Consolidated statement of cash flows
-
-
-
-
-
-
-
For the year
ended 31 December
in millions of euros
2012
2011
Cash flows from operating activities
Operating profit before taxation from continuing operations
2,075
2,848
Operating profit before taxation from discontinuing operations
297
204
Adjusted for:
Non-cash items recognised in operating profit before taxation
Depreciation
527
540
Depreciation of operating lease assets and investment properties
818
782
Value adjustments
2,350
1,704
Result on sale of property and equipment
1
(3)
Income from associates
(255)
20
Fair value results on financial assets and liabilities at fair value through profit or loss
(823)
(657)
Gains/(losses) on available-for-sale financial assets
(114)
174
Non-cash items relating to discontinued operations
(32)
47
Net change in operating assets:
Due from and due to other banks
(9,290)
10,315
Trading financial assets
3,662
4,667
Derivative financial instruments
(6,450)
(15,026)
Net change in non-trading financial assets at fair value through profit or loss
(2,827)
(556)
Loans to customers
(12,970)
(22,040)
Dividends received from associates and financial assets
84
76
Net change in liabilities relating to operating activities
Derivative financial instruments and other trade liabilities
9,869
15,291
Due to customers
3,369
41,505
Debt securities in issue
7,144
16,622
Other debts
1,645
1,597
Income tax paid
(416)
(435)
Other changes
306
(4,822)
Net cash flow from operating activities
(1,030)
52,853
Cash flows from investing activities
Acquisition of associates net of cash and cash equivalents acquired
(41)
(67)
Disposal of associates net of cash and cash equivalents
12
207
Acquisition of subsidiaries net of cash and cash equivalents acquired
3
Disposal of subsidiaries net of cash and cash equivalents
(297)
Acquisition of property and equipment and investment properties
(2,025)
(1,880)
Proceeds from sale of property and equipment
863
538
Acquisition of available-for-sale financial assets and held-to-maturity financial assets
(37,339)
(25,081)
Proceeds from sale and repayment of available-for-sale financial assets and
held-to-maturity financial assets
36,974
28,760
Net cash flow from investing activities
(1,850)
2,477
Cash flows from financing activities
Proceeds from issue of Capital Securities and Rabobank Member Certificates
2,673
Payments on Rabobank Member Certificates, Trust Preferred Securities III to VI and Capital Securities
(1,120)
(1,000)
Payments on Senior Contingent Notes and Rabo Extra Member Bonds
(102)
Redemption of Capital Securities
(522)
Increase in equity interests in Obvion and BGZ
(467)
Proceeds from issue of subordinated debt
2,751
Net cash flow from financing activities
540
1,673
Net change in cash and cash equivalents
(2,340)
57,003
Cash and cash equivalents at beginning of year
70,430
1 3,471
Foreign exchange differences on cash and cash equivalents
13
(44)
Cash and cash equivalents at end of year
68,103
70,430
The cash flows from interest are included in the net cash flow from operating activities
Interest income
21,891
22,200
Interest expense
12,866
12,647
111 Annual figures
