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Financial Assets and Financial Liabilities (Tables) | 12 Months Ended
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Dec. 31, 2023
Financial Instruments [Abstract] |
Summary of Cash and Cash Equivalents |
(in millions €) |  | December 31, 2023 | December 31, 2022
Cash at banks and on hand |  | 453.1 | 1,325.2
Cash equivalents |  | 11,210.6 | 12,549.9
Bank deposits |  | 2,589.5 | 9,401.0
Money market funds |  | 7,446.1 | 3,148.9
Reverse Repo |  | 1,175.0 | —
Total |  | 11,663.7 | 13,875.1
Summary of Financial Liabilities at Amortized Cost and at Fair Value through Profit or Loss | Set out below is an overview of financial assets and liabilities at amortized cost and at fair value through OCI and profit or loss, as of the dates indicated:
December 31, 2023 |  |  |  |  |  |
(in millions €) | Category(1) | Carrying amount | Level 1 (Fair value) | Level 2 (Fair value) | Level 3 (Fair value) | Total
Financial assets measured at fair value |  |  |  |  |  |
Money market funds | FVTPL | 7,446.1 | 7,446.1 | — | — | 7,446.1
Non-listed equity investments | FVTOCI | 27.1 | — | — | 27.1 | 27.1
Listed equity investments | FVTOCI | 26.0 | 26.0 | — | — | 26.0
Financial assets not measured at fair value |  |  |  |  |  |
Trade and other receivables | AC | 2,155.7 | — | — | — | 2,155.7
Security investments | AC | 5,989.7 | — | — | — | 5,989.7
Other financial assets | AC | 18.6 | — | — | — | 18.6
Bank deposits | AC | 2,589.5 | — | — | — | 2,589.5
Reverse Repo | AC | 1,175.0 | — | — | — | 1,175.0
Cash at banks and on hand | AC | 453.1 | — | — | — | 453.1
Financial liabilities measured at fair value |  |  |  |  |  |
Foreign exchange forward contracts | FVTPL | 0.4 | — | 0.4 | — | 0.4
Contingent consideration | FVTPL | 38.8 | — | — | 38.8 | 38.8
Financial liabilities not measured at fair value |  |  |  |  |  |
Lease liabilities | n/a | 216.7 | — | — | — | 216.7
Loans and borrowings | AC | 2.3 | — | — | — | 2.3
Trade payables and other payables | AC | 354.0 | — | — | — | 354.0
Other financial liabilities | AC | 414.9 | — | — | — | 414.9
(1) Financial assets and liabilities categorized at amortized costs mainly correspond to fair value. Fair values are not disclosed because the book values represent a reasonable approximation of fair value. We do not make a disclosure for cash and cash equivalents, trade receivables and trade payables.
December 31, 2022 |  |  |  |  |  |
(in millions €) | Category(1) | Carrying amount | Level 1 (Fair value) | Level 2 (Fair value) | Level 3 (Fair value) | Total
Financial assets measured at fair value |  |  |  |  |  |
Foreign exchange forward contracts | FVTPL | 183.7 | — | 183.7 | — | 183.7
Money market funds | FVTPL | 3,148.9 | 3,148.9 | — | — | 3,148.9
Non-listed equity investments | FVTOCI | 57.1 | — | 57.1 | — | 57.1
Listed equity investments | FVTOCI | 20.0 | 20.0 | — | — | 20.0
Financial assets not measured at fair value |  |  |  |  |  |
Trade and other receivables | AC | 7,145.6 | — | — | — | 7,145.6
Other financial assets | AC | 8.8 | — | — | — | 8.8
Bank deposits | AC | 9,401.0 | — | — | — | 9,401.0
Cash at banks and on hand | AC | 1,325.2 | — | — | — | 1,325.2
Financial liabilities measured at fair value |  |  |  |  |  |
Contingent consideration | FVTPL | 6.1 | — | — | 6.1 | 6.1
Financial liabilities not measured at fair value |  |  |  |  |  |
