0000950170-24-035039 | 20-F | XBRL Viewer

$ 151,698

$ 149,206

$ 233,449

375,524

35,919

(115,131)

Addition – leases

21,341

20,111

117,793

Assets held for sale (Note 34)

3,251

(8,821)

2,035

Converted to shares

(104,108)

(44,794)

Fair value changes (including interest expenses) recognized in the consolidated statement of operations

(74,078)

Change in fair value recognized in consolidated statement of other comprehensive loss

72,656

Remeasurement - leases

^[1]

(17,886)

329

15,168

Liabilities to Credit Institutions

532,835

151,698

149,206

Disclosure Of Reconciliation Of Liabilities Arising From Financing Activities [Line Items]

52,590

5,987

97,187

61,985

46,818

(94,908)

407

(292)

773

5,323

2,935

Disclosure Of Reconciliation Of Liabilities Arising From Financing Activities [Line Items]

120,305

52,590

5,987

Shareholder Loans

106,118

(10,941)

3,675

Converted to shares

(104,108)

Disclosure Of Reconciliation Of Liabilities Arising From Financing Activities [Line Items]

5,256

Leases

99,108

143,219

30,144

(11,411)

(10,899)

(9,282)

Addition – leases

21,341

20,111

117,793

Assets held for sale (Note 34)

2,844

(8,529)

(2,413)

(44,794)

Remeasurement - leases

^[1]

(17,886)

(4,994)

6,977

Disclosure Of Reconciliation Of Liabilities Arising From Financing Activities [Line Items]

89,002

$ 99,108

$ 143,219

Convertible Notes

324,950

Fair value changes (including interest expenses) recognized in the consolidated statement of operations

(74,078)

Change in fair value recognized in consolidated statement of other comprehensive loss

72,656

Disclosure of operating segments [abstract]

$ 323,528

[1]	Remeasurement related to change of lease term due to the decision to discontinue the construction of the new production facility in Peterborough, UK.

Loss per Share - Summary of Potential Dilutive Securities Not Included in Diluted Loss per Share Calculations (Details) - shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Restricted Stock Units
Earnings Per Share [Line Items]
Potentially dilutive securities not included in computation of diluted loss per share	8,415,816	8,147,594	1,701,007
Stock Options
Earnings Per Share [Line Items]
Potentially dilutive securities not included in computation of diluted loss per share	21,289,191	14,339,052	6,958,312
Convertible Notes
Earnings Per Share [Line Items]
Potentially dilutive securities not included in computation of diluted loss per share	400,616,344

Loss per Share - Summary of Loss per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Earnings per share [abstract]
Loss for the year, attributable to the shareholders of the parent	$ (416,874)	$ (392,567)	$ (212,393)
Weighted average number of shares, Basic (thousands)	593,600,863	592,031,935	549,080,310
Weighted average number of shares, Diluted (thousands)	593,600,863	592,031,935	549,080,310
Basic loss per share, U.S. $	$ (0.7)	$ (0.66)	$ (0.39)
Diluted loss per share, U.S. $	$ (0.7)	$ (0.66)	$ (0.39)

Segment information (Tables)

12 Months Ended

Dec. 31, 2023

Summary of Revenue Adjusted EBITDA and EBITDA


For the year ended December 31, 2023 (in thousands of U.S. dollars)	EMEA			Americas			Asia			Corporate*			Eliminations**			Total
Revenue
Revenue from external customers		402,168			250,264			130,916			—			—			783,348
Intersegment revenue		1,725			—			7,317			—			(9,042	)		—
Total segment revenue		403,893			250,264			138,233			—			(9,042	)		783,348
Adjusted EBITDA		42,951			(28,137	)		(64,595	)		(107,780	)		—			(157,561	)
Share-based compensation expense		(1,781	)		(3,531	)		(4,704	)		(11,430	)		—			(21,446	)
Restructuring costs(1)		(1,103	)		(3,062	)		(2,954	)		(7,641	)		—			(14,760	)
Asset impairment charges and other costs related to discontinued construction of production facilities(2)		(158,551	)		(43,009	)		—			—			—			(201,560	)
Costs related to the YYF Transaction(3)		—			(375	)		—			—			—			(375	)
Legal settlement(4)		—			—			—			(9,250	)		—			(9,250	)
Non-controlling interests		—			—			(186	)		—			—			(186	)
EBITDA		(118,484	)		(78,114	)		(72,439	)		(136,101	)		—			(405,138	)
Finance income		—			—			—			—			—			117,876
Finance expenses		—			—			—			—			—			(69,029	)
Depreciation and amortization		—			—			—			—			—			(51,874	)
Loss before tax		—			—			—			—			—			(408,165	)


For the year ended December 31, 2022 (in thousands of U.S. dollars)	EMEA			Americas			Asia			Corporate*			Eliminations**			Total
Revenue
Revenue from external customers		345,509			223,880			152,849			—			—			722,238
Intersegment revenue		34,940			820			3,659			—			(39,419	)		—
Total segment revenue		380,449			224,700			156,508			—			(39,419	)		722,238
Adjusted EBITDA		(10,298	)		(62,837	)		(75,183	)		(119,605	)		—			(267,923	)
Share-based compensation expense		(4,314	)		(4,485	)		(6,973	)		(19,694	)		—			(35,466	)
Restructuring costs(1)		(918	)		(797	)		(309	)		(2,391	)		—			(4,415	)
Asset impairment charge and other costs related to assets held for sale(3)		—			(39,581	)		—			—			—			(39,581	)
EBITDA		(15,530	)		(107,700	)		(82,465	)		(141,690	)		—			(347,385	)
Finance income		—			—			—			—			—			15,256
Finance expenses		—			—			—			—			—			(16,665	)
Depreciation and amortization		—			—			—			—			—			(48,600	)
Loss before tax		—			—			—			—			—			(397,394	)


For the year ended December 31, 2021 (in thousands of U.S. dollars)	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(5)		(1,654	)		—			—			—			—			(1,654	)
Asset impairment charge(6)		(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 2023 refer to intersegment revenue for sales of products from EMEA to Asia and from Asia to EMEA. Eliminations in 2022 primarily refer to intersegment revenue for sales of products from EMEA to Asia. Eliminations in 2021 primarily refer to intersegment revenue for sales of products from EMEA to Americas and Asia.

(1)

Relates primarily to severance payments as the Company continues to adjust its organizational structure to the macro environment, and inventory write-offs related to the Company’s strategy reset in the Asia segment.

(2)

Following certain events during the fourth quarter, the Company decided to discontinue the construction of its new production facilities in Peterborough, UK and Dallas-Fort Worth, Texas. The Company recorded $172.6 million in non-cash impairments and $29.0 million in restructuring and other exit costs relating to these production facilities.

(3)

Relates to the Ya YA Foods USA LLC transaction (the “YYF Transaction”). See Note 34 Non-current assets held for sale for further details.

(4)

Relates to US securities class action litigation settlement expenses.

(5)

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

(6)

The 2021 asset impairment charge related to production equipment at our Landskrona production facility in Sweden for which we had no alternative use.

Summary of Non-current Assets by Country

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


	2023		2022
China		123,542		122,495
Sweden		120,864		108,073
US		102,883		130,295
UK		44,413		186,759
Singapore		26,115		29,944
Other		30,862		23,984
Total		448,679		601,550

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.


	2023		2022		2021
US		247,049		220,981		177,180
UK		134,967		124,948		120,278
China		119,507		134,001		111,830
Germany		104,854		79,764		70,699
Sweden		47,273		48,749		57,937
The Netherlands		26,921		25,582		24,047
Finland		22,178		23,353		27,420
Other		80,599		64,860		53,799
Total		783,348		722,238		643,190

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


Year Ended December 31, 2023	EMEA		Americas		Asia		Total
Retail		331,635		127,690		19,630		478,955
Foodservice		68,619		116,811		85,127		270,557
Other		1,914		5,763		26,159		33,836
Total		402,168		250,264		130,916		783,348


Year Ended December 31, 2022	EMEA		Americas		Asia		Total
Retail		285,797		118,870		17,454		422,121
Foodservice		58,867		101,166		100,031		260,064
Other		845		3,844		35,364		40,053
Total		345,509		223,880		152,849		722,238


Year Ended December 31, 2021	EMEA		Americas		Asia		Total
Retail		282,090		96,552		9,297		387,939
Foodservice		49,802		78,860		94,463		223,125
Other		4,560		4,418		23,148		32,126
Total		336,452		179,830		126,908		643,190

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%

Property, plant and equipment - Additional Information (Details) $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($) OperatingSegment	Dec. 31, 2022 USD ($) OperatingSegment	Dec. 31, 2021 USD ($)
Disclosure of detailed information about property, plant and equipment [line items]
Depreciation expense \| $	$ 33.0	$ 32.0	$ 15.9
Number of operating segments of which impairment tests is to be performed for non-financial assets \| OperatingSegment	3	3
Cash flow extrapolated period using estimated some growth rate percentage	ten-year
Estimated growth rate	2.00%	2.00%
Pre-tax discount rate used	10.20%	10.60%
Americas
Disclosure of detailed information about property, plant and equipment [line items]
Pre-tax discount rate used	10.80%	10.80%
Asia
Disclosure of detailed information about property, plant and equipment [line items]
Pre-tax discount rate used	9.70%	10.30%
China
Disclosure of detailed information about property, plant and equipment [line items]
Percentage amount by which value assigned to pre-tax discount rate must increase in order for unit's recoverable amount to be equal to carrying amount	3.20%
Percentage amount by which value assigned to long-term EBITDA margin must decrease in order for units recoverable amount to be equal to carrying amount.	3.40%
North America
Disclosure of detailed information about property, plant and equipment [line items]
Percentage amount by which value assigned to pre-tax discount rate must increase in order for unit's recoverable amount to be equal to carrying amount	4.00%
Percentage amount by which value assigned to long-term EBITDA margin must decrease in order for units recoverable amount to be equal to carrying amount.	3.40%

Financial instruments per category (Tables)

12 Months Ended

Dec. 31, 2023

Disclosure of detailed information about financial instruments [abstract]

Summary of Financial Instruments Per Category


December 31	2023		2022		2023		2022
	Fair value through profit or loss				At amortized cost
Assets in the consolidated statement of financial position
Other non-current receivables		—		—		43,351		7,848
Derivatives (part of 'other non-current receivables')		1,027		—		—		—
Trade receivables		—		—		112,951		100,955
Other current receivables		—		—		22,764		6,063
Derivatives (part of 'current receivables')		857		—		—		—
Cash and cash equivalents		—		—		249,299		82,644
Total		1,884		—		428,365		197,510


December 31	2023		2022		2023		2022
	Fair value through profit or loss				At amortized cost
Liabilities in the consolidated statement of financial position
Convertible Notes		323,528		—		—		—
Liabilities to credit institutions		—		—		120,305		52,590
Trade payables		—		—		64,368		82,516
Derivatives (part of 'Other current liabilities')		—		316		—		—
Accrued expenses		—		—		90,692		90,869
Total		323,528		316		275,365		225,975

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, 2023	Level 1		Level 2		Level 3
Financial assets
Derivatives (part of other non-current receivables)		—		1,027		—
Derivatives (part of other current receivables)		—		857		—
Total financial assets		—		1,884		—
Financial liabilities
Convertible Notes		—		—		323,528
Total financial liabilities		—		—		323,528

Recurring fair value measurements at December 31, 2022	Level 1		Level 2		Level 3
Financial liabilities
Derivatives (part of other current liabilities)		—		316		—
Total financial liabilities		—		316		—

Summary of Convertible Notes

Convertible Notes


	Convertible Notes
At January 1, 2023		—
Issue of Convertible Notes		324,950
Fair value changes (including interest expenses) recognized in the consolidated statement of operations		(74,078	)
Change in fair value recognized in consolidated statement of other comprehensive loss		72,656
At December 31, 2023		323,528


	December 31, 2023
Carrying amount		323,528
Includes: Cumulative fair value changes on Convertible Notes attributable to changes in credit risk, recognized in the fair value reserve		72,656
Amount the Company is contractually obligated to pay to holders of the Convertible Notes at maturity		546,842
Difference between carrying amount and the amount the Company is contractually obligated to pay to holders of Convertible Notes at maturity		(223,314	)

Summary of Key Inputs and Assumptions Used in the Valuation Model for Fair Value of the Convertible Note


	December 31, 2023
Conversion price ($)(1)	1.36-2.52
Share price at valuation date ($)	1.18
Expected price volatility of the Company share (%)		65.00
Risk-free interest rate (%)		3.90
Market interest rate (%)		21.50

Summary of Impact of Key Inputs and Assumptions on the Fair Value of the Convertible Notes

The following table shows the impact of the key inputs and assumptions on the fair value of the Convertible Notes:


	December 31, 2023
Share price decrease 30%		284,266
Share price increase 30%		357,969
Volatility decrease 10%		313,437
Volatility increase 10%		333,614
Risk-free interest rate decrease 1%		321,889
Risk-free interest rate increase 1%		325,089
Market interest rate decrease 1%		332,199
Market interest rate increase 1%		315,256

Financial Risk Management - Sensitivity Analysis of Interest Rate (Parenthetical) (Details) - Floating Interest Rate	Dec. 31, 2023
100 Basis Points
Disclosure Of Nature And Extent Of Risks Arising From Financial Instruments [Line Items]
Increase decrease in interest rate basis points	1.00%
300 Basis Points
Disclosure Of Nature And Extent Of Risks Arising From Financial Instruments [Line Items]
Increase decrease in interest rate basis points	3.00%

Leases (Tables)

12 Months Ended

Dec. 31, 2023

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:


	2023		2022
Right-of-use assets
Land and buildings		69,434		87,015
Plant and machinery		18,959		21,583
Total		88,393		108,598
Lease liabilities
Non-current		72,570		82,285
Current		16,432		16,823
Total		89,002		99,108


	Land and buildings			Plant and machinery			Total
Cost
At January 1, 2022		138,803			39,277			178,080
Increases		12,989			7,305			20,294
Decreases		(4,594	)		(2,499	)		(7,093	)
Assets held for sale		(38,724	)		(10,675	)		(49,399	)
Exchange differences		(8,361	)		(2,883	)		(11,244	)
At December 31, 2022		100,113			30,525			130,638
Increases		16,700			2,578			19,278
Decreases(1)		(27,255	)		(1,775	)		(29,030	)
Exchange differences		3,015			454			3,469
At December 31, 2023		92,573			31,782			124,355
Accumulated depreciation and impairment
At January 1, 2022		(11,030	)		(8,602	)		(19,632	)
Depreciation		(20,029	)		(8,147	)		(28,176	)
Decreases		(5,094	)		215			(4,879	)
Impairment(2)		9,688			2,325			12,013
Assets held for sale		12,594			4,230			16,824
Exchange differences		773			1,037			1,810
At December 31, 2022		(13,098	)		(8,942	)		(22,040	)
Depreciation		(8,921	)		(5,156	)		(14,077	)
Decreases		4,687			1,651			6,338
Impairment(3)		(5,355	)		—			(5,355	)
Exchange differences		(452	)		(376	)		(828	)
At December 31, 2023		(23,139	)		(12,823	)		(35,962	)
Cost, net accumulated depreciation and impairment
At December 31, 2022		87,015			21,583			108,598
At December 31, 2023		69,434			18,959			88,393

(1)

Primarily related to change of lease term due to the decision to discontinue the construction of the new production facility in Peterborough, UK.

