| PARENT COMPANY’S CASH FLOW STATEMENT € | 2019 | 2018 | ||
|---|---|---|---|---|
| Operating activities | ||||
| Business result | -1,665,320.77 | -5,168,286.01 | ||
| Adjustments to business result 1) | -2,446,707.95 | 3,597,970.50 | ||
| Changes in working capital 2) | -487,594.80 | 1,785,116.80 | ||
| Dividends received | 224,592.00 | 176,115.38 | ||
| Interest received | 480,471.26 | 389,113.60 | ||
| Other financial income and expenses | -845,242.69 | -1,188,213.23 | ||
| Income taxes | -628,604.73 | 0.00 | ||
| 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 received | 12,902,053.69 | 11,415,642.91 | ||
| Proceeds from sales of non-current assets | 3,520,002.00 | 1,800,000.00 | ||
| Increase (-) or decrease (+) in loan receivables | 0.00 | -6,553,265.00 | ||
| Cash flow from investment activities | 3,589,911.76 | -7,318,472.10 | ||
| Financing activities | ||||
| Proceeds from non-current financing (liabilities) | 1,720,232.49 | 2,083,938.79 | ||
| Increase (+) or decrease (-) in non-interest-bearing non-current liabilities | -200,000.00 | -50,000.00 | ||
| Increase (-) or decrease (+) in interest-bearing receivables | 1,858,816.95 | -3,546,905.93 | ||
| Increase (+) or decrease (-) in current interest-bearing receivables | -21,663,636.00 | 0.00 | ||
| Liabilities transferred through business transfer | 24,430,056.47 | 0.00 | ||
| Received Group subventions | 6,050,000.00 | 6,028,314.64 | ||
| Rights issue | 10,000,000.00 | 17,903,300.00 | ||
| Return of capital paid | -28,190,867.43 | 0.00 | ||
| Cash flow from financing activities | -5,995,397.52 | 22,418,647.50 | ||
| Change in cash and cash equivalents | -8,456,890.55 | 13,881,827.67 | ||
| Liquid assets 1 Jan | 28,452,205.73 | 14,570,378.06 | ||
| Liquid assets 31 Dec | 19,995,315.18 | 28,452,205.73 | ||
| 1) Adjustments to business result | ||||
| Depreciation and write-downs | 459,820.88 | 3,126,998.30 | ||
| Gain (-) or loss (+) from divestment of non-current assets | -2,906,528.83 | 470,972.20 | ||
| -2,446,707.95 | 3,597,970.50 | |||
| 2) Changes in working capital | ||||
| Increase (-) or decrease (+) in non-interest-bearing receivables | 3,935,397.37 | -5,444,299.72 | ||
| Increase (-) or decrease (+) in inventories | -729,592.55 | 0.00 | ||
| Increase (+) or decrease (-) in non-interest-bearing current liabilities | -3,693,399.62 | 7,229,416.52 | ||
| -487,594.80 | 1,785,116.80 |
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