Consolidated cash flow statements
(thousands of €) |
2017 |
2016 |
Notes |
Cash and cash equivalents at beginning of year |
973,241 |
340,314 |
|
|
|
|
|
Net income / loss (–) |
(115,704) |
54,012 |
|
|
|
|
|
Adjustments for: |
|
|
|
Tax expense |
198 |
235 |
|
Other net financial expense / income (–) |
25,705 |
(8,258) |
|
Fair value re-measurement of share subscription agreement |
– |
(57,479) |
|
Depreciation of property, plant and equipment |
3,633 |
3,322 |
|
Amortization of intangible fixed assets |
652 |
860 |
|
Net realized gain / loss (–) on foreign exchange transactions |
(357) |
1,229 |
|
Share-based compensation |
16,536 |
11,034 |
|
Increase in provisions |
1 |
7 |
|
Increase in pension liabilities |
22 |
244 |
|
Gain on sale of fixed assets |
– |
(14) |
|
|
|
|
|
|
(69,315) |
5,192 |
|
|
|
|
|
Decrease in inventories |
22 |
25 |
|
Increase in receivables |
(27,656) |
(12,978) |
|
Increase in payables |
14,772 |
2,102 |
|
Increase / decrease (–) in deferred income |
(65,722) |
245,806 |
|
|
|
|
|
Cash generated / used (–) in operations |
(147,899) |
240,148 |
|
|
|
|
|
Interest paid |
(273) |
(47) |
|
Interest received |
1,341 |
1,066 |
|
Income taxes paid |
(199) |
(1,763) |
|
|
|
|
|
Net cash flows generated / used (–) in operating activities |
(147,030) |
239,403 |
|
|
|
|
|
Purchase of property, plant and equipment |
(5,312) |
(4,458) |
|
Purchase of and expenditure in intangible fixed assets |
(2,125) |
(332) |
|
Proceeds from disposal of property, plant and equipment |
7 |
18 |
|
Decrease in restricted cash |
6,510 |
235 |
|
Acquisition of available-for-sale financial assets |
– |
(2,750) |
|
Proceeds from sale of available-for-sale financial assets |
372 |
– |
|
Net cash flows used in investing activities |
(549) |
(7,287) |
|
|
|
|
|
Repayment of obligations under finance leases and other debts |
(65) |
(49) |
|
Proceeds from capital and share premium increases, gross amount |
363,924 |
392,121 |
|
Issue costs paid related to capital and share premium increases |
(15,790) |
(337) |
|
Proceeds from capital and share premium increases from exercise of warrants |
5,288 |
4,261 |
|
|
|
|
|
Net cash flows generated in financing activities |
353,357 |
395,996 |
|
|
|
|
|
Effect of exchange rate differences on cash and cash equivalents |
(27,808) |
4,816 |
|
|
|
|
|
Increase in cash and cash equivalents |
177,970 |
632,927 |
|
|
|
|
|
Cash and cash equivalents at end of the year |
1,151,211 |
973,241 |
|
In order to align with the presentation for the year ended 31 December 2017, the consolidated cash flow statement for the year ended 31 December 2016 was adjusted as follows: (i) the issue cost paid, related to share capital and the resulting increase in share premium has been reclassified and shown separately from the gross amount of the proceeds from capital and share premium increases, and (ii) acquisition of available-for-sale financial assets were shown separately from the proceeds from sale of available-for-sale financial assets.