Balance sheet

Vebego's capital position remains strong. Solvency is 25.7% (2021: 26.4%). The slight decrease in the solvency percentage is due to a different ratio of the Equity to the Total Assets. The increase in the Equity stems from the positive result for 2022, after deduction of the dividend paid. The balance sheet total increased mainly due to the acquisition and addition of hectas, which can be seen in the increase in the receivables from trade debtors. The cash position decreased due to the acquisition of hectas and, after deducting short-term debts to credit institutions, stood at €71 million on the balance sheet date.

Vebego's liquidity position decreased in 2022 compared to 2021. The decrease is due to the decreased result adjusted for depreciation, changes in provisions and changes in working capital. Substantial investments in consolidated participations (including hectas), dividends paid, increased profit tax paid and repayments of long-term debt had a strengthening effect on the decrease. More interest and dividends received resulted in only a limited improvement. Cash flow from investment activities, adjusted for investments in consolidated participations, was at around the same level as the previous year in 2022. We have plenty of our own resources to finance Vebego's strategic vision and the subsidiaries’ underlying plans.