Alvotech (NASDAQ: ALVO, or the “Company”), a global biotech company
specializing in the development and manufacture of biosimilar
medicines for patients worldwide, today reported unaudited
financial results for the first six months of 2024 and provided a
summary of recent corporate highlights.
“These are truly exciting times for Alvotech. In the first half
of the year, Alvotech generated record results, with an over
ten-fold increase in total revenues compared to the same period in
2023 and positive Adjusted EBITDA for the first time, both for the
second quarter and the first half of the year. Product revenues are
growing rapidly, as we launch multiple products globally, backed by
exceptionally strong milestone revenues in the second quarter,”
said Robert Wessman, Chairman and CEO of Alvotech. “Our order book
for biosimilar Humira in the U.S. for 2024 has already grown from
the initial 1 million units previously announced, to approximately
1.3 million units today. Revenues generated from these U.S. orders
will be predominantly recognized in the second half of the year.
Our recent launch of Stelara in Canada, Japan, and Europe
highlights our global, multiproduct strategy. As we enter the
second half of the year, we are already receiving replenishment
orders in certain markets.”
Recent Highlights
Commercial and Development MilestonesAlvotech announced positive
topline results from a confirmatory patient study for AVT03, a
proposed biosimilar to Prolia® (denosumab) and Xgeva® (denosumab).
Alvotech also announced positive top-line results from a
pharmacokinetic (PK) study assessing the PK, safety, and
tolerability of AVT03 compared to Xgeva in healthy adult
participants. Previously, Alvotech announced positive top-line
results from a separate PK study comparing AVT03 to Prolia.
Alvotech and STADA strengthened their existing strategic
alliance, to include AVT03. Upon approval, STADA will assume
semi-exclusive commercial rights in Europe, including Switzerland
and the UK, as well as exclusive commercial rights in selected
countries in Central Asia and the Middle East. Alvotech and STADA
also agreed to extend STADA’s commercial rights for biosimilars to
Humira® (adalimumab) and Stelara® (ustekinumab) to Commonwealth of
Independent States (CIS) countries in Central Asia.
Alvotech and Advanz Pharma expanded their partnership with an
agreement regarding the supply and commercialization of Alvotech’s
proposed biosimilar to Eylea® (aflibercept). Alvotech is currently
developing AVT06, a proposed biosimilar to Eylea® low dose (2 mg)
and AVT29, a biosimilar candidate for Eylea® high dose (8 mg).
Advanz Pharma has exclusive commercialization rights for AVT06 and
AVT29 in Europe, except for Germany and France where the rights are
semi-exclusive. Alvotech and Advanz Pharma also announced that the
European Medicines Authority had accepted the EU/EEA marketing
application for AVT06. The process to obtain marketing
authorization could be completed in the third quarter of 2025.
STADA and Alvotech announced the launch of Uzpruvo®
(ustekinumab), known as AVT04, the first approved biosimilar to
Stelara® in Europe, across a majority of European countries. The
pioneering launch came immediately upon expiry of exclusivity
rights for Stelara. Previously, AVT04 had been launched in Canada
and Japan.
Corporate MilestonesAlvotech announced that holders of the
majority of subordinated convertible bonds, originally issued by
Alvotech in 2022, with maturity on December 20, 2025, (the
“Convertible Bonds”) elected to convert the principal and accrued
interest into ordinary shares of Alvotech at the fixed conversion
price of US$10.00 per share. On July 1, 2024, Alvotech issued
22,073,578 new ordinary shares in exchange for the convertible
bonds. Subsequently the pro-forma total number of issued shares in
Alvotech as of July 1, is 324,801,040 and the pro-forma total
number of outstanding shares as of the same date, is
301,481,596.
On July 11, 2024, Alvotech announced the closing of a senior
first lien term loan facility of $965 million, in two tranches (the
“Facility”) with a group of institutional investors, led by
GoldenTree Asset Management. Upon closing, Alvotech also announced
that it had refinanced its outstanding debt obligations, reducing
the cost of capital and improving its overall debt profile. The
Facility, for $965 million in aggregate principal amount, matures
in June 2029.
