Consolidated cash flow statement
72 Rabobank Group Annual Report 2005
Annual figures
For the year ended 31 December
In millions of euros
2005
2004
Cash flows from investing activities
Acquisition of subsidiaries net of cash and cash equivalents acquired
(21)
(206)
Disposal of subsidiaries net of cash and cash equivalents disposed
Acquisition of property and equipment and investment properties
(456)
(568)
Income from sale of property and equipment
318
644
Acquisition of available-for-sale financial assets and held-to-maturity financial assets
(14,885)
(19,485)
Income from sale and repayment of available-for-sale financial assets and held-to-maturity financial assets
10,286
8,848
Net cash flow from investing activities
(4,756)
(10,763)
Cash flows from financing activities
Proceeds from issue of Rabobank Member Certificates
2,000
Proceeds from issue of Trust Preferred Securities
1,879
Proceeds from issue of subordinated debt instruments
1,000
1,927
Payment on Rabobank Member Certificates and Trust Preferred Securities
322
237
Repayment of subordinated debt
(774)
(15)
Net cash flow from financing activities
2,548
4,028
Net increase/(decrease) in cash and cash equivalents
(4,346)
91
Cash and cash equivalents at beginning of year
7,269
7,178
Cash and cash equivalents at end of year
2,923
7,269
The purchase of the interest in Eureko and the sale of the interest in Interpolis did not generate any cash flows.
The cash flows from interest are included in the net cash flow from operating activities.
The interest income and expense amounted:
Interest income
22,101
18,580
Interest expense
15,694
12,385
