| Parent company’s cash flow statement | ||
| Cash flow from operations: | 1 Jan-31 Dec 2012 | 1 Jan-31 Dec 2011 |
| Payments received from other operating income | 532,903 | 897,866 |
| Payments made for operating expenses | -6,035,306 | -4,484,128 |
| Cash flow from operations before financial items and taxes | -5,502,403 | -3,586,262 |
| Direct taxes paid | -519,313 | |
| Cash flow from operations (A) | -5,502,403 | -4,105,575 |
| Cash flow from investments: | ||
| Direct investments paid | -22,348,954 | -47,119,513 |
| Repayments of direct investments and sales proceeds | 6,847,010 | 9,506,307 |
| Capital calls paid to funds | -60,137,998 | -59,652,763 |
| Repayments of principal and profit shares from funds | 29,349,779 | 43,990,218 |
| Interest received from investments | 1,414,079 | 1,933,440 |
| Dividends received from investments | 606,061 | 394,806 |
| Investments in tangible and intangible assets | -649,721 | -66,894 |
| Cash flow from investments (B) | -44,919,745 | -51,014,399 |
| Cash flow from financing activities: | ||
| Proceeds from issuance of share capital | 50,000,000 | |
| Group contributions paid and received | 13,112 | 13,362 |
| Payments and sales proceeds from liquid securities | -4,217,480 | 60,776,616 |
| Cash flow from financing activities (C) | 45,795,632 | 60,789,978 |
| Change in cash and cash equivalents (A+B+C) increase (+) / decrease (-) | -4,626,515 | 5,670,004 |
| Cash and cash equivalents at beginning of period | 6,405,627 | 735,624 |
| Cash and cash equivalents at end of period | 1,779,112 | 6,405,627 |
| 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. | ||
