| | 2018 | | 2017 |
Cash flow from operating activities | | | | |
Net result | 3,175 | | 4,660 | |
Adjustments for: | | | | |
Depreciations | 848 | | 955 | |
Result from participations | (1,882) | | (1,556) | |
Interest income and expenses | 95 | | 96 | |
Movements in working capital and provisions: | | | | |
Movement in deferred tax assets | 776 | | 1,251 | |
Movement in receivables | (2,686) | | 31 | |
Movement in provisions | 185 | | 303 | |
Movement in current liabilities | 4,654 | | 1,435 | |
| | 5,165 | | 7,175 |
Interest paid | (95) | | (96) | |
Cash flow from operating activities | | 5,070 | | 7,079 |
| | | | |
Cash flow from investment activities | | | | |
Investments in tangible fixed assets | (1,917) | | (378) | |
Investments in intangible fixed assets | (1,079) | | (328) | |
Dividends received | 344 | | 347 | |
Cash flow from investment activities | | (2,652) | | (359) |
| | | | |
Cash flow from financing activities | | | | |
Dividends paid | (4,000) | | - | |
Cash flow from financing activities | | (4,000) | | - |
| | | | |
Net cash flow | | (1,582) | | 6,720 |
| | | | |
Cash and cash equivalents as at 1 January | | 27,923 | | 21,203 |
Increase/(decrease) in cash and cash equivalents | | (1,582) | | 6,720 |
Cash and cash equivalents as at 31 December | | 26,341 | | 27,923 |