E. CONSOLIDATED CASH FLOW STATEMENT 5

Consolidated cash flow statement

           

in EUR

 

 

 

 

Notes

2011

2010

A. OPERATING CASH FLOW

 

 

 

 

a.

 

Income statement items

 

15,483,061

83,347,693

 

 

1.

Net written premium for the period

7.1

921,231,920

943,572,313

 

 

2.

Investment income (excluding financial income)
arising from

7.2

52,023,035

97,321,632

 

 

 

- insurance technical provisions

 

48,394,304

85,873,869

 

 

 

- other sources

 

3,628,731

11,447,763

 

 

3.

Other operating income (excluding revaluation
and provisions reductions)
operating revenues and financial income from
operating receivables

 

92,424,896

94,388,281

 

 

4.

Net claims paid

7.8

-575,979,434

-565,839,477

 

 

5.

Bonuses and rebates paid

7.10

-10,789,820

-7,023,719

 

 

6.

Net operating expenses excluding depreciation
charge and changes in the accrued acquisition
expenses

7.11

-180,378,877

-223,122,725

 

 

7.

Investment expenses (excluding financial expenses)
arising from

7.3

-128,112,894

-80,215,840

 

 

 

- technical sources

 

-113,123,136

-65,974,172

 

 

 

- other sources

 

-14,989,758

-14,241,668

 

 

8.

Other operating expenses excluding depreciation charge
(except for revaluations and without increasing provisions)

7.13

-130,489,363

-165,401,229

 

 

9.

Corporate income tax and other taxes excluded
from operating expenses

 

-24,446,402

-10,331,543

 

b.

 

Changes in net current assets-operating balance sheet items

 

-108,901,945

-13,961,043

 

 

1.

Movements in receivables from insurance operations

6.7

-8,701,560

-45,957,161

 

 

2.

Movements in receivables from reinsurance operations

 

13,231,300

-13,254,063

 

 

3.

Movements in other receivables from (re)insurance operations

 

11,946,762

-911,942

 

 

4.

Movements in other receivables and assets

 

-5,150,334

-10,282,220

 

 

5.

Movements in deferred tax assets

 

-8,192,753

-4,525,176

 

 

6.

Movements in inventories

 

543,313

376,634

 

 

7.

Movements in debts from direct insurance operations

6.18

-763,375

12,553,097

 

 

8.

Movements in debts from reinsurance operations

 

1,501,610

4,861,141

 

 

9.

Movements in operating debts

 

-93,986,597

27,622,054

 

 

10.

Movements in other liabilities (excluding unearned premiums)

 

2,732,819

23,166,123

 

 

11.

Movements in deferred tax liabilities

6.16

-22,063,130

-7,609,531

 

c.

 

Operating cash flow

8.5

-93,418,884

69,386,650

B. CASH FLOWS FROM INVESTING ACTIVITIES

 

 

 

 

a.

 

Cash inflows from investing activities

 

3,154,641,695

3,830,451,648

 

 

1.

Cash inflows from interest from investing activities and from

6.5

81,672,158

82,919,195

 

 

 

- investment financed by insurance technical provisions

 

77,990,411

77,320,216

 

 

 

- other investment

 

3,681,747

5,598,979

 

 

2.

Cash inflows from dividends received and profit sharing, arising from

6.5

4,820,953

4,742,245

 

 

 

- investment financed by insurance technical provisions

 

1,563,343

2,155,552

 

 

 

- other investment

 

3,257,610

2,586,693

 

 

3.

Cash inflows from the disposal of intangible assets financed by

6.1

776,499

255,070

 

 

 

- insurance technical provisions

 

155,769

223,281

 

 

 

- other sources

 

620,730

31,789

 

 

4.

Cash inflows from the disposal of property, plant and equipment
financed by

6.2

2,239,195

2,295,708

 

 

 

- insurance technical provisions

 

294,039

1,377,554

 

 

 

- other sources

 

1,945,156

918,154

 

 

5.

Cash inflows from the disposal of non-current investments
financed by

6.5

854,302,483

944,433,982

 

 

 

- insurance technical provisions

 

741,489,085

781,575,078

 

 

 

- other sources

 

112,813,398

162,858,904

 

 

6.

Cash inflows from the disposal of current investments financed by

6.5

2,210,830,407

2,795,805,448

 

 

 

- insurance technical provisions

 

2,055,075,841

2,618,867,548

 

 

 

- other sources

 

155,754,566

176,937,900

 

b.

 

Cash outflows from investing activities

 

-3,060,222,681

-3,886,606,162

 

 

1.

Cash outflows for the purchase of intangible assets

6.1

-5,123,713

-4,656,655

 

 

2.

Cash outflows for the purchase of property, plant and equipment
financed by

6.2

-9,586,447

-17,108,853

 

 

 

- insurance technical provisions

 

-4,532,464

-3,260,195

 

 

 

- other sources

 

-5,053,983

-13,848,658

 

 

3.

Cash outflows for the purchase of non-current investments
financed by

6.5

-926,368,493

-1,226,313,687

 

 

 

- insurance technical provisions

 

-788,020,378

-1,078,995,831

 

 

 

- other sources

 

-138,348,115

-147,317,856

 

 

4.

Cash outflows for the purchase of current investments
financed by

6.5

-2,119,144,028

-2,638,526,967

 

 

 

- insurance technical provisions

 

-1,968,482,135

-2,520,295,968

 

 

 

- other sources

 

-150,661,893

-118,230,999

 

c.

 

Total cash flow from investing activities

 

94,419,014

-56,154,514

C. CASH FLOWS FROM FINANCING ACTIVITIES

 

 

 

 

a.

 

Cash inflows from financing activities

 

21,248,068

26,245,413

 

 

1.

Cash inflows from paid-in capital

 

0

0

 

 

2.

Cash inflows from long-term loans received

6.12

4,857,115

11,330,000

 

 

3.

Cash inflows from short-term loans received

 

16,390,953

14,915,413

 

b.

 

Cash outflows from financing activities

 

-33,673,683

-34,977,421

 

 

1.

Cash outflows for paid interest

 

-3,829,877

-2,686,525

 

 

2.

Cash outflows for repayments of principal

 

0

0

 

 

3.

Cash outflows for payments of long-term financial liabilities

 

-13,933,500

-12,936,550

 

 

4.

Cash outflows for payments of short-term financial liabilities

 

-7,030,545

-19,346,321

 

 

5.

Cash outflows from dividends paid and profit sharing

 

-8,879,761

-8,024

 

c.

 

Total cash flow from financing activities

 

-12,425,615

-8,732,007

D. Opening balance of cash and cash equivalents

 

34,108,090

30,443,966

E1. Net cash flow for the period

6.9

-11,425,485

4,500,129

E2. Foreign exchange differences

 

89,061

-836,005

F. Closing balance of cash and cash equivalents

 

22,771,666

34,108,090

For additional notes to the cash flow statement see Chapter 8.5.

 

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