As a result of the acquisition of Prestia, the working capital has increased to an amount of € 51.3 million at year-end 2021 (year-end 2020: € 47.5 million). The increase was visible in all working capital items such as cash, stocks, receivables and short-term debt. Overall, the increase of the working capital items related to the increasing business activities in 2021 compared to 2020. While inventory volume declined due to order book deliveries for which the required orders had been pre-purchased, the increased pricing of inventory items had a larger positive effect leading to increased inventory value. The positive cash flow from operating activities resulted in an increase in cash and cash equivalents of almost € 5.7 million.

The cash flow from operation activities in 2021 amounted to € 18.1 million (2020: € 12.4 million). The increase in operating cash flow of € 5.7 million is attributable to a higher net revenue result of € 16.1 million, a higher depreciation of € 1.0 million, an increase in the tax liability position of € 1.3 million and a negative change in working capital of € 9.8 million, largely related to higher zinc and steel prices for inventory items.

Cash flows (in € 1,000)