(2)

Asset impairment charge related to the YYF Transaction, amounting to $12.0 million. Refer to Note 34 Non-current assets held for sale for details on the YYF Transaction.

(3)

Includes an asset impairment charge of $3.7 million due to the decision to discontinue the construction of the new production facility in Peterborough, UK.

Summary of Amounts Recognized in Consolidated Statement of Operations

Amounts recognized in the consolidated statement of operations


	2023			2022			2021
Depreciation and impairment charge of right-of-use assets
Land and buildings		(14,276	)		(20,029	)		(7,507	)
Plant and machinery		(5,156	)		(8,147	)		(4,982	)
Total		(19,432	)		(28,176	)		(12,489	)
Interest expense (included in finance expenses)		(6,779	)		(8,144	)		(5,026	)
Expense relating to short-term leases		(454	)		(1,302	)		(576	)
Expense relating to leases of low-value assets that are not shown above as short-term leases		(723	)		(310	)		(1,605	)

Property, plant and equipment - Summary of Property, Plant and Equipment (Parenthetical) (Details) - Accumulated Depreciation, Amortization and Impairment - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Disclosure of detailed information about property, plant and equipment [line items]
Impairment	$ 152,358	$ 26,564
Fair Value Less Costs of Disposal as Part of YYF Transaction
Disclosure of detailed information about property, plant and equipment [line items]
Impairment		$ 26,300
Discontinue Construction of New Production Facilities in Peterborough UK and Dallas Fort Worth Texas
Disclosure of detailed information about property, plant and equipment [line items]
Impairment	$ 152,200

Segment information

12 Months Ended

Dec. 31, 2023

Disclosure of operating segments [abstract]

Segment information

5. Segment information

5.1. Revenue Adjusted EBITDA and EBITDA


For the year ended December 31, 2023 (in thousands of U.S. dollars)	EMEA			Americas			Asia			Corporate*			Eliminations**			Total
Revenue
Revenue from external customers		402,168			250,264			130,916			—			—			783,348
Intersegment revenue		1,725			—			7,317			—			(9,042	)		—
Total segment revenue		403,893			250,264			138,233			—			(9,042	)		783,348
Adjusted EBITDA		42,951			(28,137	)		(64,595	)		(107,780	)		—			(157,561	)
Share-based compensation expense		(1,781	)		(3,531	)		(4,704	)		(11,430	)		—			(21,446	)
Restructuring costs(1)		(1,103	)		(3,062	)		(2,954	)		(7,641	)		—			(14,760	)
Asset impairment charges and other costs related to discontinued construction of production facilities(2)		(158,551	)		(43,009	)		—			—			—			(201,560	)
Costs related to the YYF Transaction(3)		—			(375	)		—			—			—			(375	)
Legal settlement(4)		—			—			—			(9,250	)		—			(9,250	)
Non-controlling interests		—			—			(186	)		—			—			(186	)
EBITDA		(118,484	)		(78,114	)		(72,439	)		(136,101	)		—			(405,138	)
Finance income		—			—			—			—			—			117,876
Finance expenses		—			—			—			—			—			(69,029	)
Depreciation and amortization		—			—			—			—			—			(51,874	)
Loss before tax		—			—			—			—			—			(408,165	)


For the year ended December 31, 2022 (in thousands of U.S. dollars)	EMEA			Americas			Asia			Corporate*			Eliminations**			Total
Revenue
Revenue from external customers		345,509			223,880			152,849			—			—			722,238
Intersegment revenue		34,940			820			3,659			—			(39,419	)		—
Total segment revenue		380,449			224,700			156,508			—			(39,419	)		722,238
Adjusted EBITDA		(10,298	)		(62,837	)		(75,183	)		(119,605	)		—			(267,923	)
Share-based compensation expense		(4,314	)		(4,485	)		(6,973	)		(19,694	)		—			(35,466	)
Restructuring costs(1)		(918	)		(797	)		(309	)		(2,391	)		—			(4,415	)
Asset impairment charge and other costs related to assets held for sale(3)		—			(39,581	)		—			—			—			(39,581	)
EBITDA		(15,530	)		(107,700	)		(82,465	)		(141,690	)		—			(347,385	)
Finance income		—			—			—			—			—			15,256
Finance expenses		—			—			—			—			—			(16,665	)
Depreciation and amortization		—			—			—			—			—			(48,600	)
Loss before tax		—			—			—			—			—			(397,394	)


For the year ended December 31, 2021 (in thousands of U.S. dollars)	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(5)		(1,654	)		—			—			—			—			(1,654	)
Asset impairment charge(6)		(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.

(1)

(2)

(3)

Relates to the Ya YA Foods USA LLC transaction (the “YYF Transaction”). See Note 34 Non-current assets held for sale for further details.

(4)

Relates to US securities class action litigation settlement expenses.

(5)

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

(6)

The 2021 asset impairment charge related to production equipment at our Landskrona production facility in Sweden for which we had no alternative use.

5.2. Non-current assets by country

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


	2023		2022
China		123,542		122,495
Sweden		120,864		108,073
US		102,883		130,295
UK		44,413		186,759
Singapore		26,115		29,944
Other		30,862		23,984
Total		448,679		601,550

Following certain events during the fourth quarter, the Company decided to discontinue the construction of its new production facilities in Peterborough, UK and Dallas-Fort Worth, Texas. The Company recorded $155.9 million in non-cash impairments related to non-current assets, of which $20.7 million relating to US and $135.2 million relating to UK. See Note 15 Property, plant and equipment and Note 16 Leases for further information.

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.


	2023		2022		2021
US		247,049		220,981		177,180
UK		134,967		124,948		120,278
China		119,507		134,001		111,830
Germany		104,854		79,764		70,699
Sweden		47,273		48,749		57,937
The Netherlands		26,921		25,582		24,047
Finland		22,178		23,353		27,420
Other		80,599		64,860		53,799
Total		783,348		722,238		643,190

5.4. Revenue from external customers, broken down by channel and segment

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


Year Ended December 31, 2023	EMEA		Americas		Asia		Total
Retail		331,635		127,690		19,630		478,955
Foodservice		68,619		116,811		85,127		270,557
Other		1,914		5,763		26,159		33,836
Total		402,168		250,264		130,916		783,348


Year Ended December 31, 2022	EMEA		Americas		Asia		Total
Retail		285,797		118,870		17,454		422,121
Foodservice		58,867		101,166		100,031		260,064
Other		845		3,844		35,364		40,053
Total		345,509		223,880		152,849		722,238


Year Ended December 31, 2021	EMEA		Americas		Asia		Total
Retail		282,090		96,552		9,297		387,939
Foodservice		49,802		78,860		94,463		223,125
Other		4,560		4,418		23,148		32,126
Total		336,452		179,830		126,908		643,190

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

Revenues of approximately 12% in 2023 (2022 and 2021: 14% respectively) were derived from a single external customer in the foodservice channel. These revenues are attributed to the Americas and Asia segments.

Oatmilk accounted for approximately 90%, 89%, and 91% of the Group’s revenue in the years ended December 31, 2023, 2022 and 2021, respectively.

Financial Instruments Per Category - Summary of Convertible Notes (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($)
Disclosure of detailed information about financial instruments [abstract]
Convertible notes, Beginning Balance	$ 0
Issue of Convertible Notes	324,950
Fair value changes (including interest expenses) recognized in the consolidated statement of operations	(74,078)
Change in fair value recognized in consolidated statement of other comprehensive loss	72,656
Convertible notes, Ending Balance	$ 323,528

Prepaid Expenses - Summary of Prepaid Expenses (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Prepaid Expenses [Abstract]
Prepaid production and warehouse expenses	$ 102	$ 407
Prepaid selling and marketing expenses	1,587	229
Prepaid insurance expenses	620	9,090
Prepaid financing expenses	4,006	3,399
Other	10,613	10,288
Total	$ 16,928	$ 23,413

Other current liabilities

12 Months Ended

Dec. 31, 2023

Other Current Liabilities [Abstract]

Other current liabilities

28. Other current liabilities


	2023		2022
Derivatives		—		316
Employee withholding taxes		2,224		1,830
Value added tax		10,203		7,617
Other		1,446		2,060
Total		13,873		11,823

Liabilities to Credit Institutions

12 Months Ended

Dec. 31, 2023

Subclassifications of assets, liabilities and equities [abstract]

Liabilities to Credit Institutions

25. Liabilities to credit institutions


	2023		2022
Non-current liabilities to credit institutions		114,249		2,668
Current liabilities to credit institutions		6,056		49,922
Total		120,305		52,590

As of December 31, 2023 the Liabilities to credit institutions balance amounts to $120.3 million and is related to outstanding amounts under the TLB Credit Agreement (as defined below), the EIF Facility (as defined below). As of December 31, 2022, the Liabilities to credit institutions balance amounted to $52.6 million, and were related to outstanding amounts under the SRCF Agreement and the EIF Facility.

The European Investment Fund guaranteed three-year term loan facility with Svensk Exportkredit (the “EIF Facility”) was entered into in October 2019. In October 2022, the EIF Facility was amended to extend the term for another three years, with a maturity date in October 2025. The loan facility and interest margin remain unchanged. As of December 31, 2023 and December 31, 2022, the Group had €2.5 million (equivalent of $2.8 million) and €3.8 million (equivalent of $4.0 million), respectively, outstanding on the EIF Facility, including accrued interest.

In April 2023, the Company entered into a Term Loan B Credit Agreement (the “TLB Credit Agreement”) with, amongst others, Silver Point Finance LLC as Syndication Agent and Lead Lender, J.P. Morgan SE, as Administrative Agent and Wilmington Trust (London) Limited as Security Agent, including a term loan facility of $130 million borrowed by Oatly AB. The term of the TLB Credit Agreement is five years from the funding date of the term loan facility, and the term loan facility is subject to 1% amortization per annum paid in quarterly instalments. Borrowings carry an interest rate of Term SOFR (with floor of 2.50%) plus 7.5% or Base Rate (with floor of 3.50%) plus 6.5%. The TLB Credit Agreement, contains maintenance financial covenants such as minimum EBITDA, total net leverage ratio and liquidity requirements. The TLB Credit Agreement also contains certain negative covenants, including but not limited to restrictions on indebtedness, limitations on liens, fundamental changes covenant, asset sales covenant, and restricted payments covenant. The debt under the TLB Credit Agreement ranks pari passu with, and shares in the same security and guarantees from the Group as the EIF Facility and the SRCF Agreement by way of the Intercreditor Agreement. As of December 31, 2023 the Group had $117.5 million outstanding on the TLB Credit Agreement, including accrued interest and net after original issue discount and transaction costs.

In April 2023, the SRCF Agreement was amended and restated whereby, among other things, (i) the term of the SRCF Agreement was reset to three years and six months, with a one year uncommitted extension option, (ii) the lender group under the SRCF Agreement was reduced to JP Morgan SE, BNP Paribas SA, Bankfilial Sverige, Coöperatieve Rabobank U.A. and Nordea Bank Abp, filial i Sverige and the commitments under the SRCF Agreement were reduced to SEK 2,100 million (equivalent of $192.1 million), with an uncommitted incremental revolving facility option of up to SEK 500 million (equivalent of $45.7 million), (iii) the initial margin was reset at 4.00% p.a., (iv) the tangible solvency ratio, minimum EBITDA, minimum liquidity and total net leverage ratio financial covenants were reset, (v) the existing negative covenants were amended to further align with those included in the TLB Credit Agreement, including in relation to incurrence of indebtedness, and (vi) the debt under the SRCF Agreement ranks pari passu with, and shares in the same security and guarantees from the Group as, the EIF Facility and the TLB Credit Agreement by way of the Intercreditor Agreement. As of December 31, 2023, the Group had no utilized loan amounts under the amended SRCF Agreement. As of December 31, 2022, the Group had utilized loan amounts under the previous SRCF agreement of SEK 507 million (equivalent of $48.6 million), including accrued interest.

In May 2023, (i) the SRCF Agreement was amended pursuant to an amendment letter to, among other things, ensure that the HH Notes constitute “PIPE Financing” under and as defined in the SRCF Agreement and (ii) the TLB Credit Agreement was amended pursuant to an amendment agreement to, among other things, ensure that the HH Notes constitute “Convertible Bonds” under and as defined in the TLB Credit Agreement. See Note 27 Convertible Notes for more information on the Company’s Convertible Notes.

The EIF Facility, TLB Credit Agreement and the SRCF Agreement benefit from the same guarantees. Refer to Note 3 Financial risk management for further details.

For changes in facilities and borrowings after the reporting period, see Note 35 Events after the end of the reporting period.

