Cash Flow Statement

Sum of income and expenses

(79,216)

(2,051,328)

Adjustments for:

Depreciation

285,643

203,121

Interest

(70,867)

(21,956)

Exchange rate gains on cash and cash equivalents

112,092

(137,758)

Changes in provisions

(643,395)

68,618

Changes in receivables

(1,311,675)

268,941

Changes in short term liabilities

(178,058)

1,763,084

Changes in long term liabilities

(8,404)

12,083

Cash flow from operations

(1,814,664)

2,156,133

Interest received

70,867

23,356

Cash flow from operating activities

(1,823,013)

128,161

Investments in intangible fixed assets

(125,217)

(347,280)

Investments in tangible fixed assets

(121,485)

(395,595)

Divestments of tangible fixed assets

-

88,609

Cash flow from investing activities

(246,702)

(654,266)

Net Cash flow

(2,069,715)

(526,105)

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

(160,787)

136,358