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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Operating activities      
Loss before tax $ (39,905) $ (15,407) $ (46,545)
Adjustments reconciling loss before tax to operating cash flows:      
Depreciation and amortization 19,000 17,326 15,802
Net finance (income)/expense (10,371) (15,164) 1,893
Loss on disposal of assets 159 465 502
Share based payment expense 11,060 7,907 2,524
Other (515) 233 0
Changes in working capital:      
(Increase) in inventories (19,569) (18,934) (10,158)
(Increase) in trade receivable (7,791) (13,867) (12,172)
(Increase) in other receivables (3,126) (1,950) (6,105)
(Decrease)/increase in trade payables 11,759 (751) 3,014
Increase in other current liabilities 4,745 7,643 2,039
Interest received 6,388 1,159 98
Interest paid (858) (531) (2,312)
Other finance income 578 508 0
Tax received/(paid) (1,538) 1,297 (2,266)
Cash flow used in operating activities (29,984) (30,066) (53,686)
Investing activities      
Purchase of intangible assets (2,268) (1,378) (4,325)
Purchase of property, plant and equipment (18,991) (7,173) (10,482)
Proceeds from sale of property, plant and equipment 10 0 144
Acquisition of subsidiaries, net of cash acquired 0 0 0
Investments in other non-current financial assets (1,376) (162) (297)
Repayment of other non-current financial assets 191 0 0
Cash flow used in investing activities (22,434) (8,713) (14,960)
Financing activities      
Proceeds from issue of share capital 100,260 24 264,706
Share issue costs (5,081) 0 (19,484)
Proceeds from interest-bearing loans and borrowings 0 0 2,312
Repayment of interest-bearing loans and borrowings 0 0 (65,627)
Payment of principal portion of lease liability (2,683) (2,908) (2,845)
Cash flow (used in)/from financing activities 92,496 (2,884) 179,062
Net cash flow during the period 40,078 (41,663) 110,416
Cash at bank and in hand at the beginning of the Period 75,109 118,096 8,655
Net foreign exchange difference 5,770 (1,324) (975)
Cash at bank and in hand at the end of the period $ 120,957 $ 75,109 $ 118,096