Finance income and expenses - Summary of Finance Income and Expenses (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disclosure Of Detailed Information About Finance Income And Expense [Abstract]
Interest income	$ 12,666,000	$ 2,144,000	$ 1,774,000
Other financial income	329,000
Fair value changes on derivatives	611,000	(287,000)	(16,000)
Fair value changes on Convertible Notes	96,445,000
Net foreign exchange difference	7,825,000	13,112,000	12,661,000
Total finance income	117,876,000	15,256,000	14,435,000
Interest expenses on loan from credit institutions	(20,187,000)	(5,784,000)	(8,623,000)
Interest expenses on lease liabilities	(6,779,000)	(8,144,000)	(5,026,000)
Interest expenses on Convertible Notes	(22,367,000)
Interest expenses on shareholder loans			(5,256,000)
Fair value changes on short-term investments		(1,821,000)	(222,000)
Other financial expenses	(19,696,000)	(629,000)	(518,000)
Borrowing costs capitalized	0	0	3,921,000
Total finance expenses	$ (69,029,000)	$ (16,665,000)	$ (15,740,000)

Income tax - Summary of Tax Loss Carry-forwards (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($)
Major components of tax expense (income) [abstract]
Tax loss carry-forwards, Less than 5 years	$ 4,655
Tax loss carry-forwards, Unlimited	942,816
Tax loss carry-forwards	$ 947,471

Employee and Personnel Costs (Tables)

12 Months Ended

Dec. 31, 2023

Disclosure Of Employee Benefits [Abstract]

Summary of Employee Benefits

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


	2023			2022			2021
Salaries and other remuneration		(150,026	)		(151,444	)		(109,847	)
Social security costs		(23,255	)		(24,241	)		(19,158	)
Share-based payments(1)		(21,446	)		(35,466	)		(23,632	)
Pension and post-employment benefits		(9,542	)		(9,208	)		(8,390	)
Total		(204,269	)		(220,359	)		(161,027	)

(1) Refer to Note 8 Share-based compensation for further details.


Key management compensation	2023			2022			2021
Short-term employee benefits(1)		(11,120	)		(8,207	)		(6,459	)
Pension and post-employment benefits		(628	)		(638	)		(766	)
Share-based payments(2)		(9,151	)		(19,011	)		(13,921	)
Social security costs		(3,404	)		(3,780	)		(2,521	)
Total		(24,303	)		(31,636	)		(23,666	)

(1) For the twelve months ended December 31, 2023, severance pay of $2.5 million is included in short-term employee benefits.

(2) Refer to Note 8 Share-based compensation for further details.

Summary of Employee Benefits Expenses by Function

7.1 Employee benefits expenses by function


	2023			2022			2021
Cost of goods sold		(37,671	)		(51,106	)		(35,959	)
Research and development expenses		(12,431	)		(13,739	)		(10,336	)
Selling, general and administrative expenses		(154,167	)		(155,514	)		(114,732	)
Total		(204,269	)		(220,359	)		(161,027	)

Financial Instruments Per Category - Summary of Key Inputs and Assumptions Used in the Valuation Model for Fair Value of the Convertible Note (Parenthetical) (Details) - Events After Reporting Period	Mar. 23, 2024 $ / shares
Bottom of range [member]
Disclosure of detailed information about financial instruments [line items]
Convertible notes, Initial conversion price per ordinary share or ADS	$ 2.41
Top of range [member]
Disclosure of detailed information about financial instruments [line items]
Convertible notes, Initial conversion price per ordinary share or ADS	$ 2.52

Financial Instruments Per Category - Summary of Key Inputs and Assumptions Used in the Valuation Model for Fair Value of the Convertible Note (Details)

12 Months Ended

Dec. 31, 2023

$ / shares

Disclosure of detailed information about financial instruments [line items]

Share price at valuation date

$ 1.18

Expected price volatility of the Company share

65.00%

Risk-free interest rate

3.9

Market interest rate

21.5

Bottom of range [member]

Disclosure of detailed information about financial instruments [line items]

Disclosure of detailed information about financial instruments [line items]

$ 1.36

^[1]

Top of range [member]

Exchange differences on translation [abstract]

$ 2.52

^[1]

[1]

The Convertible Notes are convertible at the option of each holder at an initial conversion price of $2.41-2.52 per ordinary share or per ADS, subject to customary anti-dilution adjustments and a conversion rate reset on March 23, 2024 and March 23, 2025. For further details on the Convertible Notes and the conversion price reset mechanism, see Note 27 Convertible Notes.

Convertible Notes

12 Months Ended

Dec. 31, 2023

Convertible Notes [abstract]

Convertible Notes

Note 27. Convertible Notes

On March 23, 2023 and April 18, 2023, the Company issued $300 million aggregate principal amount of 9.25% Convertible Senior PIK Notes due 2028 (the notes issued on March 23, 2023, the “U.S. Notes” and the notes issued on April 18, 2023, the “Swedish Notes” and, together with the U.S. Notes, the “Original Convertible Notes,” and the Original Convertible Notes, together with the HH Notes (as defined below), the “Convertible Notes”). The U.S. Notes and the Swedish Notes have substantially identical economic terms.

Certain of the Company’s existing shareholders, Nativus Company Limited, Verlinvest and Blackstone Funds, purchased $200.1 million aggregate principal amount of the Swedish Notes and other institutional investors purchased $99.9 million aggregate principal amount of the U.S. Notes. The investors paid an aggregate purchase price of $291 million, reflecting an original issue discount of 3%.

The Convertible Notes bear interest at a rate of 9.25% per annum, payable semi-annually in arrears in cash or in payment-in-kind, at the Company’s option, on April 15 and October 15 of each year, beginning on October 15, 2023. The Convertible Notes will mature on September 14, 2028, unless earlier converted by the holders or required to be converted, repurchased or redeemed by the Company. The Original Convertible Notes are convertible at the option of each holder at an initial conversion price of $2.41 per Ordinary Share or per ADS, subject to customary anti-dilution adjustments and a conversion rate reset on March 23, 2024 and March 23, 2025 if the average of the daily volume-weighted average prices of the ADSs for the 30 consecutive trading days immediately preceding March 23, 2024 and March 23, 2025, respectively, is below a specified price. The conversion price of the Original Convertible Notes, before considering customary anti-dilution adjustments, cannot be reset to lower than $1.81 on March 23, 2024 and $1.36 on March 23, 2025. The Company may require conversion of the Convertible Notes if the last reported sale price of the Company’s ADSs equals or exceeds 200% of the applicable conversion price on any 45 trading days during any 90 consecutive day period beginning on or after the third anniversary of the issuance of the U.S. Notes (with respect to the U.S. Notes and the HH Notes) and the Swedish Notes (with respect to the Swedish Notes).

On April 18, 2023, the Company, Oatly AB, Oatly Inc. and other parties entered into the Intercreditor Agreement which includes customary ranking, enforcement and turnover provisions intended to govern the relationship between the creditor groups and which affect e.g. the Convertible Notes.

On May 9, 2023 the Company entered into an agreement with an affiliate of Hillhouse Investment Management Ltd. (“Hillhouse”) to sell an additional $35 million in Convertible Notes (the “HH Notes”), resulting in approximately $34 million in financing after reflecting an original issue discount of 3%. The economic terms of the HH Notes are substantially identical to the economic terms of the U.S. Notes except (i) that the HH Notes are convertible at Hillhouse’s option at an initial conversion price of $2.52 per ADS, representing an approximate 17% premium to the last reported sale price of the Company’s ADSs on the Nasdaq Global Market on May 8, 2023, and (ii) with respect to the specified prices in connection with the conversion rate resets of the HH Notes. The conversion price of the HH Notes, before considering customary anti-dilution adjustments, cannot be reset to lower than $1.89 on March 23, 2024 and $1.41 on March 23, 2025. In addition, on May 9, 2023, one of the existing holders of Swedish Notes and an affiliate of one of the Company’s shareholders, Verlinvest, agreed to sell and Hillhouse agreed to purchase from Verlinvest $15 million aggregate principal amount of Swedish Notes (the “Resale Notes”). The purchase and sale of the HH Notes and the Resale Notes closed on May 31, 2023. The HH Notes are also subject to the Intercreditor Agreement.

The terms of the Convertible Notes contain covenants limiting the Company’s ability to incur additional debt other than certain debt permitted under the TLB Credit Agreement, issue preferred stock, and incur convertible debt or subordinated debt, in each case without the consent of the holders of a majority of the Convertible Notes (as determined pursuant to the terms of the applicable Convertible Notes).

For details on the fair value on Convertible Notes, see Note 18 Financial instruments per category.

Net Exchange Rate Differences

12 Months Ended

Dec. 31, 2023

Net Exchange Rate Differences

11. Net exchange rate differences

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


	2023			2022			2021
Other operating income and (expenses), net (Note 9)		(2,991	)		(3,776	)		662
Finance income and expenses (Note 10)		7,825			13,112			12,661
Exchange-rate differences—net		4,834			9,336			13,323

Trade receivables (Tables)

12 Months Ended

Dec. 31, 2023

Disclosure Of Trade Receivables [Abstract]

Summary of Trade Receivables


	2023			2022
Trade receivables		114,171			104,685
Less: allowance for expected credit losses		(1,220	)		(3,730	)
Trade receivables—net		112,951			100,955

Summary of Carrying Amounts By Currency

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


	2023		2022
EUR		31,523		26,692
USD		27,828		23,192
GBP		20,909		22,004
CNY		19,445		17,372
SEK		5,939		3,377
SGD		1,934		1,525
HKD		1,074		3,667
Other		4,299		3,126
Total		112,951		100,955

Consolidated statement of changes in equity - USD ($) $ in Thousands	Total	Share Capital	Treasury Shares	Other Contributed Capital	Other Reserves	Accumulated Deficit	Equity Attributable to Shareholders of the Parent	Non-controlling Interests
Beginning balance at Dec. 31, 2020	$ 326,086	$ 21		$ 448,251	$ (2,525)	$ (119,661)	$ 326,086
Loss for the year	(212,393)					(212,393)	(212,393)
Other comprehensive loss for the year	(71,961)				(71,961)		(71,961)
Total comprehensive loss for the year	(284,354)				(71,961)	(212,393)	(284,354)
Bonus issue		64		(64)
Issue of shares	1,099,696	12		1,099,684			1,099,696
Transaction costs	(62,371)			(62,371)			(62,371)
Conversion of shareholder loans	104,108	1		104,107			104,108
Exercise of warrants	38,503	7		38,496			38,503
Share-based payments	23,632					23,632	23,632
Ending balance at Dec. 31, 2021	1,245,299	105		1,628,103	(74,486)	(308,423)	1,245,299
Loss for the year	(392,567)					(392,567)	(392,567)
Other comprehensive loss for the year	(96,997)				(96,997)		(96,997)
Total comprehensive loss for the year	(489,564)				(96,997)	(392,567)	(489,564)
Issue of shares	0	0	$ 0				0
Redemption of warrants	(58)			(58)			(58)
Share-based payments	35,466					35,466	35,466
Ending balance at Dec. 31, 2022	791,143	105	0	1,628,045	(171,483)	(665,524)	791,143
Loss for the year	(417,060)					(416,874)	(416,874)	$ (186)
Other comprehensive loss for the year	(61,721)				(61,721)		(61,721)
Total comprehensive loss for the year	(478,781)				(61,721)	(416,874)	(478,595)	(186)
Issue of shares	0	0	0				0
Share issue in subsidiary	1,973							1,973
Share-based payments	21,446					21,446	21,446
Ending balance at Dec. 31, 2023	$ 335,781	$ 105	$ 0	$ 1,628,045	$ (233,204)	$ (1,060,952)	$ 333,994	$ 1,787

Finance income and expenses - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disclosure of detailed information about borrowings [line items]
Borrowing costs capitalized	$ 0	$ 0	$ 3,921,000
Capitalization rate of borrowing costs			3.82%
Convertible Notes
Disclosure of detailed information about borrowings [line items]
Nominal coupon rate	9.25%
Transaction costs	$ 17,500,000
Sustainable Revolving Credit Facility Agreement
Disclosure of detailed information about borrowings [line items]
Transaction costs	$ 1,400,000

Related Party Disclosures - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Apr. 18, 2023
China Resources Verlinvest Health Investment Limited
Disclosure Of Transactions Between Related Parties [Line Items]
Ownership interest percentage	45.70%	45.90%
Board of Directors
Disclosure Of Transactions Between Related Parties [Line Items]
Amount recognized for compensation	$ 1.0	$ 1.0	$ 0.9
Chef Sam \| Distribution Agreement
Disclosure Of Transactions Between Related Parties [Line Items]
Amount paid to related party	1.1	$ 0.9	$ 0.3
Percentage of ownership interest in related party by member of board of director			33.00%
Nativus Company Limited and Verlinvest S.A
Disclosure Of Transactions Between Related Parties [Line Items]
Fair value of convertible notes	$ 158.4
Fair value of convertible notes at start				$ 174.0

Inventories (Tables)

12 Months Ended

Dec. 31, 2023

Classes of current inventories [abstract]

Summary of Inventories


	2023		2022
Raw materials and consumables		16,500		20,638
Finished goods		51,382		93,837
Total		67,882		114,475

Provisions - Summary of Changes in Provisions (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($)
Disclosure Of Noncurrent Provisions [Line Items]
At December 31, 2022	$ 3,800
At December 31, 2022	7,194
At December 31, 2023	35,328
At December 31, 2023	10,716
Restructuring
Disclosure Of Noncurrent Provisions [Line Items]
At December 31, 2022	3,800
Additional provisions recognized	41,269
Unwinding of discount effect	116
Reversal of non-utilized amounts	(396)
Amounts used during the year	(13,781)
Reclassifications	3,608
Exchange differences	647
At December 31, 2023	35,263
Non-current, Restructuring	9,185
Current, Restructuring	26,078
Decommissioning
Disclosure Of Noncurrent Provisions [Line Items]
At December 31, 2022	7,194
Decreases: included in the acquisition value of right-of-use assets	(2,133)
Unwinding of discount effect	52
Reclassifications	(3,608)
Exchange differences	26
At December 31, 2023	1,531
Non-current, Decommissioning	1,531
Legal Settlement
Disclosure Of Noncurrent Provisions [Line Items]
Additional provisions recognized	9,250
At December 31, 2023	9,250
Current, Legal settlement	$ 9,250

Other Current Receivables - Summary of Other Current Receivables (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Other Current Receivables [Abstract]
Value added tax	$ 8,954	$ 11,109
Advance payments to vendors	1,788	3,078
Short-term derivatives	857
Other	22,221	3,631
Total	$ 33,820	$ 17,818

