Line Items]
Total unrecognized deferred tax assets	$ 718	$ 189

Income tax - Summary of Tax Loss Carry-forwards (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2020 USD ($)
Major Components Of Tax Expense Income [Abstract]
Tax loss carry-forwards, Unlimited	$ 484,225
Tax loss carry-forwards	$ 484,225

Investments in Subsidiaries - Summary of Principal Subsidiaries (Details)	12 Months Ended
	Dec. 31, 2021
Cereal Base CEBA AB \| Direct Ownership
Disclosure Of Significant Investments In Subsidiaries [Line Items]
Name	Cereal Base CEBA AB
Country/place of registration and operations	Sweden
Principal activities	Holding
Proportion of voting rights and shares held (directly or indirectly) (%)	100.00%
Oatly AB \| Indirect Ownership
Disclosure Of Significant Investments In Subsidiaries [Line Items]
Name	Oatly AB
Country/place of registration and operations	Sweden
Principal activities	Selling and production
Proportion of voting rights and shares held (directly or indirectly) (%)	100.00%
Oatly Sweden Operations & Supply AB \| Indirect Ownership
Disclosure Of Significant Investments In Subsidiaries [Line Items]
Name	Oatly Sweden Operations & Supply AB
Country/place of registration and operations	Sweden
Principal activities	Production
Proportion of voting rights and shares held (directly or indirectly) (%)	100.00%
Oatly UK Ltd \| Indirect Ownership
Disclosure Of Significant Investments In Subsidiaries [Line Items]
Name	Oatly UK Ltd.
Country/place of registration and operations	United Kingdom
Principal activities	Selling
Proportion of voting rights and shares held (directly or indirectly) (%)	100.00%
Oatly UK Operations & Supply Ltd \| Indirect Ownership
Disclosure Of Significant Investments In Subsidiaries [Line Items]
Name	Oatly UK Operations & Supply Ltd.
Country/place of registration and operations	United Kingdom
Principal activities	Production
Proportion of voting rights and shares held (directly or indirectly) (%)	100.00%
Oatly Germany GmbH \| Indirect Ownership
Disclosure Of Significant Investments In Subsidiaries [Line Items]
Name	Oatly Germany GmbH
Country/place of registration and operations	Germany
Principal activities	Selling
Proportion of voting rights and shares held (directly or indirectly) (%)	100.00%
Oatly Norway AS \| Indirect Ownership
Disclosure Of Significant Investments In Subsidiaries [Line Items]
Name	Oatly Norway AS
Country/place of registration and operations	Norway
Principal activities	Selling
Proportion of voting rights and shares held (directly or indirectly) (%)	100.00%
Oy Oatly AB \| Indirect Ownership
Disclosure Of Significant Investments In Subsidiaries [Line Items]
Name	Oy Oatly AB
Country/place of registration and operations	Finland
Principal activities	Selling
Proportion of voting rights and shares held (directly or indirectly) (%)	100.00%
Oatly Netherlands BV \| Indirect Ownership
Disclosure Of Significant Investments In Subsidiaries [Line Items]
Name	Oatly Netherlands BV
Country/place of registration and operations	Netherlands
Principal activities	Selling
Proportion of voting rights and shares held (directly or indirectly) (%)	100.00%
Oatly Netherlands Operation & Supply BV \| Indirect Ownership
Disclosure Of Significant Investments In Subsidiaries [Line Items]
Name	Oatly Netherlands Operation & Supply BV
Country/place of registration and operations	Netherlands
Principal activities	Production
Proportion of voting rights and shares held (directly or indirectly) (%)	100.00%
Oatly EMEA AB \| Indirect Ownership
Disclosure Of Significant Investments In Subsidiaries [Line Items]
Name	Oatly EMEA AB
Country/place of registration and operations	Sweden
Principal activities	Selling
Proportion of voting rights and shares held (directly or indirectly) (%)	100.00%
Oatly Inc \| Indirect Ownership
Disclosure Of Significant Investments In Subsidiaries [Line Items]
Name	Oatly Inc.
Country/place of registration and operations	United States
Principal activities	Selling
Proportion of voting rights and shares held (directly or indirectly) (%)	100.00%
Oatly US Inc \| Indirect Ownership
Disclosure Of Significant Investments In Subsidiaries [Line Items]
Name	Oatly US Inc.
Country/place of registration and operations	United States
Principal activities	Selling
Proportion of voting rights and shares held (directly or indirectly) (%)	100.00%
Oatly US Operations & Supply Inc \| Indirect Ownership
Disclosure Of Significant Investments In Subsidiaries [Line Items]
Name	Oatly US Operations & Supply Inc.
Country/place of registration and operations	United States
Principal activities	Production
Proportion of voting rights and shares held (directly or indirectly) (%)	100.00%
Havrekärnan AB \| Indirect Ownership
Disclosure Of Significant Investments In Subsidiaries [Line Items]
Name	Havrekärnan AB
Country/place of registration and operations	Sweden
Principal activities	Production
Proportion of voting rights and shares held (directly or indirectly) (%)	100.00%
Oatly Singapore Operations & Supply Pte Ltd \| Indirect Ownership
Disclosure Of Significant Investments In Subsidiaries [Line Items]
Name	Oatly Singapore Operations & Supply Pte Ltd.
Country/place of registration and operations	Singapore
Principal activities	Production
Proportion of voting rights and shares held (directly or indirectly) (%)	100.00%
Oatly Hong Kong Holding Ltd \| Indirect Ownership
Disclosure Of Significant Investments In Subsidiaries [Line Items]
Name	Oatly Hong Kong Holding Ltd.
Country/place of registration and operations	Hong Kong, China
Principal activities	Selling
Proportion of voting rights and shares held (directly or indirectly) (%)	100.00%
Oatly Shanghai Co. Ltd.
Disclosure Of Significant Investments In Subsidiaries [Line Items]
Name	Oatly Shanghai Co. Ltd.
Country/place of registration and operations	China
Principal activities	Selling
Proportion of voting rights and shares held (directly or indirectly) (%)	100.00%
Oatly Food Co Ltd \| Indirect Ownership
Disclosure Of Significant Investments In Subsidiaries [Line Items]
Name	Oatly Food Co. Ltd.
Country/place of registration and operations	China
Principal activities	Production
Proportion of voting rights and shares held (directly or indirectly) (%)	100.00%
Oatly Thousands of Island Co Ltd \| Indirect Ownership
Disclosure Of Significant Investments In Subsidiaries [Line Items]
Name	Oatly Thousands of Island Co Ltd.
Country/place of registration and operations	China
Principal activities	Production
Proportion of voting rights and shares held (directly or indirectly) (%)	100.00%

