Consolidated cash flow statements
(unaudited)
(thousands of €) |
2018 |
2017 |
Cash and cash equivalents at beginning of year |
1,151,211 |
973,241 |
|
|
|
Net loss |
(37,283) |
(13,605) |
|
|
|
Adjustments for: |
|
|
Tax expense |
62 |
– |
Net financial expense |
5,184 |
2,380 |
Depreciation of property, plant and equipment |
914 |
870 |
Amortization of intangible fixed assets |
283 |
180 |
Net realized gain / loss (–) on foreign exchange transactions |
63 |
(338) |
Share-based compensation |
3,943 |
3,023 |
Increase in pension liabilities |
78 |
72 |
|
|
|
|
(26,755) |
(7,418) |
|
|
|
Increase in inventories |
(14) |
(24) |
Decrease / Increase (–) in receivables |
12,928 |
(11,586) |
Increase in payables |
7,568 |
11,092 |
Decrease in deferred income |
(34,458) |
(15,259) |
|
|
|
Cash used in operations |
(40,732) |
(23,196) |
|
|
|
Interest paid |
(500) |
(16) |
Interest received |
1,428 |
370 |
|
|
|
Net cash flows used in operating activities |
(39,804) |
(22,843) |
|
|
|
Purchase of property, plant and equipment |
(1,192) |
(916) |
Purchase of and expenditure in intangible fixed assets |
(340) |
(120) |
Proceeds from disposal of property, plant and equipment |
1 |
1 |
Decrease in restricted cash |
– |
6,531 |
|
|
|
Net cash flows generated / used (–) in investing activities |
(1,531) |
5,497 |
Repayment of obligations under finance leases and other debts |
(19) |
(14) |
Proceeds from capital and share premium increases from exercise of warrants |
3,924 |
– |
|
|
|
Net cash flows generated /used (–) in financing activities |
3,905 |
(14) |
|
|
|
Effect of exchange rate differences on cash and cash equivalents |
(5,595) |
(2,496) |
|
|
|
Decrease in cash and cash equivalents |
(43,025) |
(19,856) |
|
|
|
Cash and cash equivalents at end of the period |
1,108,186 |
953,385 |