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CONSOLIDATED STATEMENTS OF CASH FLOWS - EUR (€)
€ in Thousands
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
CASH FLOWS (USED IN) / FROM OPERATING ACTIVITIES      
Operating result € (178,554) € (81,849) € (22,932)
Adjustments for non-cash items      
Amortization of intangible assets 38 19 10
Depreciation of property, plant and equipment 2,128 474 425
Loss on disposal of fixed assets     11
Provisions for employee benefits 57 (18) 24
Expense recognized in respect of share-based payments 39,552 19,183 4,268
Fair value gains on financial assets at fair value through profit or loss (1,096)    
Adjustments for non-cash items (137,875) (62,191) (18,195)
Movements in current assets/liabilities      
(Increase)/decrease in trade and other receivables (22,965) (44) (122)
(Increase)/decrease in other current assets (5,170) (800) (1,093)
Increase/(decrease) in trade and other payables 47,995 21,784 3,094
Increase/(decrease) in deferred revenue — current 62,106 (8,868) (11,501)
Movements in non-current assets/liabilities      
(Increase)/decrease in other non‑current assets (5,560) (1,720) (94)
(Increase)/decrease in deferred revenue – non-current 200,533 (1,435) (8,635)
Cash flows (used in)/from operating activities 139,064 (53,274) (36,546)
Interest paid (124)    
Income taxes paid (4,356) (565)  
NET CASH FLOWS (USED IN) / FROM OPERATING ACTIVITIES 134,584 (53,839) (36,546)
CASH FLOWS (USED IN) / FROM INVESTING ACTIVITIES      
Purchase of intangible assets (40,143) (62) (6)
Purchase of property, plant and equipment (1,604) (622) (345)
(Increase)/decrease in financial assets — current (708,060) (108,229) (162,076)
Interest received 5,469 1,371 375
NET CASH FLOWS (USED IN) / FROM INVESTING ACTIVITIES (744,338) (107,542) (162,052)
CASH FLOWS (USED IN) / FROM FINANCING ACTIVITIES      
Principal elements of lease payments (1,353)    
Proceeds from issue of new shares, gross amount 678,936 255,721 327,700
Issue costs paid (22,999) (14,655) (23,015)
Exchange gain from currency conversion on proceeds from issue of new shares   1,354  
Proceeds from exercise of stock options 4,775 2,251 679
NET CASH FLOWS (USED IN) / FROM FINANCING ACTIVITIES 659,359 244,671 305,365
NET INCREASE (DECREASE) IN CASH & CASH EQUIVALENTS 49,605 83,290 106,767
Cash and cash equivalents at the beginning of the period 281,040 190,867 89,897
Exchange gains/(losses) on cash & cash equivalents 637 6,883 (5,797)
Cash and cash equivalents at the end of the period € 331,282 € 281,040 € 190,867