As per the terms of the Facility, upon closing Alvotech settled
its existing debt obligations. Holders of the Convertible Bonds
that did not exercise their right to conversion obtained repayment
in July 2022. As a result, Alvotech does not have any convertible
bonds outstanding. Outstanding debt is limited to the Facility,
mortgage debt and equipment financing. All outstanding debt has
maturity in June 2029 or at a later date.
Summary of the Financial Results for First Six Months of
2024
Cash position and sources of liquidity: As of June 30, 2024, the
Company had cash and cash equivalents of $10.9 million, excluding
$25.0 million of restricted cash. In addition, the Company had
borrowings of $1,055.9 million, including $999.0 million of current
portion of borrowings, as of June 30, 2024. Taking into effect the
refinancing in July, the Company had a proforma cash balance of
$153 million excluding $25.0 million of restricted cash and
proforma gross borrowings of $1,035 million.
Product Revenue: Product revenue was $65.9 million for the six
months ended June 30, 2024, compared to $22.7 million for the same
six months of 2023. Revenue for the six months ended June 30, 2024,
consisted of product revenue from sales of AVT02 in select European
countries and Canada, launch of AVT02 in the U.S., launch of AVT04
in Canada and Japan and pre-launch sales for select European
markets.
License and Other Revenue: License and other revenue was $169.7
million for the six months ended June 30, 2024, compared to ($2.5)
million for the same six months of 2023. The license and other
revenue increase of $172.1 million was primarily attributable to
the recognition of $119.0 million research and development
milestone including the approval of AVT04 in Europe, the
commencement of a clinical phase for the AVT16 program, the
Confirmatory Efficacy and Safety (CES) completion of AVT03 and the
CES completion of AVT05. This also included $30.1 million of
performance milestone relative to the product launch of AVT04 in
Japan, the achievement of sales target of AVT02, and the launch of
AVT02 in the U.S., and a net milestone revenue of $14.3 million for
the execution of commercial contracts during the six months ended
June 30, 2024.
Cost of product revenue: Cost of product revenue was $65.2
million for the six months ended June 30, 2024, compared to $67.9
million for the same six months of 2023, as a result of sales in
the period, including the launch of AVT04 in Canada, Japan and
pre-launch in a select European countries tempered by lower
production-related charges and lower costs associated with FDA
inspection readiness. Cost of product revenue for the period is
disproportionate relative to product revenue due to the timing of
new launches and elevated production-related charges, resulting in
higher costs than revenues recognized for the period. The Company
expects this relationship to continue normalizing with increased
production from the scaling and expansion of new or recent
launches. The Company estimates that the anticipated increase in
sales volumes will result in a greater absorption of fixed
manufacturing costs.
Research and development (R&D) expenses: R&D expenses
were $97.5 million for the six months ended June 30, 2024, compared
to $99.6 million for the same six months of 2023. The slight
decrease was primarily driven by a one-time charge of $18.5 million
relating to the termination of the co-development agreement with
Biosana for AVT23 recognized during the six months of 2023 and the
decrease of $2.4 million primarily related to programs which have
completed clinical phase (i.e., AVT02 and AVT04 programs),
partially offset by a $17.3 million increase in direct program
expenses mainly from four biosimilar candidates, AVT03, AVT05,
AVT06 and AVT16 that are in clinical phase.
General and administrative (G&A) expenses: G&A expenses
were $29.6 million for the six months ended June 30, 2024, compared
to $41.9 million for the same six months of 2023. The decrease in
G&A expenses was primarily attributable to ongoing streamlining
of the operation of Alvotech, including $5.8 million in lower
third-party services, lower insurance premiums and less headcount,
coupled with a $4.2 million decrease in expenses for share-based
payments.
