Total assets amounted to EUR 131.1 million, EUR 57.6 million higher than in the previous year. As mentioned above, biomass and the value of our forest area in Brazil were reported at fair value. The change in land values is reflected only in the balance sheet, while the valuation of biomass must be recorded in the income statement.

Shareholders’ capital amounted to EUR 55.1 million (previous year: EUR 15.9 million). The equity ratio as of the balance sheet date was 42.0 % (previous year: 21.6 %). The higher total assets are a result of land valuation, investments, and increased working capital. The land valuation as well as the net profit have led to a significant increase in the equity ratio, which now shows a realistic picture of our Group.

Cash flow from operating activities increased by EUR 0.5 million to EUR 3.8 million. The change in working capital was EUR -0.3 million. Investments in tangible fixed assets amounted to EUR 4.7 million. Cash flow from financing activities was EUR 0.6 million.