Lease liabilities | n/a | 210.1 | — | — | — | 210.1
Loans and borrowings | AC | 2.1 | — | — | — | 2.1
Trade payables and other payables | AC | 204.1 | — | — | — | 204.1
Other financial liabilities | AC | 785.1 | — | — | — | 785.1
(1) Financial assets and liabilities categorized at amortized costs mainly correspond to fair value. We do not make a disclosure for cash and cash equivalents, trade receivables and trade payables. Fair values are disclosed because the book values represent a reasonable approximation of fair value. The maturity profile of our financial liabilities based on contractual undiscounted payments is summarized as follows:
Year ended December 31, 2023 |  |  |
(in millions €) |  | Less than 1 year | 1 to 5 years | More than 5 years | Total
Loans and borrowings |  | — | 2.3 | — | 2.3
Trade and other payables |  | 354.0 | — | — | 354.0
Lease liabilities |  | 34.1 | 136.6 | 73.7 | 244.4
Contingent consideration |  | — | 57.5 | 0.3 | 57.8
Foreign exchange forward contracts |  | 0.4 | — | — | 0.4
Other financial liabilities |  | 414.9 | — | — | 414.9
Total |  | 803.4 | 196.4 | 74.0 | 1,073.8
Year ended December 31, 2022 |  |  |  |  |
(in millions €) |  | Less than 1 year | 1 to 5 years | More than 5 years | Total
Loans and borrowings |  | — | 2.1 | — | 2.1
Trade and other payables |  | 204.1 | — | — | 204.1
Lease liabilities |  | 40.5 | 112.9 | 79.1 | 232.5
Contingent consideration |  | — | — | 6.1 | 6.1
Other financial liabilities |  | 785.1 | — | — | 785.1
Total |  | 1,029.7 | 115.0 | 85.2 | 1,229.9
Summary of Financial Liabilities at Amortized Cost | Set out below is an overview of financial assets and liabilities at amortized cost and at fair value through OCI and profit or loss, as of the dates indicated:
December 31, 2023 |  |  |  |  |  |
(in millions €) | Category(1) | Carrying amount | Level 1 (Fair value) | Level 2 (Fair value) | Level 3 (Fair value) | Total
Financial assets measured at fair value |  |  |  |  |  |
Money market funds | FVTPL | 7,446.1 | 7,446.1 | — | — | 7,446.1
Non-listed equity investments | FVTOCI | 27.1 | — | — | 27.1 | 27.1
Listed equity investments | FVTOCI | 26.0 | 26.0 | — | — | 26.0
Financial assets not measured at fair value |  |  |  |  |  |
Trade and other receivables | AC | 2,155.7 | — | — | — | 2,155.7
Security investments | AC | 5,989.7 | — | — | — | 5,989.7
Other financial assets | AC | 18.6 | — | — | — | 18.6
Bank deposits | AC | 2,589.5 | — | — | — | 2,589.5
Reverse Repo | AC | 1,175.0 | — | — | — | 1,175.0
Cash at banks and on hand | AC | 453.1 | — | — | — | 453.1
Financial liabilities measured at fair value |  |  |  |  |  |
Foreign exchange forward contracts | FVTPL | 0.4 | — | 0.4 | — | 0.4
Contingent consideration | FVTPL | 38.8 | — | — | 38.8 | 38.8
Financial liabilities not measured at fair value |  |  |  |  |  |
Lease liabilities | n/a | 216.7 | — | — | — | 216.7
Loans and borrowings | AC | 2.3 | — | — | — | 2.3
Trade payables and other payables | AC | 354.0 | — | — | — | 354.0
Other financial liabilities | AC | 414.9 | — | — | — | 414.9
(1) Financial assets and liabilities categorized at amortized costs mainly correspond to fair value. Fair values are not disclosed because the book values represent a reasonable approximation of fair value. We do not make a disclosure for cash and cash equivalents, trade receivables and trade payables.
