Page 37 - Financial Statements 2014, 2015 & 2016

AVSERMA Aviations Services &
Financial Statements Management Co. N.V.
4. Statement of cash flows Financial statements 2014

Statement of cash flows

2014 2013
Statement of cash flows in AWG in AWG

Cash flow from operating activities
Net result 46,142 (179)
Adjustment for depreciation /amortization 1,222 2,817

Movement in working capital
Increase/(decrease) in taxes and social premiums 17,920 2,772

Cash flow from operating activities 65,284 5,410
Cash flow from investing activities
Investment in tangible fixed assets - -
Proceeds of sale of/discount on tangible fixed assets - -
Investment in participations (100,000) (160,000)
Cash flow from investing activities (100,000) (160,000)

Cash flow from financing activities
Issuance of share capital - -
Increase in share premium 100,000 160,000
Increase/(decrease) in due from/to related parties (65,284) (5,410)
Loans obtained/(repaid) - -

Cash flow from financing activities 34,716 154,590

Changes in cash and cash equivalents - -

Beginning position of cash and cash equivalents - -

Ending position of cash and cash equivalents - -

The notes form an integral part of these financial statements

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