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eeef Annual Report 2014

STATEMENT OF CASH FLOWS (EXPRESSED IN €) For the year ending 31 December 2014 For the year ending 31 December 2013 Operating profit after distributions to holders of redeemable ordinary A Shares and B Shares 2,432,138 463,639 NET CHANGES IN OPERATING ASSETS AND LIABILITIES (Increase) in fair value of investments in subsidiaries (2,435,117) (2,774,630) (Increase)/decrease in prepaid expenses and other receivable 28,268 (57,619) (Decrease)/Increase in accounts payable and accrued expenses (7,585,526) 8,016,210 Increase in unrealised loss on derivative financial instruments 1,248,708 – Increase in contribution to the technical assistance facility 91,177 – Increase in interest receivables (550,937) (56,512) Distributions paid to holders of redeemable ordinary shares 395,005 114,036 Net cash flow (used in)/from operating activities (6,376,284) 5,705,124 CASH FLOWS USED IN INVESTING ACTIVITIES Increase in loans and receivables financial assets (48,319,370) (38,372,836) Net cash flow used in investing activities (48,319,370) (38,372,836) CASH FLOWS FROM FINANCING ACTIVITIES Issue of redeemable ordinary shares 58,982,877 34,000,000 Net cash flow from financing activities 58,982,877 34,000,000 Net increase/(decrease) in cash and cash equivalents 4,287,223 1,332,288 Cash and cash equivalents at beginning of the year 2,860,294 1,528,006 Cash and cash equivalents at end of the year 7,147,517 2,860,294 Cash Flow Statement 52 eeef Annual Report 2014 2,432,138463,639 Distributions paid to holders of redeemable ordinary shares 395,005114,036 Issue of redeemable ordinary shares 58,982,87734,000,000 Net cash flow from financing activities 58,982,87734,000,000 Net increase/(decrease) in cash and cash equivalents 4,287,2231,332,288 Cash and cash equivalents at beginning of the year 2,860,2941,528,006 Cash and cash equivalents at end of the year 7,147,5172,860,294

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