Annual and transition report of foreign private issuers pursuant to Section 13 or 15(d)

Consolidated statement of cash flows

v3.22.4
Consolidated statement of cash flows - EUR (€)
€ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Operating activities      
Profit before tax € 187,641 € 165,673 € 96,279
Adjustments:      
Depreciation and impairment of property, plant and equipment 50,382 42,676 41,363
Amortization of intangible assets and Right of Use 14,441 13,706 12,740
Allowance for doubtful accounts (788) (1,291) 341
Net finance expense/ (income) 9,874 (1,239) 4,885
Share of profit or loss of associated companies   (547)  
(Gain)/Loss from the disposal of non current assets (126) (579)  
Change in other provisions and in employee benefits (8,984) (7,130) (9,072)
Other non-cash expenses, net (2,886) (3,382) (388)
Working capital changes:      
- inventories and contract assets (107,367) (31,204) (15,603)
- trade receivables and other assets (46,424) (54,765) (3,631)
- trade payables, contract liabilities, advances and other liabilities 36,052 44,337 52,412
Interest paid (3,466) (4,388) (5,368)
Interest received 752 624 684
Income tax paid (25,789) (29,155) (18,986)
Cash Flow from operating activities 103,312 133,336 155,656
Cash Flow from investing activities      
Purchase of property, plant and equipment (235,029) (107,691) (89,565)
Proceeds from sale of property plant and equipment 146 1,169 15
Purchase of intangible assets (8,098) (5,489) (6,439)
Proceeds from sale of associated companies   14,812  
Investment in financial assets 31 773 (100)
Net cash flows used in investing activities (242,950) (96,426) (96,089)
Cash Flow from financing activities      
Net proceeds from IPO   380,090  
Acquisition of non-controlling interests     (539)
Payment of financial payables for shares acquisition   (8,221)  
Dividends paid (13,500) (11,200) (8,900)
Payment of principal portion of lease liabilities (6,595) (6,498) (5,906)
Proceed from loans 13,207 8,050 51,911
Repayments of loans (37,648) (121,729) (63,083)
Decrease in other current financial activities   14,355  
Net cash flows from/(used in) financing activities (44,536) 254,847 (26,517)
Net change in cash and cash equivalents (184,174) 291,757 33,050
Net foreign exchange difference 1,875 3,683 (2,837)
Cash and cash equivalents at Beginning Balance 411,039 115,599 85,386
Cash and cash equivalents at Ending Balance € 228,740 € 411,039 € 115,599