Intangible Assets - Summary of Intangible Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Disclosure Of Intangible Assets [Line Items]
Beginning balance	$ 156,463
Ending balance	145,925	$ 156,463
Carrying Amount
Disclosure Of Intangible Assets [Line Items]
Beginning balance	157,680	130,632
Additions	7,124	8,469
Scrapped	(410)
Exchange differences	(15,268)	18,579
Ending balance	149,126	157,680
Accumulated Depreciation and Amortization
Disclosure Of Intangible Assets [Line Items]
Beginning balance	(1,217)	(153)
Amortization charge	(2,200)	(960)
Exchange differences	216	(104)
Ending balance	(3,201)	(1,217)
Goodwill
Disclosure Of Intangible Assets [Line Items]
Beginning balance	143,826
Ending balance	130,364	143,826
Goodwill \| Carrying Amount
Disclosure Of Intangible Assets [Line Items]
Beginning balance	143,826	126,624
Exchange differences	(13,462)	17,202
Ending balance	130,364	143,826
Capitalized Software
Disclosure Of Intangible Assets [Line Items]
Beginning balance	2,291
Ending balance	9,361	2,291
Capitalized Software \| Carrying Amount
Disclosure Of Intangible Assets [Line Items]
Beginning balance	2,786
Additions	2,860
Scrapped	(245)
Reclassification	6,553	2,463
Exchange differences	(787)	323
Ending balance	11,167	2,786
Capitalized Software \| Accumulated Depreciation and Amortization
Disclosure Of Intangible Assets [Line Items]
Beginning balance	(495)
Amortization charge	(1,420)	(454)
Exchange differences	109	(41)
Ending balance	(1,806)	(495)
Other Intangible Assets
Disclosure Of Intangible Assets [Line Items]
Beginning balance	2,503
Ending balance	3,125	2,503
Other Intangible Assets \| Carrying Amount
Disclosure Of Intangible Assets [Line Items]
Beginning balance	3,225	1,108
Additions	1,667	1,777
Exchange differences	(372)	340
Ending balance	4,520	3,225
Other Intangible Assets \| Accumulated Depreciation and Amortization
Disclosure Of Intangible Assets [Line Items]
Beginning balance	(722)	(153)
Amortization charge	(780)	(506)
Exchange differences	107	(63)
Ending balance	(1,395)	(722)
Ongoing Development Costs
Disclosure Of Intangible Assets [Line Items]
Beginning balance	7,843
Ending balance	3,075	7,843
Ongoing Development Costs \| Carrying Amount
Disclosure Of Intangible Assets [Line Items]
Beginning balance	7,843	2,900
Additions	2,597	6,692
Scrapped	(165)
Reclassification	(6,553)	(2,463)
Exchange differences	(647)	714
Ending balance	$ 3,075	$ 7,843

Intangible Assets - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2019
Disclosure Of Intangible Assets [Abstract]
Contingent consideration paid		$ 7.6
Explanation of period over which management has projected cash flows	five-year

