Consolidated statement of cash flows
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Contents Management report Corporate governance Consolidated financial statements Financial statements Pillar 3
Consolidated statement of cash flows
For the year ended
31 December
in millions of euros
2015
2014
Cash flows from operating activities
Operating profit before tax charges from continuing operations
2,869
1,681
Operating profit before tax charges from discontinued operations
Adjusted for:
Non-cash items recognised in operating profit before taxation
Depreciation
443
437
Depreciation of operating lease assets and investment properties
1,013
924
Loan impairment charges
1,033
2,633
Impairment on property activities
40
Result on sale of property and equipment
(11)
17
Income from associates
(366)
(145)
Impairment losses on goodwill
623
32
Net income from financial assets and liabilities at fair value through profit or loss
(603)
(219)
Gains/(losses) on available-for-sale financial assets
(148)
(418)
Provisions
542
(256)
Capitalised costs self-developed software and other assets
(150)
(116)
Net change in operating assets
Due from and to banks
15,734
(1,513)
Financial assets held for trading
971
1,878
Derivatives
8,376
(16,676)
Net change in financial assets and liabilities designated at fair value
(185)
903
Loans and advances to customers
2,042
(2,976)
Dividends received from associates and financial assets
75
96
Net change in liabilities relating to operating activities
Derivatives and other trade liabilities
(12,431)
17,288
Due to customers
11,305
(6,143)
Debt securities in issue
(14,069)
(6,588)
Other liabilities
3
91
Income tax paid
(371)
(338)
Other changes
(847)
(4,095)
Net cash flow from operating activities
15,848
(13,463)
Cash flows from investing activities
Acquisition of associates net of cash and balances at central banks acquired
(37)
(54)
Disposal of associates net of cash and balances at central banks
44
54
Disposal of subsidiaries net of cash and balances at central banks
591
Acquisition of property and equipment and investment properties
(2,513)
(2,360)
Proceeds from the sale of property and equipment
813
1,609
Acquisition of available-for-sale financial assets
(6,219)
(9,863)
Proceeds from the sale and repayment of available-for-sale financial assets
8,431
19,528
Net cash flow from investing activities
519
9,505
Cash flows from financing activities
Purchase of Rabobank Certificates
(980)
(441)
Sale of Rabobank Certificates
998
549
Issue of Capital Securities (including costs)
1,488
Redemption of Trust Preferred Securities V and VI
(382)
Payments on Rabobank Certificates, Trust Preferred Securities III to VI and Capital Securities
(1,252)
(1,164)
Payments on Senior Contingent Notes
(86)
(86)
Redemption of Capital Securities
(709)
Proceeds from issue of subordinated liabilities
2,966
3,607
Redemption of subordinated liabilities
(3)
(9)
Net cash flow from financing activities
3,131
1,365
Net change in cash and balances at central banks
19,498
(2,593)
Cash and balances at central banks at the beginning of the year
43,409
43,039
Exchange rate differences on cash and balances at central banks
2,036
2,963
Cash and balances at central banks at the end of the year
64,943
43,409
The cash flows from interest are included in the net cash flow from operating activities
Interest revenue
17,693
18,877
Interest expenditure
8,702
9,739
120 Rabobank Annual Report 2015
