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Consolidated Cash Flow Statement
€ in Thousands, $ in Millions
12 Months Ended
Dec. 31, 2021
EUR (€)
Dec. 31, 2020
EUR (€)
Dec. 31, 2019
EUR (€)
Operating activities      
(Loss)/Profit for the year € (127,661) € (46,540) € 25,439
Income taxes 30,702 14,983 43,794
Depreciation, amortization and impairment of assets 163,367 185,930 177,068
Financial income (45,889) (34,352) (22,061)
Financial costs 43,823 48,072 37,492
Exchange losses/(gains) 7,791 (13,455) 2,441
Write downs and other provisions 19,487 6,178 1,017
Write downs of the provision for obsolete inventory 29,600 37,735 6,691
Result from investments accounted for using the equity method (2,794) 4,205 1,534
Impairments of investments accounted for using the equity method 0 4,532 0
Losses arising from the sale of fixed assets 1,153 1,091 970
Other non-cash expenses/(income), net 230,812 (27,698) (6,420)
Change in inventories (27,554) (39,486) (5,400)
Change in trade receivables (12,294) 35,675 (8,377)
Change in trade payables including customer advances 31,426 (38,485) (11,002)
Change in other operating assets and liabilities 19,973 (10,031) (11,285)
Interest paid (17,487) (21,023) (26,872)
Income taxes paid (63,300) (36,425) (30,907)
Net cash flows from operating activities 281,155 70,906 174,122
Investing activities      
Payments for property plant and equipment (79,699) (27,630) (46,113)
Proceeds from disposals of property plant and equipment 3,791 1,125 0
Payments for intangible assets (14,627) (11,524) (13,392)
Payments for investment property 0 0 (325)
Proceeds from disposals of non-current financial assets 1,536 45,979 0
Payments for purchases of non-current financial assets (4,431) 0 (6,987)
Proceeds from disposals of current financial assets and derivative instruments 92,021 253,201 327,422
Payments for acquisitions of current financial assets and derivative instruments (76,058) (166,334) (167,308)
Acquisition of Investments at equity method (313) 0 0
Business combinations, net of cash acquired (4,224) (2,245) (9,336)
Net cash flows (used in)/from investing activities (82,004) 92,572 83,961
Financing activities      
Proceeds from borrowings 123,570 265,352 130,841
Repayments of borrowings (160,210) (221,029) (272,851)
Repayments of non-current financial liabilities (4,287) 0 0
Payments of lease liabilities (100,611) (90,699) (110,460)
Purchase of own shares from Monterubello (455,000) 0 0
Proceeds from issuance of ordinary shares upon Business Combination 310,739 0 0
Proceeds from issuance of ordinary shares to PIPE Investors 331,385 0 0
Payments of transaction costs related to the Business Combination (48,475) 0 0
Cash distributed as part of the Disposition (26,272) 0 0
Payments for acquisition of non-controlling interests (40,253) 0 0
Sale of shares held in treasury/(Purchase of own shares) 5,959 (945) (94)
Dividends paid to non-controlling interests (548) (1,731) (14,922)
Dividends to owners of the parent (102) 0 0
Net cash flows used in financing activities (64,105) (49,052) (267,486)
Effects of exchange rate changes on cash and cash equivalents 7,454 (7,761) 1,698
Net increase/(decrease) in cash and cash equivalents 142,500 106,665 (7,705)
Cash and cash equivalents at the beginning of the year 317,291 210,626 218,331
Cash and cash equivalents at the end of the year € 459,791 € 317,291 € 210,626