Consolidated Statements of Cash Flows
|
|
|
|
Year Ended December 31, |
||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
(in thousands of $) |
|
Note |
|
2025 |
|
20241) |
|
20231) |
||||||
Operating profit/(loss) |
|
|
|
1,053,806 |
|
(21,654) |
|
(425,049) |
||||||
Adjustments for non-cash items |
|
|
|
|
|
|
|
|
||||||
Amortization of intangible assets |
|
|
14,858 |
|
10,282 |
|
105,674 |
|||||||
Depreciation of property, plant and equipment |
|
|
13,244 |
|
7,245 |
|
5,633 |
|||||||
Provisions for employee benefits |
|
|
|
1,151 |
|
432 |
|
573 |
||||||
Expense recognized in respect of share-based payments |
|
|
248,079 |
|
235,179 |
|
232,974 |
|||||||
Fair value gains on financial assets at fair value through profit or loss |
|
|
(11,581) |
|
(3,834) |
|
– |
|||||||
Loss from investment in a joint venture |
|
|
12,390 |
|
7,644 |
|
4,411 |
|||||||
Other non-cash expenses/(benefit) |
|
|
|
31,628 |
|
(277) |
|
2,074 |
||||||
|
|
|
|
1,363,575 |
|
235,017 |
|
(73,710) |
||||||
Movements in current assets/liabilities |
|
|
|
|
|
|
|
|
||||||
(Increase)/decrease in trade and other receivables |
|
|
(802,327) |
|
(423,112) |
|
(185,694) |
|||||||
(Increase)/decrease in inventories |
|
|
(98,952) |
|
(95,996) |
|
(83,030) |
|||||||
(Increase)/decrease in current prepaid expenses |
|
|
(139,992) |
|
(54,113) |
|
(58,081) |
|||||||
(Increase)/decrease in other current assets |
|
|
|
(5,742) |
|
(2,041) |
|
(943) |
||||||
Increase/(decrease) in trade and other payables |
|
|
612,328 |
|
246,336 |
|
95,600 |
|||||||
Movements in non-current assets/liabilities |
|
|
|
|
|
|
|
|
||||||
(Increase)/decrease in other non‑current assets |
|
|
14,224 |
|
(19,930) |
|
(29,416) |
|||||||
(Increase)/decrease in non-current prepaid expense |
|
|
|
(2,167) |
|
23,683 |
|
(47,327) |
||||||
Net cash flows from/(used) in operating activities, before interest and taxes |
|
|
|
940,947 |
|
(90,156) |
|
(382,601) |
||||||
Interest paid |
|
|
|
(900) |
|
(392) |
|
(211) |
||||||
Income taxes (paid)/received |
|
|
(254,855) |
|
7,801 |
|
(37,515) |
|||||||
Net cash flows from/(used) in operating activities |
|
|
|
685,192 |
|
(82,747) |
|
(420,327) |
||||||
Purchase of intangible assets |
|
|
(105,515) |
|
(66,500) |
|
(43,000) |
|||||||
Purchase of property, plant and equipment |
|
|
(6,165) |
|
(1,801) |
|
(812) |
|||||||
Purchase of current financial assets |
|
|
(1,448,930) |
|
(2,183,542) |
|
(1,271,730) |
|||||||
Sale of current financial assets |
|
|
2,388,445 |
|
1,429,600 |
|
1,543,999 |
|||||||
Interest received |
|
|
|
162,670 |
|
111,649 |
|
92,753 |
||||||
Investment in a joint venture |
|
|
(6,500) |
|
(7,000) |
|
(13,000) |
|||||||
Net cash flows from/(used in) investing activities |
|
|
|
984,005 |
|
(717,594) |
|
308,210 |
||||||
Principal elements of lease payments |
|
|
(4,107) |
|
(7,638) |
|
(3,801) |
|||||||
Proceeds from issue of new shares, gross amount |
|
|
– |
|
– |
|
1,196,731 |
|||||||
Issue costs paid |
|
|
– |
|
– |
|
(821) |
|||||||
Exchange (losses)/gains from currency conversion on proceeds from issue of new shares |
|
|
|
– |
|
– |
|
(1,507) |
||||||
Payment of employee withholding taxes relating to restricted stock unit awards |
|
|
|
(41,258) |
|
(21,868) |
|
(12,138) |
||||||
Proceeds from exercise of stock options |
|
|
278,375 |
|
309,265 |
|
158,263 |
|||||||
Net cash flows from financing activities |
|
|
|
233,010 |
|
279,759 |
|
1,336,727 |
||||||
Increase/(decrease) in cash and cash equivalents |
|
|
|
1,902,207 |
|
(520,582) |
|
1,224,610 |
||||||
Cash and cash equivalents at the beginning of the year |
|
|
|
1,499,936 |
|
2,048,844 |
|
800,740 |
||||||
Exchange gains/(losses) on cash and cash equivalents |
|
|
|
89,146 |
|
(28,326) |
|
23,494 |
||||||
Cash and cash equivalents at the end of the year |
|
|
|
3,491,289 |
|
1,499,936 |
|
2,048,844 |
||||||
|
||||||||||||||