activities (94,575) (149,803) (53,351) 75,577 (67,673)
-------- -------------------- ------- ---------------- --------
Cash flow from
financing
activities:
Lease payments (1,881) (2,471) (1,085) (1,251) (4,151)
Repayment
long-term bank
debt (218) (96) (138) (39) (406)
Proceeds from
non-controlling
interests -- 550 -- 550 510
Amounts
recognized in
respect of
government
grants
liability, net (93) (172) (48) (87) (221)
Payments of
share price
protection
recognized in
business
combination (744) (1,780) (744) (1,780) (1,005)
Repurchase of
treasury
shares -- (19,741) -- (1,349) --
Net cash used in
financing
activities (2,936) (23,710) (2,015) (3,956) (5,273)
-------- -------------------- ------- ---------------- --------
Increase
(decrease) in
cash (140,942) (229,629) (77,334) 43,458 (165,000)
======== ==================== ======= ================ ========
Cash at
beginning of
the period 853,626 685,362 788,141 412,172 853,626
Effect of
exchange rate
fluctuations on
cash (6,464) (1,178) (4,587) (1,075) (3,264)
Cash at end of
the period 706,220 454,555 706,220 454,555 685,362
-------- -------------------- ------- ---------------- --------
Non-cash
transactions:
Property plant
and equipment
acquired on
credit 35 328 (176) (148) 52
Repurchase of
treasury shares
on credit -- 3,518 -- 3,518 --
Recognition of a
right-of-use
asset 11,250 199 13 72 15,196
Acquisition of
financial
assets in fair
value through
profit and
loss 2,158 -- 2,158 -- --
Non-IFRS Measures
The following are reconciliations of income before taxes, as calculated in accordance with International Financial Reporting Standards ("IFRS"), to EBITDA and Adjusted EBITDA, as well as of gross profit, as calculated in accordance with IFRS, to Adjusted Gross Profit:
For the Six-Months For the Three-Months
Period Ended June 30, Period Ended June 30,
2023
In thousands of USD In thousands of USD
Net income (loss) 12,553 (9,406)
Tax expenses 152 78
Depreciation and
amortization 2,963 1,540
Interest income (23,567) (12,047)
EBITDA (loss) (7,899) (19,835)
Finance income from
revaluation of assets and
liabilities (56,299) (11,522)
Exchange rate differences 5,475 2,430
Share-based compensation
expenses 11,542 5,418
Adjusted EBITDA (loss) (47,181) (23,509)
For the Six-Months Period For the Three-Months Period
Ended June 30, Ended June 30,
--------------------------- -----------------------------
2022 2023 2022 2023
-------------
Gross profit 4,581 13,061 3,580 6,495
Depreciation and
amortization 3,298 186 436 120
Share-based
compensation
expenses 743 812 419 390
Adjusted gross
profit 8,622 14,059 4,435 7,005
EBITDA is a non-IFRS measure and is defined as income before taxes, excluding depreciation and amortization expenses and amortization of assets recognized in business combination and interest income. We believe that EBITDA, as described above, should be considered in evaluating the Company's operations. EBITDA facilitates the Company's performance comparisons from period to period and company to company by backing out potential differences caused by variations in capital structures, and the age and depreciation charges and amortization of fixed and intangible assets, respectively (affecting relative depreciation and amortization expense, respectively), and EBITDA is useful to an investor in evaluating our operating performance because it is widely used by investors, securities analysts and other interested parties to measure a company's operating performance without regard to the items mentioned above.
Adjusted EBITDA is a non-IFRS measure and is defined as income before taxes, excluding depreciation and amortization expenses and amortization of assets recognized in business combination, interest income, finance income for revaluation of assets and liabilities, exchange rate differences and share-based payments. We believe that Adjusted EBITDA, as described above, should also be considered in evaluating the Company's operations. Like EBITDA, Adjusted EBITDA facilitates the Company's performance comparisons from period to period and company to company by backing out potential differences caused by variations in capital structures, and the age and depreciation charges and amortization of fixed and intangible assets, respectively (affecting relative depreciation and amortization expense, respectively), as well as from revaluation of assets and liabilities, exchange rate differences and share-based payment expenses. Adjusted EBITDA is useful to an investor in evaluating our operating performance because it is widely used by investors, securities analysts and other interested parties to measure a company's operating performance without regard to non-cash items, such as expenses related to revaluation, exchange rate differences and share-based payments.
Adjusted gross profit, excluding depreciation and amortization and share-based compensation expenses, is a non-IFRS measure and is defined as gross profit excluding amortization expenses. We believe that adjusted gross profit, as described above, should also be considered in evaluating the Company's operations. Adjusted gross profit facilitates gross profit and gross margin comparisons from period to period and company to company by backing out potential differences caused by variations in amortization of inventory and intangible assets. Adjusted gross profit is useful to an investor in evaluating our performance because it enables investors, securities analysts and other interested parties to measure a company's performance without regard to non-cash items, such as amortization expenses. Adjusted gross margin is calculated by dividing the adjusted gross profit by the revenues.
EBITDA, Adjusted EBITDA, and Adjusted gross profit do not represent cash generated by operating activities in accordance with IFRS and should not be considered alternatives to net income (loss) as indicators of our operating performance or as measures of our liquidity. These measures should be considered in conjunction with net income (loss) as presented in our consolidated statements of profit or loss and other comprehensive income. Other companies may calculate these measures differently than we do.
(END) Dow Jones Newswires
August 21, 2023 06:40 ET (10:40 GMT)
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