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Statement of Cash Flows
<br />€m 2008 2007
<br />Operating activities
<br />Profit/loss for the period -6,297 410
<br />Adjustments to reconcile profit to net cash used in operating activities
<br />Impairment losses on investments 3,222 663
<br />Reversals of impairment losses on investments -6 1
<br />Depreciation, amortisation and impairment losses, and reversals of impairment losses, on items of property and equip-
<br />ment and intangible assets
<br />236
<br />248
<br />Profit attributable to minority interests 62 59
<br />Changes in provisions 1,059 -217
<br />Changes in other non-cash items -1,139 1,411
<br />Gains/losses on the disposal of financial investments, property and equipment -1,123 -306
<br />Net decrease/increase in loans and advances to banks 51,542 31,947
<br />Net decrease/increase in loans and advances to customers 65,161 8,564
<br />Net decrease/increase in trading portfolio 23,735 19,212
<br />Net decrease/increase in other assets -503 -465
<br />Net decrease/increase in liabilities to banks -73,016 -40,699
<br />Net decrease/increase in liabilities to customers -45,253 -5,949
<br />Net issuance of securitised liabilities -11,830 -11,337
<br />Net decrease/increase in other liabilities 2,269 -220
<br />Net cash provided by/used in operating activities 8,119 3,322
<br />Investing activities
<br />Proceeds from the disposal of financial investments 2,739 7,048
<br />Proceeds from the disposal of property and equipment 300 264
<br />Payments for the acquisition of financial investments -2,459 -6,869
<br />Payments for the acquisition of property and equipment -235 -168
<br />Effects of changes in consolidated group structure 1,424 50
<br />Net cash provided by/used in investing activities 1,769 325
<br />Financing activities
<br />Purchase of treasury shares - -1,150
<br />Dividends paid - -301
<br />Net issuance of subordinated liabilities 319 75
<br />Net issuance of profit-participation certificates -945 -467
<br />Payments on profit-participation certificates -20 -109
<br />Other 2,923 -201
<br />Net cash provided by/used in financing activities 2,277 •2,153
<br />Effects of exchange rate changes -167 -42
<br />Net decrease/increase in cash and cash equivalents 11,998 1,452
<br />Cash and cash equivalents at the beginning of the year 6,643 5,191
<br />Cash and cash equivalents at the end of the year 18,641 6,643
<br />Supplementary disclosure of cash flow information
<br />Cash interest received 10,036 7,338
<br />Dividends received 100 116
<br />Cash interest paid 7,741 4,209
<br />Cash income taxes paid -284 -327
<br />Proceeds from the disposal of investments in Group companies 1,729 -
<br />Of which: cash proceeds 1,729 -
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