Annual and transition report of foreign private issuers [Sections 13 or 15(d)]

Consolidated statement of cash flows

v3.25.0.1
Consolidated statement of cash flows - EUR (€)
€ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Operating activities      
Profit before tax € 160,288 € 189,553 € 187,641
Adjustments:      
depreciation and impairment of property, plant and equipment 65,216 62,592 50,382
amortization of intangible assets and right of use assets 15,436 15,888 14,441
allowance for doubtful accounts 40 661 (788)
net interest expense 5,839 3,733 9,874
(gain) from the disposal of non-current assets (81) (477) (126)
Change in other provisions 3,542 1,585 (5,984)
Change in employee benefits 126 121 (3,000)
Other non-cash expenses, net (6,834) 13,030 (2,886)
Working capital changes net of the effects from purchase of controlled entity:      
- inventories and contract assets 12,306 (113,590) (107,367)
- trade receivables and other assets (3,825) (93,864) (46,424)
- trade payables, contract liabilities, advances and other liabilities (25,888) 104,973 36,052
Interest paid (7,411) (3,152) (3,466)
Interest received 1,283 922 752
Income tax paid (64,261) (76,765) (25,789)
Net Cash Flows from operating activities 155,776 105,210 103,312
Cash Flow from investing activities      
Purchase of property, plant and equipment (302,600) (433,233) (235,029)
Proceeds from sale of property plant and equipment 3,147 577 146
Purchase of intangible assets (10,971) (8,696) (8,098)
(Increase)/ decrease of financial assets 385 (4,190) 31
Proceeds from life insurance policies redemption   27,908  
Business combination - net of cash acquired (175) (3,589)  
Net Cash Flows used in investing activities (310,214) (421,223) (242,950)
Cash Flow from financing activities      
Net proceeds from follow on offering of ordinary shares 169,772    
Acquisition of non-controlling interests   (250)  
Dividends paid (14,457) (14,294) (13,500)
Payment of principal portion of lease liabilities (6,476) (5,939) (6,595)
Proceeds from borrowings 190,172 247,512 13,207
Repayments of borrowings (155,790) (68,999) (37,648)
Net Cash Flows from/(used in) financing activities 183,221 158,030 (44,536)
Net change in cash and cash equivalents 28,783 (157,983) (184,174)
Net foreign exchange differences on cash and cash equivalents (115) (1,155) 1,875
Cash and cash equivalents at Beginning Balance 69,602 228,740 411,039
Cash and cash equivalents at Ending Balance € 98,270 € 69,602 € 228,740