Annual Report 2015

Cash Flow Statement of the Parent Company

 

EUR

2015

2014

Cash flow from operations

   

Result before extraordinary items

-103,720,464.71

85,280,336.56

Adjustments:

   
 

Depreciation and amortization

2,793,007.63

5,939,228.17

 

Gains or losses on disposal of fixed assets

-775,543.66

34,231.16

 

Financial income (-) and expense (+)

-28,093,805.06

-143,381,759.98

 

Impairment losses on non-current investments

96,095,748.16

-33,382,416.97

 

Loss on merger

23,275,219.49

53,140,506.53

 

Other adjustments

-335,207.50

342,394.76

Cash flow before change in working capital

-10,761,045.65

-32,027,479.77

       
 

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

-2,722,692.20

26,127,300.83

 

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

310,980.08

79,876.08

 

Inventories, increase (-), decrease (+)

-1,536.76

203,288.51

 

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

-25,468,153.15

2,611,713.64

 

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

-493,491.12

464,047.63

Change in working capital

-28,374,893.15

29,486,226.69

       

Cash flow from operating activities before financial items and taxes

-39,135,938.80

-2,541,253.08

       
 

Interests paid

-12,854,661.42

-16,473,017.85

 

Interests received

8,461,182.39

21,921,048.33

 

Other financial items

2,294,733.43

5,816,123.73

 

Income tax paid

-46,130.33

-118,706.03

Cash flow from financial items and taxes

-2,144,875.93

11,145,448.18

       

Cash flow from operating activities (A)

-41,280,814.73

8,604,195.10

       

Investments in tangible and intangible assets

-585,914.63

-5,059,429.98

Proceeds from sale of tangible and intangible assets

6,268,723.62

2,442,575.07

Other investments

-28,999,783.81

-182,326,692.20

Proceeds from sale of other investments

10,829,350.99

37,895,740.00

Loans granted

-23,072,780.93

-38,876,015.84

Repayments of loan receivables

47,592,248.12

108,176,494.97

Dividends received

25,788,047.50

165,088,047.50

Cash flow from investing activities (B)

37,819,890.86

87,340,719.52

       

Increases in current loans

90,630,776.4

0.0

Repayment of current loans

0.00

-25,908,856.76

Repayment of non-current loans

0.00

-12,500,000.00

Group contributions received and paid

53,900,000.00

44,600,000.00

Cash flow from financing activities (C)

144,530,776.38

6,191,143.24

       

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

141,069,852.51

102,136,057.86

Change in group cash pool

-31,896,200.73

-64,407,719.01

Cash and cash equivalents received in merger

-2,854,856.94

0.00

Change in cash and cash equivalents

106,318,794.84

37,728,338.85

       

Cash and cash equivalents at the beginning of the financial period

158,295,311.39

120,566,972.54

Cash and cash equivalents at the end of the financial period

264,614,106.23

158,295,311.39