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Cash Flow

A B C D
    2012 2011
  CASH FLOW FROM OPERATING ACTIVITIES    
  Profit / (loss) before tax -7 822 268 -11 560 319
  Taxes paid 0 0
  Profit / (loss) on sale of fixed assets 0 -50 000
  Depreciation and amortisation 366 799 523 010
  Return on investments in equity shares -2 995 749 13 456 623
  Difference between expensed pension and paid in/out -200 542 -4 394 084
  Write-down subsidiaries 0 0
  Result in other affiliated companies -572 713 1 249
  Result in affiliated ship owning companies 748 046 -139 151
  Changes in inventories, trade receivables and trade payables 2 377 494 1 370 404
  Changes in other current balance sheet items 4 322 194 26 652 703
  Financial income 0 0
  Financial expenses 0 0
  Effect of changes in exchange rates 0 0
  Write-down shares in subsidiaries 11 076 530 0
  Net cash flow from operating activities 7 299 791 25 860 435
       
  CASH FLOW FROM INVESTING ACTIVITIES    
  Proceeds from sale / purchase of tangible fixed assets -422 818 314 714
  Proceeds from sale / purchase of securities 6 271 319 1 916 365
  Dividend received 1 688 783 2 078 365
  Investment affiliated companies 497 035 -850 761
  Proceeds form ship owning companies 21 745 138 0
  Proceeds from sale of investments in shares and joint ventures 0 0
  Payments to ship owning companies -3 637 800 -1 106 245
  Net cash flow from investing activities 26 141 657 2 352 438
       
  CASH FLOW FROM FINANCING ACTIVITIES    
  Changes in overdraft facility 564 024 -9 852 015
  Payments other long term debt -47 255 327 0
  Purchase / sale of treasury shares 0 823 750
  Change in outstanding accounts group companies 2 337 081 0
  Dividends paid 0 0
  Issue / repurchase of partnership capital 0 0
  Net cash flow from financing activities -44 354 222 -9 028 265
       
  Effects of changes in exchange rates on cash and cash equivalents 0 0
       
  Net change in cash and cash equivalents -10 912 774 19 184 608
       
  Cash and cash equivalents 01.01 21 895 950 2 711 342
       
  Cash and cash equivalents 31.12 10 983 174 21 895 950