Consolidated statement of cash flows

EUR 1,000 1.1.-31.12.2016 1.1.-31.12.2015
OPERATING CASH FLOW    
Cash receipts from customers 174,644 138,557
Operating expenses paid -165,607 -126,897
Operating cash flow before financial items and taxes 9,037 11,659
     
Interest and payment paid for financial expenses -813 -636
Interest received 44 40
Income taxes paid -2,606 -1,131
Operating cash flow (A) 5,661 9,932
     
INVESTING CASH FLOW    
Purchase of tangible and intangible assets -1,879 -1,621
Acquisition of subsidiaries -22,262 -1,907
Proceeds from contingent asset 215 0
Proceeds from sale of tangible and intangible assets 24 1
Proceeds from sale of investments 0 1
Purchase of investments -10 0
Loan receivables, decrease 45 1
Investing cash flow (B) -23,866 -3,526
     
Cash flow after investments (A+B) -18,204 6,406
     
FINANCING CASH FLOW    
Share issue net of cost 13,937 0
Purchase of own shares -693 -75
Short-term loans, increase 11,685 2,567
Short-term loans, decrease -22,547 -8,687
Long-term loans, increase 20,601 10,000
Long-term loans, decrease -4,569 0
Payment of finance lease liabilities -1,184 -985
Dividend paid and other profit distribution -3,046 -2,981
Financing cash flow (C) 14,184 -160
     
Variation in cash (A+B+C) increase (+) / decrease (-) -4,020 6,246
     
Assets at the beginning of the financial period 8,807 2,575
Exchange gains or losses on cash and cash equivalents -37 -14
Assets at the end of the financial period 4,750 8,807

The notes are an integral part of the financial statements.