otly-6k_20220504.htm

 

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 6-K

 

REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16
OF THE SECURITIES EXCHANGE ACT OF 1934

For the month of May, 2022

Commission File Number: 001-40401

 

Oatly Group AB

(Translation of registrant’s name into English)

 

Jagaregatan 4

211 19 Malmö

Sweden

(Address of principal executive office)

 

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F      Form 40-F  

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):

Yes      No  

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):

Yes      No  

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Oatly Group AB

 

Interim condensed consolidated financial statements

For the three months ended March 31, 2022

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

Table of contents

 

PART I – FINANCIAL INFORMATION

 

Item 1. Financial Statements

1

Interim condensed consolidated statement of operations

1

Interim condensed consolidated statement of comprehensive loss

2

Interim condensed consolidated statement of financial position

3

Interim condensed consolidated statement of changes in equity

4

Interim condensed consolidated statement of cash flows

5

Notes to the interim condensed consolidated financial statements

6

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

17

Item 3. Quantitative and Qualitative Disclosures About Market Risk

27

PART II – OTHER INFORMATION

 

Item 1. Legal Proceedings

28

Item 1A. Risk Factors

28

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

28

Item 3. Defaults Upon Senior Securities

28

Item 4. Mine Safety Disclosures

28

Item 5. Other Information

28

Signatures

29

 

 


 

 

Part I – FINANCIAL INFORMATION

Item 1. Financial Statements

Interim condensed consolidated statement of operations

 

(Unaudited)

 

 

 

 

 

Three months ended March 31,

 

(in thousands of U.S. dollars, except share and per share data)

 

Note

 

 

2022

 

 

2021

 

Revenue

 

 

5

 

 

 

166,186

 

 

 

140,052

 

Cost of goods sold

 

 

 

 

 

 

(150,338

)

 

 

(98,118

)

Gross profit

 

 

 

 

 

 

15,848

 

 

 

41,934

 

Research and development expenses

 

 

 

 

 

 

(4,264

)

 

 

(3,092

)

Selling, general and administrative expenses

 

 

 

 

 

 

(104,073

)

 

 

(66,807

)

Other operating income and (expenses), net

 

 

 

 

 

 

332

 

 

 

(550

)

Operating loss

 

 

 

 

 

 

(92,157

)

 

 

(28,515

)

Finance income and (expenses), net

 

 

7

 

 

 

3,577

 

 

 

(1,920

)

Loss before tax

 

 

 

 

 

 

(88,580

)

 

 

(30,435

)

Income tax benefit/(expense)

 

 

8

 

 

 

1,121

 

 

 

(1,948

)

Loss for the period attributable to shareholders of the parent

 

 

 

 

 

 

(87,459

)

 

 

(32,383

)

Loss per share, attributable to shareholders of the parent:

 

 

 

 

 

 

 

 

 

 

 

 

Basic and diluted

 

 

21

 

 

 

(0.15

)

 

 

(0.07

)

Weighted average common shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

Basic and diluted

 

 

21

 

 

 

591,777,001

 

 

 

480,299,949

 

 

 

The accompanying notes are an integral part of these interim condensed consolidated financial statements.

1


 

Interim condensed consolidated statement of comprehensive loss

 

 

(Unaudited)

 

Three months ended March 31,

 

(in thousands of U.S. dollars)

 

2022

 

 

2021

 

Loss for the period

 

 

(87,459

)

 

 

(32,383

)

Other comprehensive loss:

 

 

 

 

 

 

 

 

Items that may be subsequently reclassified to consolidated

   statement of operations (net of tax):

 

 

 

 

 

 

 

 

Exchange differences from translation of foreign operations

 

 

(22,954

)

 

 

(10,351

)

Total other comprehensive loss for the period

 

 

(22,954

)

 

 

(10,351

)

Total comprehensive loss for the period

 

 

(110,413

)

 

 

(42,734

)

 

Loss for the period and total comprehensive loss are, in their entirety, attributable to shareholders of the parent.

The accompanying notes are an integral part of these interim condensed consolidated financial statements.

