Financial Report

Consolidated statement of cash flows

1 January - 31 December

kEUR

2022

2021

 

 

 

Cash flow from operating activities

 

 

Result for the year

7,767

47,258

 

 

 

Adjustments to reconcile cash generated by operating activities

 

 

Depreciation and amortization

26,063

20,683

Movement in provisions

-713

-236

Movement in pensions

1,545

1,465

Share-based payment expense

1,155

1,208

Financial income

-9

-653

Financial expenses

5,049

4,970

Income tax charge

-200

12,590

Government grant income

0

-2,387

IPO-related transaction costs

0

5,721

 

 

 

Changes in net working capital

 

 

(Increase) / decrease in inventories

-33,129

-17,669

(Increase) / decrease in trade receivables

18,898

-11,751

(Increase) / decrease in contract assets

-115

-488

(Increase) / decrease in other current assets

-1,636

-3,905

Increase / (decrease) in trade payables

13,231

1,178

Increase / (decrease) in contract liabilities

-18,628

11,492

Increase / (decrease) in other current liabilities

-3,353

1,648

Cash generated from operations

15,925

71,124

 

 

 

Interest income received

9

8

Interest expenses paid

-2,494

-2,384

Income taxes paid

-7,980

-11,396

Net cash flows from operating activities

5,460

57,352

 

 

 

Cash flow from investing activities

 

 

Acquisition of intangible assets

-3,665

-3,747

Acquisition of property, plant and equipment

-75,099

-73,961

Disposal of property, plant and equipment

12

122

Movement in other financial assets

317

-3,259

Net cash flows from investing activities

-78,435

-80,845

Consolidated statement of cash flows (continued)

1 January - 31 December

kEUR

2022

2021

 

 

 

Cash flow from financing activities

 

 

Proceeds from the issue of ordinary shares

0

182,141

Purchase of own shares

-13,933

-5,464

Dividends paid

-9,671

0

IPO-related transaction costs

0

-7,376

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

0

2,998

Proceeds from short-term borrowings from banks

0

25,000

Repayment of long-term borrowings from banks

0

-25,000

Repayment of short-term borrowings from banks

0

-25,000

Repayment of lease liabilities

-2,695

-2,637

Repayment of other financial liabilities

-570

-13,734

Net cash flow from financing activities

-26,869

130,928

Net movement in cash and cash equivalents

-99,844

107,435

 

 

 

Cash and cash equivalents at the beginning of the year

136,303

17,208

Net foreign currency exchange differences

1,069

11,660

Cash and cash equivalents at the end of the year

37,528

136,303