ANNUAL REPORT 2013

FINANCIALS

Parent company statement of cash flows


EUR 2013 2012
CASH FLOW FROM OPERATING ACTIVITIES
Profit (loss) before extraordinary items, appropriations and taxes 101,775,754.76 446,394,047.76
Adjustments for
Depreciation, amortization and impairment 1,410,224.51 1,616,884.47

Investment income -35,346.87 -115,273.50

Interest income and dividends -91,294,133.15 -63,453,940.33

Interest expenses 9,345,863.39 3,638,451.83

Change in provisions and other non-cash items -13,431,400.00 -383,116,291.26
Cash flow before changes in working capital 7,770,962.64 4,963,878.97




Changes in working capital
Change in current assets, non-interest bearing -489,221.57 808,256.51
Change in inventories -5,525.97 67,558.21
Change in current liabilities, non-interest bearing 2,229,623.05 -5,763,324.04
Cash flow from operating activities before financial items and taxes 9,505,838.15 76,369.65




Dividends received 17,900,075.00 60,302,231.32
Financial income received 3,723,963.06 2,747,212.84
Financial expenses paid -3,519,162.65 -4,053,880.75
Taxes paid -4,119,981.09 -1,551,213.62
Cash flow from operating activities (A) 23,490,732.47 57,520,719.44




CASH FLOW FROM INVESTING ACTIVITIES
Repayment of equity from subsidiaries 122,641,347.00 81,068,283.68
Investments in financial assets -107,156.25 -207,373.61
Investments in property, plant & equipment -1,271,234.50 -803,316.48
Proceeds from sale of property, plant & equipment and other investments 78,024.50 151,915.70
Sale of other holdings 375,977.29 311.09
Change in long term loan receivables -1,520,700.00 2,997,936.66
Cash flow from investing activities (B) 120,196,258.04 83,207,757.04




CASH FLOW FROM FINANCING ACTIVITIES
Change in current debt -39,623,661.44 -64,429,668.40
Change in current receivables -64,742,945.56 32,362,528.84
Dividends paid -53,227,302.70 -112,186,960.94
Group contribution received/paid 13,981,208.03 4,667,800.00
Cash flow from financing activities (C) -143,612,701.67 -139,586,300.50




Change in cash and cash equivalents (A+B+C) 74,288.84 1,142,175.98




Cash and cash equivalents at beginning of period 1,629,990.00 487,814.02
Cash and cash equivalents at end of period 1,704,278.84 1,629,990.00