| Operating Cash Flow |
25. Operating Cash Flow
The following table details the adjustments related to the operating cash flow:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31,
|
|
|
|
2019
|
|
2018
|
|
2017
|
|
|
|
(Euro, in thousands)
|
|
Adjustment for non-cash transactions
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization
|
|
€
|
12,448
|
|
€
|
5,081
|
|
€
|
4,285
|
|
Impairment loss
|
|
|
|
|
|
1,083
|
|
|
|
|
Share-based compensation expenses
|
|
|
38,297
|
|
|
26,757
|
|
|
16,536
|
|
Decrease (-)/increase in retirement benefit obligations and provisions
|
|
|
(156)
|
|
|
99
|
|
|
23
|
|
Unrealized exchange losses/gains (-) and non-cash other financial expenses
|
|
|
11,169
|
|
|
(10,063)
|
|
|
27,457
|
|
Discounting effect of deferred income
|
|
|
6,900
|
|
|
|
|
|
|
|
Fair value re-measurement of share subscription agreement and warrants
|
|
|
181,644
|
|
|
|
|
|
|
|
Net fair value adjustment current financial investments
|
|
|
3,081
|
|
|
|
|
|
|
|
Fair value adjustment financial assets held at fair value through profit or loss
|
|
|
(5,355)
|
|
|
(1,203)
|
|
|
|
|
Total adjustment for non-cash transactions
|
|
€
|
248,027
|
|
€
|
21,753
|
|
€
|
48,301
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjustment for items to disclose separately under operating cash flow
|
|
|
|
|
|
|
|
|
|
|
Interest expense
|
|
€
|
1,302
|
|
€
|
780
|
|
€
|
936
|
|
Interest income
|
|
|
(9,247)
|
|
|
(5,219)
|
|
|
(3,045)
|
|
Tax expense
|
|
|
214
|
|
|
50
|
|
|
198
|
|
Total adjustment for items to disclose separately under operating cash flow
|
|
€
|
(7,731)
|
|
€
|
(4,389)
|
|
€
|
(1,912)
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjustment for items to disclose under investing and financing cash flows
|
|
|
|
|
|
|
|
|
|
|
Gain on sale of assets
|
|
€
|
(2)
|
|
€
|
(668)
|
|
€
|
|
|
Interest income on current financial investments
|
|
|
(5,059)
|
|
|
|
|
|
|
|
Total adjustment for items to disclose separately under investing and financing cash flow
|
|
€
|
(5,061)
|
|
€
|
(668)
|
|
€
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
Change in working capital other than deferred income
|
|
|
|
|
|
|
|
|
|
|
Decrease in inventories
|
|
€
|
20
|
|
€
|
3
|
|
€
|
22
|
|
Increase in receivables
|
|
|
(67,263)
|
|
|
(76)
|
|
|
(27,656)
|
|
Increase in liabilities
|
|
|
79,940
|
|
|
19,996
|
|
|
14,772
|
|
Total change in working capital other than deferred income
|
|
€
|
12,698
|
|
€
|
19,922
|
|
€
|
(12,862)
|
|