Total assets amounted to EUR 117.4 million, EUR 8.0 million higher than in the previous year. Biomass and the value of our forest area in Brazil are valued in Brazilian Real. This leads to fluctuations, given that this value represents a major part of the assets.
Equity amounted to EUR 44.4 million (previous year: EUR 39.3 million). The equity ratio as of the balance sheet date was 37.8 % (previous year: 35.9 %). This increase is mostly due to profit and exchange rate effects. The difference between consolidated equity and equity of Precious Woods Holding Ltd is mainly due to the high loss carry-forwards from the past.
Operating cash flow
Cash flow from operating activities increased by EUR 0.1 million to EUR 6.0 million. The change in working capital was EUR -5.4 million. Investments in tangible fixed assets amounted to EUR 2.3 million. Cash flow from financing activities was EUR -4.3 million.