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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Operating activities      
Loss before tax $ (15,407) $ (46,545) $ (7,259)
Adjustments reconciling loss before tax to operating cash flows:      
Depreciation and amortization 17,326 15,802 12,540
Net finance (income)/expense (15,164) 1,893 1,889
Loss on disposal of assets 465 502 0
Share based payment expense 7,907 2,524 0
Other 233 0 0
Changes in working capital:      
(Increase) in inventories (18,934) (10,158) (5,978)
(Increase) in trade receivable (13,867) (12,172) (11,889)
(Increase) in other receivables (1,950) (6,105) (911)
(Decrease)/increase in trade payables (751) 3,014 3,738
Increase in other current liabilities 7,643 2,039 11,146
Interest received 1,159 98 0
Interest paid (531) (2,312) (4,726)
Other finance income 508 0 0
Tax received/(paid) 1,297 (2,266) (5,339)
Cash flow used in operating activities (30,066) (53,686) (6,789)
Investing activities      
Purchase of intangible assets (1,378) (4,325) (7,791)
Purchase of property, plant and equipment (7,173) (10,482) (3,460)
Proceeds from sale of property, plant and equipment 0 144 0
Acquisition of subsidiaries, net of cash acquired 0 0 (4,593)
(Increase)/decrease in other non-current financial assets (162) (297) 2
Cash flow used in investing activities (8,713) (14,960) (15,842)
Financing activities      
Proceeds from issue of share capital 24 264,706 19,155
Share issue costs 0 (19,484) 0
Proceeds from interest-bearing loans and borrowings 0 2,312 7,930
Repayment of interest-bearing loans and borrowings 0 (65,627) 0
Payment of principal portion of lease liability (2,908) (2,845) (1,490)
Cash flow (used in)/from financing activities (2,884) 179,062 25,595
Net cash flow during the period (41,663) 110,416 2,964
Cash at bank and in hand at the beginning of the Period 118,096 8,655 6,162
Net foreign exchange difference (1,324) (975) (471)
Cash at bank and in hand at the end of the period $ 75,109 $ 118,096 $ 8,655