Notes

2024

2023

Operational activities

Net profit/(loss)

297,234

64,922

Adjustment for non-cash items:

- Result of associates and joint ventures

-39,483

-26,065

- Unrealized (gains)/losses arising from changes in fair value

68,852

-58,762

- Unrealized (gains)/losses arising from changes in foreign exchange rates

-121,968

107,872

- Unrealized (gains)/losses arising from other changes

17,900

47,745

- Amortization of premiums/discounts debentures and notes

12,857

-18,135

- Impairments

-26,180

39,646

- Depreciation and impairment of PP&E and intangible assets

(11),(12)

8,618

9,634

- Income tax expense/(gain)

15,363

-4,950

Changes in:

- Income taxes payable / receivable

16,337

-8,692

- Loans

-677,604

29,677

- Equity investments

-18

-109,312

- Other assets and liabilities

-10,145

-41,766

- Short-term deposits > 3 months

1,074

4,738

- Short-term credits

119,865

44,958

Net cash flow from operating activities

-317,298

81,510

Investing activities

Purchase of interest-bearing securities

(5)

-131,567

-137,391

Redemption/sale of interest-bearing securities

(5)

93,422

132,602

Investments in PP&E and intangible fixed assets

(11),(12)

-1,236

-1,877

Disinvestments in PP&E and intangible fixed assets

(11),(12)

718

89

Investments in associates/joint ventures

(10)

-7,338

-14,260

Disinvestments in associates/joint ventures

(10)

-

6,657

Net cash flow from investing activities

-46,001

-14,180

Financing activities

Proceeds from issuance of debt securities, debentures and notes

(16)

1,213,542

1,535,514

Redemption of debt securities, debentures and notes

(16)

-1,241,544

-1,052,840

Lease payments

(11)

-3,325

-3,385

Dividend paid

-2,152

-

Net cash flow from financing activities

-33,479

479,289

Net cash flow

-396,778

546,619

Cash and cash equivalents

Banks and short-term deposits at January 1

1,866,997

1,374,780

Net foreign exchange difference

37,496

-54,402

Total cash flow

-396,778

546,619

Banks and short-term deposits at December 31

(33)

1,507,715

1,866,997

Operational cash flows from interest and dividends

Interest received

486,523

286,486

Interest paid

-330,132

-311,025

Dividend received

29,171

34,481

Interest paid for lease liabilities

-97

-122

Income tax received/(paid)

-18,681

-15,501