Parent company’s financial statement

PARENT COMPANY'S CASH FLOW STATEMENT €20162015
OPERATIONS
Result-6 024 979,00-871 824,91
Adjustments to operating result (1)6 396 250,952 901 965,35
Change in working capital (2)-20 719 037,42833 760,23
Dividends received181 072,00235 559,00
Interest received381 419,51443 532,65
Interest paid-804 967,78-1 087 452,01
Other financial income and expenses-1 436 656,62-1 960 770,71
Taxes paid-824,28-31 768,84
CASH FLOW FROM OPERATIONS-22 027 722,64463 000,76
INVESTMENTS
Acquisition of shares-35 162 244,91-22 138 142,55
Investments in tangible and intangible assets-14 072 769,06-6 516 655,10
Increase (+) or decrease (-) in investment-related current non-interest-bearing liabilities11 405 565,830,00
Increase (-) or decrease (+) in investment-related current non-interest-bearing receivables-2 098 956,540,00
Disposal proceeds from fixed assets8 887 343,647 988 199,49
Increase (-) or decrease (+) in loan receivables0,00-1 133 732,00
CASH FLOW FROM INVESTMENTS-31 041 061,04-21 800 330,16
FINANCING
Withdrawals of long-term loans1 179 587,991 720 232,49
Increase (+) or decrease (-) in non-current non-interest-bearing liabilities150 000,000,00
Increase (-) or decrease (+) in interest-bearing receivables-2 276 248,087 370 581,33
Received group subventions6 051 480,623 882 683,86
Proceeds from share issue40 784 846,8217 026 923,42
CASH FLOW FROM FINANCING45 889 667,3530 000 421,10
CHANGE IN CASH AND CASH EQUIVALENTS-7 179 116,338 663 091,70
Liquid assets 1 January25 551 234,1316 888 142,43
Liquid assets 31 December18 372 117,8025 551 234,13
ADJUSTMENTS TO OPERATING RESULT (1)
Depreciation and write-downs2 694 660,662 537 205,33
Gain (-) or loss (+) from divestment of non-current assets
3 701 590,29
364 760,02
6 396 250,952 901 965,35
Change in working capital (2)
Increase (-) or decrease (+) in non-interest-bearing receivables 5 332 476,88-5 614 825,53
Increase (+) or decrease (-) in short-term non-interest-bearing liabilities-26 051 514,306 448 585,76
-20 719 037,42833 760,23