In BGN

Note

2003

2002

Operating activities

Gross excess of expenditure over revenue

(129,549)

(40,693)

Adjustments for:

Depreciation

5,6

61,707

51,604

Foreign exchange gains from revaluation assets and liabilities denominated in foreign currency

(36,623)

(38,735)

Interest expenses accrued

72,752

-

Taxes accrued

14,539

7,151

Cash flow from operating activities before changes in working capital

(17,174)

(20,673)

(Increase)/ decrease in assets from operating activities

748,678

(846,958)

Increase/ (decrease) liabilities from operating activities

(836,712)

1,107,090

Cash flows from operating activities

(105,208)

239,459

Investing activities

Purchase of tangible fixed assets

(110,248)

-

Purchase of intangible assets

(590)

-

Purchase of investments

(5,409)

(52,011)

Proceeds from investments held-to-maturity

602,713

-

Cash flows from investing activities

486,466

(52,011)

Financing activities

Acquisition of other investments

-

(1,192,054)

Interest received

479

22,947

Extended loan

(341,292)

-

Cash flows from financing activities

(340,813)

(1,169,107)

Net increase/(decrease) in cash and cash equivalents

40,445

(981,659)

Cash and cash equivalents at beginning of year

1,404,949

2,386,608

Cash and cash equivalents at end of year

11

1,445,394

1,404,949