XML 23 R5.htm IDEA: XBRL DOCUMENT v3.25.1
Condensed Consolidated Interim Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Cash flows from operating activities      
Loss for the period $ (231,864) $ (551,731) $ (513,580)
Adjustments for non-cash items:      
Gain on extinguishment of SARs liability 0 0 (4,803)
Share-listing expense 0 0 83,411
Long-term incentive plan expense 0 78 5,492
Depreciation and amortization 31,301 24,210 20,409
Impairment of other intangible assets 0 1,779 2,755
Impairment loss on investment in joint venture 0 21,519 0
Change in allowance for receivables (946) 18,500 0
Change in inventory reserves (3,483) 8,341 0
Share-based payments 7,626 18,033 10,317
Loss on disposal of property, plant and equipment 0 365 0
Loss on sale of interest in joint venture 2,970 0 0
Share of net loss of joint venture 0 7,153 2,590
Finance income (80,145) (4,823) (2,549)
Finance costs 303,165 267,157 188,419
Exchange rate difference (8,161) 5,183 (10,566)
Loss on extinguishment of financial liabilities 69,378 0 27,311
Income tax benefit 14,301 (99,318) (38,067)
Operating cash flow before movement in working capital 104,142 (283,554) (228,861)
Increase in inventories (49,973) (11,304) (32,412)
(Increase) in trade receivables (119,063) (8,320) (3,576)
Decrease / (increase) in receivables with related parties 20 881 (437)
(Increase) in contract assets (45,192) (17,393) (9,218)
(Increase) in other assets (7,125) (802) (17,194)
(Decrease) increase in trade and other payables (13,695) 31,772 16,442
(Decrease) / increase in contract liabilities (31,446) 35,396 19,396
(Decrease) / increase in liabilities with related parties (7,871) 1,280 493
(Decrease) in other liabilities (14,299) (5,182) (21,384)
Cash used in operations (184,502) (257,226) (276,751)
Interest received 4,617 3,649 568
Interest paid (54,921) (57,254) (35,372)
Income tax paid (2,037) (1,354) (834)
Net cash used in operating activities (236,843) (312,185) (312,389)
Cash flows from investing activities      
Acquisition of property, plant and equipment (53,661) (33,234) (37,880)
Disposal of property, plant and equipment 0 133 379
Acquisition of intangible assets (3,339) (13,239) (11,122)
Restricted cash in connection with debt extinguishment 26,132 0 0
Restricted cash in connection with amended bond agreement 0 0 (14,914)
Proceeds from the sale in joint venture 12,000 0 0
Net cash generated from (used in) investing activities (18,868) (46,340) (63,537)
Cash flows from financing activities      
Repayments of borrowings (749,082) (99,367) (34,714)
Repayments of principal portion of lease liabilities (10,197) (8,269) (11,147)
Proceeds from new borrowings 896,263 278,831 193,678
Transaction cost from new borrowings (4,236) (9,004) (12,102)
Gross proceeds from equity offering 150,451 136,879 0
Fees from equity offering (5,812) (4,141) 0
Proceeds from warrants 4,843 6,390 0
Stock options exercised 76 0 0
Gross proceeds from the PIPE Financing 0 0 174,930
Gross PIPE Financing fees paid 0 0 (5,562)
Proceeds from the Capital Reorganization 0 0 9,827
Proceeds from loans from related parties 24,500 0 160,000
Repayment of loans from related parties (9,500) 0 (50,000)
Net cash generated from financing activities 297,306 301,319 424,910
Increase / (decrease) in cash and cash equivalents 41,595 (57,206) 48,984
Cash and cash equivalents at the beginning of the year 11,157 66,427 17,556
Effect of movements in exchange rates on cash held (1,324) 1,936 (113)
Cash and cash equivalents at the end of the period $ 51,428 $ 11,157 $ 66,427