Operating profit: Operating profit was $43.5 million for the six
months ended June 30, 2024, compared to ($189.1) million for the
same six months of 2023. The increase of $232.5 million was
primarily attributable to the sharp increase in total revenues due
to a combination of expansion of our product launches and
milestones recognition for advancing our product through our
pipeline and achieving contractual sales targets. This is coupled
with a decrease in operating expenses driven by continuing efforts
by the Company to scale and rationalize operations.
Finance income: Finance income was $80.8 million for the six
months ended June 30, 2024, compared to $122.5 million for the same
six months of 2023. The Finance income for the six months ended
June 30, 2024, was primarily attributable to the change in fair
value of the Tranche A Conversion Feature of the 2022 Convertible
bonds impacted by the bond holders exercising their right to
conversion into ordinary shares on the last scheduled conversion
date prior to maturity, which is 1 July 2024. The Finance income
for the six months ended June 30, 2023, was mainly attributable to
a favorable change in fair value of the Predecessors Earn Out
shares.
Finance costs: Finance costs were $277.4 million for the six
months ended June 30, 2024, compared to $64.3 million for the same
six months of 2023. The Finance costs for the six months ended June
30, 2024 were primarily attributable to a $120.5 million change in
fair value of the Predecessors Earn Out shares, which was
negatively impacted by the increase in the Company's share price
during the six months ended June 30, 2024 and by the settlement of
the existing debt obligations upon execution of the agreement led
by GoldenTree Asset Management for a senior secured first lien term
loan facility of $965 million. The early redemption of the existing
debts, which were settled concurrently with the new facility in
July 2024, resulted in the acceleration of previously deferred debt
issue costs and debt discounts resulting in $63.1 million loss on
remeasurement for the six months ended June 30, 2024. The Finance
costs for the six months ended June 30, 2023, were primarily
attributable to the interest charges on existing debt
obligations.
Exchange rate differences: Exchange rate differences resulted in
a gain of $7.7 million for the six months ended June 30, 2024,
compared to a loss of $3.1 million for the same six months of 2023.
The change was primarily driven by the movements in the exchange
rate of foreign currencies, predominantly Icelandic krona and
euros.
Income tax benefit: Income tax expense was $5.1 million for the
six months ended June 30, 2024, compared to a benefit of $49.9
million for the same six months of 2023. The decrease in benefit
was mainly driven by a substantial decrease in operating losses and
was netted into an overall tax charge as of June 30, 2024, due to
the weakening of the Icelandic krona against the U.S. dollar, which
decreased the U.S. dollar value of Icelandic tax loss
carry-forwards that the Company expects to fully utilize against
future taxable profits.
Loss for the Period: Reported net loss was $153.5 million, or
($0.61) per share on a basic and diluted basis, for the six months
ended June 30, 2024, compared to a reported net loss of $86.9
million, or ($0.39) per share on a basic and diluted basis, for the
same six months of 2023. As mentioned above, the net loss for the
period is heavily impacted by the fair value costs associated with
our derivative liabilities and the impact of the early redemption
of the existing debt obligations. Profit for the period in Q2 2024
was $65.2 million.
Business Update Conference Call Alvotech will
conduct a business update conference call and live webcast on
Friday, August 16, at 8:00 am EDT (12:00 pm GMT). Registration for
the conference call and access to the live webcast is found on
https://investors.alvotech.com/events/event-details/q2-2024-earnings,
where you will also be able to find a replay of the webcast,
following the call for 90 days.
About AVT02 (adalimumab) AVT02 is a monoclonal
antibody and has been approved as a biosimilar to Humira®
(adalimumab) in over 50 countries globally, including the U.S.,
Europe, Canada, Australia, Egypt, Saudi Arabia and South Africa. It
is currently marketed in the U.S. as SIMLANDI and under private
label, in Europe as HUKYNDRA, in Canada as SIMLANDI and in
Australia as ADALACIP. Dossiers are also under review in multiple
countries globally.
