Consolidated Statements of Cash Flows
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Year Ended December 31, |
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|---|---|---|---|---|---|---|---|---|---|---|---|---|
(in thousands of $) |
|
Note |
|
2023 |
|
2022 |
|
2021 |
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Operating loss |
|
|
|
(425,049) |
|
(720,341) |
|
(348,746) |
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Adjustments for non-cash items |
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|
|
|
|
|
|
|
||||
Amortization of intangible assets |
|
|
105,674 |
|
99,766 |
|
776 |
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Depreciation of property, plant and equipment |
|
|
5,633 |
|
4,576 |
|
5,091 |
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Provisions for employee benefits |
|
|
|
573 |
|
459 |
|
260 |
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Expense recognized in respect of share-based payments |
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|
232,974 |
|
157,026 |
|
179,366 |
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Fair value gains on financial assets at fair value through profit or loss |
|
|
– |
|
(4,256) |
|
(11,152) |
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Non-cash revenue |
|
|
|
– |
|
– |
|
(75,000) |
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Loss from investment in joint venture |
|
|
4,411 |
|
677 |
|
– |
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Other non-cash expenses |
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|
|
2,074 |
|
– |
|
– |
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|
|
|
|
(73,710) |
|
(462,093) |
|
(249,405) |
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Movements in current assets/liabilities |
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|
|
|
|
|
|
|
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(Increase)/decrease in trade and other receivables |
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|
(185,694) |
|
(222,260) |
|
(31,632) |
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(Increase)/decrease in inventories |
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|
(83,030) |
|
(119,277) |
|
(83,880) |
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(Increase)/decrease in other current assets |
|
|
|
(59,024) |
|
(18,294) |
|
(30,990) |
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Increase/(decrease) in trade and other payables |
|
|
95,600 |
|
329 |
|
134,892 |
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Increase/(decrease) in deferred revenue – current |
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|
|
– |
|
– |
|
(46,327) |
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Movements in non-current assets/liabilities |
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|
|
|
|
|
|
|
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(Increase)/decrease in other non‑current assets |
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|
(29,416) |
|
(16,220) |
|
(13,975) |
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(Increase)/decrease in non-current prepaid expense |
|
|
(47,327) |
|
– |
|
– |
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Increase/(decrease) in deferred revenue – non-current |
|
|
|
– |
|
– |
|
(269,039) |
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|
|
|
|
|
|
|
|
|
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Net cash flows used in operating activities, before interest and taxes |
|
|
|
(382,601) |
|
(837,815) |
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(590,356) |
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|
|
|
|
|
|
|
|
|
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Interest paid |
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|
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(211) |
|
(851) |
|
(684) |
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Income taxes paid |
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|
|
(37,515) |
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(24,141) |
|
(15,772) |
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|
|
|
|
|
|
|
|
|
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Net cash flows used in operating activities |
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|
|
(420,327) |
|
(862,807) |
|
(606,812) |
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|
|
|
|
|
|
|
|
|
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Purchase of intangible assets |
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|
(43,000) |
|
(102,986) |
|
(117,811) |
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Purchase of property, plant and equipment |
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|
(812) |
|
(837) |
|
(3,623) |
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(Increase)/decrease in current financial assets |
|
|
– |
|
– |
|
(228,239) |
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Purchase of current financial investments |
|
|
(1,271,730) |
|
(1,694,046) |
|
– |
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Sale of current financial investments |
|
|
1,543,999 |
|
1,325,540 |
|
– |
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Interest received |
|
|
|
92,753 |
|
13,146 |
|
2,603 |
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Investment in joint venture |
|
|
|
(13,000) |
|
(2,000) |
|
– |
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|
|
|
|
|
|
|
|
|
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Net cash flows from/(used in) investing activities |
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|
|
308,210 |
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(461,184) |
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(347,070) |
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|
|
|
|
|
|
|
|
|
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Principal elements of lease payments |
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|
(3,801) |
|
(4,165) |
|
(3,855) |
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Proceeds from issue of new shares, gross amount |
|
|
1,196,731 |
|
760,953 |
|
1,091,326 |
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Issue costs paid |
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|
(821) |
|
(781) |
|
(528) |
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Exchange (losses)/gains from currency conversion on proceeds from issue of new shares |
|
|
|
(1,507) |
|
410 |
|
966 |
||||
Payment of employee withholding taxes relating to restricted stock unit awards |
|
|
|
(12,138) |
|
(5,855) |
|
– |
||||
Proceeds from exercise of stock options |
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|
158,263 |
|
93,195 |
|
33,433 |
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|
|
|
|
|
|
|
|
|
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Net cash flows from financing activities |
|
|
|
1,336,727 |
|
843,757 |
|
1,121,342 |
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|
|
|
|
|
|
|
|
|
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Increase/(decrease) in cash and cash equivalents |
|
|
|
1,224,610 |
|
(480,234) |
|
167,460 |
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|
|
|
|
|
|
|
|
|
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Cash and cash equivalents at the beginning of the period |
|
|
|
800,740 |
|
1,334,676 |
|
1,216,803 |
||||
Exchange gains/(losses) on cash and cash equivalents |
|
|
|
23,494 |
|
(53,702) |
|
(49,587) |
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Cash and cash equivalents at the end of the period |
|
|
|
2,048,844 |
|
800,740 |
|
1,334,676 |
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