Page 62 - Annual Report 2015 EN
P. 62
Financial Statements
Statement of cash ows for the year ended 31 December 2015
Operating activities Note 2015 2014
Pro t for the year before tax
Adjustments for: 5.2 179,843,849 126,679,777
Depreciation & amortisation expenses 5.13
Provision for impairment of trade receivables 5.9 74,401,800 71,678,338
Impairment loss on available-for-sale nancial assets 5.3 (2,551,052) (201,111)
Net nancial expenses 0
(Gain)/loss on PPE disposals 5.3 924,000
Increase/(decrease) in retirement bene ts 38,587,191 41,778,394
Increase/(decrease) in provisions 5.3 80,578
Increase/(decrease) in other assets/liabilities 5.9 2,558
Increase/(decrease) in working capital 575,667 (193,668)
Cash generated from operations 5.18 1,181,943 200,745
Income tax paid 5.19 (8,901,399)
Interest paid 26,483,479 (1,039,351)
Net cash ow from operating activities 310,548,036 (25,065,725)
Investment activities (30,672,973)
Acquisition of PPE (32,314,338) 213,917,977
Interest received 247,560,725 (24,616,031)
Investments to nancial assets (36,844,510)
Dividends received from associate (25,053,562) 152,457,436
Net cash ow from investment activities 542,461
Financial activities (6,413,094)
Dividends paid 27,709,248 553,653
Repayment of bank loans 286,321
Net cash ow from nancial activities (30,264,057)
3,484,468 39,209
(87,300,000) (36,084,289)
(65,274,765)
(152,574,765) (65,100,000)
(61,475,990)
Net increase/(decrease) in cash & cash equivalents 98,470,428 (126,575,990)
Cash & cash equivalents at the beginning of the year 24,799,911 (10,202,844)
Cash & cash equivalents at the end of the year 123,270,339 35,002,755
The notes on pages 20 to 56 are an integral part of these nancial statements.
24,799,911
Financial Statements as at 31 December 2015 (Amounts in Euros unless otherwise stated)
19 of 56
Statement of cash ows for the year ended 31 December 2015
Operating activities Note 2015 2014
Pro t for the year before tax
Adjustments for: 5.2 179,843,849 126,679,777
Depreciation & amortisation expenses 5.13
Provision for impairment of trade receivables 5.9 74,401,800 71,678,338
Impairment loss on available-for-sale nancial assets 5.3 (2,551,052) (201,111)
Net nancial expenses 0
(Gain)/loss on PPE disposals 5.3 924,000
Increase/(decrease) in retirement bene ts 38,587,191 41,778,394
Increase/(decrease) in provisions 5.3 80,578
Increase/(decrease) in other assets/liabilities 5.9 2,558
Increase/(decrease) in working capital 575,667 (193,668)
Cash generated from operations 5.18 1,181,943 200,745
Income tax paid 5.19 (8,901,399)
Interest paid 26,483,479 (1,039,351)
Net cash ow from operating activities 310,548,036 (25,065,725)
Investment activities (30,672,973)
Acquisition of PPE (32,314,338) 213,917,977
Interest received 247,560,725 (24,616,031)
Investments to nancial assets (36,844,510)
Dividends received from associate (25,053,562) 152,457,436
Net cash ow from investment activities 542,461
Financial activities (6,413,094)
Dividends paid 27,709,248 553,653
Repayment of bank loans 286,321
Net cash ow from nancial activities (30,264,057)
3,484,468 39,209
(87,300,000) (36,084,289)
(65,274,765)
(152,574,765) (65,100,000)
(61,475,990)
Net increase/(decrease) in cash & cash equivalents 98,470,428 (126,575,990)
Cash & cash equivalents at the beginning of the year 24,799,911 (10,202,844)
Cash & cash equivalents at the end of the year 123,270,339 35,002,755
The notes on pages 20 to 56 are an integral part of these nancial statements.
24,799,911
Financial Statements as at 31 December 2015 (Amounts in Euros unless otherwise stated)
19 of 56
