Consolidated cash flow statement

01.01.18 – 30.06.1801.01.17 – 30.06.17
Net profit–2,197,57913,984,884
Depreciation of fixed assets and amortisation of intangible assets7,269,1245,916,798
Impairment of shareholdings2,849,4900
Currency effect on the Lithuania sale3,017,3280
Net interest expense325,640632,839
Other non-cash adjustments–380,803–538,037
Change in long-term provisions472,271633,848
Accounting losses (profits) from sales of fixed assets101,344–16,658
Income from associates and joint ventures298,421–219,360
Cash flow from operating activities before changes in working capital11,755,23620,394,313
As % of net sales revenue4.17%6.74%
Change in accounts receivables5,145,952–23,830,894
Change in accounts receivables from related parties–10,446,434–2,659,980
Change in accounts receivables from associated parties–1,904,248–740,625
Change in other short-term receivables–4,390,079–9,441,468
Change in other short-term receivables from related parties0–4,861
Change in inventories–25,770,468–9,976,894
Change in prepayments1,352,828–4,164,792
Change in liabilities from deliveries and services–19,761,874–4,672,584
Change in other short-term liabilities–236,3084,202,386
Change in other short-term liabilities to related parties 1)–69,689,751–8,038,238
Change in deferred income–360,1561,690,826
Change in net current assets–126,060,538–57,637,123
Cash flow from operating activities–114,305,302–37,242,810
In % of net sales revenue–40.59%–12.32%
Investments in fixed assets–19,298,814–30,708,737
Divestments of fixed assets24,26127,823
Investments in intangible assets–340,055–198,943
Investments in/divestment of long-term financial assets–378,94922,029
Net cash flow from the purchase (-) / sale (+) of investments2)–31,661,2080
Interest and dividends received230670
Cash flow from investing activities–51,654,534–30,857,157
Free cash flow–165,959,836–68,099,967
In % of net sales revenue–58.94%–22.52%
Change in short-term financial liabilities–961,805–6,789,179
Change in long-term financial liabilities131,240,610–31,589,574
Additions/disposals of minority interests in capital and profit0–40,486
Mandatory convertible bond087,485,000
Capital increase0–1,420,881
Change in capital of subsidiaries018,750
Sale (purchase) of treasury shares net cash flow3,329,006–1,745,768
Interest paid–4,382,801–1,791,071
Dividend payments–5,598,980–5,336,891
Cash flow from financing activities123,626,02938,789,899
Currency translation–61,241–56,701
Net change in cash and cash equivalents–42,395,047–29,366,769
Cash and cash equivalents at 1 January63,860,40667,707,898
Cash and cash equivalents at 30 June21,465,35838,341,129

1) Purchase price payment Pharmalys Laboratories SA
2) Acquisition of Bimbosan AG and sale of HOCHDORF Baltic Milk UAB