Intangible Assets - Summary of Key Assumptions (Details)	Dec. 31, 2021	Dec. 31, 2020
Disclosure Of Information For Individual Asset Or Cashgenerating Unit With Significant Amount Of Goodwill Or Intangible Assets With Indefinite Useful Lives [Abstract]
Long-term growth rate (%)	2.00%	2.00%
Pre-tax discount rate (%)	12.60%	12.80%

Property, Plant and Equipment - Summary of Property, Plant and Equipment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Disclosure Of Property Plant And Equipment [Line Items]
Beginning balance	$ 237,625
Ending balance	509,648	$ 237,625
Carrying Amount
Disclosure Of Property Plant And Equipment [Line Items]
Beginning balance	260,743	105,345
Additions	304,880	144,412
Disposals	(21)	(1,528)
Reclassifications	(485)
Exchange differences	(14,304)	12,514
Ending balance	550,813	260,743
Accumulated Depreciation, Amortization and Impairment
Disclosure Of Property Plant And Equipment [Line Items]
Beginning balance	(23,118)	(14,845)
Depreciation charge	(15,850)	(6,337)
Disposals	3	352
Impairment	(4,327)
Exchange differences	2,127	(2,288)
Ending balance	(41,165)	(23,118)
Land and Buildings
Disclosure Of Property Plant And Equipment [Line Items]
Beginning balance	33,224
Ending balance	109,533	33,224
Land and Buildings \| Carrying Amount
Disclosure Of Property Plant And Equipment [Line Items]
Beginning balance	38,994	32,685
Additions	23,590	294
Reclassifications	57,744	3,395
Exchange differences	(2,905)	2,620
Ending balance	117,423	38,994
Land and Buildings \| Accumulated Depreciation, Amortization and Impairment
Disclosure Of Property Plant And Equipment [Line Items]
Beginning balance	(5,770)	(3,862)
Depreciation charge	(2,687)	(1,305)
Reclassifications		10
Exchange differences	567	(613)
Ending balance	(7,890)	(5,770)
Plant and Machinery
Disclosure Of Property Plant And Equipment [Line Items]
Beginning balance	40,414
Ending balance	169,224	40,414
Plant and Machinery \| Carrying Amount
Disclosure Of Property Plant And Equipment [Line Items]
Beginning balance	57,762	49,911
Additions	69,341	1,915
Disposals	(21)	(477)
Reclassifications	76,591	2,218
Exchange differences	(4,668)	4,195
Ending balance	199,005	57,762
Plant and Machinery \| Accumulated Depreciation, Amortization and Impairment
Disclosure Of Property Plant And Equipment [Line Items]
Beginning balance	(17,348)	(10,983)
Depreciation charge	(13,163)	(5,032)
Disposals	3	352
Impairment	(833)
Reclassifications		(10)
Exchange differences	1,560	(1,675)
Ending balance	(29,781)	(17,348)
Construction in Progress
Disclosure Of Property Plant And Equipment [Line Items]
Beginning balance	163,987
Ending balance	230,891	163,987
Construction in Progress \| Carrying Amount
Disclosure Of Property Plant And Equipment [Line Items]
Beginning balance	163,987	22,749
Additions	211,949	142,203
Disposals		(1,051)
Reclassifications	(134,820)	(5,613)
Exchange differences	(6,731)	5,699
Ending balance	234,385	$ 163,987
Construction in Progress \| Accumulated Depreciation, Amortization and Impairment
Disclosure Of Property Plant And Equipment [Line Items]
Impairment	(3,494)
Ending balance	$ (3,494)

Property, plant and equipment - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Disclosure Of Property Plant And Equipment [Abstract]
Depreciation expense	$ 15.9	$ 6.3	$ 3.9

