| CONSOLIDATED CASH FLOW STATEMENT € | 2019 | 2018 |
|---|---|---|
| Operating activities | ||
| Business result | 25,277,030.88 | 2,741,009.34 |
| Adjustments to business result 1) | 24,992,636.96 | 31,012,533.12 |
| Changes in working capital 2) | 1,349,628.71 | -7,453,720.15 |
| Dividends received | 224,592.00 | 176,115.38 |
| Interest received | 432,218.70 | 419,349.18 |
| Interest paid | -3,070,060.72 | -3,432,505.65 |
| Other financial income and expenses | -2,807,033.81 | -3,357,839.40 |
| Taxes | -826,858.72 | -77,417.09 |
| Cash flow from operations | 45,572,154.00 | 20,027,524.73 |
| Investment activities | ||
| Acquisition of shares | 0.00 | -41,738.40 |
| Acquisition of tangible and intangible assets | -41,056,747.04 | -48,639,048.19 |
| Investment aid | 0.00 | 67,501.00 |
| Return of capital received | 12,902,053.69 | 11,415,642.91 |
| Proceeds from sales of non-current assets | 6,854,550.21 | 2,550,920.00 |
| Increase (-) or decrease (+) in loan receivables | 0.00 | -6,553,265.00 |
| Cash flow from investment activities | -21,300,143.14 | -41,199,987.68 |
| Financing activities | ||
| Share issue | 10,000,000.00 | 17,903,300.00 |
| Return of capital paid | -28,190,867.43 | 0.00 |
| Proceeds from non-current financing (liabilities) | 19,173,397.58 | 74,578,369.64 |
| Payments of non-current financing (liabilities) | -32,350,485.15 | -45,969,130.44 |
| Proceeds from current financing (liabilities) | 0.00 | 3,500,000.00 |
| Payments of current financing (liabilities) | -3,500,000.00 | 0.00 |
| Cash flow from financing activities | -34,867,955.00 | 50,012,539.20 |
| Change in cash and cash equivalents | -10,595,944.14 | 28,840,076.25 |
| Liquid assets 1 Jan | 79,533,837.62 | 50,693,761.37 |
| Liquid assets 31 Dec | 68,937,893.48 | 79,533,837.62 |
| 1) Adjustments to business result | ||
| Share of profit of affiliated companies | 631,468.85 | 3,152,456.58 |
| Depreciation and impairment charges | 27,699,440.52 | 27,412,539.33 |
| Gain (-) or loss (+) from divestment of non-current assets | -3,788,482.45 | -19,391.20 |
| Non-cash items | 450,210.04 | 466,928.41 |
| 24,992,636.96 | 31,012,533.12 | |
| 2) Changes in working capital | ||
| Increase (-) or decrease (+) in non-interest-bearing receivables | 5,316,374.36 | -15,843,175.85 |
| Increase (-) or decrease (+) in inventories | -1,236,128.93 | -115,690.15 |
| Increase (+) or decrease (-) in non-interest-bearing liabilities | -2,730,616.71 | 8,505,145.85 |
| 1,349,628.71 | -7,453,720.15 |
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