0001558370-23-010061 | 20-F | XBRL Viewer

Non-controlling interests

12 Months Ended

Dec. 31, 2022

24 Non-controlling interests

As of December 31, 2022, the Group has no non-controlling interests, since in 2022 the Group acquired the remaining 10% of Centogene GmbH (Austria). In addition, with the decision to cease COVID-19 operations as of March 31, 2022, Centogene terminated its cooperation agreement with Dr. Bauer GmbH and the control over Dr. Bauer GmbH ceased; Centogene no longer meets the criteria of the control model under IFRS 10 as it no longer has exposure to variable returns and the ability to use power to affect returns through COVID-19 operations (see note 4).


Dec 31, 2021	Centogene GmbH, Vienna	Dr. Bauer Laboratoriums GmbH
in EUR k
Net assets/(liabilities)	(528)	245
Carrying amount of non‑controlling interests	(53)	—
Revenue	—	109,015
Profit/(loss)	(6)	98
Profit/(loss) allocated to non‑controlling interests	(1)	98


Dec 31, 2020	Centogene GmbH, Vienna	Dr. Bauer Laboratoriums GmbH
in EUR k
Net assets/(liabilities)	(522)	148
Carrying amount of non‑controlling interests	(52)	—
Revenue	—	55,596
Profit/(loss)	(1)	122
Profit/(loss) allocated to non‑controlling interests	—	122

Other income and expenses - Other operating income (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Other income and expenses
Government grants	€ 1,958	€ 2,263	€ 2,152
Gain on disposal of property, plant and equipment	53	18	2
VAT refund from tax authorities	970
Others	793	613	238
Total other operating income	€ 3,774	€ 2,894	€ 2,392

Consolidated statements of changes in equity - EUR (€) € in Thousands	Total Owners' Capital Previously Reported	Total Owners' Capital Adjustment	Total Owners' Capital	Issued capital Previously Reported	Issued capital	Capital reserve Previously Reported	Capital reserve	Currency translation reserve	Accumulated deficit Previously Reported	Accumulated deficit Adjustment	Accumulated deficit	Non-controlling interests Previously Reported	Non-controlling interests	Previously Reported	Adjustment	Total
Balance at beginning of the period at Dec. 31, 2019	€ 59,860	€ (243)	€ 59,617	€ 2,383	€ 2,383	€ 98,099	€ 98,099		€ (40,622)	€ (243)	€ (40,865)	€ (938)	€ (938)	€ 58,922	€ (243)	€ 58,679
Loss for the period			(22,046)								(22,046)		60	(21,378)	(608)	(21,986)
Other comprehensive loss			(48)					€ (48)								(48)
Total comprehensive loss			(22,094)					(48)			(22,046)		60	(21,426)	(608)	(22,034)
Issuance of shares			23,209		240		22,969									23,209
Transaction costs			(780)				(780)									(780)
Share-based payments			5,658				5,658									5,658
Exercise of options					31		(31)
Disposal of non-wholly owned subsidiary													268			268
Acquisition of non-wholly owned subsidiary			(780)								(780)		705			(75)
Balance at end of the period at Dec. 31, 2020			64,831		2,654		125,916	(48)			(63,691)		95	65,777	(851)	64,926
Loss for the period			(46,344)								(46,344)		98	(46,852)	606	(46,246)
Other comprehensive loss			543					543								543
Total comprehensive loss			(45,801)					543			(46,344)		98	(46,309)	606	(45,703)
Transaction costs																0
Share-based payments			8,035				8,035									8,035
Exercise of options					54		(54)
Balance at end of the period at Dec. 31, 2021			27,064		2,708		133,897	495			(110,036)		193	€ 27,503	€ (245)	27,258
Loss for the period			(31,841)								(31,841)					(31,841)
Other comprehensive loss			(76)					(76)								(76)
Total comprehensive loss			(31,917)					(76)			(31,841)					(31,917)
Issuance of shares			14,972		594		14,378									14,972
Transaction costs																(450)
Share-based payments			(16)				(16)									(16)
Exercise of options					5		(5)
Warrant liability			(2,832)				(2,832)									(2,832)
Disposal of non-wholly owned subsidiary			140				(53)				193		€ (193)			(53)
Balance at end of the period at Dec. 31, 2022			€ 7,411		€ 3,307		€ 145,369	€ 419			€ (141,684)					€ 7,411

Related parties - Remuneration of members of key management (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Related parties
Short-term employee benefits	€ 4,138	€ 4,098	€ 4,273
Post-employment pension and medical benefits		23	23
Termination benefits	679	235	565
Share-based payment transactions	(1,929)	822	1,822
Total compensation paid to key management	€ 2,888	€ 5,178	€ 6,683

Inventories (Tables)

12 Months Ended

Dec. 31, 2022

Inventories

Summary of inventories


in EUR k	Dec 31, 2022	Dec 31, 2021	Jan 1, 2021
Raw materials, consumables and supplies	1,801	3,831	11,167
Finished goods and merchandise	18	38	238
Inventories	1,819	3,869	11,405

Cash and short-term deposits

12 Months Ended

Dec. 31, 2022

Cash and short-term deposits

Cash and short-term deposits

17 Cash and short-term deposits

As of December 31, 2022, the Group has pledged its short-term deposits with carrying amount of EUR 443k (2021: EUR 938k; 2020: EUR 1,500k) and EUR 2,500k (2021: EUR 2,500k) respectively, to fulfil collateral requirements in respect of existing secured bank loan and overdraft facility up to EUR 2,500k. In addition, the Group has pledged its short-term deposits of EUR 1,000k (2021: EUR 1,000k) related to two other overdraft facilities worth EUR 500k each.

The restriction applying to the collateral may be terminated at any time subject to the full amount of the relevant bank loans and the overdrafts being repaid.

Right-of-use assets - Carrying amounts of right-of-use assets and movements during the period (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Leases
Beginning balance	€ 18,904	€ 22,120	€ 24,932
Additions	228	1,452	2,840
Transfers to property, plant & equipment	(899)	(672)	(1,992)
Depreciation expenses	(2,882)	(3,996)	(3,660)
Ending balance	15,351	18,904	22,120
Buildings
Leases
Beginning balance	10,884	12,005	13,126
Depreciation expenses	(1,124)	(1,121)	(1,121)
Ending balance	9,760	10,884	12,005
Offices
Leases
Beginning balance	3,339	4,176	4,407
Additions	112	133	426
Depreciation expenses	(529)	(970)	(657)
Ending balance	2,922	3,339	4,176
Plant and equipment
Leases
Beginning balance	3,291	4,587	6,989
Additions	95	1,121	1,265
Transfers to property, plant & equipment	(772)	(672)	(1,992)
Depreciation expenses	(1,081)	(1,745)	(1,675)
Ending balance	1,533	3,291	4,587
Other equipment
Leases
Beginning balance	1,356	1,315	390
Additions		179	1,112
Transfers to property, plant & equipment	(127)
Depreciation expenses	(127)	(138)	(187)
Ending balance	1,102	1,356	1,315
Motor vehicles
Leases
Beginning balance	34	37	20
Additions	21	19	37
Depreciation expenses	(22)	(22)	(20)
Ending balance	€ 33	€ 34	€ 37

Equity

12 Months Ended

Dec. 31, 2022

Equity.

Equity

Equity and liabilities

18 Equity

Issued capital and capital reserve


in thousands of shares	Dec 31, 2022	Dec 31, 2021	Jan 1, 2021
Common shares as of Jan 1, fully paid	22,568	22,118	19,862
Issued shares	4,998	—	2,000
Exercise of options	30	450	256
Common shares issued as of Dec 31, fully paid	27,596	22,568	22,118



in thousands of shares	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Authorized common shares of EUR 0.12 each	79,000	79,000	79,000

Common Shares

In July 2020, the Company completed a follow-on public offering of 3,500,000 common shares of the Company, consisting of 2,000,000 common shares offered by the Company and 1,500,000 common shares offered by selling shareholders at a price to the public of USD 14.00 per common share (i.e. EUR 12.71 per share). Aggregate offering proceeds, net of underwriting discounts, commissions and transaction costs, were EUR 22 million to the Company. On January 31, 2022, pursuant to a securities purchase

agreement signed with certain investors, the company received EUR 15.0 million as consideration for the issuance of an aggregate of 4,479,088 common shares at a price per share of USD 3.73 (EUR 3.35).

As of December 31, 2022, 27,595,835 common shares of Centogene N.V. with a nominal value of EUR 0.12 were issued and fully paid up (2021: 22,567,971; 2020: 22,117,643). As of December 31, 2022, the authorized, but unissued common share capital amounted to EUR 6,713k (2021: EUR 6,772k; 2020: EUR 6,826k).

The holders of common shares are entitled to the Company's approved dividends and other distributions as may be declared from time to time by the Company, and is entitled to vote per share on all matters to be voted at the Company's annual general meetings.

Capital reserve

As of December 31, 2022, capital reserve included a share premium of EUR 121,018k (2021: EUR 106,665k; 2020: EUR 107,498k), being amounts paid in by shareholders at the issuance of shares in excess of the par value of the shares issued, net of any transaction costs incurred for the share issuance.

On January 31, 2022, pursuant to the securities purchase agreement and a warrant agreement, each signed with certain investors, the Group received EUR 15.0 million in exchange for the issuance of an aggregate of 4,479,088 common shares at a price per share of USD 3.73 (EUR 3.35) and warrants initially exercisable for the purchase of up to an aggregate of 1,343,727 additional common shares at an initial exercise price per common share of USD 7.72. The warrants are exercisable immediately as of the date of issuance and will expire on December 31, 2026. The fair value of warrants issued as of January 31, 2022, was USD 3.2 million (EUR 2.8 million). The amount recognized in capital reserve for the issuance of shares considering EUR 110k of transaction costs, was EUR 14.3 million. EUR 2.8 million for the issuance of warrants was also charged against capital reserve reducing the EUR 14.3 million from the issuance of shares to EUR 11.5 million.

The capital reserve consists of the share premium account and amounts recorded in respect of share-based payments. For additional information on the share-based payments, please refer to note 21.

Related parties

12 Months Ended

Dec. 31, 2022

Related parties

Related parties

26 Related parties

Transaction with shareholders

In July 2020, we completed a follow-on public offering of 3,500,000 common shares of the Company (the “Follow-on Equity Offering”), consisting of 2,000,000 common shares offered by the Company and 1,500,000 common shares offered by selling shareholders at a price to the public of $14.00 per common share (i.e., EUR 12.71 per share). Aggregate offering proceeds, net of underwriting discounts, commissions and transaction costs, to the Company were EUR 22 million.

On January 31, 2022, pursuant to a securities purchase agreement and a warrant agreement, each signed with certain investors, the Group received EUR 15.0 million in exchange for the issuance of an aggregate of 4,479,088 common shares at a price per share of USD 3.73 (EUR 3.35) and warrants initially exercisable for the purchase of up to an aggregate of 1,343,727 additional common shares at an initial exercise price per common share of USD 7.72. The warrants are exercisable immediately as of the date of issuance and will expire on December 31, 2026. Based on the fair value per share at the issuance date, the Group recognized the warrants as liabilities in the amount of USD 3.2 million (EUR 2.8 million). The fair value of warrants decreased from EUR 2.11 per warrant as of January 31, 2022, to EUR 0.19 per warrant as of December 31, 2022. The result is a decrease in fair value of warrant liabilities of EUR 2,574k for the period ended December 31, 2022.We are not aware of any ordinary shares which were issued by the Company and sold in this transaction to related parties.

Based on a shareholder agreement from January 2016 the payment to the option holders of the VSOP 2016 will be reimbursed by the original shareholders to the Company at the same time when the obligation to pay the options holders arises. The payables by the Group to the holders of vested options were recorded as a liability with a carrying value of EUR 2,769k as of December 31, 2019 and a corresponding receivable against shareholders was recorded (see note 15). The shareholders agreement had a term until December 31, 2023. Upon completion of the July 2020 Offering, the relevant payables to the holders of vested options were settled mainly by the proceeds received from such original shareholders from the sale of their shares.

During 2020, the Company entered into a service contract with the former CEO Prof. Arndt Rolfs, a major shareholder, to serve as an advisor during the transition period after his departure from the Company until December 31, 2020. For the year ended December 31, 2020, fees totaling EUR 11k were charged to profit or loss related to these services and the Group had payables of EUR 12k outstanding as of December 31, 2020. In 2021 and 2022, no further service agreement has been entered into.

Remuneration of management in key positions

Key management have been defined as the members of the management board and the Company’s other key executive officers.


in EUR k	2022	2021	2020
Short‑term employee benefits	4,138	4,098	4,273
Post‑employment pension and medical benefits	—	23	23
Termination benefits	679	235	565
Share‑based payment transactions	(1,929)	822	1,822
Total compensation to key management	2,888	5,178	6,683

Due to the departure of the former CEO Arndt Rolfs in 2020, share-based payments include additional share-based expenses of EUR 776k for the accelerated vesting of outstanding equity awards and termination benefits include the severance payout of EUR 565k. As of December 31, 2020, the Group had amounts of EUR 1,231k (2019: EUR 769k) accrued for key management compensation. Due to the departure of the former CEO Andrin Oswald, the former CFO René Just and former CIO Volkmar Weckesser in 2022, the share-based payment expenses include reversals of expenses recognized in previous periods and forfeiture of about EUR 3,104k. (See “Note 21 Share-based Payments” and “Note 28 – Subsequent Events” of our consolidated financial statements as of and for the year ended December 31, 2022.)

There are no pension commitments for members of the management board.

During 2022 908,953 RSUs were granted under the 2019 Plan to key management personnel which are recognized as share-based payment expenses in profit and loss (see Note 21(vi)).

As of December 31, 2022, the Group has receivables of EUR nil (2021: EUR nil) recognized related to the exercise of options by key management personnel.

Remuneration of members of the Supervisory Board

The supervisory board received remuneration for its activities of EUR 216k in the reporting year (2021: EUR 688k; 2020: EUR 603k). In addition, as disclosed in note 21, certain members of the supervisory board received share-based awards under the 2019 Plan. For the year ended December 31, 2022, share-based payment expenses of EUR 1,446k (2021: EUR 2,564k, 2020: EUR 2,172k) related to these awards were charged to profit and loss.

Transactions with members of management in key positions and other related parties

The Company purchased supplies used for genetic sequencing from an entity related to a member of the supervisory board that joined the board in 2020. Expenses totaling EUR 699k were charged to profit and loss related to the period of service of the board member.

The Company deconsolidated Dr. Bauer GmbH from April 2, 2022 (see Note 2.1 – Basis of consolidation) and assessed Dr. Bauer GmbH under IAS 24 as of the Deconsolidation Date. Accordingly, Dr. Bauer GmbH is a related party through Dr. Peter Bauer who is a key management personnel of Centogene.

Transactions with Dr Bauer GmbH for the year ended December 31, 2022 was EUR 1,815k.

As of December 31, 2022, the Group had receivables balances with Dr. Bauer GmbH of EUR 321k with a related provision for doubtful accounts of EUR 58k (December 31, 2021: nil).

As of December 31, 2022, the Group had provisions in the total amount of EUR 100k to be paid to Dr. Bauer GmbH

Segment information and revenue from contracts with customers - Contract balances (Details) - EUR (€) € in Thousands	Dec. 31, 2022	Dec. 31, 2021	Jan. 01, 2021	Dec. 31, 2020
Segment information and revenue from contracts with customers
Trade receivables (note 16)	€ 13,637	€ 21,065	€ 25,656	€ 25,656
Contract assets (note 16)	2,911	2,397	3,332	3,332
Advance consideration included in contract liabilities	651	2,506		2,516
Contract liabilities (note 20.2)	€ 651	€ 4,842	€ 4,479	€ 4,479

Intangible assets (Details) - EUR (€) € in Thousands	12 Months Ended
Intangible assets (Details) - EUR (€) € in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Jan. 01, 2021
Intangible assets
Balance, at the beginning of the year	€ 9,194	€ 12,407
Balance, at the end of the year	7,400	9,194	€ 12,407
Intangible assets	7,400	9,194	12,407	€ 12,407
Biomarkers and databases
Intangible assets
Impairment expense	158	1,067	4,700
Internally generated /acquired \| Biomarkers
Intangible assets
Balance, at the beginning of the year	1,545	3,174
Balance, at the end of the year	906	1,545	3,174
Intangible assets	906	1,545	3,174
Internally generated /acquired \| Database
Intangible assets
Balance, at the beginning of the year	6,396	6,506
Balance, at the end of the year	6,066	6,396	6,506
Intangible assets	6,066	6,396	6,506
Internally generated /acquired \| Centometabolome
Intangible assets
Balance, at the beginning of the year	2,540	1,099
Balance, at the end of the year	2,181	2,540	1,099
Intangible assets	€ 2,181	2,540	1,099
Remaining useful life	6 years
Purchased \| Rights, licenses, software
Intangible assets
Balance, at the beginning of the year	€ 1,253	2,727
Balance, at the end of the year	428	1,253	2,727
Intangible assets	428	1,253	2,727
Cost
Intangible assets
Balance, at the beginning of the year	30,827	28,040	21,534
Additions	1,727	2,787	6,657
Deconsolidation			(151)
Balance, at the end of the year	32,554	30,827	28,040
Intangible assets	32,554	30,827	28,040
Cost \| Internally generated /acquired \| Biomarkers
Intangible assets
Balance, at the beginning of the year	14,374	13,922	12,022
Additions	162	749	1,900
Reclassification		(297)
Balance, at the end of the year	14,536	14,374	13,922
Intangible assets	14,536	14,374	13,922
Cost \| Internally generated /acquired \| Database
Intangible assets
Balance, at the beginning of the year	11,168	9,219	6,502
Additions	1,515	1,652	2,717
Reclassification		297
Balance, at the end of the year	12,683	11,168	9,219
Intangible assets	12,683	11,168	9,219
Cost \| Purchased \| Rights, licenses, software
Intangible assets
Balance, at the beginning of the year	5,285	4,899	3,010
Additions	50	386	2,040
Deconsolidation			(151)
Balance, at the end of the year	5,335	5,285	4,899
Intangible assets	5,335	5,285	4,899
Accumulated depreciation, amortization and impairment
Intangible assets
Balance, at the beginning of the year	(21,633)	(15,633)	(7,389)
Amortization and impairment	3,521	6,000	8,368
Deconsolidation			(124)
Balance, at the end of the year	(25,154)	(21,633)	(15,633)
Intangible assets	(25,154)	(21,633)	(15,633)
Accumulated depreciation, amortization and impairment \| Internally generated /acquired \| Biomarkers
Intangible assets
Balance, at the beginning of the year	(12,829)	(10,748)	(3,831)
Amortization and impairment	801	2,149	6,917
Reclassification		(68)
Balance, at the end of the year	(13,630)	(12,829)	(10,748)
Intangible assets	(13,630)	(12,829)	(10,748)
Accumulated depreciation, amortization and impairment \| Internally generated /acquired \| Database
Intangible assets
Balance, at the beginning of the year	(4,772)	(2,713)	(1,770)
Amortization and impairment	1,845	1,991	943
Reclassification		68
Balance, at the end of the year	(6,617)	(4,772)	(2,713)
Intangible assets	(6,617)	(4,772)	(2,713)
Accumulated depreciation, amortization and impairment \| Purchased \| Rights, licenses, software
Intangible assets
Balance, at the beginning of the year	(4,032)	(2,172)	(1,788)
Amortization and impairment	875	1,860	508
Deconsolidation			(124)
Balance, at the end of the year	(4,907)	(4,032)	(2,172)
Intangible assets	€ (4,907)	€ (4,032)	€ (2,172)

Cash and short-term deposits (Details) - EUR (€) € in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Secured bank loan
Borrowings
Short term deposits pledged as security	€ 443	€ 938	€ 1,500
Overdraft facility
Borrowings
Short term deposits pledged as security	1,000	1,000
Existing Overdraft facility
Borrowings
Short term deposits pledged as security	2,500	€ 2,500
Maximum borrowing capacity	2,500
Second Overdraft facility
Borrowings
Maximum borrowing capacity	500
Third Overdraft facility
Borrowings
Maximum borrowing capacity	€ 500

Income taxes - Taxes recognized through profit or loss (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income taxes
Current tax expenses	€ (152)	€ (72)	€ (16)
Current year	(144)	(56)
Adjustments for prior periods	(8)	(16)	(16)
Deferred tax (expense)/income	45	142	(208)
Temporary differences	45	142	(182)
Tax losses			(26)
Income tax (expenses)/ benefit	(107)	70	(224)
Income taxes recognized directly in other comprehensive income	€ 0	€ 0	€ 0

- Definition

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

+ References + Details

Financial instruments-fair values and risk management - Sensitivity analysis (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Financial instruments-fair values and risk management
Earnings before tax, 5% increase	€ (94)	€ (101)
Earnings before tax, 5% decrease	104	112
Equity, 5% increase	(94)	(101)
Equity, 5% decrease	€ 104	€ 112

Basis of preparation (Tables)

12 Months Ended

Dec. 31, 2022

Basis of preparation

Schedule of changes to the statement of financial position


in EUR k	Dec 31, 2021 (as previously reported)	Adjustments	Dec 31, 2021 (as restated)	Dec 31, 2020 (as previously reported)	Adjustments	Dec 31, 2020 (as restated)
Property, plant and equipment	8,147	1,317	9,464	16,590	-	16,590
Non‑current assets	39,217	1,317	40,534	53,084	-	53,084

Trade receivables and contract assets	24,337	(875)	23,462	29,199	(211)	28,988
Current assets	51,477	(875)	50,602	97,046	(211)	96,835
Total Assets	90,694	442	91,136	150,130	(211)	149,919

Equity and liabilities
Accumulated deficit and other reserves	(109,295)	(245)	(109,540)	(62,888)	(851)	(63,739)
Equity	27,503	(245)	27,258	65,777	(851)	64,926

Lease liabilities	15,588	(194)	15,394	17,677	-	17,677
Other liabilities	-	960	960	-	640	640
Non‑current liabilities	23,695	766	24,461	27,235	640	27,875

Lease liabilities	3,409	(79)	3,330	3,528	-	3,528
Current liabilities	39,496	(79)	39,417	57,118	-	57,118
Total Equity and Liabilities	90,694	442	91,136	150,130	(211)	149,919

Schedule of reconciliation of the Statement of Comprehensive Income


	For the year ended Dec 31,			For the year ended Dec 31,
in EUR k	2021 (as previously reported)	Adjustments	2021 (as restated)*	2020 (as previously reported)	Adjustments	2020 (as restated)*
Revenue	189,923	(1,355)	188,568	128,381	(710)	127,671
Cost of sales	161,765	(1,317)	160,448	83,437	-	83,437
Gross profit	28,158	(38)	28,120	44,944	(710)	44,234
Research and development expenses	19,297	-	19,297	14,935	-	14,935
General administrative expenses	46,739	-	46,739	40,160	-	40,160
Selling expenses	9,860	-	9,860	8,026	-	8,026
Impairment of financial assets	1,140	(313)	827	3,738	(102)	3,636
Other operating income	2,936	331	3,267	2,394	-	2,394
Other operating expenses	86	-	86	182	-	182
Real estate transfer tax expenses	-	-	-	-	-	-
Operating loss	(46,028)	606	(45,422)	(19,703)	(608)	(20,311)
Loss for the period	(46,852)	606	(46,246)	(21,378)	(608)	(21,986)
Total comprehensive loss	(46,309)	606	(45,703)	(21,426)	(608)	(22,034)
Loss per share- Basic and diluted (in EUR)	(2.06)	0.02	(2.04)	(1.02)	(0.03)	(1.05)

*As restated consolidated statements of comprehensive income for the years ended December 31, 2021 and 2020 have not been re-presented as a result of discontinued operations. Refer to Note 9 – Discontinued Operations.

Schedule of reconciliation of the Statement of Cash Flows [Table Text Block]


	For the year ended Dec 31,			For the year ended Dec 31,
in EUR k	2021 (as previously reported)	Adjustments	2021 (Restated)*	2020 (as previously reported)	Adjustments	2020 (Restated)*
Operating activities
Loss before taxes	(46,876)	606	(46,270)	(21,097)	(607)	(21,704)
Adjustments to reconcile loss to cash flow from operating activities
Amortization and depreciation	21,291	(1,317)	19,974	15,128	-	15,128
Expected credit loss allowances on trade receivable and contract liabilities	1,140	(313)	827	3,738	(102)	3,636
Other non-cash items	(862)	41	(821)	(915)	101	(814)
Changes in operating assets and liabilities
Trade receivables and contract assets	4,191	664	4,855	(16,344)	172	(16,172)
Other liabilities	1,632	320	1,952	6,245	436	6,681
Net cash flow used in operating activities	(21,739)	-	(21,739)	8,462	-	8,462

Investing activities
Cash flow used in investing activities	(5,360)	-	(5,360)	(16,151)	-	(16,151)

Financing activities
Net cash flow from/ (used in) financing activities	(3,203)	-	(3,203)	14,842	-	14,842

Cash and cash equivalents at the end of the period	17,818	-	17,818	48,156	-	48,156

Significant accounting policies (Policies)

12 Months Ended

Dec. 31, 2022

Significant accounting policies

Foreign currency and currency translation

(a)Foreign currency and currency translation

The Group’s consolidated financial statements are presented based on the parent company’s functional currency. For each entity, the Group determines the functional currency and items included in the financial statements of each entity are measured using that functional currency. The Group uses the direct method of consolidation and on disposal of a foreign operation, the gain or loss that is reclassified to profit or loss reflects the amount that arises from using this method.

Transactions in foreign currency are translated into the respective entity’s functional currency at the spot rate prevailing on the date of the transaction.

The functional currency of each entity is the respective local currency, since the entities carry out their business activities independently from a financial, economic and organizational perspective.

Monetary assets and liabilities denominated in foreign currency are translated to the functional currency using the closing rate at the reporting date. Currency translation differences are recognized immediately through profit or loss. Non-monetary items denominated in a foreign currency that are measured at historical cost are not translated at the reporting date.

On consolidation, the assets and liabilities of foreign operations are translated into euros using the closing rate on the reporting date. Income and expenses of foreign operations are translated using the exchange rate prevailing on the date of the transaction or the annual average exchange rate. Equity is translated using historical rates until the entity is removed from the Group’s basis of consolidation. Any resulting currency translation differences are recorded in other comprehensive income and recognized under the currency translation reserve in equity if the exchange difference is not allocable to the non-controlling interests.

The exchange rates used are presented in the following table:


	Average rate			Closing rate
				Dec 31,	Dec 31,	Dec 31,
	2022	2021	2020	2022	2021	2020
USD (EUR 1)	1.05	1.13	1.14	1.07	1.13	1.23
AED (EUR 1)	3.87	4.15	4.21	3.94	4.17	4.50
INR (EUR 1)	82.69	85.18	84.57	88.17	84.23	89.66
CHF (EUR 1)	1.00	1.08	—	0.98	1.03	—
RSD (EUR 1)	117.46	117.39	—	117.33	117.27	—

Revenues from contracts with customers

(b)Revenues from contracts with customers

The Group provides pharmaceutical solutions and diagnostic tests, enabled by its knowledge and interpretation-based platform. Revenue from contracts with customers is recognized when control of the goods or services are transferred to the customer at an amount that reflects the consideration to which the Group expects to be entitled in exchange for those goods or services, usually on delivery of the goods.

(i)Pharmaceutical segment

The Group's contracts with customers relate to a variety of solutions provided to the Group's pharmaceutical partners in order to accelerate their development of treatments for rare diseases, including early patient recruitment and identification, epidemiological insights, biomarker discovery and patient monitoring. The collaboration agreements are structured on a fee per analysis basis, milestone basis, fixed fee basis, or a combination of these. In addition, some of the Group's contracts with its pharmaceutical partners also include sales of CentoCard filter cards for the collection of biological samples from patients.

The performance obligations in Pharmaceutical segment can either be satisfied over time or at a point in time depending on the structure of the collaborations, which are determined based on nature of the service provided, as detailed below.

Revenue from early patient recruitment and identification, epidemiological insights, biomarker discovery and patient monitoring is based on fee per analysis, milestone fees and fixed fees. The revenues from these solutions are recognized over time using an input method based on the work rendered in order to measure progress towards complete satisfaction of the services.

Revenue from the licensing of intellectual property for an unlimited period, usually in the structure of an upfront fee, is recognized at a point in time, when the right (or license) to use intellectual property is conveyed.

Revenues from the licensing of intellectual property for a certain period, being a right to access such intellectual property as defined in IFRS 15, is recognized over time over the licensing period.

Revenue from the sale of CentoCard filter cards is recognized at a point in time when the control of the CentoCard filter cards has transferred to the customer, which typically occurs on delivery.

(ii)Diagnostics segment

Revenues from the Group's Diagnostic segment are typically generated from genetic sequencing and diagnostics services that the Group provides to clients, who are typically physicians, laboratories or hospitals, either directly or through distributors. Revenues are based on a negotiated price per test or on the basis of agreements to provide certain testing volumes over defined periods. The Group has concluded that the services rendered in the Diagnostic segment comprise one performance obligation.

The performance obligation in the Diagnostics segment is recognized over time, using an input method to measure progress towards complete satisfaction of the service. In order to measure progress, the Group uses a standardized process which measures progress to completion by stages, consisting of (i) a preparation stage, (ii) a clarification stage, (iii) a sequencing stage, and (iv) an output stage. The percentages attributed to those stages are indicative of the cost incurred in performing the respective stage in relation to total cost.

Contract balances

(i) Contract assets

A contract asset is the right to consideration in exchange for goods or services transferred to the customer. If the Group satisfies a performance obligation by transferring goods or services to a customer before the customer pays consideration or before payment is due, a contract asset is recognized for the earned consideration that is conditional. Contract assets are subject to impairment assessment. Refer to accounting policies of impairment of financial assets in Note 5(n) “Financial instruments”.

(ii) Trade receivables

A receivable represents the Group’s right to an amount of consideration that is unconditional (i.e., only the passage of time is required before payment of the consideration is due). Refer to accounting policies of impairment of financial assets in Note 5(n) “Financial instruments”.

(iii) Contract liabilities

A contract liability is the obligation to transfer goods or services to a customer for which the Group has received consideration or an amount of consideration is due from the customer (whichever is earlier). If a customer pays consideration before the Group transfers goods or services to the customer, a contract liability is recognized when the payment is made or the payment is due (whichever is earlier). Contract liabilities are recognized as revenue when the Group performs under the contract.

Finance income and finance costs

(c)Finance income and finance costs

Interest income and expenses are recognized in the period which they relate to through profit or loss using the effective interest rate method.

Current versus non-current classification

(d)Current versus non-current classification

The Group presents assets and liabilities in the 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 terms of the liability that could, at the option of the counterparty, result in its settlement by the issue of equity instruments do not affect its classification.

The Group classifies all other liabilities as non-current.

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

Intangible assets

(e)Intangible assets

Research and development

Expenses for research activities are recognized through profit or loss in the period in which they are incurred.

Development expenditures on an individual project are recognized as an intangible asset from the date the Group can demonstrate:

the product or process is technically and commercially feasible so that the asset will be available for use or sale

the Group has the ability and intention to use or sell the asset

a future economic benefit is probable

the Group has sufficient resources to complete the development and

the development costs can be measured reliably.

The Group’s research and development activities mainly relate to development of biomarkers where likelihood for future commercialization is probable, constant innovation for the Diagnostic and Pharmaceutical businesses with new or enhanced products, continuous improvement on the bioinformatics pipelines, AI capabilities and Medical Reporting automatization and IT driven solutions. With respect to biomarkers, the development stage is usually considered to be achieved when the target validation process is completed, and commercialization is probable. For the Diagnostics R&D the most important development is related to the launching in 2022 of multiomics referring to an integrative approach in biological research that involves the analysis of multiple omics datasets aiming to improve even further the precision of our diagnostic services. Regarding the innovation on bioinformatics, main efforts are put on enhancing the automatization of identification of disease-causing variants via variant prioritization and classification to speed up and improve diagnosis. In the realm of IT-driven solutions, there is a growing focus on automating data processing and analytics through cloud-based platforms.

Capitalized development costs are recognized at cost less accumulated amortization and any accumulated impairment losses. They are only amortized from the date the asset is ready for its intended use, which in the case of biomarkers is normally at the time the patent application for such biomarker is made. Amortization expense is recorded in cost of sales and research and development expenses.

Capitalized development costs which are still under development are tested for impairment annually and when circumstances indicate that the carrying value may be impaired.

Other intangible assets

Other intangible assets purchased by the Group with finite useful lives are recognized at cost less accumulated amortization and any accumulated impairment losses. Subsequent expenditure is only capitalized if it increases the future economic benefits of the respective asset.

Intangible assets are amortized over their estimated useful life using the straight-line method and assessed for impairment whenever there is an indication that the intangible asset may be impaired.

The estimated useful lives are as follows:

Software, patents and trademarks: 3-7 years

Capitalized development costs: 7 years

The useful lives and depreciation methods are reviewed annually to ensure that the methods and periods of depreciation are consistent with the expected economic benefit from the asset.

Property, plant and equipment

(f)Property, plant and equipment

Property, plant and equipment are carried at cost less any accumulated depreciation and any accumulated impairment losses.

The cost of property, plant and equipment comprises its purchase price including customs duties and non-refundable acquisition taxes, and proportionate VAT not deductible from input tax as well as any directly attributable costs of bringing the asset to its working condition and location for its intended use.

Subsequent expenditure is only capitalized if it is probable that the future economic benefits associated with the expenditure will flow to the Group.

Depreciation is calculated over the estimated useful life using the straight-line method. The Group has assessed that none of its property, plant and equipment has a residual value. The estimated useful lives of significant property, plant and equipment are as follows:

Buildings: 12 years and

Plant and other equipment, furniture and fixtures: 2-15 years

An item of property, plant and equipment is derecognized upon disposal or when no future economic benefits are expected from its use or disposal. Any gain or loss arising on derecognition of the asset (calculated as the difference between the net disposal proceeds and the carrying amount of the asset) is included in the statement of comprehensive loss when the asset is derecognized.

The depreciation methods, useful lives and residual values are reviewed, and adjusted prospectively if appropriate, as of each reporting date.

Assets under construction are reported at cost and are allocated to property, plant and equipment until they are completed and put into operational use, from which point onwards they are depreciated.

Leases

(g)Leases

Group as a lessee

The Group applies a single recognition and measurement approach for all leases, except for short-term leases and leases of low-value assets. The Group recognizes lease liabilities to make lease payments and right-of-use assets representing the right to use the underlying assets.

(i)Right-of-use assets

The Group recognizes right-of-use assets at the commencement date of the lease (i.e., the date the underlying asset is available for use). Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities. The cost of right-of-use assets includes the amount of lease liabilities recognized, initial direct costs incurred, and lease payments made at or before the commencement date less any lease incentives received. Unless the Group is reasonably certain to obtain ownership of the leased asset at the end of the lease term, the recognized right-of-use assets are depreciated on a straight-line basis over the shorter of its lease term and the estimated useful lives, as follows:

Buildings: 33 years

Offices: 4 – 12 years and

Plant and other equipment, furniture and fixtures: 2-15 years

If ownership of the leased asset transfers to the Group at the end of the lease term or the cost reflects the exercise of a purchase option, depreciation is calculated using the estimated useful life of the asset.

The right-of-use assets are also subject to impairment. Refer to accounting policies of impairment of financial assets in Note 5(n) “Financial instruments”.

(ii)Lease liabilities

At the commencement date of the lease, the Group recognizes lease liabilities measured at the present value of lease payments to be made over the lease term. The lease payments include fixed payments (including in-substance fixed payments) less any lease incentives receivable, variable lease payments that depend on an index or a rate, and amounts expected to be paid under residual value guarantees. The lease payments also include the exercise price of a purchase option reasonably certain to be exercised by the Group and payments of penalties for leases reasonably certain to be terminated. The variable lease payments that do not depend on an index or a rate are recognized as expenses in the period during which the event or condition that triggers the payment occurs.

In calculating the present value of lease payments, the Group uses the incremental borrowing rate at the lease commencement date if the interest rate implicit in the lease is not readily determinable. After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a modification, a change in the lease term, a change in the in-substance fixed lease payments or a change in the assessment to purchase the underlying asset.

(iii)Short-term leases and leases of low-value assets

The Group applies the short-term lease recognition exemption to its short-term leases of machinery and equipment (i.e., those leases that have a lease term of 12 months or less from the commencement date and do not contain a purchase option). It also applies the lease of low-value assets recognition exemption to leases of office equipment that are considered of low value (i.e., below EUR 5k). Lease payments on short-term leases and leases of low-value assets are recognized as expenses on a straight-line basis over the lease term.

(iv)Sale and leaseback transactions

The Group applies IFRS 15 for determining if the transfer of an asset to the buyer (lessor) is to be accounted for as a sale of assets. After the sale of assets is concluded, the Group measures the right-of-use assets arising from the leaseback at the proportion of the previous carrying value of the asset that relates to the right of use retained by the Group. Accordingly, the Group recognizes only the amount of any gain or loss that relates to the rights transferred to the buyer (lessor).

If the fair value of the consideration for the sale of an asset does not equal the fair value of the asset, or if the payments for the leases are not at market rates, the Group makes the following adjustments to measure the sale proceeds at fair value:

●

any below-market terms shall be accounted for as a prepayment of lease payments

●

any above-market terms shall be accounted for as additional financing provided by the buyer-lessor to the seller-lessee.

Impairment of non-financial assets

(h)Impairment of non-financial assets

Property, plant and equipment and intangible assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Whenever the carrying amount of an asset exceeds its recoverable amount, an impairment loss is recognized in profit or loss. The recoverable amount is measured as the higher of fair value less costs to sell and value in use. Recoverable amounts are estimated either for individual assets or, if an individual asset does not generate cash flows independently of other assets, for the whole cash-generating unit.

Inventories

(i)Inventories

Inventories are measured at the lower of cost and net realizable value. Inventories are recognized at cost based on the first in first out (FIFO) method.

Net realizable value is the estimated selling price in the ordinary course of business, less estimated costs of completion and the estimated costs necessary to make the sale.

Government grants

(j)Government grants

Government grants are recognized where there is reasonable assurance that the grant will be received and all attached conditions will be complied with. Grants that are intended to compensate the Group for expenses incurred are recognized through profit or loss in the period in which expenses are submitted and claimed.

Government grants which relate to an asset are initially recognized as deferred income at nominal amounts. They are subsequently released to profit or loss on a systematic basis over the expected useful life of the related asset.

The release of deferred income related to either type of grant is presented as other operating income (see Note 8.1).

