Financial Instruments

12 Months Ended

Dec. 31, 2020

24.	Financial Instruments

Set out below are the carrying amounts and fair values of the Group’s financial instruments that are carried in the consolidated financial statements.


Euros in thousands		Carrying amount				Fair value
	IFRS 9	December 31, 2020 (Restated)		December 31, 2019		December 31, 2020 (Restated)		December 31, 2019
Financial assets
Short-term deposits*	other financial assets at amortized cost		24,448		16,023		24,448		16,023
Positive market value forward contracts*	At fair value through profit or loss (FVTPL)		914		—		914		—
Accounts receivable	other financial assets at amortized cost		1,250		957		1,250		957
Other current/non-current assets	other financial assets at amortized cost		1,586		1,710		1,586		1,710

Total financial assets**			28,198		18,690		28,198		18,690

Financial liabilities
Accounts payable	other financial liabilities at amortized cost		10,052		7,082		10,052		7,082
Other current liabilities	other financial liabilities at amortized cost		2,025		1,288		2,025		1,288
Other financial liabilities	At fair value through profit or loss (FVTPL)		16,869		—		16,869		—

Total financial liabilities			28,946		8,370		28,946		8,370

*	Short-term deposits” are classified within Other financial assets. “Positive market value forward contract” are classified in other current assets. “Negative market value forward contracts” are classified in other current liabilities.

**	Financial assets, other than cash and cash equivalents.

The carrying value of financial instruments, such as cash and cash equivalents, deposits, accounts receivable and accounts payable approximate their fair value based on the short-term maturities of these instruments. The fair values of the financial assets and liabilities are included at the amount at which the instrument could be exchanged in a current transaction between willing parties, other than in a forced or liquidation sale.

The following methods and assumptions were used to estimate the fair values: All financial assets, except for derivatives, which are categorized Level 2, are categorized Level 1 and therefore are valued using quoted (unadjusted) market prices. All financial liabilities are also categorized Level 1.

The Company accounted for the warrants issued to investors with an option to choose over how it is settled as a current liability according to provisions of IAS 32. The Company measured the warrants at fair value by using the Euro equivalent of the closing price of warrants at NASDAQ. The warrants were measured in each reporting period. Changes in the fair value were recognized in the Company’s consolidated statement of loss as financial income or expense, as appropriate. The warrants were classified as level 1.