2013 2014 2015
Profits/(Loss) for the period -3,420,032 -4,908,713 12,100,318
Adjustments for:      
Income Tax -349    
Depreciation of tangible and intangible assets and investment property 8,358,188 8,585,990 8,648,905
Bargain purchase      
Impairment, consumption, destruction of PP& E, intangible assets and investment property      
(Gain)/loss from the sale of fixed assets -104,074 -72,753  
Impairment loss on  inventories and receivables 303,123 1,155,963 3,358,163
(Gain)/ loss on sale of financial assets  893,599    
(Gain)/ loss of investments and derivatives fair value   598,653 -612,922
Interest income -343,417 -122,496 -81,381
Interest expenses 3,423,475 3,141,748 8,001,885
Income from dividends      
Depreciation of grants      
Share of profit of equity-accounted investees, net of tax -4,767,494 -2,136,532 -1,510,501
Foreign exchange differences -93,584 -409,650 -244,523
Employee benefits due to retirement 339,438 185,093 221,751
Changes in working capital 
(Increase) / decrease in inventories -3,262,405 -34,480,105 11,051,567
(Increase)/decrease in receivables -3,934,298 -36,688,999 45,248,666
Increase/(decrease) in liabilities 17,841,558 38,847,369 -48,523,058
Increase/(decrease) in provisions   -992,424  
Increase/(decrease) in employee benefits -337,013 -103,892 -99,268
Cash flows from operating activities 14,896,715 -27,400,748 37,562,458
Interest paid -3,686,653 -2,960,238 -7,891,695
Income tax paid -2,432,429 -246,509 -2,330,825
Net cash flows from/(used in) operating activities 8,777,633 -30,670,495 27,339,938
Cash flows from investing activities
Acquisition of PP&E, investment property and intangible assets -20,593,834 -51,047,399 -37,109,198
Proceeds from sale of  PP&E, investment property and intangible assets 104,134 3,717,539  
Acquisition of subsidiary, net of cash acquired     -3,794
Dividends received 2,400,537 2,022,388 801,440
Acquisition of available-for-sale financial assets      
Proceeds from Sale of available-for-sale financial assets      
Purchase of financial assets at fair value through profit or loss -7,501,788   -696,000
Proceeds from Sale of financial assets at fair value through profit or loss 6,550,180   693,144
Interest received 343,417 122,496 81,381
Proceeds from Collection of grants      
Acquisition of non controlling interests      
Acquisition of subsidiary net of cash acquired-Cofidin      
Acquisition of subsidiary net of cash acquired-Viohalco SA      
Net cash (from)/used in investing activities      
Total Cash from Inveting activities -18,697,354 -45,184,976 -36,233,027
Cash flows from financing activities      
Proceeds from new borrowings 123,594,573 65,546,220 129,639,817
Repayment of borrowings -99,909,425 -21,845,964 -111,323,769
Payment of finance lease liabilities      
Dividends paid      
Other       
Net cash flows from financing activities      
Net (decrease)/ increase in cash and cash equivalents      
Cash and cash equivalents at beginning of period      
Total Cash from Financing Activities 23,685,148 43,700,256 18,316,048
Net (decrease)/ increase in cash and cash equivalents 13,765,427 -32,092,215 9,422,959
Cash and cash equivalents at beginning of period 27,505,880 41,069,951 9,574,938
Foreign exchange differences in cash & cash equivalents -201,356 597,202 459,465
Cash and cash equivalents at end of period 41,069,951 9,574,938 19,457,363