Share-based payments

(k)Share-based payments

Plan recipients (including senior executives and certain member of the Supervisory Board) of the Group receive remuneration in the form of share-based payments, whereby the recipients render services as consideration for equity instruments (equity-settled transactions) or settled in cash (cash-settled transactions).

Equity settled transactions

The cost of equity-settled transactions is determined by the fair value of the granted options when the grant is made, using a Black-Scholes or Monte Carlo simulation model, with further details given in Note 21.

The cost is recognized in employee benefits expense (see Note 8.4) or other relevant expenses, together with a corresponding increase in equity (capital reserves), over the period in which the service conditions are fulfilled (the vesting period). The cumulative expense recognized for equity-settled transactions at each reporting date until the vesting date reflects the extent to which the vesting period has expired and the Group’s best estimate of the number of equity instruments that will ultimately vest. The expense or credit in profit or loss for a period represents the movement in cumulative expense recognized as at the beginning and end of that period.

Service and non-market performance conditions are not taken into account when determining the grant date fair value of awards, but the likelihood of the conditions being met is assessed as part of the Group’s best estimate of the number of equity instruments that will ultimately vest. Market performance conditions are reflected within the grant date fair value. Any other conditions attached to an award, but without an associated service requirement, are considered to be non-vesting conditions. Non-vesting conditions are reflected in the fair value of an award and lead to an immediate expensing of an award unless there are also service and/or performance conditions.

No expense is recognized for awards that do not ultimately vest because non-market performance and/or service conditions have not been met. Where awards include a market or non-vesting condition, the transactions are treated as vested irrespective of whether the market or non-vesting condition is satisfied, provided that all other performance and/or service conditions are satisfied.

If the terms and conditions of a cash-settled share-based payment transaction are modified with the result that it becomes an equity-settled share-based payment transaction, the transaction is accounted for as such from the date of the modification. Specifically, the equity-settled share-based payment transaction is measured by reference to the fair value of the equity instruments granted at the modification date and recognized in equity. The liability for the cash-settled share-based payment transaction as at the modification date is derecognized on that date. Any difference between the carrying amount of the liability derecognized and the amount of equity recognized on the modification date is recognized immediately in profit or loss.

Cash-settled transactions

A liability is recognized for the fair value of cash-settled transactions. The fair value is measured initially and at each reporting date up to and including the settlement date, with changes in fair value recognized in employee benefits expense (see Note 8.4). The fair value per option is determined using the Black-Scholes model, further details of which are given in Note 21. The fair value per option is then multiplied by the Group’s best estimate of the number of awards expected to vest and the portion of the expired vesting period (period in which the service conditions are fulfilled). The cumulative amount of expense recognized will be equal to the cash that is paid on settlement.

Provisions, contingent assets and contingent liabilities

(l)Provisions, contingent assets and contingent liabilities

A provision is recognized when the Group has a present obligation (legal, contractual or constructive) as a result of a past event, 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. When the Group expects some or all of a provision to be reimbursed, for example, under an insurance contract, the reimbursement misrecognized as a separate asset, but only when the reimbursement is virtually certain. The expense relating to a provision is presented in the profit or loss net of any reimbursement. Provisions are reviewed at each reporting date and adjusted to reflect the current best estimate.

If the requirements for recognizing a provision are not satisfied, the corresponding obligations are recorded as contingent liabilities unless the possibility of an outflow of resources embodying economic benefits is remote.

A contingent asset is a possible asset that arises from past events and whose existence will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the Group. The Group does not recognize a contingent asset. Contingent assets are disclosed in the notes if the inflow of economic benefits is probable, but not virtually certain. When the inflow of economic benefits becomes virtually certain, the asset is no longer contingent and its recognition is appropriate.

Income taxes

(m)Income taxes

Tax expense comprises current and deferred taxes. Current taxes and deferred taxes are recognized through profit or loss apart from deferred taxes related to items recognized outside profit or loss, in which case it is recognized in correlation to the underlying transaction either directly in equity or in other comprehensive income.

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.

Deferred taxes are set up for temporary differences between the carrying amounts of assets and liabilities for group financial reporting purposes at the reporting date and the amounts used for tax purposes. Deferred tax liabilities are recognized for all taxable temporary differences, except:

temporary differences arising from the initial recognition of assets or liabilities in the course of a business transaction that is not a business combination and does not affect either the accounting profit or the taxable profit or loss

temporary differences associated with investments in subsidiaries if the Group controls the timing of the reversal of the temporary differences, and it is probable that the differences will not reverse in the foreseeable future.

The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred tax asset to be utilized. Unrecognized deferred tax assets are re-assessed at each reporting date and are recognized to the extent that it has become probable that future taxable profits will allow the deferred tax asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the year when the asset is realized or the liability is settled, based on tax rates that have been enacted or substantively enacted at the reporting date.

Deferred tax assets and deferred tax liabilities are offset against each other if certain conditions are met.

Financial instruments

(n)Financial instruments

(i) Financial assets

The Group’s financial assets principally consist of those accounted for as receivables, contract assets, financial assets at fair value through profit or loss and cash and cash equivalents.

Receivables and contract assets

Receivables, including contract assets, are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. Contract assets and trade receivables that do not contain a significant financing component or for which the Group has applied the practical expedient are measured at the transaction price determined under IFRS 15. Refer to the accounting policies in note 5(b) “Revenues from contracts with customers”.

After initial recognition, receivables and contract assets are subsequently carried at amortized cost using the effective interest rate method less any impairment losses. Gains and losses are recognized in the profit or loss for the period when the assets are derecognized or impaired.

Financial assets at fair value through profit or loss

Financial assets at fair value through profit or loss are carried in the statement of financial position at fair value with net changes in fair value recognized in the statement of profit or loss.

A derivative embedded in a hybrid contract, with a financial liability or non-financial host, is separated from the host and accounted for as a separate derivative if: the economic characteristics and risks are not closely related to the host; a separate instrument with the same terms as the embedded derivative would meet the definition of a derivative; and the hybrid contract is not measured at fair value through profit or loss. Embedded derivatives are measured at fair value with changes in fair value recognized in profit or loss. Reassessment only occurs if there is either a change in the terms of the contract that significantly modifies the cash flows that would otherwise be required or a reclassification of a financial asset out of the fair value through profit or loss category.

Derecognition

A financial asset or a part of a financial asset is derecognized when the Group no longer has the contractual rights to the asset or the right to receive cash flows from the asset have expired.

Impairment

The Group recognizes an allowance for expected credit losses (ECLs). ECLs are based on the difference between the contractual cash flows due in accordance with the contract and all the cash flows that the Group expects to receive, discounted at an approximation of the original effective interest rate.

The Group applies a simplified approach in calculating ECLs. Therefore, the Group does not track changes in credit risk, but instead recognizes a loss allowance based on lifetime ECLs at each reporting date. The Group has established a provision matrix that is based on its historical credit loss experience, adjusted for forward-looking factors specific to the debtors and the economic environment.

The Group considers a financial asset in default when contractual payments are 360 days past due. However, in certain cases, the Group may also consider a financial asset to be in default when internal or external information indicates that the Group is unlikely to receive the outstanding contractual amounts in full before taking into account any credit enhancements held by the Group. A financial asset is written off when there is no reasonable expectation of recovering the contractual cash flows.

Further disclosures relating to impairment of trade receivables, including contract assets, are in note 22.

(ii) Financial liabilities

All financial liabilities are recognized initially at fair value and, in the case of loans and borrowings and payables, net of directly attributable transaction costs.

The Group’s financial liabilities include trade and other payables, loans and borrowings including bank overdrafts and derivative financial instruments, including warrant liabilities.

Loans and borrowings

Loans and borrowings are initially recognized at fair value and subsequently measured at amortized cost using the effective interest rate method, taking into account any principal repayments and any discount or premium on acquisition and including transaction costs and fees that are an integral part of the effective interest rate.

Gains or losses are recognized through profit or loss at the time the liabilities are derecognized or disposed of.

Financial liabilities at fair value through profit or loss

Financial liabilities at fair value through profit or loss include financial liabilities designated upon initial recognition as at fair value through profit or loss. Financial liabilities are classified as held for trading if they are incurred for the purpose of repurchasing in the near term. This category also includes derivative financial instruments entered into by the Group that are not designated as hedging instruments in hedge relationships as defined by IFRS 9. Separated embedded derivatives are also classified as held for trading unless they are designated as effective hedging instruments. Gains or losses on liabilities held for trading are recognized in the statement of profit or loss. Financial liabilities designated upon initial recognition at fair value through profit or loss are designated at the initial date of recognition, and only if the criteria in IFRS 9 are satisfied.

Warrant liabilities

Warrants are classified as equity to the extent that they confer the right to purchase a fixed number of shares for a fixed exercise price. In the event that the exercise price or the numbers of shares to be issued are not deemed to be fixed, the warrants are classified as a non-current derivative financial liability. Since the exercise price of the warrants is determined in US dollars which is different from the Company’s functional currency, warrants are classified as liabilities. This liability is initially recognized at its fair value on the date the contract is entered into and subsequently accounted for at fair value through profit and loss (FVTPL) at each reporting date. As the warrants are classified as financial liabilities at FVTPL, the transaction costs are expensed in the consolidated statements of comprehensive loss.

Derecognition

A financial liability is derecognized when the obligation underlying the liability is discharged, canceled or expires.

When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as the derecognition of the original liability and the recognition of a new liability. The difference in the respective carrying amounts is recognized through profit or loss.

Cash and cash equivalents

(o) Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and bank balances, including short-term, highly liquid investments that can be quickly converted into cash amounts. These have original maturities of three months or less and are subject to a low risk of fluctuation in value.

Share-based payments

12 Months Ended

Dec. 31, 2022

Share-based payments

Share-based payments

21 Share-based payments

As of December 31, 2022 and 2021, the Group had the following share-based payment arrangements.

(i) 2019 Equity Incentive Plan (2019 Plan)

The Company established a long-term incentive plan (the “2019 Plan”) in 2019. The 2019 Plan governs issuances of equity and equity-based incentive awards from and after the consummation of the IPO. Awards under the 2019 Plan may be granted to the employees, the members of management board and supervisory board, consultants or other advisors. As of January 1, 2023 the maximum number of common shares underlying awards that may be granted pursuant to the 2019 Plan (other than replacement awards) will not exceed 25% of the Company’s issued share capital. Such maximum number will be increased on January 1 of each calendar year, by an additional number of common shares equal to 3% of the Company’s issued share capital on such date (or a lower number of common shares as determined by the management board or supervisory board, where appropriate on the basis of a recommendation of the compensation committee (as the case may be, as prescribed by the 2019 Plan and, collectively, the “Committee”)).

In the event of a change in control of the Company (as defined in the 2019 Plan), outstanding awards that will be substituted or exchanged for equivalent replacement awards, in connection with the change in control will be cancelled. Outstanding rewards that are not substituted or exchanged for equivalent replacement awards, in connection with the change in control will immediately vest and settle in full, unless otherwise decided by the Committee.

In November 2022, the Company amended the 2019 plan to include stock grants (SGAs) and PSUs and to modify the settlement of the awards. Accordingly, the awards will be delivered as promptly as reasonably practicable following the exercise or settlement of the relevant award, but in no event later than 30 days following such exercise of settlement.

The grants disclosed in the following paragraphs were granted under the 2019 Plan.

(ii) ESOP/ VSOP 2017

During 2019, 805,308 new share options were granted pursuant to the Centogene N.V. 2019 Plan, replacing previously established virtual share option program in 2017 (“ESOP 2017”), with each option representing the right to acquire one common share of Centogene N.V., with an exercise price equal to the nominal value of a share of Centogene N.V., which is EUR 0.12. The options were considered vested upon the completion of the IPO, but were not exercisable in the first 180 days after the IPO (lock-up period).


	2022		2021
	Number	WAEP	Number	WAEP
Outstanding as of January 1	357,440	0.12	549,005	0.12
Granted during the year	—	0.12	—	0.12
Cancelled during the year	—	0.12	—	0.12
Exercised during the year	(29,509)	0.12	(191,565)	0.12
Outstanding as of December 31	327,931	0.12	357,440	0.12
Vested as of December 31	327,931	0.12	357,440	0.12
Exercisable as of December 31	327,931	0.12	357,440	0.12

During 2021, 191,565 options were exercised. The weighted average share price at the date of exercise was USD 9.76. During 2022, 29,509 options were exercised. The weighted average share price at the date of exercise was USD 1.25.

The contractual term of the share options as of December 31, 2022 is seven years.

The share options issued under ESOP 2017 are equity-settled and the fair value of the options were recognized in equity under capital reserve on the date of grant.

(iii)Equity share option 2019 (ESOP 2019) to Flemming Ornskov

On December 18, 2020, in an extraordinary general meeting of shareholders of Centogene N.V., the shareholders approved the grant of 300,000 restricted stock units (“RSUs”) to Flemming Ornskov under the 2019 Plan, which replaced the originally granted share options under ESOP 2019 (awards initially granted in 2019) and pursuant to which Flemming Ornskov will forfeit the options awarded to him thereunder in exchange for the RSUs granted to him. The RSUs will expire after ten years, will not be subject to any other performance criteria, will have no exercise price and will be settled in shares. With respect to the RSUs granted:

33% will vest immediately;

the remaining 67% will vest in two equal annual instalments on each relevant anniversary of October 1 following the date of grant; and

will vest in full upon the occurrence of a change in control (as defined in the 2019 Plan), provided that the holder of the awards is an eligible participant (as defined in the 2019 Plan) on the date of such change in control.


	2022		2021
	Number	WAEP	Number	WAEP
Outstanding as of January 1	300,000	—	300,000	—
Cancelled during the year	—	—	—	—
Replacement awards granted during the year	—	—	—	—
Granted during the year	—	—	—	—
Exercised during the year	(300,000)	1.0	—	—
Outstanding as of December 31	—	—	300,000	—
Vested as of December 31	—	—	200,000	—
Exercisable as of December 31	—	—	200,000	—

(iv) 2021 grants to management board and employees

During the year ended December 31, 2021, 167,326 RSUs and 15,000 Options were granted under 2019 Plan.

RSUs do not have any market or performance based vesting criteria and vest in three or four equal annual tranches starting from their grant dates. Each RSU represents a right to receive a payment in cash or shares equal to the value of the RSU on the settlement date. The Company has a choice to settle either in cash, in shares or a combination thereof. In line with this policy, both types of awards are to be settled in shares.

Options vest in three equal tranches over a three-year period starting on January 1, 2022, and are subject to market or performance based vesting conditions. These options will vest only if the 20-trading day volume-weighted average stock price of the Company’s shares preceding the vesting date of each tranche exceeds the exercise price of USD 12.52. Therefore, expenses would not be reversed, if the tranches do not ultimately vest. All grants expire on the 10th anniversary of grant date.

(v) 2022 grants to management board and employees

During the year ended December 31, 2022 the following awards were granted under 2019 Plan:


Award Type (2019 Plan)	Market/ Performance Based Vesting Conditions	Number of Awards	Vesting Conditions	Expiration Date
RSUs	No	284,788	Four equal annual tranches over a four-year period starting on the grant date	10th anniversary of Grant Date
RSUs	Yes	174,394	Four equal tranches over a four-year period, starting February 1, 2023 on each anniversary of the grant date once the market/performance condition is met.	10th anniversary of Grant Date
RSUs	Yes	424,799	Will vest in full once the market/performance condition is met	10th anniversary of Grant Date
SGAs	No	425,093	Four equal tranches over a four-year period, starting within 1 year after grant date and on each anniversary thereafter	10th anniversary of Grant Date

The grant date fair value of these grants will be recognized in profit or loss over the service period by using the graded approach. 174,394 RSUs referred above vest only if the three months volume-weighted average stock price of the Company’s shares preceding the vesting date of each tranche exceeds the exercise price of USD 12 and USD 15, respectively. This performance option will expire January 2, 2024. The 58,132 of 424,799 RSUs referred to above will vest only if the three months volume-weighted average stock price of the Company’s shares preceding the vesting date of each tranche exceeds the exercise price of USD 12 and USD 15. The related performance option will expire on February 1, 2024. The remaining 366,667 RSUs with performance based vesting conditions will vest only if the three months volume-weighted average stock price of the Company’s shares preceding the vesting date of each tranche exceeds the exercise price of USD 15 upon a change of control of the Company. All the hurdles explained above are considered a market condition. Therefore, expenses would not be reversed, if the tranches do not ultimately vest.

All the remaining RSUs referred to above have same characteristics as the RSUs granted in 2021 (Note 21 (iv)).

On May 2, 2022, Volkmar Weckesser resigned from his duties as the Chief Information Officer effective as of May 3, 2022. Pursuant to his separation agreement, his service agreement terminated on June 29, 2022. Upon the termination of his service agreement, the vesting of 10,000 options that had been granted in 2020 were fully cancelled. 20,000 RSUs that had been granted in 2020 and 10,000 options that had been granted in 2021 remained unvested and they were fully forfeited as of the date of termination of this service agreement. A total amount of EUR 149k that had been recognized in the financial statements in the previous periods for these RSUs and options was reversed during the year ended December 31, 2022.

An additional amount of EUR 139k of expense that had been recognized in the financial statements in the previous periods for certain awards granted to other officers was reversed during the year ended December 31, 2022 upon the forfeiture of such awards.

(vi) 2020 grants to Dr. Andrin Oswald

In 2020, the Company and Mr. Oswald entered into an award agreement under the 2019 Plan pursuant to which Mr. Oswald would receive certain awards in the form of RSUs. According to the award agreement, a total of 324,000 RSUs were granted on December 1, 2020, subject to the purchase of ordinary shares of the Company on the open market in the amount of CHF 1,000k after the grant date, which would vest pro rata to the number of shares actually purchased up to the full investment amount of CHF 1,000k on each quarterly installment.

The RSUs referred to above had no performance-based vesting criteria. RSUs represented a right to receive a payment equal to the value of the RSU at the exercise date. All the RSUs would vest in four equal annual installments following the grant date, subject to Mr. Oswald’s continued service with the Company as of the vesting date and will be charged to profit or loss over the period by using the graded approach. Additionally, a total of 500,000 performance-based vesting RSUs were granted to Mr. Oswald on December 1, 2020 which were subject to certain market conditions.

On February 1, 2022, Mr. Oswald stepped down from his position and signed a separation agreement. Pursuant to his separation agreement, all unvested RSUs held by Mr. Oswald under the Company’s long term incentive plan continued to vest in accordance with their terms through the date of his termination on April 30, 2022. However, the number of RSUs he would receive would not exceed 62,284 RSUs. As a result, 69,428 RSUs were vested and the remaining unvested RSUs granted to him were forfeited on the termination date as of April 30, 2022. Since Mr. Oswald had a right to only 62,284 RSUs, the remaining 7,144 RSUs from the total vested RSUs were cancelled. Expenses related to total unvested RSUs in the amount of EUR 2,775k that had been recognized in the financial statements in the previous periods were reversed during the year ended December 31, 2022. This amount excluded the 69,428 RSUs vested, of which 62,284 RSUs vested pursuant to his separation agreement and 7,144 RSUs were cancelled.

(vii) 2022 grants to Kim Stratton

On February 1, 2022, Kim Stratton (the “CEO”) was awarded 174,394 initial performance RSUs subject to time-vesting and performance-vesting (“Performance-vested RSUs”), 166,667 initial time-vested RSUs subject to only time-vesting (“Time-vested RSUs”), and a number of RSUs equal to CHF 200,000 divided by the VWAP calculated as of the date of grant and 44,444 annual RSUs (together, “Annual RSUs”). All RSUs have a maturity of 10 years, are settled with ordinary shares and have no exercise price. In case of a termination of the service agreement by the CEO, all unvested RSUs will be forfeited to the extent they have remained unvested following the expiration of a 12-month period after termination.

Performance-vested RSUs also have a market condition that 50% of the Performance-vested RSUs vest only if the VWAP exceeds USD 12 and the remaining 50% of the Performance-vested RSUs vest if the VWAP exceeds USD 15. The Time-vested RSUs are not subject to any performance conditions, so their fair value equals the share price at grant date (after deduction of expected dividends during the respective vesting period, if any). The fair value for the Performance-vested RSUs is calculated by using an appropriate option pricing model (as described below) as these RSUs are subject to a market performance condition. Both Performance-vested RSUs and Time-vested RSUs vest over four years in four equal installments after the grant date and are recognized using the graded vesting method.

The fair value of the Performance-vested RSUs as of the grant date was determined using a Monte Carlo simulation model. The Monte Carlo simulation model utilizes multiple input variables to estimate the probability that market conditions will be achieved. The key assumptions used to derive the Performance-vested RSUs’ value are set out below:

	February 1, 2022
	Tranche 1	Tranche 2
Share price at grant date (USD)	4.42	4.42
Vesting hurdle	12	15
Date to reach vesting hurdle	January 1, 2024	January 1, 2024
Expected volatility	80%	80%
Risk-free rate	1.1%	1.1%
Time to vesting hurdle year	1.91	1.91
Dividend yield	nil	nil

Regarding the Annual RSUs, the CEO will receive an annual number of RSUs, starting from 2023, that will vest in four equal annual installments. The allocation of RSUs will be done in the future, so to receive the RSUs the CEO must stay with Centogene during the period until the allocation of an annual grant of RSUs. Since these RSUs include a service condition, expenses regarding the services received are recognized starting from February 1, 2022. The CEO’s service agreement does not specify any end date for granting such annual RSUs, therefore the Company estimates the duration of her service period as four years, which is the duration of the CEO’s appointment by the Supervisory Board. The fair value of each grant of Annual RSUs is measured at each reporting date until the respective grant date is reached and the expenses are adjusted to this new fair value.

In the event of a change of control of the Group, all granted RSUs will vest immediately including a maximum of 275,000 additional RSUs (the “M&A RSUs”) with a grant date February 1, 2022. The fair value of the M&A RSUs were determined to be EUR 156k. However, since the M&A RSUs will vest only if there is an occurrence of a change of control, which is not deemed probable by management in the foreseeable future, the Group did not account for these RSUs.

(viii) 2022 grants to Miguel Coego Ríos

On May 27, 2022, Miguel Coego Ríos, (the “CFO”) was awarded 58,132 initial Performance-vested RSUs and 55,556 initial Time-vested RSUs. All RSUs have a maturity of 10 years, are settled with ordinary shares and have no exercise price.

The Time-vested RSUs awarded to the CFO have the same vesting conditions as those awarded to the CEO, and their fair values are determined using the same methodology as that used for the CEO’s awards.

The Performance-vested RSUs awarded to the CFO also have the same vesting conditions (including performance conditions on the Performance-vested RSUs) as those awarded to the CEO, except for the absence of a time vesting condition, and their fair values are determined using the same methodology as that used for the CEO’s awards. In the case of the CFO’s Performance-vested RSUs, since there is no time vesting condition, the expense for these RSUs are recognized fully on the service start date.

Similar to the Performance-vested RSUs awarded to the CEO, the fair value of the Performance-vested RSUs awarded to the CFO as of the grant date was determined using a Monte Carlo simulation model. The Monte Carlo simulation model utilizes multiple input variables to estimate the probability that market conditions will be achieved. The key assumptions used to derive the Performance-vested RSUs value are set out below:

	May 27, 2022
	Tranche 1	Tranche 2
Share price at grant date (USD)	2.70	2.70
Vesting hurdle	12	15
Date to reach vesting hurdle	February 1, 2024	February 1, 2024
Expected volatility	80%	80%
Risk-free rate	2.2%	2.2%
Time to vesting hurdle year	1.68	1.68
Dividend yield	nil	nil

Fair value amounts of Tranche 1 and Tranche 2 on the grant date were USD 0.50 and USD 0.35, respectively.

In case of a change of control of the Group, all granted Performance-Vested RSUs and Time-Vested RSUs will vest immediately, if the service agreement is not terminated based on a predetermined market condition. Additionally, if a change of control occurs within the 9 months following termination of the CFO’s service agreement, a maximum of 50,000 unvested RSUs will time-vest and performance-vest. However, since the M&A RSUs will vest only if there is an occurrence of a change of control, which is not deemed probable by management in the foreseeable future, the Group did not account for these RSUs.

(ix) 2022 and 2021 supervisory board grants

In connection to the IPO 10,000 Share Options have been granted as an extraordinary incentive to Mr. Berndt Modig as approved at the annual general meeting of shareholders on June 24, 2021. The Options have a strike price of USD 14 and vest in four equal installments following the grant date.

In the extraordinary general meeting of shareholders on December 18, 2020, shareholders approved a new incentive compensation scheme for supervisory board members, under which certain members of the supervisory board will annually receive an award of options and RSUs for ordinary shares of the Company under the 2019 Plan with a target value of EUR 80,000 multiplied by the LTI factor. For each award, RSUs will constitute 75% of the value of the award while options will constitute the remaining 25% of the value of the award. The LTI factor will be 100% or less based on the volume-weighted average stock price of the shares over a 60 trading day period preceding December 31 of the relevant financial year. Furthermore, the chairman and vice-chairman of the supervisory board, the chairman of the audit committee and the chairman of the compensation committee would receive an additional award which would also be multiplied by the LTI factor.

In the Company’s annual general meeting of shareholders on June 22, 2022, shareholders modified the initial incentive compensation scheme approved at the December 18, 2020 extraordinary general meeting. Pursuant to this modified compensation scheme, certain members of the supervisory board will annually receive an award of options and RSUs for ordinary shares of the Company with a target value of EUR 140,000 multiplied by the LTI factor. Furthermore, the chairman and vice-chairman of the supervisory board will each annually receive an additional award with a value of EUR 105,000 and EUR 70,000, respectively, multiplied by the LTI factor; the chairman of the audit committee and the chairman of the compensation committee will each annually receive an additional award with a value of EUR 70,000 and EUR 14,000, respectively, multiplied by the LTI factor. Also, if a supervisory board member was in office during all or part of a financial year but would cease to be a supervisory board member before the LTIs are granted for such financial year, such former supervisory board member will retain his or her entitlement to such LTIs based on a pro rata tempore basis.

The grant date criteria for these awards will be met at each future annual grant date, upon the approval of the audited annual accounts, at such time when the terms and value of the awards to be granted become fixed.

The LTI Factor determines the final number of RSUs and options after the end of the financial year for which the annual LTI is granted. Therefore, the LTI Factor is a market performance condition and the expected achievement of the performance condition is part of the fair value measurement. The awards will be charged to profit or loss over the service period using the graded approach, pursuant to the equal annual vesting instalments. As the modification on June 22, 2022 increased the number of equity awards granted, the Group included the fair value of the additional RSUs and options, measured at the date of the modification in the measurement of the amount recognized for services received.

The awards will vest in four equal annual instalments on each relevant anniversary of the grant date and will vest in full upon a change in control of the Company (provided that the holder remains an eligible participant on the date of the change in control). The awards will expire on the ten-year anniversary of the grant date and will be settled in shares.

Equity share option 2019

Equity share option 2017 and Equity share option 2019

The fair values of ESOP 2019 were estimated at the date of grant using the Black-Scholes option pricing model, taking into account the terms and conditions under which the share options were granted. The model takes into account historical and expected dividends, and the share price volatility of other public companies in the relevant industries to predict the share performance. There are no cash settlement alternatives for either the option holders or the Company.

The key assumptions used to derive the option value are set out below:


	2019
	ESOP 2017	ESOP 2019
Exercise price (EUR)	0.12	12.58
Share price at grant date (EUR)	12.58	12.58
Volatility (%)	70	70
Risk‑free interest rate (%)	(0.7)	(0.7)
Dividend yield (%)	nil	nil
Option term (years)	10	10

Valuation of 2022 and 2021 grants

The fair value of the options granted to Mr. Modig and Mr. Sheldon was estimated at the date of grant using the Black-Scholes option pricing model, taking into account the terms and conditions on which the options were granted. In addition to that the fair value of the options granted to the Mr. Kim was estimated at the date of modification also using the Black-Scholes option pricing model. The awards granted to participants under the 2019 Plan in 2021 were estimated at the grant date. The fair value of the standard RSUs (i.e., those without performance-based vesting criteria) is based on the observed value of the underlying shares. As no dividend payments are expected over the vesting period, no further adjustment is required. The weighted average fair value of standard RSUs granted under the 2019 Plan during the year ended December 31, 2022 and 2021 were USD 1.93 and USD 10.96, respectively. The key assumptions used to derive the option and performance-based RSUs value and the weighted average fair value are set out below:


	2021 Fair Value assumptions				2022 Fair Value assumptions
	Options	Add. Options	Options	Options	Performance	Change of Control	Performance	Change of Control
	Mr. Modig and	Mr. Modig	Mr. Kim	2019 Plan	Based RSUs	Based RSUs	Based RSUs	Based RSUs
	Mr.Sheldon				Mrs. Stratton	Mrs. Stratton	Mr. Coego Ríos	Mr. Coego Ríos
Exercise price (USD)	9.92	14.00	11.60	12.52	12.00/15.00	=>5 to <=15	12.00/15.00	=>5 to <=15
Share price at grant date (USD)	10.01	10.01	10.80	12.54	4.42	4.42	2.70	2.70
Volatility (%)	75	75	75	75	80	85	80	80
Risk‑free interest rate (%)	1.7	1.7	1.7	1.9	1.1	1.1	2.2	2.2
Dividend yield (%)	nil	nil	nil	nil	nil	nil	nil	nil
Expected contractual life (years)	10.0	10	9	10	10	10	10	10
Weighted average fair value (USD)	7.86	7.45	8.21	7.36	2.10/1.60	1.45/1.71	0.50/0.35	0.84/0.65

The expense recognized for the above share-based payment transactions during the year is shown in the following table:


in EUR k	2022	2021	2020
Expenses arising from equity-settled share-based payment transactions
- ESOP 2019, including replacement by RSUs	2,376	7,000	2,105
- Grants to management board and employees	852	985	3,486
- Supervisory board grant	—	50	67
- Reversals	(3,244)	—	—
Total expenses arising from share‑based payment transactions	(16)	8,035	5,658

Share-based payments - Equity share option 2019 (ESOP 2019) to Flemming Ornskov (Details)		12 Months Ended
	Dec. 18, 2020 EquityInstruments € / shares	Dec. 31, 2022 Options € / shares	Dec. 31, 2021 Options shares
Equity share option 2019 (Equity settled)
Number
Outstanding at January 1		300,000	300,000
Exercised during the year		(300,000)
Outstanding as of December 31			300,000
Vested as of December 31 \| shares			200,000
Exercisable as of December 31			200,000
WAEP
Exercised during the year \| € / shares		€ 1.0
2019 Plan
Share-based payments
Exercise price \| € / shares	€ 0
2019 Plan \| RSUs
Share-based payments
RSUs granted	300,000		167,326
Contractual life	10 years
2019 Plan \| Vest immediately \| RSUs
Share-based payments
Vesting percentage	33.00%
2019 Plan \| Vest in two equal annual instalments \| RSUs
Share-based payments
Vesting percentage	67.00%

Equity - Common Shares (Details) € / shares in Units, € in Thousands		1 Months Ended		12 Months Ended
	Jan. 31, 2022 EUR (€) shares	Jul. 31, 2020 EUR (€) € / shares shares	Jul. 31, 2020 $ / shares	Dec. 31, 2022 EUR (€) € / shares shares	Dec. 31, 2021 EUR (€) € / shares shares	Dec. 31, 2020 EUR (€) € / shares shares	Jan. 31, 2022 $ / shares	Jan. 31, 2022 € / shares	Dec. 31, 2019 shares
Disclosure of classes of share capital [line items]
Number of common shares issued (in shares)	4,479,088
Net offering proceeds, after deducting underwriting discounts, commissions and transaction costs \| €	€ 15,000			€ 22,000
Share price \| (per share)							$ 3.73	€ 3.35
Common shares
Disclosure of classes of share capital [line items]
Par value per share (in euros per share) \| € / shares				€ 0.12	€ 0.12	€ 0.12
Increase (decrease) in number of ordinary shares issued				4,998,000		2,000,000
Authorized but unissued share capital \| €				€ 6,713	€ 6,772	€ 6,826
Number of shares issued and fully paid				27,595,835	22,567,971	22,117,643			19,862,000
Follow-on public offering \| Common shares
Disclosure of classes of share capital [line items]
Total number of shares issued and sold in follow-on public offering		3,500,000
Number of shares offered by existing shareholders		1,500,000
Public offering price (in dollars per share) \| (per share)		€ 12.71	$ 14.00
Net offering proceeds, after deducting underwriting discounts, commissions and transaction costs \| €		€ 22,000
Follow-on public offering \| Common shares \| Major purchases of assets
Disclosure of classes of share capital [line items]
Public offering price (in dollars per share) \| (per share)		€ 12.71	$ 14.00
Follow-on public offering \| The Company \| Common shares
Disclosure of classes of share capital [line items]
Increase (decrease) in number of ordinary shares issued		2,000,000
Follow-on public offering \| The Company \| Common shares \| Major purchases of assets
Disclosure of classes of share capital [line items]
Net offering proceeds, after deducting underwriting discounts, commissions and transaction costs \| €		€ 22,000

Equity (Tables)

12 Months Ended

Dec. 31, 2022

Equity.

Common shares issued and authorized


in thousands of shares	Dec 31, 2022	Dec 31, 2021	Jan 1, 2021
Common shares as of Jan 1, fully paid	22,568	22,118	19,862
Issued shares	4,998	—	2,000
Exercise of options	30	450	256
Common shares issued as of Dec 31, fully paid	27,596	22,568	22,118



in thousands of shares	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Authorized common shares of EUR 0.12 each	79,000	79,000	79,000

Commitments

12 Months Ended

Dec. 31, 2022

Commitments

Commitments

25 Commitments

Future payments for non-cancellable leases

The Group has various lease contracts in relation to the expansion of the Rostock headquarters. The future lease payments and utilities for these non-cancellable lease contracts are EUR nil within one year, EUR 1,272k within five years and EUR 318k thereafter (2021: EUR 107k and 2020: EUR 283k within one year; 2021: EUR 2,370k and 2020: EUR 1,686k within five years; 2021: EUR 4,219k and 2020: EUR 4,855k thereafter).

The Group has various non-cancellable lease contracts of office equipment and storage spaces which had a lease term of less than 12 months or were related to leases of low-value assets, and therefore the short-term lease recognition exemption was applied to these contracts. The future lease payments for these non-cancellable lease contracts are EUR 59k within one year (2021: EUR 44k; 2020: EUR 33k) and EUR 25k within five years (2021: EUR 49k; 2020: EUR 9k).

Future payment obligations

During 2022, the Group concluded agreements with suppliers, for goods and services to be provided in 2022 with a total payment obligation of EUR 6,670k (2021: EUR 6,620k; 2020: EUR 4,669k).

Property, plant and equipment (Tables)

12 Months Ended

Dec. 31, 2022

Property, plant and equipment

Schedule of development of property, plant and equipment


			Other
			equipment,
			furniture
in EUR k	Buildings	Plant	and fixtures ⁽ⁱ⁾	Total

As of Jan 1, 2020	3,254	9,730	4,712	17,696
Additions	105	1,295	8,490	9,890
Disposal*	—	—	(612)	(612)
Transfers from right-of-use assets***	—	3,099	—	3,099
As of Dec 31, 2020	3,359	14,124	12,590	30,073
Additions	5	144	2,766	2,915
Disposal*	—	(379)	(718)	(1,097)
Transfers from right-of-use assets***	—	1,165	—	1,165
As of Dec 31, 2021	3,364	15,054	14,638	33,056
Additions	—	24	504	528
Disposal**	—	(66)	(3,021)	(3,087)
Currency translation differences	3	11	20	34
Transfers from right-of-use assets***	—	2,628	—	2,628
As of Dec 31, 2022	3,367	17,651	12,141	33,159


Accumulated depreciation and impairment
As of Jan 1, 2020	392	6,155	2,773	9,320
Depreciation	194	993	1,913	3,100
Disposal*	—	—	(44)	(44)
Transfers from right-of-use assets***	—	1,107	—	1,107
As of Dec 31, 2020	586	8,255	4,642	13,483
Depreciation (Restated, see Note 2.4)	315	3,268	6,407	9,990
Disposal*	—	(157)	(217)	(374)
Transfers from right-of-use assets***	—	493	—	493
As of Dec 31, 2021	901	11,859	10,832	23,592
Depreciation	241	1,568	2,166	3,975
Disposal**	—	(67)	(2,918)	(2,985)
Currency translation differences	2	12	26	40
Transfers from right-of-use assets***	—	1,729	—	1,729
As of Dec 31, 2022	1,144	15,101	10,106	26,351

Carrying amounts
As of Dec 31, 2020	2,773	5,869	7,948	16,590
As of Dec 31, 2021	2,463	3,195	3,806	9,464
As of Dec 31, 2022	2,223	2,550	2,035	6,808

* The disposal relates to the sale of a CentoTruck as part of a contract with a COVID-19 customer.

** The disposal relates to various obsolete plant and machinery equipment mainly in relation to the ramp down of the COVID-19 business segment.

*** The transfers from right-of-use assets represents assets purchased at the end of the lease.

⁽ⁱ⁾ Property, plant and equipment has been restated as of December 31, 2021. Refer to Note 2.4.

Other income and expenses (Tables)

12 Months Ended

Dec. 31, 2022

Other income and expenses

Schedule of other operating income


in EUR k	2022	2021	2020
		(Restated)	(Restated)
Government grants	1,958	2,263	2,152
Gain on disposal of property, plant and equipment	53	18	2
VAT refund from tax authorities	970	—	—
Others	793	613	238
Total other operating income	3,774	2,894	2,392

Schedule of other operating expenses


in EUR k	2022	2021	2020

Currency losses	741	86	10
Other	—	—	172
Total other operating expenses	741	86	182

Schedule of finance costs, net


in EUR k	2022	2021	2020
Interest expenses from loans	(2,934)	(218)	(154)
Changes in FV of warrants	2,574	—	—
Changes in FV of floor	(376)	—	—
Changes in FV of prepayment option	510	—	—
Currency losses	(963)	—	(362)
Unwinding of the discount on lease liabilities	(637)	(584)	(865)
Interest income from loans and receivables	3	3	6
Total	(1,823)	(799)	(1,375)

Schedule of employee benefits expense


in EUR k	2022*	2021*	2020*
Wages and salaries	29,690	32,655	28,008
Social security contributions	4,415	4,588	3,714
Share‑based payments	(1,461)	5,471	3,486
Termination benefits	319	1,158	569
Total	32,963	43,872	35,777

Right-of-use assets

12 Months Ended

Dec. 31, 2022

Right-of-use assets.