About AVT03 (denosumab) AVT03 is a human
monoclonal antibody and a biosimilar candidate to Prolia® and
Xgeva® (denosumab). Denosumab targets and binds with high affinity
and specificity to the RANK ligand membrane protein, preventing the
RANK ligand/RANK interaction from occurring, resulting in reduced
osteoclast numbers and function, thereby decreasing bone resorption
and cancer-induced bone destruction [2]. AVT03 is an
investigational product and has not received regulatory approval in
any country. Biosimiliarity has not been established by regulatory
authorities and is not claimed.
About AVT04 (ustekinumab) AVT04 is a monoclonal
antibody and a biosimilar to Stelara® (ustekinumab). Ustekinumab
binds to two cytokines, IL-12 and IL-23, that are involved in
inflammatory and immune responses [1]. AVT04 has been launched in
Canada as JAMTEKI, in the EEA as UZPRUVO, and in Japan as
USTEKINUMAB BS (F). It has been approved in the U.S. as SELARSDI.
Dossiers are also under review in multiple countries globally.
About AVT06/AVT29 (aflibercept) AVT06/AVT29 is
a recombinant fusion protein and a biosimilar candidate to Eylea®
(aflibercept) 2 mg and 8 mg dose, which binds vascular endothelial
growth factors (VEGF), inhibiting the binding and activation of
VEGF receptors, neovascularization, and vascular permeability [2].
AVT06/AVT29 are investigational products and have not received
regulatory approval in any country. Biosimilarity has not been
established by regulatory authorities and is not claimed.
Sources [1] EMA Uzpruvo product information[2]
Prolia product information[3] Eylea product information
Use of trademarks Humira is a registered
trademark of AbbVie Inc. Stelara is a registered trademark of
Johnson & Johnson Inc. Prolia and Xgeva are registered
trademarks of Amgen Inc. Stelara is a registered trademark of
Johnson & Johnson Inc. Eylea is a registered trademark of
Regeneron Pharmaceuticals Inc. and Bayer AG.
About Alvotech Alvotech is a biotech company,
founded by Robert Wessman, focused solely on the development and
manufacture of biosimilar medicines for patients worldwide.
Alvotech seeks to be a global leader in the biosimilar space by
delivering high quality, cost-effective products, and services,
enabled by a fully integrated approach and broad in-house
capabilities. Alvotech has launched two biosimilars. The current
development pipeline includes nine disclosed biosimilar candidates
aimed at treating autoimmune disorders, eye disorders,
osteoporosis, respiratory disease, and cancer. Alvotech has formed
a network of strategic commercial partnerships to provide global
reach and leverage local expertise in markets that include the
United States, Europe, Japan, China, and other Asian countries and
large parts of South America, Africa and the Middle East.
Alvotech’s commercial partners include Teva Pharmaceuticals, a US
affiliate of Teva Pharmaceutical Industries Ltd. (US), STADA
Arzneimittel AG (EU), Fuji Pharma Co., Ltd (Japan), Advanz Pharma
(EEA, UK, Switzerland, Canada, Australia and New Zealand), Dr.
Reddy’s (EEA, UK and US), Biogaran (FR), Cipla/Cipla Gulf/Cipla Med
Pro (Australia, New Zealand, South Africa/Africa), JAMP Pharma
Corporation (Canada), Yangtze River Pharmaceutical (Group) Co.,
Ltd. (China), DKSH (Taiwan, Hong Kong, Cambodia, Malaysia,
Singapore, Indonesia, India, Bangladesh and Pakistan), YAS Holding
LLC (Middle East and North Africa), Abdi Ibrahim (Turkey), Kamada
Ltd. (Israel), Mega Labs, Stein, Libbs, Tuteur and Saval (Latin
America) and Lotus Pharmaceuticals Co., Ltd. (Thailand, Vietnam,
Philippines, and South Korea). Each commercial partnership covers a
unique set of product(s) and territories. Except as specifically
set forth therein, Alvotech disclaims responsibility for the
content of periodic filings, disclosures and other reports made
available by its partners. For more information, please visit
www.alvotech.com. None of the information on the Alvotech website
shall be deemed part of this press release.
