XML 69 R54.htm IDEA: XBRL DOCUMENT v3.22.0.1
Financial Risk Management and Financial Instruments (Tables)
 12 Months Ended
Dec. 31, 2021
Disclosure of detailed information about financial instruments [abstract]  
Summary of Liquidity Position in Terms of Available Cash and Cash Equivalents and Short Term Investments The Group’s policy is to have a strong liquidity position in terms of available cash and cash equivalents, and short term investments.
20212020
(in € millions)
Liquidity
Short term investments756 596 
Cash equivalents1,970 685 
Cash at bank and on hand774 466 
Liquidity position3,500 1,747 
Disclosure Of Effect Of 10% Change In Currency
2021SEKUSD
(in € millions)
Increase/(decrease) in income before tax(14)94 
2020SEKUSD
 (in € millions)
(Increase)/decrease in loss before tax(13)67 
Summary of Notional Principal of Foreign Currency Exchange Contracts by Hedged Line Item in Statement of Operations The following table summarizes the notional principal of the foreign currency exchange contracts by hedged line item in the statement of operations as of December 31, 2021:
Notional amount in foreign currency
Australian dollar
(AUD)		British pound
(GBP)		Canadian dollar
(CAD)		Norwegian krone
(NOK)		Swedish krona
(SEK)		U.S. dollar
(USD)
(in millions)
Hedged line item in consolidated statement of operations
Revenue327 429 274 870 1,446 54 
Cost of revenue240 304 190 573 959 43 
Total567 733 464 1,443 2,405 97 
The following table summarizes the notional principal of the foreign currency exchange contracts by hedged line item in the statement of operations as of December 31, 2020:
Notional amount in foreign currency
Australian dollar
(AUD)		British pound
(GBP)		Canadian dollar
(CAD)		Norwegian krone
(NOK)		Swedish krona
(SEK)		U.S. dollar
(USD)
(in millions)
Hedged line item in consolidated statement of operations
Revenue274 379 239 809 1,384 32 
Cost of revenue199 274 166 543 938 24 
Total473 653 405 1,352 2,322 56 
Summary of Major Security Type, Financial Assets and Liabilities Measured at Fair Value on Recurring Basis
The following tables summarize, by major security type, the Group’s financial assets and liabilities that are measured at fair value on a recurring basis, and the category using the fair value hierarchy. The different levels have been defined in Note 2.
Financial assets and liabilities by fair value hierarchy levelLevel 1Level 2Level 3December 31, 2021
(in € millions)
Financial assets at fair value
Cash equivalents:
Money market funds1,970 — — 1,970 
Short term investments:
Money market funds25 — — 25 
Government securities204 18 — 222 
Corporate notes— 308 — 308 
Collateralized reverse purchase agreements— 67 — 67 
Fixed income funds134 — — 134 
Derivatives (designated for hedging):
Foreign exchange forwards— 11 — 11 
Long term investments852 — 64 916 
Total financial assets at fair value by level3,185 404 64 3,653 
Financial liabilities at fair value
Exchangeable Notes— — 1,202 1,202 
Derivatives (not designated for hedging):
Warrants— — 72 72 
Derivatives (designated for hedging):
Foreign exchange forwards— 17 — 17 
Contingent consideration— — 17 17 
Total financial liabilities at fair value by level— 17 1,291 1,308 

Financial assets and liabilities by fair value hierarchy levelLevel 1Level 2Level 3December 31, 2020
(in € millions)
Financial assets at fair value
Cash equivalents
Money market funds685 — — 685 
Short term investments:
Money market funds25 — — 25 
Government securities198 31 — 229 
Agency securities— 4 — 4 
Corporate notes— 276 — 276 
Collateralized reverse purchase agreements— 62 — 62 
Derivatives (designated for hedging):
Foreign exchange forwards— 12 — 12 
Long term investments2,228 — 49 2,277 
Total financial assets at fair value by level3,136 385 49 3,570 
Financial liabilities at fair value
Derivatives (not designated for hedging):
Warrants— — 89 89 
Derivatives (designated for hedging):
Foreign exchange forwards— 16 — 16 
Contingent consideration— — 30 30 
Total financial liabilities at fair value by level— 16 119 135 
Summary of Changes in Investment
The table below presents the changes in the investment in TME:
202120202019
(in € millions)
At January 12,228 1,481 1,630 
Changes in fair value recorded in other comprehensive loss/income(1,376)747 (149)
At December 31852 2,228 1,481 
The table below presents the changes in the other long term investments:
202120202019
(in € millions)
At January 149 16 16 
Initial recognition of long term investment2 9 — 
Changes in fair value recorded in other comprehensive (loss)/income158 29 — 
Changes in fair value recognized in consolidated statement of operations(4)(4)— 
Sale of long term investment(144)— — 
Effect of changes in foreign exchange rates3 (1)— 
At December 31644916
Summary of Assumption Used to Estimate Fair Value of Warrants The warrants are
valued using a Black-Scholes option-pricing model, which includes inputs determined from models that include the value of the Company’s ordinary shares, as determined above and additional assumptions used to estimate the fair value of the warrants in the option pricing model as follows:
202120202019
Expected term (years)
0.5 – 2.65
1.5
0.5 – 2.5
Risk free rate (%)
0.19 – 0.89
0.11
1.58 – 1.59
Volatility (%)
40.0 - 45.0
50.0 32.5 
Share price (US$)234.03 314.66 149.55 
Summary of Changes in Warrants Liability
The table below presents the changes in the warrants liability:
202120202019
(in € millions)
January 1 89 98 333 
Issuance of warrant for cash31 — 15 
Issuance of shares upon exercise of, or net settlement of, warrants— (267)(303)
Non cash changes recognized in profit or loss
Changes in fair value recognized in consolidated statement of operations(53)263 35 
Effect of changes in foreign exchange rates5 (5)18 
At December 3172 89 98 
Summary of Changes in Contingent Consideration Liability
The table below presents the changes in the contingent consideration liability:
202120202019
(in € millions)
At January 130 27 — 
Initial recognition of contingent consideration included in
   purchase consideration of acquisition		— — 13 
Contingent consideration payments(17)(7)— 
Changes in fair value recognized in consolidated statement of operations2 13 14 
Effect of changes in foreign exchange rates2 (3)— 
At December 3117 30 27 
Disclosure of detailed information about borrowings
The table below presents the changes in the Exchangeable Notes:
2021
(in € millions)
At January 1— 
Initial recognition1,232 
Changes in fair value recognized in consolidated statement of operations(112)
Effect of changes in foreign exchange rates82 
At December 311,202 
Description of fair value assumptions of borrowings The key assumptions used in the binomial option pricing model for the Exchangeable Notes were as follows:
December 31, 2021
Risk free rate (%)1.15 
Discount rate (%)3.9 
Volatility (%)40.0 
Share price (US$)234.03