Right-of-use assets

14 Right-of-use assets

The Group has lease contracts for land and buildings and offices in Germany and the United States, as well as various items of plant, machinery, motor vehicles and other equipment used in its operations. Leases for land and buildings is related to the sale and leaseback transaction of the Rostock headquarters building and the office in Berlin, both with a lease term of 12 years. Leases of plant and machinery and other equipment generally have lease terms between 2 and 4 years, while motor vehicles generally have lease terms of 3 years. The Group’s obligations under its leases are secured by the lessor’s title to the leased assets. Generally, the Group is restricted from subleasing the leased assets. In addition, a bank guarantee of EUR 3,257k (which is secured by cash deposit of EUR 2,768k) is required to be maintained for the leases of Rostock headquarters building and Berlin offices until the expiry or termination of the leases. Leases of certain plant and machineries were also secured with rental deposits of EUR 51k.

The lease contract of Rostock headquarters building includes extension options. These options are negotiated by management to provide flexibility in managing the leased-asset portfolio and align with the Group’s business needs. The lease of Rostock headquarters building allows the Group to extend the rental contract twice, each for a period of 6 years, after the expiration of agreement in September 2031 with rental payments of approximately EUR 1.5 million per annum. Such extension option was not included in the right-of-use assets and lease liabilities, as it is not reasonably certain that such extension option will be exercised.

The Group also has certain leases of motor vehicles and premises with lease terms of 12 months or less and leases of office equipment with low value. The Group applies the ‘short-term lease’ and ‘lease of low-value assets’ recognition exemptions for these leases.

Set out below are the carrying amounts of right-of-use assets and movements during the period:


			Plant and	Other	Motor
In EUR k	Buildings*	Offices	equipment	equipment	Vehicles	Total


As of Jan 1, 2020	13,126	4,407	6,989	390	20	24,932
Additions	—	426	1,265	1,112	37	2,840
Transfers to property, plant & equipment**	—	—	(1,992)	—	—	(1,992)
Depreciation expenses	(1,121)	(657)	(1,675)	(187)	(20)	(3,660)
As of December 31, 2020	12,005	4,176	4,587	1,315	37	22,120
Additions	—	133	1,121	179	19	1,452
Transfers to property, plant & equipment**	—	—	(672)	—	—	(672)
Depreciation expenses	(1,121)	(970)	(1,745)	(138)	(22)	(3,996)
As of December 31, 2021	10,884	3,339	3,291	1,356	34	18,904
Additions	—	112	95	—	21	228
Transfers to property, plant & equipment**	—	—	(772)	(127)	—	(899)
Depreciation expenses	(1,124)	(529)	(1,081)	(127)	(22)	(2,882)
As of December 31, 2022	9,760	2,922	1,533	1,102	33	15,351

* As the lease of land and buildings are made through one contract, all the related right-of-use assets are allocated to Buildings.

** Transfers of leased assets to PP&E (Note 13) represents purchased assets at the end of lease term.

Set out below are the carrying amounts of lease liabilities and the movements during the period:


in EUR k	2022	2021*	2020

As of January 1	18,724	21,205	21,704
Additions	204	1,452	3,654
Interest expenses	637	584	865
Disposals	—	(273)	—
Payments	(4,129)	(4,244)	(5,018)
As of December 31	15,436	18,724	21,205

Current	2,311	3,330	3,528
Non-current	13,125	15,394	17,677

*Lease liabilities have been restated as of December 31, 2021. Refer to Note 2.4.

The maturity analysis of lease liabilities is disclosed in Note 22.

The following are the amounts recognized in profit or loss:


in EUR k	2022	2021	2020
Depreciation expense of right-of-use assets	2,882	3,996	3,660
Interest expenses on lease liabilities	637	584	865
Rent expenses—short-term leases	770	7,175	1,695
Rent expense—leases of low-value assets	27	48	33
Total amounts recognized in profit or loss	4,316	11,803	6,253

The Group had total cash outflows for leases of EUR 5,111k in 2022 (2021: EUR 11,467k; 2020: EUR 6,746k). The future cash outflows relating to non-cancellable short-term leases and leases of low-value assets, are disclosed in Note 25. The future cash outflow related to residual value guarantees are disclosed in Note 22.

Significant accounting policies (Details)	12 Months Ended
Significant accounting policies (Details)	Dec. 31, 2022 د.إ / €	Dec. 31, 2022 د.إ / €	Dec. 31, 2022 د.إ / € ₨ / €	Dec. 31, 2022 د.إ / € $ / €	Dec. 31, 2022 د.إ / € SFr / €	Dec. 31, 2022 د.إ / € дин / €	Dec. 31, 2022 د.إ / € D	Dec. 31, 2021 د.إ / €	Dec. 31, 2021 د.إ / € ₨ / €	Dec. 31, 2021 د.إ / € $ / €	Dec. 31, 2021 د.إ / € SFr / €	Dec. 31, 2021 د.إ / € дин / €	Dec. 31, 2020 د.إ / €	Dec. 31, 2020 د.إ / € ₨ / €	Dec. 31, 2020 د.إ / € $ / €	Dec. 31, 2022 ₨ / €	Dec. 31, 2022 $ / €	Dec. 31, 2022 SFr / €	Dec. 31, 2022 дин / €	Dec. 31, 2021 ₨ / €	Dec. 31, 2021 $ / €	Dec. 31, 2021 SFr / €	Dec. 31, 2021 дин / €	Dec. 31, 2020 ₨ / €	Dec. 31, 2020 $ / €
Foreign currency and currency translation
Average rate		3.87	82.69	1.05	1.00	117.46		4.15	85.18	1.13	1.08	117.39	4.21	84.57	1.14
Closing rate	3.94	3.94	3.94	3.94	3.94	3.94	3.94	4.17	4.17	4.17	4.17	4.17	4.50	4.50	4.50	88.17	1.07	0.98	117.33	84.23	1.13	1.03	117.27	89.66	1.23
Financial instruments
Number of days past due, to consider a financial asset as default							360
Buildings
Property, plant and equipment
Estimated useful life of property, plant and equipment	12 years
Leases
Estimated useful life of right-of-use assets	33 years
Offices \| Minimum
Leases
Estimated useful life of right-of-use assets	4 years
Offices \| Maximum
Leases
Estimated useful life of right-of-use assets	12 years
Other property, plant and equipment \| Minimum
Property, plant and equipment
Estimated useful life of property, plant and equipment	2 years
Leases
Estimated useful life of right-of-use assets	2 years
Other property, plant and equipment \| Maximum
Property, plant and equipment
Estimated useful life of property, plant and equipment	15 years
Leases
Estimated useful life of right-of-use assets	15 years
Software, patents and trademarks \| Minimum
Intangible assets
Estimated useful lives	3 years
Software, patents and trademarks \| Maximum
Intangible assets
Estimated useful lives	7 years
Capitalized development costs
Intangible assets
Estimated useful lives	7 years

Consolidated statements of comprehensive loss - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Consolidated statements of comprehensive loss
Revenue	€ 47,473	€ 42,234	€ 38,453
Cost of sales	27,712	28,735	35,286
Gross profit	19,761	13,499	3,167
Research and development expenses	17,488	19,297	14,935
General administrative expenses	32,587	43,480	37,665
Selling expenses	9,924	9,326	7,580
Impairment of financial assets		827	3,636
Gain on reversal of financial asset impairment	432
Other operating income	3,774	2,894	2,392
Other operating expenses	741	86	182
Operating loss	(36,773)	(56,623)	(58,439)
Changes in fair value of warrants	2,574
Interest and similar income	512	3	6
Interest and similar expenses	4,909	802	1,381
Financial costs, net	(1,823)	(799)	(1,375)
Loss before taxes from continuing operations	(38,596)	(57,422)	(59,814)
Income taxes expenses	107	(70)	224
Loss for the year from continuing operations	(38,703)	(57,352)	(60,038)
Net income from discontinued operations, net of tax	6,862	11,106	38,052
Loss for the period	(31,841)	(46,246)	(21,986)
Other comprehensive income/(loss), all attributable to equity holders of the parent	(76)	543	(48)
Total comprehensive loss	(31,917)	(45,703)	(22,034)
Attributable to:
Equity holders of the parent	(31,917)	(45,801)	(22,094)
Non-controlling interests from continuing operations		98	60
Total comprehensive loss	€ (31,917)	€ (45,703)	€ (22,034)
Net loss per share - Continuing operations - Basic (in EUR)	€ (1.45)	€ (2.53)	€ (2.87)
Net loss per share - Continuing operations - Diluted (in EUR)	(1.45)	(2.53)	(2.87)
Net loss per share - Loss attributable to parent - Basic (in EUR)	(1.19)	(2.04)	(1.05)
Net loss per share - Loss attributable to parent - Diluted (in EUR)	€ (1.19)	€ (2.04)	€ (1.05)

List of subsidiaries

12 Months Ended

Dec. 31, 2022

List of subsidiaries

List of subsidiaries

23 List of subsidiaries

The major subsidiaries of the Group are listed below.


		Equity interests (%)
	Country in which
	primary activities are
Name	pursued	Dec 31, 2022	Dec 31, 2021
Centogene GmbH*	Germany	100	100
Centogene FZ-LLC	United Arab Emirates	100	100
Centogene US, LLC	USA	100	100
Centogene GmbH	Austria	100	90
Centogene India Pvt. Ltd**	India	100	100
Centogene Switzerland AG	Switzerland	100	100
Centosafe B.V.	Netherlands	100	100
Centogene d.o.o Belgrade	Serbia	100	100
Dr. Bauer Laboratoriums GmbH***	Germany	—	—

(*) Centogene IP GmbH and Centogene Shared Service GmbH were merged with Centogene GmbH on January 1, 2021.

(**)The Group acquired the remaining 10% of Centogene GmbH. Austria in 2022.

(***)

See note 4.

General company information

12 Months Ended

Dec. 31, 2022

General company information

General company information

1 General company information

Centogene N.V. (“the Company”) and its subsidiaries focus on providing data-driven answers to patients, physicians, and pharmaceutical companies for rare and neurodegenerative diseases. By integrating multiomic technologies with the CENTOGENE Biodatabank, we are able to provide dimensional analysis to guide the next generation of precision medicine. Our unique approach enables rapid and reliable diagnosis for patients, supports a more precise physician understanding of disease states, and accelerates and de-risks targeted pharmaceutical drug discovery, development, and commercialization.

On November 7, 2019, the Company completed an IPO and has since been listed on Nasdaq Global Market under stock code “CNTG”. We have historically conducted our business through Centogene AG (which is now known as Centogene GmbH), and therefore our historical financial statements present the results of operations and financial condition of Centogene AG and its controlled subsidiaries. In connection with our IPO, Centogene N.V. became the holding company of Centogene AG on November 12, 2019, and the historical consolidated financial statements of Centogene AG became the historical consolidated financial statements of Centogene N.V. Centogene N.V. is a public company with limited liability incorporated in the Netherlands, with registered office located at Am Strande 7 in 18055 Rostock, Germany and Dutch trade register number 72822872.

On March 5, 2020, the Company resolved that Centogene AG shall be converted into a German limited liability company and renamed Centogene GmbH. Such conversion became effective upon the registration in the German commercial register on June 29, 2020. Unless otherwise stated, “Centogene GmbH” also refers to the historical operations of Centogene AG throughout the notes.

In July 2020, the Company completed a follow-on public offering of 3,500,000 common shares of the Company (the “July 2020 Offering”), consisting of 2,000,000 common shares offered by the Company and 1,500,000 common shares offered by selling to shareholders at a price to the public of USD 14.00 per common share (i.e. EUR 12.71 per share). Aggregate offering proceeds, net of underwriting discounts, commissions and transaction costs, were EUR 22 million to the Company. On January 31, 2022, pursuant to a securities purchase agreement and a warrant agreement signed with certain investors, we received €15.0 million as consideration for the issuance by us of an aggregate of 4,479,088 common shares at a price per share of USD 3.73.

Segment information and revenue from contracts with customers - Reconciliation of segment Adjusted EBITDA to Group loss before taxes (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Segment information
Sharebased payment expenses (Note 21)	€ 1,461	€ (5,471)	€ (3,486)
Depreciation and amortization	(8,932)	(10,464)	(13,728)
Operating loss	(36,773)	(56,623)	(58,439)
Financial costs, net	(1,823)	(799)	(1,375)
Income tax expenses	(107)	70	(224)
Loss for the period	(31,841)	(46,246)	(21,986)
Operating segment
Segment information
Reported segment Adjusted EBITDA	13,240	7,815	3,282
Reported segment Adjusted EBITDA after corporate expenses	(27,857)	(38,124)	(39,053)
Operating loss	(36,773)	(56,623)	(58,439)
Financial costs, net	(1,823)	(799)	(1,375)
Income tax expenses	(107)	70	(223)
Loss for the period	(38,703)	(57,352)	(60,038)
Corporate
Segment information
Corporate expenses	(41,097)	(45,939)	(42,335)
Depreciation and amortization	(6,340)	(5,849)	(4,670)
Share-based payment expenses
Segment information
Sharebased payment expenses (Note 21)	16	(8,035)	(5,658)
Depreciation and amortization
Segment information
Depreciation and amortization	€ (8,932)	€ (10,464)	€ (13,728)

Share-based payments - Grants to Management board and employees (Details) € in Thousands				12 Months Ended
	Jun. 29, 2022 EquityInstruments Options shares	Jan. 01, 2022 tranche $ / shares	Dec. 18, 2020 EquityInstruments	Dec. 31, 2022	Dec. 31, 2022 tranche	Dec. 31, 2022 EUR (€)	Dec. 31, 2022 EquityInstruments	Dec. 31, 2022 Options	Dec. 31, 2022 $ / shares	Dec. 31, 2021 Options $ / shares
Volkmar Weckesser
Disclosure of terms and conditions of share-based payment arrangement [line items]
Amount of expenses reversed \| €						€ 149
Other officers
Disclosure of terms and conditions of share-based payment arrangement [line items]
Amount of expenses reversed \| €						€ 139
RSUs \| Volkmar Weckesser
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of shares forfeited \| EquityInstruments	20,000
Options. \| Volkmar Weckesser
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of options cancelled (in shares) \| shares	10,000
Number of options forfeited \| Options	10,000
2019 Plan \| RSUs
Disclosure of terms and conditions of share-based payment arrangement [line items]
RSUs granted			300,000							167,326
Expiration Date			10 years
Weighted average fair value (USD)									$ 1.93	$ 10.96
2019 Plan \| RSUs \| Minimum
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of tranches \| tranche					3
2019 Plan \| RSUs \| Maximum
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of tranches \| tranche					4
2019 Plan \| RSU Granted One
Disclosure of terms and conditions of share-based payment arrangement [line items]
RSUs granted \| Options								284,788
Number of tranches \| tranche					4
Vesting period				4 years
Expiration Date				10 years
2019 Plan \| RSU Granted Two
Disclosure of terms and conditions of share-based payment arrangement [line items]
RSUs granted							174,394	174,394
Number of tranches \| tranche					4
Vesting period				4 years
Expiration Date				10 years
2019 Plan \| RSU Granted Two \| Three months volume weighted average stock price, of each tranche exceeds exercise price of USD 12 and USD 15
Disclosure of terms and conditions of share-based payment arrangement [line items]
Term of volume weighted average stock price				3 months
2019 Plan \| RSU Granted Two \| Three months volume weighted average stock price, of each tranche exceeds exercise price of USD 12 and USD 15 \| Minimum
Disclosure of terms and conditions of share-based payment arrangement [line items]
Exercise price									12
2019 Plan \| RSU Granted Two \| Three months volume weighted average stock price, of each tranche exceeds exercise price of USD 12 and USD 15 \| Maximum
Disclosure of terms and conditions of share-based payment arrangement [line items]
Exercise price									15
2019 Plan \| RSU Granted Three
Disclosure of terms and conditions of share-based payment arrangement [line items]
RSUs granted							424,799	424,799
Expiration Date				10 years
2019 Plan \| RSU Granted Three \| Three months volume weighted average stock price, of each tranche exceeds exercise price of USD 12 and USD 15
Disclosure of terms and conditions of share-based payment arrangement [line items]
Vesting period				3 months
Number of units vested during the period \| EquityInstruments							58,132
2019 Plan \| RSU Granted Three \| Three months volume weighted average stock price, of each tranche exceeds exercise price of USD 12 and USD 15 \| Minimum
Disclosure of terms and conditions of share-based payment arrangement [line items]
Exercise price									12
2019 Plan \| RSU Granted Three \| Three months volume weighted average stock price, of each tranche exceeds exercise price of USD 12 and USD 15 \| Maximum
Disclosure of terms and conditions of share-based payment arrangement [line items]
Exercise price									15
2019 Plan \| Options.
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of options granted \| Options										15,000
Number of tranches \| tranche		3
Vesting period		3 years
Trading days		20 days
Exercise price		$ 12.52
Expiration Date		10 years
Weighted average fair value (USD)										$ 7.36
2019 Plan \| SGAs
Disclosure of terms and conditions of share-based payment arrangement [line items]
RSUs granted \| Options								425,093
Number of tranches \| tranche					4
Vesting period				4 years
Expiration Date				10 years
2019 Plan \| Performance Based RSUs \| Three months volume weighted average stock price, of each tranche exceeds exercise price of USD 15
Disclosure of terms and conditions of share-based payment arrangement [line items]
Exercise price									$ 15
Term of volume weighted average stock price				3 months
Number of units vested during the period \| EquityInstruments							366,667

Non-controlling interests (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Jan. 01, 2021
Non-controlling interests
Carrying amount of noncontrolling interests	€ 0	€ (193)		€ (95)
Profit/(loss)	€ (31,841)	(46,246)	€ (21,986)
Centogene GmbH, Vienna
Non-controlling interests
Additional percentage ownership in subsidiary acquired	10.00%
Net assets/(liabilities)		(528)	(522)
Carrying amount of noncontrolling interests		(53)	(52)
Profit/(loss)		(6)	(1)
Profit/(loss) allocated to noncontrolling interests		(1)
Dr. Bauer Laboratoriums GmbH
Non-controlling interests
Net assets/(liabilities)		245	148
Revenue		109,015	55,596
Profit/(loss)		98	122
Profit/(loss) allocated to noncontrolling interests		€ 98	€ 122

- Definition

The total of income less expenses from continuing and discontinued operations, excluding the components of other comprehensive income. [Refer: Other comprehensive income]

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

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-URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=1&code=ifrs-tx-2022-en-r&anchor=para_82_a&doctype=Standard
-URIDate 2022-03-24

Reference 10: http://www.xbrl.org/2003/role/exampleRef
-Name IAS
-Number 1
-IssueDate 2022-03-24
-Paragraph 103
-URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=1&code=ifrs-tx-2022-en-r&anchor=para_103&doctype=Standard
-URIDate 2022-03-24

Reference 11: http://www.xbrl.org/2003/role/exampleRef
-Name IAS
-Number 1
-IssueDate 2022-03-24
-Paragraph 102
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-URIDate 2022-03-24

+ Details

Share-based payments - Grants to new CEO, CFO and Supervisory board (Details) € / shares in Units, $ / shares in Units, SFr in Thousands												12 Months Ended
	May 27, 2022 EquityInstruments item $ / shares	May 27, 2022 EquityInstruments item € / shares	Apr. 30, 2022 EquityInstruments shares	Feb. 01, 2022 USD ($) EquityInstruments item	Feb. 01, 2022 EUR (€) installment € / shares	Jan. 31, 2022 EUR (€)	Jan. 31, 2022 USD ($)	Jan. 01, 2022	Jun. 24, 2021 EquityInstruments installment $ / shares	Dec. 18, 2020 EquityInstruments € / shares	Dec. 01, 2020 CHF (SFr) EquityInstruments	Dec. 31, 2022 EUR (€) installment	Dec. 31, 2021 Options	Dec. 31, 2020 installment
Share-based Compensation
Value of other equity instruments granted under share based payment arrangement						€ 2,800,000	$ 3,200,000
Tranche one
Share-based Compensation
Fair value \| $ / shares	$ 0.50
Tranche two
Share-based Compensation
Fair value \| $ / shares	$ 0.35
Time vest or performance vest RSUs \| Maximum
Share-based Compensation
Number of units vested during the period	50,000	50,000
Former Chief Executive Officer \| RSUs
Share-based Compensation
Number of Awards			62,284
Number of units vested during the period			69,428
Number of units cancelled during the period \| shares			7,144
Value of other equity instruments derecognized in Share-based payment arrangement \| €												€ 2,775,000
Former Chief Executive Officer \| RSUs \| Maximum
Share-based Compensation
RSUs granted			62,284
Number of Awards			62,284
Chief Executive Officer \| Subject to time-vesting and performance vesting
Share-based Compensation
Number of Installments \| installment					4
Vesting period				4 years
Chief Executive Officer \| Tranche one
Share-based Compensation
Vesting hurdle \| item				12
Chief Executive Officer \| Tranche two
Share-based Compensation
Vesting hurdle \| item				15
Chief Executive Officer \| RSUs
Share-based Compensation
Contractual life				10 years
Exercise price \| € / shares					€ 0
Chief Executive Officer \| RSUs \| Subject to time-vesting and performance vesting
Share-based Compensation
RSUs granted				174,394
Chief Executive Officer \| RSUs \| Subject to time-vesting
Share-based Compensation
RSUs granted				166,667
Chief Executive Officer \| RSUs \| Annual RSUs
Share-based Compensation
RSUs granted				44,444
Number of Installments \| installment					4
Vesting term				4 years
Chief Executive Officer \| Performance Based RSUs \| Tranche one
Share-based Compensation
Vesting percentage				50.00%
Vesting hurdle \| item				12
Chief Executive Officer \| Performance Based RSUs \| Tranche two
Share-based Compensation
Vesting percentage				50.00%
Vesting hurdle \| item				15
Chief Executive Officer \| Other RSUs granted to CEO \| Annual RSUs
Share-based Compensation
Value of other equity instruments granted under share based payment arrangement \| $				$ 200,000
Chief Executive Officer \| M&A RSUs
Share-based Compensation
Fair value of units granted during the period \| €					€ 156,000
Chief Executive Officer \| If change in control of the Company \| M&A RSUs
Share-based Compensation
Number of units vested during the period				275,000
CFO \| Tranche one
Share-based Compensation
Vesting hurdle \| item	12	12
CFO \| Tranche two
Share-based Compensation
Vesting hurdle \| item	15	15
CFO \| RSUs
Share-based Compensation
Contractual life	10 years	10 years
Exercise price \| € / shares		€ 0
CFO \| Performance Based RSUs
Share-based Compensation
RSUs granted	58,132	58,132
CFO \| Time Based RSUs
Share-based Compensation
RSUs granted	55,556	55,556
CFO \| If change in control of the Company
Share-based Compensation
Term of termination of service agreement	9 months	9 months
Supervisory board members \| Options. \| Mr. Modig \| IPO
Share-based Compensation
Number of Installments \| installment									4
Number of options granted									10,000
Strike price of options \| $ / shares									$ 14
2019 Plan
Share-based Compensation
Exercise price \| € / shares										€ 0
2019 Plan \| RSUs
Share-based Compensation
RSUs granted										300,000			167,326
Contractual life										10 years
2019 Plan \| Options.
Share-based Compensation
Contractual life								10 years
Vesting period								3 years
Number of options granted \| Options													15,000
2019 Plan \| Former Chief Executive Officer \| RSUs
Share-based Compensation
RSUs granted											324,000
Value of ordinary shares to be issued as per share based payment arrangement \| SFr											SFr 1,000
Number of Installments \| installment														4
2019 Plan \| Former Chief Executive Officer \| Performance Based RSUs
Share-based Compensation
RSUs granted											500,000
2019 Plan \| Supervisory board members
Share-based Compensation
Number of Installments \| installment												4
Contractual life												10 years
Value of equity ordinary shares \| €												€ 80,000
Maximum percentage of lost time injury												100.00%
Period of tradings days												60 days
Value of options and other equity instruments granted \| €												€ 140,000
2019 Plan \| Supervisory board members \| RSUs
Share-based Compensation
Percentage of award constitutes RSU's												75.00%
2019 Plan \| Supervisory board members \| Options.
Share-based Compensation
Percentage of award constitutes stock options												25.00%
2019 Plan \| Chairman
Share-based Compensation
Value of additional options and other equity instruments granted \| €												€ 105,000
2019 Plan \| Vice chairman
Share-based Compensation
Value of additional options and other equity instruments granted \| €												70,000
2019 Plan \| Chairman of audit committee
Share-based Compensation
Value of additional options and other equity instruments granted \| €												70,000
2019 Plan \| Chairman of compensation committee
Share-based Compensation
Value of additional options and other equity instruments granted \| €												€ 14,000

Significant accounting policies

12 Months Ended

Dec. 31, 2022

Significant accounting policies

Significant accounting policies

5 Significant accounting policies

The Group applied the following accounting policies consistently for all of the periods presented in these consolidated financial statements.

(a)Foreign currency and currency translation

Transactions in foreign currency are translated into the respective entity’s functional currency at the spot rate prevailing on the date of the transaction.

The exchange rates used are presented in the following table:


	Average rate			Closing rate
				Dec 31,	Dec 31,	Dec 31,
	2022	2021	2020	2022	2021	2020
USD (EUR 1)	1.05	1.13	1.14	1.07	1.13	1.23
AED (EUR 1)	3.87	4.15	4.21	3.94	4.17	4.50
INR (EUR 1)	82.69	85.18	84.57	88.17	84.23	89.66
CHF (EUR 1)	1.00	1.08	—	0.98	1.03	—
RSD (EUR 1)	117.46	117.39	—	117.33	117.27	—

(b)Revenues from contracts with customers

(i)Pharmaceutical segment

Revenues from the licensing of intellectual property for a certain period, being a right to access such intellectual property as defined in IFRS 15, is recognized over time over the licensing period.

Revenue from the sale of CentoCard filter cards is recognized at a point in time when the control of the CentoCard filter cards has transferred to the customer, which typically occurs on delivery.

(ii)Diagnostics segment

Contract balances

(i) Contract assets

(ii) Trade receivables

(iii) Contract liabilities

(c)Finance income and finance costs

Interest income and expenses are recognized in the period which they relate to through profit or loss using the effective interest rate method.

(d)Current versus non-current classification

The Group presents assets and liabilities in the 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 terms of the liability that could, at the option of the counterparty, result in its settlement by the issue of equity instruments do not affect its classification.

The Group classifies all other liabilities as non-current.

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

(e)Intangible assets

Research and development

Expenses for research activities are recognized through profit or loss in the period in which they are incurred.

Development expenditures on an individual project are recognized as an intangible asset from the date the Group can demonstrate:

the product or process is technically and commercially feasible so that the asset will be available for use or sale

the Group has the ability and intention to use or sell the asset

a future economic benefit is probable

the Group has sufficient resources to complete the development and

the development costs can be measured reliably.

Capitalized development costs which are still under development are tested for impairment annually and when circumstances indicate that the carrying value may be impaired.

Other intangible assets

Intangible assets are amortized over their estimated useful life using the straight-line method and assessed for impairment whenever there is an indication that the intangible asset may be impaired.

The estimated useful lives are as follows:

Software, patents and trademarks: 3-7 years

Capitalized development costs: 7 years

The useful lives and depreciation methods are reviewed annually to ensure that the methods and periods of depreciation are consistent with the expected economic benefit from the asset.

(f)Property, plant and equipment

Property, plant and equipment are carried at cost less any accumulated depreciation and any accumulated impairment losses.

Subsequent expenditure is only capitalized if it is probable that the future economic benefits associated with the expenditure will flow to the Group.

Buildings: 12 years and

Plant and other equipment, furniture and fixtures: 2-15 years

The depreciation methods, useful lives and residual values are reviewed, and adjusted prospectively if appropriate, as of each reporting date.

Assets under construction are reported at cost and are allocated to property, plant and equipment until they are completed and put into operational use, from which point onwards they are depreciated.

(g)Leases

Group as a lessee

(i)Right-of-use assets

Buildings: 33 years

Offices: 4 – 12 years and

Plant and other equipment, furniture and fixtures: 2-15 years

The right-of-use assets are also subject to impairment. Refer to accounting policies of impairment of financial assets in Note 5(n) “Financial instruments”.

(ii)Lease liabilities

(iii)Short-term leases and leases of low-value assets

(iv)Sale and leaseback transactions

●

any below-market terms shall be accounted for as a prepayment of lease payments

●

any above-market terms shall be accounted for as additional financing provided by the buyer-lessor to the seller-lessee.

(h)Impairment of non-financial assets

(i)Inventories

Inventories are measured at the lower of cost and net realizable value. Inventories are recognized at cost based on the first in first out (FIFO) method.

Net realizable value is the estimated selling price in the ordinary course of business, less estimated costs of completion and the estimated costs necessary to make the sale.

(j)Government grants

The release of deferred income related to either type of grant is presented as other operating income (see Note 8.1).

(k)Share-based payments

Equity settled transactions

Cash-settled transactions

(l)Provisions, contingent assets and contingent liabilities

(m)Income taxes

Deferred tax assets and deferred tax liabilities are offset against each other if certain conditions are met.

(n)Financial instruments

(i) Financial assets

The Group’s financial assets principally consist of those accounted for as receivables, contract assets, financial assets at fair value through profit or loss and cash and cash equivalents.

Receivables and contract assets

Financial assets at fair value through profit or loss

Financial assets at fair value through profit or loss are carried in the statement of financial position at fair value with net changes in fair value recognized in the statement of profit or loss.

Derecognition

A financial asset or a part of a financial asset is derecognized when the Group no longer has the contractual rights to the asset or the right to receive cash flows from the asset have expired.

Impairment

Further disclosures relating to impairment of trade receivables, including contract assets, are in note 22.

(ii) Financial liabilities

All financial liabilities are recognized initially at fair value and, in the case of loans and borrowings and payables, net of directly attributable transaction costs.

The Group’s financial liabilities include trade and other payables, loans and borrowings including bank overdrafts and derivative financial instruments, including warrant liabilities.

Loans and borrowings

Gains or losses are recognized through profit or loss at the time the liabilities are derecognized or disposed of.

Financial liabilities at fair value through profit or loss

Warrant liabilities

Derecognition

A financial liability is derecognized when the obligation underlying the liability is discharged, canceled or expires.

(o) Cash and cash equivalents

Equity - Capital reserve (Details) € / shares in Units, $ / shares in Units, € in Thousands, $ in Millions			12 Months Ended
	Jan. 31, 2022 EUR (€) € / shares shares	Jan. 31, 2022 USD ($) shares	Dec. 31, 2022 EUR (€) shares	Dec. 31, 2022 $ / shares	Jan. 31, 2022 $ / shares	Dec. 31, 2021 EUR (€)	Jan. 01, 2021 EUR (€)	Dec. 31, 2020 EUR (€)
Net offering proceeds, after deducting underwriting discounts, commissions and transaction costs	€ 15,000		€ 22,000
Number of common shares issued (in shares) \| shares	4,479,088	4,479,088
Share price \| (per share)	€ 3.35				$ 3.73
Number of securities called by warrants \| shares	1,343,727		1
Exercise price of warrants \| $ / shares				$ 7.72	$ 7.72
Capital Reserve			€ 145,369			€ 133,897	€ 125,916
Warrants Issue Related Cost	€ 2,800
Transaction costs paid	110
Value of other equity instruments granted under share based payment arrangement	2,800	$ 3.2
Capital reserve
Share premium included in capital reserve			€ 121,018			€ 106,665		€ 107,498
Capital reserve from issuance of shares after transaction costs
Capital Reserve	14,300
Capital reserve from issuance of shares and warrants after transaction costs
Capital Reserve	€ 11,500

Financial liabilities - Interest-bearing liabilities (Details) € in Thousands, $ in Thousands	Dec. 31, 2022 EUR (€)	Dec. 31, 2021 EUR (€)	Jan. 01, 2021 EUR (€)	Jan. 01, 2021 USD ($)	Dec. 31, 2020 EUR (€)
Financial liabilities
Total non-current liabilities	€ 53,176	€ 15,394	€ 18,078
Total current liabilities	6,946	7,145	6,020
Total non-current and current liabilities	60,122	22,539	24,098
Total loans
Financial liabilities
Total non-current liabilities	40,051		401
Total current liabilities	4,635	3,815	2,492
Secured bank loans
Financial liabilities
Total non-current liabilities	40,051		401
Total current liabilities	1,261	505	567
Short term deposits pledged as security	427	938			€ 1,500
Other bank loans
Financial liabilities
Total current liabilities			387
Total non-current and current liabilities \| $				$ 387
Bank overdrafts
Financial liabilities
Total current liabilities	3,374	3,310	1,538
Lease liabilities
Financial liabilities
Total non-current liabilities	13,125	15,394	17,677
Total current liabilities	2,311	3,330	3,528
Total non-current and current liabilities	€ 15,436	€ 18,724	€ 21,205

Other income and expenses - Other operating expenses (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Other income and expenses
Currency losses	€ 741	€ 86	€ 10
Others			172
Total other operating expenses	€ 741	€ 86	€ 182

Trade and other receivables and other assets (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Jan. 01, 2021	Dec. 31, 2020
Non-current
Other assets-Rental deposits	€ 2,819	€ 2,922	€ 1,867
Other assets-Others	92	50	100
Trade receivables and contract assets and other assets non-current	2,911	2,972	1,967
Current
Trade receivables	13,637	21,065	25,656	€ 25,656
Contract assets	2,911	2,397	3,332	3,332
Other assets	5,514	5,453	8,286
Trade receivables and contract assets and other assets current	22,062	28,915	37,274
Total non-current and current trade receivables and other assets	€ 24,973	31,887	€ 39,241
Minimum
Current
Receivables payment terms	30 days
Maximum
Current
Receivables payment terms	90 days
Other assets
Current
VAT receivables	€ 2,039	253		226
Prepaid expenses	2,620	3,346		4,431
Receivables from exercise of share based payments granted	74	116		1,253
Receivables from COVID 19 bank or credit card transactions	0	612		1,076
Receivables from grants	0	€ 0		€ 442
Other assets \| Rostock headquarters building
Current
Cash deposits provided as security for bank loans	2,550
Bank guarantee	3,257
Other assets \| Berlin Offices
Non-current
Non-current deposits for central procurement and supplies	92
Current
Cash deposits provided as security for bank loans	218
Bank guarantee	257
Other assets \| Other property, plant and equipment
Non-current
Other assets-Rental deposits	€ 51

Basis of Preparation - Consolidated statements of cash flows (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Operating activities
Loss before taxes	€ (31,721)	€ (46,270)	€ (21,704)
Adjustments to reconcile earnings to cash flow from operating activities
Amortization and depreciation	10,378	19,974	15,128
Expected credit loss allowances on trade receivables and contract assets		827	3,636
Other non-cash items	(1,430)	(821)	(814)
Changes in operating assets and liabilities:
Inventories	2,050	5,741	(9,596)
Trade receivables and contract assets	6,914	4,855	(16,172)
Other assets		1,828	255
Trade payables	(4,935)	(20,484)	23,996
Other liabilities	(10,182)	1,952	6,681
Thereof cash flow (used in) continuing operating activities	(35,497)	(42,635)	(30,603)
Thereof cash flow from discontinued operating activities	9,009	20,897	39,065
Net cash flow (used in) operating activities	(26,488)	(21,739)	8,462
Investing activities
Cash flow used in investing activities	(733)	(5,360)	(16,151)
Financing activities
Net cash flow from/ (used in) financing activities	46,317	(3,203)	14,842
Cash and cash equivalents at the end of the period	€ 35,951	17,818	48,156
Previously Reported
Operating activities
Loss before taxes		(46,876)	(21,097)
Adjustments to reconcile earnings to cash flow from operating activities
Amortization and depreciation		21,291	15,128
Expected credit loss allowances on trade receivables and contract assets		1,140	3,738
Other non-cash items		(862)	(915)
Changes in operating assets and liabilities:
Trade receivables and contract assets		4,191	(16,344)
Other liabilities		1,632	6,245
Net cash flow (used in) operating activities		(21,739)	8,462
Investing activities
Cash flow used in investing activities		(5,360)	(16,151)
Financing activities
Net cash flow from/ (used in) financing activities		(3,203)	14,842
Cash and cash equivalents at the end of the period		17,818	48,156
Adjustment
Operating activities
Loss before taxes		606	(607)
Adjustments to reconcile earnings to cash flow from operating activities
Amortization and depreciation		(1,317)
Expected credit loss allowances on trade receivables and contract assets		(313)	(102)
Other non-cash items		41	101
Changes in operating assets and liabilities:
Trade receivables and contract assets		664	172
Other liabilities		€ 320	€ 436

Basis of Preparation - Consolidated statements of comprehensive income (Details) - EUR (€) € / shares in Units, € in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
IFRS Error Corrections and Prior Period Adjustments Restatement [Line Items]
Revenue	€ 47,473	€ 42,234	€ 38,453
Cost of sales	27,712	28,735	35,286
Gross profit	19,761	13,499	3,167
Research and development expenses	17,488	19,297	14,935
General administrative expenses	32,587	43,480	37,665
Selling expenses	9,924	9,326	7,580
Impairment of financial assets		827	3,636
Other operating income	3,774	2,894	2,392
Other operating expenses	741	86	182
Operating loss	(36,773)	(56,623)	(58,439)
Loss for the period	(31,841)	(46,246)	(21,986)
Total comprehensive loss	€ (31,917)	€ (45,703)	€ (22,034)
Net loss per share - Basic (in EUR)	€ (1.19)	€ (2.04)	€ (1.05)
Net loss per share - Diluted (in EUR)	€ (1.19)	€ (2.04)	€ (1.05)
Combined Continuing and Discontinued Operations
IFRS Error Corrections and Prior Period Adjustments Restatement [Line Items]
Revenue		€ 188,568	€ 127,671
Cost of sales		160,448	83,437
Gross profit		28,120	44,234
Research and development expenses		19,297	14,935
General administrative expenses		46,739	40,160
Selling expenses		9,860	8,026
Impairment of financial assets		827	3,636
Other operating income		3,267	2,394
Other operating expenses		86	182
Operating loss		(45,422)	(20,311)
Loss for the period		(46,246)	(21,986)
Total comprehensive loss		€ (45,703)	€ (22,034)
Net loss per share - Basic (in EUR)		€ (2.04)	€ (1.05)
Previously Reported
IFRS Error Corrections and Prior Period Adjustments Restatement [Line Items]
Revenue		€ 189,923	€ 128,381
Cost of sales		161,765	83,437
Gross profit		28,158	44,944
Research and development expenses		19,297	14,935
General administrative expenses		46,739	40,160
Selling expenses		9,860	8,026
Impairment of financial assets		1,140	3,738
Other operating income		2,936	2,394
Other operating expenses		86	182
Operating loss		(46,028)	(19,703)
Loss for the period		(46,852)	(21,378)
Total comprehensive loss		€ (46,309)	€ (21,426)
Net loss per share - Basic (in EUR)		€ (2.06)	€ (1.02)
Net loss per share - Diluted (in EUR)		€ (2.06)	€ (1.02)
Adjustment
IFRS Error Corrections and Prior Period Adjustments Restatement [Line Items]
Revenue		€ (1,355)	€ (710)
Cost of sales		(1,317)
Gross profit		(38)	(710)
Impairment of financial assets		(313)	(102)
Other operating income		331
Operating loss		606	(608)
Loss for the period		606	(608)
Total comprehensive loss		€ 606	€ (608)
Net loss per share - Basic (in EUR)		€ 0.02	€ (0.03)
Net loss per share - Diluted (in EUR)		€ 0.02	€ (0.03)

