(*): 2017 has been restated following the final accounting of the ACTech business combination and the adjustment to the ACTech inventories valuation.

Consolidated statements of cash flows (Unaudited)

				For the twelve months ended December 31
(in 000)				2018				2017*
				€				€
Operating activities
Net (loss) profit of the period				3,027				(2,117)
Non-cash and operational adjustments
Depreciation of property, plant & equipment				12,223				8,754
Amortization of intangible assets				5,064				3,822
Share-based payment expense				1,075				1,033
Loss (gain) on disposal of property, plant & equipment				(83)				25
Fair value contingent liabilities				(455)				-
Movement in provisions				5				61
Movement reserve for bad debt				1,293				502
Financial income				(581)				(381)
Financial expense				2,172				1,597
Impact of foreign currencies				(299)				302
Share in loss of a joint venture (equity method)				475				469
(Deferred) Income taxes				426				522
Other				87				(22)
Working capital adjustment & income tax paid
Increase in trade receivables and other receivables				(3,156)				(4,973)
Decrease (increase) in inventories				812				(417)
Increase in trade payables and other payables				7,604				2,343
Income tax paid				(1,368)				(1,569)
Net cash flow from operating activities				28,321				9,951

				For the twelve months ended December 31
(in 000)				2018				2017*
				€				€
Investing activities
Purchase of property, plant & equipment				(18,270)				(27,733)
Purchase of intangible assets				(1,836)				(4,345)
Proceeds from the sale of property, plant & equipment & intangible assets (net)				281				221
Acquisition of subsidiary				-				(27,173)
Investments in joint-ventures				-				(500)
Other investments				(2,671)				-
Interest received				363				281
Net cash flow used in investing activities				(22,133)				(59,249)
Financing activities
Proceeds from loans & borrowings				32,554				54,319
Repayment of loans & borrowings				(18,820)				(11,904)
Repayment of finance leases				(3,102)				(2,947)
Capital increase in parent				60,489				-
Direct attributable expense of capital increases				(4,003)				-
Interest paid				(1,733)				(955)
Other financial income (expense)				(150)				(472)
Net cash flow from (used in) financing activities				65,235				38,041
Net increase of cash & cash equivalents				71,423				(11,257)
Cash & cash equivalents at beginning of the year				43,175				55,912
Exchange rate differences on cash & cash equivalents				908				(1,480)
Cash & cash equivalents at end of the year				115,506				43,175

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