Annual Report 2014
Parent company's cash flow statement
1 Jan-31 Dec 2014 1 Jan-31 Dec 2013
Cash flow from operations:
Payments received from other operating income 482,295 409,438
Payments made for operating expenses -6,409,006 -6,082,084
Cash flow from operations before financial items and taxes -5,926,711 -5,672,646
Direct taxes paid
Cash flow from operations (A) -5,926,711 -5,672,646
Cash flow from investments:
Direct investments paid -20,199,245 -27,378,942
Repayments of direct investments and sales proceeds 6,025,918 7,418,288
Investments in subsidiaries -20,095,798 -9,823,397
Repayments of investments in subsidiaries 2,191,172 516,347
Capital calls paid to funds -61,584,377 -43,926,637
Repayments of principal and profit shares from funds 58,323,952 54,405,725
Interest received from investments 840,328 1,485,151
Dividends received from investments 857,861 622,748
Investments in tangible and intangible assets -68,983 -20,911
Cash flow from investments (B) -33,709,173 -16,701,627
Cash flow from financing activities:
Proceeds from issuance of share capital 80,000,000
Group contributions paid and received 15,137 15,451
Payments and sales proceeds from liquid securities -39,713,249 21,940,415
Cash flow from financing activities (C) 40,301,888 21,955,866
Change in cash and cash equivalents (A+B+C) increase (+)/decrease (-) 666,004 -418,407
Cash and cash equivalents at beginning of period 1,360,705 1,779,112
Cash and cash equivalents at end of period 2,026,709 1,360,705
Cash flow from investments includes cash flows from funds as well cash flows from direct investments. Investments in subsidiaries and repayments of investments in subsidiaries include the cash flows of SF I Ky and Tesi Industrial Management Oy.
Cash flows from liquid securities and from cash in hand and at banks are presented in cash flow from financing activities.

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