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Consolidated statements of cash flows - EUR (€)
€ in Thousands
 12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Cash flows from operating activities:      
Profit/(loss) for the year € (33,680) € 33,119 € (30,845) [1]
Adjustments for:      
Depreciation 24,196 10,154 10,861
Amortization 917 910 1,569
Interest expenses 5,930 3,796 4,639
Share of (profit)/loss of equity-method investees, net of tax (1,011) 290 (18)
(Gain) from loss of control in a former subsidiary   (75,411)  
(Gain)/loss on sale of property, plant and equipment   (171) 73
Unrealized foreign exchange (gains)/losses 525 174 (1,141)
Deferred income for capital grants (1,626) (769) (989)
Tax expense 2,335 7,429 2,886
Total adjustment 31,266 (53,598) 17,880
Inventories 14,542 5,999 (1,387)
Trade and other receivables 13,578 (3,678) 5,723
Other assets (671) (1,675) 1,484
Trade and other payables (9,490) 7,365 11,854
Contract liabilities 1,004 12,317 3,235
Provisions (1,523) (3,694) 3,732
Other liabilities 1,273 1,119  
One-time termination benefit payments (3,812) (1,411) (8,272)
Employees' leaving entitlement (1,676) (1,066) (606)
Total changes 13,225 15,276 15,763
Cash provided by (used in) operating activities 10,811 (5,203) 2,798
Interest paid (5,111) (3,033) (2,821)
Income taxes paid (1,048) (3,112) (4,878)
Net cash used in operating activities 4,652 (11,348) (4,901)
Cash flows from investing activities:      
Additions (3,805) (7,283) (6,708)
Disposals 66 572 760
Intangible assets (913) (878) (845)
Government grants received for PPE 1,327    
Purchase of business, net of cash acquired     (3,558)
Disposal of a business, net of cash disposed of   22,156  
Net cash provided by (used in) investing activities (3,325) 14,567 (10,351)
Cash flows from financing activities:      
Proceeds 4,615   12,500
Repayments (5,980) (4,774) (4,744)
Short-term borrowings (11,190) 7,419 5,956
Payment of lease liabilities (11,960)    
Dividends distribution to non-controlling interests   (453) (1,349)
Capital contribution by non-controlling interests 346    
Net cash provided by (used in) financing activities (24,169) 2,192 12,363
Increase (decrease) in cash and cash equivalents (22,842) 5,411 (2,889)
Cash and cash equivalents as at January 1 [2] 60,369 55,035 60,565
Effect of movements in exchange rates on cash held 298 (77) (2,641)
Cash and cash equivalents as at December 31 [2] € 37,825 € 60,369 € 55,035
[1] The Group has initially applied IFRS 9 as at January 1, 2018. Under the transition method chosen, comparative information has not been restated except for separately presenting impairment losses on trade receivables. See note 5(c).
[2] As at December 31, 2019, 2018 and 2017 cash and cash equivalents include bank overdrafts of 1,974, 1,762 and nil, respectively, that are repayable on demand and form an integral part of the Group’s cash management.