| 2022 | 2021 | 2020 | 2019 | 2018 |
Cash flows from operating activities | | | | | |
Profit /(Loss) before tax | (41,93) | (36,38) | 22,38 | | |
Non-cash adjustments | | | | | |
Depreciation | 3,77 | 2,79 | 1,50 | | |
Amortisation of intangible assets | 1,86 | 2,54 | 1,86 | | |
Share based payment expenses | 0,17 | 0,00 | 0,00 | | |
Net loss on derivative instruments | 0,39 | 0,00 | 0,00 | | |
Gain /(Loss) on disposals | 0,00 | -0,00 | 0,00 | | |
Addition to/(release from) provisions | 0,70 | 3,94 | 0,06 | | |
Finance expenses, net | 1,06 | 4,24 | 1,29 | | |
Share of results of an associate | 0,43 | (7,43) | 0,11 | | |
Movements in working capital | | | | | |
Inventories | (25,11) | (18,69) | (0,95) | | |
Receivables and other financial assets | (10,70) | (17,60) | 10,23 | | |
Contract assets/liabilities | (40,78) | 46,81 | (53,09) | | |
Payables and other current liablities | 12,01 | 3,80 | 5,20 | | |
Cash generated from operations | (98,13) | (15,99) | (11,43) | | |
Payment from provisions | (0,90) | (2,95) | 0,00 | | |
Income tax paid | (0,03) | (0,46) | 0,00 | | |
Net cash flows from operating activities | (99,06) | (19,39) | (11,43) | | |
Cash flows from investing activities | | | | | |
Investments in property, plant and equipment (PPE) | (5,51) | (4,14) | (1,36) | | |
Proceeds from sale of PPE | 0,00 | 0,00 | 0,02 | | |
Investments in intangible assets | (1,48) | (0,80) | (2,45) | | |
Investments in financial assets | 0,00 | (0,01) | (0,20) | | |
Investments in subsidiaries | 0,00 | (22,34) | 0,00 | | |
Investments in associates | (1,50) | 0,00 | 0,00 | | |
Net cash flows from investing activities | (8,50) | (27,28) | (3,99) | | |
Cash flows from financing activities | | | | | |
Acquisition of non-controlling interest | 0,00 | (20,00) | 0,00 | | |
Net proceeds from issuance of share capital* | (2,14) | 316,12 | 0,00 | | |
Repayment of convertible loan | 0,00 | (0,80) | 0,00 | | |
Repayment of borrowings | (0,75) | (105,52) | (2,60) | | |
Proceeds from borrowings | 0,00 | 41,50 | 43,53 | | |
Payment of principal portion of lease liabilities | (1,47) | (1,24) | (0,46) | | |
Interest received | 0,24 | 0,00 | 0,00 | | |
Interest Paid | (1,06) | (2,33) | (1,00) | | |
| | | | | |
Net cash flow from financing activities | (5,17) | 227,73 | 39,47 | | |
| | | | | |
(Decrease) /Increase in cash and cash equivalents | (112,73) | 181,06 | 24,05 | | |
| | | | | |
Exchange losses/gains on cash (equivalents) and overdrafts | 0,02 | 0,00 | 0,00 | | |
Cash and cash equivalents at 1 January | 207,92 | 26,86 | 2,81 | | |
| | | | | |
Cash and cash equivalents at 31 December | 95,21 | 207,92 | 26,87 | | |