December 31, 2022 |  |  |  |  |  |
(in millions €) | Category(1) | Carrying amount | Level 1 (Fair value) | Level 2 (Fair value) | Level 3 (Fair value) | Total
Financial assets measured at fair value |  |  |  |  |  |
Foreign exchange forward contracts | FVTPL | 183.7 | — | 183.7 | — | 183.7
Money market funds | FVTPL | 3,148.9 | 3,148.9 | — | — | 3,148.9
Non-listed equity investments | FVTOCI | 57.1 | — | 57.1 | — | 57.1
Listed equity investments | FVTOCI | 20.0 | 20.0 | — | — | 20.0
Financial assets not measured at fair value |  |  |  |  |  |
Trade and other receivables | AC | 7,145.6 | — | — | — | 7,145.6
Other financial assets | AC | 8.8 | — | — | — | 8.8
Bank deposits | AC | 9,401.0 | — | — | — | 9,401.0
Cash at banks and on hand | AC | 1,325.2 | — | — | — | 1,325.2
Financial liabilities measured at fair value |  |  |  |  |  |
Contingent consideration | FVTPL | 6.1 | — | — | 6.1 | 6.1
Financial liabilities not measured at fair value |  |  |  |  |  |
Lease liabilities | n/a | 210.1 | — | — | — | 210.1
Loans and borrowings | AC | 2.1 | — | — | — | 2.1
Trade payables and other payables | AC | 204.1 | — | — | — | 204.1
Other financial liabilities | AC | 785.1 | — | — | — | 785.1
(1) Financial assets and liabilities categorized at amortized costs mainly correspond to fair value. We do not make a disclosure for cash and cash equivalents, trade receivables and trade payables. Fair values are disclosed because the book values represent a reasonable approximation of fair value. The maturity profile of our financial liabilities based on contractual undiscounted payments is summarized as follows:
Year ended December 31, 2023 |  |  |
(in millions €) |  | Less than 1 year | 1 to 5 years | More than 5 years | Total
Loans and borrowings |  | — | 2.3 | — | 2.3
Trade and other payables |  | 354.0 | — | — | 354.0
Lease liabilities |  | 34.1 | 136.6 | 73.7 | 244.4
Contingent consideration |  | — | 57.5 | 0.3 | 57.8
Foreign exchange forward contracts |  | 0.4 | — | — | 0.4
Other financial liabilities |  | 414.9 | — | — | 414.9
Total |  | 803.4 | 196.4 | 74.0 | 1,073.8
Year ended December 31, 2022 |  |  |  |  |
(in millions €) |  | Less than 1 year | 1 to 5 years | More than 5 years | Total
Loans and borrowings |  | — | 2.1 | — | 2.1
Trade and other payables |  | 204.1 | — | — | 204.1
Lease liabilities |  | 40.5 | 112.9 | 79.1 | 232.5
Contingent consideration |  | — | — | 6.1 | 6.1
Other financial liabilities |  | 785.1 | — | — | 785.1
Total |  | 1,029.7 | 115.0 | 85.2 | 1,229.9
Summary of Financial Assets at Amortized Cost and at Fair Value through Profit or Loss | Set out below is an overview of financial assets and liabilities at amortized cost and at fair value through OCI and profit or loss, as of the dates indicated:
December 31, 2023 |  |  |  |  |  |
(in millions €) | Category(1) | Carrying amount | Level 1 (Fair value) | Level 2 (Fair value) | Level 3 (Fair value) | Total
Financial assets measured at fair value |  |  |  |  |  |
Money market funds | FVTPL | 7,446.1 | 7,446.1 | — | — | 7,446.1
Non-listed equity investments | FVTOCI | 27.1 | — | — | 27.1 | 27.1
Listed equity investments | FVTOCI | 26.0 | 26.0 | — | — | 26.0
Financial assets not measured at fair value |  |  |  |  |  |
Trade and other receivables | AC | 2,155.7 | — | — | — | 2,155.7
Security investments | AC | 5,989.7 | — | — | — | 5,989.7
Other financial assets | AC | 18.6 | — | — | — | 18.6
Bank deposits | AC | 2,589.5 | — | — | — | 2,589.5
Reverse Repo | AC | 1,175.0 | — | — | — | 1,175.0
Cash at banks and on hand | AC | 453.1 | — | — | — | 453.1
Financial liabilities measured at fair value |  |  |  |  |  |
Foreign exchange forward contracts | FVTPL | 0.4 | — | 0.4 | — | 0.4
Contingent consideration | FVTPL | 38.8 | — | — | 38.8 | 38.8
Financial liabilities not measured at fair value |  |  |  |  |  |
Lease liabilities | n/a | 216.7 | — | — | — | 216.7
Loans and borrowings | AC | 2.3 | — | — | — | 2.3
Trade payables and other payables | AC | 354.0 | — | — | — | 354.0
Other financial liabilities | AC | 414.9 | — | — | — | 414.9
(1) Financial assets and liabilities categorized at amortized costs mainly correspond to fair value. Fair values are not disclosed because the book values represent a reasonable approximation of fair value. We do not make a disclosure for cash and cash equivalents, trade receivables and trade payables.