Segment Information - Summary of Revenue from External Customers (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disclosure Of Operating Segments [Line Items]
Revenues	$ 783,348	$ 722,238	$ 643,190
Retail
Disclosure Of Operating Segments [Line Items]
Revenues	478,955	422,121	387,939
Foodservice
Disclosure Of Operating Segments [Line Items]
Revenues	270,557	260,064	223,125
Other
Disclosure Of Operating Segments [Line Items]
Revenues	33,836	40,053	32,126
EMEA
Disclosure Of Operating Segments [Line Items]
Revenues	402,168	345,509	336,452
EMEA \| Retail
Disclosure Of Operating Segments [Line Items]
Revenues	331,635	285,797	282,090
EMEA \| Foodservice
Disclosure Of Operating Segments [Line Items]
Revenues	68,619	58,867	49,802
EMEA \| Other
Disclosure Of Operating Segments [Line Items]
Revenues	1,914	845	4,560
Americas
Disclosure Of Operating Segments [Line Items]
Revenues	250,264	223,880	179,830
Americas \| Retail
Disclosure Of Operating Segments [Line Items]
Revenues	127,690	118,870	96,552
Americas \| Foodservice
Disclosure Of Operating Segments [Line Items]
Revenues	116,811	101,166	78,860
Americas \| Other
Disclosure Of Operating Segments [Line Items]
Revenues	5,763	3,844	4,418
Asia
Disclosure Of Operating Segments [Line Items]
Revenues	130,916	152,849	126,908
Asia \| Retail
Disclosure Of Operating Segments [Line Items]
Revenues	19,630	17,454	9,297
Asia \| Foodservice
Disclosure Of Operating Segments [Line Items]
Revenues	85,127	100,031	94,463
Asia \| Other
Disclosure Of Operating Segments [Line Items]
Revenues	26,159	35,364	23,148
US
Disclosure Of Operating Segments [Line Items]
Revenues	247,049	220,981	177,180
UK
Disclosure Of Operating Segments [Line Items]
Revenues	134,967	124,948	120,278
China
Disclosure Of Operating Segments [Line Items]
Revenues	119,507	134,001	111,830
Germany
Disclosure Of Operating Segments [Line Items]
Revenues	104,854	79,764	70,699
Sweden
Disclosure Of Operating Segments [Line Items]
Revenues	47,273	48,749	57,937
Finland
Disclosure Of Operating Segments [Line Items]
Revenues	22,178	23,353	27,420
The Netherlands
Disclosure Of Operating Segments [Line Items]
Revenues	26,921	25,582	24,047
Other
Disclosure Of Operating Segments [Line Items]
Revenues	$ 80,599	$ 64,860	$ 53,799

Summary of accounting policies (Policies)

12 Months Ended

Dec. 31, 2023

Summary Of Significant Accounting Policies [Abstract]

Basis of preparation

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 Significant accounting judgments estimates and assessments. The consolidated financial statements have been prepared using the cost method except for short-term investments, derivative instruments, and Convertible Notes measured at fair value.

New and amended standards and interpretations

Disclosure of Accounting Policies – Amendments to IAS 1 and IFRS Practice Statement 2

On January 1, 2023, the Group adopted the amendment to IAS 1 (“IAS 1 Amendment”) which provides guidance and examples to help entities apply materiality judgments to accounting policy disclosures. The amendments aim to help entities provide accounting policy disclosures that are more useful by replacing the requirement for entities to disclose their “significant” accounting policies with a requirement to disclose their “material” accounting policies and adding guidance on how entities apply the concept of materiality in making decisions about accounting policy disclosures. The adoption of IAS 1 Amendment did not have a material impact on the accounting policy disclosures in the consolidated financial statements.

Deferred Tax related to Assets and Liabilities arising from a Single Transaction – Amendments to IAS 12

On January 1, 2023, the Group adopted the amendment to IAS 12 Income Taxes (“IAS 12 Amendment”) which requires recognition of deferred taxes on transactions that, on initial recognition, give rise to equal amounts of taxable and deductible temporary differences. This amendment applies to differences associated with right-of-use assets, lease liabilities and decommissioning obligations. This amendment is applied to transactions that occurred on or after the beginning of the earliest comparative period presented. The adoption of the IAS 12 Amendment did not have a material impact on the consolidated financial statements.

New standards and interpretations issued not yet effective

Classification of Liabilities as Current or Non-current – Amendments to IAS 1 and Non-current Liabilities with Covenants – Amendments to IAS 1

In January 2020, the IASB issued amendments to paragraphs 69 to 76 of IAS 1 Presentation of Financial Statements to specify the requirements for classifying liabilities as current or non-current. In November 2022, the IASB issued further amendments delaying the effective date to annual reporting periods beginning on or after January 1, 2024. The amendments are required to be applied on a retrospective basis. The amendments will require the Group to classify the Convertible Notes as current liabilities, even if no noteholder actually requires the Company to exchange their notes. The Group has chosen early adoption of this amendment and has classified the Convertible Notes as current liabilities as at December 31, 2023.

There are no other new or amended standards that are expected to have a material impact on the Group in the current or future reporting periods nor on foreseeable future transactions.

Basis of consolidation

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.

Segment reporting

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 adjusted to exclude, when applicable, income tax expense, finance expenses, finance income, depreciation and amortization expense, share-based compensation expense, restructuring costs, asset impairment charges and other costs related to discontinued construction of production facilities, asset impairment charge and other costs related to assets held for sale, costs related to legal settlement, and non-controlling interests (“Adjusted EBITDA”), to assess the performance of the operating segments.

Foreign currency translation

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 (expenses), net.

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 consolidated statement of operations and consolidated 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.

Revenue recognition

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, but is not limited to, trade promotion activities, slotting and listing fees, cash discounts, product returns, and penalties. 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 and estimated units sold. 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.

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.

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. 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 research and development staff, including salaries, benefits and bonuses, but also third-party consultancy fees and expenses incurred related to product trial runs. Research and development efforts are focused on enhancements to 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. Customer distribution costs for the year ended December 31, 2023 amounted to $51.7 million (2022: $61.3 million, 2021: $49.4 million). 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 (expense), net

Other operating income and (expenses), net consists primarily of impairment charges related to assets held for sale and net foreign exchange gains/(losses) on operating related activities.

Finance income

Finance income primarily consists of impact from fair value changes on Convertible Notes, interest income from cash in bank accounts and short-term deposits, and net foreign exchange gains attributable to external and internal financing arrangements. Finance income is recognized with the application of the effective interest method.

Finance expenses

Finance expenses primarily consists of interest expenses on Convertible Notes, interest expenses on loans from credit institutions and other financial expenses primarily consisting of transaction costs.

Income tax benefit/(expense)

Income tax benefit/(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

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,

•

restoration costs, and

•

extension options.

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.

Taxes

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

Intangible assets

2.9. Intangible assets

Goodwill

Goodwill arises at the acquisition of businesses 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 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 fulfill 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 Group 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.

Other intangible assets

Other intangible assets consist primarily of separately acquired trademarks and patents are recognized 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.

Tangible assets

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.



 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 (expenses), net in the consolidated statement of operations.

Impairment of non-financial assets

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.

Inventories

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.

Financial instruments

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 (expenses), 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 consolidated 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.

Financial liabilities designated at fair value through profit or loss

The Group has Convertible Notes (as defined in Note 27 Convertible Notes) which are classified entirely as liabilities at the initial date of recognition at fair value through profit or loss under the fair value option in accordance with IFRS 9 Financial Instruments. The Convertible Notes were issued with a conversion option that does not fulfill the “fixed for fixed” criteria. As the instrument contains an embedded derivative that is not closely related, the Convertible Notes have been designated in its entirety as at fair value through profit or loss on initial recognition and as such the embedded conversion feature is not separated. All transaction costs related to financial instruments designated at fair value through profit or loss are expensed as incurred. Fair value changes relating to the Group's own credit risk are recognized in other comprehensive income. Amounts recorded in other comprehensive income related to credit risk are not subject to recycling in profit or loss, but are transferred to retained earnings when realized. Fair value changes relating to market risk are recognized in finance income in the consolidated statement of operations.

Derecognition of financial liabilities

Financial liabilities are derecognized from the statement of financial position when the obligations are settled, canceled 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.

Trade receivables

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.

Cash and cash equivalents

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 and 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.

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

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.

Provisions

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 consolidated 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 consolidated statement of operations as a finance expense. 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.

Provision for restructuring costs

The Group recognizes provisions for restructuring costs only when there is a constructive obligation, which is when:

•

there is a detailed formal plan that identifies the business or part of the business concerned, the location and number of employees affected, the detailed estimate of the associated costs, and the timeline; and

•

the employees affected have been notified of the plan’s main features.

Provision for restoration costs

Provision for restructuring costs

The Group recognizes provisions for restructuring costs only when there is a constructive obligation, which is when:

•

the employees affected have been notified of the plan’s main features.

Employee benefits

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 2023, 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 $1.0 million. Premiums for the year ended December 31, 2023 for ITP 2 insurances signed with Alecta amounted to $1.0 million (2022: $1.1 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 2023, Alecta’s surplus of the collective consolidation level was 158%.

Share-based payments—equity settled

Employee stock options (ESOPs) and Restricted Stock Units (RSUs) (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 Share-based compensation.

The awards only have a service condition whereby the awards vest in 12-month installments over 36 months. Each of the installments are treated as separate awards which are expensed on a linear basis for each installment 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.

Loss per share

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.

Initial public offering costs

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.

Non-current assets held for sale

2.22 Non-current assets held for sale

The Group classifies non-current assets and disposal groups as held for sale if their carrying amounts will be recovered principally through a sale transaction rather than through continuing use. Non-current assets and disposal groups classified as held for sale are measured at the lower of their carrying amount and fair value less costs of disposal. Costs to sell are the incremental costs directly attributable to the disposal of an asset (disposal group), excluding finance costs and income tax expense.

The criteria for held for sale classification is regarded as met only when the sale is highly probable, and the asset or disposal group is available for immediate sale in its present condition. Actions required to complete the sale should indicate that it is unlikely that significant changes to the sale will be made or that the decision to sell will be withdrawn. Management must be committed to the plan to sell the asset and the sale expected to be completed within one year from the date of the classification.

An impairment loss is recognized for any initial or subsequent write-down of the asset (or disposal group) to fair value less costs of disposal. A gain is recognized for any subsequent increases in fair value less costs of disposal of an asset (or disposal group), but not in excess of any cumulative impairment loss previously recognized. A gain or loss not previously recognized by the date of the sale of the non-current asset (or disposal group) is recognized at the date of derecognition. The gain or loss is recognized in other operating income and expenses, net in the consolidated statement of operations.

Property, plant and equipment are not depreciated once classified as held for sale.

Assets and liabilities classified as held for sale are presented separately as current items in the statement of financial position.

Equity

12 Months Ended

Dec. 31, 2023

Disclosure of classes of share capital [abstract]

Equity

24. Equity

Share capital and Treasury shares

In May 2021, the shareholders resolved to issue 69,497 thousand warrants to secure the future delivery of shares under the 2021 Plan. During May 2022, the Company exercised 650 thousand warrants, and during May 2023, the Company exercised 2,882 thousand warrants. As of December 31, 2023 and 2022, there were 65,965 thousand and 68,847 thousand warrants outstanding, respectively.

Upon exercise of the warrants in May 2023, 2,882 thousand ordinary shares were allotted and issued, and 1,935 thousand ordinary shares were converted to American Depositary Shares to be delivered to participants under the 2021 Incentive Award Plan related to the vesting of the May 2021 and May 2022 grants. In November 2023, an additional 805 thousand were converted to American Depositary Shares to be delivered to participants under the 2021 Incentive Award Plan related to the vesting of the November 2021, November 2022 and May 2023 grants. The remaining balance is held as treasury shares to enable the Company's timely delivery of shares upon the exercise of outstanding share options and to meet future vesting of the RSUs.

As of December 31, 2023 and 2022, 595,060 thousand and 592,320 thousand ordinary shares were outstanding, respectively, and the par value per share was $0.00018 (SEK 0.0015). The Company had 249 thousand treasury shares as of December 31, 2023 and 107 thousand treasury shares as of December 31, 2022.

Other contributed capital

As of December 31, 2023 and 2022 other contributed capital of $1,628.0 million consists of share premium, shareholders contribution and proceeds from warrant issues.

Other reserves

As of December 31, 2023, foreign currency translation reserves of $(233.2) million consists of fair value reserve of $(72.7) million related to fair value gains and losses on the Convertible Notes attributable to changes in the Group’s credit risk, and foreign currency translation reserve of $(160.5) million primarily related to the exchange differences occurring from the translation of foreign operations in another currency than the reporting currency of the Group (USD).

As of December 31, 2022 other reserves of $(171.5) million consisted of foreign currency translation reserve primarily related to the exchange differences occurring from the translation of foreign operations in another currency than the reporting currency of the Group (USD).

Accumulated deficit

As of December 31, 2023 and 2022 accumulated deficit of $(1,061.0) million and $(665.5) million, respectively, consists of accumulated losses and share-based payments.

Non-controlling interest

On July 27, 2023, one of the Group’s subsidiaries in China carried out a share issue. Prior to the share issue the Group owned 100 percent of the share capital in the subsidiary. Xiangpiaopiao Food Co., Ltd. subscribed for a part of the new issued shares and owns 40 percent of the share capital after the transaction, whereas the Group recognized a non-controlling interest. As of December 31, 2023, non-controlling interests amounted to $1.8 million.

Prepaid expenses

12 Months Ended

Dec. 31, 2023

Prepaid Expenses [Abstract]

Prepaid expenses

22. Prepaid expenses


	2023		2022
Prepaid production and warehouse expenses		102		407
Prepaid selling and marketing expenses		1,587		229
Prepaid insurance expenses		620		9,090
Prepaid financing expenses		4,006		3,399
Other		10,613		10,288
Total		16,928		23,413

Summary of accounting policies

12 Months Ended

Dec. 31, 2023

Summary Of Significant Accounting Policies [Abstract]

Summary of accounting policies

2. Summary of 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, all references to “SEK” are to Swedish Kronor, all references to “€” or “EUR” are to Euro and all references to “CNY” are to Chinese Yuan.

2.1. Basis of preparation

New and amended standards and interpretations

Disclosure of Accounting Policies – Amendments to IAS 1 and IFRS Practice Statement 2

Deferred Tax related to Assets and Liabilities arising from a Single Transaction – Amendments to IAS 12

New standards and interpretations issued not yet effective

Classification of Liabilities as Current or Non-current – Amendments to IAS 1 and Non-current Liabilities with Covenants – Amendments to IAS 1

There are no other new or amended standards that are expected to have a material impact on the Group in the current or future reporting periods nor on foreseeable future transactions.

2.2. Basis of consolidation

2.3. Segment reporting

2.4. Foreign currency translation

Functional currency and presentation currency

Transactions and balances

Translation of foreign group companies

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

Contract costs

Cost of goods sold

Research and development expenses

Selling, general and administrative expenses

Other operating income and (expense), net

Other operating income and (expenses), net consists primarily of impairment charges related to assets held for sale and net foreign exchange gains/(losses) on operating related activities.

