CONSOLIDATED CASH FLOW STATEMENT €20182017
Operating activities
Business result2,741,009.3417,676,314.55
Adjustments to business result (1)31,012,533.1219,286,283.66
Change in working capital (2)-7,453,720.153,004,416.34
Dividends received176,115.38855,827.00
Interest received419,349.18480,286.51
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 operations20,027,524.7335,432,347.46
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 aid67,501.000.00
Proceeds from sales of non-current assets13,966,562.911,153,541.47
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 issue17,903,300.006,355,300.00
Proceeds from non-current financing (liabilities)74,578,369.6482,322,168.86
Payments of non-current financing (liabilities)-45,969,130.44-21,406,428.74
Proceeds from current financing (liabilities)3,500,000.000.00
Increase (-) or decrease (+) in interest-bearing receivables0.00-420,000.00
Cash flow from financing activities50,012,539.2066,851,040.12
Change in cash and cash equivalents28,840,076.25-20,549,260.28
Liquid assets 1 Jan50,693,761.3771,243,021.65
Liquid assets 31 Dec79,533,837.6250,693,761.37
(1) Adjustments to business result
Share of profit of associated companies3,152,456.585,599.73
Depreciation and amortisation expenses27,412,539.3319,167,908.45
Gain (-) or loss (+) from divestment of non-current assets-19,391.20242.26
Non-cash items466,928.41112,533.22
31,012,533.1219,286,283.66
(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 liabilities8,505,145.855,155,635.11
-7,453,720.153,004,416.34