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Consolidated cash flow statement as at 30 June 2014

Consolidated cash flow statement as at 30 June 2014

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in EUR
thousand
  1.1. –
30.6.2014
1.1. –
30.6.20131 
I. Cash flow from operating activities    
  Net income 479,184 458,016
  Appreciation/depreciation 18,835 13,853
  Net realised gains and losses on investments (88,498) (84,498)
  Change in fair value of financial instruments (9,997) 37,523
  Realised gains and losses on deconsolidation (2,602) (6,661)
  Income from the recognition of
negative goodwill
(176)
  Amortisation of investments 35,662 50,932
  Changes in funds withheld (123,085) (330,084)
  Net changes in contract deposits (114,012) 278,183
  Changes in prepaid reinsurance premium (net) 359,726 310,452
  Changes in tax assets/provisions for taxes 70,703 2,359
  Changes in benefit reserve (net) 13,124 19,791
  Changes in claims reserves (net) 717,593 857,828
  Changes in deferred acquisition costs (63,890) 11,876
  Changes in other technical provisions (4,060) 65,429
  Changes in clearing balances (576,961) (590,801)
  Changes in other assets and liabilities (net) (52,327) (67,286)
  Cash flow from operating activities 659,395 1,026,736
1 Adjusted pursuant to IAS 8 (cf. Section 2 of the notes)
in EUR
thousand
  1.1. –
30.6.2014
1.1. –
30.6.20131 
I. Cash flow from operating activities    
  Net income 479,184 458,016
  Appreciation/depreciation 18,835 13,853
  Net realised gains and losses on investments (88,498) (84,498)
  Change in fair value of financial instruments (9,997) 37,523
  Realised gains and losses on deconsolidation (2,602) (6,661)
  Income from the recognition of
negative goodwill
(176)
  Amortisation of investments 35,662 50,932
  Changes in funds withheld (123,085) (330,084)
  Net changes in contract deposits (114,012) 278,183
  Changes in prepaid reinsurance premium (net) 359,726 310,452
  Changes in tax assets/provisions for taxes 70,703 2,359
  Changes in benefit reserve (net) 13,124 19,791
  Changes in claims reserves (net) 717,593 857,828
  Changes in deferred acquisition costs (63,890) 11,876
  Changes in other technical provisions (4,060) 65,429
  Changes in clearing balances (576,961) (590,801)
  Changes in other assets and liabilities (net) (52,327) (67,286)
  Cash flow from operating activities 659,395 1,026,736
1 Adjusted pursuant to IAS 8 (cf. Section 2 of the notes)
in EUR
thousand
  1.1. –
30.6.2014
1.1. –
30.6.2013
II. Cash flow from investing activities  
  Fixed-income securities – held to maturity    
  Maturities 387,412 606,052
  Purchases (241) (46,980)
  Fixed-income securities – loans and receivables
  Maturities, sales 232,579 274,428
  Purchases (209,591)
  Fixed-income securities – available for sale
  Maturities, sales 5,965,672 4,623,546
  Purchases (6,011,660) (5,621,862)
  Fixed-income securities – at fair value through profit or loss
  Maturities, sales 9,636 75,404
  Purchases (24,147) (11,515)
  Equity securities – available for sale
  Sales 9,809 7,566
  Purchases (8,397) (7,499)
  Other financial assets – at fair value
through profit or loss
  Sales 19,609
  Purchases (6,005) (458)
  Other invested assets
  Sales 66,795 64,847
  Purchases (105,334) (74,949)
  Affiliated companies and participating interests
  Sales
  Purchases (33,759) (58)
  Real estate and real estate funds
  Sales 31,075 23,988
  Purchases (103,610) (280,614)
  Short-term investments
  Changes 64,241 (121,664)
  Other changes (net) (20,724) (14,700)
  Cash flow from investing activities 472,951 (714,059)
       
III. Cash flow from financing activities    
  Contribution from capital measures 1,325 101
  Payment on capital measures (4,587) (3,072)
  Structural change without loss of control 49
  Dividends paid (401,808) (409,779)
  Proceeds from long-term debts 59,543 50,950
  Repayment of long-term debts (750,957) (31)
  Acquisition/disposal of treasury shares (13) 5
  Cash flow from financing activities (1,096,497) (361,777)
 
IV. Exchange rate differences on cash 12,272 (11,720)
  Cash and cash equivalents at the
beginning of the period
642,936 572,188
  Change in cash and cash equivalents (I.+II.+III.+IV.) 48,121 (60,820)
  Changes in the consolidated group (4,059) (3,833)
  Cash and cash equivalents at the end of the period 686,998 507,535
 
  Supplementary information on the cash flow statement1
  Income taxes paid (on balance) (58,259) (169,840)
  Dividend receipts2 9,909 16,737
  Interest received 587,741 711,212
  Interest paid (93,896) (94,648)
1 The income taxes paid as well as the dividend receipts and interest received are included entirely in the cash flow from operating activities.
The interest paid is attributable in an amount of EUR 21,840 thousand (EUR 21,360 thousand) to the cash flow from operating activities and in an amount of EUR 72,056 thousand (EUR 73,288 thousand) to the cash flow from financing activities.
2 Including dividend-like profit participations from investment funds

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