v3.19.3.a.u2
Consolidated statement of cash flows - EUR (€)
€ in Millions
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Operating activities      
Net loss € (186) € (78) € (1,235)
Adjustments to reconcile net loss to net cash flows      
Depreciation of property and equipment and lease right-of-use assets 71 21 46
Amortization of intangible assets 16 11 8
Share-based payments expense 122 88 65
Finance income (275) (455) (118)
Finance costs 333 584 974
Income tax expense/(benefit) 55 (95) 2
Other 13 8 (4)
Changes in working capital:      
Increase in trade receivables and other assets (27) (61) (112)
Increase in trade and other liabilities 454 291 447
Increase in deferred revenue 59 38 77
(Decrease)/Increase in provisions (35) (17) 8
Interest paid on lease liabilities (37) 0 0
Interest received 14 18 19
Income tax (paid)/received (4) (9) 2
Net cash flows from operating activities 573 344 179
Investing activities      
Business combinations, net of cash acquired (331) (9) (49)
Purchases of property and equipment (135) (125) (36)
Purchases of short term investments (901) (1,069) (1,386)
Sales and maturities of short term investments 1,163 1,226 1,080
Change in restricted cash 2 (10) (34)
Other (16) (35) (10)
Net cash flows used in investing activities (218) (22) (435)
Financing activities      
Payments of lease liabilities (17) 0 0
Lease incentives received 15 0 0
Repurchases of ordinary shares (438) (72) 0
Proceeds from exercise of stock options 154 163 29
Proceeds from exercise of warrants 74 0 0
Proceeds from issuance of warrants 15 0 9
Other (6) 1 (4)
Net cash flows (used in)/from financing activities (203) 92 34
Net increase/(decrease) in cash and cash equivalents 152 414 (222)
Cash and cash equivalents at January 1 891 477 755
Net foreign exchange gains/(losses) on cash and cash equivalents 22 0 (56)
Cash and cash equivalents at December 31 1,065 891 477
Non-cash investing and financing activities      
Issuance of shares for business combinations 0 0 33
Lease right-of-use assets obtained in exchange for lease liabilities 136 0 0
Purchases of property and equipment in trade and other payables 14 23 5
Issuance of shares upon exercise of, or net settlement of, warrants 303 0 0
Issuance of shares upon exchange of Convertible Notes 0 1,145 686
Issuance of shares in exchange for long term investment € 0 € 0 € 910