CONSOLIDATED CASH FLOW STATEMENT € | 2018 | 2017 |
---|---|---|
Operating activities | ||
Business result | 2,741,009.34 | 17,676,314.55 |
Adjustments to business result (1) | 31,012,533.12 | 19,286,283.66 |
Change in working capital (2) | -7,453,720.15 | 3,004,416.34 |
Dividends received | 176,115.38 | 855,827.00 |
Interest received | 419,349.18 | 480,286.51 |
Interest paid | -3,432,505.65 | -2,655,088.66 |
Other financial income and expenses | -3,357,839.40 | -2,995,886.83 |
Taxes | -77,417.09 | -219,805.11 |
Cash flow from operations | 20,027,524.73 | 35,432,347.46 |
Investment activities | ||
Acquisition of shares | -41,738.40 | -2,670,008.00 |
Purchase of tangible and intangible assets | -48,639,048.19 | -114,762,916.33 |
Investment aid | 67,501.00 | 0.00 |
Proceeds from sales of non-current assets | 13,966,562.91 | 1,153,541.47 |
Increase (-) or decrease (+) in loan receivables | -6,553,265.00 | -6,553,265.00 |
Cash flow from investment activities | -41,199,987.68 | -122,832,647.86 |
Financing activities | ||
Share issue | 17,903,300.00 | 6,355,300.00 |
Proceeds from non-current financing (liabilities) | 74,578,369.64 | 82,322,168.86 |
Payments of non-current financing (liabilities) | -45,969,130.44 | -21,406,428.74 |
Proceeds from current financing (liabilities) | 3,500,000.00 | 0.00 |
Increase (-) or decrease (+) in interest-bearing receivables | 0.00 | -420,000.00 |
Cash flow from financing activities | 50,012,539.20 | 66,851,040.12 |
Change in cash and cash equivalents | 28,840,076.25 | -20,549,260.28 |
Liquid assets 1 Jan | 50,693,761.37 | 71,243,021.65 |
Liquid assets 31 Dec | 79,533,837.62 | 50,693,761.37 |
(1) Adjustments to business result | ||
Share of profit of associated companies | 3,152,456.58 | 5,599.73 |
Depreciation and amortisation expenses | 27,412,539.33 | 19,167,908.45 |
Gain (-) or loss (+) from divestment of non-current assets | -19,391.20 | 242.26 |
Non-cash items | 466,928.41 | 112,533.22 |
31,012,533.12 | 19,286,283.66 | |
(2) Change in working capital | ||
Increase (-) or decrease (+) in non-interest-bearing receivables | -15,843,175.85 | -1,889,631.30 |
Increase (-) or decrease (+) in inventories | -115,690.15 | -261,587.47 |
Increase (+) or decrease (-) in non-interest-bearing liabilities | 8,505,145.85 | 5,155,635.11 |
-7,453,720.15 | 3,004,416.34 |
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