Consolidated cash flow statement

 01.01.21 – 30.06.2101.01.20 – 30.06.20
Net profit–9,046–3,996
Depreciation of fixed assets and amortisation of intangible assets5,7767,549
Profit from sale of subsidiaries0–3,733
Currency effect on sale of subsidiaries0428
Net interest expense2,6272,935
Other non-cash adjustments1,8791,677
Change in provisions–437–3,848
Accounting losses (profits) from sales of fixed assets07
Income from associates and joint ventures–108–152
Cash flow from operating activities before changes in working capital690868
As % of net sales revenue0.49%0.55%
Change in accounts receivables12,8152,466
Change in other receivables and accured income–8,985–12,296
Change in inventories–28,803–16,868
Change in trade payables9,118–4,275
Change in other liabilities and deferred income7,25315,010
Change in net current assets–8,602–15,962
Cash flow from operating activities–7,912–15,094
In % of net sales revenue–5.64%–9.54%
Investments in fixed assets  and intangible assets–2,063–1,667
Divestments of fixed assets011
Investments in/divestment of long-term financial assets81–58
Net cash flow from the purchase (–) / sale (+) of investments019,714
Cash flow from investing activities–1,98217,999
Free cash flow–9,8952,905
In % of net sales revenue–7.05%1.83%
Change in short-term financial liabilities12,000–7,219
Change in long-term financial liabilities–2,0002,833
Change in minority interests in capital and profit0–38
Change in mandatory convertible bond0–1,195
Interest paid–3,621–7,784
Cash flow from financing activities6,379–13,403
Currency translation–21544
Net change in cash and cash equivalents–3,730–10,455
Cash and cash equivalents at 1 January212,41120,201
Cash and cash equivalents at 30 June28,6819,746

1) Comparative period previous year adjusted due to change in valuation principles for the hybrid bond (see Notes to the consolidated half-year financial statements of the HOCHFORF Group as per 30.06.2021)
2) Cash and cash equivalents in 2020 adjusted due to separate disclosure of cash and cash equivalents and securities