Cash Flow Statement

Sum of income and expenses

2,021,246

1,166,632

Adjustments for:

Depreciation

327,259

296,767

Interest

(1,491)

(12,536)

Realised exchange rate losses (gains)

103,494

36,095

Changes in provisions

(5)

104,817

61,917

Changes in receivables

(2)

(981,468)

(3,556,081)

Changes in short term liabilities

(7)

101,483

(4,793,279)

Changes in long term liabilities

(6)

(8,404)

(8,404)

Changes in financial fixed assets

(1)

(52,537)

(8,404)

Cash flow from operations

(406,848)

(7,975,521)

Interest received

12,536

1,490

Cash flow from operating activities

(6,796,353)

(2,426,604)

Investments in intangible fixed assets

(1)

-

-

Investments in tangible fixed assets

(1)

(265,223)

(172,111)

Investments in financial fixed assets

(1)

-

(25000)

Divestments of tangible fixed assets

(1)

-

-

Cash flow from investing activities

(265,223)

(197,111)

Net Cash flow

(2,691,827)

(6,993,464)

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

(103,492)

(14,192)