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Annual Report 2016

VI. Notes to the Cash Flow Statement

The Cash Flow Statement is structured according to cash flows from operating activities, investing activities and financing activities.

28) Cash Flow from Operating Activities

The cash flows from operating activities (net cash) amounted to € 9,703 thousand (2015: € 10,228 thousand) in the past financial year. This includes cash from operating activities amounting to € 12,211 thousand (2015: € 12,789 thousand) as well as interest and income tax received and paid amounting to € -2,508 thousand (2015: € -2,561 thousand). The change in working capital in 2016 resulted in a negative cash flow contribution overall.

29) Cash Flow from Investing Activities

The cash flows from investing activities comprise cash payments for investments in property, plant and equipment and in intangible assets (property, plant and equipment € 1,526 thousand and intangible assets € 116 thousand). In addition there were cash receipts amounting to € 283 thousand from the interest acquired in Ovidius GmbH as well as cash payments amounting to € 20,994 thousand for the acquisition of GWK Gesellschaft Wärme Kältetechnik mbH. € 175 thousand of the cash payments for the acquisition of consolidated companies are attributable to the cash payment of the conditional purchase price in connection with the acquisition of the KLH companies. At the time of acquisition of the 35 percent remaining shares on November 11, 2016 the conditional purchase price was measured at fair value (€ 166 thousand) and paid to the seller.

The investment volume for the year under review tallied with the target level for 2016.

30) Cash Flow from Financing Activities

Repayments amounting to € 5,953 thousand (2015: € 3,597 thousand) on short-term and long-term loans were made during the year under review. In addition the amount of € 3,136 thousand (2015: € 2,151 thousand) was distributed to shareholders. In connection with the acquisition of the shares of the KLH companies, € 2,434 thousand was paid to the former minority interests for the remaining 35 percent of the shares.

Offsetting the cash payments there are cash receipts in the amount of € 20,000 thousand from the raising of new long-term loans to finance the corporate acquisitions as well as cash receipts from the issuance of the treasury shares in the 2016 financial year in the amount of € 8,155 thousand.

31) Cash and Cash Equivalents at End of Period

Cash comprises cash on hand and demand deposits. It corresponds to the cash and cash equivalents shown on the Balance Sheet.