December 31, 2022 |  |  |  |  |  |
(in millions €) | Category(1) | Carrying amount | Level 1 (Fair value) | Level 2 (Fair value) | Level 3 (Fair value) | Total
Financial assets measured at fair value |  |  |  |  |  |
Foreign exchange forward contracts | FVTPL | 183.7 | — | 183.7 | — | 183.7
Money market funds | FVTPL | 3,148.9 | 3,148.9 | — | — | 3,148.9
Non-listed equity investments | FVTOCI | 57.1 | — | 57.1 | — | 57.1
Listed equity investments | FVTOCI | 20.0 | 20.0 | — | — | 20.0
Financial assets not measured at fair value |  |  |  |  |  |
Trade and other receivables | AC | 7,145.6 | — | — | — | 7,145.6
Other financial assets | AC | 8.8 | — | — | — | 8.8
Bank deposits | AC | 9,401.0 | — | — | — | 9,401.0
Cash at banks and on hand | AC | 1,325.2 | — | — | — | 1,325.2
Financial liabilities measured at fair value |  |  |  |  |  |
Contingent consideration | FVTPL | 6.1 | — | — | 6.1 | 6.1
Financial liabilities not measured at fair value |  |  |  |  |  |
Lease liabilities | n/a | 210.1 | — | — | — | 210.1
Loans and borrowings | AC | 2.1 | — | — | — | 2.1
Trade payables and other payables | AC | 204.1 | — | — | — | 204.1
Other financial liabilities | AC | 785.1 | — | — | — | 785.1
(1) Financial assets and liabilities categorized at amortized costs mainly correspond to fair value. We do not make a disclosure for cash and cash equivalents, trade receivables and trade payables. Fair values are disclosed because the book values represent a reasonable approximation of fair value. Financial investments in equity securities measured at fair value through other comprehensive income comprise the following effects:
(in millions €) |  | December 31, 2023 | December 31, 2022
Net gain on equity instruments designated at fair value through other comprehensive income | 3.7 | 10.5
Total |  | 3.7 | 10.5
Summary of Significant Unobservable Inputs Used in Fair Value Measurement | The following table shows the valuation techniques used in measuring fair values for financial instruments in our consolidated statements of financial position, as well as the significant unobservable inputs used.
Type | Valuation technique | Significant unobservable inputs
Forward exchange contracts | Discounted cash flow using par method. Expected future cash flows based on foreign exchange forwards discounted over the respective remaining term of the contracts using the respective deposit interest rates and spot rates. | n/a
Non-listed equity investments | Quantitative and qualitative factors such as actual and forecasted results, cash position and financing round valuations. | –Actual and forecasted results –Cash position –Nature and pricing indication of latest financing round
Listed equity investments | Stock prices of the listed companies and applicable exchange rates, if the listing is in a foreign currency. | n/a
Money market funds | Quoted prices on an active market | n/a
Contingent consideration | Present value of expected future payments and reflecting changes in expected achievement of underlying performance parameters and compounding effects. | –Expected future payments –Applied cost of capital
The sensitivity of the fair values of contingent considerations in fair value level 3 to the significant, unobservable, variable input factors, with all other factors remaining constant, is shown in the following table: Contingent consideration
Input factor | Change in assumptions | Change in fair value with increasing input factor (in millions €) | Change in fair value with decreasing input factor (in millions €)
Cash flow projections | 10 | % | 3.4 | (3.4)
Discount rate | 1 | % | (0.8) | 0.8
Summary of Significant Unobservable Inputs (Level 3) Used for Recurring Fair Value Measurements and the Effect of the Measurements | The following table shows the recurring fair value measurement of the contingent considerations and the effect of the measurements on our consolidated statements of profit or loss for the current period.
