v3.10.0.1
Consolidated statement of cash flows - EUR (€)
€ in Millions
12 Months Ended
Dec. 31, 2018
Dec. 31, 2017
Dec. 31, 2016
Operating activities      
Net loss € (78) € (1,235) € (539)
Adjustments to reconcile net loss to net cash flows      
Depreciation of property and equipment 21 46 32
Amortization of intangible assets 11 8 6
Share-based payments expense 88 65 53
Finance income (455) (118) (152)
Finance costs 584 974 336
Income tax (benefit)/expense (95) 2 4
Share in losses/(earnings) of associate 1 (1) 2
Other 7 (3) 58
Changes in working capital:      
Increase in trade receivables and other assets (61) (112) (60)
Increase in trade and other liabilities 291 447 245
Increase in deferred revenue 38 77 77
(Decrease)/Increase in provisions (17) 8 38
Interest received 18 19 5
Income tax (received)/paid (9) 2 (4)
Net cash flows from operating activities 344 179 101
Investing activities      
Purchases of property and equipment (125) (36) (27)
Purchases of short term investments (1,069) (1,386) (1,397)
Sales and maturities of short term investments 1,226 1,080 609
Change in restricted cash (10) (34) (1)
Other (44) (59) (11)
Net cash flows used in investing activities (22) (435) (827)
Financing activities      
Proceeds from issuance of Convertible Notes, net of costs 0 0 861
Proceeds from exercise of share options 163 29 33
Repurchases of ordinary shares (72) 0 0
Other 1 5 22
Net cash flows from financing activities 92 34 916
Net increase/(decrease) in cash and cash equivalents 414 (222) 190
Cash and cash equivalents at January 1 477 755 597
Net foreign exchange gains/(losses) on cash and cash equivalents 0 (56) (32)
Cash and cash equivalents at December 31 891 477 755
Non-cash investing and financing activities      
Issuance of shares for business combinations 0 33 0
Purchases of property and equipment in trade and other payables 23 5 1
Repurchases of ordinary shares in trade and other payables 5 0 0
Issuance of shares upon exchange of Convertible Notes 1,145 686 0
Issuance of shares in exchange for long term investment € 0 € 910 € 0