Notes

2025

2024

Operational activities

Net profit/(loss)

48,458

297,234

Adjustment for non-cash items:

- Share of the profit or loss of associates and joint ventures accounted for using the equity method

-33,064

-39,483

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

(32)

-80,991

68,852

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

229,125

-121,968

- Unrealized gains/ (losses) s arising from other changes

(32)

12,258

17,900

- Amortization of premiums/discounts debentures and notes

58,576

12,857

- Impairment charges on financial assets, loan commitments and guarantees

(8)

-38,751

-26,180

- Depreciation, amortization and impairment of PP&E and intangible assets

(11),(12)

11,639

8,618

- Income tax expense/(gain)

11,465

15,363

Changes in:

- Income taxes payable / receivable

12,404

16,337

- Loans

-1,119,990

-677,604

- Equity investments

76,111

-18

- Other assets and liabilities

-57,777

-10,145

- Short-term deposits > 3 months

(32)

-16,739

1,074

- Short-term credits

327,504

119,865

Net cash flow from operating activities

-559,772

-317,298

Investing activities

Purchase of interest-bearing securities

(5)

-287,785

-131,567

Redemption/sale of interest-bearing securities

(5)

155,964

93,422

Investments in PP&E and intangible assets

(11),(12)

-38,133

-1,236

Disposals of investments in PP&E and intangible assets

(11),(12)

12

718

Investments in associates/joint ventures

(10)

-24,990

-7,338

Disinvestments in and dividend from associates/joint ventures

(10)

19,473

-

Net cash flow from investing activities

-175,459

-46,001

Financing activities

Proceeds from issuance of debentures and notes

(16)

2,096,441

1,213,542

Redemption of debentures and notes

(16)

-1,588,577

-1,241,544

Lease payments

(11)

-3,187

-3,325

Dividend paid

-10,591

-2,152

Net cash flow from financing activities

494,086

-33,479

Net cash flow

-241,145

-396,778

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

-56,206

37,496

Total cash flow

-241,145

-396,778

Cash balances with Banks and short term deposits at December 31

(31)

1,210,364

1,507,715

Additional information on operational cash flows from interest and dividends

Interest received

514,316

486,523

Interest paid

-293,462

-330,132

Dividend received

39,565

29,171

Interest paid for lease liabilities

-74

-97

Income tax received/(paid)

622

-18,681