Consolidated statement of cash flows
-
-
-
-
For the year ended 31 December
In millions of euros 2011 2010
Cash flows from operating activities
Operating profit before taxation
3,052
3,286
Adjusted for:
Non-cash items recognised in operating profit before taxation
Depreciation and amortisation
578
571
Depreciation of operating lease assets and investment properties
782
783
Value adjustments
1,704
1,234
Result on sale of property and equipment
(3)
(7)
Income from associates
17
(292)
Fair value results on financial assets and liabilities at fair value through profit or loss
(640)
(231)
Gains/(losses) on available-for-sale financial assets
169
(105)
Net change in operating assets:
Due from and due to other banks
10,315
3,181
Trading financial assets
4,667
131
Derivative financial instruments
(1 5,026)
(4,856)
Net change in non-trading financial assets at fair value through profit or loss
(556)
1,955
Loans to customers
(22,040)
(24,536)
Dividends received from associates and financial assets
76
464
Net change in liabilities relating to operating activities:
Derivative financial instruments and other trade liabilities
15,291
874
Due to customers
41,505
12,423
Debt securities in issue
16,622
23,149
Other liabilities
1,597
116
Income tax paid
(435)
(772)
Other changes
(4,822)
(1,940)
Net cash flow from operating activities
52,853
15,428
Cash flows from investing activities
Acquisition of associates net of cash and cash equivalents acquired
(67)
(19)
Disposal of associates net of cash and cash equivalents
207
722
Acquisition of property and equipment and investment properties
(1,880)
(1,636)
Proceeds from sale of property and equipment
538
983
Acquisition of available-for-sale financial assets and held-to-maturity financial assets
(25,081)
(64,554)
Proceeds from sale and repayment of available-for-sale financial assets and held-to-maturity
financial assets
28,760
44,632
Net cash flow from investing activities
2,477
(19,872)
Cash flows from financing activities
Proceeds from issue of Capital Securities and Rabobank Member Certificates
2,673
36
Proceeds from issue of subordinated debt
1,000
Proceeds from 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
(1,000)
(836)
Repayment of and proceeds from issue of subordinated debt
(1,000)
Net cash flow from financing activities
1,673
1,350
Net change in cash and cash equivalents
57,003
(3,094)
Cash and cash equivalents at beginning of year
13,471
16,565
Foreign exchange differences on cash and cash equivalents
(44)
Cash and cash equivalents at end of year
70,430
13,471
The cash flows from interest are included in the net cash flow from operating activities
Interest income
22,200
19,332
Interest expense
12,647
11,651
113
Jaarcijfers
