CASH FLOW STATEMENT

Sum of income and expenses

(2,051,328)

(956,568)

Adjustments for:

Depreciation

203,121

215,328

Interest

(21,956)

(60,781)

Exchange rate gains on cash and cash equivalents

(136,358)

157,285

Changes in provisions

68,618

591,890

Changes in receivables

268,941

(240,405)

Changes in short term liabilities

1,763,084

7,213,336

Changes in long term liabilities

12,083

-

Cash flow from operations

2,157,533

7,876,651

Interest received

21,956

60,781

Cash flow from operating activities

128,161

6,980,865

Investments in intangible fixed assets

(347,280)

-

Investments in tangible fixed assets

(395,595)

(37,589)

Divestments of tangible fixed assets

88,609

-

Cash flow from investing activities

(654,266)

(37,589)

Net Cash flow

(526,105)

6,943,276

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

136,358

(157,285)