Leases - Additional Information (Details) $ in Thousands	12 Months Ended
Leases - Additional Information (Details) $ in Thousands	Dec. 31, 2021 USD ($) LeaseAgreement ExtensionOption	Dec. 31, 2020 USD ($)
Disclosure Of Leases [Line Items]
Right-of-use assets	$ 158,448	$ 38,103
Number of lease agreements \| LeaseAgreement	5
Cash outflow for leases	$ 16,500	9,800
Lease obligations	$ 143,219	$ 30,144
Ogden and Utah
Disclosure Of Leases [Line Items]
Lease term	20 years
Current lease term extension date	December 31, 2038
Extended lease term extension date	December 31, 2061
Right-of-use assets	$ 4,700
Ogden and Utah \| Building One
Disclosure Of Leases [Line Items]
Lease commencement date	June 2021
Ogden and Utah \| Building Two
Disclosure Of Leases [Line Items]
Lease term	40 years
Lease commencement date	December 31, 2022
Lease obligations	$ 27,900
Fort Worth, Texas
Disclosure Of Leases [Line Items]
Lease term	20 years
Lease commencement date	March 2021
Number of extension options \| ExtensionOption	2
Lease extension option period	5 years
Ma’anshan
Disclosure Of Leases [Line Items]
Lease term	10 years
Lease commencement date	January 2021
Lease extension option period	5 years
Singapore
Disclosure Of Leases [Line Items]
Lease term	10 years
Lease commencement date	May 2021
Peterborough, United Kingdom
Disclosure Of Leases [Line Items]
Lease term	40 years
Lease commencement date	September 2021
Number of extension options \| ExtensionOption	2
Lease extension option period	10 years
China (Asia III)
Disclosure Of Leases [Line Items]
Lease term	50 years
Lease commencement date	October 2021
Properties \| Bottom of Range
Disclosure Of Leases [Line Items]
Lease term	1 year
Properties \| Top of Range
Disclosure Of Leases [Line Items]
Lease term	10 years
Production Equipment
Disclosure Of Leases [Line Items]
Shorter lease term period	12 months
Production Equipment \| Ma’anshan
Disclosure Of Leases [Line Items]
Lease term	6 years
Lease obligations	$ 8,000
Production Equipment \| Bottom of Range
Disclosure Of Leases [Line Items]
Lease term	1 year
Production Equipment \| Top of Range
Disclosure Of Leases [Line Items]
Lease term	5 years
R&D Premises \| Lund, Sweden
Disclosure Of Leases [Line Items]
Lease term	15 years
Lease commencement date	September 1, 2023
Lease obligations	$ 13,800

Leases - Summary of Consolidated Statement of Financial Position Amounts Relating to Leases (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Right Of Use Assets [Line Items]
Right-of-use assets	$ 158,448	$ 38,103
Lease liabilities
Non-current	126,516	23,883
Current	16,703	6,261
Total	143,219	30,144
Land and Buildings
Right Of Use Assets [Line Items]
Right-of-use assets	127,773	23,153
Plant and Machinery
Right Of Use Assets [Line Items]
Right-of-use assets	$ 30,675	$ 14,950

Leases - Summary of Changes in Right of Use Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Disclosure Of Quantitative Information About Rightofuse Assets [Line Items]
Beginning balance	$ 38,103
Ending balance	158,448	$ 38,103
Accumulated Depreciation
Disclosure Of Quantitative Information About Rightofuse Assets [Line Items]
Beginning balance	(12,266)	(6,204)
Depreciation	(12,489)	(6,130)
Decreases	4,108	1,229
Exchange differences	1,015	(1,161)
Ending balance	(19,632)	(12,266)
Cost
Disclosure Of Quantitative Information About Rightofuse Assets [Line Items]
Beginning balance	50,369	35,727
Increases	135,123	12,764
Decreases	(4,490)	(1,805)
Reclassifications	485
Exchange differences	(3,407)	3,683
Ending balance	178,080	50,369
Land and Buildings
Disclosure Of Quantitative Information About Rightofuse Assets [Line Items]
Beginning balance	23,153
Ending balance	127,773	23,153
Land and Buildings \| Accumulated Depreciation
Disclosure Of Quantitative Information About Rightofuse Assets [Line Items]
Beginning balance	(4,673)	(1,732)
Depreciation	(7,507)	(3,149)
Decreases	933	497
Exchange differences	217	(289)
Ending balance	(11,030)	(4,673)
Land and Buildings \| Cost
Disclosure Of Quantitative Information About Rightofuse Assets [Line Items]
Beginning balance	27,826	16,553
Increases	113,597	10,588
Decreases	(934)	(507)
Exchange differences	(1,686)	1,192
Ending balance	138,803	27,826
Plant and Machinery
Disclosure Of Quantitative Information About Rightofuse Assets [Line Items]
Beginning balance	14,950
Ending balance	30,675	14,950
Plant and Machinery \| Accumulated Depreciation
Disclosure Of Quantitative Information About Rightofuse Assets [Line Items]
Beginning balance	(7,593)	(4,472)
Depreciation	(4,982)	(2,981)
Decreases	3,175	732
Exchange differences	798	(872)
Ending balance	(8,602)	(7,593)
Plant and Machinery \| Cost
Disclosure Of Quantitative Information About Rightofuse Assets [Line Items]
Beginning balance	22,543	19,174
Increases	21,526	2,176
Decreases	(3,556)	(1,298)
Reclassifications	485
Exchange differences	(1,721)	2,491
Ending balance	$ 39,277	$ 22,543

Leases - Summary of Changes in Right of Use Assets (Parenthetical) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021 USD ($)
Disclosure Of Quantitative Information About Rightofuse Assets [Line Items]
Asset impairment charge	$ 4,970
Property, plant and equipment [member]
Disclosure Of Quantitative Information About Rightofuse Assets [Line Items]
Asset impairment charge	4,300
Right-of-Use Assets
Disclosure Of Quantitative Information About Rightofuse Assets [Line Items]
Asset impairment charge	$ 700

