CONSOLIDATED CASH FLOW STATEMENT €20162015
Operations
Result8 377 984,9220 103 144,10
Adjustments to operating result (1)20 486 785,0311 501 776,14
Change in working capital (2)648 004,47-4 098 726,06
Dividends received181 072,00235 559,00
Interest received462 378,12497 738,19
Interest paid-2 561 591,53-2 585 682,42
Other financial income and expenses-2 804 082,91-2 505 601,77
Taxes-313 249,06-51 724,15
CASH FLOW FROM OPERATIONS24 477 301,0423 096 483,03
INVESTMENTS
Acquisition of shares-1 625 000,00-4 380 830,42
Investments in intangible and tangible assets-61 851 205,35-111 978 628,12
Proceeds from sales of non-current assets8 887 343,644 306 944,15
Increase (-) or decrease (+) in loan receivables0,00-1 133 732,00
CASH FLOW FROM INVESTMENTS-54 588 861,71-113 186 246,39
FINANCING
Share issue40 784 846,8217 026 923,42
Withdrawals of long-term loans35 446 929,88106 931 798,36
Repayment of long-term loans-15 469 130,44-29 075 754,19
CASH FLOW FROM FINANCING60 762 646,2694 882 967,59
CHANGE IN CASH AND CASH EQUIVALENTS30 651 085,594 793 204,23
Liquid assets 1 January40 591 936,2735 798 732,25
LIQUID ASSETS 31 DECEMBER71 243 021,6540 591 936,27
ADJUSTMENTS TO OPERATING RESULT (1)
Interest in partnership companies' result909 174,20-703 104,09
Depreciation and write-downs15 574 351,6411 894 819,14
Gain (-) or loss (+) from divestment of non-current assets3 701 590,29310 061,09
Non-cash items301 668,900,00
20 486 785,0311 501 776,14
CHANGE IN WORKING CAPITAL (2)
Increase (-) or decrease (+) in non-interest-bearing receivables-363 282,34-9 132 863,02
Increase (-) or decrease (+) in inventories622 890,04-1 366 623,33
Increase (-) or decrease (+) in non-interest-bearing liabilities388 396,776 400 760,29
648 004,47-4 098 726,06