2


 

Interim condensed consolidated statement of financial position

 

 

 

Note

 

 

March 31, 2022

 

 

December 31, 2021

 

(in thousands of U.S. dollars)

 

 

 

 

 

(Unaudited)

 

 

 

 

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

Non-current assets

 

 

 

 

 

 

 

 

 

 

 

 

Intangible assets

 

 

9

 

 

 

142,244

 

 

 

145,925

 

Property, plant and equipment

 

 

10

 

 

 

547,131

 

 

 

509,648

 

Right-of-use assets

 

 

11

 

 

 

165,724

 

 

 

158,448

 

Other non-current receivables

 

 

 

 

 

 

5,526

 

 

 

5,534

 

Deferred tax assets

 

 

8

 

 

 

2,469

 

 

 

2,293

 

Total non-current assets

 

 

 

 

 

 

863,094

 

 

 

821,848

 

Current assets

 

 

 

 

 

 

 

 

 

 

 

 

Inventories

 

 

13

 

 

 

98,933

 

 

 

95,661

 

Trade receivables

 

 

14

 

 

 

98,864

 

 

 

105,519

 

Current tax assets

 

 

 

 

 

 

569

 

 

 

435

 

Other current receivables

 

 

 

 

 

 

35,227

 

 

 

32,229

 

Prepaid expenses

 

 

 

 

 

 

21,317

 

 

 

27,711

 

Short-term investments

 

 

15

 

 

 

192,233

 

 

 

249,937

 

Cash and cash equivalents

 

 

16

 

 

 

219,045

 

 

 

295,572

 

Total current assets

 

 

 

 

 

 

666,188

 

 

 

807,064

 

TOTAL ASSETS

 

 

 

 

 

 

1,529,282

 

 

 

1,628,912

 

EQUITY AND LIABILITIES

 

 

 

 

 

 

 

 

 

 

 

 

Equity

 

 

17

 

 

 

 

 

 

 

 

 

Share capital

 

 

 

 

 

 

105

 

 

 

105

 

Other contributed capital

 

 

 

 

 

 

1,628,103

 

 

 

1,628,103

 

Foreign currency translation reserve

 

 

 

 

 

 

(97,440

)

 

 

(74,486

)

Accumulated deficit

 

 

 

 

 

 

(385,845

)

 

 

(308,423

)

Total equity attributable to shareholders of the parent

 

 

 

 

 

 

1,144,923

 

 

 

1,245,299

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

Non-current liabilities

 

 

 

 

 

 

 

 

 

 

 

 

Lease liabilities

 

 

11

 

 

 

128,662

 

 

 

126,516

 

Deferred tax liabilities

 

 

8

 

 

 

2,610

 

 

 

2,677

 

Provisions

 

 

19

 

 

 

12,977

 

 

 

11,033

 

Total non-current liabilities

 

 

 

 

 

 

144,249

 

 

 

140,226

 

Current liabilities

 

 

 

 

 

 

 

 

 

 

 

 

Lease liabilities

 

 

11

 

 

 

20,751

 

 

 

16,703

 

Liabilities to credit institutions

 

 

18

 

 

 

5,312

 

 

 

5,987

 

Trade payables

 

 

 

 

 

 

75,621

 

 

 

93,043

 

Current tax liabilities

 

 

 

 

 

 

742

 

 

 

567

 

Other current liabilities

 

 

 

 

 

 

14,392

 

 

 

9,614

 

Accrued expenses

 

 

20

 

 

 

123,292

 

 

 

117,473

 

Total current liabilities

 

 

 

 

 

 

240,110

 

 

 

243,387

 

Total liabilities

 

 

 

 

 

 

384,359

 

 

 

383,613

 

TOTAL EQUITY AND LIABILITIES

 

 

 

 

 

 

1,529,282

 

 

 

1,628,912

 

 

The accompanying notes are an integral part of these interim condensed consolidated financial statements.

3


 

Interim condensed consolidated statement of changes in equity

 

 

 

 

 

 

Attributable to shareholders of the parent

 

(Unaudited)

(in thousands of U.S. dollars)

 

Note

 

Share capital

 

 

Other contributed capital

 

 

Foreign currency translation reserve

 

 

Accumulated deficit

 

 

Total equity

 

Balance at December 31, 2021

 

6, 17

 

 

105

 

 

 

1,628,103

 

 

 

(74,486

)

 

 

(308,423

)

 

 

1,245,299

 

Loss for the period

 

 

 

 

 

 

 

 

 

 

 

 

 

(87,459

)

 

 

(87,459

)

Other comprehensive loss

 

 

 

 

 

 

 

 

 

 

(22,954

)

 

 

 

 

 

(22,954

)

Total comprehensive loss for the period

 

 

 

 

 

 

 

 

 

 

(22,954

)

 

 

(87,459

)

 

 

(110,413

)

Share-based payments

 

 

 

 

 

 

 

 

 

 

 

 

 

10,037

 

 

 

10,037

 

Balance at March 31, 2022

 