Leases - Summary of Amounts Recognized in Statement of Operations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Disclosure Of Depreciation Charge Of Right Of Use Assets [Line Items]
Depreciation and impairment charge of right-of-use assets	$ (12,489)	$ (6,130)	$ (4,378)
Interest expenses—lease liabilities	(5,026)	(1,462)	(1,216)
Expense relating to short-term leases	(576)	(314)	(331)
Expense relating to leases of low-value assets that are not shown above as short-term leases	(1,605)	(1,984)	(1,593)
Land and Buildings
Disclosure Of Depreciation Charge Of Right Of Use Assets [Line Items]
Depreciation and impairment charge of right-of-use assets	(7,507)	(3,149)	(1,708)
Plant and Machinery
Disclosure Of Depreciation Charge Of Right Of Use Assets [Line Items]
Depreciation and impairment charge of right-of-use assets	$ (4,982)	$ (2,981)	$ (2,670)

Other Non-Current Receivables - Summary of Other Non-Current Receivables (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Noncurrent Receivables [Abstract]
Deposits	$ 941
Loans to employees		$ 5,064
Long term prepaid expenses	3,411
Other receivables	1,182	1,486
Total	$ 5,534	$ 6,550

Financial Instruments Per Category - Summary of Financial Instruments Per Category (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Assets in the consolidated statement of financial position
Other non-current receivables	$ 5,534	$ 6,550
Trade receivables	105,519	71,297
Other current receivables	32,229	12,363
Short-term investments	249,937
Cash and cash equivalents	295,572	105,364	$ 10,571	$ 20,734
Total Assets, Fair value through profit or loss	249,937	827
Total Assets, At amortized cost	413,607	185,180
Liabilities in the consolidated statement of financial position
Liabilities to credit institutions		91,655
Shareholder loans		106,118
Derivatives (part of other non-current liabilities)		189
Trade payables	93,043	45,295
Accrued expenses	117,473	59,954
Other non-current liabilities		233
Total Liabilities, Fair value through profit or loss		189
Total Liabilities, At amortized cost	185,017	284,747
Fair Value through Profit or Loss
Liabilities in the consolidated statement of financial position
Derivatives (part of other non-current liabilities)		189
At Amortized Cost
Liabilities in the consolidated statement of financial position
Liabilities to credit institutions	5,987	95,990
Shareholder loans		106,118
Bank overdraft facilities		1,197
Trade payables	93,043	45,295
Accrued expenses	85,987	36,147
Fair Value through Profit or Loss
Assets in the consolidated statement of financial position
Derivatives		827
Short-term investments	249,937
At Amortized Cost
Assets in the consolidated statement of financial position
Other non-current receivables	5,534	6,550
Trade receivables	105,519	71,297
Other current receivables	6,982	1,969
Cash and cash equivalents	$ 295,572	$ 105,364

Financial Instruments Per Category - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Disclosure Of Financial Instruments [Abstract]
Changes in fair value	$ 200,000
Transfers between levels	$ 0	$ 0

Financial Instruments Per Category - Summary of Financial Instruments Include Interest Rate Swaps, Present Value of Estimated Future Cash Flows (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Financial assets
Short-term investments	$ 249,937
Financial liabilities
Derivatives (part of other non-current liabilities)		$ 189
Level 2
Financial assets
Short-term investments	249,937
Derivatives		827
Total financial assets	$ 249,937	827
Financial liabilities
Derivatives (part of other non-current liabilities)		189
Total financial liabilities		$ 189

- Definition

The amount of assets that are: (a) cash; (b) an equity instrument of another entity; (c) a contractual right: (i) to receive cash or another financial asset from another entity; or (ii) to exchange financial assets or financial liabilities with another entity under conditions that are potentially favourable to the entity; or (d) a contract that will, or may be, settled in the entity’s own equity instruments and is: (i) a non-derivative for which the entity is, or may be, obliged to receive a variable number of the entity’s own equity instruments; or (ii) a derivative that will, or may be, settled other than by the exchange of a fixed amount of cash or another financial asset for a fixed number of the entity’s own equity instruments. For this purpose the entity’s own equity instruments do not include puttable financial instruments classified as equity instruments in accordance with paragraphs 16A-16B of IAS 32, instruments that impose on the entity an obligation to deliver to another party a pro rata share of the net assets of the entity only on liquidation and are classified as equity instruments in accordance with paragraphs 16C-16D of IAS 32, or instruments that are contracts for the future receipt or delivery of the entity’s own equity instruments. [Refer: Financial instruments, class [member]; Financial liabilities]