Please visit our investor portal, and our website or follow us
on social media on LinkedIn, Facebook, Instagram, X and
YouTube.
Alvotech Forward Looking Statements Certain
statements in this communication may be considered “forward-looking
statements” within the meaning of the Private Securities Litigation
Reform Act of 1995, as amended. Forward-looking statements
generally relate to future events or the future financial operating
performance of Alvotech and may include, for example, Alvotech’s
expectations regarding competitive advantages, business prospects
and opportunities including pipeline product development, future
plans and intentions, results, level of activities, performance,
goals or achievements or other future events, regulatory
submissions, review and interactions, the potential approval and
commercial launch of its product candidates, the timing of
regulatory approval, and market launches. In some cases, you can
identify forward-looking statements by terminology such as “may”,
“should”, “expect”, “intend”, “will”, “estimate”, “anticipate”,
“believe”, “predict”, “potential”, “aim” or “continue”, or the
negatives of these terms or variations of them or similar
terminology. Such forward-looking statements are subject to risks,
uncertainties, and other factors which could cause actual results
to differ materially from those expressed or implied by such
forward-looking statements. These forward-looking statements are
based upon estimates and assumptions that, while considered
reasonable by Alvotech and its management, are inherently uncertain
and are inherently subject to risks, variability, and
contingencies, many of which are beyond Alvotech’s control. Factors
that may cause actual results to differ materially from current
expectations include, but are not limited to: (1) the ability to
raise substantial additional funding, which may not be available on
acceptable terms or at all; (2) the ability to maintain stock
exchange listing standards; (3) changes in applicable laws or
regulations; (4) the possibility that Alvotech may be adversely
affected by other economic, business, and/or competitive factors;
(5) Alvotech’s estimates of expenses and profitability; (6)
Alvotech’s ability to develop, manufacture and commercialize the
products and product candidates in its pipeline; (7) actions of
regulatory authorities, which may affect the initiation, timing and
progress of clinical studies or future regulatory approvals or
marketing authorizations; (8) the ability of Alvotech or its
partners to respond to inspection findings and resolve deficiencies
to the satisfaction of the regulators; (9) the ability of Alvotech
or its partners to enroll and retain patients in clinical studies;
(10) the ability of Alvotech or its partners to gain approval from
regulators for planned clinical studies, study plans or sites; (11)
the ability of Alvotech’s partners to conduct, supervise and
monitor existing and potential future clinical studies, which may
impact development timelines and plans; (12) Alvotech’s ability to
obtain and maintain regulatory approval or authorizations of its
products, including the timing or likelihood of expansion into
additional markets or geographies; (13) the success of Alvotech’s
current and future collaborations, joint ventures, partnerships or
licensing arrangements; (14) Alvotech’s ability, and that of its
commercial partners, to execute their commercialization strategy
for approved products; (15) Alvotech’s ability to manufacture
sufficient commercial supply of its approved products; (16) the
outcome of ongoing and future litigation regarding Alvotech’s
products and product candidates; (17) the impact of worsening
macroeconomic conditions, including rising inflation and interest
rates and general market conditions, conflicts in Ukraine, the
Middle East and other global geopolitical tension, on the Company’s
business, financial position, strategy and anticipated milestones;
and (18) other risks and uncertainties set forth in the sections
entitled “Risk Factors” and “Cautionary Note Regarding
Forward-Looking Statements” in documents that Alvotech may from
time to time file or furnish with the SEC. There may be additional
risks that Alvotech does not presently know or that Alvotech
currently believes are immaterial that could also cause actual
results to differ from those contained in the forward-looking
statements. Nothing in this communication should be regarded as a
representation by any person that the forward-looking statements
set forth herein will be achieved or that any of the contemplated
results of such forward-looking statements will be achieved. You
should not place undue reliance on forward-looking statements,
which speak only as of the date they are made. Alvotech does not
undertake any duty to update these forward-looking statements or to
inform the recipient of any matters of which any of them becomes
aware of which may affect any matter referred to in this
communication. Alvotech disclaims any and all liability for any
loss or damage (whether foreseeable or not) suffered or incurred by
any person or entity as a result of anything contained or omitted
from this communication and such liability is expressly disclaimed.
