Cash flow statement

Notes

31-12-06

31-12-05

€ ,000

€ ,000

CASH FLOW FROM OPERATIONS

Development financing interest, dividends, management fees

12,082

10,241

Term investments interest and dividends

4,848

5,247

Operating expenses

(5,999)

(5,654)

Interest paid; other income

(155)

(197)

Oikocredit International Support Foundation

160

1,827

Dividends paid

(2,262)

(3,125)

Total cash from operations

8,674

8,339

CASH FLOW FROM FINANCING ACTIVITIES

New funds

Issue of shares

34,273

37,126

Redemption of shares

(497)

(1,310)

Long term loans; (redemptions on long term loans)

3,842

(442)

Total cash from financing activities

37,618

35,374

CASH USED FOR INVESTING ACTIVITIES

Project funding (net additions)

Disbursements

(91,446)

(64,930)

Less: - repayments of principal

38,753

29,224

(52,693)

(35,706)

Net disposals of deposits at financial institutions

in developing countries

191

2,716

Net investments in group companies

(30)

(84)

Term investments: (net investments) / disposals

(4,373)

2,495

Tangible fixed assets (net investments)

(22)

(94)

Total cash used for investing activities

(56,927)

(30,673)

Exchange rate differences during the year

(68)

278

CHANGES IN CASH AND BANKS

(10,703)

13,318

Some of the items have been calculated against average exchange rates over the year, while other items have been calculated on the

basis of daily exchange rates. As a consequence exchange differences will arise.

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