The quick ratio, cash and cash equivalents plus receivables in relation to current liabilities was 0.82 at the end of the financial year (year-end 2017: 0.97). The quick ratio fell because the decrease in receivables is not proportionally visible in the current liabilities, which were more or less unchanged on balance. The purchase price for raw materials in particular (partly reflected in the increased stocks) meant that short-term liabilities actually increased slightly.

Quick ratio as at 31 December Current ratio as at 31 December

On the other hand, the current ratio (including stocks) increased slightly to 2.51 (year-end 2017: 2.44). The share of the available resources accounted for by the stocks is higher than the resources released from the outstanding receivables, and so the ratio has increased. This increase in the working capital was not financed with short-term borrowed capital but by the strengthening of shareholders' equity through the increase in the result. The change in current liabilities is limited and it therefore has little effect on either ratio.

“The increase in working capital has been financed from our own resources.

The positive cash flow from operations in 2018 was € 12.8 million (2017: € 1.8 million positive). This increase over 2017 is attributable to the fall in receivables, leading to a positive effect of € 13.0 million in total. On the other hand, the cash flow from operations in the result was almost € 8.0 million lower as a result of the lower operating result. Interest received includes incidental income in the form of compensation for excess interest paid in the past. The compensation received by one of our subsidiaries in 2018 related to an interest rate derivative covered by the Uniforme Herstelkader.

The quick ratio, cash and cash equivalents plus receivables in relation to current liabilities was 0.82 at the end of the financial year (year-end 2017: 0.97). The quick ratio fell because the decrease in receivables is not proportionally visible in the current liabilities, which were more or less unchanged on balance. The purchase price for raw materials in particular (partly reflected in the increased stocks) meant that short-term liabilities actually increased slightly.

Quick ratio as at 31 December Current ratio as at 31 December

On the other hand, the current ratio (including stocks) increased slightly to 2.51 (year-end 2017: 2.44). The share of the available resources accounted for by the stocks is higher than the resources released from the outstanding receivables, and so the ratio has increased. This increase in the working capital was not financed with short-term borrowed capital but by the strengthening of shareholders' equity through the increase in the result. The change in current liabilities is limited and it therefore has little effect on either ratio.

“The increase in working capital has been financed from our own resources.

The positive cash flow from operations in 2018 was € 12.8 million (2017: € 1.8 million positive). This increase over 2017 is attributable to the fall in receivables, leading to a positive effect of € 13.0 million in total. On the other hand, the cash flow from operations in the result was almost € 8.0 million lower as a result of the lower operating result. Interest received includes incidental income in the form of compensation for excess interest paid in the past. The compensation received by one of our subsidiaries in 2018 related to an interest rate derivative covered by the Uniforme Herstelkader.