Statement of Cash Flows

 

2015

2016

 
    

Cash flows from operating activities

 

 

 

Earnings before taxes

-2.759.048

-2.843.007

 

Plus / minus adjustments for:

 

 

 

Depreciation

396.135

409.662

 

Provisions

63.207

3.379

 

Exchange differences

-33.515

-75.071

 

Results (income, expenses, profit, loss) investing activity:

-212.990

-645.596

 

Interest and other expenses:

32.562

13.639

 

Plus / minus adjustments for changes in working capital accounts related to operating activities:

 

 

 

Decrease / (increase) in inventories:

1.094

19.058

 

Decrease / (increase) in receivables:

2.286.434

-448.742

 

(Decrease) / increase in liabilities (except banks):

1.264.806

3.944.569

 

Minus:

 

 

 

Interest and other expenses paid:

-32.629

-36.024

 

Taxes paid:

-906.656

-937.804

 

Total inflow / outflow from operating activities (a)

99.500

-621.951

 

 

 

 

 

Cash flows from investing activities

 

 

 

Acquisition of subsidiaries, affiliated companies, joint ventures and otder investments:

-1.106.297

0

 

Amounts received from the sale of tangible and intangible assets:

2.500

477.314

 

Amounts received from the sale of financial instruments:

100.000

1.160.440

 

Purchase of tangible and intangible assets:

-506.355

-76.167

 

Amounts received from sale of available for sale financial instruments01.080.637 

Amounts received from sale of subsidiaries and associates :

1.457.805

0

 

Loans to third parties:

-1.346.809

553.239

 

Purchase of other financial instruments:

-1.324.238

-1.400.501

 

Total inflow / outflow from investing activities (b):

-2.723.393

1.794.961

 

 

 

 

 

Cash flow from financing activites

 

 

 

Amounts received from share capital increase:

0

0

 

Loans received:

0

0

 

Loans repayment:

-8.317

0

 

Payments of leasing liabilities:

-76.194

-78.034

 

Dividends paid:

-512.873

-160.400

 

Total inflow / outflow from financing activities (c)

-597.384

-238.434

 

 

 

 

 

Net increase (decrease) in cash and cash equivalents for the period (a)+(b)+(c):

-3.221.278

934.576

 

Cash and cash equivalents at beginning of  year:

3.675.636

454.358

 

Cash and cash equivalents at end of  year:

454.358

1.388.935