Annual Report 2013
Consolidated cash flow statement
Cash flow from operations: 1 Jan-31 Dec 2013 1 Jan-31 Dec 2012
Payments received from other operating income 196,712 205,045
Payments made for operating expenses -6,094,895 -6,058,339
Cash flow from operations before financial items and taxes -5,898,183 -5,853,294
Cash flow from operations (A) -5,898,183 -5,853,294
Cash flow from investments:
Direct investments paid -36,964,942 -24,610,950
Repayments of direct investments and sales proceeds 7,673,158 7,593,509
Capital calls paid to funds -43,926,637 -57,512,724
Repayments of principal and profit shares from funds 54,405,725 28,597,912
Interest received from investments 1,657,750 1,420,036
Dividends received from investments 704,132 615,521
Investments in tangible and intangible assets -20,911 -649,721
Cash flow from investments (B) -16,471,725 -44,546,416
Cash flow from financing activities:
Proceeds from issuance of share capital 50,000,000
Payments and sales proceeds from liquid securities 21,940,415 -4,217,480
Cash flow from financing activities (C) 21,940,415 45,782,520
Change in cash and cash equivalents (A+B+C) increase (+)/decrease (-) -429,493 -4,617,190
Cash and cash equivalents at beginning of period 1,826,569 6,443,759
Cash and cash equivalents at end of period 1,397,076 1,826,569
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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