12.3 Glocal Consulting SpA provides consulting services. During the year ended 31 March 2005 it had revenues for EUR 47,000 and expenses for EUR 28,500.

The only non-cash expenses were depreciation for EUR 2,500 and amortisation for EUR 2,000. Glocal Consulting has no inventory. The opening balance of trade and other receivables was EUR 20,000 and the closing balance was EUR 25,000. Trade and other payables were unchanged.

Prepare the operating section of the cash flow statement. Use the direct method.