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Cash flow statement

€ thousand 1.1. to 31.12.
  2011 2010
Net profit 111,763 59,634
Non-cash items contained in net profit and transfer to cash flow from operating activities    
- Depreciation, loan loss provisions, additions to assets, change in provisions and net changes due to hedge accounting and trading 36,026 23,131
- Result from the sale of assets 3,098 - 12,404
- Other adjustments - 157,408 - 88,134
Sub-total - 6,521 - 17,773
Changes in assets and liabilities from operating activities after adjustment for non-cash items    
- Claims    
on banks - 793,151 - 1,121,944
on customers 43,017 1,373
- Securities 781,215 - 212,530
- Other assets from operating activities 2,478 - 2,209
- Liabilities    
to banks - 37,535 39,856
to customers 340,455 1,222,682
- Other liabilities and equity from operating activities - 46,717 - 26,954
Interest and dividends received 245,897 201,530
Interest paid - 116,490 - 88,612
Income tax payments 5,929 - 28,468
Cash flow from operating activities 418,577 - 33,049
Cash inflows from the disposal of fixed assets and intangible assets 5 2,071
Cash outflows for the acquisition of fixed assets and intangible assets - 16,387 - 8,981
Cash flow from investment activities - 16,382 - 6,910
Dividend payment - 59,313 - 57,901
Cash flow from financing activities - 59,313 - 57,901
Cash and cash equivalents as of the end of the previous year 184,967 282,827
- Cash flow from operating activities 418,577 - 33,049
- Cash flow from investment activities - 16,382 - 6,910
- Cash flow from financing activities - 59,313 - 57,901
Cash and cash equivalents as of the end of the period 527,849 184,967

Cash and cash equivalents correspond to the balance sheet item “cash reserve” and include cash on hand and balances held at central banks.