Consolidated Statements of Cash Flows
|
|
|
|
Year Ended December 31, |
||||
|---|---|---|---|---|---|---|---|---|
(in thousands of $) |
|
Note |
|
2024 |
|
2023 |
|
2022 |
Operating profit/(loss) |
|
|
|
(21,654) |
|
(425,049) |
|
(720,341) |
Adjustments for non-cash items |
|
|
|
|
|
|
|
|
Amortization of intangible assets |
|
|
10,282 |
|
105,674 |
|
99,766 |
|
Depreciation of property, plant and equipment |
|
|
7,245 |
|
5,633 |
|
4,576 |
|
Provisions for employee benefits |
|
|
|
432 |
|
573 |
|
459 |
Expense recognized in respect of share-based payments |
|
|
235,179 |
|
232,974 |
|
157,026 |
|
Fair value gains on financial assets at fair value through profit or loss |
|
|
(3,834) |
|
– |
|
(4,256) |
|
Loss from investment in a joint venture |
|
|
7,644 |
|
4,411 |
|
677 |
|
Other non-cash (benefit)/expenses |
|
|
|
(277) |
|
2,074 |
|
– |
|
|
|
|
235,017 |
|
(73,710) |
|
(462,093) |
Movements in current assets/liabilities |
|
|
|
|
|
|
|
|
(Increase)/decrease in trade and other receivables |
|
|
(423,112) |
|
(185,694) |
|
(222,260) |
|
(Increase)/decrease in inventories |
|
|
(95,996) |
|
(83,030) |
|
(119,277) |
|
(Increase)/decrease in other current assets |
|
|
|
(56,154) |
|
(59,024) |
|
(18,294) |
Increase/(decrease) in trade and other payables |
|
|
246,336 |
|
95,600 |
|
329 |
|
Movements in non-current assets/liabilities |
|
|
|
|
|
|
|
|
(Increase)/decrease in other non‑current assets |
|
|
(19,930) |
|
(29,416) |
|
(16,220) |
|
(Increase)/decrease in non-current prepaid expense |
|
|
|
23,683 |
|
(47,327) |
|
– |
|
|
|
|
|
|
|
|
|
Net cash flows used in operating activities, before interest and taxes |
|
|
|
(90,156) |
|
(382,601) |
|
(837,815) |
|
|
|
|
|
|
|
|
|
Interest paid |
|
|
|
(392) |
|
(211) |
|
(851) |
Income taxes received/(paid) |
|
|
|
7,801 |
|
(37,515) |
|
(24,141) |
|
|
|
|
|
|
|
|
|
Net cash flows used in operating activities |
|
|
|
(82,747) |
|
(420,327) |
|
(862,807) |
|
|
|
|
|
|
|
|
|
Purchase of intangible assets |
|
|
(66,500) |
|
(43,000) |
|
(102,986) |
|
Purchase of property, plant and equipment |
|
|
(1,801) |
|
(812) |
|
(837) |
|
Purchase of current financial assets |
|
|
(2,183,542) |
|
(1,271,730) |
|
(1,694,046) |
|
Sale of current financial assets |
|
|
1,429,600 |
|
1,543,999 |
|
1,325,540 |
|
Interest received |
|
|
|
111,649 |
|
92,753 |
|
13,146 |
Investment in a joint venture |
|
|
(7,000) |
|
(13,000) |
|
(2,000) |
|
|
|
|
|
|
|
|
|
|
Net cash flows from/(used in) investing activities |
|
|
|
(717,594) |
|
308,210 |
|
(461,184) |
|
|
|
|
|
|
|
|
|
Principal elements of lease payments |
|
|
(7,638) |
|
(3,801) |
|
(4,165) |
|
Proceeds from issue of new shares, gross amount |
|
|
– |
|
1,196,731 |
|
760,953 |
|
Issue costs paid |
|
|
– |
|
(821) |
|
(781) |
|
Exchange (losses)/gains from currency conversion on proceeds from issue of new shares |
|
|
|
– |
|
(1,507) |
|
410 |
Payment of employee withholding taxes relating to restricted stock unit awards |
|
|
|
(21,868) |
|
(12,138) |
|
(5,855) |
Proceeds from exercise of stock options |
|
|
309,265 |
|
158,263 |
|
93,195 |
|
|
|
|
|
|
|
|
|
|
Net cash flows from financing activities |
|
|
|
279,759 |
|
1,336,727 |
|
843,757 |
|
|
|
|
|
|
|
|
|
Increase/(decrease) in cash and cash equivalents |
|
|
|
(520,582) |
|
1,224,610 |
|
(480,234) |
|
|
|
|
|
|
|
|
|
Cash and cash equivalents at the beginning of the year |
|
|
|
2,048,844 |
|
800,740 |
|
1,334,676 |
Exchange gains/(losses) on cash and cash equivalents |
|
|
|
(28,326) |
|
23,494 |
|
(53,702) |
Cash and cash equivalents at the end of the year |
|
|
|
1,499,936 |
|
2,048,844 |
|
800,740 |