Consolidated Statements of Cash Flows
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Year Ended December 31, |
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(in thousands of $) |
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Note |
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2022 |
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2021 |
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2020 |
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Operating loss |
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(720,341) |
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(348,746) |
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(477,617) |
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Adjustments for non-cash items |
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Amortization of intangible assets |
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99,766 |
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776 |
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246 |
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Depreciation of property, plant and equipment |
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4,576 |
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5,091 |
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3,671 |
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Provisions for employee benefits |
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459 |
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260 |
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76 |
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Expense recognized in respect of share-based payments |
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157,026 |
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179,366 |
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96,932 |
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Fair value gains on financial assets at fair value through profit or loss |
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(4,256) |
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(11,152) |
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(2,951) |
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Non-cash revenue |
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– |
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(75,000) |
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– |
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Loss from investment in joint venture |
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677 |
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– |
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– |
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(462,093) |
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(249,405) |
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(379,643) |
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Movements in current assets/liabilities |
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(Increase)/decrease in trade and other receivables |
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(222,260) |
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(31,632) |
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21,961 |
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(Increase)/decrease in inventories |
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(119,277) |
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(83,880) |
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(23,852) |
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(Increase)/decrease in other current assets |
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(18,294) |
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(30,990) |
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(16,189) |
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Increase/(decrease) in trade and other payables |
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|
329 |
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134,892 |
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50,537 |
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Increase/(decrease) in deferred revenue – current |
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– |
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(46,327) |
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(40,441) |
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Movements in non-current assets/liabilities |
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(Increase)/decrease in other non-current assets |
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(16,220) |
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(13,975) |
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(10,299) |
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Increase/(decrease) in deferred revenue – |
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– |
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(269,039) |
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2,655 |
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Net cash flows used in operating activities |
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(837,815) |
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(590,356) |
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(395,272) |
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Interest paid |
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(851) |
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(684) |
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(401) |
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Income taxes paid |
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(24,141) |
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(15,772) |
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(2,791) |
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Net cash flows used in operating activities |
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(862,807) |
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(606,812) |
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(398,463) |
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Purchase of intangible assets |
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(102,986) |
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(117,811) |
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(4,071) |
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Purchase of property, plant and equipment |
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(837) |
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(3,623) |
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(1,068) |
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(Increase)/decrease in current financial assets |
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– |
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(228,239) |
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341,869 |
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Purchase of current financial investments 1) |
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(1,694,046) |
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– |
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– |
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Sale of current financial investments 1) |
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1,325,540 |
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– |
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– |
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Interest received |
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13,146 |
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2,603 |
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7,962 |
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Investment in joint venture |
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(2,000) |
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– |
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– |
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Net cash flows (used in)/from from investing activities |
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(461,184) |
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(347,070) |
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344,692 |
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Principal elements of lease payments |
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(4,165) |
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(3,855) |
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(2,550) |
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Proceeds from issue of new shares, gross amount |
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760,953 |
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1,091,326 |
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813,186 |
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Issue costs paid |
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(781) |
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(528) |
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(613) |
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Exchange gain from currency conversion on proceeds from issue of new shares |
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|
410 |
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966 |
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68 |
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Payment of employee withholding taxes relating to restricted stock unit awards |
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(5,855) |
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– |
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– |
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Proceeds from exercise of stock options |
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93,195 |
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33,433 |
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22,912 |
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Net cash flows from financing activities |
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843,757 |
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1,121,342 |
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833,003 |
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Net increase/(decrease) in cash and cash equivalents |
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(480,234) |
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167,460 |
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779,232 |
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Cash and cash equivalents at the beginning |
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1,334,676 |
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1,216,803 |
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372,162 |
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Exchange gains/(losses) on cash & cash equivalents |
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(53,702) |
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(49,587) |
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65,409 |
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Cash and cash equivalents at the end |
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800,740 |
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1,334,676 |
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1,216,803 |
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