+ References + Details

- Definition

The amount of liabilities that are: (a) a contractual obligation: (i) to deliver cash or another financial asset to another entity; or (ii) to exchange financial assets or financial liabilities with another entity under conditions that are potentially unfavourable to the entity; or (b) a contract that will, or may be, settled in the entity’s own equity instruments and is: (i) a non-derivative for which the entity is, or may be, obliged to deliver a variable number of the entity’s own equity instruments; or (ii) a derivative that will, or may be, settled other than by the exchange of a fixed amount of cash or another financial asset for a fixed number of the entity’s own equity instruments. For this purpose, rights, options or warrants to acquire a fixed number of the entity’s own equity instruments for a fixed amount of any currency are equity instruments if the entity offers the rights, options or warrants pro rata to all of its existing owners of the same class of its own non-derivative equity instruments. Also, for those purposes the entity’s own equity instruments do not include puttable financial instruments that are classified as equity instruments in accordance with paragraphs 16A-16B of IAS 32, instruments that impose on the entity an obligation to deliver to another party a pro rata share of the net assets of the entity only on liquidation and are classified as equity instruments in accordance with paragraphs 16C-16D of IAS 32, or instruments that are contracts for the future receipt or delivery of the entity’s own equity instruments. As an exception, an instrument that meets the definition of a financial liability is classified as an equity instrument if it has all the features and meets the conditions in paragraphs 16A-16B or paragraphs 16C-16D of IAS 32. [Refer: Financial instruments, class [member]; Financial assets; Derivatives [member]]

+ References + Details

Inventories - Summary of Inventories (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Classes Of Inventories [Abstract]
Raw materials and consumables	$ 17,296	$ 7,056
Finished goods	78,365	30,875
Advances to suppliers		1,184
Total	$ 95,661	$ 39,115

Inventories - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Classes Of Inventories [Abstract]
Cost of inventories recognized as expense during period	$ 459.7	$ 251.2
Inventories, at net realizable value	$ 5.1	$ 2.0

Trade receivables - Summary of Trade Receivables (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Trade Receivables [Abstract]
Gross carrying amount	$ 106,402	$ 72,009
Allowance for expected credit losses	(883)	(712)	$ (2,557)
Trade receivables—net	$ 105,519	$ 71,297

Trade receivables - Summary of Carrying Amounts By Currency (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Current Trade Receivables [Line Items]
Carrying amounts, by currency	$ 105,519	$ 71,297
EUR
Current Trade Receivables [Line Items]
Carrying amounts, by currency	32,394	20,941
GBP
Current Trade Receivables [Line Items]
Carrying amounts, by currency	18,541	15,421
USD
Current Trade Receivables [Line Items]
Carrying amounts, by currency	24,877	13,830
CNY
Current Trade Receivables [Line Items]
Carrying amounts, by currency	20,871	14,048
SEK
Current Trade Receivables [Line Items]
Carrying amounts, by currency	3,979	5,184
Other
Current Trade Receivables [Line Items]
Carrying amounts, by currency	$ 4,857	$ 1,873

Other Current Receivables - Summary of Other Current Receivables (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Other Current Receivables [Abstract]
Derivatives		$ 827
Value added tax	$ 20,801	7,767
Advance payments to vendors	3,915	1,184
Other	7,513	2,585
Total	$ 32,229	$ 12,363

Prepaid Expenses - Summary of Prepaid Expenses (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Prepaid Expenses [Abstract]
Prepaid production and warehouse expenses	$ 309	$ 6,066
Prepaid selling and marketing expenses	5,215	299
IPO preparation costs		1,474
Prepaid insurance expenses	8,894	458
Prepaid financing expenses	3,537	777
Other	9,756	2,435
Total	$ 27,711	$ 11,509

Cash and Cash Equivalents - Summary of Cash and Cash Equivalents (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Cash And Cash Equivalents [Abstract]
Short-term deposits	$ 180,458
Cash at bank and on hand	115,114	$ 105,364
Total	$ 295,572	$ 105,364	$ 10,571	$ 20,734

