Consolidated statement of cash flows
-
For the year ended 31 December
In millions of euros
2010
2009
Cash flows from operating activities
Operating profit before taxation
3,286
2,437
Adjusted for:
Non-cash items recognised in profit or loss
Depreciation and amortisation
571
527
Value adjustments
1,234
1,959
Result on sale of property and equipment
(7)
(14)
Share of (profit) of associates
(292)
(592)
Fair value results on financial assets and liabilities at fair value through profit or loss
(231)
422
Gains on available-for-sale financial assets
(105)
(138)
Net change in operating assets:
Due from and due to other banks
3,181
(3,346)
Trading financial assets
131
(2,613)
Derivative financial instruments
(4,856)
27,668
Net change in non-trading financial assets at fair value through profit or loss
1,955
2,949
Loans to customers
(24,536)
(8,856)
Dividends received from associates and financial assets
464
54
Net change in liabilities relating to operating activities:
Derivative financial instruments and other trade liabilities
874
(28,464)
Due to customers
12,423
(17,875)
Debt securities in issue
23,149
35,973
Other liabilities
116
(562)
Income tax paid
(772)
(216)
Other changes
(1,157)
903
Net cash flow from operating activities
15,428
10,216
Cash flows from investing activities
Acquisition of associates net of cash and cash equivalents acquired
(19)
(425)
Disposal of associates net of cash and cash equivalents
722
3
Acquisition of property and equipment and investment properties
(1,636)
(2,020)
Proceeds from sale of property and equipment
983
531
Acquisition of available-for-sale financial assets and held-to-maturity financial assets
(64,554)
(25,652)
Proceeds from sale and repayment of available-for-sale financial assets and held-to-maturity financial assets
44,632
24,521
Net cash flow from investing activities
(19,872)
(3,042)
Cash flows from financing activities
Proceedsfrom issue of Capital Securities and Rabobank Member Certificates
36
3,239
Proceedsfrom issue of subordinated debt
1,000
1,000
Proceedsfrom issue of Senior Contingent Notes and Rabo Extra Member Bonds
2,150
Payment on Rabobank Member Certificates, Trust Preferred Securities III to VI and Capital Securities
(836)
(704)
Purchase ofTrust Preferred Securities
(1,249)
Repayment of and proceedsfrom issue of subordinated debt
(1,000)
Net cash flow from financing activities
1,350
2,286
Net change in cash and cash equivalents
(3,094)
9,460
Cash and cash equivalents at beginning of year
16,565
7,105
Cash and cash equivalents at end of year
13,471
16,565
The cash flows from interest are included in the net cash flow from operating activities
Interest income
19,332
20,503
Interest expense
11,651
12,289
111
Annual figures
