PARENT COMPANY’S CASH FLOW STATEMENT €20192018  
Operating activities
Business result-1,665,320.77-5,168,286.01
Adjustments to business result 1)-2,446,707.953,597,970.50
Changes in working capital 2)-487,594.801,785,116.80
Dividends received224,592.00176,115.38
Interest received480,471.26389,113.60
Other financial income and expenses-845,242.69-1,188,213.23
Income taxes-628,604.730.00
Cash flow from operations-6,051,404.79-1,218,347.73
Investment activities
Acquisition of shares-11,472,500.00-11,394,238.40
Acquisition of tangible and intangible assets-987,643.93-64,721.11
Increase (+) or decrease (-) in short-term non-interest-bearing liabilities associated with investments-372,000.00-2,521,890.50
Return of capital received12,902,053.6911,415,642.91
Proceeds from sales of non-current assets3,520,002.001,800,000.00
Increase (-) or decrease (+) in loan receivables0.00-6,553,265.00
Cash flow from investment activities3,589,911.76-7,318,472.10
Financing activities
Proceeds from non-current financing (liabilities)1,720,232.492,083,938.79
Increase (+) or decrease (-) in non-interest-bearing non-current liabilities-200,000.00-50,000.00
Increase (-) or decrease (+) in interest-bearing receivables1,858,816.95-3,546,905.93
Increase (+) or decrease (-) in current interest-bearing receivables-21,663,636.000.00
Liabilities transferred through business transfer24,430,056.470.00
Received Group subventions6,050,000.006,028,314.64
Rights issue10,000,000.0017,903,300.00
Return of capital paid-28,190,867.430.00
Cash flow from financing activities-5,995,397.5222,418,647.50
Change in cash and cash equivalents-8,456,890.5513,881,827.67
Liquid assets 1 Jan28,452,205.7314,570,378.06
Liquid assets 31 Dec19,995,315.1828,452,205.73
1) Adjustments to business result
Depreciation and write-downs459,820.883,126,998.30
Gain (-) or loss (+) from divestment of non-current assets-2,906,528.83470,972.20
-2,446,707.953,597,970.50
2) Changes in working capital
Increase (-) or decrease (+) in non-interest-bearing receivables3,935,397.37-5,444,299.72
Increase (-) or decrease (+) in inventories-729,592.550.00
Increase (+) or decrease (-) in non-interest-bearing current liabilities-3,693,399.627,229,416.52
-487,594.801,785,116.80