Consolidated statement of cash flows
-
-
-
-
-
-
-
For the year ended 31 December
In millions of euros
2014
2013
Cash flows from operating activities
Operating profit before taxation from continuing operations
1,681
430
Operating profit before taxation from discontinued operations
1,719
Adjusted for:
Non-cash items recognised in operating profit before taxation
Depreciation
437
528
Depreciation of operating lease assets and investment properties
924
818
Value adjustments
2,633
2,643
Impairment on property activities
40
637
Result on sale of property and equipment
17
20
Income from associates
(81)
(79)
Fair value results on financial assets and liabilities at fair value through profit or loss
(219)
(232)
Gains (losses) on available-for-sale financial assets
(418)
(56)
Result from termination of DB scheme
(2,022)
Provisions
(256)
220
Non-cash items relating to discontinued operations
204
Net change in operating assets
Due from and to other banks
(1,513)
(17,014)
Financial assets held for trading
2,724
64
Derivative financial instruments
(16,676)
25,591
Net change in other financial assets and liabilities at fair value through profit or loss
57
(3,021)
Loans to customers
(2,976)
20,298
Dividends received from associates and financial assets
96
95
Net change in liabilities relating to operating activities
Derivative financial instruments and other trade liabilities
17,288
(24,520)
Due to customers
(6,143)
(1,642)
Debt securities in issue
(6,588)
(27,689)
Other debts
91
(2,818)
Income tax paid
(338)
(318)
Other changes
(4,243)
1,451
Net cash flow from operating activities
(13,463)
(24,693)
Cash flows from investing activities
Acquisition of associates net of cash and cash equivalents acquired
(54)
(58)
Disposal of associates net of cash and cash equivalents
54
1
Acquisition of subsidiaries net of cash and cash equivalents acquired
Disposal of subsidiaries net of cash and cash equivalents
591
1,788
Acquisition of property and equipment and investment properties
(2,360)
(1,791)
Proceeds from sale of property and equipment
1,609
669
Acquisition of available-for-sale financial assets and held-to-maturity financial assets
(9,863)
(44,524)
Proceeds from sale and repayment of available-for-sale financial assets and held-to-maturity financial assets
19,528
44,167
Net cash flow from investing activities
9,505
252
Cash flows from financing activities
Acceptance of Rabobank Certificates
(2,788)
Sale of Rabobank Certificates
1,465
Issuance of Rabobank Certificates
108
Redemption of Trust Preferred Securities V and VI
(382)
Payments on Rabobank Certificates, Trust Preferred Securities III to VI and Capital Securities
(1,164)
(1,030)
Payments on Senior Contingent Notes and Rabo Extra Member Bonds
(86)
(86)
Redemption of Capital Securities
(709)
(83)
Proceeds from issue of subordinated debt
3,607
3,224
Repayment of subordinated debt
(9)
(733)
Net cash flow from financing activities
1,365
(31)
Net change in cash and cash equivalents
(2,593)
(24,472)
Cash and cash equivalents at beginning of year
43,039
68,103
Foreign exchange differences on cash and cash equivalents
2,963
(592)
Cash and cash equivalents at end of year
43,409
43,039
The cash flows from interest are included in the net cash flow from operating activities
Interest income
18,877
19,928
Interest expense
9,739
9,660
151 Annual figures