Discontinued operations (Tables)

12 Months Ended

Dec. 31, 2022

Discontinued operations

Schedule Of Continuing And Discontinued Operations in the consolidated statements of comprehensive income and consolidated statements of cash flows


	2022	2021	2020
in EUR k
Results of discontinued operations
Revenue	19,455	146,334	89,218
Cost of sales	15,120	131,713	48,151
Gross profit	4,335	14,621	41,067
General administrative expenses	503	3,259	2,495
Selling expenses	7	534	446
Other operating income	3,096	373	3
Other operating expenses
Operating income	6,921	11,201	38,129
Financial costs, net	46	49	19
Income before taxes	6,875	11,152	38,110
Income tax expense	13	46	58
Income for the period	6,862	11,106	38,052
Total comprehensive income, attributable to equity holders of the parent	6,862	11,106	38,052
Net income per share - Basic and diluted (in EUR)	0.26	0.49	1.82

Financial instruments-fair values and risk management - Currency risk (Details) - Currency risk - EUR (€) € in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
USD
Currency risk
Net exposure	€ 1,019	€ 210	€ (2,407)
USD \| Trade receivables
Currency risk
Net exposure	3,720	2,604	1,224
USD \| Trade payables and other liabilities
Currency risk
Net exposure	(2,701)	(2,394)	(3,631)
INR
Currency risk
Net exposure	8	4	(37)
INR \| Trade receivables
Currency risk
Net exposure	€ 8	8	18
INR \| Trade payables and other liabilities
Currency risk
Net exposure		€ (4)	(55)
AED
Currency risk
Net exposure			(17)
AED \| Trade payables and other liabilities
Currency risk
Net exposure			€ (17)

Accounting judgments and estimates (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Jan. 01, 2021	Dec. 31, 2020	Dec. 31, 2019
Accounting judgments and estimates
Intangible assets other than goodwill	€ 7,400	€ 9,194	€ 12,407	€ 12,407
Percentage of estimated Variable Transaction Price	98.00%	82.00%
Group
Accounting judgments and estimates
Estimated Rate of Implicit Price Concessions	2.00%	18.00%
Cost
Accounting judgments and estimates
Intangible assets other than goodwill	€ 32,554	€ 30,827		€ 28,040	€ 21,534
Cost \| Capitalized development costs
Accounting judgments and estimates
Intangible assets other than goodwill	€ 6,972	€ 7,941

Document and Entity Information	12 Months Ended
Document and Entity Information	Dec. 31, 2022 shares
Document Information [Line Items]
Entity Registrant Name	Centogene N.V.
Entity File Number	001-39124
Entity Incorporation, State or Country Code	P7
Entity Central Index Key	0001757097
Document Type	20-F
Document Period End Date	Dec. 31, 2022
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Non-accelerated Filer
Entity Address, Address Line One	Am Strande 7
Entity Address, City or Town	Rostock
Entity Address, Country	DE
Entity Address, Postal Zip Code	18055
Title of 12(b) Security	Common shares, par value €0.12 per share
Trading Symbol	CNTG
Security Exchange Name	NASDAQ
Entity Common Units, Units Outstanding	27,595,835
Entity Emerging Growth Company	true
Document Accounting Standard	International Financial Reporting Standards
Entity Shell Company	false
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	FY
Entity Interactive Data Current	Yes
Document Registration Statement	false
Document Annual Report	true
Document Transition Report	false
Document Shell Company Report	false
Entity Ex Transition Period	false
ICFR Auditor Attestation Flag	true
Auditor Name	Ernst & Young GmbH Wirtschaftsprüfungsgesellschaft
Auditor Firm ID	1251
Auditor Location	Berlin, Germany
Business Contact [Member]
Document Information [Line Items]
Contact Personnel Name	Kim Stratton
Entity Address, Address Line One	Am Strande 7
Entity Address, City or Town	Rostock
Entity Address, Country	DE
Entity Address, Postal Zip Code	18055
City Area Code	+49
Local Phone Number	381 80113 500
Contact Personnel Email Address	kim.stratton@centogene.com

Share-based payments (Tables)

12 Months Ended

Dec. 31, 2022

Share-based payments

Schedule of total expenses arising from share-based payment transactions


in EUR k	2022	2021	2020
Expenses arising from equity-settled share-based payment transactions
- ESOP 2019, including replacement by RSUs	2,376	7,000	2,105
- Grants to management board and employees	852	985	3,486
- Supervisory board grant	—	50	67
- Reversals	(3,244)	—	—
Total expenses arising from share‑based payment transactions	(16)	8,035	5,658

Chief Executive Officer

Share-based payments

Schedule of key assumptions used to derive the option value

	February 1, 2022
	Tranche 1	Tranche 2
Share price at grant date (USD)	4.42	4.42
Vesting hurdle	12	15
Date to reach vesting hurdle	January 1, 2024	January 1, 2024
Expected volatility	80%	80%
Risk-free rate	1.1%	1.1%
Time to vesting hurdle year	1.91	1.91
Dividend yield	nil	nil

CFO

Share-based payments

Schedule of key assumptions used to derive the option value

	May 27, 2022
	Tranche 1	Tranche 2
Share price at grant date (USD)	2.70	2.70
Vesting hurdle	12	15
Date to reach vesting hurdle	February 1, 2024	February 1, 2024
Expected volatility	80%	80%
Risk-free rate	2.2%	2.2%
Time to vesting hurdle year	1.68	1.68
Dividend yield	nil	nil

Equity share option 2017 and 2019

Share-based payments

Schedule of key assumptions used to derive the option value


	2019
	ESOP 2017	ESOP 2019
Exercise price (EUR)	0.12	12.58
Share price at grant date (EUR)	12.58	12.58
Volatility (%)	70	70
Risk‑free interest rate (%)	(0.7)	(0.7)
Dividend yield (%)	nil	nil
Option term (years)	10	10

Equity share option 2017 (Equity settled)

Share-based payments

Schedule of share option activity


	2022		2021
	Number	WAEP	Number	WAEP
Outstanding as of January 1	357,440	0.12	549,005	0.12
Granted during the year	—	0.12	—	0.12
Cancelled during the year	—	0.12	—	0.12
Exercised during the year	(29,509)	0.12	(191,565)	0.12
Outstanding as of December 31	327,931	0.12	357,440	0.12
Vested as of December 31	327,931	0.12	357,440	0.12
Exercisable as of December 31	327,931	0.12	357,440	0.12

Equity share option 2019 (Equity settled)

Share-based payments

Schedule of share option activity


	2022		2021
	Number	WAEP	Number	WAEP
Outstanding as of January 1	300,000	—	300,000	—
Cancelled during the year	—	—	—	—
Replacement awards granted during the year	—	—	—	—
Granted during the year	—	—	—	—
Exercised during the year	(300,000)	1.0	—	—
Outstanding as of December 31	—	—	300,000	—
Vested as of December 31	—	—	200,000	—
Exercisable as of December 31	—	—	200,000	—

2019 Plan

Share-based payments

Summary of awards granted


Award Type (2019 Plan)	Market/ Performance Based Vesting Conditions	Number of Awards	Vesting Conditions	Expiration Date
RSUs	No	284,788	Four equal annual tranches over a four-year period starting on the grant date	10th anniversary of Grant Date
RSUs	Yes	174,394	Four equal tranches over a four-year period, starting February 1, 2023 on each anniversary of the grant date once the market/performance condition is met.	10th anniversary of Grant Date
RSUs	Yes	424,799	Will vest in full once the market/performance condition is met	10th anniversary of Grant Date
SGAs	No	425,093	Four equal tranches over a four-year period, starting within 1 year after grant date and on each anniversary thereafter	10th anniversary of Grant Date

Schedule of key assumptions used to derive the option value


	2021 Fair Value assumptions				2022 Fair Value assumptions
	Options	Add. Options	Options	Options	Performance	Change of Control	Performance	Change of Control
	Mr. Modig and	Mr. Modig	Mr. Kim	2019 Plan	Based RSUs	Based RSUs	Based RSUs	Based RSUs
	Mr.Sheldon				Mrs. Stratton	Mrs. Stratton	Mr. Coego Ríos	Mr. Coego Ríos
Exercise price (USD)	9.92	14.00	11.60	12.52	12.00/15.00	=>5 to <=15	12.00/15.00	=>5 to <=15
Share price at grant date (USD)	10.01	10.01	10.80	12.54	4.42	4.42	2.70	2.70
Volatility (%)	75	75	75	75	80	85	80	80
Risk‑free interest rate (%)	1.7	1.7	1.7	1.9	1.1	1.1	2.2	2.2
Dividend yield (%)	nil	nil	nil	nil	nil	nil	nil	nil
Expected contractual life (years)	10.0	10	9	10	10	10	10	10
Weighted average fair value (USD)	7.86	7.45	8.21	7.36	2.10/1.60	1.45/1.71	0.50/0.35	0.84/0.65

Financial instruments-fair values and risk management - Liquidity risk (Details) € / shares in Units, € in Thousands		1 Months Ended	12 Months Ended
	Jan. 31, 2022 EUR (€) shares	Jul. 31, 2020 $ / shares shares	Dec. 31, 2022 EUR (€) shares	Dec. 31, 2021 EUR (€)	Dec. 31, 2020 EUR (€) shares	Jan. 31, 2022 $ / shares	Jan. 31, 2022 € / shares	Jan. 01, 2021 EUR (€)	Jul. 31, 2020 € / shares	Dec. 31, 2019 EUR (€)
Liquidity risk
Expected cash flows receivables with in two months			€ 1,243
Common per share \| (per share)		$ 14.00							€ 12.71
Net offering proceeds, after deducting underwriting discounts, commissions and transaction costs	€ 15,000		22,000
Number of common shares issued (in shares) \| shares	4,479,088
Share price \| (per share)						$ 3.73	€ 3.35
Cash and cash equivalents			35,951	€ 17,818	€ 48,156			€ 48,156		€ 41,095
Carrying amount			66,439		55,834
Total			86,877		59,351
Reconciliation of liabilities arising from financing activities
Beginning of year			22,539	24,098
Cash flows			35,113	(3,475)
Additions			1,384	2,303
Changes in maturity			1,086	(387)
End of year			60,122	22,539	24,098
Non-current financial liabilities
Reconciliation of liabilities arising from financing activities
Beginning of year			15,394	18,078
Cash flows			36,631	(594)
Additions			65	865
Changes in maturity			1,086	(2,955)
End of year			53,176	15,394	18,078
Non-current lease liabilities
Reconciliation of liabilities arising from financing activities
Beginning of year			15,394	17,677
Cash flows			(2,334)	(193)
Additions			65	865
Changes in maturity				(2,955)
End of year			13,125	15,394	17,677
Current financial liabilities
Reconciliation of liabilities arising from financing activities
Beginning of year			7,145	6,020
Cash flows			(1,518)	(2,881)
Additions			1,319	1,438
Changes in maturity				2,568
End of year			6,946	7,145	6,020
Non-current portion of secured bank loans
Reconciliation of liabilities arising from financing activities
Beginning of year				401
Cash flows			38,965	(401)
Changes in maturity			1,086
End of year			40,051		401
Current portion of secured bank loans
Reconciliation of liabilities arising from financing activities
Beginning of year			505	567
Cash flows			(505)	(62)
Additions			1,261
End of year			1,261	505	567
Bank Loans
Reconciliation of liabilities arising from financing activities
Beginning of year				387
Changes in maturity				(387)
End of year					387
IFRS Bank overdrafts
Reconciliation of liabilities arising from financing activities
Beginning of year			3,310	1,538
Cash flows			64	1,505
Additions				267
End of year			3,374	3,310	1,538
Current lease liabilities
Reconciliation of liabilities arising from financing activities
Beginning of year			3,330	3,528
Cash flows			(1,077)	(4,324)
Additions			58	1,171
Changes in maturity				2,955
End of year			2,311	3,330	3,528
Major ordinary share transactions
Liquidity risk
Net offering proceeds, after deducting underwriting discounts, commissions and transaction costs	€ 15,000
Number of common shares issued (in shares) \| shares	4,479,088
Share price \| $ / shares						$ 3.73
Less than 2 months
Liquidity risk
Total			10,921		33,270
2 to 12 months
Liquidity risk
Total			5,781		5,072
1 - 5 years
Liquidity risk
Total			63,246		10,269
More than five years
Liquidity risk
Total			6,929		10,740
Trade and other receivables due with in two months
Liquidity risk
Expected cash flows			7,251	6,418	14,857
IFRS Bank overdrafts
Liquidity risk
Carrying amount			3,374	3,310	1,538
Total			3,374	3,310	1,538
IFRS Bank overdrafts \| Less than 2 months
Liquidity risk
Total			€ 3,374	€ 3,310	€ 1,538
IFRS Bank overdrafts \| 2 to 12 months
Liquidity risk
Interest-bearing loans will mature in less than one year (in percent)			11.60%	31.70%	25.00%
Secured bank loans
Liquidity risk
Utilized amount of secured credit lines			€ 3,374	€ 3,310	€ 1,538
Carrying amount			41,312	505	968
Secured bank loans			3,500	3,500	3,500
Total			€ 59,473	€ 505	€ 997
Secured bank loans \| Minimum
Liquidity risk
Interest rate on secured credit lines			4.31%	3.75%	3.75%
Secured bank loans \| Maximum
Liquidity risk
Interest rate on secured credit lines			4.75%	4.75%	4.75%
Secured bank loans \| Less than 2 months
Liquidity risk
Total			€ 678	€ 105	€ 5
Secured bank loans \| 2 to 12 months
Liquidity risk
Total			3,516	400	584
Secured bank loans \| 1 - 5 years
Liquidity risk
Total			55,279		408
Other bank loans
Liquidity risk
Carrying amount				18,724	387
Total				21,777	394
Other bank loans \| Less than 2 months
Liquidity risk
Total				703
Other bank loans \| 2 to 12 months
Liquidity risk
Total				3,337	394
Other bank loans \| 1 - 5 years
Liquidity risk
Total				8,844
Other bank loans \| More than five years
Liquidity risk
Total				8,893
Lease liabilities
Liquidity risk
Carrying amount			15,436	11,252	21,205
Total			17,713	11,252	24,897
Lease liabilities \| Less than 2 months
Liquidity risk
Total			552	11,252	716
Lease liabilities \| 2 to 12 months
Liquidity risk
Total			2,265		3,580
Lease liabilities \| 1 - 5 years
Liquidity risk
Total			7,967		9,861
Lease liabilities \| More than five years
Liquidity risk
Total			6,929		10,740
Trade payables
Liquidity risk
Carrying amount			6,317	33,791	31,736
Total			6,317	36,844	31,525
Trade payables \| Less than 2 months
Liquidity risk
Total			€ 6,317	15,370	31,011
Trade payables \| 2 to 12 months
Liquidity risk
Total				3,737	€ 514
Trade payables \| 1 - 5 years
Liquidity risk
Total				8,844
Trade payables \| More than five years
Liquidity risk
Total				€ 8,893
Common shares
Liquidity risk
Increase (decrease) in number of ordinary shares issued \| shares			4,998,000		2,000,000
Common shares \| Follow-on public offering
Liquidity risk
Total number of shares issued and sold in follow-on public offering \| shares		3,500,000
Number of shares offered by existing shareholders \| shares		1,500,000
The Company \| Common shares \| Follow-on public offering
Liquidity risk
Increase (decrease) in number of ordinary shares issued \| shares		2,000,000

Loss Per Share

12 Months Ended

Dec. 31, 2022

Loss Per Share

Loss Per Share

11 Loss Per Share

Basic loss per share is calculated by dividing loss for the period attributable to equity holders of the Group by the weighted average number of shares outstanding during the same period. The weighted average number of outstanding shares for the year ended December 31, 2022 was 26,811,357 (2021: 22,437,301; 2020: 20,909,673).

For the periods included in these financial statements, the impact of outstanding share options and warrants are not included in the diluted loss per share calculation as the Company was loss-making in all periods. Due to the anti-dilutive nature of the outstanding share options and warrants, basic and diluted loss per share is equal. The warrants are exercisable for the purchase of up to an aggregate of 1,343,727 additional common shares as of December 31, 2022 (2021: nil, 2020: nil)

Share-based payments - Expenses from share-based payment arrangements (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Expenses arising from share-based payment transactions
Reversals	€ (3,244)
Total expenses arising from sharebased payment transactions	(16)	€ 8,035	€ 5,658
Management board and employees
Expenses arising from share-based payment transactions
Expenses arising from equity-settled share-based payment transactions	852	985	3,486
Supervisory board members
Expenses arising from share-based payment transactions
Expenses arising from equity-settled share-based payment transactions		50	67
Equity share option 2019 (Equity settled)
Expenses arising from share-based payment transactions
Expenses arising from equity-settled share-based payment transactions	€ 2,376	€ 7,000	€ 2,105

Income taxes - Deferred Taxes (Details) - EUR (€) € in Thousands	Dec. 31, 2022	Dec. 31, 2021	Jan. 01, 2021	Dec. 31, 2020
Income taxes
Deductible temporary differences, for which no deferred tax asset is recognized	€ 2,310
Temporary differences associated with investments for which no deferred tax liability has been recognized	7,106	€ 5,656		€ 4,313
Deferred tax assets	6,391	7,033		8,034
Deferred tax liabilities	(6,426)	(7,112)		(8,241)
Deferred tax assets, Offset	(6,391)	(7,033)		(8,034)
Deferred tax liabilities, Offset	6,391	7,033		8,034
Deferred Taxes	(35)	(79)	€ (207)
Deferred Taxes	(35)	(79)		207
-Germany
Income taxes
Tax losses carryforwards for which no deferred tax assets were recognized	133,512	85,639		64,464
Other countries
Income taxes
Tax losses carryforwards for which no deferred tax assets were recognized	2,348	1,083		1,002
Intangible assets other than goodwill
Income taxes
Deferred tax liabilities	(2,184)	(2,439)		(2,934)
Property Plant And Equipment
Income taxes
Deferred tax liabilities	(21)	(14)		(133)
Right-of-use asset
Income taxes
Deferred tax liabilities	(4,186)	(4,617)		(5,029)
Measurement of service contracts
Income taxes
Deferred tax liabilities	(35)	(42)		(145)
Lease liabilities
Income taxes
Deferred tax assets	4,168	4,563		4,865
Government grants
Income taxes
Deferred tax assets	1,679	1,693		1,903
Unused tax losses
Income taxes
Deferred tax assets	€ 544	€ 777		€ 1,266

Right-of-use assets - Amounts recognised in profit or loss (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Right-of-use assets.
Depreciation expense of right-of-use assets	€ 2,882	€ 3,996	€ 3,660
Interest expenses on lease liabilities	637	584	865
Rent expenses - short-term leases	770	7,175	1,695
Rent expense - leases of low-value assets	27	48	33
Total amounts recognized in profit or loss	4,316	11,803	6,253
Total cash outflows for leases	€ 5,111	€ 11,467	€ 6,746

Intangible assets

12 Months Ended

Dec. 31, 2022

Intangible assets

Intangible assets

Assets

12 Intangible assets

Reconciliation of carrying amounts


	Internally
	generated	Internally	Purchased rights,
	/acquired	developed	licenses,
in EUR k	biomarkers	databases	software	Total
Cost
As of Jan 1, 2020	12,022	6,502	3,010	21,534
Additions	1,900	2,717	2,040	6,657
Deconsolidation	—	—	(151)	(151)
As of Dec 31, 2020	13,922	9,219	4,899	28,040
Additions	749	1,652	386	2,787
Reclassification	(297)	297	—	—
As of Dec 31, 2021	14,374	11,168	5,285	30,827
Additions	162	1,515	50	1,727
As of Dec 31, 2022	14,536	12,683	5,335	32,554

Accumulated amortization and impairment
As of Jan 1, 2020	3,831	1,770	1,788	7,389
Amortization and impairment	6,917	943	508	8,368
Deconsolidation	—	—	(124)	(124)
As of Dec 31, 2020	10,748	2,713	2,172	15,633
Amortization and impairment	2,149	1,991	1,860	6,000
Reclassification	(68)	68	—	—
As of Dec 31, 2021	12,829	4,772	4,032	21,633
Amortization and impairment	801	1,845	875	3,521
As of Dec 31, 2022	13,630	6,617	4,907	25,154

Carrying amounts
As of Dec 31, 2020	3,174	6,506	2,727	12,407
As of Dec 31, 2021	1,545	6,396	1,253	9,194
As of Dec 31, 2022	906	6,066	428	7,400

Development costs and amortization

Internally generated intangible assets include capitalized development costs for biomarkers and IT driven solutions such as the new ERP system (see notes 5 and 6 regarding measurement). The asset category “Internally developed databases” contains the Centometabolome, an Artificial Intelligence module created to accelerate biomarker developments. The carrying amount of this asset

as of December 31, 2022, is EUR 2,181k (2021: EUR 2,540k; 2020: EUR 1,099k), and the remaining useful life as of December 31, 2022 is six years.

The amortization of patents, trademarks and development costs. is expensed and recorded under “cost of sales” to the extent the related intangible assets are used in generating revenue and recorded in research and development expenses to the extent the related intangible assets are used for R&D purposes.

As of December 31, 2022, certain identified biomarkers and internally developed databases were impaired because the probable future economic benefits related to these assets were not sufficient to cover the carrying value of each asset. The impairment

is expensed under cost of sales and included in amortization and impairment expense in the Pharmaceutical segment. The amount of the impairment expenses recognized as of December 31, 2022, is EUR 158k (2021: EUR 1,067k; 2020: EUR 4,700k).

Consolidated statements of financial position - EUR (€) € in Thousands	Dec. 31, 2022	Dec. 31, 2021	Jan. 01, 2021
Non-current assets
Intangible assets	€ 7,400	€ 9,194	€ 12,407
Property, plant and equipment	6,808	9,464	16,590
Right-of-use assets	15,351	18,904	22,120
Derivatives assets	510
Other assets	2,911	2,972	1,967
Non-current assets	32,980	40,534	53,084
Current assets
Inventories	1,819	3,869	11,405
Trade receivables and contract assets	16,548	23,462	28,988
Other assets	5,514	5,453	8,286
Cash and cash equivalents	35,951	17,818	48,156
Current assets	59,832	50,602	96,835
Assets	92,812	91,136	149,919
Equity
Issued capital	3,307	2,708	2,654
Capital reserve	145,369	133,897	125,916
Accumulated deficit and other reserves	(141,265)	(109,540)	(63,739)
Non-controlling interests	0	193	95
Equity	7,411	27,258	64,926
Non-current liabilities
Non-current loans	40,051		401
Lease liabilities	13,125	15,394	17,677
Deferred tax liabilities	35	79	207
Government grants	6,687	8,028	8,950
Derivative liabilities	376
Warrant liability	260
Other liabilities	202	960	640
Non-current liabilities	60,736	24,461	27,875
Current liabilities
Government grants	1,263	1,368	1,342
Current loans	4,635	3,815	2,492
Lease liabilities	2,311	3,330	3,528
Liabilities from income taxes	89	178	58
Trade payables	6,317	11,252	31,736
Other liabilities	10,050	19,474	17,962
Current liabilities	24,665	39,417	57,118
Equity and liabilities	€ 92,812	€ 91,136	€ 149,919

Segment information and revenue from contracts with customers

12 Months Ended

Dec. 31, 2022

Segment information and revenue from contracts with customers

Segment information and revenue from contracts with customers

7 Segment information and revenue from contracts with customers

7.1 Segment information

For management purposes, the Group is organized into business units based on its products and services. In line with the management approach, the operating segments were identified on the basis of the Group’s internal reporting and how the chief operating decision maker (“CODM”) assesses the performance of the business. On this basis, the Group has the following two operating segments, which also represent the Group’s reportable segments:

●

Pharmaceutical segment: This segment provides a variety of solutions to our pharmaceutical partners, including target and drug screening, clinical development, market access and expansion, as well as CENTOGENE Biodatabank Licenses and Insight Reports; and

●

Diagnostic segment: This segment provides genetic sequencing and diagnostics services to our clients, who are typically physicians, laboratories or hospitals, either directly or through distributors.

The management board is the CODM and monitors the operating results of the segments separately for the purpose of making decisions about resource allocation and performance assessment. Segment performance is evaluated based on segment results and is measured with reference to the Adjusted EBITDA. Adjusted EBITDA is a financial measure which is not prescribed by IFRS, which the Group defines as income/loss before finance costs (net), taxes, and depreciation and amortization (including impairments), adjusted to exclude corporate expenses, one-off costs, as well as share-based payment expenses.

Corporate expenses, interest and similar income and expenses, as well as share-based payment expenses are not allocated to individual segments as the underlying instruments are managed on a group basis. Assets and liabilities are managed on a Group basis and are not allocated to the different segments for internal reporting purposes. Therefore, our CODM does not regularly review this information by segment and accordingly we do not report this information by segment.


	2022
in EUR k	Pharmaceutical	Diagnostics	Corporate	Total
Total Revenues from contracts with external customers	16,115	31,358	—	47,473

Adjusted EBITDA	6,802	6,438	(41,097)	(27,857)

Capital Expenditures
Additions to property, plant and equipment and right-of-use assets	1,244	910	1,225	3,379
Additions to intangible assets	162	14	1,551	1,727

Other segment information
Depreciation and amortization (including impairments)	801	1,790	6,340	8,932
Research and development expenses	—	—	17,488	17,488


	2021
in EUR k	Pharmaceutical	Diagnostics*	Corporate	Total
Total Revenues from contracts with external customers	15,641	26,593	—	42,234

Adjusted EBITDA	4,785	3,030	(45,939)	(38,124)

Capital Expenditures
Additions to property, plant and equipment and right-of-use assets	690	261	936	1,887
Additions to intangible assets	2,401	—	386	2,787

Other segment information
Depreciation and amortization (including impairments)	2,076	2,539	5,849	10,464
Research and development expenses	—	—	19,297	19,297


	2020
in EUR k	Pharmaceutical	Diagnostics*	Corporate	Total
Total Revenues from contracts with external customers	16,951	21,502	—	38,453

Adjusted EBITDA	6,194	(2,912)	(42,335)	(39,053)

Capital Expenditures
Additions to property, plant and equipment and right-of-use assets	333	602	2,682	3,617
Additions to intangible assets	3,183	—	1,802	4,985

Other segment information
Depreciation and amortization	6,769	2,289	4,670	13,728
Research and development expenses	—	—	14,935	14,935

* Total Revenues from contracts with external customers have been restated for the years ended December 21, 2021 and 2020. Refer to Note 2.4.

Adjustments

Adjustments to income/ loss include non-cash charges in relation to depreciation, amortization (including impairments), one-off costs, share-based payments as well as net financial costs and income taxes. Certain costs, and related income, are not allocated to the reporting segment results and represent the residual operating activities of the Group reported as ‘Corporate’. These costs include general financing costs and corporate overheads related to, centralized functions such as communications, information technology, facilities, legal, finance and accounting, insurance (D&O), human resources, business development and strategic initiatives, certain professional and consulting services, procurement, research and development and other supporting activities.

Corporate expenses contain the costs incurred for the process of obtaining the equity and debt financing amounted to EUR 2,161 (2021: nil; 2020: nil) which were not directly attributable to the Oxford Loan or issuance of shares. Corporate expenses also include expenses incurred in relation to capital raising activities in 2022. For the year ended December 31, 2022, were incurred expenses for EUR 450k for the securities purchase agreement (2021: nil; 2020 July Offering: EUR 278k).

Reconciliation of segment Adjusted EBITDA to Group loss for the period


in EUR k	2022	2021*	2020*
Reportable segment Adjusted EBITDA	13,240	7,815	3,282
Corporate expenses	(41,097)	(45,939)	(42,335)
	(27,857)	(38,124)	(39,053)
Share‑based payment expenses (Note 21)	16	(8,035)	(5,658)
Depreciation and amortization (including impairments)	(8,932)	(10,464)	(13,728)
Operating loss	(36,773)	(56,623)	(58,439)
Financial costs, net	(1,823)	(799)	(1,375)
Income taxes	(107)	70	(223)
Loss for the year	(38,703)	(57,352)	(60,038)

*Reportable segment Adjusted EBITDA has been restated for the years ended December 31, 2021, and 2020. Refer to Note 2.4.

Non-current asset locations

Non-current assets of the Group consist of right-of-use assets (under IFRS 16), property, plant and equipment, as well as intangible assets. All of such assets are located in Germany, which is the country of the business address of the Centogene GmbH, except for property, plant and equipment of EUR 76k (2021: EUR 147k; 2020: EUR 516k) and right-of-use assets for nil EUR as of December 31, 2022 (2021: EUR 137k; 2020: EUR 411k), which are located in the United States.

7.2 Revenue from contracts with customers


in EUR k	2022
	Pharmaceutical	Diagnostics	Total
Rendering of services	15,420	31,358	46,778
Sales of goods	695	—	695
Total Revenues from contracts with external customers	16,115	31,358	47,473

Recognized over time	15,420	31,358	46,778
Recognized at a point in time	695	—	695
Total Revenues from contracts with external customers	16,115	31,358	47,473

Geographical information
Europe	361	5,927	6,288
—Germany*	—	307	307
—Netherlands**	—	7	7
Middle East	352	19,550	19,902
—Saudi Arabia#	—	12,412	12,412
North America	15,346	1,245	16,591
—United States#	15,346	1,179	16,525
Latin America	56	3,851	3,907
Asia Pacific	—	786	786
Total	16,115	31,358	47,473


in EUR k	2021 (Restated)
	Pharmaceutical	Diagnostics ⁽ⁱ⁾	Total
Rendering of services	14,879	26,593	41,472
Sales of goods	762	—	762
Total Revenues from contracts with external customers	15,641	26,593	42,234

Recognized over time	14,879	26,593	41,472
Recognized at a point in time	762	—	762
Total Revenues from contracts with external customers	15,641	26,593	42,234

Geographical information
Europe	490	5,425	5,915
—Germany*	—	211	211
—Netherlands**	—	6	6
Middle East	117	16,315	16,432
—Saudi Arabia#	—	9,865	9,865
North America	14,940	1,643	16,583
—United States#	14,940	1,456	16,396
Latin America	94	2,499	2,593
Asia Pacific	—	711	711
Total	15,641	26,593	42,234


in EUR k	2020 (Restated)
	Pharmaceutical	Diagnostics ⁽ⁱ⁾	Total
Rendering of services	15,947	21,502	37,449
Sales of goods	1,004	—	1,004
Total Revenues from contracts with external customers	16,951	21,502	38,453

Recognized over time	15,947	21,502	37,449
Recognized at a point in time	1,004	—	1,004
Total Revenues from contracts with external customers	16,951	21,502	38,453

Geographical information
Europe	149	5,605	5,754
—Germany*	—	186	186
—Netherlands**	—	3	3
Middle East	56	12,568	12,624
—Saudi Arabia#	56	7,696	7,752
North America	16,711	970	17,681
—United States#	16,711	764	17,475
Latin America	35	1,851	1,886
Asia Pacific	—	508	508
Total	16,951	21,502	38,453

* country of the incorporation of Centogene GmbH

** country of the incorporation of Centogene N.V.

# countries contributing more than 10% of the Group's total consolidated revenues for the respective year ended December 31, 2022, 2021 or 2020

⁽ⁱ⁾ Total Revenues from contracts with external customers have been restated for the years ended December 21, 2021, and 2020. Refer to Note 2.4.

The Group collaborated with the majority of our pharmaceutical partners on a worldwide basis in 2022, 2021 and 2020. In addition, in cases where our pharmaceutical partners are developing a new rare disease treatment, it is generally anticipated that the final approved treatment will be made available globally. As a result, we allocate the revenues of our Pharmaceutical segment by geographical region by reference to the location where each pharmaceutical partner mainly operates, which is based on the region from which most of their revenues are generated. The allocation of revenues in our Diagnostic segment is based on the location of each customer.

Pharmaceutical segment

During the year ended December 31, 2022, revenues from one pharmaceutical partner represented 15.5% of the Group’s total revenues (2021: 24.8%; 2020: 8.6%). As of December 31, 2022, the amount of revenues recognized that were included in the contract liability balance at the beginning of the period is EUR 1,951k (2021: EUR 3,201k; 2020: EUR 3,088k).

During the year ended December 31, 2022, we entered into collaboration agreements with certain pharmaceutical partners, of which upfront fees of approximately EUR€ 566k were received in relation to setup fees which will be recognized as revenue over the period of the partnership collaboration. During the year ended December 31, 2021, Centogene entered into several collaborations with pharmaceutical partners, of which upfront fees totaling EUR 455k were received. No such payments were received or revenues recognized for the year ended December 31, 2020.

Diagnostics segment

During the year ended December 31, 2022, revenues from Diagnostic segment represented 66% of the Group’s total revenues (2021: 63%; 2020: 56%). Revenues from the major diagnostic partner represented 17.0% of the Group’s total revenues.

Contract balances


in EUR k	Dec 31, 2022	Dec 31, 2021	Jan 1, 2021
		(Restated)	(Restated)
Trade receivables (note 16)	13,637	21,065	25,656
Contract assets (note 16)	2,911	2,397	3,332
Contract liabilities (note 20.2)	651	4,842	4,479

The contract assets primarily relate to the Group’s rights to consider for work completed but not billed at the reporting date on the tests for the Diagnostic segment, with the satisfaction of the respective performance obligation measured by reference to stages in a standardized process. The contract assets also include work performed for pharmaceutical partners which are based on milestone fees. In 2022, EUR 10k (2021: EUR 483k; 2020: EUR 356k) was recognized as provision for expected credit losses on contract assets (see Note 22). The contract assets are transferred to receivables when the rights become unconditional. This usually occurs when the Group issues an invoice to the customer.

The contract liabilities as of December 31, 2022, amount to EUR 651k (2021: EUR 2,506k; 2020: EUR 2,516k) which relate to the advance consideration, including various contracts with performance obligations, received from pharmaceutical partners for which revenue is recognized over time, and consideration from sales of CentoCard filter cards which have not yet been delivered.

Income taxes

12 Months Ended

Dec. 31, 2022

Income taxes

Income taxes

10 Income taxes

Taxes recognized through profit or loss:


in EUR k	2022	2021*	2020*
Current tax expenses	(152)	(72)	(16)
Current year	(144)	(56)	—
Adjustments for prior periods	(8)	(16)	(16)
Deferred tax (expense)/income	45	142	(208)
Temporary differences	45	142	(182)
Tax losses	—	—	(26)
Total income tax (expenses)/benefit	(107)	70	(224)

*The comparative numbers have been re-presented as a result of the discontinued operations. Refer to Note 9 – Discontinued Operations.

No income taxes were recognized directly in other comprehensive income for the years ended December 31, 2022, 2021 and 2020.

A reconciliation of the effective tax rate to the Group’s statutory rate of 32.1% for the year ended December 31, 2022, and 32.1%for the years ended December, 31, 2021 and December, 31, 2020, respectively are presented in the table below.


in EUR k	2022	2021*	2020*
Loss before tax	(38,596)	(57,532)	(59,552)
Taxes on the basis of the Company’s domestic tax rate	12,390	14,642	6,627
Tax rate effect of foreign tax jurisdictions	78	882	65
Non‑deductible expenses	(125)	(3,030)	(903)
Current year losses for which no deferred tax assets were recognized	(12,472)	(12,211)	(5,792)
Tax income related to prior years	(37)	(17)	(137)
Other effects	59	(196)	(84)
Income tax (expenses)/ benefit	(107)	70	(224)

*The comparative numbers have been re-presented as a result of the discontinued operations. Refer to Note 9 – Discontinued Operations.

The domestic tax rate of 32.1% is composed of the corporate income tax rate of 15%, the solidarity surcharge of 5.5% of this corporate income tax, as well as trade tax of 16.3%. The tax rate effects from foreign tax jurisdictions are primarily attributable to the tax-exempt profit of a foreign Group subsidiaries.

Tax losses carryforwards for which no deferred tax assets were recognized amount to EUR 133,512k in Germany (2021: EUR 85,639k; 2020: EUR 64,464k) and to EUR 2,348k in other countries (2021: EUR 1,083k; 2020: EUR 1,002k). Deductible temporary differences, for which no deferred tax asset is recognized, amount to EUR 2,310k.

Tax losses carried forward in Germany do not expire. Foreign tax losses carried forward may be restricted. In the light of the Group’s loss history, the recognition of deferred taxes for tax losses carried forward and deductible temporary differences was limited to the future reversal of existing taxable temporary differences.

For temporary differences associated with investments in the amount of EUR 7,106k (2021: EUR 5,656k; 2020: EUR 4,313k), no deferred tax liability has been recognized because the Company is able to control the timing of the reversal and it is probable that the difference will not reverse in the foreseeable future.

The below table shows a breakdown of deferred taxes in the Group’s statement of financial position.


	December 31, 2022		December 31, 2021		December 31, 2020
	Deferred	Deferred	Deferred	Deferred	Deferred	Deferred
in EUR k	tax assets	tax liabilities	tax assets	tax liabilities	tax assets	tax liabilities
Intangible assets	—	(2,184)	—	(2,439)	—	(2,934)
Property, plant and equipment	—	(21)	—	(14)	—	(133)
Right-of-use assets	—	(4,186)	—	(4,617)	—	(5,029)
Measurement of service contracts	—	(35)	—	(42)	—	(145)
Leasing liabilities	4,168	—	4,563	—	4,865	—
Government grants	1,679	—	1,693	—	1,903	—
Unused tax losses	544	—	777	—	1,266	—
Sum	6,391	(6,426)	7,033	(7,112)	8,034	(8,241)
Offset	(6,391)	6,391	(7,033)	7,033	(8,034)	8,034
Deferred Taxes	—	(35)	—	(79)	—	(207)

Trade and other receivables and other assets (Tables)

12 Months Ended

Dec. 31, 2022

Trade and other receivables and other assets.