The recipient agrees that it shall not seek to sue or otherwise
hold Alvotech or any of its directors, officers, employees,
affiliates, agents, advisors, or representatives liable in any
respect for the provision of this communication, the information
contained in this communication, or the omission of any information
from this communication.
ALVOTECH INVESTOR RELATIONS AND GLOBAL
COMMUNICATIONS Benedikt Stefansson,
VPalvotech.ir@alvotech.com
Unaudited
Condensed Consolidated Interim Statements of Profit or Loss and
Other Comprehensive Income or Loss |
USD in thousands, except for per share amounts |
Six months ended 30 June
2024 |
Six months ended 30 June
2023 |
Product revenue |
65,912 |
22,715 |
License and other revenue |
169,678 |
(2,460) |
Other income |
57 |
45 |
Cost of product revenue |
(65,167) |
(67,909) |
Research and development
expenses |
(97,479) |
(99,582) |
General and administrative
expenses |
(29,554) |
(41,910) |
Operating profit /
(loss) |
43,447 |
(189,101) |
Share of net loss of joint
venture |
— |
(2,706) |
Loss on sale of investment in
joint venture |
(2,970) |
— |
Finance income |
80,823 |
122,480 |
Finance costs |
(277,414) |
(64,300) |
Exchange rate differences |
7,742 |
(3,081) |
Non-operating (loss) /
profit |
(191,819) |
52,393 |
Loss before
taxes |
(148,372) |
(136,708) |
Income tax (expense) /
benefit |
(5,132) |
49,854 |
Loss for the
period |
(153,504) |
(86,854) |
Other comprehensive
income / (loss) |
|
|
Item that will be reclassified
to profit or loss in subsequent periods: |
|
|
Exchange rate differences on
translation of foreign operations |
121 |
(1,523) |
Total comprehensive
loss |
(153,383) |
(88,377) |
Loss per
share |
|
|
Basic and diluted loss for the
year per share |
(0.61) |
(0.39) |
Unaudited
Condensed Consolidated Interim Statements of Financial
PositionUSD in thousands |
Non-current assets |
30 June 2024 |
31 December 2023 |
Property, plant and
equipment |
239,535 |
236,779 |
Right-of-use assets |
138,110 |
119,802 |
Goodwill |
11,692 |
12,058 |
Other intangible assets |
19,901 |
19,076 |
Contract assets |
33,457 |
10,856 |
Investment in joint
venture |
— |
18,494 |
Other long-term assets |
8,952 |
2,244 |
Restricted cash |
25,000 |
26,132 |
Deferred tax assets |
306,638 |
309,807 |
Total non-current
assets |
783,285 |
755,248 |
Current
assets |
|
|
Inventories |
96,574 |
74,433 |
Trade receivables |
93,521 |
41,292 |
Contract assets |
39,771 |
35,193 |
Other current assets |
44,337 |
31,871 |
Receivables from related
parties |
46 |
896 |
Cash and cash equivalents |
10,944 |
11,157 |
Total current
assets |
285,193 |
194,842 |
Total
assets |
1,068,478 |
950,090 |
Unaudited
Condensed Consolidated Interim Statements of Financial
PositionUSD in thousands |
Equity |
30 June 2024 |
31 December 2023 |
Share capital |
2,602 |
2,279 |
Share premium |
1,716,605 |
1,229,690 |
Other reserves |
35,627 |
42,911 |
Translation reserve |
(1,407) |
(1,528) |
Accumulated deficit |
(2,359,349) |
(2,205,845) |
Total
equity |
(605,922) |
(932,493) |
Non-current
liabilities |
|
|
Borrowings |
56,877 |
922,134 |
Derivative financial
liabilities |
201,670 |
520,553 |
Lease liabilities |
121,873 |
105,632 |
Contract liabilities |
90,120 |
73,261 |
Deferred tax liability |
1,394 |
53 |
Total non-current
