Financial Report

Consolidated statement of cash flows

1 January - 31 December

kEUR

2021

2020

 

 

 

Cash flow from operating activities

 

 

Result for the year

47,258

31,335

 

 

 

Adjustments to reconcile cash generated by operating activities

 

 

Depreciation and amortization

20,683

17,545

Movement in provisions

-236

-1,403

Movement in pensions

1,465

2,016

Share-based payment expense

1,208

0

Financial income

-653

-106

Financial expenses

4,970

6,799

Income tax charge

12,590

6,350

Government grant income

-2,387

0

IPO-related transaction costs

5,721

0

 

 

 

Changes in net working capital

 

 

(Increase) / decrease in inventories

-17,669

-22,101

(Increase) / decrease in trade receivables

-11,751

-21,213

(Increase) / decrease in contract assets

-488

-223

(Increase) / decrease in other current assets

-3,905

2,469

Increase / (decrease) in trade payables

1,178

4,870

Increase / (decrease) in contract liabilities

11,492

23,581

Increase / (decrease) in other current liabilities

1,648

2,894

Cash generated from operations

71,124

52,813

 

 

 

Interest income received

8

106

Interest expenses paid

-2,384

-1,018

Income taxes paid

-11,396

-2,419

Net cash flows from operating activities

57,352

49,482

 

 

 

Cash flow from investing activities

 

 

Acquisition of intangible assets

-3,747

-2,580

Acquisition of property, plant and equipment

-73,961

-40,621

Disposal of property, plant and equipment

122

383

Movement in other financial assets

-3,259

258

Net cash flows from investing activities

-80,845

-42,560

 

 

 

kEUR

2021

2020

 

 

 

Cash flow from financing activities

 

 

Proceeds from the issue of ordinary shares

182,141

0

Purchase of own shares

-5,464

0

IPO-related transaction costs

-7,376

0

Repayment by Draupnir Holding B.V. related to IPO bonus

2,998

0

Proceeds from other financial liabilities

0

2,353

Proceeds from short-term borrowings from banks

25,000

0

Repayment of long-term borrowings from banks

-25,000

0

Repayment of short-term borrowings from banks

-25,000

0

Repayment of lease liabilities

-2,637

-1,967

Repayment of other financial liabilities

-13,734

-7,116

Net cash flow from financing activities

130,928

-6,730

Net movement in cash and cash equivalents

107,435

192

 

 

 

Cash and cash equivalents at the beginning of the year

17,208

17,508

Net foreign currency exchange differences

11,660

-492

Cash and cash equivalents at the end of the year

136,303

17,208