Summary of trade receivables and other assets


in EUR k	Dec 31, 2022	Dec 31, 2021	Jan 1, 2021
Non‑current
Other assets—Rental deposits	2,819	2,922	1,867
Other assets—Others	92	50	100
	2,911	2,972	1,967
Current
Trade receivables*	13,637	21,065	25,656
Contract assets*	2,911	2,397	3,332
Other assets	5,514	5,453	8,286
	22,062	28,915	37,274

Total non-current and current trade and other receivables and other assets

24,973

31,887

39,241

* Trade receivables and contract assets have been restated as of December 31, 2021, and January 1, 2021. Refer to Note 2.4.

Financial instruments-fair values and risk management- Profit or loss impact on the fair values of Level 3 (Details) - Level 3 € in Thousands	12 Months Ended
	Dec. 31, 2022 EUR (€)
Discount rate \| Tranche A Option
Disclosure of fair value measurement of assets [line items]
Increase of reasonably possible significant unobservable input, assets	€ 2
Decrease of reasonably possible significant unobservable input , assets	€ 0
Shift	0.10
Discount rate \| Tranche B Option
Disclosure of fair value measurement of assets [line items]
Increase of reasonably possible significant unobservable input, assets	€ 3
Decrease of reasonably possible significant unobservable input , assets	€ (1)
Shift	0.10
Volatility rate \| Tranche A Option
Disclosure of fair value measurement of assets [line items]
Increase of reasonably possible significant unobservable input, assets	€ 219
Decrease of reasonably possible significant unobservable input , assets	€ (150)
Shift	0.05
Volatility rate \| Tranche B Option
Disclosure of fair value measurement of assets [line items]
Increase of reasonably possible significant unobservable input, assets	€ 136
Decrease of reasonably possible significant unobservable input , assets	€ (105)
Shift	0.05
Volatility rate \| Warrants liability
Disclosure of fair value measurement of assets [line items]
Increase of reasonably possible significant unobservable input , liabilities	€ 45
Decrease of reasonably possible significant unobservable input , liabilities	€ (44)
Shift	0.05
Credit spread \| Tranche B Floor
Disclosure of fair value measurement of assets [line items]
Increase of reasonably possible significant unobservable input, assets	€ 9
Decrease of reasonably possible significant unobservable input , assets	€ (9)
Shift	0.10

Financial liabilities - Trade payables and other liabilities (Details) € / shares in Units, $ / shares in Units, € in Thousands, $ in Millions			12 Months Ended
	Jan. 31, 2022 EUR (€) shares	Jan. 31, 2022 USD ($) $ / shares shares	Dec. 31, 2022 EUR (€) € / shares shares	Dec. 31, 2021 EUR (€)	Dec. 31, 2020 EUR (€)	Dec. 31, 2022 $ / shares	Jan. 31, 2022 € / shares shares	Jan. 01, 2021 EUR (€)
Disclosure of reconciliation of liabilities arising from financing activities
Trade payables			€ 6,317	€ 11,252				€ 31,736
Government grants (deferred income)			7,950	9,396				10,292
Contract liabilities			651	4,842	€ 4,479			4,479
Warrant liability			260
Deferred income including contract liabilities			651	2,506	2,516
Derivative liabilities			376
Others			9,601	15,592				14,123
Trade payables and other liabilities			25,155	41,082				60,630
Non-current			7,726	8,988				9,590
Current			17,429	32,094				€ 51,040
Grants received for investment in property, plant and equipment			506	168	390
Revenue from performance obligations satisfied			1,951	3,201	3,088
Provision for outstanding invoices			1,074	4,978	1,245
Personnel related liabilities for vacation and bonuses			3,717	4,812	4,032
VAT payable			0	905	4,578
Provision for Closings and Audit of Financial Statements			1,648	932	567
Liabilities for wage and church tax			342	1,040	1,988
Provision for expected claims on diagnostic revenue			€ 283	€ 0	€ 0
Amount of warrant liabilities per share \| € / shares			€ 0.19				€ 2.11
Decrease in fair value of warrant liabilities			€ 2,574
Net offering proceeds, after deducting underwriting discounts, commissions and transaction costs	€ 15,000		€ 22,000
Shares issued during period \| shares	4,479,088	4,479,088
Share price \| (per share)		$ 3.73					€ 3.35
Number of securities called by warrants \| shares		1,343,727	1				1,343,727
Exercise price of warrants \| $ / shares		$ 7.72				$ 7.72
Value of other equity instruments granted under share based payment arrangement	€ 2,800	$ 3.2

Loss Per Share (Details)	12 Months Ended
Loss Per Share (Details)	Dec. 31, 2022 item shares	Dec. 31, 2021 item shares	Dec. 31, 2020 item shares
Loss Per Share
Weighted average number of outstanding shares \| shares	26,811,357	22,437,301	20,909,673
Warrants exercisable \| item	1,343,727	0	0

Non-controlling interests (Tables)

12 Months Ended

Dec. 31, 2022

Non-controlling interests.

Schedule of information related to each subsidiary of the Group with material, non-controlling interests before intercompany eliminations


Dec 31, 2021	Centogene GmbH, Vienna	Dr. Bauer Laboratoriums GmbH
in EUR k
Net assets/(liabilities)	(528)	245
Carrying amount of non‑controlling interests	(53)	—
Revenue	—	109,015
Profit/(loss)	(6)	98
Profit/(loss) allocated to non‑controlling interests	(1)	98


Dec 31, 2020	Centogene GmbH, Vienna	Dr. Bauer Laboratoriums GmbH
in EUR k
Net assets/(liabilities)	(522)	148
Carrying amount of non‑controlling interests	(52)	—
Revenue	—	55,596
Profit/(loss)	(1)	122
Profit/(loss) allocated to non‑controlling interests	—	122

Commitments (Details) - EUR (€) € in Thousands	12 Months Ended
Commitments (Details) - EUR (€) € in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Lease commitments
Total payment obligation	€ 6,670	€ 6,620	€ 4,669
Rostock headquarters building \| Not later than one year
Lease commitments
Future lease payments to be made	0	107	283
Rostock headquarters building \| 1 - 5 years
Lease commitments
Future lease payments to be made	1,272	2,370	1,686
Rostock headquarters building \| More than five years
Lease commitments
Future lease payments to be made	318	4,219	4,855
Office equipment and storage spaces \| Not later than one year
Lease commitments
Future lease payments to be made	59	44	33
Office equipment and storage spaces \| 1 - 5 years
Lease commitments
Future lease payments to be made	€ 25	€ 49	€ 9

Inventories (Details) - EUR (€) € in Thousands	12 Months Ended
Inventories (Details) - EUR (€) € in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Jan. 01, 2021
Inventories
Raw materials, consumables and supplies	€ 1,801	€ 3,831		€ 11,167
Finished goods and merchandise	18	38		238
Inventories	1,819	3,869		€ 11,405
Raw materials, consumables and changes in inventories of finished goods and work in process recorded as expenses	€ 19,525	€ 9,467	€ 11,061

Segment information and revenue from contracts with customers (Tables)

12 Months Ended

Dec. 31, 2022

Segment information and revenue from contracts with customers

Schedule of reconciliation of segment Adjusted EBITDA to Group loss before taxes from continuing operations


	2022
in EUR k	Pharmaceutical	Diagnostics	Corporate	Total
Total Revenues from contracts with external customers	16,115	31,358	—	47,473

Adjusted EBITDA	6,802	6,438	(41,097)	(27,857)

Capital Expenditures
Additions to property, plant and equipment and right-of-use assets	1,244	910	1,225	3,379
Additions to intangible assets	162	14	1,551	1,727

Other segment information
Depreciation and amortization (including impairments)	801	1,790	6,340	8,932
Research and development expenses	—	—	17,488	17,488


	2021
in EUR k	Pharmaceutical	Diagnostics*	Corporate	Total
Total Revenues from contracts with external customers	15,641	26,593	—	42,234

Adjusted EBITDA	4,785	3,030	(45,939)	(38,124)

Capital Expenditures
Additions to property, plant and equipment and right-of-use assets	690	261	936	1,887
Additions to intangible assets	2,401	—	386	2,787

Other segment information
Depreciation and amortization (including impairments)	2,076	2,539	5,849	10,464
Research and development expenses	—	—	19,297	19,297


	2020
in EUR k	Pharmaceutical	Diagnostics*	Corporate	Total
Total Revenues from contracts with external customers	16,951	21,502	—	38,453

Adjusted EBITDA	6,194	(2,912)	(42,335)	(39,053)

Capital Expenditures
Additions to property, plant and equipment and right-of-use assets	333	602	2,682	3,617
Additions to intangible assets	3,183	—	1,802	4,985

Other segment information
Depreciation and amortization	6,769	2,289	4,670	13,728
Research and development expenses	—	—	14,935	14,935

Reconciliation of segment Adjusted EBITDA to Group loss for the period


in EUR k	2022	2021*	2020*
Reportable segment Adjusted EBITDA	13,240	7,815	3,282
Corporate expenses	(41,097)	(45,939)	(42,335)
	(27,857)	(38,124)	(39,053)
Share‑based payment expenses (Note 21)	16	(8,035)	(5,658)
Depreciation and amortization (including impairments)	(8,932)	(10,464)	(13,728)
Operating loss	(36,773)	(56,623)	(58,439)
Financial costs, net	(1,823)	(799)	(1,375)
Income taxes	(107)	70	(223)
Loss for the year	(38,703)	(57,352)	(60,038)

Schedule of geographical information


in EUR k	2022
	Pharmaceutical	Diagnostics	Total
Rendering of services	15,420	31,358	46,778
Sales of goods	695	—	695
Total Revenues from contracts with external customers	16,115	31,358	47,473

Recognized over time	15,420	31,358	46,778
Recognized at a point in time	695	—	695
Total Revenues from contracts with external customers	16,115	31,358	47,473

Geographical information
Europe	361	5,927	6,288
—Germany*	—	307	307
—Netherlands**	—	7	7
Middle East	352	19,550	19,902
—Saudi Arabia#	—	12,412	12,412
North America	15,346	1,245	16,591
—United States#	15,346	1,179	16,525
Latin America	56	3,851	3,907
Asia Pacific	—	786	786
Total	16,115	31,358	47,473


in EUR k	2021 (Restated)
	Pharmaceutical	Diagnostics ⁽ⁱ⁾	Total
Rendering of services	14,879	26,593	41,472
Sales of goods	762	—	762
Total Revenues from contracts with external customers	15,641	26,593	42,234

Recognized over time	14,879	26,593	41,472
Recognized at a point in time	762	—	762
Total Revenues from contracts with external customers	15,641	26,593	42,234

Geographical information
Europe	490	5,425	5,915
—Germany*	—	211	211
—Netherlands**	—	6	6
Middle East	117	16,315	16,432
—Saudi Arabia#	—	9,865	9,865
North America	14,940	1,643	16,583
—United States#	14,940	1,456	16,396
Latin America	94	2,499	2,593
Asia Pacific	—	711	711
Total	15,641	26,593	42,234


in EUR k	2020 (Restated)
	Pharmaceutical	Diagnostics ⁽ⁱ⁾	Total
Rendering of services	15,947	21,502	37,449
Sales of goods	1,004	—	1,004
Total Revenues from contracts with external customers	16,951	21,502	38,453

Recognized over time	15,947	21,502	37,449
Recognized at a point in time	1,004	—	1,004
Total Revenues from contracts with external customers	16,951	21,502	38,453

Geographical information
Europe	149	5,605	5,754
—Germany*	—	186	186
—Netherlands**	—	3	3
Middle East	56	12,568	12,624
—Saudi Arabia#	56	7,696	7,752
North America	16,711	970	17,681
—United States#	16,711	764	17,475
Latin America	35	1,851	1,886
Asia Pacific	—	508	508
Total	16,951	21,502	38,453

* country of the incorporation of Centogene GmbH

** country of the incorporation of Centogene N.V.

# countries contributing more than 10% of the Group's total consolidated revenues for the respective year ended December 31, 2022, 2021 or 2020

⁽ⁱ⁾ Total Revenues from contracts with external customers have been restated for the years ended December 21, 2021, and 2020. Refer to Note 2.4.

Schedule of contract balances


in EUR k	Dec 31, 2022	Dec 31, 2021	Jan 1, 2021
		(Restated)	(Restated)
Trade receivables (note 16)	13,637	21,065	25,656
Contract assets (note 16)	2,911	2,397	3,332
Contract liabilities (note 20.2)	651	4,842	4,479

Basis of Preparation - Consolidated statements of financial position (Details) - EUR (€) € in Thousands	Dec. 31, 2022	Dec. 31, 2021	Jan. 01, 2021	Dec. 31, 2020	Dec. 31, 2019
IFRS Error Corrections and Prior Period Adjustments Restatement [Line Items]
Property, plant and equipment	€ 6,808	€ 9,464	€ 16,590	€ 16,590
Non-current assets	32,980	40,534	53,084	53,084
Trade receivables and contract assets	16,548	23,462	28,988	28,988
Current assets	59,832	50,602	96,835	96,835
Total Assets	92,812	91,136	149,919	149,919
Equity and liabilities
Retained earnings and other reserves	(141,265)	(109,540)	(63,739)	(63,739)
Equity	7,411	27,258	64,926	64,926	€ 58,679
Lease liabilities	13,125	15,394	17,677	17,677
Other liabilities	202	960	640	640
Non-current liabilities	60,736	24,461	27,875	27,875
Lease liabilities	2,311	3,330	3,528	3,528
Current liabilities	24,665	39,417	57,118	57,118
Total Equity and Liabilities	€ 92,812	91,136	€ 149,919	149,919
Previously Reported
IFRS Error Corrections and Prior Period Adjustments Restatement [Line Items]
Property, plant and equipment		8,147		16,590
Non-current assets		39,217		53,084
Trade receivables and contract assets		24,337		29,199
Current assets		51,477		97,046
Total Assets		90,694		150,130
Equity and liabilities
Retained earnings and other reserves		(109,295)		(62,888)
Equity		27,503		65,777	58,922
Lease liabilities		15,588		17,677
Non-current liabilities		23,695		27,235
Lease liabilities		3,409		3,528
Current liabilities		39,496		57,118
Total Equity and Liabilities		90,694		150,130
Adjustment
IFRS Error Corrections and Prior Period Adjustments Restatement [Line Items]
Property, plant and equipment		1,317
Non-current assets		1,317
Trade receivables and contract assets		(875)		(211)
Current assets		(875)		(211)
Total Assets		442		(211)
Equity and liabilities
Retained earnings and other reserves		(245)		(851)
Equity		(245)		(851)	€ (243)
Lease liabilities		(194)
Other liabilities		960		640
Non-current liabilities		766		640
Lease liabilities		(79)
Current liabilities		(79)
Total Equity and Liabilities		€ 442		€ (211)

Financial liabilities - Conditions and statement of liabilities (Details) € in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022 EUR (€)	Dec. 31, 2021 EUR (€)	Dec. 31, 2020 EUR (€)	Dec. 31, 2022 USD ($)	Jan. 01, 2021 EUR (€)	Jan. 01, 2021 USD ($)
Financial liabilities
Nominal amount	€ 57,825	€ 22,539			€ 24,098
Borrowings drawdowns	40,568	1,772	€ 438
Carrying amount	60,122	22,539			24,098
Bank overdrafts	€ 998	981	910
Secured Bank Loans With Maturity Period 2017 To 22
Financial liabilities
Nominal interest rate (as a percent)	2.95%			2.95%
Nominal amount		505			968
Carrying amount		505			968
Secured Bank Loans With Maturity Period 2022 To 27
Financial liabilities
Nominal interest rate (as a percent)	7.93%			7.93%
Nominal amount \| $				$ 39,015
Carrying amount \| $				$ 41,312
Other bank loans
Financial liabilities
Nominal interest rate (as a percent)	1.00%			1.00%
Nominal amount \| $						$ 387
Carrying amount \| $						$ 387
Bank overdrafts, one
Financial liabilities
Nominal interest rate (as a percent)	4.75%			4.75%
Nominal amount	€ 499	499			498
Carrying amount	€ 499	499			498
Bank overdrafts, two
Financial liabilities
Nominal interest rate (as a percent)	4.75%			4.75%
Nominal amount	€ 2,376	2,329	628		628
Carrying amount	€ 2,376	2,329			628
Bank overdrafts, three
Financial liabilities
Nominal interest rate (as a percent)	4.31%			4.31%
Nominal amount	€ 499	482			412
Carrying amount	499	482			412
Lease liabilities
Financial liabilities
Nominal amount	15,436	18,724			21,205
Carrying amount	€ 15,436	18,724			€ 21,205
Minimum \| Lease liabilities
Financial liabilities
Nominal interest rate at commencement of leases	2.10%			2.10%
Maximum \| Lease liabilities
Financial liabilities
Nominal interest rate at commencement of leases	7.20%			7.20%
Overdraft facility
Financial liabilities
Short-term deposits, pledged as security	€ 2,500	€ 2,500	€ 2,500
Overdraft facility \| Bank overdrafts, one and three
Financial liabilities
Short-term deposits, pledged as security	€ 500
Loan facility first tranche
Financial liabilities
Adjustment to interest rate	0.07%			0.07%
Loan facility second tranche
Financial liabilities
Adjustment to interest rate	4.13%			4.13%

Basis of preparation

12 Months Ended

Dec. 31, 2022

Basis of preparation

Basis of preparation

2 Basis of preparation

Unless otherwise specified, “the Company” refers to Centogene N.V. and Centogene GmbH throughout the remainder of these notes, while “the Group” refers to Centogene N.V., Centogene GmbH and its subsidiaries.

The consolidated financial statements of the Group were prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (the “IASB”). The accounting policies used in the fiscal year 2022 generally correspond to the policies applied in the prior year, except for the changes in presentation relating to discontinued operations (refer to Note 2.1– New significant accounting policies and accounting judgments and estimates and Note 9– Discontinued operations).

These consolidated financial statements are presented in euro, which is the Group’s functional currency. Unless otherwise specified, all financial information presented in euro is rounded to the nearest thousand (EUR k) in line with customary commercial practice.

2.1New significant accounting policies and accounting judgments and estimates

Discontinued operations

A discontinued operation is a component of an entity that either has been disposed of, or that is classified as held for sale. It must either (i) represent a major separate line of business or geographical area of operations; (ii) be part of a single coordinated disposal plan; or (iii) be a subsidiary acquired exclusively with a view to resale. A component also qualifies for presentation as a discontinued operation when activities are ultimately ended (abandoned). Non-current assets and disposal groups are not classified as assets held for sale if their carrying amount is to be recovered through continuing use.

In 2021, the Group decided to end its COVID-19 business activities in Q1 2022. The Group assessed that ending the activities of this operating segment would qualify as a discontinued operation. Therefore, the profit or loss related to the COVID-19 business is presented in a separate line item of the profit and loss section of the consolidated statements of comprehensive loss for the years ended December 31, 2022, 2021 and 2020. This also resulted in an accelerated depreciation of COVID-19 segment related property, plant and equipment and right of use assets through March 31, 2022. Since the operations were discontinued through winding-down of the COVID-19 business, no assets or liabilities were required to be disclosed separately on the statements of financial position. The segment reporting note and notes to the consolidated financial statements for the years ended December 31, 2022, 2021 and 2020 only represent continuing operations. For further details on the discontinued operations refer to Note 9 – Discontinued operations.

Warrants

Warrants are classified as equity to the extent that they confer the right to purchase a fixed number of shares for a fixed exercise price. In the event that the exercise price or the number of shares to be issued is not deemed to be fixed, the warrants are classified as a non-current derivative financial liability. Warrants entitle the holder to purchase one common share of the Company at an exercise price of USD 7.72 per share and can be settled for a fixed number of the Company's underlying common shares. Since the exercise price of the warrants is determined in US dollars which is different from the Company’s functional currency, warrants are classified as liabilities. This liability is initially recognized at its fair value on the date the contract is entered into and subsequently accounted for at fair value through profit and loss (FVTPL) at each reporting date. As the warrants are classified as financial liabilities at FVTPL, transaction costs in the amount of EUR 68k were expensed in the consolidated statements of comprehensive loss for the year ended December 31, 2022. For more details, refer to Note 22 – Financial instruments - fair values and risk management.

2.2 Going Concern

As an early commercial-stage company, the Group is still in progress towards reaching break-even in its diagnostic and pharmaceutical businesses. The Group and Company are subject to a number of risks similar to those of other development and early commercial stage companies. These risks include, among other things, the failure to enter into and successfully execute further collaborations with pharmaceutical partners, the failure to generate revenue from the Company’s development portfolio and risks associated with research, development, testing and obtaining related regulatory approvals in relation to our product candidates.

The Group´s ongoing success and ultimately the attainment of profitable operations depends on future uncertain events which include, among other things, obtaining adequate financing to promote our commercial and development activities until the Group can generate sufficient revenues to support its operating cash requirements. The Group has incurred operating losses since inception. For the year ended December 31, 2022, the Group incurred a net comprehensive loss of EUR 31.9 million of which EUR 38.6 million is related to loss before taxes from continuing operations, resulting in net cash outflow from operating activities of EUR 26.5 million. As of December 31, 2022, the Group had generated an accumulated deficit of EUR 141.3 million and had an equity position of EUR 7.4 million.

Considering cash and cash equivalents as of December 31, 2022, of EUR 36.0 million with short term debt obligations of EUR 3.4 million, the Group has prepared cash flow forecasts and considered the cash flow requirement for the Company, principally focused on the twelve-month period from the date of the approval of these consolidated financial statements. Management updated their cash flow forecasts based on an amendment signed for the Group’s Loan Facility (defined in Note 28) as of April 30, 2023. Accordingly, in addition to the short-term portion of the loan, the Group is also required to prepay USD 5.0 million of the loan upon the first new business development or financing transaction the Group will enter and to maintain at least EUR 9.1 million in unrestricted cash on deposit in collateral accounts (refer to Note 28). These forecasts show that further financings will be required during the course of the next 12 months assuming, among others, that development programs and other operating activities continue as currently planned. This requirement for additional financing represents a material uncertainty that raises significant doubt about our ability to continue as a going concern. Without such funding considered, the Group’s current cash and cash equivalents will not be sufficient to fund its operations and meet all of its obligations as they fall due for at least one year from the date of the issuance of these consolidated financial statements.

Consequently, management plans to complete a significant financing primarily through private equity financing and/or convertible debt financing. The convertible debt financing discussions are at a progressed stage and aim to, not only, obtain a significant cash injection but also a long-term strategic collaboration in one of our key commercial regions. In parallel, management is

in discussion with several private equity parties aiming to materialize a significant capital injection also with a suitable strategic fit for the company. Management has a reasonable level of confidence that one or more of the mentioned transactions should materialize in the next months improving the overall cash position and the mid-to-long-term sustainability of the Company.

As a third set of actions, which started in 2022, the company is in constant review of the cost structure, implementing several waves of efficiencies across the full organization aiming to improve our overall cash burn rate and reducing mainly our general and administrative expenses and research and development costs. Finally, the Group is seeking strategic collaborations and marketing, distribution or licensing arrangements, business and asset divestitures and grant funding among other things. Despite the Company’s efforts to obtain the necessary funding and improve profitability of its operations, and despite management’s expectation that these efforts will be successful, there can be no assurance of its success in doing so, or obtaining necessary funding on acceptable terms.

The accompanying consolidated financial statements for the year ended December 31, 2022, have been therefore prepared on a going concern basis contingent upon the successful implementation of the plans described above. This contemplates the Group will continue in operation for the foreseeable future and will be able to realize its assets and discharge its liabilities in the normal course of operations. The audited consolidated financial statements do not reflect any adjustments relating to the recoverability and classification of assets or the amounts and classification of liabilities that would be necessary, was the Group unable to continue as a going concern.

2.3COVID-19 Pandemic and Geopolitical Conditions

Worldwide economic and political disruptions as a result of COVID-19 and the conflict between Russia and Ukraine has resulted and is expected to further result in interruptions to business operations and supply chain disruption, affecting raw material and or intermediate supply or manufacturing capabilities.

COVID-19 vaccines being widely available, management updated its long-term outlook for the COVID-19 testing business at the end of the third quarter of 2021 and decided to wind-down all COVID-19 business related operations. Consequently, all COVID-19 testing site contracts expired, all COVID-19 operations at testing sites had ceased and the COVID-19 testing business was discontinued as of March 31, 2022. For Diagnostics and Pharmaceutical businesses, management expects that the impact of the pandemic would be minimal to none for the foreseeable future. However, it cannot be assured that the availability of supplies and equipment for the Group’s laboratories, the availability of staff and the start dates and recruitment in clinical trials will not be impacted in the future.

Until today, the impact of geopolitical conditions has not been significant to the Group’s operations. However, economic growth is expected to slow, including due to the recent surge in inflation and related actions by central banks, with a significant risk of recession in many parts of the world in the near term. This may also prolong tight credit markets and potentially cause such conditions to become more severe. These issues, along with the re-pricing of credit risk and the difficulties currently experienced by financial institutions, may make it difficult to obtain financing. Additionally, the Group may be affected by price increases or certain fiscal policy changes in Germany, such as new tax legislation, economic sanctions, and comparable measures, although at this point, management does not foresee any such macroeconomic changes.

2.4Restatement of selected assets and liabilities in the consolidated statements of financial position and selected income and expenses in the consolidated statements of comprehensive loss

During the preparation of unaudited condensed consolidated financial statements as of and for the three months ended March 31, 2022, the Group identified unadjusted differences related to certain property, plant and equipment and lease liabilities balances on the consolidated statements of financial position and cost of sales and other operating income amounts in the statements of comprehensive loss as of and for the year ended December 31, 2021. These restated assets, liabilities, income and expenses are related to the COVID-19 segment which has been discontinued as of March 31, 2022. During Q2 2022, management identified the accelerated depreciation was over-stated with an amount of EUR 1,317k and a terminated lease contract in Q4 2021 with a EUR 273k lease liability balance which was not derecognized from the statement of financial position as of December 31, 2021. The lease liability is in relation to the closure of the Hamburg laboratory of which the right of use asset was completely written off in Q3 2021. To correct these differences, property, plant and equipment has been restated by EUR 1,317k with a corresponding decrease in depreciation expense under cost of sales and lease liabilities have been restated by EUR 273k with a corresponding increase in

other operating income. All of these adjustments are related to discontinued operations. The net impact of this restatement has been disclosed under net income from discontinued operations, net of tax, in the amount of EUR 1,590k.

Additionally, during the preparation of the unaudited financial results for the second quarter ended June 30, 2022, the Group identified differences related to revenue recognized and impairment losses recognized on contract assets for the years ended December 31, 2021 and 2020 and trade receivables and contract assets outstanding as of December 31, 2021 and 2020 for the Diagnostic segment and COVID-19 segment. For the Diagnostic segment, these differences mainly resulted from the inappropriate usage of test codes for medical documentation submitted to insurance companies in the U.S. For the COVID-19 segment, the differences are related to inappropriate application of surveillance testing. Accordingly, to correct these differences, account receivables and contract assets has been restated by EUR 875k and EUR 211k and other liabilities has been restated by EUR 960k and EUR 640k as of December 31, 2021 and 2020, respectively. These restatements resulted in a decrease in revenue by EUR 1,355k and EUR 710k and a decrease in impairment of financial assets by EUR 313k and EUR 102k for the years ended December 31, 2021 and 2020, respectively. The impact of the correction of the differences on the accumulated deficit as of January 1, 2021 was EUR 851k. EUR 57k and EUR 127k of these adjustments corrected in trade receivables and revenue as of and for the years ended December 31, 2021 and 2020, respectively, are related to the COVID-19 business and included in discontinued operations. All of the remaining adjustments are related to the Diagnostic segment and included in continued operations.

The impact of the restatements on the consolidated statements of comprehensive income for the years ended December 31, 2021, and 2020 are as follows:


	For the year ended Dec 31,			For the year ended Dec 31,
in EUR k	2021 (as previously reported)	Adjustments	2021 (as restated)*	2020 (as previously reported)	Adjustments	2020 (as restated)*
Revenue	189,923	(1,355)	188,568	128,381	(710)	127,671
Cost of sales	161,765	(1,317)	160,448	83,437	-	83,437
Gross profit	28,158	(38)	28,120	44,944	(710)	44,234
Research and development expenses	19,297	-	19,297	14,935	-	14,935
General administrative expenses	46,739	-	46,739	40,160	-	40,160
Selling expenses	9,860	-	9,860	8,026	-	8,026
Impairment of financial assets	1,140	(313)	827	3,738	(102)	3,636
Other operating income	2,936	331	3,267	2,394	-	2,394
Other operating expenses	86	-	86	182	-	182
Real estate transfer tax expenses	-	-	-	-	-	-
Operating loss	(46,028)	606	(45,422)	(19,703)	(608)	(20,311)
Loss for the period	(46,852)	606	(46,246)	(21,378)	(608)	(21,986)
Total comprehensive loss	(46,309)	606	(45,703)	(21,426)	(608)	(22,034)
Loss per share- Basic and diluted (in EUR)	(2.06)	0.02	(2.04)	(1.02)	(0.03)	(1.05)

The impact of the restatements on the consolidated statements of financial position as of December 31, 2021 and 2020, are as follows:


in EUR k	Dec 31, 2021 (as previously reported)	Adjustments	Dec 31, 2021 (as restated)	Dec 31, 2020 (as previously reported)	Adjustments	Dec 31, 2020 (as restated)
Property, plant and equipment	8,147	1,317	9,464	16,590	-	16,590
Non‑current assets	39,217	1,317	40,534	53,084	-	53,084

Trade receivables and contract assets	24,337	(875)	23,462	29,199	(211)	28,988
Current assets	51,477	(875)	50,602	97,046	(211)	96,835
Total Assets	90,694	442	91,136	150,130	(211)	149,919

Equity and liabilities
Accumulated deficit and other reserves	(109,295)	(245)	(109,540)	(62,888)	(851)	(63,739)
Equity	27,503	(245)	27,258	65,777	(851)	64,926

Lease liabilities	15,588	(194)	15,394	17,677	-	17,677
Other liabilities	-	960	960	-	640	640
Non‑current liabilities	23,695	766	24,461	27,235	640	27,875

Lease liabilities	3,409	(79)	3,330	3,528	-	3,528
Current liabilities	39,496	(79)	39,417	57,118	-	57,118
Total Equity and Liabilities	90,694	442	91,136	150,130	(211)	149,919

The impact of the restatements on the consolidated statements of cash flows for the years ended December 31, 2021 and 2020 are as follows:


	For the year ended Dec 31,			For the year ended Dec 31,
in EUR k	2021 (as previously reported)	Adjustments	2021 (Restated)*	2020 (as previously reported)	Adjustments	2020 (Restated)*
Operating activities
Loss before taxes	(46,876)	606	(46,270)	(21,097)	(607)	(21,704)
Adjustments to reconcile loss to cash flow from operating activities
Amortization and depreciation	21,291	(1,317)	19,974	15,128	-	15,128
Expected credit loss allowances on trade receivable and contract liabilities	1,140	(313)	827	3,738	(102)	3,636
Other non-cash items	(862)	41	(821)	(915)	101	(814)
Changes in operating assets and liabilities
Trade receivables and contract assets	4,191	664	4,855	(16,344)	172	(16,172)
Other liabilities	1,632	320	1,952	6,245	436	6,681
Net cash flow used in operating activities	(21,739)	-	(21,739)	8,462	-	8,462

Investing activities
Cash flow used in investing activities	(5,360)	-	(5,360)	(16,151)	-	(16,151)

Financing activities
Net cash flow from/ (used in) financing activities	(3,203)	-	(3,203)	14,842	-	14,842

Cash and cash equivalents at the end of the period	17,818	-	17,818	48,156	-	48,156

The restatements above have no impact on the changes in cash, cash equivalents and net cash flows in operating, investing, and financing activities within the consolidated statements of cash flows for all periods presented.

Share-based Payments - 2019 Equity Incentive Plan (2019 Plan) (Details)		1 Months Ended
	Jan. 01, 2023	Nov. 30, 2022
Share-based payments
Threshold delivery period on settlement or exercise of awards		30 days
2019 Plan
Share-based payments
Maximum amount of share-based award grants allowed under the plan (as a percent)	25.00%
Additional share-based award grants allowed under the plan (as a percent)	3.00%

Intangible assets (Tables)

12 Months Ended

Dec. 31, 2022

Intangible assets

Summary of reconciliation of carrying amounts of intangible assets


	Internally
	generated	Internally	Purchased rights,
	/acquired	developed	licenses,
in EUR k	biomarkers	databases	software	Total
Cost
As of Jan 1, 2020	12,022	6,502	3,010	21,534
Additions	1,900	2,717	2,040	6,657
Deconsolidation	—	—	(151)	(151)
As of Dec 31, 2020	13,922	9,219	4,899	28,040
Additions	749	1,652	386	2,787
Reclassification	(297)	297	—	—
As of Dec 31, 2021	14,374	11,168	5,285	30,827
Additions	162	1,515	50	1,727
As of Dec 31, 2022	14,536	12,683	5,335	32,554

Accumulated amortization and impairment
As of Jan 1, 2020	3,831	1,770	1,788	7,389
Amortization and impairment	6,917	943	508	8,368
Deconsolidation	—	—	(124)	(124)
As of Dec 31, 2020	10,748	2,713	2,172	15,633
Amortization and impairment	2,149	1,991	1,860	6,000
Reclassification	(68)	68	—	—
As of Dec 31, 2021	12,829	4,772	4,032	21,633
Amortization and impairment	801	1,845	875	3,521
As of Dec 31, 2022	13,630	6,617	4,907	25,154

Carrying amounts
As of Dec 31, 2020	3,174	6,506	2,727	12,407
As of Dec 31, 2021	1,545	6,396	1,253	9,194
As of Dec 31, 2022	906	6,066	428	7,400

Discontinued operations

12 Months Ended

Dec. 31, 2022

Discontinued operations

Discontinued operations

9 Discontinued Operations

At the end of the third quarter of 2021, management updated its long-term outlook for the COVID-19 testing business, which led to management’s decision to initiate a wind down process in which lease contracts at unprofitable COVID-19 testing sites would not be renewed. Similarly, COVID-19 related inventory levels were significantly ramped down to align with the needs of the remaining test sites and laboratories.

As of March 31, 2022, operations at all COVID-19 testing sites have ceased. The Company has no intentions of renewing any of the COVID-19 testing site leases and has abandoned the COVID-19 business line. Consequently, the Company is reporting its COVID-19 segment as a discontinued operation.

All COVID-19 related property, plant and equipment have been fully depreciated as of March 31, 2022. In addition, all COVID-19 related accounts receivable and accounts payable are included in the balance sheet as of March 31, 2022 whilst all COVID-19 related inventory have been written down to zero.

As detailed in Note 2.1, with the discontinuation of the COVID-19 business, the Group signed the Separation Agreement to terminate the collaboration agreement signed with Dr. Bauer GmbH, effective as of April 2, 2022. The Group deconsolidated Dr. Bauer GmbH from its financial statements as of this date and disclosed the impact of the deconsolidation under discontinued operations. With the Separation Agreement, Centogene ensures that any COVID-19 business related future obligations that might arise from the past activities of Dr. Bauer GmbH will be paid by Centogene in exchange for the EUR 1,640k termination fee which has been recognized under Net income from discontinued operations, net of tax for the year ended December 31, 2022. In addition, the Group recognized provision expenses under Net income from discontinued operations, net of tax in the total amount of EUR 832k to be paid to Dr. Bauer GmbH for the year ended December 31, 2022. Of this provision, EUR 200k, EUR 117k and EUR 515k have been recognized for refunds for unclaimed COVID-19 test vouchers, taxes and other provisions, respectively.

The impact of the Separation Agreement on net income for the period is EUR 1,640k, which is fully recognized under discontinued operations.

Additionally, EUR 57k and EUR 127k of unadjusted differences identified in trade receivables and revenue as of and for the years ended December 31, 2021 and 2020, respectively, are related to the COVID-19 business and corrected in discontinued operations. (Refer to Note 2.4).

Discontinued operations are presented separately from continuing operations in the consolidated statements of comprehensive loss and consolidated statements of cash flows.


