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47
Financial statements 2011
Cash Flow Statement
EUR
Cash flows from operating activities
Notes
31.12.2011 31.12.2010
Profit/(loss) for the financial year
(10 217 928)
7 232 055
Adjustments for:
Depreciation and amortisation
4.5, 4.6
1 204 822
1 763 626
Impairment loss on shares and other variable income securities
4.3
5 106 057
4 533 526
Interest income on debt securities and other fixed income securities
7.1 (31 844 395)
(29 072 530)
Change in financial guarantees
(2 118 854)
2 554 636
Net gain/loss on sale of debt securities and other fixed income securities
7.4
(82 215)
(2 002 257)
Provision for financial guarantees
55 232 657
45 729 749
Provision for retirement benefit obligations
(2 097 794)
(1 631 002)
15 182 350
29 107 803
Change in shares and other variable income securities
4.3 (13 288 221)
(24 262 193)
Guarantee calls paid
5.2 (1 596 066)
(5 267 313)
Change in other assets and liabilities
4.4, 5.4 13 921 109
(2 923 864)
(963 178)
(32 453 370)
Net cash from operating activities
14 219 172 (3 345 567)
Cash flows used in investing activities
Acquisition of debt securities and other fixed income securities
4.2 (146 067 911)
(360 000 091)
Proceeds from sale or matured debt securities and other fixed income securities
4.2 189 418 488 283 974 537
Interest received on debt securities and other fixed income securities
32 819 018
25 518 245
Acquisition of intangible assets and property and equipment
4.5, 4.6
(520 232)
(18 745)
Net cash used in investing activities
75 649 363 (50 526 054)
Cash flows from financing activities
Dividend paid
(2 893 779)
0
Capital increase
0
20 994 580
Cash flows from financing activities
(2 893 779)
20 994 580
Cash and cash equivalents at the beginning of the year
4.1 73 603 254 106 266 117
Effect of exchange rate fluctuations on cash and cash equivalents
82 796
214 178
Net cash from
Operating activities
14 219 172
(3 345 567)
Investing activities
75 649 363 (50 526 054)
Financing activities
(2 893 779)
20 994 580
Cash and cash equivalents at the end of the year
4.1 160 660 806 73 603 254
The notes on pages 48 to 93 are an integral part of these financial statements.
for the year ended 31 December 2011