8.5 Additional notes to the cash flow statement

The consolidated cash flow statement is composed of the combined cash flows of all Triglav Group companies, taking into account intercompany eliminations.

Operating cash flows and cash flows from investing activities are recognised based on the data from financial statements and adjusted for the non-cash flow items (impairments, changes of claims and other provisions). Receipts/payments for intangible assets, for property, plant and equipment and for investment property were calculated based on the changes in their carrying amount, adjusted by depreciation charges and increased or decreased by realised losses or gains on disposals. Therefore, the figures differ from those in the tables of changes in Sections 6.1 Intangible assets, 6.2 Property, plant and equipment and 6.3 Investment property.

Cash flow from financing activities is prepared based on actual payments. The amount of dividend payments in the cash flow statement differs from that disclosed in the statement of changes in equity by the amount of unpaid dividends.

The table below shows the reconciliation of operating cash flows.

Reconciliation of operating cash flows

 

 

in EUR

 

2011

2010

PROFIT/LOSS BEFORE TAX

57,999,615

43,250,266

Depreciation

11,598,595

11,231,762

Impairment of receivables

21,981,546

22,113,681

Change in receivables

-40,745,928

3,143,227

Change in deferred tax assets

-8,192,753

-7,118,181

Change in inventory

543,313

875,415

Change in liabilities

-112,156,870

6,222,023

Payment of income tax

-24,446,402

-10,331,543

OPERATING CASH FLOW

-93,418,884

69,386,650

 

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