Finance income

Finance expenses

Income tax benefit/(expense)

Income tax benefit/(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

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,

•

restoration costs, and

•

extension options.

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.

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 fulfill 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

Other intangible 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.

2.11. Impairment of non-financial assets

2.12. Inventories

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

Financial liabilities designated at fair value through profit or loss

Derecognition of financial liabilities

Offsetting of financial instruments

Impairment of financial assets recognized at amortized cost

2.14. Trade receivables

2.15. Cash and cash equivalents

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

2.18. Provisions

Provision for restoration costs

Provision for restructuring costs

The Group recognizes provisions for restructuring costs only when there is a constructive obligation, which is when:

•

the employees affected have been notified of the plan’s main features.

2.19. Employee benefits

Short-term benefits to employees

Post-employment obligations

of consolidation, one measure might be to introduce lower premiums. At the end of the financial year 2023, Alecta’s surplus of the collective consolidation level was 158%.

Share-based payments—equity settled

Employee stock options (ESOPs) and Restricted Stock Units (RSUs) (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 Share-based compensation.

Termination benefits

Termination benefits are payable when employment is terminated by the Group before the normal retirement date, or when an employee accepts voluntary redundancy in exchange for these benefits. The Group recognizes termination benefits at the earlier of the following dates: (a) when the Group can no longer withdraw the offer of those benefits; and (b) when the entity recognizes costs for a restructuring that is within the scope of IAS 37 and involves the payment of terminations benefits. In the case of an offer made to encourage voluntary redundancy, the termination benefits are measured based on the number of employees expected to accept the offer.

2.20. Loss per share

2.21. Initial public offering costs

2.22 Non-current assets held for sale

Property, plant and equipment are not depreciated once classified as held for sale.

Assets and liabilities classified as held for sale are presented separately as current items in the statement of financial position.

Income tax - Summary of Deferred Tax Assets Not Been Recognized (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Disclosure Of Deferred Tax Assets Have Not Been Recognized [Line Items]
Total unrecognized deferred tax assets	$ 255,854	$ 117,193
Property, plant and equipment
Disclosure Of Deferred Tax Assets Have Not Been Recognized [Line Items]
Total unrecognized deferred tax assets	31,138	0
Provisions
Disclosure Of Deferred Tax Assets Have Not Been Recognized [Line Items]
Total unrecognized deferred tax assets	6,152	0
Lease Liabilities
Disclosure Of Deferred Tax Assets Have Not Been Recognized [Line Items]
Total unrecognized deferred tax assets	11,951	2,162
Tax Losses Carried Forward
Disclosure Of Deferred Tax Assets Have Not Been Recognized [Line Items]
Total unrecognized deferred tax assets	194,417	112,970
Net Interest Expense Carried Forward
Disclosure Of Deferred Tax Assets Have Not Been Recognized [Line Items]
Total unrecognized deferred tax assets	$ 12,196	$ 2,061

Investments in Subsidiaries - Summary of Principal Subsidiaries (Details)	12 Months Ended
	Dec. 31, 2023
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	Holding
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	Holding
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%

Other Current Receivables (Tables)

12 Months Ended

Dec. 31, 2023

Other Current Receivables [Abstract]

Summary Of Other Current Receivables


	2023		2022
Value added tax		8,954		11,109
Advance payments to vendors		1,788		3,078
Short-term derivatives		857		—
Other		22,221		3,631
Total		33,820		17,818

For further information on the YYF Transaction, see Note 34 Non-current assets held for sale.

Cash and cash equivalents

12 Months Ended

Dec. 31, 2023

Cash and cash equivalents [abstract]

Cash and cash equivalents

23. 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”:


	2023		2022
Short-term deposits		170,000		13,894
Cash at bank and on hand		79,299		68,750
Total		249,299		82,644

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

Segment Information - Summary of Non-current Assets by Country (Details) - Property Plant And Equipment And Right Of Use Assets - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Disclosure Of Operating Segments [Line Items]
Non-current assets	$ 448,679	$ 601,550
China
Disclosure Of Operating Segments [Line Items]
Non-current assets	123,542	122,495
Sweden
Disclosure Of Operating Segments [Line Items]
Non-current assets	120,864	108,073
US
Disclosure Of Operating Segments [Line Items]
Non-current assets	102,883	130,295
UK
Disclosure Of Operating Segments [Line Items]
Non-current assets	44,413	186,759
Singapore
Disclosure Of Operating Segments [Line Items]
Non-current assets	26,115	29,944
Other
Disclosure Of Operating Segments [Line Items]
Non-current assets	$ 30,862	$ 23,984

Income tax - Summary of Reconciliation of Tax Benefit/(Expense) and Accounting Loss (Parenthetical) (Details)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Sweden
Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits [Line Items]
Income tax rate	206.00%	206.00%	206.00%

Property, plant and equipment

12 Months Ended

Dec. 31, 2023

Disclosure of detailed information about property, plant and equipment [abstract]

Property, plant and equipment

15. Property, plant and equipment

A summary of property, plant and equipment as at December 31, 2023 and December 31, 2022 is as follows:


	Land and buildings			Plant and machinery			Construction in progress			Total
Cost
At January 1, 2022		117,423			199,005			234,385			550,813
Additions		7,719			57,446			122,931			188,096
Sold		—			(982	)		(5,254	)		(6,236	)
Assets held for sale		(64,180	)		(52,534	)		(31,925	)		(148,639	)
Disposals		—			(45	)		—			(45	)
Reclassifications		21,857			50,697			(72,554	)		—
Exchange differences		(5,760	)		(10,188	)		(21,643	)		(37,591	)
At December 31, 2022		77,059			243,399			225,940			546,398
Additions		5,498			15,245			21,258			42,001
Sold		(295	)		—			—			(295	)
Disposals		(123	)		(701	)		(801	)		(1,625	)
Reclassifications		19,938			16,550			(36,488	)		—
Exchange differences		2,672			4,356			7,386			14,414
At December 31, 2023		104,749			278,849			217,295			600,893
Accumulated depreciation and impairment
At January 1, 2022		(7,890	)		(29,781	)		(3,494	)		(41,165	)
Depreciation charge		(5,854	)		(26,157	)		—			(32,011	)
Sold		—			692			3,494			4,186
Assets held for sale		13,925			16,082			8,504			38,511
Impairment(1)		(10,413	)		(7,647	)		(8,504	)		(26,564	)
Exchange differences		863			2,734			—			3,597
At December 31, 2022		(9,369	)		(44,077	)		—			(53,446	)
Depreciation charge		(5,636	)		(27,392	)		—			(33,028	)
Sold		295			—			—			295
Disposals		39			668			—			707
Impairment(2)		—			(171	)		(152,187	)		(152,358	)
Exchange differences		(397	)		(1,507	)		(873	)		(2,777	)
At December 31, 2023		(15,068	)		(72,479	)		(153,060	)		(240,607	)
Cost, net accumulated depreciation and impairment
At December 31, 2022		67,690			199,322			225,940			492,952
At December 31, 2023		89,681			206,370			64,235			360,286

(1)

(2)

The additions during the year ended December 31, 2023 is mainly related to investment in existing production facilities.

Reclassifications between construction in progress and land and buildings and plant and machinery are mainly related to the Landskrona, Sweden production facility.

The depreciation expense for years ended December 31, 2023, 2022 and 2021 was $33.0 million, $32.0 million and $15.9 million, respectively.

Part of the Group’s property, plant and equipment are pledged to secure the Group’s liabilities to credit institutions. Refer to Note 3 Financial risk management for further details.

15.1. Test of impairment

As described in Note 4 Significant accounting judgments, estimates and assessments, Management decided, for the 2023 and 2022 reporting periods, to perform impairment tests for the non-financial assets in all the three operating segments, not only for the segment containing goodwill. Refer to Note 14 Intangible assets for disclosure of impairment test for the operating segment EMEA. The Group performed the impairment tests as of December 31, 2023 and 2022.

For Americas and Asia the recoverable amount for the cash generating units were established through calculation of the value in use, which require the use of assumptions. The calculations use cash flow projections based on financial budgets approved by management covering a ten-year period.

Cash flows beyond the ten-year period are extrapolated using an estimated growth rate of 2%. The growth rate is consistent with forecasts included in industry reports specific to the industry in which the CGU operates. The pre-tax discount rate used for Americas was 10.8% (2022:10.8%) and for Asia 9.7% (2022:10.3%).

The recoverable amount exceeds the carrying amount of non-financial assets for both Americas and Asia.

As of January 1, 2024 the Company changed its operating segments. The new operating segments are Europe & International, North America and Greater China. Refer to Note 35 Events after the end of the reporting period for further information on the change of operating segments. The recoverable amount exceeds the carrying amount of non-financial assets also after the change in operating segments.

Sensitivity analysis

The sensitivity analysis is based on the new operating segments as described above and further in Note 35 Events after the end of the reporting period. The recoverable amount of the Greater China CGU would equal the carrying amount if the pre-tax discount rate increased by 3.2 percentage points or if the long-term EBITDA margin decreased by 3.4 percentage points. The recoverable amount of the North America CGU would equal the carrying amount if the pre-tax discount rate increased by 4.0 percentage points or if the long-term EBITDA margin decreased by 3.4 percentage points.

Intangible assets

12 Months Ended

Dec. 31, 2023

Intangible assets and goodwill [abstract]

Intangible assets

14. Intangible assets


				Other Intangible assets
	Goodwill			Capitalized software			Other intangible assets			Ongoing development costs			Total
Cost
At January 1, 2022		130,364			11,167			4,520			3,075			149,126
Additions		—			1,961			1,628			800			4,389
Reclassification		—			2,223			—			(2,223	)		—
Exchange differences		(17,460	)		(1,530	)		(653	)		(438	)		(20,081	)
At December 31, 2022		112,904			13,821			5,495			1,214			133,434
Additions		—			252			1,800			446			2,498
Reclassification		—			555			—			(555	)		—
Exchange differences		5,309			698			322			54			6,383
At December 31, 2023		118,213			15,326			7,617			1,159			142,315
Accumulated amortization
At January 1, 2022		—			(1,806	)		(1,395	)		—			(3,201	)
Amortization charge		—			(2,101	)		(976	)		—			(3,077	)
Exchange differences		—			315			217			—			532
At December 31, 2022		—			(3,592	)		(2,154	)		—			(5,746	)
Amortization charge		—			(4,040	)		(1,305	)		—			(5,345	)
Impairment		—			(336	)		—			—			(336	)
Exchange differences		—			(389	)		(173	)		—			(562	)
At December 31, 2023		—			(8,357	)		(3,632	)		—			(11,989	)
Cost, net accumulated amortization
At December 31, 2022		112,904			10,229			3,341			1,214			127,688
At December 31, 2023		118,213			6,969			3,985			1,159			130,326

Goodwill is in its entirely related to the acquisition of Cereal Base CEBA AB in 2016.

14.1. 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, 2023 and 2022 is entirely attributable to EMEA.

The Group tests whether goodwill has suffered any impairment on an annual basis, or more frequently if events or changes in circumstances indicate that it might be impaired. The Group performed its annual impairment test as of December 31, 2023 and 2022. For the 2023 and 2022 reporting period, the recoverable amount of the cash-generating unit (“CGU”) was determined based on a value in use calculation, which requires 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 an estimated growth rate of 2.0% (2022: 2.0%). The growth rate is consistent with forecasts included in industry reports specific to the industry in which the CGU operates. The pre-tax discount rate used is 10.2% (2022: 10.6%).

The following are key assumptions used in value in use calculations:

•

Long-term EBITDA margin

•

Long-term growth rate

•

Pre-tax discount rate

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

•

Long-term EBITDA margin: Based on past performance and management’s expectations for the future when continuing to scale the business.

•

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 rate: Reflect specific risks relating to the relevant segment and the countries in which they operate.

The recoverable amount exceeds the carrying amount of goodwill.

As of January 1, 2024 the Company changed its operating segments. The new operating segments are Europe & International, North America and Greater China. The goodwill is entirely attributable to Europe & International. Refer to Note 35 Events after the end of the reporting period for further information on the change of operating segments. The recoverable amount exceeds the carrying amount of goodwill also after the change in operating segments.

Sensitivity analysis

The sensitivity analysis is based on the new operating segments as described above and further in Note 35 Events after the end of the reporting period. The recoverable amount would equal the carrying amount if the pre-tax discount rate increased by 2.9 percentage points or if the long-term EBITDA margin decreased by 2.6 percentage points.