 

 

 

105

 

 

 

1,628,103

 

 

 

(97,440

)

 

 

(385,845

)

 

 

1,144,923

 

 

 

 

 

 

 

Attributable to shareholders of the parent

 

 

 

Note

 

Share capital

 

 

Other contributed capital

 

 

Foreign currency translation reserve

 

 

Accumulated deficit

 

 

Total equity

 

Balance at December 31, 2020

 

6, 17

 

 

21

 

 

 

448,251

 

 

 

(2,525

)

 

 

(119,661

)

 

 

326,086

 

Loss for the period

 

 

 

 

 

 

 

 

 

 

 

 

 

(32,383

)

 

 

(32,383

)

Other comprehensive loss

 

 

 

 

 

 

 

 

 

 

(10,351

)

 

 

 

 

 

(10,351

)

Total comprehensive loss for the period

 

 

 

 

 

 

 

 

 

 

(10,351

)

 

 

(32,383

)

 

 

(42,734

)

Bonus issue

 

 

 

 

63

 

 

 

(63

)

 

 

 

 

 

 

 

 

 

Balance at March 31, 2021

 

 

 

 

84

 

 

 

448,188

 

 

 

(12,876

)

 

 

(152,044

)

 

 

283,352

 

 

The accompanying notes are an integral part of these interim condensed consolidated financial statements.

4


 

Interim condensed consolidated statement of cash flows

 

 

(Unaudited)

 

 

 

For the three months ended March 31,

 

(in thousands of U.S. dollars)

 

Note

 

2022

 

 

2021

 

Operating activities

 

 

 

 

 

 

 

 

 

 

Net loss

 

 

 

 

(87,459

)

 

 

(32,383

)

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

 

9,10,11

 

 

10,731

 

 

 

3,822

 

—Impairment (gain)/loss on trade receivables

 

14

 

 

(207

)

 

 

3

 

—Share-based payments expense

 

6

 

 

10,037

 

 

 

 

—Finance income and expenses, net

 

7

 

 

(3,577

)

 

 

1,920

 

—Income tax (benefit)/expense

 

8

 

 

(1,121

)

 

 

1,948

 

—Other

 

 

 

 

8

 

 

 

 

Interest received

 

 

 

 

668

 

 

 

82

 

Interest paid

 

 

 

 

(3,067

)

 

 

(2,261

)

Income tax paid

 

 

 

 

(476

)

 

 

(1,072

)

Changes in working capital:

 

 

 

 

 

 

 

 

 

 

—Increase in inventories

 

 

 

 

(4,247

)

 

 

(6,250

)

—Decrease/(increase) in trade receivables, other current receivables, prepaid expenses

 

 

 

 

8,903

 

 

 

(12,158

)

—Increase in trade payables, other current liabilities, accrued expenses

 

 

 

 

869

 

 

 

17,149

 

Net cash flows used in operating activities

 

 

 

 

(68,938

)

 

 

(29,200

)

Investing activities

 

 

 

 

 

 

 

 

 

 

Purchase of intangible assets

 

9

 

 

(1,435

)

 

 

(3,351

)

Purchase of property, plant and equipment

 

10

 

 

(53,278

)

 

 

(45,521

)

Investments in financial instruments

 

 

 

 

 

 

 

(78

)

Proceeds from short-term investments

 

15

 

 

53,266

 

 

 

 

Net cash flows used in investing activities

 

 

 

 

(1,447

)

 

 

(48,950

)

Financing activities

 

 

 

 

 

 

 

 

 

 

Proceeds from liabilities to credit institutions

 

18

 

 

 

 

 

67,890

 

Repayment of liabilities to credit institutions

 

18

 

 

(528

)

 

 

(1,847

)

Repayment of lease liabilities

 

11

 

 

(3,637

)

 

 

(3,641

)

Cash flows used in/from financing activities

 

 

 

 

(4,165

)

 

 

62,402

 

Net decrease in cash and cash equivalents

 

 

 

 

(74,550

)

 

 

(15,749

)

Cash and cash equivalents at the beginning of the period

 

 

 

 

295,572

 

 

 

105,364

 

Exchange rate differences in cash and cash equivalents

 

 

 

 

(1,977

)

 

 

(1,011

)

Cash and cash equivalents at the end of the period

 

16

 

 

219,045

 

 

 

88,605

 

 

The accompanying notes are an integral part of these interim condensed consolidated financial statements.

 

 

5


 

Notes to the interim condensed consolidated financial statements

(in thousands of U.S. dollars unless otherwise stated)

Note 1. Corporate information

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.

