| PARENT COMPANY’S CASH FLOW STATEMENT € | 2018 | 2017 |
|---|---|---|
| Operating activities | ||
| Business result | -5,168,286.01 | -1,942,304.35 |
| Adjustments to business result (1) | 3,597,970.50 | 3,199,773.87 |
| Change in working capital (2) | 1,785,116.80 | -715,243.47 |
| Dividends received | 176,115.38 | 855,827.00 |
| Interest received | 389,113.60 | 396,128.16 |
| Interest paid | -810,164.77 | -900,576.99 |
| Other financial income and expenses | -1,188,213.23 | -1,493,116.47 |
| Cash flow from operations | -1,218,347.73 | -599,512.25 |
| Investment activities | ||
| Acquisition of shares | -11,394,238.40 | -19,784,784.86 |
| Purchase of tangible and intangible assets | -64,721.11 | -4,843,256.63 |
| Increase (+) or decrease (-) in short-term non-interest-bearing liabilities associated with investments | -2,521,890.50 | -8,511,675.33 |
| Proceeds from sales of non-current assets | 13,215,642.91 | 1,158,227.21 |
| Increase (-) or decrease (+) in loan receivables | -6,553,265.00 | -6,553,265.00 |
| Cash flow from investment activities | -7,318,472.10 | -38,534,754.61 |
| Financing activities | ||
| Proceeds from non-current financing (liabilities) | 2,083,938.79 | 23,167,297.38 |
| Increase (+) or decrease (-) in non-interest-bearing non-current liabilities | -50,000.00 | 100,000.00 |
| Increase (-) or decrease (+) in interest-bearing receivables | -3,546,905.93 | 1,887,023.34 |
| Received Group subventions | 6,028,314.64 | 3,822,906.40 |
| Rights issue | 17,903,300.00 | 6,355,300.00 |
| Cash flow from financing activities | 22,418,647.50 | 35,332,527.12 |
| Change in cash and cash equivalents | 13,881,827.67 | -3,801,739.74 |
| Liquid assets 1 Jan | 14,570,378.06 | 18,372,117.80 |
| Liquid assets 31 Dec | 28,452,205.73 | 14,570,378.06 |
| (1) Adjustments to business result | ||
| Depreciation and amortisation expenses | 3,126,998.30 | 3,199,531.61 |
| Gain (-) or loss (+) from divestment of non-current assets | 470,972.20 | 242.26 |
| 3,597,970.50 | 3,199,773.87 | |
| (2) Change in working capital | ||
| Increase (-) or decrease (+) in non-interest-bearing receivables | -5,444,299.72 | 2,914,251.25 |
| Increase (+) or decrease (-) in non-interest-bearing current liabilities | 7,229,416.52 | -3,629,494.72 |
| 1,785,116.80 | -715,243.47 |
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