Annual report 2016

Cash Flow Statement of the Parent Company


EUR

2016

2015

Cash flow from operations

  

Profit/loss before appropriations

-164,412,634.25

-103,720,464.71

Adjustments:

  
 

Depreciation and amortization

1,085,094.86

2,793,007.63

 

Gains or losses on disposal of fixed assets

1,363,391.44

-775,543.66

 

Financial income (-) and expense (+)

-9,317,845.84

-28,093,805.06

 

Impairment losses on non-current investments

158,832,534.62

96,095,748.16

 

Loss on merger

0.00

23,275,219.49

 

Other adjustments

-574,500.77

-335,207.50

Cash flow before change in working capital

-13,023,959.94

-10,761,045.65

    
 

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

-6,258,705.31

-2,722,692.20

 

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

106,507.61

310,980.08

 

Inventories, increase (-), decrease (+)

4,386.96

-1,536.76

 

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

1,252,486.20

-25,468,153.15

 

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

2,029,882.61

-493,491.12

Change in working capital

-2,865,441.93

-28,374,893.15

    

Cash flow from operating activities before financial items and taxes

-15,889,401.87

-39,135,938.80

    
 

Interests paid

-12,529,507.63

-12,854,661.42

 

Interests received

9,566,978.65

8,461,182.39

 

Other financial items

630,990.33

2,294,733.43

 

Income tax paid

-15,621,385.37

-46,130.33

Cash flow from financial items and taxes

-17,952,924.02

-2,144,875.93

    

Cash flow from operating activities (A)

-33,842,325.89

-41,280,814.73

    

Investments in tangible and intangible assets

-1,163,624.27

-585,914.63

Proceeds from sale of tangible and intangible assets

0.00

6,268,723.62

Other investments

-2,500.00

-28,999,783.81

Proceeds from sale of other investments

4,958,977.54

10,829,350.99

Loans granted

-48,982,813.77

-23,072,780.93

Repayments of loan receivables

22,501,839.66

47,592,248.12

Dividends received

192,416.00

25,788,047.50

Cash flow from investing activities (B)

-22,495,704.84

37,819,890.86

    

Increases in current loans

0.00

90,630,776.38

Repayment of current loans

-64,641,007.62

0.00

Repayment of non-current loans

-149,698,500.00

0.00

Dividends paid

-18,000,000.00

0.00

Group contributions received and paid

111,700,000.00

53,900,000.00

Cash flow from financing activities (C)

-120,639,507.62

144,530,776.38

    

Change in cash and cash equivalents (A+B+C)

-176,977,538.35

141,069,852.51

Change in group cash pool

56,604,306.64

-31,896,200.73

Cash and cash equivalents received in merger

0.00

-2,854,856.94

Change in cash and cash equivalents

-120,373,231.71

106,318,794.84

    

Cash and cash equivalents at the beginning of the financial period

264,614,106.23

158,295,311.39

Cash and cash equivalents at the end of the financial period

144,240,874.52

264,614,106.23