v3.23.1
Consolidated Statement of Cash Flows - GBP (£)
£ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Cash flows from operating activities      
Loss for the year from continuing operations £ (518,122) £ (529,292) £ (98,878)
Loss for the year from discontinued operations (185,762) (14,217) (3,809)
Adjustments for:      
Depreciation of property, plant and equipment and right-of-use assets 57,577 28,791 11,759
Amortization and impairment of intangible assets 322,565 35,995 1,361
Finance income (2,131) (233) (486)
Finance expense 57,358 5,716 1,298
Share-based payment expense 44,496 43,871 3,759
IFRS 2 expense on the Transaction 240,810
Fair value movement in the Convertible Notes and embedded derivative, fair value movement in the warrants and foreign exchange movements (194,236) (26,671)
Tax credit (10,012) (5,704) (969)
Impairment loss on remeasurement of the disposal group 2,518
Loss on disposal of property, plant and equipment 2,879
Loss on sale of discontinued operations 14,509
Loss on sale and leaseback transactions 1,934
Increase in provisions 31,646    
Adjustments to reconcile profit (loss) (374,781) (220,934) (85,965)
Movements in working capital:      
Decrease/(increase) in trade and other receivables 19,797 (23,192) (4,789)
Decrease/(increase) in inventory 165,213 (247,745) (36,961)
Increase in subscription vehicles (54,132) (80,925)
(Decrease)/increase in trade and other payables (9,127) 16,074 10,394
Total working capital movements 121,751 (335,788) (31,356)
Other cash flows from operating activities:      
Interest received 2,131 233 478
Tax credit received 501 969
Net cash used in operating activities (250,398) (556,489) (115,874)
Cash flows from investing activities      
Purchases of property, plant and equipment (33,625) (29,466) (17,919)
Disposals of property, plant and equipment 8,320
Purchases and development of intangible assets (18,133) (14,260) (1,889)
Acquisition of subsidiaries, net of cash acquired (33,142) (190,934) (16,530)
Deferred consideration paid (5,554)
Disposal of discontinued operations, net of cash disposed of (9,669)
Proceeds from sale and leasebacks 10,752
Proceeds from lease modifications 5,520
Net cash used in investing activities (75,531) (234,660) (36,338)
Cash flows from financing activities      
Net proceeds from Convertible Notes 460,021
Net proceeds from the Transaction   622,164
Issue of ordinary shares 348,870
Proceeds from warrants exercised from Drover acquisition   5,300
Exercise of share options (1,540)
Proceeds from stocking loans 1,202,039 665,325 216,444
Proceeds from subscription facilities 101,967 107,683
Proceeds from secured asset financing, bank loans and mortgages 5,985
Repayment of stocking loans (1,218,427) (574,055) (196,082)
Repayment of subscription facilities (120,559) (60,386)
Repayment of secured asset financing, bank loans and mortgages (3,862) (683) (443)
Interest paid on loans and borrowings (18,724) (4,185) (1,298)
Lease payments (29,198) (18,597) (6,294)
Excess proceeds above fair value from sale and leasebacks 1,086
Net cash from financing activities 380,328 741,026 361,197
Net increase in cash and cash equivalents 54,399 (50,123) 208,985
Cash and cash equivalents at the beginning of the year 192,629 243,524 34,539
Net foreign exchange differences 11,293 (772)
Cash and cash equivalents at the end of the year £ 258,321 £ 192,629 £ 243,524

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