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eeef Annual Report 2015

STATEMENT OF CASH FLOWS (EXPRESSED IN €) For the year ending 31 December 2015 For the year ending 31 December 2014 Operating profit after distributions to holders of redeemable ordinary A Shares and B Shares (1,352,561) 2,432,138 NET CHANGES IN OPERATING ASSETS AND LIABILITIES (Increase) in fair value of investments in subsidiaries 2,074,174 (2,435,117) (Increase)/decrease in prepaid expenses and other receivables 20,642 28,268 (Decrease)/increase in accounts payable and accrued expenses 500,733 (7,585,526) Increase in unrealised loss on derivative financial instruments (231,545) 1,248,708 Increase in contribution to the technical assistance facility 195,980 91,177 Increase in interest receivables 5,385 (550,937) Receivables on subscription (22,358,042) – Distributions paid to holders of redeemable ordinary shares 132,756 395,005 Net cash flow (used in)/from operating activities (21,012,478) (6,376,284) CASH FLOWS USED IN INVESTING ACTIVITIES Increase in loans and receivables financial assets (19,711,737) (48,319,370) Net cash flow used in investing activities (19,711,737) (48,319,370) CASH FLOWS FROM FINANCING ACTIVITIES Issue of redeemable ordinary shares 40,185,247 58,982,877 Net cash flow from financing activities 40,185,247 58,982,877 Net increase/(decrease) in cash and cash equivalents (538,968) 4,287,223 Cash and cash equivalents at beginning of the year 7,147,517 2,860,294 Cash and cash equivalents at end of the year 6,608,549 7,147,517 Cash Flow Statement 56 eeef Annual Report 2015 (Increase)/decrease in prepaid expenses and other receivables 20,64228,268 Increase in contribution to the technical assistance facility 195,98091,177 Distributions paid to holders of redeemable ordinary shares 132,756395,005 Issue of redeemable ordinary shares 40,185,24758,982,877 Net cash flow from financing activities 40,185,24758,982,877 Cash and cash equivalents at beginning of the year 7,147,5172,860,294 Cash and cash equivalents at end of the year 6,608,5497,147,517

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