Consolidated cash flow statement

01.01.17 – 30.06.1701.01.16 – 30.06.16
Net profit incl. minority interests12,827,32211,038,903
Depreciation of tangible and intangible assets5,916,7985,338,339
Net interest expense1,790,401470,131
Other non-cash items–538,03767,139
Change in long-term provisions633,848455,490
Accounting losses (profits) from sales of fixed assets–16,6584,278
Income from associates and joint ventures–219,360–180,939
Cash flow from operating activities before changes in net working capital20,394,31317,193,341
As % of net sales revenue6.74 %6.30 %
Change in accounts receivable–23,830,894–939,301
Change in accounts receivable from related parties–2,659,980–2,996,201
Change in accounts receivable from associated parties–740,6250
Change in other current receivables–9,441,468–3,062,466
Change in other current receivables from related parties–4,8610
Change in inventories–9,976,894–19,524,372
Change in accrued income–4,164,792–2,026,712
Change in trade payables–4,672,584–7,095,333
Change in other short-term financial liabilities4,202,386–625,256
Change in other short-term financial liabilities to related parties–8,038,238344,299
Change in accrued liabilities and deferred income2,857,0701,684,935
Change in net current assets–56,470,880–34,240,408
Cash flow from operating activities–36,076,567–17,047,067
As % of net sales revenue–11.92 %–6.25 %
Investments in tangible assets–30,708,737–11,432,255
Divestments of tangible assets27,823532,704
Investments in intangible assets–198,943–98,504
Divestments of non-current financial assets22,029873
Interest and dividends realized from financial assets6708
Cash flow from investing activities–30,857,157–10,997,174
Free cash flow–66,933,723–28,044,241
As % of net sales revenue–22.12 %–10.28 %
Change in short-term financial liabilities–7,955,4234,579,631
Change in long-term financial liabilities–31,589,57414,956,036
Additions/disposals of minority interests in capital and profit–40,4860
Mandatory convertible bond87,485,0000
Capital increase–1,420,881–49,884
Change in capital of subsidiaries18,7500
Sale (purchase) of treasury shares net cash flow–1,745,768–515,690
Interest paid–1,791,071–470,139
Dividend paid to shareholders–5,336,891–5,216,023
Cash flow from financing activities37,623,65513,283,932
Impact of currency translation–56,69224,964
Net change in cash and cash equivalents–29,366,760–14,735,345
Cash and cash equivalents at 1 January67,707,89843,023,224
Cash and cash equivalents at 30 June38,341,13828,287,879