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Financial Assets and Financial Liabilities (Tables)

12 Months Ended

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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