Note 2. Summary of significant accounting policies

Basis of preparation

The interim condensed consolidated financial statements of Oatly Group AB for the three months ended March 31, 2022 and 2021 have been prepared in accordance with IAS 34 Interim Financial Reporting. The Group has prepared the financial statements on the basis that it will continue to operate as a going concern, and there is reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future, and not less than 12 months from the end of the reporting period. The accounting policies adopted are consistent with those of the previous financial year and corresponding interim reporting period.  

The interim financial information reflects all normal recurring adjustments that are, in the opinion of management, necessary to fairly present the information set forth herein. The interim condensed consolidated financial statements should be read in conjunction with the Group’s consolidated financial statements for the year ended December 31, 2021, as they do not include all the information and disclosures required in the annual consolidated financial statements. Interim results are not necessarily indicative of the results for a full year. The interim condensed consolidated financial statements are presented in thousands of U.S. dollars.

New and amended standards and interpretations issued but not yet adopted

There are no International Financial Reporting Standards (“IFRS”) or International Financial Reporting Standards Implementation Committee (“IFRS IC”) interpretations that are expected to have a material impact on the Group in the current or future reporting periods nor on foreseeable future transactions.

Note 3. Significant accounting judgments, estimates and assessments

In preparing these interim condensed consolidated financial statements, the significant judgments made by management in applying the Group’s accounting policies and the key sources of estimation and uncertainty were the same as those applied to the consolidated financial statements for the year ended December 31, 2021.

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectation of future events.

Note 4. Seasonality

To date, the Group has not experienced any pronounced seasonality, but such fluctuations may have been masked by the Group’s rapid growth and impacted by COVID-19 consumption dynamics. As the Group continues to grow, the Group expects to see additional seasonality effects, especially within the food retail channel, with revenue contribution from this channel tending to be linked with holiday season periods.

Note 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 Europe, the Middle East, Africa and Australia (“EMEA”), Americas and Asia; thus, three geographical areas are considered to be the Group’s three reportable segments.

6


Notes to the interim condensed consolidated financial statements

(in thousands of U.S. dollars unless otherwise stated)

 

5.2 Revenue and EBITDA

 

 

Three months ended March 31, 2022

 

EMEA

 

 

Americas

 

 

Asia

 

 

Corporate*

 

 

Eliminations**

 

 

Total all

segments

 

Revenue

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue from external customers

 

 

90,483

 

 

 

47,017

 

 

 

28,686

 

 

 

 

 

 

 

 

 

166,186

 

Intersegment revenue

 

 

15,046

 

 

 

572

 

 

 

 

 

 

 

 

 

(15,618

)

 

 

 

Total segment revenue

 

 

105,529

 

 

 

47,589

 

 

 

28,686

 

 

 

 

 

 

(15,618

)

 

 

166,186

 

Adjusted EBITDA

 

 

(5,856

)

 

 

(22,013

)

 

 

(14,967

)

 

 

(28,553

)

 

 

 

 

 

(71,389

)

Share-based compensation expense

 

 

(1,584

)

 

 

(1,292

)

 

 

(1,949

)

 

 

(5,212

)

 

 

 

 

 

(10,037

)

EBITDA

 

 

(7,440

)

 

 

(23,305

)

 

 

(16,916

)

 

 

(33,765

)

 

 

 

 

 

(81,426

)

Finance income and (expenses), net

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3,577

 

Depreciation and amortization

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(10,731

)

Loss before income tax

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(88,580

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three months ended March 31, 2021

 

EMEA

 

 

Americas

 

 

Asia

 

 

Corporate*

 

 

Eliminations**

 

 

Total all

segments

 

Revenue

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue from external customers

 

 

81,647

 

 

 

33,528

 

 

 

24,877

 

 

 

 

 

 

 

 

 

140,052

 

Intersegment revenue

 

 

12,901

 

 

 

37

 

 

 

 

 

 

 

 

 

(12,938

)

 

 

 

Total segment revenue

 

 

94,548

 

 

 

33,565

 

 

 

24,877

 

 

 

 

 

 

(12,938

)

 

 

140,052

 

Adjusted EBITDA

 

 

8,498

 

 

 

(15,593

)

 

 

1,615

 

 

 

(16,990

)

 

 

 

 

 

(22,470

)

Share-based compensation expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

IPO preparation and transaction costs

 

 

 

 

 

 

 

 

 

 

 

(2,223

)

 

 

 

 

 

(2,223

)

EBITDA

 

 

8,498

 

 

 

(15,593

)

 

 

1,615

 

 

 

(19,213

)

 

 

 

 

 

(24,693

)

Finance income and (expenses), net

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1,920

)

Depreciation and amortization

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(3,822

)

Loss before income tax

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(30,435

)

 

 

*

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

**

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

5.3 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.

