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Consolidated statements of cash flows - EUR (€)
€ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Cash flows from operating activities:      
Profit/(loss) for the year € 1,288 € 4,385 € (24,906)
Adjustments for:      
Depreciation 20,619 20,281 23,258
Amortization 1,031 1,090 907
Impairment of non-financial assets 890 1,188 2,450
(Gain)/loss on sale of property, plant and equipment (39) (2,084) 1,049
Deferred income for capital grants (1,473) (1,306) (1,242)
Rent concessions (635) (1,515) (1,799)
Interest expenses 6,474 4,717 5,962
Unrealised foreign exchange (gains)/losses (1,454) 454 (486)
(Gain) from loss of control in a former subsidiary   (5,026)  
Share of (profit)/loss of equity-method investees (356) (3,561) (1,455)
Tax expense 2,273 4,389 4,341
Total adjustment 27,330 18,627 32,985
Inventories 10,091 (16,000) 4,805
Trade and other receivables (1,242) (5,847) (7,059)
Other assets 4,302 (2,690) 1,088
Trade and other payables (7,758) 13,055 17,761
Contract liabilities (4,052) 4,019 1,080
Provisions (865) (4,608) (703)
One-time termination benefit payments (42) (275) (3,849)
Employees’ leaving entitlement (446) (940) (396)
Total changes (12) (13,286) 12,727
Cash provided by (used in) operating activities 28,606 9,726 20,806
Interest paid (5,696) (4,966) (4,684)
Income taxes paid (4,203) (4,223) (3,854)
Net cash provided by (used in) operating activities 18,707 537 12,268
Cash flows from investing activities:      
Additions (8,432) (3,515) (2,083)
Disposals 624 4,511 2,888
Intangible assets (1,174) (1,476) (792)
Government grants received for PPE   507  
Dividends from equity-accounted investees 3,697 1,744 2,335
Purchase of business, net of cash acquired (461) (270)  
Disposal of a business, net of cash disposed of 1,100 5,515  
Net cash provided by (used in) investing activities (4,646) 7,016 2,348
Cash flows from financing activities:      
Proceeds 4,038 5,873 875
Repayments (4,473) (4,788) (2,675)
Short-term borrowings (7,424) 6,210 6,518
Payment of lease liabilities (10,049) (10,090) (9,907)
Proceeds from increase in share capital 55    
Dividends distribution to non-controlling interests (551) (545) (388)
Capital contribution by non-controlling interests 4,870 1,324  
Net cash provided by (used in) financing activities (13,534) (2,016) (5,577)
Increase (decrease) in cash and cash equivalents 527 5,537 9,039
Cash and cash equivalents as at January 1 [1] 52,249 46,076 37,825
Effect of movements in exchange rates on cash held (55) 636 (788)
Cash and cash equivalents as at December 31 [1] € 52,721 € 52,249 € 46,076
[1] As at December 31, 2022, 2021 and 2020 cash and cash equivalents include bank overdrafts of 1,754, 1,223 and 2,111, respectively, that are repayable on demand and form an integral part of the Group’s cash management.