Share Capital and other Contributed Capital - Additional Information (Details)					12 Months Ended
	May 20, 2021 USD ($) $ / shares shares	May 20, 2021 SEK (kr) shares	Mar. 22, 2021 USD ($) $ / shares	Mar. 22, 2021 SEK (kr)	Dec. 31, 2021 USD ($) $ / shares shares	Dec. 31, 2020 USD ($) $ / shares shares	Dec. 31, 2020 USD ($) kr / shares shares	Dec. 31, 2021 kr / shares	May 20, 2021 kr / shares shares	Mar. 22, 2021 kr / shares
Disclosure Of Classes Of Share Capital [Line Items]
Par value \| (per share)	$ 0.00018		$ 0.00017						kr 0.0015	kr 0.00148
Voting power description					The shares carry a voting power of one vote/share.
Bonus issue	$ 1,100	kr 8,900	$ 62,800	kr 535,200
Redemption of shares	58,000								58,000
Reduction of share capital through retirement of shares	$ 10.35	86.24
Exercise of warrants	7,100	59,000.0			$ 38,503,000
Increase (Decrease) through conversion of ordinary shares in to loan	$ 1,100	9,200
Number of shares issued	64,688,000								64,688,000
Increase (decrease) in equity	$ 11,700	kr 97,000.0
Other contributed capital \| $					1,628,103,000	$ 448,251,000	$ 448,251,000
Foreign currency translation reserve \| $					(74,486,000)	(2,525,000)	(2,525,000)
Accumulated deficit \| $					$ (308,423,000)	$ (119,661,000)	$ (119,661,000)
Ordinary Shares
Disclosure Of Classes Of Share Capital [Line Items]
Ordinary shares outstanding					591,777,000
Par value \| (per share)					$ 0.00018			kr 0.0015
Shares issued in exercise of warrants	39,317,000	39,317,000
Ordinary shares issued to convert loan	6,124,000	6,124,000
Number of A Shares
Disclosure Of Classes Of Share Capital [Line Items]
Share capital						433,502,145	433,502,145
Par value per share \| (per share)						$ 0	$ 0.00037
Number of B Shares
Disclosure Of Classes Of Share Capital [Line Items]
Share capital						46,797,804	46,797,804
Par value per share \| (per share)						$ 0	$ 0.00037
Number of G Shares
Disclosure Of Classes Of Share Capital [Line Items]
Share capital						1,405,944	1,405,944
Par value per share \| (per share)						$ 0	$ 0.00037

Liabilities to Credit Institutions - Summary of Liabilities to Credit Institutions (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Subclassifications Of Assets Liabilities And Equities [Abstract]
Non-current liabilities to credit institutions		$ 91,655
Current liabilities to credit institutions, consisting of the following:
—Liabilities to credit institutions	$ 5,987	4,335
—Overdraft facilities		1,197
Total	$ 5,987	$ 97,187

Liabilities to Credit Institutions - Additional Information (Details) kr in Millions, $ in Millions	Apr. 30, 2021 USD ($)	Apr. 30, 2021 SEK (kr)	Dec. 31, 2020 USD ($)
Liabilities To Credit Institutions [Line Items]
Trade receivables and inventories			$ 1.9
Real estate mortgages			11.2
Chattel mortgages			$ 24.4
SRCF Agreement \| Revolving Credit Facility
Liabilities To Credit Institutions [Line Items]
Sustainable multicurrency revolving credit facility	$ 397.8	kr 3,600
SRCF Agreement \| Accordion Option
Liabilities To Credit Institutions [Line Items]
Optional sustainable multicurrency revolving credit facility	$ 93.9	kr 850

Other non-current liabilities - Summary of Other Non-current Liabilities (Details) $ in Thousands	Dec. 31, 2020 USD ($)
Disclosure Of Other Non Current Liabilities [Abstract]
Derivatives (part of other non-current liabilities)	$ 189
Other non-current liabilities	44
Total	$ 233

Provisions - Summary of Changes in Provisions (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Disclosure Of Noncurrent Provisions [Line Items]
At January 1	$ 7,121
At December 31	11,033	$ 7,121
Asset Retirement Obligations
Disclosure Of Noncurrent Provisions [Line Items]
At January 1	7,121
Additions: included in the acquisition value of right-of-use assets	3,714	7,040
Unwinding of discount effect	165	81
Exchange differences	33
At December 31	$ 11,033	$ 7,121

Shareholder Loans - Additional Information (Details) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	May 31, 2021	Dec. 31, 2021	Dec. 31, 2020
Shareholder Loans [Line Items]
Shareholder loan			$ 87,828
Nominal interest rate of shareholder loans			15.00%
Effective interest rate of shareholder loans			10.00%
Shareholders value			$ 3,700
Effective interest rate of renegotiation of shareholder loan			8.00%
Renegotiation loss amount to shareholder loan			$ 300
Repayment of shareholder loans		$ 10,941
Subordinated Bridge Facilities Agreement
Shareholder Loans [Line Items]
Repayment of shareholder loans	$ 10,900
Repayment of shareholder loans in shares	6,124,004

Other Current Liabilities - Summary of Other Current Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Other Current Liabilities [Abstract]
Employee withholding taxes	$ 1,694	$ 1,238
Value added tax	7,267	2,949
Other	653	445
Total	$ 9,614	$ 4,632

