Cash flow statement
72 Rabobank Group Annual Report 2003
(in EUR millions)
2003
2002
Cash flow from operating activities
Operating profit/Group profit after taxation
1,669
1,459
Adjustments for:
- depreciation
372
368
- value adjustments to receivables
575
500
- value adjustments to financial fixed assets
18
252
- movements in technical reserves relating to the
insurance business
1,119
939
- movements in other provisions
(280)
(937)
- movements in accrued and deferred items
1,729
4,734
3,533
5,856
Cash flow from business operations 5,202 7,315
Movements in short-term government paper (1,398) 3,498
Movements in securities trading portfolio
2,665
3,340
Movements in securitised loans
(50)
(154)
Movements in banks
633
(675)
Movements in lending
(26,120)
(17,138)
Movements in funds entrusted
939
(542)
Other movements from operating activities
4,464
(469)
(18,867)
(12,140)
Net cash flow from operating activities (13,665) (4,825)
Cash flow from investing activities
Investments and purchases
- investment portfolio
(24,222)
(22,495)
- participating interests
(45)
(126)
- tangible fixed assets
(686)
(802)
(24,953)
(23,423)
Disposals, redemptions and sales
- investment portfolio
19,900
23,801
- participating interests
15
136
- tangible fixed assets
227
333
20,142
24,270
Net cash flow from investing activities (4,811) 847
Cash flow from financing activities
The cash flow statement provides
a summary of the net movements
in operating,investing and
financing activities.
Cash and cash equivalents consist
of legal tender and balances
available on demand with central
banks.
Movements in Member Capital
and Trust Preferred Securities
1,389
1,575
Movements in subordinated loans
63
59
Movements in debt securities
18,956
3,225
Payment on Member Capital and
Trust Preferred Securities
(269)
(206)
Net cash flow from financing activities
20,139
4,653
Net cash flow/movement in cash and
cash equivalents
1,663
675