liabilities |
471,934 |
1,621,633 |
Current
liabilities |
|
|
Trade and other payables |
58,566 |
80,563 |
Lease liabilities |
10,644 |
9,683 |
Current maturities of
borrowings |
999,036 |
38,025 |
Derivative financial
liabilities |
39,714 |
— |
Liabilities to related
parties |
26,528 |
9,851 |
Contract liabilities |
4,484 |
59,183 |
Taxes payable |
1,031 |
925 |
Other current liabilities |
62,463 |
62,720 |
Total current
liabilities |
1,202,466 |
260,950 |
Total
liabilities |
1,674,400 |
1,882,583 |
Total equity and
liabilities |
1,068,478 |
950,090 |
Unaudited
Condensed Consolidated Interim Statements of Cash FlowsUSD
in thousands |
Cash flows from operating activities |
Six months ended 30 June 2024 |
Six months ended 30 June 2023 |
Loss for the period |
(153,504) |
(86,854) |
Adjustments for
non-cash items: |
|
|
Depreciation and
amortization |
14,748 |
10,934 |
Change in allowance for
receivables |
— |
18,500 |
Change in inventory
reserves |
(6,936) |
— |
Loss on disposal of property,
plant and equipment |
— |
323 |
Loss on sale of investment in
joint venture |
2,970 |
— |
Share of net loss of joint
venture |
— |
2,706 |
Finance income |
(80,823) |
(122,480) |
Finance costs |
277,414 |
64,300 |
Share-based payments |
5,294 |
11,911 |
Exchange rate difference |
(7,742) |
3,081 |
Income tax expense /
(benefit) |
5,132 |
(49,854) |
Operating cash flow
before movement in working capital |
56,553 |
(147,433) |
Increase in inventories |
(15,205) |
(7,896) |
(Increase) / decrease in trade
receivables |
(52,229) |
16,665 |
Increase / (decrease) in
liabilities with related parties |
16,769 |
(102) |
(Increase) / decrease in
contract assets |
(27,179) |
1,215 |
Decrease in other assets |
369 |
3,711 |
Decrease in trade and other
payables |
(21,758) |
(6,182) |
(Decrease) / increase in
contract liabilities |
(35,881) |
37,679 |
(Decrease) / increase in other
liabilities |
(6,056) |
4,395 |
Cash used in
operations |
(84,617) |
(97,948) |
Interest received |
26 |
25 |
Interest paid |
(41,037) |
(29,427) |
Income tax paid |
(372) |
(652) |
Net cash used in
operating activities |
(126,000) |
(128,002) |
Cash flows from
investing activities |
|
|
Acquisition of property, plant
and equipment |
(10,271) |
(22,594) |
Disposal of property, plant
and equipment |
— |
133 |
Acquisition of intangible
assets |
(1,430) |
(2,764) |
Restricted cash in connection
with amended bond agreement |
1,132 |
— |
Net cash used in
investing activities |
(10,569) |
(25,225) |
Cash flows from
financing activities |
|
|
Repayments of borrowings |
(75,059) |
(84,507) |
Repayments of principal
portion of lease liabilities |
(4,815) |
(3,700) |
Proceeds from new
borrowings |
67,500 |
93,561 |
Gross proceeds from equity
offering |
150,451 |
136,877 |
Fees from equity offering |
(5,812) |
(4,141) |
Proceeds from warrants |
4,841 |
6,365 |
Options exercised |
76 |
— |
Net cash generated
from financing activities |
137,182 |
144,455 |
Increase / (decrease) in cash
and cash equivalents |
613 |
(8,772) |
Cash and cash equivalents at
the beginning of the year |
11,157 |
66,427 |
Effect of movements in
exchange rates on cash held |
(826) |
2,811 |
Cash and cash
equivalents at the end of the period |
10,944 |
60,466 |
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