Corporate Financing M&A and Advisory Brokerage and Research Total operating costs Net financial result Receivables from stockbrokers Total paid-in-capital Liabilities payable to customers Securities and financial instruments (short positions) Liabilities payable to stockbrokers Change in accounts receivables and receivables from other stockbrokers Change in accounts payable and payable to customers and other stockbrokers Change in other current assets and liabilities Net cash flow from operating activities Net cash flow from financing activities Net increase/ (decrease) in bank deposits, cash and cash equivalents