Depreciation Amortization and Impairment by Per Function - Summary of Depreciation and Amortization (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disclosure Of Depreciation Amortization And Impairment [Line Items]
Total depreciation/amortization	$ (51,874)	$ (48,600)	$ (27,222)
Total depreciation/amortization/impairment by function	(51,874)	(48,600)	(32,192)
Property, plant and equipment
Disclosure Of Depreciation Amortization And Impairment [Line Items]
Total depreciation/amortization/impairment by function	(33,028)	(32,434)	(20,177)
Right-of-use assets
Disclosure Of Depreciation Amortization And Impairment [Line Items]
Total depreciation/amortization/impairment by function	(13,501)	(13,089)	(9,815)
Intangible assets
Disclosure Of Depreciation Amortization And Impairment [Line Items]
Total depreciation/amortization/impairment by function	(5,345)	(3,077)	(2,200)
Cost of Goods Sold
Disclosure Of Depreciation Amortization And Impairment [Line Items]
Total depreciation/amortization/impairment by function	(38,838)	(39,799)	(22,231)
Cost of Goods Sold \| Property, plant and equipment
Disclosure Of Depreciation Amortization And Impairment [Line Items]
Total depreciation/amortization/impairment by function	(30,868)	(31,372)	(16,337)
Cost of Goods Sold \| Right-of-use assets
Disclosure Of Depreciation Amortization And Impairment [Line Items]
Total depreciation/amortization/impairment by function	(7,970)	(8,427)	(5,894)
Research and Development Expenses
Disclosure Of Depreciation Amortization And Impairment [Line Items]
Total depreciation/amortization/impairment by function	(1,507)	(765)	(429)
Research and Development Expenses \| Property, plant and equipment
Disclosure Of Depreciation Amortization And Impairment [Line Items]
Total depreciation/amortization/impairment by function	(1,060)	(490)	(294)
Research and Development Expenses \| Right-of-use assets
Disclosure Of Depreciation Amortization And Impairment [Line Items]
Total depreciation/amortization/impairment by function	(323)	(186)	(58)
Research and Development Expenses \| Intangible assets
Disclosure Of Depreciation Amortization And Impairment [Line Items]
Total depreciation/amortization/impairment by function	(124)	(89)	(77)
Selling, General and Administrative Expenses
Disclosure Of Depreciation Amortization And Impairment [Line Items]
Total depreciation/amortization/impairment by function	(11,529)	(8,036)	(9,532)
Selling, General and Administrative Expenses \| Property, plant and equipment
Disclosure Of Depreciation Amortization And Impairment [Line Items]
Total depreciation/amortization/impairment by function	(1,100)	(572)	(3,546)
Selling, General and Administrative Expenses \| Right-of-use assets
Disclosure Of Depreciation Amortization And Impairment [Line Items]
Total depreciation/amortization/impairment by function	(5,208)	(4,476)	(3,863)
Selling, General and Administrative Expenses \| Intangible assets
Disclosure Of Depreciation Amortization And Impairment [Line Items]
Total depreciation/amortization/impairment by function	$ (5,221)	$ (2,988)	$ (2,123)

Summary of Accounting Policies - Estimated Useful Life of Property, Plant and Equipment (Details)	12 Months Ended
	Dec. 31, 2023
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 Instruments Per Category - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disclosure of detailed information about financial instruments [abstract]
Changes in fair value	$ 97,100,000	$ (1,800,000)	$ (200,000)
Short-term investments			$ 250,000,000
Transfers between levels	$ 0	$ 0

Other Non-Current Receivables - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2021
Noncurrent Receivables [line items]
Impairment charge	$ 2,500	$ 4,970
Promissory Note
Noncurrent Receivables [line items]
Maturity	May 31, 2028
Interest rate description	The nominal interest rate is 8% for the first year and then increases by 200 basis points each year. The interest is capitalized semi-annually, and the effective interest rate is 12.56%.
Promissory Notes Receivable Nominal Interest Rate For First Year	8.00%
Basis points	200 basis points
Effective interest rate capitalized semi annually	12.56%

Non-current Assets Held for Sale (Tables)

12 Months Ended

Dec. 31, 2023

Non-current assets or disposal groups classified as held for sale or as held for distribution to owners [abstract]

Disclosure of major classes of assets and liabilities classified as held for sale

The major classes of assets and liabilities of the Group classified as held for sale as at 31 December were as follows:


	2022
Assets
Property, plant and equipment (Note 15)		110,128
Right-of-use assets (Note 16)		32,575
Assets held for sale		142,703

Liabilities
Non-current lease liabilities (Note 16)		40,967
Current lease liabilities (Note 16)		3,827
Provisions (Note 26)		3,677
Liabilities directly associated with assets held for sale		48,471
Net assets directly associated with disposal group		94,232

Financial Risk Management - Sensitivity Analysis of Interest Rate (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
100 Basis Points
Disclosure of nature and extent of risks arising from financial instruments [line items]
Impact on loss before tax, increase	$ 28	$ 526	$ 60
Impact on loss before tax, decrease	375	526	60
300 Basis Points
Disclosure of nature and extent of risks arising from financial instruments [line items]
Impact on loss before tax, increase	84	1,578	180
Impact on loss before tax, decrease	$ 642	$ 1,578	$ 180

Changes in liabilities attributable to financing activities (Tables)

12 Months Ended

Dec. 31, 2023

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			Convertible Notes			Total
Balance at January 1, 2021		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
Cash flows		46,818			—			(10,899	)		—			35,919
Non-cash flows:
Addition – leases		—			—			20,111			—			20,111
Foreign exchange adjustments		(292	)		—			(8,529	)		—			(8,821	)
Assets held for sale (Note 34)		—			—			(44,794	)		—			(44,794	)
Other changes		77			—			—			—			77
Balance at December 31, 2022		52,590			—			99,108			—			151,698
Cash flows		61,985			—			(11,411	)		324,950			375,524
Non-cash flows:
Addition – leases		—			—			21,341			—			21,341
Foreign exchange adjustments		407			—			2,844			—			3,251
Fair value changes (including interest expenses) recognized in the consolidated statement of operations		—			—			—			(74,078	)		(74,078	)
Change in fair value recognized in consolidated statement of other comprehensive loss		—			—			—			72,656			72,656
Remeasurement - leases(1)		—			—			(17,886	)		—			(17,886	)
Other changes		5,323			—			(4,994	)		—			329
Balance at December 31, 2023		120,305			—			89,002			323,528			532,835

(1) Remeasurement related to change of lease term due to the decision to discontinue the construction of the new production facility in Peterborough, UK.

Employee and Personnel Costs - Summary of Employee Benefits Expenses by Function (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Employee Benefits Expenses By Function [Line Items]
Employee benefits expenses by function	$ (204,269)	$ (220,359)	$ (161,027)
Cost of Goods Sold
Employee Benefits Expenses By Function [Line Items]
Employee benefits expenses by function	(37,671)	(51,106)	(35,959)
Research and Development Expenses
Employee Benefits Expenses By Function [Line Items]
Employee benefits expenses by function	(12,431)	(13,739)	(10,336)
Selling, General and Administrative Expenses
Employee Benefits Expenses By Function [Line Items]
Employee benefits expenses by function	$ (154,167)	$ (155,514)	$ (114,732)

Leases - Summary of Changes in Right of Use Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Disclosure Of Quantitative Information About Rightofuse Assets [Line Items]
Beginning balance	$ 108,598
Ending balance	88,393	$ 108,598
Accumulated Depreciation, Amortization and Impairment
Disclosure Of Quantitative Information About Rightofuse Assets [Line Items]
Beginning balance	(22,040)	(19,632)
Depreciation	(14,077)	(28,176)
Decreases	6,338	(4,879)
Impairment	(5,355)	12,013
Assets held for sale		(16,824)
Exchange differences	(828)	1,810
Ending balance	(35,962)	(22,040)
Cost
Disclosure Of Quantitative Information About Rightofuse Assets [Line Items]
Beginning balance	130,638	178,080
Increases	19,278	20,294
Decreases	(29,030)	(7,093)
Assets held for sale		49,399
Exchange differences	3,469	(11,244)
Ending balance	124,355	130,638
Land and Buildings
Disclosure Of Quantitative Information About Rightofuse Assets [Line Items]
Beginning balance	87,015
Ending balance	69,434	87,015
Land and Buildings \| Accumulated Depreciation, Amortization and Impairment
Disclosure Of Quantitative Information About Rightofuse Assets [Line Items]
Beginning balance	(13,098)	(11,030)
Depreciation	(8,921)	(20,029)
Decreases	4,687	(5,094)
Impairment	(5,355)	9,688
Assets held for sale		(12,594)
Exchange differences	(452)	773
Ending balance	(23,139)	(13,098)
Land and Buildings \| Cost
Disclosure Of Quantitative Information About Rightofuse Assets [Line Items]
Beginning balance	100,113	138,803
Increases	16,700	12,989
Decreases	(27,255)	(4,594)
Assets held for sale		38,724
Exchange differences	3,015	(8,361)
Ending balance	92,573	100,113
Plant and Machinery
Disclosure Of Quantitative Information About Rightofuse Assets [Line Items]
Beginning balance	21,583
Ending balance	18,959	21,583
Plant and Machinery \| Accumulated Depreciation, Amortization and Impairment
Disclosure Of Quantitative Information About Rightofuse Assets [Line Items]
Beginning balance	(8,942)	(8,602)
Depreciation	(5,156)	(8,147)
Decreases	1,651	215
Impairment		2,325
Assets held for sale		(4,230)
Exchange differences	(376)	1,037
Ending balance	(12,823)	(8,942)
Plant and Machinery \| Cost
Disclosure Of Quantitative Information About Rightofuse Assets [Line Items]
Beginning balance	30,525	39,277
Increases	2,578	7,305
Decreases	(1,775)	(2,499)
Assets held for sale		10,675
Exchange differences	454	(2,883)
Ending balance	$ 31,782	$ 30,525

Document and Entity Information	12 Months Ended
Document and Entity Information	Dec. 31, 2023 shares
Document Information [Line Items]
Document Type	20-F
Amendment Flag	false
Document Period End Date	Dec. 31, 2023
Document Fiscal Year Focus	2023
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	Accelerated Filer
Entity Well-known Seasoned Issuer	No
Entity Common Stock, Shares Outstanding	595,060,257
Entity Shell Company	false
Entity Emerging Growth Company	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
Contact Personnel Email Address	investors@oatly.com
Entity Address, Address Line One	Ångfärjekajen 8
Entity Address, Postal Zip Code	211 19
Entity Address, City or Town	Malmö
Entity Address, Country	SE
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [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	Marie-José David
Entity Address, Address Line One	Ångfärjekajen 8
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 55 00

Commitments and Contingencies

12 Months Ended

Dec. 31, 2023

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. For the twelve months ended December 31, 2023, the Group continued to consolidate the use of co-packers and increase the utilization of expanded in-house manufacturing facilities. The lower allocation of volumes to co-packers in EMEA and Americas, and a volume adjustment related to a co-packer arrangement in Asia, resulted in volume shortfall expenses of $13.4 million. In 2022, the consolidated use of co-packers in EMEA, and a volume adjustment related to a co-packer arrangements in Asia, resulted in total shortfall expenses of $8.7 million for the twelve months ended December 31, 2022. The shortfall expenses are presented in cost of goods sold in the consolidated statement of operations.

Leases

The future cash outflows relating to leases that have not yet commenced are disclosed in Note 16 Leases.

Legal contingencies

From time to time, the Company 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 of 1934 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 operative consolidated complaint alleges violations of the Securities Exchange Act of 1934, SEC Rule 10b-5, and the Securities Act of 1933. 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 and certain of its officers and directors, alleging violations of the Securities Act of 1933. In May 2022, the New York County Supreme Court granted a stay of Hipple v. Oatly Group AB et al. pending final adjudication of In re Oatly Group AB Securities Litigation in the United States District Court for the Southern District of New York. In December 2022, the parties in In re Oatly Group AB Securities Litigation completed briefing of the defendants’ motion to dismiss the operative consolidated complaint; there was oral argument on the motion on May 31, 2023, and the Court granted the motion without prejudice, except for the claim brought under Section 12 of the Securities Act of 1933, which the Court dismissed with prejudice. Plaintiffs filed their amended complaint on August 11, 2023. In October 2023, the parties reached a settlement in principle of both matters that would require the Company to pay $9.25 million, which is contingent upon court approval, among other things. The parties filed a motion seeking preliminary approval of the settlement on February 16, 2024. If the settlement does not become effective, the cases will be returned to litigation.

Consolidated statement of comprehensive loss - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Statement of comprehensive income [abstract]
Loss for the year	$ (417,060)	$ (392,567)	$ (212,393)
Items that may be reclassified to consolidated statement of operations in subsequent periods (net of tax):
Exchange differences from translation of foreign operations	10,935	(96,997)	(71,961)
Fair value changes on Convertible Notes attributable to changes in credit risks	(72,656)
Total other comprehensive loss for the year	(61,721)	(96,997)	(71,961)
Total comprehensive loss for the year	(478,781)	(489,564)	(284,354)
Attributable to:
Shareholders of the parent	(478,595)	$ (489,564)	$ (284,354)
Non-controlling interests	$ (186)

Financial risk management (Tables)

12 Months Ended

Dec. 31, 2023

Disclosure Of Financial Instruments [Line Items]

Summary of Aging of Groups Trade Receivables

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


	2023			2022
Current		92,293			83,020
1-30 days past due		15,127			9,739
31-60 days past due		2,488			4,630
61-90 days past due		1,381			1,431
91- days past due		2,882			5,865
Gross carrying amount		114,171			104,685
Allowance for expected credit losses		(1,220	)		(3,730	)
Net carrying amount		112,951			100,955

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:

all non-derivative financial liabilities; and

derivative financial instruments for which the contractual maturities represent the timing of the cash flows.

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.


December 31, 2023	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
Lease liabilities		4,208		12,625		15,892		35,121		66,486		134,332		89,002
Convertible Notes		—		—		—		546,842		—		546,842		323,528
Liabilities to credit institutions		5,503		14,617		19,262		171,296		—		210,678		120,305
Trade payables		64,368		—		—		—		—		64,368		64,368
Total non-derivatives		74,079		27,242		35,154		753,259		66,486		956,220		597,203


December 31, 2022	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
Lease liabilities		4,671			14,015		13,328		35,201		113,277		180,492			99,108
Liabilities to credit institutions		49,327			1,127		1,443		1,376		—		53,273			52,590
Trade payables		82,516			—		—		—		—		82,516			82,516
Total non-derivatives		136,514			15,142		14,771		36,577		113,277		316,281			234,214

Derivatives
Foreign currency forward contracts- inflows		(47,850	)		—		—		—		—		(47,850	)		—
Foreign currency forward contracts- outflows		48,238			—		—		—		—		48,238			—
Total derivatives		388			—		—		—		—		388			316

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:


	2023			2022
As at January 1		(3,730	)		(883	)
Increase of allowance recognized in statement of operations during the year		(720	)		(3,666	)
Receivables written off during the year as uncollectible		1,912			205
Unused amount reversed		1,331			578
Translation differences		(13	)		36
As at December 31		(1,220	)		(3,730	)

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 of December 31, 2023
(in thousands of U.S. dollars)	SEK/USD			SEK/EUR			SEK/GBP		SEK/CNY			SEK/SGD			SEK/NOK		USD/SEK			SGD/CNY		GBP/EUR
Accounts receivables		—			8,318			—		—			—			—		—			42,245		—
Other receivables		—			1,077			22,938		—			53,661			10,406		24,400			—		2,780
S-T deposits		170,000			—			—		—			—			—		—			—		—
Liabilities to credit institutions		(132,831	)		(2,810	)		—		—			—			—		—			—		—
Trade payables		(1,757	)		(15,701	)		—		(47,727	)		(35,785	)		—		—			—		—
Lease liabilities		—			(2,047	)		—		—			—			—		—			—		—
Other current liabilities		(7,813	)		—			—		—			—			—		(22,388	)		—		—
Total		27,599			(11,163	)		22,938		(47,727	)		17,876			10,406		2,012			42,245		2,780


	As of December 31, 2022
(in thousands of U.S. dollars)	SEK/USD			SEK/EUR			SEK/GBP		SEK/CNY			SEK/SGD			SEK/NOK		USD/SEK		SGD/CNY		GBP/EUR
Accounts receivables		—			6,864			5,864		23,060			—			—		—		31,117		—
Other receivables		—			18,058			—		—			26,995			11,359		—		—		—
S-T deposits		—			—			—		4,315			—			—		—		—		—
Liabilities to credit institutions		—			(4,002	)		—		—			—			—		—		—		—
Trade payables		(942	)		(15,944	)		—		(9,821	)		(12,083	)		—		—		—		—
Lease liabilities		—			(2,615	)		—		—			—			—		—		—		—
Other current liabilities		(127,884	)		—			—		—			—			—		—		—		(11,808	)
Total		(128,826	)		2,361			5,864		17,554			14,912			11,359		—		31,117		(11,808	)

Summary of Sensitivity Analysis

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


	Impact on loss before tax
	2023	2022		2021
SEK/USD exchange rate - increase/decrease 10 %	+/- 2,760	+/- 12,883		+/- 7,036
SEK/EUR exchange rate - increase/decrease 10 %	+/- 1,116	+/- 236		+/- 1,296
SEK/GBP exchange rate - increase/decrease 10 %	+/- 2,294	+/- 586		+/- 350
SEK/CNY exchange rate - increase/decrease 10 %	+/- 4,773	+/- 1,755		+/- 14,294
SEK/SGD exchange rate - increase/decrease 10 %	+/- 1,788	+/- 1,491		+/- 2,722
SEK/NOK exchange rate - increase/decrease 10 %	+/- 1,041	+/- 1,136			—
USD/SEK exchange rate - increase/decrease 10 %	+/- 201		—		—
SGD/CNY exchange rate - increase/decrease 10 %	+/- 4,224	+/- 3,112		+/- 691
GBP/EUR exchange rate - increase/decrease 10 %	+/- 278	+/- 1,181		+/- 1,225

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
	2023	2022	2021
Interest rates - increase by 100 basis points	+28	+526	+60
Interest rates - decrease by 100 basis points	-375	-526	-60
Interest rates - increase by 300 basis points	+84	+1,578	+180
Interest rates - decrease by 300 basis points	-642	-1,578	-180

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 and Convertible Notes.

