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Fixed Assets | 12 Months Ended
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Dec. 31, 2023
Fixed Assets |
Fixed Assets | 4. Fixed Assets 4.1 Development of intangible assets and property, plant and equipment The development of intangible assets and property, plant and equipment for the years ended December 31, 2023 and 2022 were as follows: Intangible assets ​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ |  | ​ | ​ | ​ | ​ | Advance |  | ​
(in thousands of EUR) |  | Software |  | Licenses |  | Technology |  | Goodwill |  | payments |  | Total
Acquisition costs |  |  | ​ | ​ |  | ​ | ​ | ​ | ​ |  |  | ​
As of January 1, 2022 |  | 12,626 | ​ | 10,259 |  | — | ​ | — | ​ | 965 |  | 23,850
Additions |  | 1,433 | ​ | 4,208 |  | 6,350 | ​ | 12,463 | ​ | — |  | 24,454
Disposals |  | (2,331) | ​ | (1,537) |  | — | ​ | — | ​ | (298) |  | (4,166)
Reclassifications | ​ | 656 | ​ | — | ​ | — | ​ | — | ​ | (656) | ​ | —
Currency translation | ​ | 1 | ​ | — | ​ | — | ​ | — | ​ | — | ​ | 1
As of December 31, 2022 |  | 12,385 | ​ | 12,930 |  | 6,350 | ​ | 12,463 | ​ | 11 |  | 44,139
Accumulated amortization and impairment charges |  | ​ | ​ | ​ |  | ​ | ​ | ​ | ​ | ​ |  | ​
As of January 1, 2022 |  | 5,965 | ​ | 4,647 |  | — | ​ | — | ​ | — |  | 10,612
Amortization |  | 1,730 | ​ | 2,865 |  | 484 | ​ | — | ​ | — |  | 5,079
Disposals | ​ | (2,217) | ​ | (1,114) | ​ | — | ​ | — | ​ | — | ​ | (3,331)
Currency translation | ​ | 1 | ​ | — |  | — | ​ | — | ​ | — |  | 1
As of December 31, 2022 |  | 5,479 | ​ | 6,398 |  | 484 | ​ | — | ​ | — |  | 12,361
Acquisition costs | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
As of January 1, 2023 | ​ | 12,385 | ​ | 12,930 | ​ | 6,350 | ​ | 12,463 | ​ | 11 | ​ | 44,139
Additions | ​ | 201 | ​ | 2,679 | ​ | — | ​ | — | ​ | — | ​ | 2,880
Disposals | ​ | (1,946) | ​ | (4,432) | ​ | — | ​ | — | ​ | (11) | ​ | (6,388)
Reclassifications | ​ | (6,797) | ​ | 6,797 | ​ | — | ​ | — | ​ | — | ​ | —
Currency translation | ​ | — | ​ | — | ​ | — | ​ | — | ​ | — | ​ | —
As of December 31, 2023 | ​ | 3,843 | ​ | 17,974 | ​ | 6,350 | ​ | 12,463 | ​ | — | ​ | 40,630
Accumulated amortization and impairment charges | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
As of January 1, 2023 | ​ | 5,479 | ​ | 6,398 | ​ | 484 | ​ | — | ​ | — | ​ | 12,361
Amortization | ​ | 820 | ​ | 3,457 | ​ | 782 | ​ | — | ​ | — | ​ | 5,059
Disposals | ​ | (1,841) | ​ | (3,294) | ​ | — | ​ | — | ​ | — | ​ | (5,135)
Reclassifications | ​ | (2,493) | ​ | 2,493 | ​ | — | ​ | — | ​ | — | ​ | —
Currency translation | ​ | — | ​ | — | ​ | — | ​ | — | ​ | — | ​ | —
As of December 31, 2023 | ​ | 1,965 | ​ | 9,054 | ​ | 1,266 | ​ | — | ​ | — | ​ | 12,285
Carrying amount |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | ​
As of January 1, 2022 |  | 6,661 | ​ | 5,612 | ​ | — | ​ | — | ​ | 965 |  | 13,238
As of December 31, 2022 |  | 6,906 | ​ | 6,532 | ​ | 5,866 | ​ | 12,463 | ​ | 11 |  | 31,778
As of December 31, 2023 |  | 1,878 | ​ | 8,920 | ​ | 5,084 | ​ | 12,463 | ​ | — |  | 28,347
​ As the Group operates as one cash-generating unit, for the purpose of impairment testing in 2023, goodwill was allocated at Group level. For the impairment test the market capitalization was compared to the Group’s equity; the Goodwill was covered by the exceeding amount. The market capitalization derived from public quotations of CureVac stock (Nasdaq Dec 29, 2023: USD 4.21). Based on this, CureVac has concluded, that there are no indications of potential impairment in the goodwill of its one cash-generating unit. Property, plant and equipment ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | Other | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | equipment, | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | Technical | ​ | furniture | ​ | Assets | ​ | ​