	2022	2021	2020
in EUR k
Results of discontinued operations
Revenue	19,455	146,334	89,218
Cost of sales	15,120	131,713	48,151
Gross profit	4,335	14,621	41,067
General administrative expenses	503	3,259	2,495
Selling expenses	7	534	446
Other operating income	3,096	373	3
Other operating expenses
Operating income	6,921	11,201	38,129
Financial costs, net	46	49	19
Income before taxes	6,875	11,152	38,110
Income tax expense	13	46	58
Income for the period	6,862	11,106	38,052
Total comprehensive income, attributable to equity holders of the parent	6,862	11,106	38,052
Net income per share - Basic and diluted (in EUR)	0.26	0.49	1.82

Financial instruments-fair values and risk management - Interest rate risk (Details) - Interest rate risk - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Disclosure of nature and extent of risks arising from financial instruments [line items]
Percentage of increase in interest rate on earnings before tax	5.00%
Decrease in earnings due to 1% increase in interest rate	€ (1,160)	€ 0

Financial instruments-fair values and risk management - Credit risk (Details) € in Thousands	12 Months Ended
	Dec. 31, 2022 EUR (€) customer	Dec. 31, 2021 EUR (€)	Dec. 31, 2020 EUR (€)	Jan. 01, 2021 EUR (€)	Dec. 31, 2019 EUR (€)
Credit risk exposure
Cash and cash equivalents	€ 35,951	€ 17,818	€ 48,156	€ 48,156	€ 41,095
Development of impairment losses
Expected credit loss allowances on trade receivables		827	3,636
Impairment loss on financial assets		827	3,636
Amount of decrease in receivables past due by more than 90 days	5,069	7,061
Credit risk
Credit risk exposure
Cash and cash equivalents	35,951	17,818	48,156
Trade receivables and contract assets. \| Specific bad debt allowances \| Credit risk
Credit risk exposure
Expected credit loss	4,392	5,317	4,693		€ 2,355
Development of impairment losses
As of January 1	5,317	4,693	2,355
Expected credit loss allowances on trade receivables		827	3,636
Reversal, allowance account for credit losses of financial assets	(829)
Derecognition	(96)	(203)	(1,298)
As of December 31	4,392	5,317	4,693
Trade receivables and contract assets. \| Cost
Credit risk exposure
Trade receivables and contract assets	€ 20,940	€ 28,779	€ 33,681
Expected credit loss rate	21.00%	19.00%	14.00%
Expected credit loss	€ 4,392	€ 5,317	€ 4,693
Development of impairment losses
As of January 1	5,317	4,693
As of December 31	4,392	5,317	4,693
Trade receivables and contract assets. \| Middle East \| Cost
Credit risk exposure
Trade receivables and contract assets	15,291	13,967	10,515
Trade receivables and contract assets. \| Europe \| Cost
Credit risk exposure
Trade receivables and contract assets	1,987	11,486	20,017
Trade receivables and contract assets. \| Latin America \| Cost
Credit risk exposure
Trade receivables and contract assets	825	683	387
Trade receivables and contract assets. \| North America \| Cost
Credit risk exposure
Trade receivables and contract assets	2,443	2,513	2,584
Trade receivables and contract assets. \| Asia Pacific \| Cost
Credit risk exposure
Trade receivables and contract assets	143	130	178
Trade receivables and contract assets. \| Not past due \| Cost
Credit risk exposure
Trade receivables and contract assets	€ 12,925	€ 17,929	€ 24,185
Expected credit loss rate	1.00%	2.00%	1.60%
Expected credit loss	€ 124	€ 403	€ 387
Development of impairment losses
As of January 1	403	387
As of December 31	124	403	387
Trade receivables and contract assets. \| Not past due \| Middle East \| Cost
Credit risk exposure
Trade receivables and contract assets	8,021	3,999	3,338
Trade receivables and contract assets. \| Not past due \| Europe \| Cost
Credit risk exposure
Trade receivables and contract assets	1,494	10,771	19,193
Trade receivables and contract assets. \| Not past due \| Latin America \| Cost
Credit risk exposure
Trade receivables and contract assets	742	531	313
Trade receivables and contract assets. \| Not past due \| North America \| Cost
Credit risk exposure
Trade receivables and contract assets	2,275	2,513	1,205
Trade receivables and contract assets. \| Not past due \| Asia Pacific \| Cost
Credit risk exposure
Trade receivables and contract assets	142	115	136
Trade receivables and contract assets. \| Past due 1 to 30 day \| Cost
Credit risk exposure
Trade receivables and contract assets	€ 1,289	€ 1,396	€ 2,228
Expected credit loss rate	3.90%	7.70%	3.10%
Expected credit loss	€ 50	€ 107	€ 69
Development of impairment losses
As of January 1	107	69
As of December 31	50	107	69
Trade receivables and contract assets. \| Past due 1 to 30 day \| Middle East \| Cost
Credit risk exposure
Trade receivables and contract assets	1,081	1,013	486
Trade receivables and contract assets. \| Past due 1 to 30 day \| Europe \| Cost
Credit risk exposure
Trade receivables and contract assets	124	351	706
Trade receivables and contract assets. \| Past due 1 to 30 day \| Latin America \| Cost
Credit risk exposure
Trade receivables and contract assets	62	23	24
Trade receivables and contract assets. \| Past due 1 to 30 day \| North America \| Cost
Credit risk exposure
Trade receivables and contract assets	21		994
Trade receivables and contract assets. \| Past due 1 to 30 day \| Asia Pacific \| Cost
Credit risk exposure
Trade receivables and contract assets	1	9	18
Trade receivables and contract assets. \| 1 - 3 months \| Cost
Credit risk exposure
Trade receivables and contract assets	€ 1,657	€ 2,393	€ 797
Expected credit loss rate	7.40%	11.70%	7.70%
Expected credit loss	€ 122	€ 280	€ 61
Development of impairment losses
As of January 1	280	61
As of December 31	122	280	61
Trade receivables and contract assets. \| 1 - 3 months \| Middle East \| Cost
Credit risk exposure
Trade receivables and contract assets	1,533	2,056	385
Trade receivables and contract assets. \| 1 - 3 months \| Europe \| Cost
Credit risk exposure
Trade receivables and contract assets	64	259	113
Trade receivables and contract assets. \| 1 - 3 months \| Latin America \| Cost
Credit risk exposure
Trade receivables and contract assets	12	72	13
Trade receivables and contract assets. \| 1 - 3 months \| North America \| Cost
Credit risk exposure
Trade receivables and contract assets	48		262
Trade receivables and contract assets. \| 1 - 3 months \| Asia Pacific \| Cost
Credit risk exposure
Trade receivables and contract assets		6	24
Trade receivables and contract assets. \| Past due more than 90 days \| Cost
Credit risk exposure
Trade receivables and contract assets	€ 5,069	€ 7,061	€ 6,471
Expected credit loss rate	80.80%	64.10%	65.00%
Expected credit loss	€ 4,096	€ 4,526	€ 4,176
Development of impairment losses
As of January 1	4,526	4,176
As of December 31	4,096	4,526	4,176
Trade receivables and contract assets. \| Past due more than 90 days \| Middle East \| Cost
Credit risk exposure
Trade receivables and contract assets	4,656	6,899	6,306
Trade receivables and contract assets. \| Past due more than 90 days \| Europe \| Cost
Credit risk exposure
Trade receivables and contract assets	305	105	5
Trade receivables and contract assets. \| Past due more than 90 days \| Latin America \| Cost
Credit risk exposure
Trade receivables and contract assets	9	57	37
Trade receivables and contract assets. \| Past due more than 90 days \| North America \| Cost
Credit risk exposure
Trade receivables and contract assets	99		123
Trade receivables and contract assets. \| More than 365 days \| Specific bad debt allowances \| Credit risk
Development of impairment losses
Reversal, allowance account for credit losses of financial assets	(96)	€ (7)	€ (1,466)
Contract assets \| Cost
Credit risk exposure
Trade receivables and contract assets	251
Contract assets \| Not past due \| Cost
Credit risk exposure
Trade receivables and contract assets	€ 251
Diagnostics \| Middle East
Credit risk exposure
Average turnover period on trade receivables	201 days
Diagnostics \| MENA \| Credit risk
Credit risk exposure
Number of top diagnostic customers \| customer	10
Diagnostics \| MENA \| Credit risk \| Minimum
Credit risk exposure
Percentage of overdue balances	83.00%

Related parties (Tables)

12 Months Ended

Dec. 31, 2022


in EUR k	2022	2021	2020
Short‑term employee benefits	4,138	4,098	4,273
Post‑employment pension and medical benefits	—	23	23
Termination benefits	679	235	565
Share‑based payment transactions	(1,929)	822	1,822
Total compensation to key management	2,888	5,178	6,683

Financial instruments-fair values and risk management

12 Months Ended

Dec. 31, 2022

Financial instruments-fair values and risk management

Financial instruments-fair values and risk management

Financial instruments

22 Financial instruments-fair values and risk management

22.1Classifications and fair values

The fair values of the Company’s cash and cash equivalents, trade receivables and contract assets and trade and other payables approximate their carrying values because of the short-term nature of these instruments.

Except for the warrant liability, the prepayment option and interest rate floor derivatives, the Group does not carry any financial instruments at fair value through profit and loss but at amortized cost. The fair value of the loan is EUR (40,787)k as of December 31, 2022. (December 31, 2021: EUR nil).

IFRS 13 establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value as follows:

Level 1 - quoted prices (unadjusted) in active markets for identical assets or liabilities;

Level 2 - inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices); and

Level 3 - inputs for the asset or liability that are not based on observable market data (unobservable inputs).

The following table shows the fair values of financial instruments as of December 31, 2022, including their level in the fair value hierarchy. It does not include fair value information for financial assets and financial liabilities not measured at fair value if the carrying amount is a reasonable approximation of fair value:


in EUR k	Level 1	Level 2	Level 3	Carrying value	Category measurement
Non-current loans	—	(40,787)	—	(41,312)	Amortized Cost
Warrants liability	—	—	(260)	(260)	FVTPL
Prepayment option derivative asset	—	—	510	510	FVTPL
Interest rate floor derivative liability	—	—	(376)	(376)	FVTPL

As of December 31, 2021, carrying amount of all financial assets or financial liabilities approximated their fair value.

Net gain recognized in the consolidated statements of comprehensive loss, within changes in fair value of warrants, from the warrant liability fair value measurement differences was EUR 2,574k for year ended December 31, 2022. The net gain or loss recognized in the consolidated statements of comprehensive loss related to the fair value of the prepayment option and interest rate floor derivatives was, respectively, EUR 510k (gain) and EUR (376)k (loss) for year ended December 31, 2022 (December 31, 2021: EUR nil for both derivatives) (see Note 8.3).

The valuation techniques used in measuring level 2 and 3 fair value for financial instruments in the consolidated statements of financial position, as well as the significant unobservable inputs used, were as follows:

The fair value of the warrant liabilities, recognized as non-current financial liability at FVTPL, was calculated by applying a Black-Scholes-Merton option pricing model. This model uses the Centogene’s share price and the share price volatility as material input factors. The volatility is considered as material unobservable input factor (Level 3).

The initial measurement of the fair value of the loan is calculated as being the amount funded less the Fair Value of bifurcated embedded derivatives at entry. The subsequent measurement is determined using a calibrated Income Approach. Cashflows at entry are forecast based on the contractual terms and Interest Rate forward curves sourced from Bloomberg. The internal rate of return (“IRR”) is calculated such that the Present Value of the forecast cashflows is equal to the initial measurement amount. This is categorized as Level 2.

The bifurcated embedded option is measured initially and subsequently using a binomial option pricing model, selected to account for the variable strike and American style exercise features. The company operates 2 implementations of this model in tandem to be able to cross-reference inputs and results: (i) the first is based on direct projection of the bond price, against which the payoff function is applied. This method is adapted to exclude extreme paths from where amortization begins, noting strike increases rapidly making exercise uneconomic. Volatility is set based on the movement of the associated loan value driven by historical leveraged loan index moves applied to the associated loan yield; (ii) The second approach is based on projection of the associated loans’ yields (subject to boundary conditions based on leveraged loan index spreads), which are used to imply bond prices at each node to incorporate in the payoff calculations. Boundary conditions for the yield are set as the Leveraged Loan Index spread for BBB companies and for C companies added to the risk-free rate. For both approaches, option strike for each node is based on the contractual terms, adjusted for historic transaction costs and the value of the associated floor. Discounting is at the benchmark risk free rate. This is categorized as Level 3 due to the following unobservable inputs: (i) tree termination point; (ii) the credit spread element of the loan yield rate; (iii) volatility.

The fair value of the floor was calculated initially and subsequently using the Black-76 model. Inputs are the credit spread implied for the associated loans, interest rate swap and forward curves from Bloomberg, and volatility calibrated to Bloomberg’s volatility cube for the reference interest rate. This is categorized as Level 3 due to the following unobservable inputs: (i) the credit spread element of the discounting rate; (ii) anticipated term.

The table below summarizes the profit or loss impact on the fair values of Level 3 instruments by changing the significant unobservable input factors.


	2022
in EUR k	Shift	increase	decrease
Tranche A Option (yield) - Volatility	+/- 5%	219	(150)
Tranche A Option (yield) - Discount rate	+/- 10%	2	(0)
Tranche B Option (yield) - Volatility	+/- 5%	136	(105)
Tranche B Option (yield) - Discount rate	+/- 10%	3	(1)
Tranche B Floor - Credit spread	+/- 10%	9	(9)
Warrant - Volatility	+/- 5%	45	(44)

22.2Financial risk management

The Group is exposed to the following risks from the use of financial instruments:

●

Credit risk

●

Liquidity risk

●

Currency risk

●

Interest rate risk

Credit risk

Credit risk is the risk that a counterparty will not meet its obligations under a financial instrument or customer contract, leading to a financial loss. The Group is exposed to credit risk from its operating activities (primarily trade receivables) and from its financing activities, including deposits with banks and financial institutions and foreign exchange transactions.

The carrying amount of the financial assets corresponds to the maximum default risk.

Trade receivables and contract assets

The Group utilizes a receivables management system that closely manages open items of major customers. The Group’s customers in the Pharmaceutical segment are mainly pharmaceutical companies which are usually listed companies, or strongly financed by private equity funds. The Group’s customers in the Diagnostic segment are mainly hospitals, labs and physicians, of which a large part are generating revenues. To avoid default, the Company may request prepayment for new business.

In addition to the macroeconomic situation generally, the development of international healthcare markets is a key economic factor in assessing the default risk related to trade receivables and contract assets. These markets are closely monitored by the Group.

An impairment analysis is performed at each reporting date using a provision matrix to measure expected credit losses. The provision rates are based on days past due for groupings of various customer segments with similar loss patterns (i.e. by customers from different segment; customers from different geographical region and customer type). The calculation reflects the probability weighted outcome, the time value of money and reasonable and supportable information that is available at the reporting date about past events, current conditions and forecasts of future economic conditions. The maximum exposure to credit risk at the reporting date is the carrying value of each class of financial assets disclosed in Note 16. The Group does not hold collateral as security and does not request letters of credit or other forms of credit insurance. The Group evaluates the concentration of risk with respect to trade receivables and contract assets and recorded credit losses reflecting the expected lifetime loss, based on different types of customers.

Considering the major exposure to the credit risk arising from the Diagnostic segment, the Group focused its impairment analysis on the trade receivables due from customers in the Diagnostic segment, in particular the MENA and Europe regions as they represent the majority of that segment’s revenue. In addition to applying the provision matrix, the Group performed an individual customer analysis on major debtors, with reference to the past history (such as sales and collection in the previous periods) and the assessment of their current financial condition and other relevant factors and evaluated if additional specific impairment losses would be necessary.

Set out below is the information regarding the credit risk exposure of the Group’s trade receivables and contract assets using a provision matrix.


As of December 31, 2022
									Past due by
	Total Gross				Past due 1 -		Past due 31‑ 90		more than 90
in EUR k	amount		Not past due		30 days		days		days
Middle East	15,291		8,021		1,081		1,533		4,656
Europe	1,987		1,494		124		64		305
Latin America	825		742		62		12		9
North America	2,443		2,275		21		48		99
Asia Pacific	143		142		1		—		—
Contract assets	251		251		—		—		—
Total	20,940		12,925		1,289		1,657		5,069
Expected credit loss rate	21.0	%	1.0	%	3.9	%	7.4	%	80.8	%
Expected credit loss	4,392		124		50		122		4,096


As of December 31, 2021
(Restated)
									Past due by
	Total Gross				Past due 1 -		Past due 31‑ 90		more than 90
in EUR k	amount		Not past due		30 days		days		days
Middle East	13,967		3,999		1,013		2,056		6,899
Europe	11,486		10,771		351		259		105
Latin America	683		531		23		72		57
North America (Restated)	2,513		2,513		—		—		—
Asia Pacific	130		115		9		6		—
Total	28,779		17,929		1,396		2,393		7,061
Expected credit loss rate	19.0	%	2.0	%	7.7	%	11.7	%	64.1	%
Expected credit loss	5,317		403		107		280		4,526


As of December 31, 2020
(Restated)
					Past due by
	Total Gross		Past due 1 -	Past due 31‑ 90	more than 90
in EUR k	amount	Not past due	30 days	days	days
Middle East	10,515	3,338	486	385	6,306
Europe	20,017	19,193	706	113	5
Latin America	387	313	24	13	37
North America (Restated)	2,584	1,205	994	262	123
Asia Pacific	178	136	18	24	—
Total	33,681	24,185	2,228	797	6,471
Expected credit loss rate	14.0%	1.6%	3.1%	7.7%	65.0%
Expected credit loss	4,693	387	69	61	4,176

Overdue trade receivables from the Middle East region mainly relate to major customers from the Diagnostic segment. The trade receivables due from the top 10 diagnostics customers in the MENA region as of December 31, 2022 represent over 83% of total overdue balances for this region. These customers are mainly government hospitals administered by the Ministry of Health in the respective countries as well as distributors and, based on our past experience, these customers normally require a longer period to settle outstanding trade receivables. The average turnover period from these customers are 201 days. Therefore, a higher country specific loss rate has been used for the MENA region. To manage the credit risk and improve the cash collection, the Group increased the sales commission percentage to be paid to local agents for the receivables overdue since 2020 and 2021 from MENA region.

Set out below is the movement in the allowance for expected credit losses of trade receivables and contract assets:


in EUR k	2022	2021*	Jan 1, 2021*
As of January 1	5,317	4,693	2,355
Provision/(reversal) for expected credit losses	(829)	827	3,636
Derecognition of trade receivables	(96)	(203)	(1,298)
As of December 31	4,392	5,317	4,693

* Trade receivables and contract assets have been restated as of December 31, 2021, and January 1, 2021. Refer to Note 2.4.

The reversal for expected credit losses as of December 31, 2022 amounts to EUR 829k, and it is mainly related to the decreased amount of receivable past due by more than 90 days (2022: EUR 5,069k; 2021: EUR 7,061k). This amount was included in the impairment of financial assets in the profit and loss account. In 2022, trade receivables of EUR 96k (2021: EUR 7k; 2020: EUR 1,466k) were outstanding for more than 365 days and were derecognized.

Cash and cash equivalents

As of December 31, 2022, the Group held cash and cash equivalents of EUR 35,951k (2021: EUR 17,818k; 2020: EUR 48,156k). Therefore, this total also represents the maximum default risk with regard to these assets. The cash and cash equivalents are deposited principally with financial institutions with investment grade credit ratings.

Liquidity risk

The liquidity risk is the risk of the Group possibly not being in a position to meet its financial liabilities as contractually agreed by providing cash or other financial assets.

The Group's objective is to maintain a balance between continuity of funding and flexibility through the use of bank overdrafts and lease contracts.

Managing liquidity within the Group is intended to ensure that - as far as possible - sufficient cash and cash equivalents are always available to meet payment obligations when these fall due, in both normal and challenging conditions, without incurring unacceptable losses or damaging the Group’s reputation.

The Group strives to maintain cash and cash equivalents at a level above that of the expected cash outflows for financial liabilities (apart from trade payables) during the next 60 days. As of December 31, 2022, 11.6% of the Group’s interest-bearing liabilities mature in less than one year (2021: 31.7%; 2020: 25.0%) based on the carrying value of borrowings reflected in the financial statements. As of December 31, 2022, the expected cash inflows from trade and other receivables within two months amounts to EUR 7,251k (2021: EUR 6,418k; 2020: EUR 14,857k), which would be EUR 1,243k lower than the amount of trade payables due as of then.

The Company completed the IPO in November 2019. In July 2020, the Company completed a follow-on public offering of 3,500,000 common shares of the Company, consisting of 2,000,000 common shares offered by the Company and 1,500,000 common shares offered by selling shareholders at a price to the public of USD 14.00 per common share (i.e. EUR 12.71 per share). Aggregate offering proceeds, net of underwriting discounts, commissions, and transaction costs, were EUR 22 million to the Company. On January 31, 2022, pursuant to a securities purchase agreement signed with certain investors, we received EUR 15.0 million as consideration for the issuance by us of an aggregate of 4,479,088 common shares at a price per share of USD 3.73. As of December 31, 2022, the Group had cash and cash equivalent of EUR 35,951k (2021: 17,818k; 2020: EUR 48,156k). The cash and cash equivalents are deposited principally with financial institutions with investment grade credit ratings.

In addition to the cash and cash equivalents available as of December 31, 2022, the Group also has access to other sources of funding. As of December 31, 2022, the Group has secured credit lines totaling EUR 3,500k. These bear interest of 4.31% - 4.75% (2021: 3,500k; 3.75% - 4.75%; 2020: EUR 3,500k; 3.75% - 4.75%). EUR 3,374k were utilized as of December 31, 2022 (2021: EUR 3,310k; 2020: EUR 1,538k).

The table below presents the remaining contractual terms of the financial liabilities on the reporting date, including estimated interest payments. The figures are undiscounted gross amounts, including estimated interest payments and interest on undrawn loan funds, but without showing the impact of offsetting.


		Contractually agreed cash flows
						More
Dec 31, 2022	Carrying		Less than	2 to 12	1 to 5	than
in EUR k	amount	Total	2 months	months	years	5 years
Bank overdrafts	3,374	3,374	3,374	—	—	—
Secured bank loans	41,312	59,473	678	3,516	55,279	—
Lease liabilities	15,436	17,713	552	2,265	7,967	6,929
Trade payables	6,317	6,317	6,317	—	—	—
	66,439	86,877	10,921	5,781	63,246	6,929


		Contractually agreed cash flows
						More
Dec 31, 2021 (Restated)	Carrying		Less than	2 to 12	1 to 5	than
in EUR k	amount	Total	2 months	months	years	5 years
Bank overdrafts	3,310	3,310	3,310	—	—	—
Secured bank loans	505	505	105	400	—	—
Lease liabilities	18,724	21,777	703	3,337	8,844	8,893
Trade payables	11,252	11,252	11,252	—	—	—
	33,791	36,844	15,370	3,737	8,844	8,893


		Contractually agreed cash flows
						More
Dec 31, 2020	Carrying		Less than	2 to 12	1 to 5	than
in EUR k	amount	Total	2 months	months	years	5 years
Bank overdrafts	1,538	1,538	1,538	—	—	—
Secured bank loans	968	997	5	584	408	—
Other bank loans	387	394	—	394	—	—
Lease liabilities	21,205	24,897	716	3,580	9,861	10,740
Trade payables	31,736	31,525	31,011	514	—	—
	55,834	59,351	33,270	5,072	10,269	10,740

Reconciliation of liabilities arising from financing activities


			Non-cash changes
				Changes in
in EUR k	Jan 1, 2022	Cash flows	Additions	maturity and FX	Dec 31, 2022
Non-current financial liabilities	15,394	36,631	65	1,086	53,176
Non-current portion of secured bank loans	—	38,965	—	1,086	40,051
Non-current lease liabilities	15,394	(2,334)	65	—	13,125
Current financial liabilities	7,145	(1,518)	1,319	—	6,946
Current portion of secured bank loans	505	(505)	1,261	—	1,261
Bank loans	—	—	—	—	—
Bank overdrafts	3,310	64	—	—	3,374
Current lease liabilities	3,330	(1,077)	58	—	2,311
Total	22,539	35,113	1,384	1,086	60,122


			Non-cash changes
				Changes in
in EUR k	Jan 1, 2021	Cash flows	Additions	maturity and FX	Dec 31, 2021
Non-current financial liabilities	18,078	(594)	865	(2,955)	15,394
Non-current portion of secured bank loans	401	(401)	—	—	—
Non-current lease liabilities	17,677	(193)	865	(2,955)	15,394
Current financial liabilities	6,020	(2,881)	1,438	2,568	7,145
Current portion of secured bank loans	567	(62)	—	—	505
Bank loans	387	—	—	(387)	—
Bank overdrafts	1,538	1,505	267	—	3,310
Current lease liabilities	3,528	(4,324)	1,171	2,955	3,330
Total	24,098	(3,475)	2,303	(387)	22,539

Currency risk

The Group is exposed to currency risk in cases where contracts are concluded in foreign currencies. The vast majority of goods delivered and services the Company provided, including those for international customers, are invoiced in euro.

The main functional currencies of group companies are the Euro, USD, the Indian rupee and the Arab Emirates Dirham. The following table presents the net foreign currency exposure of the Group as of December 31, 2022, 2021 and 2020.


	Dec 31, 2022
in EUR k	USD	INR	AED
Trade receivables	3,720	8	—
Trade payables and other liabilities	(2,701)	—	—
Net exposure	1,019	8	—


	Dec 31, 2021
	Restated
in EUR k	USD	INR	AED
Trade receivables	2,604	8	—
Trade payables and other liabilities	(2,394)	(4)	—
Net exposure	210	4	—


	Dec 31, 2020
	Restated
in EUR k	USD	INR	AED
Trade receivables	1,224	18	—
Trade payables and other liabilities	(3,631)	(55)	(17)
Net exposure	(2,407)	(37)	(17)

Sensitivity analysis relating to changes in exchange rates

The following tables demonstrate the sensitivity at the end of the reporting period to a reasonably possible change in the USD exchange rates, with all other variables held constant, of the Group’s earnings before tax and equity movement. The Group’s exposure to foreign currency risk for all other currencies is not material.


	Earnings before tax		Equity
in EUR k	5% increase	5% decrease	5% increase	5% decrease
December 31, 2022	(94)	104	(94)	104
December 31, 2021	(101)	112	(101)	112

Interest rate risk

Interest bearing liabilities with floating interest rates exist for non-current loans as of December 31, 2022.

The following sensitivity analyses has been determined based on the exposure to interest rates at the reporting date. For the floating rate liabilities, the analysis is prepared assuming the amount of liability outstanding at the reporting date was outstanding for the whole period. In accordance with the relevant loan agreement, the interest rate cannot be lower than the determined interest rate and therefore the analysis has only been performed for the scenario where interest rate increases.

If interest rates had been 5.0 percentage point higher and all other variables were held constant, the Group’s earning before tax would decrease by EUR 1,160k for the twelve months ended December 31, 2022 (December 31, 2021: EUR nil).

Financial instruments-fair values and risk management (Tables)

12 Months Ended

Dec. 31, 2022

Financial instruments-fair values and risk management

Schedule of assets and liabilities that are measured at fair value on a recurring basis


in EUR k	Level 1	Level 2	Level 3	Carrying value	Category measurement
Non-current loans	—	(40,787)	—	(41,312)	Amortized Cost
Warrants liability	—	—	(260)	(260)	FVTPL
Prepayment option derivative asset	—	—	510	510	FVTPL
Interest rate floor derivative liability	—	—	(376)	(376)	FVTPL

Schedule of profit or loss impact on the fair values of Level 3 instruments


	2022
in EUR k	Shift	increase	decrease
Tranche A Option (yield) - Volatility	+/- 5%	219	(150)
Tranche A Option (yield) - Discount rate	+/- 10%	2	(0)
Tranche B Option (yield) - Volatility	+/- 5%	136	(105)
Tranche B Option (yield) - Discount rate	+/- 10%	3	(1)
Tranche B Floor - Credit spread	+/- 10%	9	(9)
Warrant - Volatility	+/- 5%	45	(44)

Schedule of information regarding the credit risk exposure of trade receivables and contract assets


As of December 31, 2022
									Past due by
	Total Gross				Past due 1 -		Past due 31‑ 90		more than 90
in EUR k	amount		Not past due		30 days		days		days
Middle East	15,291		8,021		1,081		1,533		4,656
Europe	1,987		1,494		124		64		305
Latin America	825		742		62		12		9
North America	2,443		2,275		21		48		99
Asia Pacific	143		142		1		—		—
Contract assets	251		251		—		—		—
Total	20,940		12,925		1,289		1,657		5,069
Expected credit loss rate	21.0	%	1.0	%	3.9	%	7.4	%	80.8	%
Expected credit loss	4,392		124		50		122		4,096


As of December 31, 2021
(Restated)
									Past due by
	Total Gross				Past due 1 -		Past due 31‑ 90		more than 90
in EUR k	amount		Not past due		30 days		days		days
Middle East	13,967		3,999		1,013		2,056		6,899
Europe	11,486		10,771		351		259		105
Latin America	683		531		23		72		57
North America (Restated)	2,513		2,513		—		—		—
Asia Pacific	130		115		9		6		—
Total	28,779		17,929		1,396		2,393		7,061
Expected credit loss rate	19.0	%	2.0	%	7.7	%	11.7	%	64.1	%
Expected credit loss	5,317		403		107		280		4,526


As of December 31, 2020
(Restated)
					Past due by
	Total Gross		Past due 1 -	Past due 31‑ 90	more than 90
in EUR k	amount	Not past due	30 days	days	days
Middle East	10,515	3,338	486	385	6,306
Europe	20,017	19,193	706	113	5
Latin America	387	313	24	13	37
North America (Restated)	2,584	1,205	994	262	123
Asia Pacific	178	136	18	24	—
Total	33,681	24,185	2,228	797	6,471
Expected credit loss rate	14.0%	1.6%	3.1%	7.7%	65.0%
Expected credit loss	4,693	387	69	61	4,176

Schedule of development of impairment losses relating to trade and other receivables


in EUR k	2022	2021*	Jan 1, 2021*
As of January 1	5,317	4,693	2,355
Provision/(reversal) for expected credit losses	(829)	827	3,636
Derecognition of trade receivables	(96)	(203)	(1,298)
As of December 31	4,392	5,317	4,693

* Trade receivables and contract assets have been restated as of December 31, 2021, and January 1, 2021. Refer to Note 2.4.

Schedule of residual contractual terms of financial liabilities, including estimated interest payments


		Contractually agreed cash flows
						More
Dec 31, 2022	Carrying		Less than	2 to 12	1 to 5	than
in EUR k	amount	Total	2 months	months	years	5 years
Bank overdrafts	3,374	3,374	3,374	—	—	—
Secured bank loans	41,312	59,473	678	3,516	55,279	—
Lease liabilities	15,436	17,713	552	2,265	7,967	6,929
Trade payables	6,317	6,317	6,317	—	—	—
	66,439	86,877	10,921	5,781	63,246	6,929


		Contractually agreed cash flows
						More
Dec 31, 2021 (Restated)	Carrying		Less than	2 to 12	1 to 5	than
in EUR k	amount	Total	2 months	months	years	5 years
Bank overdrafts	3,310	3,310	3,310	—	—	—
Secured bank loans	505	505	105	400	—	—
Lease liabilities	18,724	21,777	703	3,337	8,844	8,893
Trade payables	11,252	11,252	11,252	—	—	—
	33,791	36,844	15,370	3,737	8,844	8,893


		Contractually agreed cash flows
						More
Dec 31, 2020	Carrying		Less than	2 to 12	1 to 5	than
in EUR k	amount	Total	2 months	months	years	5 years
Bank overdrafts	1,538	1,538	1,538	—	—	—
Secured bank loans	968	997	5	584	408	—
Other bank loans	387	394	—	394	—	—
Lease liabilities	21,205	24,897	716	3,580	9,861	10,740
Trade payables	31,736	31,525	31,011	514	—	—
	55,834	59,351	33,270	5,072	10,269	10,740

Schedule of reconciliation of liabilities arising from financing activities


			Non-cash changes
				Changes in
in EUR k	Jan 1, 2022	Cash flows	Additions	maturity and FX	Dec 31, 2022
Non-current financial liabilities	15,394	36,631	65	1,086	53,176
Non-current portion of secured bank loans	—	38,965	—	1,086	40,051
Non-current lease liabilities	15,394	(2,334)	65	—	13,125
Current financial liabilities	7,145	(1,518)	1,319	—	6,946
Current portion of secured bank loans	505	(505)	1,261	—	1,261
Bank loans	—	—	—	—	—
Bank overdrafts	3,310	64	—	—	3,374
Current lease liabilities	3,330	(1,077)	58	—	2,311
Total	22,539	35,113	1,384	1,086	60,122


			Non-cash changes
				Changes in
in EUR k	Jan 1, 2021	Cash flows	Additions	maturity and FX	Dec 31, 2021
Non-current financial liabilities	18,078	(594)	865	(2,955)	15,394
Non-current portion of secured bank loans	401	(401)	—	—	—
Non-current lease liabilities	17,677	(193)	865	(2,955)	15,394
Current financial liabilities	6,020	(2,881)	1,438	2,568	7,145
Current portion of secured bank loans	567	(62)	—	—	505
Bank loans	387	—	—	(387)	—
Bank overdrafts	1,538	1,505	267	—	3,310
Current lease liabilities	3,528	(4,324)	1,171	2,955	3,330
Total	24,098	(3,475)	2,303	(387)	22,539

Schedule of net foreign currency exposure


	Dec 31, 2022
in EUR k	USD	INR	AED
Trade receivables	3,720	8	—
Trade payables and other liabilities	(2,701)	—	—
Net exposure	1,019	8	—


	Dec 31, 2021
	Restated
in EUR k	USD	INR	AED
Trade receivables	2,604	8	—
Trade payables and other liabilities	(2,394)	(4)	—
Net exposure	210	4	—


	Dec 31, 2020
	Restated
in EUR k	USD	INR	AED
Trade receivables	1,224	18	—
Trade payables and other liabilities	(3,631)	(55)	(17)
Net exposure	(2,407)	(37)	(17)

Schedule of exchange rate sensitivity


	Earnings before tax		Equity
in EUR k	5% increase	5% decrease	5% increase	5% decrease
December 31, 2022	(94)	104	(94)	104
December 31, 2021	(101)	112	(101)	112

Right-of-use assets - Carrying amounts of lease liabilities and the movements during the period (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Jan. 01, 2021
Right-of-use assets.
Beginning balance	€ 18,724	€ 21,205	€ 21,704
Additions	204	1,452	3,654
Interest expenses	637	584	865
Disposals		(273)
Payments	(4,129)	(4,244)	(5,018)
Ending balance	15,436	18,724	21,205
Current lease liabilities.	2,311	3,330	3,528	€ 3,528
Non-current lease liabilities.	€ 13,125	€ 15,394	€ 17,677	€ 17,677

Other income and expenses - Employee benefits expense (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Other income and expenses
Wages and salaries	€ 29,690	€ 32,655	€ 28,008
Social security contributions	4,415	4,588	3,714
Share-based payments	(1,461)	5,471	3,486
Termination benefits	319	1,158	569
Total	32,963	43,872	35,777
Contributions to state pension scheme (defined contribution plan)	1,790	2,706	1,851
Gain on reversal of share based payment	3,104
Supervisory board members
Other income and expenses
Share-based payments	1,446	2,564	2,172
Total	€ 1,631	€ 3,252	€ 2,775

Share-based payments - ESOP/ VSOP 2017 (Details)	12 Months Ended
Share-based payments - ESOP/ VSOP 2017 (Details)	Dec. 31, 2022 item Options € / shares $ / shares shares	Dec. 31, 2022 item Options € / shares shares	Dec. 31, 2021 item Options € / shares $ / shares shares	Dec. 31, 2021 item Options € / shares shares	Dec. 31, 2019 Options € / shares shares	Dec. 31, 2020 item
Number
Warrants exercisable \| item	1,343,727	1,343,727	0	0		0
Equity share option 2017 (Equity settled)
Share-based payments
Number of common shares per option granted \| shares					1
Lock-up period					180 days
Weighted average remaining contractual life	7 years	7 years
Number
Outstanding at January 1 \| Options	357,440	357,440	549,005	549,005
Granted during the year \| Options					805,308
Exercised during the year \| Options	(29,509)	(29,509)	(191,565)	(191,565)
Outstanding as of December 31 \| Options	327,931	327,931	357,440	357,440
Vested as of December 31 \| shares	327,931	327,931	357,440	357,440
Exercisable as of December 31 \| Options	327,931	327,931	357,440	357,440
WAEP
Outstanding as of January 1		€ 0.12		€ 0.12
Granted during the year		€ 0.12		€ 0.12	€ 0.12
Cancelled during the year	0.12	0.12	0.12	0.12
Exercised during the year \| (per share)	$ 1.25	€ 0.12	$ 9.76	€ 0.12
Outstanding as of December 31		0.12		0.12
Vested as of December 31	$ 0.12	0.12	$ 0.12	0.12
Exercisable as of December 31	$ 0.12	€ 0.12	$ 0.12	€ 0.12

Income taxes (Tables)

12 Months Ended

Dec. 31, 2022

Income taxes

Schedule of tax recognized through profit or loss


in EUR k	2022	2021*	2020*
Current tax expenses	(152)	(72)	(16)
Current year	(144)	(56)	—
Adjustments for prior periods	(8)	(16)	(16)
Deferred tax (expense)/income	45	142	(208)
Temporary differences	45	142	(182)
Tax losses	—	—	(26)
Total income tax (expenses)/benefit	(107)	70	(224)

*The comparative numbers have been re-presented as a result of the discontinued operations. Refer to Note 9 – Discontinued Operations.

Schedule of reconciliation of the effective tax rate to the statutory rate


in EUR k	2022	2021*	2020*
Loss before tax	(38,596)	(57,532)	(59,552)
Taxes on the basis of the Company’s domestic tax rate	12,390	14,642	6,627
Tax rate effect of foreign tax jurisdictions	78	882	65
Non‑deductible expenses	(125)	(3,030)	(903)
Current year losses for which no deferred tax assets were recognized	(12,472)	(12,211)	(5,792)
Tax income related to prior years	(37)	(17)	(137)
Other effects	59	(196)	(84)
Income tax (expenses)/ benefit	(107)	70	(224)

*The comparative numbers have been re-presented as a result of the discontinued operations. Refer to Note 9 – Discontinued Operations.