The following table shows the impact of changes in the fair value on the short-term investments:


	Impact on loss before tax
	2023		2022		2021
Fair value - increase/decrease by 10%		—		—	+/- 25

Equity - Additional Information (Details) $ / shares in Units, shares in Thousands		1 Months Ended				12 Months Ended
	Jul. 27, 2023	Nov. 30, 2023 shares	May 31, 2023 shares	May 31, 2022 shares	May 31, 2021 shares	Dec. 31, 2023 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2023 kr / shares	Dec. 31, 2023 USD ($) shares $ / shares	Dec. 31, 2022 USD ($) shares
Disclosure Of Classes Of Share Capital [Line Items]
Exercise of warrants							$ 38,503,000
Other contributed capital									$ 1,628,045,000	$ 1,628,045,000
Other reserves									(233,200,000)
Change in fair value recognized in consolidated statement of other comprehensive loss						$ (72,656,000)
Accumulated deficit									(1,060,952,000)	$ (665,524,000)
Percentage of share capital owned in subsidiary	100.00%
Share capital percentage	40.00%
Non-controlling interests									$ 1,787,000
Warrants
Disclosure Of Classes Of Share Capital [Line Items]
Warrants outstanding \| shares									65,965	68,847
Treasury Shares
Disclosure Of Classes Of Share Capital [Line Items]
Ordinary shares outstanding \| shares									249	107
Other Reserves
Disclosure Of Classes Of Share Capital [Line Items]
Other reserves										$ (171,500)
Change in fair value recognized in consolidated statement of other comprehensive loss						$ (72,700)
Foreign Currency Translation Reserve
Disclosure Of Classes Of Share Capital [Line Items]
Other reserves									$ (160,500)
2021 Incentive Award Plan
Disclosure Of Classes Of Share Capital [Line Items]
Number of warrants, granted \| shares					69,497
Shares issued in exercise of warrants \| shares			2,882	650
Ordinary Shares
Disclosure Of Classes Of Share Capital [Line Items]
Ordinary shares outstanding \| shares									595,060	592,320
Par value \| (per share)								kr 0.0015	$ 0.00018
Ordinary Shares \| 2021 Incentive Award Plan
Disclosure Of Classes Of Share Capital [Line Items]
Ordinary shares issued to convert loan \| shares			2,882
American Depositary Shares \| 2021 Incentive Award Plan
Disclosure Of Classes Of Share Capital [Line Items]
Ordinary shares issued to convert loan \| shares		805	1,935

Consolidated statement of financial position - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Non-current assets
Intangible assets	$ 130,326	$ 127,688
Property, plant and equipment	360,286	492,952
Right-of-use assets	88,393	108,598
Other non-current receivables	44,378	7,848
Deferred tax assets	10,203	5,860
Total non-current assets	633,586	742,946
Current assets
Inventories	67,882	114,475
Trade receivables	112,951	100,955
Current tax assets	2,505	243
Other current receivables	33,820	17,818
Prepaid expenses	16,928	23,413
Cash and cash equivalents	249,299	82,644
Total current assets other than assets held for sale	483,385	339,548
Assets held for sale	0	142,703
Total current assets	483,385	482,251
TOTAL ASSETS	1,116,971	1,225,197
Equity
Share capital	105	105
Treasury shares	0	0
Other contributed capital	1,628,045	1,628,045
Other reserves	(233,204)	(171,483)
Accumulated deficit	(1,060,952)	(665,524)
Equity attributable to shareholders of the parent	333,994	791,143
Non-controlling interests	1,787
Total equity	335,781	791,143
Non-current liabilities
Lease liabilities	72,570	82,285
Liabilities to credit institutions	114,249	2,668
Provisions	10,716	7,194
Total non-current liabilities	197,535	92,147
Current liabilities
Lease liabilities	16,432	16,823
Convertible Notes	323,528	0
Liabilities to credit institutions	6,056	49,922
Trade payables	64,368	82,516
Current tax liabilities	2,732	5,515
Other current liabilities	13,873	11,823
Accrued expenses	121,338	123,037
Provisions	35,328	3,800
Total current liabilities other than Liabilities directly associated with the assets held for sale	583,655	293,436
Liabilities directly associated with assets held for sale	0	48,471
Total current liabilities	583,655	341,907
Total liabilities	781,190	434,054
TOTAL EQUITY AND LIABILITIES	$ 1,116,971	$ 1,225,197

Share-based compensation - Summary of Changes on Fair Value Per Employee Stock Option Granted (Parenthetical) (Details)	12 Months Ended
	Dec. 31, 2023
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Percentage of impact of increasing share price	30.00%
Percentage of impact of decreasing share price	30.00%
Percentage of impact of increasing expected volatility	10.00%
Percentage of impact of decreasing expected volatility	10.00%
Impact of increasing expected term	12 months
Impact of decreasing expected term	12 months
Employee Stock Options
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Percentage of impact of increasing share price	30.00%
Percentage of impact of decreasing share price	30.00%
Percentage of impact of increasing expected volatility	10.00%
Percentage of impact of decreasing expected volatility	10.00%
Impact of increasing expected term	12 months
Impact of decreasing expected term	12 months

Financial Risk Management - Additional Information (Details) € in Millions, ¥ in Millions, kr in Millions				1 Months Ended		12 Months Ended
	Apr. 18, 2023 SEK (kr)	Apr. 18, 2023 USD ($)	Mar. 23, 2023	Apr. 30, 2023 USD ($)	Oct. 31, 2022	Dec. 31, 2023 SEK (kr)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 SEK (kr)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2023 EUR (€)	Dec. 31, 2023 SEK (kr)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 EUR (€)	Dec. 31, 2022 SEK (kr)	Dec. 31, 2022 USD ($)	Nov. 30, 2022 CNY (¥)	Nov. 30, 2022 USD ($)	Dec. 31, 2020 USD ($)
Disclosure Of Financial Risk Management [Line Items]
Currency derivatives \| kr						kr 259.5		kr 500.0
Fair value of currency derivatives							$ 900,000		$ 300,000
Nominal amount of liabilities to credit institutions							2,800,000		4,000,000
Short-term investments										$ 250,000,000
Convertible notes													$ 323,528,000			$ 0
Investments at fair value													0
Term loan facility													130,000
Impairments loss for outstanding trade receivables							$ 0		$ 0
Agreement reset term						SRCF Agreement was reset to three years and six months, with a one year uncommitted extension option,	SRCF Agreement was reset to three years and six months, with a one year uncommitted extension option,
Cash and cash equivalents										$ 295,572,000			249,299,000			82,644,000			$ 105,364,000
Long term financing		$ 130,000,000
Maturity						3	3
Liabilities to credit institutions balance													120,305,000			52,590,000
Short-term credit facility													6,056,000			49,922,000
Undrawn bank overdraft facilities													$ 210,300,000			318,400,000
SOFR
Disclosure Of Financial Risk Management [Line Items]
Interest rate											2.50%	2.50%	2.50%
CAP
Disclosure Of Financial Risk Management [Line Items]
Interest rate											4.60%	4.60%	4.60%
Base Rate with Floor Rate
Disclosure Of Financial Risk Management [Line Items]
Interest rate											2.50%	2.50%	2.50%
CMB Credit Facility
Disclosure Of Financial Risk Management [Line Items]
Liabilities to credit institutions balance																0
SRCF Agreement and EIF Facility
Disclosure Of Financial Risk Management [Line Items]
Liabilities to credit institutions balance																52,600,000
EIF Facility
Disclosure Of Financial Risk Management [Line Items]
Liabilities to credit institutions balance											€ 2.5		$ 2,800,000	€ 3.8		4,000,000
Borrowings extended term					3 years
Single External Customer
Disclosure Of Financial Risk Management [Line Items]
Percentage of revenues derived from customer						12.00%	12.00%	14.00%	14.00%	14.00%
SRCF Agreement
Disclosure Of Financial Risk Management [Line Items]
Reduced commitments	kr 2,100.0	192,100,000
Uncommitted incremental revolving facility option	kr 500.0	$ 45,700,000
Commitments initial margin percentage	4.00%	4.00%
Utilized Loan Amount													0		kr 507.0	$ 48,600,000
Working Capital Credit Facility \| CMB Credit Facility
Disclosure Of Financial Risk Management [Line Items]
Liabilities to credit institutions balance																	¥ 150	$ 20,700,000
Term Loan \| EIF Facility
Disclosure Of Financial Risk Management [Line Items]
Maturity						October 2025	October 2025
TLB Credit Agreement
Disclosure Of Financial Risk Management [Line Items]
Term loan facility period	5 years	5 years		5 years
Long term financing				$ 130,000,000
Liabilities to credit institutions balance													132,800,000
TLB Credit Agreement \| SOFR
Disclosure Of Financial Risk Management [Line Items]
Borrowings, amortization percentage	1.00%	1.00%		1.00%
TLB Credit Agreement \| SOFR with Floor Rate
Disclosure Of Financial Risk Management [Line Items]
Interest rate		2.50%		2.50%
TLB Credit Agreement \| SOFR with Base Rate
Disclosure Of Financial Risk Management [Line Items]
Interest rate		7.50%		7.50%
TLB Credit Agreement \| Base Rate with Floor Rate
Disclosure Of Financial Risk Management [Line Items]
Interest rate		3.50%		3.50%
TLB Credit Agreement \| Base rate
Disclosure Of Financial Risk Management [Line Items]
Interest rate		6.50%		6.50%
Liabilities To Credit Institutions And Available Facilities
Disclosure Of Financial Risk Management [Line Items]
Maturity						41 months	41 months	16 months	16 months	27 months
9.25% Convertible Senior PIK Notes due 2028
Disclosure Of Financial Risk Management [Line Items]
Convertible notes, maturity date			Sep. 14, 2028			Sep. 14, 2028	Sep. 14, 2028
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							$ 12,000,000		$ 11,200,000
Floating Charges Security
Disclosure Of Financial Risk Management [Line Items]
Assets pledged as security												kr 200.0	20,000,000
Real Property Mortgage Certificates
Disclosure Of Financial Risk Management [Line Items]
Assets pledged as security												kr 92.0	$ 9,200,000
Bottom of Range
Disclosure Of Financial Risk Management [Line Items]
Percentage of exposure to currency risks						0.00%	0.00%
Top of Range
Disclosure Of Financial Risk Management [Line Items]
Percentage of exposure to currency risks						100.00%	100.00%

Significant Accounting Judgments Estimates and Assessments - Additional Information (Details) - Embedded Leases $ in Millions	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($) Contract
Significant Accounting Judgments Estimates And Assessments [Line Items]
Number of supplier contracts \| Contract		3
Lease liabilities \| $	$ 9.2	$ 10.5

Finance income and expenses (Tables)

12 Months Ended

Dec. 31, 2023

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

Summary of Finance Income and Expenses


	2023			2022			2021
Interest income		12,666			2,144			1,774
Other financial income		329			—			—
Fair value changes on derivatives		611			—			—
Fair value changes on Convertible Notes		96,445			—			—
Net foreign exchange difference		7,825			13,112			12,661
Total finance income		117,876			15,256			14,435
Interest expenses on loan from credit institutions		(20,187	)		(5,784	)		(8,623	)
Interest expenses on lease liabilities		(6,779	)		(8,144	)		(5,026	)
Interest expenses on Convertible Notes		(22,367	)		—			—
Interest expenses on shareholder loans		—			—			(5,256	)
Fair value changes on derivatives		—			(287	)		(16	)
Fair value changes on short-term investments		—			(1,821	)		(222	)
Other financial expenses		(19,696	)		(629	)		(518	)
Borrowing costs capitalized		—			—			3,921
Total finance expenses		(69,029	)		(16,665	)		(15,740	)

Other Current Receivables - Additional Information (Details) $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($)
Other Current Receivables [Abstract]
Receivable relating to production equipment returned to a supplier due to decision to discontinue construction of new production facility	$ 12.2
Impairment of receivable due to the decision to discontinue the construction of new production facility	$ 13.9

Summary of Accounting Policies - Additional Information (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) Segment Installment	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Significant Accounting Policies [Line Items]
Number of operating segments aggregated to form reportable segments \| Segment	0
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
Customer distribution costs	$ 51,700	$ 61,300	$ 49,400
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	$ 9,542	9,208	$ 8,390
Employee stock options (ESOPs) and Restricted Stock Units (RSUs)
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 installments are treated as separate awards which are expensed on a linear basis for each installment 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	$ 1,000
Premium expenses	$ 1,000	$ 1,100
Preliminary percentage of collective consolidation level	158.00%
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

Depreciation Amortization and Impairment by Per Function

12 Months Ended

Dec. 31, 2023

Depreciation and amortisation expense [abstract]

Depreciation Amortization and Impairment by Per Function

6. Depreciation, amortization and impairment by function


	2023
	Property, plant and equipment			Right-of-use assets			Intangible assets			Total
Cost of goods sold		(30,868	)		(7,970	)		—			(38,838	)
Research and development expenses		(1,060	)		(323	)		(124	)		(1,507	)
Selling, general and administrative expenses		(1,100	)		(5,208	)		(5,221	)		(11,529	)
Total depreciation/amortization/impairment by function(1)		(33,028	)		(13,501	)		(5,345	)		(51,874	)

(1)


	2022
	Property, plant and equipment			Right-of-use assets			Intangible assets			Total
Cost of goods sold		(31,372	)		(8,427	)		—			(39,799	)
Research and development expenses		(490	)		(186	)		(89	)		(765	)
Selling, general and administrative expenses		(572	)		(4,476	)		(2,988	)		(8,036	)
Total depreciation/amortization/impairment by function(1)		(32,434	)		(13,089	)		(3,077	)		(48,600	)

(1)


	2021
	Property, plant and equipment			Right-of-use assets			Intangible assets			Total
Cost of goods sold(1)		(16,337	)		(5,894	)		—			(22,231	)
Research and development expenses		(294	)		(58	)		(77	)		(429	)
Selling, general and administrative expenses(2)		(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.

