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

Consolidated statement of cash flows

v3.25.4
Consolidated statement of cash flows - EUR (€)
€ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Operating activities      
Profit before tax € 189,106 € 160,288 € 189,553
Adjustments:      
depreciation and impairment of property, plant and equipment 74,914 65,216 62,592
amortization of intangible assets and right of use assets 13,652 15,436 15,888
allowance for doubtful accounts 628 40 661
net interest expense 5,740 5,839 3,733
(gain) from the disposal of non-current assets (64) (81) (477)
Change in other provisions 2,300 3,542 1,585
Change in employee benefits (446) 126 121
Other non-cash expenses, net 15,047 (6,834) 13,030
Working capital changes net of the effects from purchase of controlled entity:      
- inventories and contract assets (41,455) 12,306 (113,590)
- trade receivables and other assets 891 (3,825) (93,864)
- trade payables, contract liabilities, advances and other liabilities 91,190 (25,888) 104,973
Interest paid (6,960) (7,411) (3,152)
Interest received 1,440 1,283 922
Income tax paid (59,906) (64,261) (76,765)
Net Cash Flows from operating activities 286,077 155,776 105,210
Cash Flow from investing activities      
Purchase of property, plant and equipment (263,756) (302,600) (433,233)
Proceeds from sale of property plant and equipment 1,860 3,147 577
Purchase of intangible assets (11,276) (10,971) (8,696)
Proceeds from/ (purchase of) investments in financial assets 251 385 (4,190)
Proceeds from life insurance policies redemption     27,908
Business combination - net of cash acquired   (175) (3,589)
Net Cash Flows used in investing activities (272,921) (310,214) (421,223)
Cash Flow from financing activities      
Net proceeds from follow on offering of ordinary shares   169,772  
Acquisition of non-controlling interests     (250)
Dividends paid (14,737) (14,457) (14,294)
Payment of principal portion of lease liabilities (6,279) (6,476) (5,939)
Proceeds from borrowings 150,001 190,172 247,512
Repayments of borrowings (106,923) (155,790) (68,999)
Net Cash Flows from/(used in) financing activities 22,062 183,221 158,030
Net change in cash and cash equivalents 35,218 28,783 (157,983)
Net foreign exchange differences on cash and cash equivalents (2,885) (115) (1,155)
Cash and cash equivalents at Beginning Balance 98,270 69,602 228,740
Cash and cash equivalents at Ending Balance € 130,603 € 98,270 € 69,602