(in millions €) |  | Contingent consideration
As of January 1, 2022 | 6.1
As of January 1, 2023 | 6.1
Purchases |  | 31.8
Net effect on profit or loss |  |
Net change in fair value |  | 0.9
As of December 31, 2023 |  | 38.8
Summary of Carrying Amount of Monetary Assets | The carrying amount of the monetary assets and liabilities denominated in U.S. dollar at the dates indicated are as follows:
(in millions €) |  |  |  | December 31, 2023 | December 31, 2022
Cash and cash equivalents in U.S. dollar |  |  |  | 122.6 | 1,487.4
Monetary assets in U.S. dollar |  |  |  | 1,191.9 | 7,098.5
Monetary liabilities and provisions in U.S. dollar |  |  |  | 567.3 | 1,527.8
Total |  |  |  | 747.2 | 7,058.1
Summary of Effect of Changes in Foreign Exchange Rates | The following tables demonstrate the sensitivity to a reasonable, possible change in U.S. dollar exchange rates or U.S. dollar forward rates, with all other variables held constant. The impact on our profit before tax is due to changes in the fair value of monetary assets and liabilities. The exposure to foreign currency changes for all other currencies is not material.
| 1 € = |  |  |  |  | Closing rate | Average rate
Currency | Country |  |  |  |  | 2023 | 2022 | 2023 | 2022
U.S. dollar | United States |  |  |  |  | 1.1050 | 1.0666 | 1.0813 | 1.0530
(in millions €) | Change in U.S. dollar rate |  |  |  |  | Effect on profit / (loss) before tax | Effect on pre-tax equity
2023 | +5 % |  |  |  |  | (35.5) | (35.5)
-5 % |  |  |  |  | 39.2 | 39.3
2022 | +5 % |  |  |  |  | (195.2) | (191.5)
-5 % |  |  |  |  | 215.7 | 211.7
Summary of Changes in Liabilities Arising from Financing Activities |
Year ended December 31, 2023 |  |  |  |  |  |  |  |  |
(in millions €) |  | January 1, 2023 | Cash flows |  |  | New leases and disposals | Reclassifi-cation | Other | December 31, 2023
Current obligations under lease contracts |  | 36.0 | (40.3) |  |  | (0.6) | 34.1 | (1.1) | 28.1
Non-current obligations under lease contracts |  | 174.1 | — |  |  | 51.1 | (34.1) | (2.5) | 188.6
Loans and borrowings |  | 2.1 | 0.2 |  |  | — | — | — | 2.3
Total |  | 212.2 | (40.1) |  |  | 50.5 | — | (3.6) | 219.0
Year ended December 31, 2022 |  |  |  |  |  |  |  |
(in millions €) | January 1, 2022 | Cash flows |  |  | New leases and disposals | Reclassifi-cation | Other | December 31, 2022
Current obligations under lease contracts | 27.9 | (41.1) |  |  | 14.8 | 33.3 | 1.1 | 36.0
Non-current obligations under lease contracts | 153.7 | — |  |  | 52.6 | (33.3) | 1.1 | 174.1
Loans and borrowings | 119.9 | (18.0) |  |  | — | — | (99.8)(1) | 2.1
Convertible note – embedded derivative | 308.7 | — |  |  | — | — | (308.7)(1) | —
Total | 610.2 | (59.1) |  |  | 67.4 | — | (406.3) | 212.2
(1) Related to the early redemption of our convertible note during the year ended December 31, 2023, as further described in Note 15.

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