Accrued Expenses - Summary of Accrued Expenses (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Accrued Expenses [Line Items]
Accrued expenses	$ 117,473	$ 59,954
Accrued Marketing and Sales Expenses
Accrued Expenses [Line Items]
Accrued expenses	19,992	9,545
Accrued Personnel Expenses
Accrued Expenses [Line Items]
Accrued expenses	31,487	24,157
Accrued Production Expenses
Accrued Expenses [Line Items]
Accrued expenses	30,904	4,576
Accrued Variable Consideration
Accrued Expenses [Line Items]
Accrued expenses	12,314	6,258
Other
Accrued Expenses [Line Items]
Accrued expenses	$ 22,776	$ 15,418

Related Party Disclosures - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Disclosure Of Transactions Between Related Parties [Line Items]
Amounts payable to related party		$ 106,118,000
China Resources Verlinvest Health Investment Limited
Disclosure Of Transactions Between Related Parties [Line Items]
Ownership interest percentage	45.90%	60.50%
Board of Directors
Disclosure Of Transactions Between Related Parties [Line Items]
Amount recognized for compensation	$ 600,000	$ 100,000
Non-Executive Director \| Consulting Agreement
Disclosure Of Transactions Between Related Parties [Line Items]
Amounts payable to related party	100,000
Amount paid to related party	0
Chef Sam \| Distribution Agreement
Disclosure Of Transactions Between Related Parties [Line Items]
Amount paid to related party	$ 300,000
Percentage of ownership interest in related party by member of board of director	57.00%
Members of Key Management, Other Employees and Entity Controlled By Related Parties
Disclosure Of Transactions Between Related Parties [Line Items]
Loans to related parties		$ 3,300,000

Changes in Liabilities Attributable to Financing Activities - Summary of Changes in Liabilities Attributable to Financing Activities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Disclosure Of Reconciliation Of Liabilities Arising From Financing Activities [Line Items]
Balance	$ 233,449	$ 102,593	$ 44,746
Cash flows	(115,131)	92,261	46,070
Non-cash flows:
Addition – leases	117,793	6,250	14,011
Foreign exchange adjustments	2,035	21,136	(2,328)
Other changes	15,168	11,209	94
Converted to shares	(104,108)
Balance	149,206	233,449	102,593
Liabilities to Credit Institutions
Disclosure Of Reconciliation Of Liabilities Arising From Financing Activities [Line Items]
Balance	97,187	73,727	25,278
Cash flows	(94,908)	10,477	50,061
Non-cash flows:
Foreign exchange adjustments	773	12,056	(1,706)
Other changes	2,935	927	94
Balance	5,987	97,187	73,727
Shareholder Loans
Disclosure Of Reconciliation Of Liabilities Arising From Financing Activities [Line Items]
Balance	106,118
Cash flows	(10,941)	87,828
Non-cash flows:
Foreign exchange adjustments	3,675	6,957
Other changes	5,256	11,333
Converted to shares	(104,108)
Balance		106,118
Leases
Disclosure Of Reconciliation Of Liabilities Arising From Financing Activities [Line Items]
Balance	30,144	28,866	19,468
Cash flows	(9,282)	(6,044)	(3,991)
Non-cash flows:
Addition – leases	117,793	6,250	14,011
Foreign exchange adjustments	(2,413)	2,123	(622)
Other changes	6,977	(1,051)
Balance	$ 143,219	$ 30,144	$ 28,866

Loss per Share - Summary of Weighted Average Number of Shares (Details) - shares shares in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Earnings Per Share [Abstract]
Weighted average number of shares	549,080	454,267	407,344

Loss per Share - Summary of Loss per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Earnings Per Share [Abstract]
Net loss	$ (212,393)	$ (60,361)	$ (35,625)
Weighted average number of shares	549,080	454,267	407,344
Basic and diluted	$ (0.39)	$ (0.13)	$ (0.09)

Loss per Share - Summary of Potential Dilutive Securities Not Included in Diluted Loss per Share Calculations (Details) - shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Restricted Stock Units
Earnings Per Share [Line Items]
Potentially dilutive securities not included in computation of diluted loss per share	1,701,007
Stock Options
Earnings Per Share [Line Items]
Potentially dilutive securities not included in computation of diluted loss per share	6,958,312
Warrants
Earnings Per Share [Line Items]
Potentially dilutive securities not included in computation of diluted loss per share		39,857,319	40,307,328

Commitments and Contingencies - Additional Information (Details) - Peterborough, UK - Production Equipment $ in Millions	12 Months Ended
	Dec. 31, 2021 USD ($) PurchaseAgreement
Commitments And Contingencies [Line Items]
Number of purchase agreements \| PurchaseAgreement	2
Purchase obligations \| $	$ 68.5

Events After the End of the Reporting Period - Additional Information (Details) - SRCF Agreement $ in Millions	Mar. 28, 2022 USD ($)
Bottom of Range
Disclosure Of Nonadjusting Events After Reporting Period [Line Items]
Minimum raised capital amount	$ 400
Top of Range
Disclosure Of Nonadjusting Events After Reporting Period [Line Items]
Total net leverage ratio	1.00%