Cash flow from operating activities:

Operating result

23,563

9,580

Adjustments for:

- Depreciation and other value adjustments

18,778

18,603

- Changes in provisions

13,341

1,290

- Changes in working capital:

. Changes in short-term receivables

12,488

-5,296

. Changes in inventory

-30

-445

. Changes short-term liabilities excluding credit institutions

290

5,521

12,748

-220

Cash flow from company operations

68,430

29,253

Received interest

648

485

Received dividends

4,084

7,006

Tax paid on profits

-1,999

-3,250

2,733

4,241

Cash flow from operating activities

71,163

33,494

Cash flow from investment activities

Investments in (in)tangible fixed assets

-20,034

-18,005

Disinvestments in (in)tangible fixed assets

4,351

2,462

Investments/disinvestments in consolidated companies

-7,550

-4,246

Investments/disinvestments in non-consolidated companies

14

-3,440

Long-term loans granted

-165

-1

Repayments received for long-term receivables

83

325

Cash flow from investment activities

-23,301

-22,905

47,862

10,589

Cash flow from financing activities

Income from long-term debts

5,883

412

Repayments on long-term debts

-754

-326

Dividends paid

-6,202

-4,653

Paid interest

-1,353

-1,134

Credit institutions movements

2,218

957

Cash flow from financing activities

-208

-4,744

Net cash flow

47,654

5,845

Exchange rate and conversion differences

110

693

Funds movements

47,764

6,538

Balance of funds at beginning of year under review

87,588

81,050