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

Consolidated statement of cash flows

v3.24.0.1
Consolidated statement of cash flows - EUR (€)
€ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Operating activities      
Profit before tax € 189,553 € 187,641 € 165,673
Adjustments:      
depreciation and impairment of property, plant and equipment 62,592 50,382 42,676
amortization of intangible assets and right of use assets 15,888 14,441 13,706
allowance for doubtful accounts 661 (788) (1,291)
net interest expense/(income) 3,733 9,874 (1,239)
share of profit or loss of associated companies     (547)
(gain) from the disposal of non-current assets (477) (126) (579)
Change in other provisions 1,585 (5,984) 4,116
Change in employee benefits 121 (3,000) (11,246)
Other non-cash expenses, net 13,030 (2,886) (3,382)
Working capital changes net of the effects from purchase of controlled entity:      
- inventories and contract assets (113,590) (107,367) (31,204)
- trade receivables and other assets (93,864) (46,424) (54,765)
- trade payables, contract liabilities, advances and other liabilities 104,973 36,052 44,337
Interest paid (3,152) (3,466) (4,388)
Interest received 922 752 624
Income tax paid (76,765) (25,789) (29,155)
Net Cash Flows from operating activities 105,210 103,312 133,336
Cash Flow from investing activities      
Purchase of property, plant and equipment (433,233) (235,029) (107,691)
Proceeds from sale of property plant and equipment 577 146 1,169
Purchase of intangible assets (8,696) (8,098) (5,489)
Proceeds from sale of associated companies     14,812
(Increase)/ decrease of financial assets (4,190) 31 773
Proceeds from life insurance policies redemption 27,908    
Business combination - net of cash acquired (3,589)    
Net Cash Flows used in investing activities (421,223) (242,950) (96,426)
Cash Flow from financing activities      
Net proceeds from IPO     380,090
Acquisition of non-controlling interests (250)    
Payment of financial payables for shares acquisition     (8,221)
Dividends paid (14,294) (13,500) (11,200)
Payment of principal portion of lease liabilities (5,939) (6,595) (6,498)
Proceeds from borrowings 247,512 13,207 8,050
Repayments of borrowings (68,999) (37,648) (121,729)
Decrease in other current financial activities     14,355
Net Cash Flows from/(used in) financing activities 158,030 (44,536) 254,847
Net change in cash and cash equivalents (157,983) (184,174) 291,757
Net foreign exchange differences on cash and cash equivalents (1,155) 1,875 3,683
Cash and cash equivalents at Beginning Balance 228,740 411,039 115,599
Cash and cash equivalents at Ending Balance € 69,602 € 228,740 € 411,039