Consolidated cash flow statements
(unaudited)
|
Six months ended 30 June |
|
(thousands of €) |
2018 |
2017 |
Cash and cash equivalents at beginning of year |
1,151,211 |
973,241 |
|
|
|
Net loss |
(59,056) |
(49,249) |
|
|
|
Adjustments for: |
|
|
Tax expense |
137 |
92 |
Net financial income (–) / expense |
(6,868) |
16,254 |
Depreciation of property, plant and equipment |
1,866 |
1,780 |
Amortization of intangible fixed assets |
1,818 |
364 |
Net realized gain / loss (–) on foreign exchange transactions and other financial expenses paid |
(4) |
(464) |
Share-based compensation |
10,540 |
6,968 |
Decrease in provisions |
(8) |
(8) |
Increase in pension liabilities |
157 |
143 |
|
|
|
|
(51,418) |
(24,120) |
|
|
|
Decrease / increase (–) in inventories |
12 |
(18) |
Increase in receivables |
(3,204) |
(2,248) |
Increase in payables |
21,357 |
5,307 |
Decrease in deferred income |
(59,967) |
(30,752) |
|
|
|
Cash used in operations |
(93,219) |
(51,830) |
|
|
|
Interest paid |
(848) |
(25) |
Interest received |
2,789 |
557 |
|
|
|
Net cash flows used in operating activities |
(91,278) |
(51,298) |
|
|
|
Purchase of property, plant and equipment |
(3,003) |
(2,260) |
Purchase of and expenditure in intangible fixed assets |
(722) |
(204) |
Proceeds from disposal of property, plant and equipment |
1 |
12 |
Decrease in restricted cash |
– |
6,531 |
Proceeds from sale of available-for-sale financial assets |
– |
372 |
|
|
|
Net cash flows generated / used (–) in investing activities |
(3,724) |
4,451 |
Repayment of obligations under finance leases and other debts |
(7) |
(33) |
Proceeds from capital and share premium increases, gross amount |
– |
363,924 |
Issue costs paid related to capital and share premium increases |
– |
(15,784) |
Proceeds from capital and share premium increases from exercise of warrants |
5,261 |
4,666 |
|
|
|
Net cash flows generated in financing activities |
5,254 |
352,773 |
|
|
|
Effect of exchange rate differences on cash and cash equivalents |
5,304 |
(17,107) |
|
|
|
Increase / decrease (–) in cash and cash equivalents |
(84,445) |
288,820 |
|
|
|
Cash and cash equivalents at end of the period |
1,066,766 |
1,262,061 |
The accompanying notes form an integral part of these condensed consolidated financial statements.