(1)The Company has initially applied IFRS 16 as of January 1, 2019, using the modified retrospective approach. Under this approach, comparative information is not restated and the cumulative effect of initially applying IFRS 16 is recognized in retained earnings at the date of initial application. For further information, see Note 2 of the condensed consolidated interim financial statements.
(2)Certain comparative figures for the 3-month period ended March 31, 2018 were restated for immaterial errors. For further information, see Note 9 of the Q3-2018 condensed consolidated interim financial statements.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
| Three months ended March 31, | ||||
| 2019 | 2018 (1) (2) | |||
| (€ in thousands) | ||||
| Cash Flow from operating activities | ||||
| Loss for the period | (2,788) | (1,716) | ||
| Depreciation and amortization | 1,050 | 841 | ||
| Foreign currency exchange differences on loans to subsidiaries | (769) | (61) | ||
| Share-based compensation expense | 165 | 129 | ||
| Change in impairment of trade receivables | (28) | 10 | ||
| Non-cash interest expense on long-term debt | 205 | 189 | ||
| Change in fair value of derivative equity forward | 602 | (941) | ||
| Change in inventory allowance | (9) | (226) | ||
| Other | -- | 9 | ||
| Change in working capital | (265) | 1,578 | ||
| Trade and other receivables, inventories and current assets | 61 | (901) | ||
| Trade payables | (586) | (260) | ||
| Other liabilities, contract liabilities and provisions | 284 | 2,739 | ||
| Income tax payable/receivables | (24) | -- | ||
| Net cash used in operating activities | (1,837) | (188) | ||
| Cash Flow from investing activities | ||||
| Payments to acquire property, plant and equipment and intangible assets | (173) | (234) | ||
| Proceeds from disposal of financial assets | 4,081 | 2,526 | ||
| Payments to acquire financial assets | (1,235) | (6,170) | ||
| Proceeds from disposal of property, plant and equipment | 22 | -- | ||
| Net cash from (used in) investing activities | 2,695 | (3,878) | ||
| Cash Flow from financing activities | ||||
| Repayment of bank overdrafts and lines of credit | -- | (58) | ||
| Repayment of sale and leaseback obligation | -- | (118) | ||
| Repayment of lease liabilities (2018: Repayment of finance lease obligations) | (77) | (12) | ||
| Repayment of long-term debt | (250) | (197) | ||
| Proceeds from issuance of long-term debt | 500 | 40 | ||
| Net cash from (used in) financing activities | 173 | (345) | ||
| Net increase (decrease) in cash and cash equivalents | 1,031 | (4,411) | ||
| Cash and cash equivalents at beginning of period | 7,402 | 7,569 | ||
| Changes to cash and cash equivalents due to foreign exchanges rates | 49 | (18) | ||
| Cash and cash equivalents at end of period | 8,482 | 3,140 | ||
| Supplemental Cash Flow Information | ||||
| Interest paid | 66 | 47 | ||
| Interest received | 43 | 1 | ||
See accompanying notes to unaudited condensed consolidated interim
financial statements.