Schedule of breakdown of deferred taxes in the statement of financial position


	December 31, 2022		December 31, 2021		December 31, 2020
	Deferred	Deferred	Deferred	Deferred	Deferred	Deferred
in EUR k	tax assets	tax liabilities	tax assets	tax liabilities	tax assets	tax liabilities
Intangible assets	—	(2,184)	—	(2,439)	—	(2,934)
Property, plant and equipment	—	(21)	—	(14)	—	(133)
Right-of-use assets	—	(4,186)	—	(4,617)	—	(5,029)
Measurement of service contracts	—	(35)	—	(42)	—	(145)
Leasing liabilities	4,168	—	4,563	—	4,865	—
Government grants	1,679	—	1,693	—	1,903	—
Unused tax losses	544	—	777	—	1,266	—
Sum	6,391	(6,426)	7,033	(7,112)	8,034	(8,241)
Offset	(6,391)	6,391	(7,033)	7,033	(8,034)	8,034
Deferred Taxes	—	(35)	—	(79)	—	(207)

Share-based payments - Equity share option and valuation of grants (Details) € / shares in Units, € in Thousands	12 Months Ended
	Dec. 31, 2022 EUR (€) Y	Dec. 31, 2022 $ / shares	Dec. 31, 2021 Y $ / shares	Dec. 31, 2019 Y € / shares
Options. \| Mr. Modig and Mr. Sheldon
Key assumptions used to derive other equity instruments value
Exercise price (USD)			$ 9.92
Share price at grant date (USD)			$ 10.01
Expected volatility (%)			75.00%
Risk-free rate (%)			1.70%
Dividend yield (%)			0.00%
Expected contractual life (years) \| Y			10.0
Weighted average fair value (USD)			$ 7.86
Options. \| Mr. Modig
Key assumptions used to derive other equity instruments value
Exercise price (USD)			14.00
Share price at grant date (USD)			$ 10.01
Expected volatility (%)			75.00%
Risk-free rate (%)			1.70%
Dividend yield (%)			0.00%
Expected contractual life (years) \| Y			10
Weighted average fair value (USD)			$ 7.45
Options. \| Mr. Kim
Key assumptions used to derive other equity instruments value
Exercise price (USD)			11.60
Share price at grant date (USD)			$ 10.80
Expected volatility (%)			75.00%
Risk-free rate (%)			1.70%
Dividend yield (%)			0.00%
Expected contractual life (years) \| Y			9
Weighted average fair value (USD)			$ 8.21
Performance Based RSUs \| Mrs. Stratton
Key assumptions used to derive other equity instruments value
Share price at grant date (USD)		$ 4.42
Expected volatility (%)	80.00%
Risk-free rate (%)	1.10%
Dividend yield (%)	0.00%
Expected contractual life (years) \| Y	10
Performance Based RSUs \| Mrs. Stratton \| Minimum
Key assumptions used to derive other equity instruments value
Exercise price (USD)		12.00
Weighted average fair value (USD)		1.60
Performance Based RSUs \| Mrs. Stratton \| Maximum
Key assumptions used to derive other equity instruments value
Exercise price (USD)		15.00
Weighted average fair value (USD)		2.10
Performance Based RSUs \| Mr. Coego Rios
Key assumptions used to derive other equity instruments value
Share price at grant date (USD)		2.70
Expected volatility (%)	80.00%
Risk-free rate (%)	2.20%
Dividend yield (%)	0.00%
Expected contractual life (years) \| Y	10
Performance Based RSUs \| Mr. Coego Rios \| Minimum
Key assumptions used to derive other equity instruments value
Exercise price (USD)		12.00
Weighted average fair value (USD)		0.35
Performance Based RSUs \| Mr. Coego Rios \| Maximum
Key assumptions used to derive other equity instruments value
Exercise price (USD)		15.00
Weighted average fair value (USD)		0.50
RSUs \| Mrs. Stratton
Key assumptions used to derive other equity instruments value
Share price at grant date (USD)		4.42
Expected volatility (%)	85.00%
Risk-free rate (%)	1.10%
Dividend yield (%)	0.00%
Expected contractual life (years) \| Y	10
RSUs \| Mrs. Stratton \| Minimum
Key assumptions used to derive other equity instruments value
Exercise price (USD)		5
Weighted average fair value (USD)		1.45
RSUs \| Mrs. Stratton \| Maximum
Key assumptions used to derive other equity instruments value
Exercise price (USD)		15
Weighted average fair value (USD)		1.71
RSUs \| Mr. Coego Rios
Key assumptions used to derive other equity instruments value
Share price at grant date (USD)		2.70
Expected volatility (%)	80.00%
Risk-free rate (%)	2.20%
Dividend yield (%)	0.00%
Expected contractual life (years) \| Y	10
RSUs \| Mr. Coego Rios \| Minimum
Key assumptions used to derive other equity instruments value
Exercise price (USD)		5
Weighted average fair value (USD)		0.84
RSUs \| Mr. Coego Rios \| Maximum
Key assumptions used to derive other equity instruments value
Exercise price (USD)		15
Weighted average fair value (USD)		0.65
Equity share option 2017 (Equity settled)
Key assumptions used to derive the option value
Exercise price \| € / shares				€ 0.12
Share price at grant date \| € / shares				€ 12.58
Volatility (%)				70.00%
Risk-free interest rate (%)				(0.70%)
Dividend yield (%)				0.00%
Option term (years) \| Y				10
Equity share option 2019 (Equity settled)
Key assumptions used to derive the option value
Exercise price \| € / shares				€ 12.58
Share price at grant date \| € / shares				€ 12.58
Volatility (%)				70.00%
Risk-free interest rate (%)				(0.70%)
Dividend yield (%)				0.00%
Option term (years) \| Y				10
2019 Plan \| Options.
Key assumptions used to derive other equity instruments value
Exercise price (USD)			12.52
Share price at grant date (USD)			$ 12.54
Expected volatility (%)			75.00%
Risk-free rate (%)			1.90%
Dividend yield (%)			0.00%
Expected contractual life (years) \| Y			10
Weighted average fair value (USD)			$ 7.36
2019 Plan \| RSUs
Disclosure of terms and conditions of share-based payment arrangement [line items]
Amount of dividend payment expected over an vesting period \| €	€ 0
Key assumptions used to derive other equity instruments value
Weighted average fair value (USD)		$ 1.93	$ 10.96

Consolidated statements of cash flows - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Operating activities
Loss before taxes from continuing operations	€ (38,596)	€ (57,422)	€ (59,814)
Income before taxes from discontinued operations	6,875	11,152	38,110
Loss before taxes	(31,721)	(46,270)	(21,704)
Adjustments to reconcile earnings to cash flow from operating activities
Amortization (including impairments) and depreciation	10,378	19,974	15,128
Inventory write-off		1,795
Interest income		(3)	(6)
Interest expense	4,909	851	1,400
Gain on the disposal of non-current assets	(754)	(18)
Expected credit loss allowances on trade receivables and contract assets		827	3,636
Share-based payment expenses	(16)	8,035	5,658
Tax expense	(89)
Fair value adjustments of warrants	(2,574)
Other non-cash items	(1,430)	(821)	(814)
Net foreign exchange differences	963
Changes in operating assets and liabilities:
Inventories	2,050	5,741	(9,596)
Trade receivables and contract assets	6,914	4,855	(16,172)
Other assets		1,828	255
Trade payables	(4,935)	(20,484)	23,996
Other liabilities	(10,182)	1,952	6,681
Thereof cash flow (used in) continuing operating activities	(35,497)	(42,635)	(30,603)
Thereof cash flow from discontinued operating activities	9,009	20,897	39,065
Cash flow (used in)/from operating activities	(26,488)	(21,739)	8,462
Investing activities
Cash paid for investments in intangible assets	(1,727)	(2,787)	(6,657)
Cash paid for investments in property, plant and equipment	(367)	(2,915)	(9,890)
Grants received for investment in property, plant and equipment	506	168	390
Cash received from disposals of property, plant and equipment	855	171
Interest received		3	6
Thereof cash flow (used in) continuing investing activities	(1,553)	(2,494)	(5,366)
Thereof cash flow from/(used in) discontinued investing activities	820	(2,866)	(10,785)
Cash flow (used in)/from investing activities	(733)	(5,360)	(16,151)
Financing activities
Cash received from the issuance of shares	12,140		22,430
Cash received from issuance of warrants	2,833
Cash paid for acquisition of non-wholly owned subsidiary	(1)		(75)
Cash received from loans	40,568	1,772	438
Cash repayments of loans		(464)	(2,760)
Cash repayments of lease liabilities	(4,314)	(4,244)	(5,018)
Interest paid	(4,909)	(267)	(173)
Thereof net cash flow from/(used in) continuing financing activities	46,798	(2,403)	13,561
Thereof net cash flow from/(used in) discontinued financing activities	(481)	(800)	1,281
Cash flow from financing activities	46,317	(3,203)	14,842
Changes in cash and cash equivalents	19,096	(30,302)	7,153
Cash and cash equivalents at the beginning of the period	17,818	48,156	41,095
Effect of movements in exchange rates on cash held	(963)	(36)	(92)
Cash and cash equivalents at the end of the period	€ 35,951	€ 17,818	€ 48,156

Basis of preparation (Details) $ / shares in Units, € in Thousands, $ in Millions	12 Months Ended
	Dec. 31, 2022 EUR (€) shares	Dec. 31, 2021 EUR (€)	Dec. 31, 2020 EUR (€)	Apr. 30, 2023 EUR (€)	Apr. 30, 2023 USD ($)	Dec. 31, 2022 $ / shares	Jan. 31, 2022 $ / shares shares	Jan. 01, 2021 EUR (€)	Dec. 31, 2019 EUR (€)
Disclosure of changes in accounting estimates [line items]
Number of securities called by warrants \| shares	1						1,343,727
Exercise price of warrants \| $ / shares						$ 7.72	$ 7.72
Share issue related cost	€ 450	€ 0	€ 780
Profit/(loss)	(31,841)	(46,246)	(21,986)
Comprehensive loss	31,917	45,703	22,034
Loss before taxes from continuing operations	(38,596)	(57,422)	(59,814)
Loss for the year from continuing operations	(38,703)	(57,352)	(60,038)
Loss of operations resulting in operating cash outflow	(26,488)	(21,739)	8,462
Accumulated deficit	(141,300)
Equity	7,411	27,258	64,926					€ 64,926	€ 58,679
Property, plant and equipment	6,808	9,464	16,590					16,590
Lease liability	15,436	18,724	21,205						21,704
Net income from discontinued operations, net of tax	6,862	11,106	38,052
Trade receivables and contract assets	16,548	23,462	28,988					28,988
Other liabilities	202	960	640					640
Revenue	47,473	42,234	38,453
Impairment of financial assets		827	3,636
Accumulated deficit and other reserves	(141,265)	(109,540)	(63,739)					(63,739)
Short term debt obligation	3,400
Cash and cash equivalents	35,951	17,818	48,156					48,156	41,095
COVID 19 Segment Discontinued Operations
Disclosure of changes in accounting estimates [line items]
Loss before taxes from continuing operations	6,875	11,152	38,110
Net income from discontinued operations, net of tax	6,862	11,106	38,052
Revenue	19,455	146,334	89,218
Unadjusted differences identified in trade receivables		(57)	(127)
Unadjusted differences identified in revenue		(57)	(127)
Adjustment
Disclosure of changes in accounting estimates [line items]
Profit/(loss)		606	(608)
Comprehensive loss		(606)	608
Accumulated deficit								€ (851)
Equity		(245)	(851)						€ (243)
Property, plant and equipment		1,317
Lease liability		273
Depreciation expense		(1,317)
Other operating income (expense)		273
Net income from discontinued operations, net of tax		1,590
Trade receivables and contract assets		(875)	(211)
Other liabilities		960	640
Revenue		(1,355)	(710)
Impairment of financial assets		(313)	(102)
Accumulated deficit and other reserves		(245)	(851)
Adjustment \| COVID 19 Segment Discontinued Operations
Disclosure of changes in accounting estimates [line items]
Unadjusted differences identified in trade receivables		(57)	(127)
Unadjusted differences identified in revenue		€ (57)	€ (127)
Warrants
Disclosure of changes in accounting estimates [line items]
Share issue related cost	€ 68
Loan and Security Agreement
Disclosure of changes in accounting estimates [line items]
Prepayments of Borrowings \| $					$ 5.0
Loan and Security Agreement \| Minimum
Disclosure of changes in accounting estimates [line items]
Collateral Amount				€ 9,100

Financial instruments-fair values and risk management - Recurring basis (Details) € in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022 EUR (€)	Dec. 31, 2021 USD ($)	Dec. 31, 2021 EUR (€)
Disclosure of fair value measurement of liabilities [line items]
Non-current loans at amortised cost	€ (40,787)		€ 0
Warrant liability	(260)
Derivative liabilities	376
Gain recognized on warrant liability fair value measurement	2,574
Interest rate floor
Disclosure of fair value measurement of liabilities [line items]
Change in measurement of interest derivatives	(376)
Prepayment option
Disclosure of fair value measurement of liabilities [line items]
Change in measurement of interest derivatives	510	$ 0
Recurring
Disclosure of fair value measurement of liabilities [line items]
Non-current loans at amortised cost	(41,312)
Warrant liability	(260)
Recurring \| Interest rate floor
Disclosure of fair value measurement of liabilities [line items]
Derivative liabilities	(376)
Recurring \| Prepayment option
Disclosure of fair value measurement of liabilities [line items]
Derivative asset	510
Recurring \| Level 2
Disclosure of fair value measurement of liabilities [line items]
Non-current loans at amortised cost	(40,787)
Recurring \| Level 3
Disclosure of fair value measurement of liabilities [line items]
Warrant liability	(260)
Recurring \| Level 3 \| Interest rate floor
Disclosure of fair value measurement of liabilities [line items]
Derivative liabilities	(376)
Recurring \| Level 3 \| Prepayment option
Disclosure of fair value measurement of liabilities [line items]
Derivative asset	€ 510

Financial liabilities - Key assumptions to derive warrants value (Details)	Dec. 31, 2022 $ / shares Y	Jan. 31, 2022 $ / shares Y
Exercise price
Disclosure of sensitivity analysis of fair value measurement to changes in unobservable inputs, liabilities [line items]
Assumptions used to derive warrants value	7.72	7.72
Share price
Disclosure of sensitivity analysis of fair value measurement to changes in unobservable inputs, liabilities [line items]
Assumptions used to derive warrants value	0.93	4.42
Volatility
Disclosure of sensitivity analysis of fair value measurement to changes in unobservable inputs, liabilities [line items]
Assumptions used to derive warrants value	0.8500	0.8000
Risk-free interest rate
Disclosure of sensitivity analysis of fair value measurement to changes in unobservable inputs, liabilities [line items]
Assumptions used to derive warrants value	0.0415	0.0165
Dividend yield
Disclosure of sensitivity analysis of fair value measurement to changes in unobservable inputs, liabilities [line items]
Assumptions used to derive warrants value	0	0
Time to maturity
Disclosure of sensitivity analysis of fair value measurement to changes in unobservable inputs, liabilities [line items]
Assumptions used to derive warrants value \| Y	4.00	4.90

Capital management

12 Months Ended

Dec. 31, 2022

Capital management

Capital management

19 Capital management

The Group's objectives when managing capital are to safeguard the Company's ability to continue as a going concern and finance all necessary sustainable developments, so that it can continue to provide returns for shareholders and benefits for other stakeholders. In particular, care is taken and an optimal capital structure is strived to reduce the cost of capital. With the IPO in November 2019, follow-on public offering of July 2020, shares and warrant issuance and aggregate debt financing in February 2022, the Group is focused on achieving a healthy capital base to increase the confidence of investors and the capital market.

The Group manages its capital structure and makes adjustments in light of changes in economic conditions and the risk characteristics of its activities. To maintain or adjust the capital structure, the Group may adjust the return to shareholders, issue new shares, or pay additional interests to reduce debt.

List of subsidiaries (Tables)

12 Months Ended

Dec. 31, 2022

List of subsidiaries

Schedule of major subsidiaries


		Equity interests (%)
	Country in which
	primary activities are
Name	pursued	Dec 31, 2022	Dec 31, 2021
Centogene GmbH*	Germany	100	100
Centogene FZ-LLC	United Arab Emirates	100	100
Centogene US, LLC	USA	100	100
Centogene GmbH	Austria	100	90
Centogene India Pvt. Ltd**	India	100	100
Centogene Switzerland AG	Switzerland	100	100
Centosafe B.V.	Netherlands	100	100
Centogene d.o.o Belgrade	Serbia	100	100
Dr. Bauer Laboratoriums GmbH***	Germany	—	—

(*) Centogene IP GmbH and Centogene Shared Service GmbH were merged with Centogene GmbH on January 1, 2021.

(**)The Group acquired the remaining 10% of Centogene GmbH. Austria in 2022.

(***)

See note 4.

Share-based payments - Key assumptions used to derive the Performance-vested RSUs value (Details)	May 27, 2022 item $ / shares	Feb. 01, 2022 item $ / shares
Chief Executive Officer \| Tranche one
Disclosure of terms and conditions of share-based payment arrangement [line items]
Share price at grant date (USD) \| $ / shares		$ 4.42
Vesting hurdle		12
Expected volatility (%)		80.00%
Risk-free rate (%)		1.10%
Time to vesting hurdle year		1 year 10 months 28 days
Dividend yield (%)		0.00%
Chief Executive Officer \| Tranche two
Disclosure of terms and conditions of share-based payment arrangement [line items]
Share price at grant date (USD) \| $ / shares		$ 4.42
Vesting hurdle		15
Expected volatility (%)		80.00%
Risk-free rate (%)		1.10%
Time to vesting hurdle year		1 year 10 months 28 days
Dividend yield (%)		0.00%
CFO \| Tranche one
Disclosure of terms and conditions of share-based payment arrangement [line items]
Share price at grant date (USD) \| $ / shares	$ 2.70
Vesting hurdle	12
Expected volatility (%)	80.00%
Risk-free rate (%)	2.20%
Time to vesting hurdle year	1 year 8 months 4 days
Dividend yield (%)	0.00%
CFO \| Tranche two
Disclosure of terms and conditions of share-based payment arrangement [line items]
Share price at grant date (USD) \| $ / shares	$ 2.70
Vesting hurdle	15
Expected volatility (%)	80.00%
Risk-free rate (%)	2.20%
Time to vesting hurdle year	1 year 8 months 4 days
Dividend yield (%)	0.00%
Performance Based RSUs \| Chief Executive Officer \| Tranche one
Disclosure of terms and conditions of share-based payment arrangement [line items]
Vesting hurdle		12
Performance Based RSUs \| Chief Executive Officer \| Tranche two
Disclosure of terms and conditions of share-based payment arrangement [line items]
Vesting hurdle		15

Equity - Issued capital and capital reserve (Details) - Common shares - € / shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Equity
Number of shares issued and fully paid, Beginning	22,567,971	22,117,643	19,862,000
Issued shares	4,998,000		2,000,000
Exercise of options	30,000	450,000	256,000
Number of shares issued and fully paid, Ending	27,595,835	22,567,971	22,117,643
Authorized common shares	79,000,000	79,000,000	79,000,000
Par value per share (in euros per share)	€ 0.12	€ 0.12	€ 0.12

List of subsidiaries (Details)	12 Months Ended
List of subsidiaries (Details)	Dec. 31, 2022	Dec. 31, 2021
Centogene GmbH
List of subsidiaries
Ownership interest in subsidiary (in percent)	100.00%	100.00%
Centogene Fz Llc, United Arab Emirates
List of subsidiaries
Ownership interest in subsidiary (in percent)	100.00%	100.00%
Centogene US LLC, Burlington, USA
List of subsidiaries
Ownership interest in subsidiary (in percent)	100.00%	100.00%
Centogene GmbH, Vienna
List of subsidiaries
Ownership interest in subsidiary (in percent)	100.00%	90.00%
Additional percentage ownership in subsidiary acquired	10.00%
Centogene India Pvt. Ltd
List of subsidiaries
Ownership interest in subsidiary (in percent)	100.00%	100.00%
Centogene Switzerland AG
List of subsidiaries
Ownership interest in subsidiary (in percent)	100.00%	100.00%
Centosafe B.V.
List of subsidiaries
Ownership interest in subsidiary (in percent)	100.00%	100.00%
Centogene d.o.o Belgrade
List of subsidiaries
Ownership interest in subsidiary (in percent)	100.00%	100.00%

Accounting judgments and estimates

12 Months Ended

Dec. 31, 2022

Accounting judgments and estimates

Accounting judgments and estimates

6 Accounting judgments and estimates

The preparation of the consolidated financial statements requires the management board to make judgments, estimates and assumptions that affect the application of accounting policies and the reported amounts of revenues, expenses, assets and liabilities, and the accompanying disclosures. Actual results could differ from those estimates. Estimates and underlying assumptions are reviewed on an ongoing basis and revisions of estimates are recorded prospectively.

6.1Judgments

Development costs

Development costs are recognized in accordance with the accounting policy for certain internally generated assets. The Group’s research and development activities mainly relate to development of biomarkers, AI capabilities and Medical Reporting automatization and IT driven solutions. With respect to biomarkers, the development stage is usually considered to be achieved when the target validation process is completed and commercialization is probable. With respect to AI capabilities and Medical Reporting automatization and IT driven solutions, the development stage is considered to be achieved upon the completion of the Group’s internal validation test. Before such date, any development costs are recognized in profit or loss and may not be subsequently capitalized. As of December 31, 2022, the carrying amount of capitalized development costs was EUR 6,972k (2021: EUR 7,941k). This amount includes investments in the development of biomarkers, AI capabilities and Medical Reporting automatization and IT driven solutions (the new ERP).

Provision for expected credit losses of trade receivables and contract assets

The Group uses a provision matrix to calculate ECLs for trade receivables and contract assets. The provision rates are based on days past due for groupings of various customer segments that have similar loss patterns (e.g. by segment, geography, customer type and rating).

The provision matrix is initially based on the Group's historical observed default rates. The Group will calibrate the matrix to adjust the historical credit loss experience with forward-looking information. For instance, if forecasted economic conditions (i.e., gross domestic product) are expected to deteriorate over the next year which can lead to an increased number of defaults in the manufacturing sector, the historical default rates are adjusted. At every reporting date, the historical observed default rates are updated and changes in the forward-looking estimates are analyzed.

The assessment of the correlation between historical observed default rates, forecasted economic conditions and ECLs is a significant estimate. The amount of ECLs is sensitive to changes in circumstances and of forecasted economic conditions. The Group's historical credit loss experience and forecast of economic conditions may also not be representative of customer's actual default in the future. The information about the ECLs on the Group's trade receivables and contract assets is disclosed in Note 22.

Deferred tax asset on loss carryforwards

The tax losses carried forward do not expire. In the light of the Company’s loss history, the recognition of deferred taxes for tax losses carried forward and deductible temporary differences is limited to the future reversal of existing taxable temporary differences.

Fair value measurement of financial instruments

When the fair values of financial assets and liabilities recorded in the statement of financial position cannot be measured based on quoted prices in active markets, their fair values are measured using valuation techniques including the discounted cash flow model and option pricing models. The inputs to these models are taken from observable markets where possible, but where this is not feasible, a degree of judgement is required in establishing fair values. For the valuation of the loan hosting a multiple embedded option the Group used the Leveraged Loan Index spread for BBB companies and for C companies as boundary conditions. See Note 22.1 for further details.

Revenue implicit concession

The Group has a diagnostics customer in the Middle Eastern region with a history of significant payment delays. This history has resulted in the recognition of significant subsequent impairment losses by applying the expected credit loss method as the collection of the contractual consideration was historically considered probable upon recognition of revenue. In 2021, based on the developments in its collection experience, additional negotiations with the customer, and past experiences, the Group considered it necessary to reassess its judgments related to the recognition of revenue from contracts with this customer.

The Group’s management concluded, based on the facts and circumstances and management’s expectations regarding this customer, that this uncertainty in the amount of the contract consideration it expects to collect, and the likelihood of accepting a lower amount or changing payment terms represents an “implicit price concession” such that the contract consideration is variable.

Therefore, the Group’s management estimates the amount of the contractual consideration it expects to ultimately collect and for which it is highly probable that related revenue recognized would not be subject to significant future reversals when such uncertainty is resolved. The Group’s management estimates the implicit price concessions by applying an estimated rate of 2% (2021: 18% based primarily upon past collection history).

Despite the uncertainties related to the amount expected to be collected from the customer, based on experience and the facts and circumstances related to the customer, the Group considers it probable that it will collect 98% (2021: 82%) of the amount of estimated variable transaction price due to newly agreed payment plans established with the customer. Therefore, the Group records the difference between the billed amount and the amount estimated to be collectible as a reduction to revenue. At the end of each reporting period, and if necessary upon receipt of new information, the Group may revise the amount of the variable consideration included in the transaction price. The Group has applied this accounting policy and accounting estimate to arrangements with this customer prospectively with effect from the third quarter of 2021.

6.2 Assumptions and estimation uncertainties

Information concerning assumptions and estimation uncertainty that have a significant risk of causing a material adjustment to the fiscal year ended on December 31, 2022 are presented in the following disclosures. The Group based its assumptions and estimates on parameters available when the consolidated financial statements were prepared. Existing circumstances and assumptions about future developments, however, may change due to market changes or circumstances arising that are beyond the control of the Group. Such changes are reflected in the assumptions when they occur.

Share-based payments

Estimating fair value for share-based payment transactions requires a determination of the most appropriate valuation model, which depends on the terms and conditions of the grant. For the measurement of the fair value of equity-settled transactions at the grant date (including those issued to replace the cash-settled transactions), the Group uses the Monte Carlo simulation model. The fair value at grant date of equity-settled transactions is not updated at the end of each reporting period.

Valuation of Share Options

The Black-Scholes option pricing model requires the input of subjective assumptions, including assumptions about the expected life of share-based awards and share price volatility. The Monte Carlo simulation model utilizes multiple input variables to estimate the probability that market conditions will be achieved. As a company listed on the Nasdaq stock exchange in 2019, the Group’s share price only has limited sufficient historical information to be used as a reference, and therefore subjective inputs were included when estimating the fair value of our common shares to be used in both option pricing models.

In addition, our management used different key assumptions in the models to calculate the fair value. The assumptions and models used for estimating fair value for share-based payment transactions are disclosed in Note 21.

The Group intends to continue to consistently apply this methodology using the same comparable companies until a sufficient amount of historical information regarding the volatility of our own share price as a public company becomes available.

Going Concern

In assessing whether the going concern assumption is appropriate and whether there are material uncertainties that may cast significant doubt about our ability to continue as a going concern, management must estimate future cash flows for a period of at least twelve-months following the end of the reporting period by considering relevant available information about the future. Management has considered a wide range of factors relating to expected cash inflows which are subject to uncertainty, including the forecasted revenue from the Diagnostics and Pharmaceutical segments, as well as whether we will enter into any new significant pharmaceutical partnerships, and potential sources of convertible debt and equity financing available to us. Management has also estimated expected cash outflows such as operating and capital expenditures and debt repayment schedules, including the ability to delay uncommitted expenditures, and implementation of certain planned cost saving measures. Estimated future cash flows are derived from cash inflows from projected revenues less projected cash costs and are based on the approved budget adjusted for any earnings that have come from the year-to-date performance. Estimated future cash flows have been prepared based on assumptions such as revenue growth rates by segment, savings from planned cost measures and additional funding provided through various means of capital raising and working capital strategies.

Subsequent Events (Details) $ in Thousands, € in Millions	Apr. 24, 2023	Mar. 15, 2023 USD ($)	Jan. 19, 2023	Apr. 30, 2023 EUR (€)	Apr. 30, 2023 USD ($)
Major ordinary share transactions \| RSUs \| CPO
Subsequent Event
Expiration Date			6 months
Major ordinary share transactions \| RSUs \| Chief Scientific Officer
Subsequent Event
Expiration Date	6 months
New employment agreement with chief commercial officer \| Chief commercial officer and general manager
Subsequent Event
Term of probation		6 months
Amount of sign in bonus		$ 60
Trading days		60 days
Loan and Security Agreement
Subsequent Event
Prepayments of Borrowings					$ 5,000
Loan and Security Agreement \| Minimum
Subsequent Event
Collateral Amount \| €				€ 9.1

Segment information and revenue from contracts with customers - Geographical information (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disclosure of operating segments
Rendering of services	€ 46,778	€ 41,472	€ 37,449
Sales of goods	695	762	1,004
Total Revenues from contracts with external customers	47,473	42,234	38,453
Europe
Disclosure of operating segments
Total Revenues from contracts with external customers	6,288	5,915	5,754
-Germany
Disclosure of operating segments
Total Revenues from contracts with external customers	307	211	186
-Netherlands
Disclosure of operating segments
Total Revenues from contracts with external customers	7	6	3
Middle East
Disclosure of operating segments
Total Revenues from contracts with external customers	19,902	16,432	12,624
-Saudi Arabia
Disclosure of operating segments
Total Revenues from contracts with external customers	12,412	9,865	7,752
North America
Disclosure of operating segments
Total Revenues from contracts with external customers	16,591	16,583	17,681
-United States
Disclosure of operating segments
Total Revenues from contracts with external customers	16,525	16,396	17,475
Latin America
Disclosure of operating segments
Total Revenues from contracts with external customers	3,907	2,593	1,886
Asia Pacific
Disclosure of operating segments
Total Revenues from contracts with external customers	786	711	508
Recognized over time.
Disclosure of operating segments
Total Revenues from contracts with external customers	46,778	41,472	37,449
Recognized at a point in time.
Disclosure of operating segments
Total Revenues from contracts with external customers	695	762	1,004
Pharmaceutical
Disclosure of operating segments
Rendering of services	15,420	14,879	15,947
Sales of goods	695	762	1,004
Total Revenues from contracts with external customers	16,115	15,641	16,951
Pharmaceutical \| Europe
Disclosure of operating segments
Total Revenues from contracts with external customers	361	490	149
Pharmaceutical \| Middle East
Disclosure of operating segments
Total Revenues from contracts with external customers	352	117	56
Pharmaceutical \| -Saudi Arabia
Disclosure of operating segments
Total Revenues from contracts with external customers			56
Pharmaceutical \| North America
Disclosure of operating segments
Total Revenues from contracts with external customers	15,346	14,940	16,711
Pharmaceutical \| -United States
Disclosure of operating segments
Total Revenues from contracts with external customers	15,346	14,940	16,711
Pharmaceutical \| Latin America
Disclosure of operating segments
Total Revenues from contracts with external customers	56	94	35
Pharmaceutical \| Recognized over time.
Disclosure of operating segments
Total Revenues from contracts with external customers	15,420	14,879	15,947
Pharmaceutical \| Recognized at a point in time.
Disclosure of operating segments
Total Revenues from contracts with external customers	695	762	1,004
Diagnostics
Disclosure of operating segments
Rendering of services	31,358	26,593	21,502
Total Revenues from contracts with external customers	31,358	26,593	21,502
Diagnostics \| Europe
Disclosure of operating segments
Total Revenues from contracts with external customers	5,927	5,425	5,605
Diagnostics \| -Germany
Disclosure of operating segments
Total Revenues from contracts with external customers	307	211	186
Diagnostics \| -Netherlands
Disclosure of operating segments
Total Revenues from contracts with external customers	7	6	3
Diagnostics \| Middle East
Disclosure of operating segments
Total Revenues from contracts with external customers	19,550	16,315	12,568
Diagnostics \| -Saudi Arabia
Disclosure of operating segments
Total Revenues from contracts with external customers	12,412	9,865	7,696
Diagnostics \| North America
Disclosure of operating segments
Total Revenues from contracts with external customers	1,245	1,643	970
Diagnostics \| -United States
Disclosure of operating segments
Total Revenues from contracts with external customers	1,179	1,456	764
Diagnostics \| Latin America
Disclosure of operating segments
Total Revenues from contracts with external customers	3,851	2,499	1,851
Diagnostics \| Asia Pacific
Disclosure of operating segments
Total Revenues from contracts with external customers	786	711	508
Diagnostics \| Recognized over time.
Disclosure of operating segments
Total Revenues from contracts with external customers	€ 31,358	€ 26,593	€ 21,502

Right-of-use assets (Details) € in Thousands	12 Months Ended
Right-of-use assets (Details) € in Thousands	Dec. 31, 2022 EUR (€) contract
Rostock headquarters building
Leases
Lease term	12 years
Number of times the lease contract can be extended \| contract	2
Lease contract extension term	6 years
Rental expense	€ 1,500
Rostock headquarters building and Berlin offices
Leases
Bank guarantee	3,257
Short term deposits pledged as security	€ 2,768
Plant and machinery
Leases
Lease term	2 years
Rental deposits	€ 51
Other equipment
Leases
Lease term	4 years
Motor vehicles
Leases
Lease term	3 years
Certain motor vehicles and premises \| Maximum
Leases
Lease term	12 months

Inventories

12 Months Ended

Dec. 31, 2022

Inventories

Inventories

15 Inventories


in EUR k	Dec 31, 2022	Dec 31, 2021	Jan 1, 2021
Raw materials, consumables and supplies	1,801	3,831	11,167
Finished goods and merchandise	18	38	238
Inventories	1,819	3,869	11,405

In the year ended December 31, 2022, raw materials, consumables, and changes in inventories of finished goods recorded as expenses under “cost of sales” came to EUR 19,525k (2021: EUR 9,467k; 2020: EUR 11,061k).

Segment information and revenue from contracts with customers - Information by operating segments (Details) € in Thousands	12 Months Ended
	Dec. 31, 2022 EUR (€) segment	Dec. 31, 2021 EUR (€)	Dec. 31, 2020 EUR (€)
Segment information
Number of reportable segments \| segment	2
Total Revenues from contracts with external customers	€ 47,473	€ 42,234	€ 38,453
Adjusted EBITDA	(27,857)	(38,124)	(39,053)
Additions to property, plant and equipment and right-of-use assets	3,379	1,887	3,617
Additions to intangible assets	1,727	2,787	6,657
Additions to intangible assets			4,985
Other segment information
Depreciation and amortization (including impairments)	8,932	10,464	13,728
Research and development expenses	17,488	19,297	14,935
Pharmaceutical
Segment information
Total Revenues from contracts with external customers	16,115	15,641	16,951
Pharmaceutical \| Pharmaceutical Partner
Segment information
Total Revenues from contracts with external customers	566	455	0
Diagnostics
Segment information
Total Revenues from contracts with external customers	31,358	26,593	21,502
Operating segment \| Pharmaceutical
Segment information
Total Revenues from contracts with external customers	16,115	15,641	16,951
Adjusted EBITDA	6,802	4,785	6,194
Additions to property, plant and equipment and right-of-use assets	1,244	690	333
Additions to intangible assets	162	2,401
Additions to intangible assets			3,183
Other segment information
Depreciation and amortization (including impairments)	801	2,076	6,769
Operating segment \| Diagnostics
Segment information
Total Revenues from contracts with external customers	31,358	26,593	21,502
Adjusted EBITDA	6,438	3,030	(2,912)
Additions to property, plant and equipment and right-of-use assets	910	261	602
Additions to intangible assets	14
Other segment information
Depreciation and amortization (including impairments)	1,790	2,539	2,289
Corporate
Segment information
Adjusted EBITDA	(41,097)	(45,939)	(42,335)
Additions to property, plant and equipment and right-of-use assets	1,225	936	2,682
Additions to intangible assets	1,551	386
Additions to intangible assets			1,802
Other segment information
Depreciation and amortization (including impairments)	6,340	5,849	4,670
Research and development expenses	€ 17,488	€ 19,297	€ 14,935

Property, plant and equipment (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Property, plant and equipment
Balance, at the beginning of the year	€ 9,464	€ 16,590
Currency translation differences	34	40
Balance, at the end of the year	6,808	9,464	€ 16,590
Buildings
Property, plant and equipment
Balance, at the beginning of the year	2,463	2,773
Currency translation differences	3	2
Balance, at the end of the year	2,223	2,463	2,773
Plant
Property, plant and equipment
Balance, at the beginning of the year	3,195	5,869
Currency translation differences	11	12
Balance, at the end of the year	2,550	3,195	5,869
Other equipment, furniture and fixtures
Property, plant and equipment
Balance, at the beginning of the year	3,806	7,948
Currency translation differences	20	26
Balance, at the end of the year	2,035	3,806	7,948
Cost
Property, plant and equipment
Balance, at the beginning of the year	33,056	30,073	17,696
Additions	528	2,915	9,890
Disposal	(3,087)	(1,097)	(612)
Transfers from right-of-use assets	2,628	1,165	3,099
Balance, at the end of the year	33,159	33,056	30,073
Cost \| Buildings
Property, plant and equipment
Balance, at the beginning of the year	3,364	3,359	3,254
Additions		5	105
Balance, at the end of the year	3,367	3,364	3,359
Cost \| Plant
Property, plant and equipment
Balance, at the beginning of the year	15,054	14,124	9,730
Additions	24	144	1,295
Disposal	(66)	(379)
Transfers from right-of-use assets	2,628	1,165	3,099
Balance, at the end of the year	17,651	15,054	14,124
Cost \| Other equipment, furniture and fixtures
Property, plant and equipment
Balance, at the beginning of the year	14,638	12,590	4,712
Additions	504	2,766	8,490
Disposal	(3,021)	(718)	(612)
Balance, at the end of the year	12,141	14,638	12,590
Accumulated depreciation, amortization and impairment
Property, plant and equipment
Balance, at the beginning of the year	(23,592)	(13,483)	(9,320)
Depreciation	3,975	9,990	3,100
Disposal	2,985	374	44
Transfers from right-of-use assets	1,729	493	1,107
Balance, at the end of the year	(26,351)	(23,592)	(13,483)
Accumulated depreciation, amortization and impairment \| Buildings
Property, plant and equipment
Balance, at the beginning of the year	(901)	(586)	(392)
Depreciation	241	315	194
Balance, at the end of the year	(1,144)	(901)	(586)
Accumulated depreciation, amortization and impairment \| Plant
Property, plant and equipment
Balance, at the beginning of the year	(11,859)	(8,255)	(6,155)
Depreciation	1,568	3,268	993
Disposal	67	157
Transfers from right-of-use assets	1,729	493	1,107
Balance, at the end of the year	(15,101)	(11,859)	(8,255)
Accumulated depreciation, amortization and impairment \| Other equipment, furniture and fixtures
Property, plant and equipment
Balance, at the beginning of the year	(10,832)	(4,642)	(2,773)
Depreciation	2,166	6,407	1,913
Disposal	2,918	217	44
Balance, at the end of the year	€ (10,106)	€ (10,832)	€ (4,642)

Other income and expenses

12 Months Ended

Dec. 31, 2022

Other income and expenses

Other income and expenses

8 Other income and expenses

8.1Other operating income


in EUR k	2022	2021	2020
		(Restated)	(Restated)
Government grants	1,958	2,263	2,152
Gain on disposal of property, plant and equipment	53	18	2
VAT refund from tax authorities	970	—	—
Others	793	613	238
Total other operating income	3,774	2,894	2,392

Government grants contain performance-based grants to subsidize research, development and innovation in the state of Mecklenburg-Western Pomerania from funds granted by the European Regional Development Fund. Furthermore, government grants contain the release of deferred income from investment related grants. VAT refund from tax authorities consist of the amounts received for 2020, 2021 and 2022 financial years as a result of a change made to the VAT tax declarations of Centogene GmbH in agreement with the tax administration in Germany. Refer to Note 27 for further details.

8.2Other operating expenses


in EUR k	2022	2021	2020

Currency losses	741	86	10
Other	—	—	172
Total other operating expenses	741	86	182

8.3Financial costs, net


in EUR k	2022	2021	2020
Interest expenses from loans	(2,934)	(218)	(154)
Changes in FV of warrants	2,574	—	—
Changes in FV of floor	(376)	—	—
Changes in FV of prepayment option	510	—	—
Currency losses	(963)	—	(362)
Unwinding of the discount on lease liabilities	(637)	(584)	(865)
Interest income from loans and receivables	3	3	6
Total	(1,823)	(799)	(1,375)

On January 31, 2022, the Company entered into the Loan Agreement with Oxford Finance LLC and the interest expenses recognized for it during 2022 were EUR 2,806k (2021: EUR nil; 2020: EUR nil). Related to the Oxford Loan, the Company also recognized EUR 963k (2021: EUR nil; 2020: EUR nil) of currency losses for the effects of the foreign exchange, EUR 510k (2021: EUR nil; 2020: EUR nil) as positive impact of the changes in the fair value of the prepayment option, and EUR 376k (2021: EUR nil; 2020: EUR nil) as negative impact of the changes in the fair value of the floor. Finally, “Changes in fair value of warrants” includes the effects of the change in the fair value of the warrants related to the securities purchase agreement and a warrant agreement signed on January 31, 2022 (see Note 22).