​ | ​ | ​ |  | equipment |  | and |  | under | ​ | ​
(in thousands of EUR) |  | Buildings |  | and machines |  | fixtures |  | construction |  | Total
Acquisition costs |  |  |  |  |  |  |  |  |  |
As of January 1, 2022 |  | 27,272 |  | 51,974 |  | 11,494 |  | 124,543 |  | 215,283
Additions |  | 377 |  | 9,710 |  | 2,760 |  | 76,773 |  | 89,620
Assets held for sale | ​ | — | ​ | (6,719) | ​ | — | ​ | (50,851) | ​ | (57,570)
Disposals |  | (1,182) |  | (12,584) |  | (1,732) |  | (4,356) |  | (19,854)
Reclassifications |  | — |  | 7,652 |  | — |  | (7,652) |  | —
Currency translation |  | — |  | — |  | 30 |  | — |  | 30
As of December 31, 2022 |  | 26,467 |  | 50,033 |  | 12,552 |  | 138,457 |  | 227,509
Accumulated depreciation and impairment charges |  | ​ |  | ​ |  | ​ |  | ​ |  | ​
As of January 1, 2022 |  | 5,348 |  | 11,726 |  | 7,135 |  | 22,810 |  | 47,019
Depreciation |  | 4,445 |  | 6,999 |  | 1,950 |  | — |  | 13,394
Impairment | ​ | — | ​ | 3,830 | ​ | — | ​ | 2,054 | ​ | 5,884
Disposals |  | (1,083) |  | (9,938) |  | (1,688) |  | (24,038) |  | (36,747)
Currency translation |  | — |  | — |  | 18 |  | — |  | 18
As of December 31, 2022 |  | 8,710 |  | 12,617 |  | 7,415 |  | 826 |  | 29,568
Acquisition costs | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
As of January 1, 2023 | ​ | 26,467 | ​ | 50,033 | ​ | 12,552 | ​ | 138,457 | ​ | 227,509
Additions | ​ | 551 | ​ | 9,171 | ​ | 2,024 | ​ | 43,126 | ​ | 54,873
Disposals | ​ | (14) | ​ | (5,090) | ​ | (1,825) | ​ | (1,235) | ​ | (8,165)
Reclassifications | ​ | 533 | ​ | 828 | ​ | (2) | ​ | (1,358) | ​ | 1
Currency translation | ​ | — | ​ | — | ​ | (13) | ​ | — | ​ | (13)
As of December 31, 2023 | ​ | 27,537 | ​ | 54,941 | ​ | 12,736 | ​ | 178,990 | ​ | 274,205
Accumulated depreciation and impairment charges | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
As of January 1, 2023 | ​ | 8,710 | ​ | 12,617 | ​ | 7,415 | ​ | 826 | ​ | 29,568
Depreciation | ​ | 4,216 | ​ | 5,925 | ​ | 2,291 | ​ | — | ​ | 12,432
Impairment | ​ | — | ​ | — | ​ | — | ​ | 1,374 | ​ | 1,374
Disposals | ​ | (12) | ​ | (4,270) | ​ | (1,659) | ​ | — | ​ | (5,941)
Currency translation | ​ | — | ​ | — | ​ | (9) | ​ | — | ​ | (9)
As of December 31, 2023 | ​ | 12,914 | ​ | 14,272 | ​ | 8,038 | ​ | 2,200 | ​ | 37,424
Carrying amount |  | ​ |  | ​ |  | ​ |  | ​ |  | ​
As of January 1, 2022 |  | 21,924 |  | 40,248 |  | 4,359 |  | 101,733 |  | 168,264
As of December 31, 2022 |  | 17,757 |  | 37,416 |  | 5,137 |  | 137,631 |  | 197,941
As of December 31, 2023 |  | 14,623 |  | 40,669 |  | 4,698 |  | 176,790 |  | 236,782
​ In fiscal 2023, impairments of EUR 1,374k were recognized (2022: EUR 5,884k). These were recognized in cost of sales as they pertained to machinery and technical equipment recorded under assets under construction and resulted from the partial impairment of equipment which are obsolete due to the withdrawal of the EMA regulatory approval application for CVnCoV. In fiscal 2022, assets were reclassified as ‘assets held for sale’ (Refer to Note 5 for additional information). The Group capitalized EUR 2,375k borrowing costs during fiscal 2023 (2022: EUR 2,291k, 2021: EUR 2,932k). The capitalization rate used to determine the amount of the borrowing costs eligible for capitalization during fiscal 2023 was a weighted average of 5.76% (2022: 5.78%, 2021: 7.17%). 4.2 Right-of-use assets and lease liabilities ​ Set out below, are the carrying amounts of the Group’s right-of-use assets and the movements during the period: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Right-of-use assets
​ | ​ | Land and | ​ | ​ | ​ | Other | ​ | ​
​ | ​ | Buildings | ​ | Vehicles | ​ | equipment | ​ | Total
