Annual Report 2013
Parent company's cash flow statement
Cash flow from operations: 1 Jan-31 Dec 2013 1 Jan-31 Dec 2012
Payments received from other operating income 409,438 532,903
Payments made for operating expenses -6,082,084 -6,035,306
Cash flow from operations before financial items and taxes -5,672,646 -5,502,403
Direct taxes paid
Cash flow from operations (A) -5,672,646 -5,502,403
Cash flow from investments:
Direct investments paid -27,378,942 -22,348,954
Repayments of direct investments and sales proceeds 7,418,288 6,847,010
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 1,485,151 1,414,079
Dividends received from investments 622,748 606,061
Investments in subsidiaries -9,823,397 -2,625,275
Repayments of investments in subsidiaries 516,347 751,866
Investments in tangible and intangible assets -20,911 -649,721
Cash flow from investments (B) -16,701,627 -44,919,745
Cash flow from financing activities:
Proceeds from issuance of share capital 50,000,000
Group contributions paid and received 15,451 13,112
Payments and sales proceeds from liquid securities 21,940,415 -4,217,480
Cash flow from financing activities (C) 21,955,866 45,795,632
Change in cash and cash equivalents (A+B+C) increase (+)/decrease (-) -418,407 -4,626,515
Cash and cash equivalents at beginning of period 1,779,112 6,405,627
Cash and cash equivalents at end of period 1,360,705 1,779,112
Cash flow from investments includes cash flows from funds as well cash flows from direct investments.
Investments in subsidiaries and repayments of investments in subsidiaries include the cash flows of SF I Ky and Tesi Industrial Management Oy.
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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