Notes to Consolidated Statements of Cash Flows

12 Months Ended

Dec. 31, 2022

Disclosure Of Cash Flow Statement [Abstract]

Notes to consolidated statements of cash flows

. Notes to consolidated statements of cash flows

Major

non-cash

transactions

During the year, the Group had

non-cash

additions to

right-of-use

assets and lease liabilities (including

COVID-19

concessions) of Euro18,268 thousand and Euro15,606 thousand, respectively, in respect of lease arrangements for real

estate

and

other

equipment

(2021: Euro37,557 thousand and Euro36,527 thousand; 2020: Euro7,872 thousand and Euro14,232 thousand)

Proceeds from disposal of long-term assets


	For the years ended December 31,

(Euro thousands)	2022		2021		2020

Net book valu e		1,940		1,101		32,402
Net gain on disposals (Note 11)		964		24,014		40,307

Total proceeds from disposal of long-term assets		2,904		25,115		72,709

Changes in liabilities arising from financing activities

The table below details changes in the Group’s liabilities arising from financing activities, including both cash and

non-cash

changes. Liabilities arising from financing activities are those for which cash flows were, or future cash flows will be classified in the Group’s consolidated statements of cash flows from financing activities.


(Euro thousands)	Borrowings			Lease liabilities			Interest payable

As at January 1, 2020		62,594			169,410			495
Changes from financing cash flows		(20,741	)		(41,601	)		—
Interest paid		—			—			(3,327	)
Conversion of debt to equity		(23,434	)		—			—
New leases		—			16,594			—
Contract modifications		—			(4,082	)		—
Disposals		—			(593	)		—
Interest expense		—			7,730			3,478
COVID-19-related rent concessions from lessors		—			(2,362	)		—
Foreign exchange movement		418			(8,211	)		(47	)

As at December 31, 2020		18,837			136,885			599
Changes from financing cash flows		59,587			(40,691	)		—
Interest paid		—			—			(1,521	)
Conversion of debt to equity		(25,035	)		—			—
Debt forgiveness by the Group’s shareholder		(7,380	)		—			—
Business combination		13,159			13,312			—
New leases		—			36,607			—
Contract modifications		—			(15,132	)		—
Disposals		—			(1,821	)		—
Interest expense		—			5,586			5,357
COVID-19-related rent concessions from lessors		—			(80	)		—
Foreign exchange movement		7,603			5,393			193

As at December 31, 2021		66,771			140,059			4,628
Changes from financing cash flows		(34,288	)		(41,364	)		—
Interest paid		—			—			(15,808	)
New leases		—			15,606			—
Contract modifications		—			19,922			—
Disposals		—			(2,516	)		—
Interest expense		—			6,658			11,995
Foreign exchange movement		1,002			2,226			(807	)

As at December 31, 2022		33,485			140,591			8

Total cash outflow for leases

The total cash outflow for leases included in the statement of cash flows is as follows:


	For the years ended December 31,
(Euro thousands)	2022			2021			2020



Within operating activitie s		(22,614	)		(13,625	)		(5,690	)
Within investing activities		(1,454	)		22,997			(357	)
Within financing activities		(41,364	)		(40,691	)		(41,601	)

Total cash outflow for leases		(65,432	)		(31,319	)		(47,648	)