Employee costs

12 Months Ended

Dec. 31, 2023

Classes of employee benefits expense [abstract]

Note 6—Employee costs


	2023		2022		2021
	(EUR’000)
Employee costs
Wages and salaries		170,278		140,420		104,583
Share-based payment		66,660		64,180		66,830
Pensions (defined contribution plans)		4,403		4,163		2,416
Social security costs		12,877		10,627		7,667
Other employee costs		4,238		4,411		1,740
Total employee costs (2)		258,456		223,801		183,236
Included in the profit or loss
Cost of sales (1)		15,748		7,239		1,380
Research and development costs		127,002		122,581		108,434
Selling, general and administrative expenses		115,706		93,981		73,422
Total employee costs (2)		258,456		223,801		183,236
Average number of employees		851		719		573

(1)

Cost of sales includes employee costs capitalized as part of inventories.

(2)

At December 31, 2023, “Employee costs” has been extended to also include “Other employee costs”, which comprise other external costs associated with employment. In addition, “Social security costs” have been adjusted to also include various insurance programs. Comparative amounts have been reclassified to reflect the change in presentation.

Key Management Personnel comprises the Board of Directors (the “Board”), the Executive Board and Non-executive Senior Management. Compensation to Key Management Personnel comprises salaries, participation in annual bonus schemes, pensions (defined contributions plans), and share-based compensation. Share-based compensation is elaborated in further details in Note 7, “Share-based Payment”.

Compensation to Key Management Personnel included within total employee costs is summarized below:


	Board of Directors (1)						Executive Board (2)						Non-executive Senior Management
	2023		2022		2021		2023		2022		2021		2023		2022		2021
	(EUR ‘000)
Compensation
Wages and salaries		543		403		296		4,375		3,809		2,699		4,673		6,087		5,547
Share-based payment		1,276		1,273		2,032		13,243		11,392		8,770		9,529		8,872		14,906
Pensions (defined contribution plans)		—		—		—		54		46		23		122		118		120
Social security costs		—		—		—		103		55		49		45		89		60
Other employee cost		—		—		—		20		20		10		40		45		45
Total compensation		1,819		1,676		2,328		17,795		15,322		11,551		14,409		15,211		20,678

(1)

The Board of Directors comprised six to seven persons in 2023, 2022 and 2021.

(2)

The Executive Board comprised four persons in 2023 and 2022. In 2021, the Executive Board comprised two to four persons.