 

 

 

Three months ended March 31,

 

 

 

2022

 

 

2021

 

US

 

 

46,626

 

 

 

33,114

 

UK

 

 

31,421

 

 

 

28,536

 

China

 

 

24,508

 

 

 

22,773

 

Germany

 

 

21,171

 

 

 

17,223

 

Sweden

 

 

13,421

 

 

 

15,113

 

The Netherlands

 

 

6,974

 

 

 

6,029

 

Finland

 

 

6,513

 

 

 

7,096

 

Other

 

 

15,552

 

 

 

10,168

 

Total

 

 

166,186

 

 

 

140,052

 

7


Notes to the interim condensed consolidated financial statements

(in thousands of U.S. dollars unless otherwise stated)

 

 

5.4 Revenue from external customers, broken down by channel

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

 

 

Three months ended March 31,

 

 

 

2022

 

 

2021

 

Retail

 

 

104,500

 

 

 

92,000

 

Foodservice

 

 

56,147

 

 

 

42,200

 

Other

 

 

5,539

 

 

 

5,852

 

Total

 

 

166,186

 

 

 

140,052

 

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

Revenues of approximately 14% in the three months ended March 31, 2022 and 2021 were derived from a single external customer in the foodservice channel. The revenues were attributed to the Americas and Asia segments.

Note 6. Share-based compensation

As of March 31, 2021, there were 1,476,197 warrants outstanding. The warrants gave the holder the right to subscribe to 27 ordinary shares for each warrant. All of these were either forfeited or exercised in May 2021.

During the year ended December 31, 2021, in connection with the initial public offering (“IPO”), the Company implemented a new incentive award program, the 2021 Incentive Award Plan (“2021 Plan”). The principal purpose of the 2021 Plan 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. 69,496,515 shares have been reserved for grants pursuant to a variety of share-based compensation awards, including, but not limited to, stock options and restricted stock units (“RSUs”). To secure the future delivery of the shares under the 2021 Plan the shareholders resolved to issue 69,496,515 warrants. The right to subscribe for the warrants shall only vest in the Company.

During the three months ended March 31, 2022, the Company, under the 2021 Plan, issued no new RSUs. The RSUs 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 under the 2021 plan vest in equal installments on each of the first three anniversaries of the 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:

 

 

 

Number of RSUs

 

 

Grant date fair value ($)

 

As of December 31, 2021

 

 

1,701,007

 

 

 

 

 

Granted during the period

 

 

 

 

 

 

 

Forfeited during the period related to May 2021 grant

 

 

(16,028

)

 

 

17.00

 

Forfeited during the period related to November 2021 grant

 

 

(11,040

)

 

 

9.92

 

As of March 31, 2022

 

 

1,673,939

 

 

 

 

 

 

During the three months ended March 31, 2022, the Company, under the 2021 Plan, issued no new stock options. The stock options are accounted for as equity-settled share-based payment transactions. For stock options granted under the 2021 Plan, 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 stock options granted to participants under the 2021 Plan vest in equal installments 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 instalment.

8


Notes to the interim condensed consolidated financial statements

(in thousands of U.S. dollars unless otherwise stated)

 

Activity in the Group’s stock options outstanding and related information is as follows:

 

 

 

Number of stock options

 

 

Weighted average exercise price ($)

 

As of December 31, 2021

 

 

6,958,312

 

 

 

16.86

 

Granted during the period

 

 

 

 

 

 

As of March 31, 2022

 

 

6,958,312

 

 

 

16.86

 

 

The fair value at grant date of the 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 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 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 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.

Share-based payments expense for the three months ended March 31, 2022 was $10.0 million (2021: – ).

Note 7. Finance income and expenses

 

 

Three months ended March 31,

 

 

 

2022

 

 

2021

 

Interest income

 

 

668

 

 

 

105

 

Net foreign exchange difference

 

 

6,946

 

 

 

3,293

 

Interest expenses—loan from credit institutions

 

 

(1,227

)

 

 

(2,067

)

Interest expenses—lease liabilities

 

 

(2,049

)

 

 

(716

)

Interest expenses— shareholder loans

 

 

 

 

 

(2,438

)

Fair value changes derivatives

 

 

616