Page 53 - Financial Statements 2014, 2015 & 2016

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

Statement of cash flows

2014 2013
Statement of cash flows in AWG in AWG

Cash flow from operating activities
Net result 946,667 (652,023)
Adjustment for depreciation /amortization 245,975 236,635

Movement in working capital
(Increase)/decrease in accounts receivable (353,081) 364,424
(Increase)/decrease in other receivables (28,649) (1,169)
Increase/(decrease) in accounts payable (335,065) 206,962
Increase/(decrease) in taxes and premiums (209,294) (207,010)
Increase/(decrease) in other liabilities 29,214 (48,657)
Cash flow from operating activities 295,767 (100,838)

Cash flow from investing activities
Investment in tangible fixed assets - (133,121)
Proceeds of sale of/discount on tangible fixed assets 6,020 -
Cash flow from investing activities 6,020 (133,121)

Cash flow from financing activities
Issuance of share capital - -
Increase in share premium 100,000 160,000
Increase/(decrease) in due to related parties 107,882 (23,286)
Loans obtained/(repaid) (152,404) 109,633
Cash flow from financing activities 55,478 246,347

Changes in cash and cash equivalents 357,265 12,388
Beginning position of cash and cash equivalents (882,082) (894,470)

Ending position of cash and cash equivalents * (524,817) (882,082)

* including credit institutions

The notes form an integral part of these consolidated financial statements

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