Consolidated cash flow statement
-
-
For the year ended 31 December
In millions of euros
2006
2005
Cash flow from operating activities
Operating profit before taxation
2,712
2,604
Adjusted for:
Non-cash items recognised in profit and loss
Depreciation and amortisation
341
346
Value adjustments
450
517
(Gain)/loss on sale of property and equipment
(14)
(12)
Share of (profit) of associates and (gain)/loss on sale of subsidiary
(527)
(218)
Fair value (gains)/losses on investment properties
2
1
Fair value (gains)/losses on financial assets and liabilities at fair value through profit and loss
(246)
146
Net (gain)/loss on available-for-sale financial assets
(7)
(38)
2,711
3,346
Net changes in operating assets
Due from other banks
7,874
1,387
Trading financial assets
2,222
(5,741)
Derivative financial instruments
5,143
7,900
Net changes in non-trading financial assets at fair value through profit and loss
(4,019)
25,219
Loans to customers
(50,473)
(30,337)
Net changes in liabilities relating to operating activities
Derivative financial instruments and other trade liabilities
(4,488)
(11,090)
Due to customers
29,472
8,956
Debt securities in issue
12,074
18,472
Other debts
3,583
(291)
Income tax paid
(809)
(634)
Other changes (2005: mainly attributable to disposal of Interpolis)
(2,285)
(18,681)
Net cash flow from operating activities
1,005
(1,494)
Cash flows from investing activities
Acquisition of subsidiaries net of cash and cash equivalents acquired
1,714
(21)
Disposal of subsidiaries net of cash and cash equivalents acquired
3
2
Acquisition of property, equipment and investment properties
(646)
(456)
Proceeds from sale of property and equipment
330
318
Acquisition of available-for-sale financial assets and held-to-maturity financial assets
(16,160)
(14,885)
Proceeds from sale and repayment of available-for-sale financial assets
and held-to-maturity financial assets
12,861
10,286
Net cash flow from investing activities
(1,898)
(4,756)
Cash flows from financing activities
Proceeds from issue of Rabobank Member Certificates
2,000
Proceeds from issue of subordinated debt instruments
1,000
Payment on Rabobank Member Certificates and Trust Preferred Securities III to VI
(387)
(322)
Repayment of subordinated debt
(13)
(774)
Net cash flow from financing activities
(400)
1,904
Net changes in cash and cash equivalents
(1,293)
(4,346)
Cash and cash equivalents at beginning of year
2,923
7,269
Cash and cash equivalents at end of year
1,630
2,923
The cash flows from interest are included in the net cash flow from operating activities
Interest income
24,675
19,730
Interest expense
17,740
13,986
102 Rabobank Group Annual Report 2006
