Consolidated statement of cash flows

	Notes	June 30, 2025	June 30, 2024

Operational activities
Net profit/(loss)		-89,686	134,267

Adjustment for non-cash items:
- Result of associates and joint ventures		-34,152	-14,501
- Unrealised (gains) losses arising from changes in fair value¹		-18,506	6,331
- Unrealised (gains) losses arising from changes in foreign exchange rates		204,830	-120,711
- Unrealised (gains) losses arising from other changes²		9,083	-715
- Amortization of premiums/discounts debentures and notes		38,642	1,891
- Impairments		-32,202	-24,414
- Depreciation, amortisation and impairment of PP&E and intangible assets		5,871	4,731
- Income tax expense/(gain)		-9	10,697

Changes in:
- Income taxes payable / receivable		-4,079	2,141
- Loans		-111,233	-77,748
- Equity investments		91,014	17,105
- Other assets and liabilities³		53,023	-7,023
- Short-term deposits > 3 months³		-1,665	-91,520
- Short-term credits³		50,110	-28,759
Net cash flow from operational activities		161,041	-188,228

Investment activities
Purchase of interest-bearing securities		-19,950	-61,128
Redemption/sale of interest-bearing securities		58,302	23,474
Investments in PP&E and intangible fixed assets		-9,988	-9,826
Disinvestments in PP&E and intangible fixed assets		5,722	1,367
Investments in associates/joint ventures		-15,367	-197
Disinvestments in associates/joint ventures		2,769	-
Net cash flow from investment activities		21,488	-46,310

Financing activities
Proceeds from issuance of debt securities, debentures and notes	(6)	1,210,163	652,174
Redemption of debt securities, debentures and notes	(6)	-984,675	-644,681
Lease payments		-1,608	-1,645
Dividend paid		-10,591	-2,152
Net cash flow from financing activities		213,289	3,696
Net cash flow		395,818	-230,842

Cash and cash equivalents
Cash balances with Banks and short term deposits at January 1		1,507,715	1,866,997
Net foreign exchange difference		-52,809	57,543
Total cash flow		395,818	-230,842
Cash balances with Banks and short term deposits at June 30		1,850,724	1,693,698

Additional information on operational cash flows from interest and dividends
Interest received		275,318	263,255
Interest paid		-148,467	-160,953
Dividend received		14,086	10,151
Interest paid for lease liabilities		-40	-50
Income tax received/(paid)		-3,557	-

1 _{Unrealized (gains) losses arising from changes in fair value related to fair value changes in loans to private sector, derivatives, equity investments, debentures and notes.}

2 _{Unrealized (gains) losses arising from other changes relate to changes in accrual and amortizable fees of financial assets and liabilities.}

3 _{Movement is excluding foreign exchange results. Foreign exchange results are included in unrealized gains (losses) arising from foreign exchange rates.}

Cash balances with Banks and short term deposits

The balance as mentioned in the cash flow statement corresponds with the following items in the consolidated statement of financial position:

Cash position maturity bucket < 3 months	June 30, 2025	December 31, 2024
Cash balances with Banks	185,314	43,087
Short term deposits measured at AC	1,614,521	1,111,886
Short term deposits measured at FVPL	65,963	369,481
-of which > 3 months	-15,074	-16,739
Cash balances with Banks and short term deposits < 3 months	1,850,724	1,507,715