CONSOLIDATED CASH FLOW STATEMENT [1]

in EUR

2013

2012

A.

OPERATING CASH FLOW

Income statement items

36,421,523

45,877,945

Net written premium for the period

848,792,792

870,023,930

Investment income (excluding financial income) arising from:

23,175,868

23,934,772

     - insurance technical provisions

17,226,999

20,759,650

     - other sources

5,948,869

3,175,122

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

83,429,712

107,126,416

Net claims paid

-601,205,876

-600,003,778

Bonuses and rebates paid

-8,468,746

-8,083,904

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

-194,022,280

-198,650,682

Investment expenses (excluding financial expenses) arising from:

-9,738,949

-48,570,963

     - technical sources

-7,297,281

-10,064,141

     - other sources

-2,441,668

-38,506,822

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

-102,481,272

-85,565,697

Corporate income tax and other taxes excluded from operating expenses

-3,059,726

-14,332,149

Changes in net current assets-operating balance sheet items

-23,685,222

-9,804,340

Movements in receivables from insurance operations

914,247

-6,846,251

Movements in receivables from reinsurance operations

-1,897,625

181,594

Movements in other receivables from (re)insurance operations

6,729,455

-5,890,243

Movements in other receivables and assets

-7,058,274

3,101,504

Movements in deferred tax assets

63,331

2,337,454

Movements in inventories

722,094

1,879,031

Movements in debts from direct insurance operations

-1,944,453

11,410,478

Movements in debts from reinsurance operations

-3,191,418

-1,505,423

Movements in operating debts

-16,353,867

-16,822,070

Movements in other liabilities (excluding unearned premiums)

-760,469

-4,600,737

Movements in deferred tax liabilities

-908,243

6,950,323

Operating cash flow

12,736,301

36,073,605

B.

CASH FLOWS FROM INVESTING ACTIVITIES

Cash inflows from investing activities

2,738,674,286

2,712,442,552

Cash inflows from interest from investing activities and from:

84,623,552

79,822,024

     - investment financed by insurance technical provisions

74,654,387

74,795,607

     - other investment

9,969,165

5,026,417

Cash inflows from dividends received and profit sharing, arising from:

8,515,902

9,601,940

     - investment financed by insurance technical provisions

2,812,918

1,612,124

     - other investment

5,702,984

7,989,816

Cash inflows from the disposal of intangible assets financed by:

182,536

232,862

     - insurance technical provisions

0

317,636

     - other sources

182,536

-84,774

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

979,728

6,104,632

     - insurance technical provisions

47,741

2,479,264

     - other sources

931,987

3,625,368

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

1,187,092,559

1,246,931,676

     - insurance technical provisions

1,095,182,263

1,103,905,564

     - other sources

91,910,296

143,026,112

Cash inflows from the disposal of current investments financed by:

1,456,444,249

1,369,749,418

     - insurance technical provisions

1,284,593,660

1,195,426,053

     - other sources

171,850,589

174,323,365

Cash inflows from the disposal of investments in group companies, financed by:

835,760

0

     - insurance technical provisions

0

0

     - other sources

835,760

0

Cash outflows from investing activities

-2,683,771,800

-2,727,253,065

Cash outflows for the purchase of intangible assets

-10,000,862

-8,515,221

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

-10,925,815

-7,452,052

     - insurance technical provisions

-1,156,461

-851,175

     - other sources

-9,769,354

-6,600,877

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

-1,204,050,533

-1,385,444,793

     - insurance technical provisions

-1,079,503,888

-1,251,414,012

     - other sources

-124,546,645

-134,030,781

Cash outflows for the purchase of current investments financed by:

-1,458,108,584

-1,325,840,999

     - insurance technical provisions

-1,302,947,035

-1,146,279,066

     - other sources

-155,161,549

-179,561,933

Cash outflows for the investments in group companies:

-686,006

0

     - insurance technical provisions

-686,006

0

     - other sources

0

0

Total cash flow from investing activities

54,902,486

-14,810,513

C.

CASH FLOWS FROM FINANCING ACTIVITIES

Cash inflows from financing activities

39,263,813

33,413,521

Cash inflows from paid-in capital

0

0

Cash inflows from long-term loans received

7,751,222

5,735,970

Cash inflows from short-term loans received

31,512,591

27,677,551

Cash outflows from financing activities

-95,034,085

-59,716,158

Cash outflows for paid interest

-2,790,308

-2,822,301

Cash outflows for repayments of principal

0

0

Cash outflows for payments of long-term financial liabilities

-11,860,759

-3,390,936

Cash outflows for payments of short-term financial liabilities

-34,978,986

-37,604,980

Cash outflows from dividends paid and profit sharing

-45,404,032

-15,897,941

Total cash flow from financing activities

-55,770,272

-26,302,637

D.

Opening balance of cash and cash equivalents

17,251,420

22,771,666

E1.

Net cash flow for the period

11,868,515

-5,039,545

E2.

Foreign exchange differences

-51,377

-480,702

F.

Closing balance of cash and cash equivalents

29,068,558

17,251,419



[1] For additional notes to the cash flow statement see Section 8.5.

This page uses cookies, so you can get a better user experience. You can read details about how they are used on this link. Do you agree with their use?