Consolidated Cash Flow Statement

For the year ended 31 December

 

in EUR millions

2008

2007

Operating activities

Net profit

92

98

Adjustments for non-cash items

Depreciation, amortisation and impairment losses

79

19

Changes in employee benefit obligations

(3)

(6)

Gains less losses from financial assets

57

(107)

Share in result of associates

(7)

(1)

Changes in operating assets and liabilities

Derivative financial instruments

468

(217)

Operating assets

2,243

3,142

Operating liabilities

171

(319)

Dividends received from associates

6

-

Cash flows from operating activities

3,106

2,609

Investing activities

Proceeds from the sale of property, plant and equipment

1

8

Acquisition of property, plant and equipment

(37)

(9)

Disposal of subsidiaries, associates and joint ventures

6

2

Acquisition of subsidiaries

(97)

-

Acquisition of associates and joint ventures

-

(25)

Cash flows from investing activities

(127)

(24)

Financing activities

Net increase/(decrease) in own debt securities in issue

(3,108)

(85)

Net increase/(decrease) in subordinated liabilities

(37)

45

Net increase/(decrease) in debt securities in issue structured

(1,042)

(401)

Dividends paid

-

(146)

Cash flows from financing activities

(4,187)

(587)

Net increase/(decrease) in cash and cash equivalents

(1,208)

1,998

Cash and cash equivalents at 1 January

3,976

1,978

Net increase/(decrease) in cash and cash equivalents

(1,208)

1,998

Cash and cash equivalents at 31 December

2,768

3,976

Cash flows from operating activities include:

Taxes paid

(101)

4

Reconciliation of cash and cash equivalents:

Cash and balances with central banks

1,113

874

Due from other banks (maturity 3 months or less)

1,655

3,102

2,768

3,976