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Consolidated Statement of Cash Flows
$ in Thousands
12 Months Ended
Dec. 31, 2021
EUR (€)
Dec. 31, 2020
EUR (€)
Dec. 31, 2019
EUR (€)
Cash flows used in operating activities      
Loss for the year € (1,103,575,000) € (83,215,000) € (48,096,000)
Adjustments for:      
Depreciation/Amortization 20,568,000 9,652,000 4,770,000
Impairment losses and write -offs 33,279,000 397,000 4,972,000
Net unrealized foreign exchange differences (4,071,000) 40,000 105,000
Net finance expense 119,000 2,180,000 2,524,000
Change in fair value of warrants (102,173,000) 0 0
Listing expense 989,187,000 0 0
Change in fair value of embedded derivatives (29,957,000) 0 0
Fair value movement on employee loans including fair value charge for the new employee loans issued on September 30, 2021 5,103,000 9,326,000 0
Reversal of difference between fair value and nominal value of loans repaid (1,611,000) 0 0
Employee share scheme 2,254,000 0 0
Profit on disposal of fixed assets 391,000 0 (542,000)
Profit from the modification of lease (1,097,000) (1,036,000) (64,000)
Deferred taxes 2,769,000 1,621,000 (65,000)
Tax income 3,582,000 (19,423,000) (6,864,000)
Cash flows used in operations before working capital changes (185,232,000) (80,458,000) (43,260,000)
(Increase) in trade and other receivables (65,101,000) (4,545,000) (4,803,000)
Increase in trade and other payables 23,789,000 9,736,000 9,317,000
(Increase) of inventory (10,433,000) (6,191,000) (3,413,000)
Cash flows used in operations (236,977,000) (81,458,000) (42,159,000)
Income tax and other taxes received 6,379,000 4,108,000 6,973,000
Interest received 90,000 24,000 51,000
Net cash used in operating activities (230,508,000) (77,326,000) (35,135,000)
Cash flows from investing activities      
Acquisition of intangible assets (180,639,000) (80,684,000) (38,484,000)
Acquisition of property, plant and equipment (65,516,000) (9,844,000) (6,054,000)
Grants received 282,000 1,067,000 844,000
Prepayments for tangible and intangible assets (18,552,000) (17,350,000) (4,644,000)
Cash received on acquisition of entities, net of consideration paid 0 117,000 486,000
Proceeds from the sale of fixed assets 276,000 6,000 0
Loans granted to employees (158,000) 0 0
Proceeds from loans to employees 60,000 0 (490,000)
Net cash used in investing activities (264,247,000) (106,688,000) (48,342,000)
Cash flows from financing activities      
Cash received from merger with CIIG (534,413,000) 0 0
Issuance of shares to warrant holders 118,570,000 0 0
Cash paid for redemption of public warrants 6,000 0 0
Proceed from the issuance of new shares 297,690,000 0 0
Proceeds from the issuance of convertible notes net of cost 275,172,000 0 0
Issuance of Preferred A shares 0 160,500,000 100,000,000
Proceeds from exercise of employee share option plan 1,228,000 0 0
Contribution of Kinetik to the share premium of the Company without the issuance of any shares 0 0 81,911,000
Proceeds from borrowings 0 12,396,000 0
Repayment of borrowings 0 (12,396,000) 0
Repayment of interest (272,000) (51,000) 0
Repayment of lease liabilities (10,925,000) (6,695,000) (3,287,000)
Net cash from financing activities 1,215,870,000 153,754,000 178,624,000
Net increase/(decrease) in cash and cash equivalents 721,115,000 (30,260,000) 95,147,000
Cash and cash equivalents at January 1 67,080,000 96,644,000 1,053,000
Effects of movements in exchange rates on cash held 7,668,000 696,000 444,000
Cash and cash equivalents at December 31 € 795,863,000 € 67,080,000 € 96,644,000