8.4Employee benefits expense


in EUR k	2022*	2021*	2020*
Wages and salaries	29,690	32,655	28,008
Social security contributions	4,415	4,588	3,714
Share‑based payments	(1,461)	5,471	3,486
Termination benefits	319	1,158	569
Total	32,963	43,872	35,777

*The comparative numbers have been re-presented as a result of discontinued operations. Refer to Note 9 – Discontinued Operations.

Social security contributions include contributions to state pension scheme of EUR 1,790k (2021: EUR 2,706k; 2020: EUR 1,851k) as defined contribution plan expenses. Additionally, the Company recognized compensation expense of EUR 1,631k (2021: EUR 3,252k; 2020: EUR 2,775k) for remuneration of supervisory board members, including share-based payments. Due to the departure of the former CEO Andrin Oswald, the former CFO René Just and former CIO Volkmar Weckesser in 2022, the share-based payment expenses include reversals of in previous periods recognized expenses based on cancelations and forfeiture of EUR 3,104k. (See “Note 21 Share-based Payments” of our consolidated financial statements as of and for the year ended December 31, 2022.)

Income taxes - Reconciliation of the effective tax rate to the statutory rate (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Line Items]
Statutory rate (as a percent)	32.10%	32.10%	32.10%
Loss before tax	€ (38,596)	€ (57,532)	€ (59,552)
Taxes on the basis of the Company's domestic tax rate	12,390	14,642	6,627
Tax rate effect of foreign tax jurisdictions	78	882	65
Non-deductible expenses	(125)	(3,030)	(903)
Current year losses for which no deferred tax assets were recognized	(12,472)	(12,211)	(5,792)
Tax income related to prior years	(37)	(17)	(137)
Other effects	59	(196)	(84)
Income tax (expenses)/ benefit	€ (107)	€ 70	€ (224)
Domestic tax rate
Income Tax Disclosure [Line Items]
Statutory rate (as a percent)	32.10%
Corporate income tax rate (as a percent)	15.00%
Solidarity surcharge (as a percent)	5.50%
Trade tax rate (as a percent)	16.30%

Discontinued operations (Details) - EUR (€) € / shares in Units, € in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Mar. 31, 2022	Jan. 01, 2021
Discontinued operations
Inventories	€ 1,819	€ 3,869			€ 11,405
Revenue	47,473	42,234	€ 38,453
Cost of sales	27,712	28,735	35,286
Gross profit	19,761	13,499	3,167
General administrative expenses	32,587	43,480	37,665
Selling expenses	9,924	9,326	7,580
Other operating income	3,774	2,894	2,392
Other operating expenses	(741)	(86)	(182)
Operating loss	(36,773)	(56,623)	(58,439)
Financial costs, net	1,823	799	1,375
Income before taxes	(38,596)	(57,422)	(59,814)
Income taxes expenses	107	(70)	224
Income for the period	6,862	11,106	38,052
COVID 19 Segment Discontinued Operations
Discontinued operations
Inventories				€ 0
Deconsolidation on net income	1,640
Unadjusted differences identified in trade receivables		(57)	(127)
Unadjusted differences identified in revenue		(57)	(127)
Revenue	19,455	146,334	89,218
Cost of sales	15,120	131,713	48,151
Gross profit	4,335	14,621	41,067
General administrative expenses	503	3,259	2,495
Selling expenses	7	534	446
Other operating income	3,096	373	3
Operating loss	6,921	11,201	38,129
Financial costs, net	46	49	19
Income before taxes	6,875	11,152	38,110
Income taxes expenses	13	46	58
Income for the period	6,862	11,106	38,052
Total comprehensive income, attributable to equity holders of the parent	€ 6,862	€ 11,106	€ 38,052
Net income per share - Basic and diluted (in EUR)
Basic earnings (loss) per share from discontinued operations (in EUR)	€ 0.26	€ 0.49	€ 1.82
Diluted earnings (loss) per share from discontinued operations (in EUR)	€ 0.26	€ 0.49	€ 1.82
COVID 19 Segment Discontinued Operations \| Bauer GmbH
Discontinued operations
Termination fees payable	€ 1,640
Separation arrangement	832
Test vouchers	200
Separation arrangements related to taxes	117
Other provision related to separation arrangement	€ 515

Subsequent Events

12 Months Ended

Dec. 31, 2022

Subsequent Events

Subsequent Events

28 Subsequent Events

On January 19, 2023, the Company announced the resignation of Dr. Florian Vogel as CPO effective February 28, 2023. According to the separation agreement signed on September 29, 2022, all vested RSUs held by the Dr. Vogel as of February 28, 2023 that have not yet been exercised and settled must be exercised and settled in accordance with their terms within six months following this date and, if such RSUs are not exercised and settled within such period, they will be cancelled automatically upon the expiry of such six-month period without compensation for the loss of such RSUs. All unvested and granted RSUs as of February 28, 2023, will vest in full.

On January 24, 2023, Prof. Peter Bauer, M.D., the Company’s Chief Medical and Genomic Officer, has been appointed to the Management Board of Centogene N.V., to be confirmed at the Company’s next General Meeting of Shareholders. Prof Bauer has also been appointed as Managing Director of the subsidiary Centogene GmbH.

On March 15, 2023, Ian Rentsch was appointed as Chief Commercial Officer and General Manager (“CCO”) of the Group. With his employment agreement, the CCO was granted a sign-on bonus equivalent to the amount of EUR 60k which will be paid fully in company shares upon completion of his probation period of six months. The number of shares will be calculated using the 60-day VWAP preceding the contract signature date.

On April 24, 2023, the Company and Mr. Patrice Denefle, the Chief Scientific Officer, entered into a separation agreement, which terminated the employment agreement of Mr. Denefle, effective on June 20, 2023 (“Termination Date”). According to the separation agreement, all vested RSUs held by Mr. Denefle as of the Termination Date which have not yet been exercised and settled must be exercised and settled within six-months following this date. If such RSUs are not exercised and settled within such period, they will be cancelled automatically upon the expiry of such six-month period without compensation for the loss of such RSUs. All unvested and granted RSUs will be cancelled as of the last day of his employment.

The Loan and Security Agreement with Oxford Finance was amended on April 30, 2023 which introduced new requirements that the Group will prepay any outstanding loans under the Loan and Security Agreement in an amount of USD 5.0 million (plus fees, interest and expenses, in each case, pursuant to the terms of the Loan and Security Agreement) upon the first new business development or financing transaction the Group will enter and maintain at least EUR 9.1 million in unrestricted cash on deposit in collateral accounts subject to the Lender’s perfected security interest granted under the Loan and Security Agreement.

These consolidated financial statements were approved by management on May 16, 2023.

Effects of new accounting standards

12 Months Ended

Dec. 31, 2022

Effects of new accounting standards

Effects of new accounting standards

3 Effects of new accounting standards

(a)New standards adopted by the Group as of January 1, 2022

The following amendments and interpretations apply for the first time in 2022 and had no impact on the consolidated financial statements of the Group:

●

Amendments to IFRS 3 - Business combinations.

●

Amendments to IAS 16- Property, plant and equipment.

●

Amendments to IAS 37- Provisions, contingent liabilities, and contingent assets.

●

Amendments to IFRS 9 - Financial Instruments

●

Amendments to Illustrative Examples accompanying IFRS 16

(b)New standards not yet effective

Furthermore, certain new and amended standards and interpretations have been published that are not mandatory for December 31, 2022, reporting periods and have not been early adopted by the Group. The Group intends to adopt these new and amended standards and interpretations, if applicable, when they become effective. The Group is currently evaluating the impact of these new or amended standards and interpretations that are issued and become effective for the 2023 annual reporting period.

Contingent assets and liabilities

12 Months Ended

Dec. 31, 2022

Contingent assets and liabilities

Contingent assets and liabilities

27 Contingent assets and liabilities

Contingent Assets

Contingent assets comprise of possible VAT refunds for the financial years between 2016 and 2019. Prior to 2022, Centogene GmbH used a VAT exemption for certain diagnostic test services. During the fourth quarter of 2022, the Company changed the VAT settlement for the financial years between 2020 and 2022 and sent a VAT declaration correction to the tax administration in November 2022. Consequently, the Company received VAT refund in the amount of EUR 970k and recognized this amount as other operating income (refer to Note 8.1) for the year ended December 31, 2022. For the financial years between 2016 and 2019, management assessed that a reimbursement amount of approximately EUR 2,012k is favorable for the Group as the VAT settlement for the financial years between 2020 and 2022 has been approved by the same authorities. However, the amount has not been recognized in the financial statements since the reimbursement is subject to approval of the tax administration which is not within the control of the Group.

Contingent Liabilities

In May 2016, the Company was informed in writing by the Universitair Medisch Centrum Utrecht ("UMCU") that a claim had been initiated against UMCU regarding a prenatal diagnostic test that the Company conducted at their request which failed to identify a specific mutation present in a patient. On October 1, 2018, the UMCU and Neon Underwriting Limited formally filed a legal claim in the local court in Rostock, Germany against the Company alleging that the Company’s negligence in performing the test resulted in the misdiagnosis of the patient. UMCU is seeking recovery for compensatory damages as a result of the alleged misdiagnosis. By court order of November 8, 2018, the Regional Court of Rostock set the amount in dispute at EUR 880k.

On November 12, 2018, the Company submitted a notice to the Regional Court of Rostock of the intention to defend against the claim. On January 3, 2019, the Company filed a motion to dismiss in which the Company denied the merits of the claim. UMCU and Neon Underwriting Limited responded to this motion on March 15, 2019 with a statement of reply, and the parties made several court filings setting out their arguments since. By order dated June 3, 2019, the Regional Court of Rostock provided a first set of questions to be answered by an expert witness.

As of December 31, 2020, the amount in dispute was EUR 1.3 million. The matter was assigned to a new judge, due to the illness of the prior judge, and the decision to appoint the recommended expert witness is still pending. Since then, several potential experts were approached by the court but eventually declined to prepare an expert witness report due to the possibility of bias.

The Company intends to continue to rigorously defend its position and considers that it is not probable the legal claim towards the Company will be successful and as a result has not recognized a provision for this claim as of December 31, 2022. In addition, in case a settlement would be required, the Company believes that the corresponding liability will be fully covered by the respective existing insurance policies.

Segment information and revenue from contracts with customers - Additional information (Details) € in Thousands	12 Months Ended
	Dec. 31, 2022 EUR (€) customer	Dec. 31, 2021 EUR (€)	Dec. 31, 2020 EUR (€)	Jan. 01, 2021 EUR (€)	Dec. 31, 2019 EUR (€)
Segment information and revenue from contracts with customers
Equity and debt financing costs	€ 2,161	€ 0	€ 0
Share issue related cost	450	0	780
Property, plant and equipment	6,808	9,464	16,590	€ 16,590
Right-of-use assets	15,351	18,904	22,120	€ 22,120	€ 24,932
Provision for expected credit losses on contract assets	10	483	356
Revenues recognized for contract liabilities	€ 1,951	3,201	3,088
Major diagnostic partner
Segment information and revenue from contracts with customers
Percentage of revenue	17.00%
-United States
Segment information and revenue from contracts with customers
Property, plant and equipment	€ 76	147	516
Right-of-use assets	€ 0	€ 137	411
Follow-on Equity Offering
Segment information and revenue from contracts with customers
Share issue related cost			€ 278
Pharmaceutical \| Pharmaceutical Partner
Segment information and revenue from contracts with customers
Number of customers \| customer	1
Percentage of revenue	15.50%	24.80%	8.60%
Diagnostics
Segment information and revenue from contracts with customers
Percentage of revenue	66.00%	63.00%	56.00%

Trade and other receivables and other assets

12 Months Ended

Dec. 31, 2022

Trade and other receivables and other assets.

Trade and other receivables and other assets

16 Trade and other receivables and other assets


in EUR k	Dec 31, 2022	Dec 31, 2021	Jan 1, 2021
Non‑current
Other assets—Rental deposits	2,819	2,922	1,867
Other assets—Others	92	50	100
	2,911	2,972	1,967
Current
Trade receivables*	13,637	21,065	25,656
Contract assets*	2,911	2,397	3,332
Other assets	5,514	5,453	8,286
	22,062	28,915	37,274

Total non-current and current trade and other receivables and other assets

24,973

31,887

39,241

* Trade receivables and contract assets have been restated as of December 31, 2021, and January 1, 2021. Refer to Note 2.4.

Other non-current assets

The non-current portion of other assets mainly include cash deposit of EUR 2,550k, used to secure a bank guarantee of EUR 3,257k, relating to the leases of Rostock headquarters building, cash deposits of EUR 218k, used to secure a bank guarantee of EUR 257k, relating to the leases of Berlin office and EUR 51k for the leases of certain plant and machineries. It also includes EUR 92k for the cash deposit for the Central Procurement & Supplies Unit of Malta.

Trade receivables

Trade receivables are non-interest bearing and are generally due in 30 to 90 days. In general, portfolio-based expected credit loss allowances are recognized on trade receivables and contract assets (see note 22.2).

Other current assets

Other current assets include VAT receivables of EUR 2,039k (2021: EUR 253k; 2020: EUR 226k), prepaid expenses of EUR 2,620k (2021: EUR 3,346k; 2020: EUR 4,431k), receivables related to exercised share-based payment grants of EUR 74k (2021: EUR 116k; 2020: 1,253k). Receivables related to COVID-19 bank or credit card transactions are EUR nil in 2022 (2021: EUR 612k; 2020: 1,076k), as well as receivables from grants of EUR nil (2021: EUR nil; 2020: 442k).

Basis of consolidation

12 Months Ended

Dec. 31, 2022

Basis of consolidation

Basis of consolidation

4 Basis of consolidation

The basis of consolidation includes the entities over which Centogene N.V. has control within the meaning of IFRS 10 Consolidated Financial Statements. According to IFRS 10, Centogene N.V. has control of an investee when it has direct or indirect power over the investee, exposure, or rights to variable returns from its involvement with the investee and the ability to use its power over the investee to affect those returns. Control is established when it is possible to influence operating and financial policies of the investee, typically with a share in the voting rights or shareholding of more than 50% in the investee. An entity is included in the Group’s basis of consolidation from the point in time when the Group obtains control of the entity and ceases when the Group loses control of the subsidiary. Assets, liabilities, income and expenses of a subsidiary acquired or disposed of during the year are included in the consolidated financial statements from the date the Group gains control until the date the Group ceases to control the subsidiary.

Profit or loss and each component of other comprehensive income are attributed to the equity holders of the parent of the Group and to the non-controlling interests, even if this results in the non-controlling interests having a deficit balance. All intra-group assets and liabilities, equity, income, expenses and cash flows relating to transactions between members of the Group are eliminated in full upon consolidation.

If the Group loses control over a subsidiary, it derecognizes the related assets, liabilities, non-controlling interest and other components of equity, while any resultant gain or loss is recognized in profit or loss.

In the third quarter of 2020, the Company entered into a collaboration agreement with Dr. Bauer Laboratoriums GmbH, Rostock (hereafter ‘Dr. Bauer GmbH’). Dr. Bauer GmbH supported Centogene in certain areas of its COVID-19 testing business by providing the medical laboratory services to facilitate Centogene to perform its COVID-19 testing business activities. Dr. Bauer GmbH is wholly owned by a long-time employee of Centogene, who from a medical perspective and by observing the Medical Association's professional code of conduct continues to operate as an independent medical physician. As per the criteria in IFRS 10, Centogene assessed the control it had over Dr. Bauer GmbH and concluded to consolidate the activities of Dr. Bauer GmbH in the Group from the third quarter of 2020.

As of March 31, 2022, operations at all COVID-19 testing sites have ceased and the Group has abandoned the COVID-19 business line. Consequently, the Group is reporting its COVID-19 segment as a discontinued operation (Note 9). With the decision to cease COVID-19 operations as of March 31, 2022, Centogene terminated its cooperation agreement with Dr. Bauer GmbH with a separation agreement effective as of April 2, 2022 and signed on August 23, 2022 (the “Separation Agreement”). With the COVID-19 business being discontinued and the collaboration agreement being terminated, Centogene’s control over Dr. Bauer GmbH ceased; Centogene no longer meets the criteria of the control model under IFRS 10 as it no longer has exposure to variable returns and the ability to use power to affect returns through COVID-19 operations. Therefore, Centogene deconsolidated Dr. Bauer GmbH from its consolidated financial statements as of April 2, 2022 (“Deconsolidation Date”). The impact of the deconsolidation on the loss for the period and on the statement of cash flows is disclosed under Note 9 – Discontinued operations. The impact of the deconsolidation on the statement of financial position is disclosed under Note 26 – Related parties.

General company information (Details) € / shares in Units, € in Millions		1 Months Ended		12 Months Ended
	Jan. 31, 2022 EUR (€) shares	Jul. 31, 2020 EUR (€) € / shares shares	Jul. 31, 2020 $ / shares	Dec. 31, 2022 EUR (€)	Jan. 31, 2022 $ / shares	Jan. 31, 2022 € / shares
General company information
Net offering proceeds, after deducting underwriting discounts, commissions and transaction costs \| €	€ 15.0			€ 22.0
Number of common shares issued (in shares)	4,479,088
Share price \| (per share)					$ 3.73	€ 3.35
Major ordinary share transactions
General company information
Net offering proceeds, after deducting underwriting discounts, commissions and transaction costs \| €	€ 15.0
Number of common shares issued (in shares)	4,479,088
Share price \| $ / shares					$ 3.73
Follow-on public offering \| Common shares
General company information
Public offering price (in dollars per share) \| (per share)		€ 12.71	$ 14.00
Net offering proceeds, after deducting underwriting discounts, commissions and transaction costs \| €		€ 22.0
Follow-on public offering \| Common shares \| Major purchases of assets
General company information
Number of common shares issued (in shares)		3,500,000
Public offering price (in dollars per share) \| (per share)		€ 12.71	$ 14.00
Follow-on public offering \| Common shares \| Selling shareholders \| Major purchases of assets
General company information
Number of common shares issued (in shares)		1,500,000
Follow-on public offering \| Common shares \| The Company \| Major purchases of assets
General company information
Number of common shares issued (in shares)		2,000,000
Net offering proceeds, after deducting underwriting discounts, commissions and transaction costs \| €		€ 22.0

Contingent assets and liabilities (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2020	Nov. 08, 2018
Contingent Liabilities
VAT refund from tax authorities	€ 970
Reimbursement amount	2,012
Contingent assets
Contingent Liabilities
VAT refund from tax authorities	€ 970
Universitair Medisch Centrum Utrecht
Contingent Liabilities
Amount in dispute		€ 1,300	€ 880

Financial liabilities (Tables)

12 Months Ended

Dec. 31, 2022

Financial liabilities

Schedule of interest-bearing liabilities


in EUR k	Dec 31, 2022	Dec 31, 2021	Jan 1, 2021
Non‑current liabilities
Non‑current portion of secured bank loans	40,051	—	401
Total non‑current loans	40,051	—	401
Lease liabilities*	13,125	15,394	17,677
Total non‑current liabilities	53,176	15,394	18,078

Current liabilities
Current portion of secured bank loans	1,261	505	567
Other bank loans	—	—	387
Bank overdrafts	3,374	3,310	1,538
Total current loans	4,635	3,815	2,492
Current portion of lease liabilities*	2,311	3,330	3,528
Total current liabilities	6,946	7,145	6,020

Total non‑current and current liabilities	60,122	22,539	24,098

Schedule of outstanding interest-bearing liabilities


				Dec 31, 2022		Dec 31, 2021		Jan 1, 2021
		Nominal		Nominal	Carrying	Nominal	Carrying	Nominal	Carrying
in EUR k	Currency	interest rate	Maturity	amount	amount	amount	amount	amount	amount
Secured bank loan	EUR	2.95%	2017‑22	—	—	505	505	968	968
Secured bank loan	USD	7.93% (+0.07% for Tranche A; +4.13% for Tranche B)	2022-27	39,015	41,312	—	—	—	—
Other bank loan	USD	1%	2020-22	—	—	—	—	387	387
Bank overdrafts	EUR	4.75%	Rollover	499	499	499	499	498	498
Bank overdrafts	EUR	4.75%	Rollover	2,376	2,376	2,329	2,329	628	628
Bank overdrafts	EUR	4.31%	Rollover	499	499	482	482	412	412
Lease liabilities**	EUR	2.1%-7.20%*	2017-31	15,436	15,436	18,724	18,724	21,205	21,205
Total interest‑bearing financial liabilities				57,825	60,122	22,539	22,539	24,098	24,098

* represents the incremental borrowing rate of the Group at the commencement of the leases

** Lease liabilities as of December 31, 2021 have been restated. Refer to Note 2.4.

Schedule of trade payables and other liabilities


in EUR k	Dec 31, 2022	Dec 31, 2021	Jan 1, 2021
Trade payables	6,317	11,252	31,736
Government grants (deferred income)	7,950	9,396	10,292
Contract liabilities	651	4,842	4,479
Warrant liability	260	—	—
Derivative liabilities	376	—	—
Others*	9,601	15,592	14,123
Trade payables and other liabilities	25,155	41,082	60,630
Non‑current	7,726	8,988	9,590
Current	17,429	32,094	51,040

Schedule of key assumptions used to derive warrants value


	Dec 31, 2022	Jan 31, 2022
Exercise price (USD)	7.72	7.72
Share price (USD)	0.93	4.42
Volatility (%)	85.00	80.00
Risk-free interest rate (%)	4.15	1.65
Dividend yield (%)	nil	nil
Time to maturity	4.00	4.90

Property, plant and equipment

12 Months Ended

Dec. 31, 2022

Property, plant and equipment

Property, plant and equipment

13 Property, plant and equipment

Please refer to the following table for the development from January 1, 2021 to December 31, 2022:


			Other
			equipment,
			furniture
in EUR k	Buildings	Plant	and fixtures ⁽ⁱ⁾	Total

As of Jan 1, 2020	3,254	9,730	4,712	17,696
Additions	105	1,295	8,490	9,890
Disposal*	—	—	(612)	(612)
Transfers from right-of-use assets***	—	3,099	—	3,099
As of Dec 31, 2020	3,359	14,124	12,590	30,073
Additions	5	144	2,766	2,915
Disposal*	—	(379)	(718)	(1,097)
Transfers from right-of-use assets***	—	1,165	—	1,165
As of Dec 31, 2021	3,364	15,054	14,638	33,056
Additions	—	24	504	528
Disposal**	—	(66)	(3,021)	(3,087)
Currency translation differences	3	11	20	34
Transfers from right-of-use assets***	—	2,628	—	2,628
As of Dec 31, 2022	3,367	17,651	12,141	33,159


Accumulated depreciation and impairment
As of Jan 1, 2020	392	6,155	2,773	9,320
Depreciation	194	993	1,913	3,100
Disposal*	—	—	(44)	(44)
Transfers from right-of-use assets***	—	1,107	—	1,107
As of Dec 31, 2020	586	8,255	4,642	13,483
Depreciation (Restated, see Note 2.4)	315	3,268	6,407	9,990
Disposal*	—	(157)	(217)	(374)
Transfers from right-of-use assets***	—	493	—	493
As of Dec 31, 2021	901	11,859	10,832	23,592
Depreciation	241	1,568	2,166	3,975
Disposal**	—	(67)	(2,918)	(2,985)
Currency translation differences	2	12	26	40
Transfers from right-of-use assets***	—	1,729	—	1,729
As of Dec 31, 2022	1,144	15,101	10,106	26,351

Carrying amounts
As of Dec 31, 2020	2,773	5,869	7,948	16,590
As of Dec 31, 2021	2,463	3,195	3,806	9,464
As of Dec 31, 2022	2,223	2,550	2,035	6,808

* The disposal relates to the sale of a CentoTruck as part of a contract with a COVID-19 customer.

** The disposal relates to various obsolete plant and machinery equipment mainly in relation to the ramp down of the COVID-19 business segment.

*** The transfers from right-of-use assets represents assets purchased at the end of the lease.

⁽ⁱ⁾ Property, plant and equipment has been restated as of December 31, 2021. Refer to Note 2.4.

At the end of the third quarter of 2021, management updated its long-term outlook for the COVID-19 testing business, which led to management’s decision to discontinue the COVID-19 business (see note 9). As part of the wind down, estimated useful lives of all COVID-19 related tangible assets were accelerated. As of March 31, 2022, there were no operations and no active leases on any of the testing sites. In addition, all COVID-19 related tangible assets have been fully depreciated.

Significant accounting policies (Tables)

12 Months Ended

Dec. 31, 2022

Significant accounting policies

Schedule of exchange rates used


	Average rate			Closing rate
				Dec 31,	Dec 31,	Dec 31,
	2022	2021	2020	2022	2021	2020
USD (EUR 1)	1.05	1.13	1.14	1.07	1.13	1.23
AED (EUR 1)	3.87	4.15	4.21	3.94	4.17	4.50
INR (EUR 1)	82.69	85.18	84.57	88.17	84.23	89.66
CHF (EUR 1)	1.00	1.08	—	0.98	1.03	—
RSD (EUR 1)	117.46	117.39	—	117.33	117.27	—

Other income and expenses - Financial costs, net (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Other Income Expense Line Items
Interest expenses from loans	€ (2,934)	€ (218)	€ (154)
Changes in FV of warrants	2,574
Changes in FV of floor	(376)
Changes in FV of prepayment option	510
Currency losses	(963)		(362)
Unwinding of the discount on lease liabilities	(637)	(584)	(865)
Interest income from loans and receivables	3	3	6
Financial costs, net	(1,823)	(799)	(1,375)
Loan Agreement with Oxford Finance LLC
Other Income Expense Line Items
Interest expenses from loans	(2,806)	0	0
Changes in FV of floor	376	0	0
Changes in FV of prepayment option	510	0	0
Currency losses	€ 963	€ 0	€ 0

Financial liabilities

12 Months Ended

Dec. 31, 2022

Financial liabilities

Financial liabilities

20 Financial liabilities

20.1Interest-bearing loans


in EUR k	Dec 31, 2022	Dec 31, 2021	Jan 1, 2021
Non‑current liabilities
Non‑current portion of secured bank loans	40,051	—	401
Total non‑current loans	40,051	—	401
Lease liabilities*	13,125	15,394	17,677
Total non‑current liabilities	53,176	15,394	18,078

Current liabilities
Current portion of secured bank loans	1,261	505	567
Other bank loans	—	—	387
Bank overdrafts	3,374	3,310	1,538
Total current loans	4,635	3,815	2,492
Current portion of lease liabilities*	2,311	3,330	3,528
Total current liabilities	6,946	7,145	6,020

Total non‑current and current liabilities	60,122	22,539	24,098

* Lease liabilities as of December 31, 2021, have been restated. Refer to Note 2.4.

As of December 2022, short-term cash deposits of EUR 427k (2021: EUR 938k; 2020: EUR 1,500k) were used to secure the remaining bank loan outstanding (see Note 17).

The following table is based on the original terms and conditions:

Conditions and statement of liabilities

The outstanding interest-bearing loans as of December 31, 2022, 2021 and 2020 have the following conditions:


				Dec 31, 2022		Dec 31, 2021		Jan 1, 2021
		Nominal		Nominal	Carrying	Nominal	Carrying	Nominal	Carrying
in EUR k	Currency	interest rate	Maturity	amount	amount	amount	amount	amount	amount
Secured bank loan	EUR	2.95%	2017‑22	—	—	505	505	968	968
Secured bank loan	USD	7.93% (+0.07% for Tranche A; +4.13% for Tranche B)	2022-27	39,015	41,312	—	—	—	—
Other bank loan	USD	1%	2020-22	—	—	—	—	387	387
Bank overdrafts	EUR	4.75%	Rollover	499	499	499	499	498	498
Bank overdrafts	EUR	4.75%	Rollover	2,376	2,376	2,329	2,329	628	628
Bank overdrafts	EUR	4.31%	Rollover	499	499	482	482	412	412
Lease liabilities**	EUR	2.1%-7.20%*	2017-31	15,436	15,436	18,724	18,724	21,205	21,205
Total interest‑bearing financial liabilities				57,825	60,122	22,539	22,539	24,098	24,098

* represents the incremental borrowing rate of the Group at the commencement of the leases

** Lease liabilities as of December 31, 2021 have been restated. Refer to Note 2.4.

Secured bank loan

On January 31, 2022 the Company, Centogene GmbH, CentoSafe B.V. and Centogene US, LLC (together, the “Borrowers”), entered into a debt financing agreement in the total amount of up to USD 45.0 million (EUR 40.2 million). Under the terms of the Loan Facility, the Company drew down USD 25.0 million (EUR 22.3 million) on January 31, 2022 and a second tranche of USD 20.0 million (EUR 18.6 million) upon achievement prior to July 31, 2023, of product revenue from our diagnostics and pharmaceutical segments of at least USD 50.0 million (EUR 44.3 million) calculated on a trailing twelve month basis as of the last day of any fiscal month. The Loan Facility also includes covenants such that the Group is required to maintain product revenue, calculated as of the last day of each fiscal quarter and on a trailing twelve-month basis as of such date, of at least EUR 30.0 million for any fiscal quarter prior to obtaining the second tranche and EUR 40.0 million for any fiscal quarter on or after obtaining the second tranche. Both tranches mature on January 29, 2027, with amortized repayments commencing March 1, 2025. The loans extended under the Loan Facility bear monthly interest payments at an interest rate of 7.93% per annum plus the 1-month CME Term SOFR reference rate as published by the CME Group Benchmark Administration Limited (the first tranche, “Tranche A”, subject to a floor of 0.07% and the second tranche, “Tranche B”, subject to a floor of 4.13%). As security for the Borrowers’ obligations under the Loan Facility, the Borrowers granted the lenders thereunder a first priority security interest on all of each Borrower’s assets.

The Loan Facility is initially recognized at fair value minus transaction costs and subsequently carried at amortized cost measured using the effective interest rate method. The transaction costs deducted from the fair value of the Loan Facility at initial recognition were EUR 1,403k. The effective interest rate used for amortized cost calculation of Tranche A is 11.36% and for the Tranche B is 17.11%.

Bank overdrafts

The bank overdrafts of EUR 2,376k as of December 31, 2022 (2021: 2,329k; 2020: EUR 628k) were secured by short-term deposits with a carrying amount of EUR 2,500k (2021: EUR 2,500k; 2020: EUR 2,500k) (see note 17). The other bank overdrafts of EUR 998k (2021: EUR 981k; 2020: EUR 910k) are secured over two short-term deposits with a carrying amount of EUR 500k each as at year end December 31, 2022 (see note 17).

20.2Trade payables and other liabilities


in EUR k	Dec 31, 2022	Dec 31, 2021	Jan 1, 2021
Trade payables	6,317	11,252	31,736
Government grants (deferred income)	7,950	9,396	10,292
Contract liabilities	651	4,842	4,479
Warrant liability	260	—	—
Derivative liabilities	376	—	—
Others*	9,601	15,592	14,123
Trade payables and other liabilities	25,155	41,082	60,630
Non‑current	7,726	8,988	9,590
Current	17,429	32,094	51,040

* Other liabilities have been restated as of December 31, 2021, and January 1, 2021. Refer to Note 2.4.

Government grants mainly include investment-related government grants. These were received for the purchase of certain items of property, plant and equipment for the research and development facilities in Mecklenburg-Western Pomerania, including the Rostock facility. The grants were issued in the form of investment subsidies as part of the joint federal and state program, “Verbesserung der regionalen Wirtschaftsstruktur” (improvement of the regional economic structure) in connection with funds from the European Regional Development Fund. Additional grants received during the year ended December 31, 2022, amounted to EUR 506k (2021: EUR 168k; 2020: EUR 390k).

Contract liabilities mainly contain the deferred revenues recognized for advance payments received by the customers, in case the revenue is recognized over time. The decrease of the period is mainly due to the release amounts to EUR 1,951k (2021: EUR 3,201k; 2020: EUR 3,088k), for the revenues recognized in 2022 based on the satisfaction of the related performance obligations.

The fair value of the warrants was estimated at the date of issuance date using the Black-Scholes-Merton option pricing model. The key assumptions used to derive the warrants value are set out below:


	Dec 31, 2022	Jan 31, 2022
Exercise price (USD)	7.72	7.72
Share price (USD)	0.93	4.42
Volatility (%)	85.00	80.00
Risk-free interest rate (%)	4.15	1.65
Dividend yield (%)	nil	nil
Time to maturity	4.00	4.90

Other liabilities include an accrual for outstanding invoices of EUR 1,074k (2021: EUR 4,978k; 2020: EUR 1,245k), personnel-related liabilities for vacation and bonuses totaling EUR 3,717k (2021: EUR 4,812k; 2020: EUR 4,032k), a VAT payable of EUR nil (2021: EUR 905k; 2020: EUR 4,578k), an accrual for closings and audit of financial statements of EUR 1,648k (2021: EUR 932k; 2020: EUR 567k) as well as liabilities for wage and church tax of EUR 342k (2021: EUR 1,040k; 2020: EUR 1,988k).

Finally, other liabilities also contain a provision amounting to EUR 283k (2021: EUR nil; 2020: EUR nil) for expected claims regarding some US diagnostic revenues. It is expected that these costs will be incurred in the next financial year. Assumptions used to calculate the provision for these probable claims were based on current information available regarding the invoicing process for that kind of revenues.

Right-of-use assets (Tables)

12 Months Ended

Dec. 31, 2022

Right-of-use assets.

Schedule of carrying amounts of right-of-use assets and movements during the period


			Plant and	Other	Motor
In EUR k	Buildings*	Offices	equipment	equipment	Vehicles	Total


As of Jan 1, 2020	13,126	4,407	6,989	390	20	24,932
Additions	—	426	1,265	1,112	37	2,840
Transfers to property, plant & equipment**	—	—	(1,992)	—	—	(1,992)
Depreciation expenses	(1,121)	(657)	(1,675)	(187)	(20)	(3,660)
As of December 31, 2020	12,005	4,176	4,587	1,315	37	22,120
Additions	—	133	1,121	179	19	1,452
Transfers to property, plant & equipment**	—	—	(672)	—	—	(672)
Depreciation expenses	(1,121)	(970)	(1,745)	(138)	(22)	(3,996)
As of December 31, 2021	10,884	3,339	3,291	1,356	34	18,904
Additions	—	112	95	—	21	228
Transfers to property, plant & equipment**	—	—	(772)	(127)	—	(899)
Depreciation expenses	(1,124)	(529)	(1,081)	(127)	(22)	(2,882)
As of December 31, 2022	9,760	2,922	1,533	1,102	33	15,351

* As the lease of land and buildings are made through one contract, all the related right-of-use assets are allocated to Buildings.

** Transfers of leased assets to PP&E (Note 13) represents purchased assets at the end of lease term.

Schedule of carrying amounts of lease liabilities and the movements during the period


in EUR k	2022	2021*	2020

As of January 1	18,724	21,205	21,704
Additions	204	1,452	3,654
Interest expenses	637	584	865
Disposals	—	(273)	—
Payments	(4,129)	(4,244)	(5,018)
As of December 31	15,436	18,724	21,205

Current	2,311	3,330	3,528
Non-current	13,125	15,394	17,677

Schedule of amounts recognised in profit or loss related to leases


in EUR k	2022	2021	2020
Depreciation expense of right-of-use assets	2,882	3,996	3,660
Interest expenses on lease liabilities	637	584	865
Rent expenses—short-term leases	770	7,175	1,695
Rent expense—leases of low-value assets	27	48	33
Total amounts recognized in profit or loss	4,316	11,803	6,253

Related parties - Additional information (Details) € / shares in Units, € in Thousands					1 Months Ended		12 Months Ended
	Jan. 31, 2022 EUR (€) shares	Jan. 31, 2022 USD ($) $ / shares shares	Dec. 18, 2020 EquityInstruments	Dec. 01, 2020 EquityInstruments	Jul. 31, 2020 EUR (€) € / shares shares	Jul. 31, 2020 $ / shares	Dec. 31, 2022 EUR (€) USD ($) € / shares shares	Dec. 31, 2021 EUR (€) Options	Dec. 31, 2020 EUR (€) shares	Dec. 31, 2022 $ / shares	Jan. 31, 2022 € / shares shares	Dec. 31, 2019 EUR (€)
Related parties
Share-based payments							€ (1,461)	€ 5,471	€ 3,486
Number of common shares issued (in shares) \| shares	4,479,088	4,479,088
Share price \| (per share)		$ 3.73									€ 3.35
Number of securities called by warrants \| shares		1,343,727					1				1,343,727
Exercise price of warrants \| $ / shares		$ 7.72								$ 7.72
Warrant Fair Value, Per Share \| € / shares							€ 0.19				€ 2.11
Decrease in fair value of warrant liabilities							€ (2,574)
Payables due to holders of vested options												€ 2,769
Share Based Payment Reversal							3,104
Receivables of related to the exercise of options							321
Provision for Doubtful accounts							58	€ 0
Net offering proceeds, after deducting underwriting discounts, commissions and transaction costs	€ 15,000						22,000
Value of other equity instruments granted under share based payment arrangement	€ 2,800	$ 3,200,000
Revenues recognized in profit and loss							1,815
Provisions							100
Follow-on Equity Offering
Related parties
Total number of shares issued and sold in follow-on public offering \| shares					3,500,000
COVID Testing Supplies Purchases
Related parties
Payments for services									699
2019 Plan \| RSUs
Related parties
RSUs granted			300,000					167,326
Supervisory board members
Related parties
Share-based payments							1,446	€ 2,564	2,172
Supervisory board members \| Supervisory board activities
Related parties
Payments for services							216	688	603
Key management personnel
Related parties
Accrued for key management compensation									1,231			€ 769
Receivables of related to the exercise of options							0	€ 0
Key management personnel \| Equity share option 2017 (Equity settled)
Related parties
Pension commitments for members of the management board							€ 0
Key management personnel \| 2019 Plan \| RSUs
Related parties
RSUs granted \| $							908,953
Former CEO And Major Shareholder [Member] \| Services
Related parties
Payments for services									11
Payable for services									€ 12
Former Chief Executive Officer
Related parties
Additional share-based expenses							€ 776
Severance payout							€ 565
Former Chief Executive Officer \| 2019 Plan \| RSUs
Related parties
RSUs granted \| EquityInstruments				324,000
Common shares
Related parties
Issued shares \| shares							4,998,000		2,000,000
Common shares \| Follow-on Equity Offering
Related parties
Number of shares offered by existing shareholders \| shares					1,500,000
Public offering price (in dollars per share) \| (per share)					€ 12.71	$ 14.00
Net offering proceeds, after deducting underwriting discounts, commissions and transaction costs					€ 22,000
The Company \| Common shares \| Follow-on Equity Offering
Related parties
Issued shares \| shares					2,000,000