Annual Report 2014

Cash Flow Statement


EUR

2014

2013

Cash flow from operations

  

Result before extraordinary items

85,280,336.56

-91,246,933.12

Adjustments:

  
 

Depreciation and amortization

5,939,228.17

5,294,953.10

 

Gains or losses on disposal of fixed assets

34,231.16

13,373,908.83

 

Financial income (-) and expense (+)

-143,381,759.98

3,517,532.16

 

Impairment losses on non-current investments

-33,382,416.97

41,791,746.49

 

Loss on merger

53,140,506.53

0.00

 

Other adjustments

342,394.76

330,060.00

Cash flow before change in working capital

-32,027,479.77

-26,938,732.54

    
 

Interest-free current receivables, increase (-), decrease (+)

26,127,300.83

-21,872,655.87

 

Interest-free non-current receivables, increase (-), decrease (+)

79,876.08

-400,151.97

 

Inventories, increase (-), decrease (+)

203,288.51

-123,083.81

 

Interest-free current liabilities, increase (+), decrease (-)

2,611,713.64

6,598,862.44

 

Interest-free non-current liabilities, increase (+), decrease (-)

464,047.63

217,756.50

Change in working capital

29,486,226.69

-15,579,272.71

    

Cash flow from operating activities before financial items and taxes

-2,541,253.08

-42,518,005.25

    
 

Interests paid

-16,473,017.85

-19,038,217.76

 

Interests received

21,921,048.33

16,429,616.01

 

Other financial items

5,816,123.73

1,562,919.69

 

Income tax paid

-118,706.03

-409,119.61

Cash flow from financial items and taxes

11,145,448.18

-1,454,801.67

    

Cash flow from operating activities (A)

8,604,195.10

-43,972,806.92

    

Investments in tangible and intangible assets

-5,059,429.98

-5,205,415.74

Proceeds from sale of tangible and intangible assets

2,442,575.07

3,346,073.96

Other investments

-182,326,692.20

-3,200,000.00

Proceeds from sale of other investments

37,895,740.00

38,722,228.83

Loans granted

-38,876,015.84

-43,640,354.40

Repayments of loan receivables

108,176,494.97

10,367,257.28

Dividends received

165,088,047.50

5,154,522.75

Cash flow from investing activities (B)

87,340,719.52

5,544,312.68

    

Repayment of current loans

-25,908,856.76

598,865.09

Repayment of non-current loans

-12,500,000.00

-25,000,000.00

Dividends paid

0.00

-6,800,000.00

Group contributions received and paid

44,600,000.00

97,000,000.00

Cash flow from financing activities (C)

6,191,143.24

65,798,865.09

    

Change in cash and cash equivalents before business transfers (A+B+C)

102,136,057.86

27,370,370.85

Change in group cash pool

-64,407,719.01

-8,487,419.83

Change in cash and cash equivalents

37,728,338.85

18,882,951.02

    

Cash and cash equivalents at the beginning of the financial period

120,566,972.54

101,684,021.52

Cash and cash equivalents at the end of the financial period

158,295,311.39

120,566,972.54