Annual Report 2012
Consolidated cash flow statement
Cash flow from operations: 1 Jan-31 Dec 2012 1 Jan-31 Dec 2011
Payments received from other operating income 205,045 200,565
Payments made for operating expenses -6,058,339 -4,558,579
Cash flow from operations before financial items and taxes -5,853,294 -4,358,014
Direct taxes paid -519,313
Cash flow from operations (A) -5,853,294 -4,877,327
Cash flow from investments:
Direct investments paid -24,610,950 -48,036,277
Repayments of direct investments and sales proceeds 7,593,509 11,998,210
Capital calls paid to funds -57,512,724 -57,955,530
Repayments of principal and profit shares from funds 28,597,912 40,992,259
Interest received from investments 1,420,036 1,933,440
Dividends received from investments 615,521 907,898
Investments in tangible and intangible assets -649,721 -66,894
Cash flow from investments (B) -44,546,416 -50,226,894
Cash flow from financing activities:
Proceeds from issuance of share capital 50,000,000
Payments and sales proceeds from liquid securities -4,217,480 60,776,616
Cash flow from financing activities (C) 45,782,520 60,776,616
Change in cash and cash equivalents (A+B+C) increase (+) / decrease (-) -4,617,190 5,672,395
Cash and cash equivalents at beginning of period 6,443,759 771,365
Cash and cash equivalents at end of period 1,826,569 6,443,759
Cash flow from investments includes cash flows from funds as well as 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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