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Consolidated Cash Flow Statements - EUR (€)
€ in Thousands
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Operating activities      
Net profit/(loss) for the year € (378,084) € (481,447) € (583,194)
Reversal of finance income (25,609) (43,857) (52,181)
Reversal of finance expenses 100,027 44,065 50,487
Reversal of (gain)/loss on disposal of property, plant and equipment (91) 5 22
Reversal of income taxes (expenses) 4,843 7,303 5,377
Adjustments for non-cash items:      
Non-cash consideration relating to revenue (27,069) (2,354) (2,547)
Share of (profit)/loss of associates 20,060 18,395 17,697
Share-based payment 95,512 66,660 64,180
Depreciation 17,247 18,428 17,514
Impairment of property, plant and equipment 0 7,834 0
Amortization 467 483 444
Changes in working capital:      
Inventories (86,678) (78,258) (55,268)
Receivables (118,607) (32,773) (11,531)
Prepayments 10,392 (11,413) (6,409)
Contract liabilities (1,197) (7,080) 8,648
Trade payables, accrued expenses and other liabilities 26,965 3,551 45,943
Increase/(decrease) in provisions 61,968 26,187 6,145
Cash flows generated from/(used in) operations (299,854) (464,271) (494,673)
Finance income received 14,374 17,048 8,271
Finance expenses paid (15,205) (15,672) (9,294)
Income taxes received/(paid) (5,512) (4,466) (3)
Cash flows from/(used in) operating activities (306,197) (467,361) (495,699)
Investing activities      
Proceeds from disposal of property, plant and equipment 950 51 0
Acquisition of intangible assets and property, plant and equipment (1,427) (2,442) (14,489)
Reimbursement for acquisition of property, plant and equipment 0 0 9,535
Purchase of marketable securities 0 0 (213,842)
Settlement of marketable securities 7,353 288,865 280,528
Cash flows from/(used in) investing activities 6,876 286,474 61,732
Financing activities      
Repayments of borrowings (11,365) (10,438) (6,356)
Net proceeds from borrowings 134,158 136,256 503,281
Proceeds from exercise of warrants 30,514 10,286 5,153
Proceeds from follow-on public offerings 309,913 0 0
Costs of follow-on public offering (19,291) 0 0
Acquisitions of treasury shares, net of transaction costs 0 0 (105,305)
Payment of withholding taxes under stock incentive programs 0 (1,812) 0
Cash flows from/(used in) financing activities 443,929 134,292 396,773
Increase/(decrease) in cash and cash equivalents 144,608 (46,595) (37,194)
Cash and cash equivalents at January 1 392,164 [1] 444,767 446,267
Effect of exchange rate changes on balances held in foreign currencies 22,771 (6,008) 35,694
Bank deposits 559,543 392,164 427,810
Short-term marketable securities 0 0 16,957
Cash and cash equivalents at December 31 € 559,543 € 392,164 [1] € 444,767
[1] Restatement relates to adoption of amendments to IAS 1, “Presentation of Financial Statements.” Refer to Note 2 for further details.