Consolidated Statement of Cash Flows (IFRS)

in € Note 2015 2014
Operating Activities:
Consolidated Net Profit/(Loss) 14,900,768 (3,012,629)
Adjustments to Reconcile Net Profit/(Loss) to Net Cash
Provided by/(Used in) Operating Activities:
Impairment of Assets 6.6, 6.7 3,723,736 4,117,590
Depreciation and Amortization of Tangible and Intangible Assets 6.6, 6.7 3,454,842 4,134,479
Net Gain on Sales of Available-for-sale Financial Assets 6.2 1,016 (727,979)
Purchase of Derivative Financial Instruments 0 (15,820)
Proceeds from Derivative Financial Instruments 6.4 858,768 9,503
Net (Gain)/Loss on Derivative Financial Instruments 6.4 (1,539,207) (38,189)
(Gain)/Loss on Sale of Property, Plant and Equipment 27,710 (7,269)
(Gain)/Loss from Liquidation of Subsidiaries (295,124) 76,489
Recognition of Deferred Revenue 7.3 (72,378,320) (33,546,601)
Stock-based Compensation 5.2.3, 8 3,558,960 3,959,340
Income Tax Expenses/(Income) 5.4 5,724,801 (1,296,067)
Gain from Revaluation of Participations 4 (4,495,020) 0
Changes in Operating Assets and Liabilities:
Accounts Receivable 6.3 3,635,172 (4,720,210)
Prepaid Expenses, Other Assets and Tax Receivables 6.4, 6.5 (3,892,870) 1,670,253
Accounts Payable and Accrued Expenses and Provisions 7.1, 7.2 7,454,023 101,378
Other Liabilities 7.1 584,104 156,411
Deferred Revenue 7.3 18,132,906 17,863,327
Income Taxes Paid (2,970,114) (2,942,362)
Net Cash Provided by/(Used in) Operating Activities (23,513,849) (14,218,356)
In € Note 2015 2014
INVESTING ACTIVITIES:
Purchase of Available-for-sale Financial Assets 6.2 (25,600,000) (149,061,725)
Proceeds from Sales of Available-for-sale Financial Assets 6.2 67,505,472 231,934,641
Purchase of Bonds, Available-for-sale 6.2 (27,681,550) (7,571,909)
Proceeds from Sales of Bonds, Available-for-sale 6.2 1,621,000 11,156,203
Purchase of Financial Assets Classified as Loans and Receivables 6.2 (31,592,379) (241,635,544)
Proceeds from Sales of Financial Assets Classified as Loans and Receivables 6.2 127,482,204 148,703,792
Acquisitions, Net of Cash Acquired 4 (18,169,658) 0
Purchase of Property, Plant and Equipment 6.6 (1,386,639) (2,899,662)
Proceeds from Disposals of Property, Plant and Equipment 3,050 5,000
Purchase of Intangible Assets 6.7 (7,378,758) (17,579,001)
Proceeds from Closing of an Escrow Account 0 4,686,883
Interest Received 1,466,156 762,680
Net Cash Provided by/(Used in) Investing Activities 86,268,898 (21,498,642)
FINANCING ACTIVITIES:
Repurchase of Treasury Stock in Consideration of Bank Fees 7.4.4 (5,392,931) (7,833,944)
Proceeds from the Exercise of Convertible Bonds Granted to Related Parties 1,330,758 4,032,078
Interest Paid (3,433 (117,371
Net Cash Provided by/(Used in) Financing Activities (4,065,606) (3,919,237)
Effect of Exchange Rate Differences on Cash 69 700
Increase/(Decrease) in Cash and Cash Equivalents 58,689,512 (39,635,535)
Cash and Cash Equivalents at the Beginning of the Period 32,238,161 71,873,696
Cash and Cash Equivalents at the End of the Period 90,927,673 32,238,161
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