| CONSOLIDATED CASH FLOW STATEMENT € | 2020 | 2019 |
|---|---|---|
| Operating activities | ||
| Business result | 22,830,864.02 | 25,277,030.88 |
| Adjustments to business result 1) | 30,580,756.85 | 24,992,636.96 |
| Changes in working capital 2) | -2,624,362.60 | 1,349,628.71 |
| Dividends received | 356,360.00 | 224,592.00 |
| Interest received | 432,373.36 | 432,218.70 |
| Interest paid | -3,091,069.84 | -3,070,060.72 |
| Other financial income and expenses | -2,358,252.54 | -2,807,033.81 |
| Taxes | -12,450.30 | -826,858.72 |
| Cash flow from operations | 46,114,218.95 | 45,572,154.00 |
| Investment activities | ||
| Increase (-) in acquisition of tangible and intangible assets | -59,119,514.16 | -42,593,453.38 |
| Decrease (+) in acquisition of tangible and intangible assets | 3,377,988.44 | 1,536,706.34 |
| Investment aid | 823,070.83 | 0.00 |
| Return of capital received | 5,000,000.00 | 12,902,053.69 |
| Proceeds from sales of non-current assets | 616,500.00 | 6,854,550.21 |
| Increase (-) or decrease (+) in loan receivables | -21,178,835.00 | 0.00 |
| Cash flow from investment activities | -70,480,789.89 | -21,300,143.14 |
| Financing activities | ||
| Share issue | 9,000,000.00 | 10,000,000.00 |
| Return of capital paid | 0.00 | -28,190,867.43 |
| Increase (-) or decrease (+) in interest-bearing receivables | -1,100,000.00 | 0.00 |
| Proceeds from long-term loans | 75,748,035.88 | 19,173,397.58 |
| Repayments of long-term loans | -27,729,914.54 | -32,350,485.15 |
| Repayment of short-term loans | -22,163,636.00 | -3,500,000.00 |
| Cash flow from financing activities | 33,754,485.34 | -34,867,955.00 |
| Change in cash and cash equivalents | 9,387,914.40 | -10,595,944.14 |
| Liquid assets 1 Jan | 68,937,893.48 | 79,533,837.62 |
| Liquid assets 31 Dec | 78,325,807.88 | 68,937,893.48 |
| 1) Adjustments to business result | ||
| Share of profit of affiliated companies | 1,349,543.87 | 631,468.85 |
| Depreciation and impairment charges | 29,367,232.36 | 27,699,440.52 |
| Gain (-) or loss (+) from divestment of non-current assets | -331,666.33 | -3,788,482.45 |
| Non-cash items | 195,646.95 | 450,210.04 |
| 30,580,756.85 | 24,992,636.96 | |
| 2) Changes in working capital | ||
| Increase (-) or decrease (+) in non-interest-bearing receivables | 446,931.47 | 5,131,672.83 |
| Increase (-) or decrease (+) in inventories | -2,410,239.68 | -1,236,128.93 |
| Increase (+) or decrease (-) in non-interest-bearing liabilities | -661,054.38 | -2,545,915.18 |
| -2,624,362.60 | 1,349,628.71 |
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