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Total assets amounted to EUR 109.4 million, EUR 21.7 million lower than in the previous year. Biomass and the value of our forest area in Brazil are valued in Brazilian real, and the 24 % lower exchange rate results in a corresponding devaluation, which reduces equity and accordingly also total assets.
Equity amounted to EUR 39.3 million (previous year: EUR 55.1 million). The equity ratio as of the balance sheet date was 35.9 % (previous year: 42.0 %). This reduction is mostly due to exchange rate effects, given that the loss was EUR 2.2 million.
Operating cash flow
Cash flow from operating activities increased by EUR 2.1 million to EUR 5.9 million. The change in working capital was EUR 1.3 million. Investments in tangible fixed assets amounted to EUR 4.0 million. Cash flow from financing activities was EUR -1.6 million.