​ |  | EURk |  | EURk |  | EURk |  | EURk
As of January 1, 2023 |  | 41,183 | ​ | 275 | ​ | 2,303 | ​ | 43,761
Additions (new leases and reassessment of existing leases) |  | 4,788 | ​ | 200 | ​ | — | ​ | 4,988
Depreciation expense |  | (5,264) | ​ | (156) | ​ | (352) | ​ | (5,772)
Impairment | ​ | (1,100) | ​ | — | ​ | — | ​ | (1,100)
Foreign currency translation |  | (33) | ​ | — | ​ | — | ​ | (34)
As of December 31, 2023 |  | 39,574 | ​ | 319 | ​ | 1,950 | ​ | 41,843
​ The most significant lease agreements that have been initiated relate to several buildings in Tübingen, a building in Wiesbaden and Frankfurt am Main, a building in Amsterdam/Netherlands and a building in Boston/USA. The additions mainly relate to six rental agreements in Tübingen (EUR 2,452k) and one rental agreement in Wiesbaden (EUR 510k). In addition, CureVac assessed one extension option of 5 years to be reasonably certain. Below are the carrying amounts of lease liabilities and the movements during the period: ​
​ | ​ | ​
​ |  | EUR k
​ | ​ | ​
As of January 1, 2023 |  | 42,086
Additions (new leases and reassessment of existing leases) |  | 4,988
Accretion of interest |  | 2,375
Payments |  | (7,568)
Foreign currency translation |  | (57)
As of December 31, 2023 |  | 41,824
Current |  | 5,005
Non-current |  | 36,819
​ A maturity analysis of lease liabilities is disclosed in Note 15. The following are the amounts recognized in the statement of operations: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 2021 | ​ | 2022 | ​ | 2023
​ |  | EUR k |  | EUR k |  | EUR k
Depreciation expense of right-of-use assets |  | (3,901) | ​ | (5,053) | ​ | (5,772)
Impairment expense / reversal of impairment |  | — | ​ | (710) | ​ | (1,100)
Interest expense on lease liabilities | ​ | (1,729) | ​ | (2,218) | ​ | (2,375)
Expense relating to short-term leases (included in cost of sales) |  | (119) | ​ | (76) | ​ | (70)
Expense relating to leases of low-value assets (included in general and administrative expenses) |  | (39) | ​ | (66) | ​ | (55)
Income from sub-leasing right-of-use assets presented in “other operating income” | ​ | — | ​ | — | ​ | 51
​ Set out below, are the carrying amounts of the Group’s right-of-use assets and the movements of prior period: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Right-of-use assets
​ | ​ | Land and | ​ | ​ | ​ | Other | ​ | ​
​ | ​ | Buildings | ​ | Vehicles | ​ | equipment | ​ | Total
​ |  | EURk |  | EURk |  | EURk |  | EURk
As of January 1, 2022 |  | 31,547 |  | 142 |  | 440 |  | 32,129
Additions |  | 14,834 |  | 231 |  | 2,179 |  | 17,244
Depreciation expense |  | (4,639) |  | (98) |  | (316) |  | (5,053)
Impairment | ​ | (710) | ​ | — | ​ | — | ​ | (710)
Foreign currency translation |  | 151 |  | — |  | — |  | 151
As of December 31, 2022 |  | 41,183 |  | 275 |  | 2,303 |  | 43,761
​ Below are the carrying amounts of lease liabilities and the movements during the period 2022: ​
​ | ​ | ​
​ |  | EUR k
​ | ​ | ​
As of January 1, 2022 |  | 28,892
Additions |  | 17,241
Accretion of interest |  | 2,218
Payments |  | (6,439)
Foreign currency translation |  | 174
As of December 31, 2022 |  | 42,086
Current |  | 4,980
Non-current |  | 37,106
​ A maturity analysis of lease liabilities is disclosed in Note 15. There are no commitments for leases not yet commenced as of December 31, 2023. Commitments for leases not yet commenced as of December 31, 2022, related to two lease agreements of buildings in Tübingen, Germany that have been signed in 2021 and one lease agreement of a building in Wiesbaden, Germany that has been signed in 2022. ​ Optional lease payments from using extension options not included in the measurement of the lease liability exist in a gross amount of EUR 39,325k.

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