Share-based compensation - Summary of Employee Stock Options Granted (Details) - Employee Stock Options	12 Months Ended
	Dec. 31, 2023 shares $ / shares	Dec. 31, 2022 shares $ / shares	Dec. 31, 2021 shares $ / shares
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Weighted average exercise price, Beginning balance \| $ / shares	$ 9.4	$ 16.86
Weighted average exercise price, Granted \| $ / shares	1.75	3.45	$ 16.86
Weighted average exercise price, Forfeited \| $ / shares	5.88	6.71	17
Weighted average exercise price, Expired \| $ / shares	11.88	17
Weighted average exercise price, Ending balance \| $ / shares	5.98	$ 9.4	$ 16.86
Weighted average exercise price, Vested and exercisable \| $ / shares	$ 10.19
Number of employee stock options, Beginning balance \| shares	14,339,052	6,958,312
Number of share options granted \| shares	11,111,723	9,651,313	7,002,430
Number of employee stock options, Forfeited \| shares	3,615,022	(2,204,399)	(44,118)
Number of employees stock option ,Expired \| shares	546,562	(66,174)
Number of employee stock options, Ending balance \| shares	21,289,191	14,339,052	6,958,312
Vested and exercisable as of December 31, 2023 \| shares	7,637,924

Income tax (Tables)

12 Months Ended

Dec. 31, 2023

Major components of tax expense (income) [abstract]

Major Components of Income Tax (Expense) Benefit

The major components of income tax (expense)/benefit for the year ended December 31, 2023, 2022 and 2021 are as follows:


	2023			2022			2021
Current tax:
Current income tax (expense)/benefit		(10,892	)		(3,250	)		1,887
Adjustments in respect of income tax of previous years		(2,282	)		1,724			(120	)
		(13,174	)		(1,526	)		1,767
Deferred tax:
Relating to origination and reversal of temporary differences		4,279			6,353			888
		4,279			6,353			888
Income tax (expense)/benefit reported in the consolidated statement of operations		(8,895	)		4,827			2,655

Summary of Reconciliation of Tax (Expense) Benefit and Accounting Loss

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


	2023			2022			2021
Accounting loss before tax		(408,165	)		(397,394	)		(215,048	)
At Sweden’s corporate income tax rate of 20,6%		84,082			81,863			44,300
Effect of tax rates in foreign jurisdictions		3,028			(803	)		(835	)
Non-taxable income		170			7			26
Non-deductible costs		(4,352	)		(8,978	)		(2,738	)
Adjustments in respect of income tax of previous years		(2,282	)		1,724			(120	)
Change in unrecognized deferred taxes		(89,262	)		(69,219	)		(38,915	)
Tax effect of changes in tax rates		(304	)		112			(13	)
Other		25			121			950
Income tax expense/(benefit)		(8,895	)		4,827			2,655

Summary of Deferred Tax

Deferred tax relates to the following:


	2023			2022
Property, plant and equipment		(3,759	)		(11,287	)
Lease right-of-use asset		(9,899	)		(29,474	)
Lease liability		9,470			30,750
Inventory		2,900			4,103
Loss allowances for financial assets		203			289
Accrued interest		234			1,798
Accrued expenses		5,098			1,438
Tax losses carried forward		497			4,533
Deferred tax credit		1,296			766
Share based compensation		503			319
Other		3,660			2,625
Net deferred tax assets		10,203			5,860
Reflected in the consolidated statement of financial position as follows:
Deferred tax assets		10,203			5,860

Summary of Reconciliation of Net Deferred Tax

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


	2023		2022
Balance at January 1		5,860		(384	)
Movement recognized in the consolidated statement of operations		4,279		6,353
Exchange differences		64		(109	)
Balance at December 31		10,203		5,860

Summary of Deferred Tax Assets Not Been Recognized

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


	2023		2022
Property, plant and equipment(1)		31,138		—
Provisions(2)		6,152		—
Lease liabilities		11,951		2,162
Tax losses carried forward		194,417		112,970
Net interest expense carried forward		12,196		2,061
Total unrecognized deferred tax assets		255,854		117,193

(1)

(2)

Relates to provisions due to the decision to discontinue the construction of the new production facility in Peterborough, UK. Refer to Note 26 Provisions for further details.

Summary of Tax Loss Carryforwards

Tax loss carry-forwards as of December 31, 2023 were expected to expire as follows:

        Expected expiry

        Less than
5 years

        Unlimited

        Total

Tax loss carry-forwards

4,655

942,816

947,471

Other current liabilities (Tables)

12 Months Ended

Dec. 31, 2023

Other Current Liabilities [Abstract]

Summary of Other Current Liabilities


	2023		2022
Derivatives		—		316
Employee withholding taxes		2,224		1,830
Value added tax		10,203		7,617
Other		1,446		2,060
Total		13,873		11,823

Segment Information - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Oatmilk
Disclosure Of Operating Segments [Line Items]
Percentage of revenues derived from customer		90.00%	89.00%	91.00%
Single External Customer \| Americas and Asia Segment
Disclosure Of Operating Segments [Line Items]
Percentage of revenues derived from customer		12.00%	14.00%	14.00%
Discontinued Operations
Disclosure Of Operating Segments [Line Items]
Non-cash impairments	$ 155.9
Discontinued Operations \| US
Disclosure Of Operating Segments [Line Items]
Non-cash impairments	20.7
Discontinued Operations \| UK
Disclosure Of Operating Segments [Line Items]
Non-cash impairments	$ 135.2

Income tax - Additional Information (Details) - USD ($)	12 Months Ended
Income tax - Additional Information (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits [Line Items]
Deferred income tax asset	$ 0
Accumulated loss carry-forwards	947,500,000	$ 570,600,000
Unused tax losses for which no deferred tax asset recognized	940,100,000	548,400,000	$ 345,300,000
Hypothetical deferred tax impact of unused tax losses for which no deferred tax asset recognised	193,700,000	113,000,000	71,100,000
Other 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		$ 3,900,000	$ 12,400,000
Tax losses for which deferred tax asset recognized	2,700,000
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	206.00%	206.00%	206.00%

Other Current Liabilities - Summary of Other Current Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Other Current Liabilities [Abstract]
Derivatives		$ 316
Employee withholding taxes	$ 2,224	1,830
Value added tax	10,203	7,617
Other	1,446	2,060
Total	$ 13,873	$ 11,823

Finance Income and Expenses

12 Months Ended

Dec. 31, 2023

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

Finance income and expenses

10. Finance income and expenses


	2023			2022			2021
Interest income		12,666			2,144			1,774
Other financial income		329			—			—
Fair value changes on derivatives		611			—			—
Fair value changes on Convertible Notes		96,445			—			—
Net foreign exchange difference		7,825			13,112			12,661
Total finance income		117,876			15,256			14,435
Interest expenses on loan from credit institutions		(20,187	)		(5,784	)		(8,623	)
Interest expenses on lease liabilities		(6,779	)		(8,144	)		(5,026	)
Interest expenses on Convertible Notes		(22,367	)		—			—
Interest expenses on shareholder loans		—			—			(5,256	)
Fair value changes on derivatives		—			(287	)		(16	)
Fair value changes on short-term investments		—			(1,821	)		(222	)
Other financial expenses		(19,696	)		(629	)		(518	)
Borrowing costs capitalized		—			—			3,921
Total finance expenses		(69,029	)		(16,665	)		(15,740	)

Interest expense on the Convertible Notes is the nominal coupon rate of 9.25%. Fair value changes on Convertible Notes contains the fair value changes less the coupon rate and changes in credit risk. See Note 3 Financial risk management and Note 27 Convertible Notes.

Other financial expenses for year ended December 31, 2023 mainly consist of $17.5 million in transaction costs relating to the issuance of Convertible Notes, and $1.4 million in previously capitalized and amortized transaction costs relating to the previous Sustainable Revolving Credit Facility Agreement (the “SRCF Agreement”) that were expensed in connection with the extinguishment of the liability. See Note 25 Liabilities to credit institutions for further information on the SRCF Agreement.

Capitalized borrowing costs

For the years ended December 31, 2023 and 2022, there were no capitalized borrowing costs. For the year ended December 31, 2021, 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% for 2021.

Other non-current receivables (Tables)

12 Months Ended

Dec. 31, 2023

Trade and other non-current receivables [abstract]

Summary of Other Non-Current Receivables


	2023		2022
Derivatives		1,027		—
Deposits		1,861		1,802
Promissory notes		22,093		—
Long-term prepaid expenses		15,782		3,070
Other receivables		3,615		2,976
Total		44,378		7,848

Cash and Cash Equivalents - Summary of Cash and Cash Equivalents (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Cash and cash equivalents [abstract]
Short-term deposits	$ 170,000	$ 13,894
Cash at bank and on hand	79,299	68,750
Total	$ 249,299	$ 82,644	$ 295,572	$ 105,364

Financial instruments per category - Summary of Impact of Key Inputs and Assumptions on the Fair Value of the Convertible Notes (Parenthetical) (Details)	12 Months Ended
	Dec. 31, 2023
Disclosure of detailed information about financial instruments [abstract]
Percentage of impact of decreasing share price on convertible notes	30.00%
Percentage of impact of increasing share price on convertible notes	30.00%
Percentage of impact of decreasing volatility on convertible notes	10.00%
Percentage of impact of increasing volatility on convertible notes	10.00%
Percentage of impact of decreasing Risk-free interest rate on convertible notes	1.00%
Percentage of impact of increasing Risk-free interest rate on convertible notes	1.00%
Percentage of impact of decreasing market interest rate on convertible notes	1.00%
Percentage of impact of increasing market interest rate on convertible notes	1.00%

Prepaid expenses (Tables)

12 Months Ended

Dec. 31, 2023

Prepaid Expenses [Abstract]

Summary of Prepaid Expenses


	2023		2022
Prepaid production and warehouse expenses		102		407
Prepaid selling and marketing expenses		1,587		229
Prepaid insurance expenses		620		9,090
Prepaid financing expenses		4,006		3,399
Other		10,613		10,288
Total		16,928		23,413

Leases - Summary of Changes in Right of Use Assets (Parenthetical) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disclosure Of Quantitative Information About Rightofuse Assets [Line Items]
Asset impairment charge	$ 2,500		$ 4,970
Discontinuance of Construction of New Production Facility In Peterborough UK
Disclosure Of Quantitative Information About Rightofuse Assets [Line Items]
Asset impairment charge	$ 3,700
YYF Transaction
Disclosure Of Quantitative Information About Rightofuse Assets [Line Items]
Asset impairment charge		$ 12,000

Convertible Notes - Additional Information (Details) - USD ($)
$ / shares in Units, $ in Thousands

12 Months Ended

Mar. 23, 2024

May 09, 2023

Apr. 18, 2023

Mar. 23, 2023

Dec. 31, 2023

Dec. 31, 2022

Aggregate purchase price paid

$ 291,000

Lowest potential reset price March 2025 before customary anti dilution adjustments

$ 1.41

Lowest potential reset price March 2024 before customary anti dilution adjustments

$ 1.89

Convertible notes

$ 323,528

$ 0

Bottom of Range

Bottom of Range | Events After Reporting Period

^[1]

$ 1.36

Convertible notes, Initial conversion price per ordinary share or ADS

$ 2.41

Top of Range

Top of Range | Events After Reporting Period

^[1]

$ 2.52

Convertible notes, Initial conversion price per ordinary share or ADS

$ 2.52

Hillhouse | Swedish Notes

$ 15,000

Hillhouse | HH Notes

Convertible debt original discount rate

3.00%

Convertible notes premium rate to the last reported sale price of company Ads

17.00%

Convertible notes, Initial conversion price per ordinary share or ADS

$ 2.52

Convertible notes

$ 35,000

Convertible notes in financing after reflecting original issue of discount

$ 34,000

9.25% Convertible Senior PIK Notes due 2028

Convertible debt interest rate

$ 300,000

9.25%

Convertible debt original discount rate

3.00%

Convertible notes interest rate

9.25%

Convertible notes interest rate, payable description

payable semi-annually in arrears in cash or in payment-in-kind, at the Company’s option, on April 15 and October 15 of each year

Convertible notes interest rate, payable start date

Oct. 15, 2023

Convertible notes, maturity date

Sep. 14, 2028

Convertible notes, Initial conversion price per ordinary share or ADS

$ 2.41

Lowest potential reset price March 2024

$ 1.81

Lowest potential reset price March 2025

$ 1.36

Conversion of the convertible notes if the last reported sale price of the company ADSE equals or exceeds 200%

200.00%

Conversion price, terms of description

conversion price on any 45 trading days during any 90 consecutive day period beginning on or after the third anniversary of the issuance of the U.S. Notes (with respect to the U.S. Notes and the HH Notes) and the Swedish Notes (with respect to the Swedish Notes).

9.25% Convertible Senior PIK Notes due 2028 | Existing Shareholders, Nativus Company Limited, Verlinvest and Blackstone Funds

9.25% Convertible Senior PIK Notes due 2028 | Institutional Investors

$ 200,100