Cash Flow Statement

Sum of income and expenses

1,166,632

(79,216)

Adjustments for:

Depreciation

296,767

285,643

Interest

(12,536)

(70,867)

Realised exchange rate losses (gains)

36,095

112,092

Changes in provisions

61,917

(666,161)

Changes in receivables

(3,556,081)

(1,311,675)

Changes in short term liabilities

(4,793,279)

(155,292)

Changes in long term liabilities

(8,404)

(8,404)

Cash flow from operations

(7,975,521)

(1,814,664)

Interest received

12,536

70,867

Cash flow from operating activities

(6,796,353)

(1,823,013)

Investments in intangible fixed assets

-

(125,217)

Investments in tangible fixed assets

(172,111)

(121,485)

Investments in financial fixed assets

(25,000)

Divestments of tangible fixed assets

-

-

Cash flow from investing activities

(197,111)

(246,702)

Net Cash flow

(6,993,464)

(2,069,715)

Foreign exchange rate gains / (losses) on cash and cash equivalents

(14,192)

(160,787)