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

Consolidated statement of cash flows

v3.22.1
Consolidated statement of cash flows - EUR (€)
€ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Operating activities      
Profit before tax € 165,673 € 96,279 € 54,714
Adjustments:      
Depreciation and impairment of property, plant and equipment 42,676 41,363 35,719
Amortization of intangible assets and Right of Use 13,706 12,740 10,498
Allowance for doubtful accounts (1,291) 341 3,506
Net finance expense/ (income) (1,239) 4,885 4,660
Share of profit or loss of associated companies (547)    
(Gain)/Loss from the disposal of non current assets (579)    
Change in other provisions and in employee benefits (7,130) (9,072) (8,759)
Other non-cash expenses, net (3,382) (388) 470
Working capital changes:      
- inventories and contract assets (31,204) (15,603) (42,674)
- trade receivables and other assets (54,765) (3,631) 5,867
- trade payables, contract liabilities, advances and other liabilities 44,337 52,412 11,835
Interest paid (4,388) (5,368) (4,711)
Interest received 624 684 635
Income tax paid (29,155) (18,986) (29,188)
Cash Flow from operating activities 133,336 155,656 42,572
Cash Flow from investing activities      
Purchase of property, plant and equipment (107,691) (89,565) (68,092)
Proceeds from sale of property plant and equipment 1,169 15 199
Purchase of intangible assets (5,489) (6,439) (5,814)
Proceeds from sale of associated companies 14,812    
Investment in financial assets 773 (100) (631)
Net cash flows used in investing activities (96,426) (96,089) (74,338)
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 (11,200) (8,900) (6,170)
Payment of principal portion of lease liabilities (6,498) (5,906) (4,741)
Proceed from loans 8,050 51,911 102,251
Repayments of loans (121,729) (63,083) (49,170)
Decrease in other current financial activities 14,355    
Net cash flows from/(used in) financing activities 254,847 (26,517) 42,170
Net change in cash and cash equivalents 291,757 33,050 10,404
Net foreign exchange difference 3,683 (2,837) 463
Cash and cash equivalents at Beginning Balance 115,599 85,386 74,519
Cash and cash equivalents at Ending Balance € 411,039 € 115,599 € 85,386