Annual Report 2014
Consolidated cash flow statement
Cash flow from operations: 1 Jan-31 Dec 2014 1 Jan-31 Dec 2013
Cash receipts from customers 10,002,998
Payments received from other operating income 571,293 196,712
Payments made for operating expenses -15,820,183 -6,094,895
Cash flow from operations before financial items and taxes -5,245,891 -5,898,183
Direct taxes paid -137,371
Cash flow from operations (A) -5,383,262 -5,898,183
Cash flow from investments:
Direct investments paid -39,883,507 -36,964,942
Repayments of direct investments and sales proceeds 8,201,331 7,673,158
Capital calls paid to funds -61,584,377 -43,926,637
Repayments of principal and profit shares from funds 58,323,952 54,405,725
Interest received from investments 841,869 1,657,750
Dividends received from investments 873,363 704,132
Impact on cash flow from changes in Group structure 2,638,972
Investments in tangible and intangible assets -746,115 -20,911
Sales proceeds from tangible and intangible assets
Cash flow from investments (B) -31,334,512 -16,471,725
Cash flow from financing activities:
Proceeds from issuance of share capital 80,000,000
Payments and sales proceeds from liquid securities -39,713,249 21,940,415
Cash flow from financing activities (C) 40,286,751 21,940,415
Change in cash and cash equivalents (A+B+C) increase (+)/decrease (-) 3,568,978 -429,493
Cash and cash equivalents at beginning of period 1,397,076 1,826,569
Cash and cash equivalents at end of period 4,966,054 1,397,076
Cash flow from investments includes cash flows from funds as well cash flows from direct investments.
Cash flows from liquid securities and from cash in hand and at banks are presented in cash flow from financing activities.

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