Cash flow statement
64 Rabobank Group Annual Report 2004
Annual figures
(in EUR millions)
2004
2003
Cash flow from operating activities
Operating profit/Group profit after taxation
1,852
1,636
Adjustments for:
- depreciation
368
372
- value adjustments to receivables
525
575
- value adjustments to financial fixed assets
(11)
(148)
- movements in technical reserves relating to the
to the insurance business
1,363
1,119
- movements in other provisions
212
(280)
- movements in accrued and deferred items
1,646
1,729
4,103
3,367
Cash flow from business operations
5,955
5,003
Movements in short-term government paper
(921)
(1,398)
Movements in securities trading portfolio
(19,723)
2,665
Movements in securitised loans
(963)
(50)
Movements in banks
14,741
633
Movements in lending
(25,898)
(26,120)
Movements in funds entrusted
19,552
939
Other movements from operating activities
(1,550)
4,609
(14,762)
(18,722)
Net cash flow from operating activities
(8,807)
(13,719)
Cash flow from investing activities
Investments and purchases
- investment portfolio
(24,469)
(24,277)
- participating interests
(321)
(45)
- tangible fixed assets
(534)
(686)
(25,324)
(24,953)
Disposals, redemptions and sales
- investment portfolio
20,575
19,900
- participating interests
11
15
- tangible fixed assets
239
227
20,825
20,142
Net cash flow from investing activities
(4,499)
(4,811)
Cash flow from financing activities
Movements in Member Capital and Trust Preferred
Securities III, IV, V and VI 1,867 2
Movements in subordinated loans (120) 1,450
Movements in debt securities 11,883 18,956
Payment on Member Capital and Trust Preferred
Securities III, IV, V and VI (237) (215)
Net cash flow from financing activities 13,393 20,193
The cash flow statement provides a summary
of the net movements in operating, investing
Net cash flow/movement in cash 87 1,663 and financing activities.
