Financial statements

Statement of cash flows

(Euros) 31/12/2019 31/12/2018
A) CASH FLOWS FROM OPERATING ACTIVITIES 50.750.851 32.395.870
1 - Profit/(loss) for the year before taxes 35.614.357 20.074.545
2 - Adjustments to profit or loss 14.596.019 26.812.828
a) Amortisation and depreciation (+) 24.749746 21.271.522
b) Impairment charges (+/-) 851.749 256.970
c) Change in provisions (+/-) (-)99.217 130.597
e) Gains/(losses) on retirement or disposal of intangible assets and property, plant and equipment (+/-) 491.928 1.434.531
f) Results from write-offs and disposals of financial instruments (+/-). (-)12.478.396
g) Financial income (-). (-)1.023.107 (-)1.032.211
i) Exchange differences (+/-). 172.316 (-)125.903
j) Change in fair value of financial instruments (+/-). (-)2.442.537 2.706.339
k) Other incomes and expenses (-/+). 4.373.537 2.170.984
3 - Changes in working capital (-)202.534 (-)9.309.564
a) Inventories (+/-). 675.662 224.839
b) Trade and other receivables (+/-) 6.171.520 6.573.965
c) Other current assets (+/-) (-)278.368 (-)178.262
d) Trade and other payables (+/-) (-)6.634.291 (-)15.949.091
e) Other current liabilities (+/-) (-)137.056 468.665
f) Other non-current assets and liabilities (+/-) 0 0
4 - Other cash flows from operating activities 743.009 (-)5.181.940
b) Collection of dividends (+) 56.690 76.690
c) Interest received (+). 1.100.176 141.997
d) Receipts/(payments) for corporate income tax (+/-) (-)413.857 (-)5.004.100
e) Other payments/(receipts) (+/-) 0 (-)396.527
5 - Cash flows from operating activities (+/- 1+/- 2+/- 3+/- 4) 50.750.851 32.395.870
B) CASH FLOWS FROM INVESTING ACTIVITIES (-)29.246.989 (-)14.395.935
6 - Payments for investments (-) (-)179.912.274 (-)115.546.705
a) Subsidiaries and associates. (-)39.906.619 (-)7.148.679
b) Intangible assets. (-)2.124.340 (-)2.753.737
c) Property, plant and equipment (-)9.826.671 (-)11.347.040
e) Other financial assets (-)128.054.644 (-)94.297.249
g) Other assets. 0 0
7 - Receipts from divestments (+) 150.665.285 101.150.770
a) Subsidiaries and associates. 73.552.456 7.988.462
c) Property, plant and equipment 33.790 30.709
e) Other financial assets 77.079.039 93.131.599
8 - Cash flows from investing activities (7-6) (-)29.246.989 (-)14.395.935
C) CASH FLOWS FROM FINANCING ACTIVITIES (-)27.000.000 (-)27.004.258
11 - Payments of dividends and returns on other equity instruments (-)27.000.000 (-)27.004.258
a) Dividends (-) (-)27.000.000 (-)27.004.258
12 - Cash flows from financing activities ( +/- 9 +/- 10 - 11) (-)27.000.000 (-)27.004.258
D) EFFECT OF EXCHANGE RATE CHANGES (and decimals) (-)172.316 125.903
E) NET INCREASE/(DECREASE) IN CASH AND EQUIVALENTS (+/-A +/-B +/-C +/-D) (-)5.668.455 (-)8.878.420
Cash and cash equivalents at start of financial year 6.869.335 15.747.755
Cash and cash equivalents at end of financial year 1.200.881 6.869.335