CONSOLIDATED CASH FLOW STATEMENT

in EUR

2014

2013

A.

OPERATING CASH FLOW

Income statement items

3,631,368

36,421,523

Net written premium for the period

835,963,139

848,792,792

Investment income (excluding financial income) arising from:

17,475,231

23,175,868

- insurance technical provisions

15,331,191

17,226,999

- other sources

2,144,040

5,948,869

Other operating income (excluding revaluation and provisions reductions) operating revenues and financial income from operating receivables

82,374,463

83,429,712

Net claims paid

-603,679,449

-601,205,876

Bonuses and rebates paid

-9,887,663

-8,468,746

Net operating expenses excluding depreciation charge and changes in the accrued acquisition expenses

-198,235,245

-194,022,280

Investment expenses (excluding financial expenses) arising from:

-12,004,771

-9,738,949

- technical sources

-7,635,062

-7,297,281

- other sources

-4,369,709

-2,441,668

Other operating expenses excluding depreciation charge (except for revaluations and without increasing provisions)

-99,008,918

-102,481,272

Corporate income tax and other taxes excluded from operating expenses

-9,365,419

-3,059,726

Changes in net current assets-operating balance sheet items

5,319,558

-23,685,222

Movements in receivables from insurance operations

-3,328,816

914,247

Movements in receivables from reinsurance operations

3,885,499

-1,897,625

Movements in other receivables from (re)insurance operations

107,850

6,729,455

Movements in other receivables and assets

3,755,433

-7,058,274

Movements in deferred tax assets

-3,239,356

63,331

Movements in inventories

127,351

722,094

Movements in debts from direct insurance operations

-1,972,114

-1,944,453

Movements in debts from reinsurance operations

-460,237

-3,191,418

Movements in operating debts

428,476

-16,353,867

Movements in other liabilities (excluding unearned premiums)

4,370,534

-760,469

Movements in deferred tax liabilities

1,644,938

-908,243

Operating cash flow

8,950,926

12,736,301

B.

CASH FLOWS FROM INVESTING ACTIVITIES

Cash inflows from investing activities

2,562,368,993

2,738,674,286

Cash inflows from interest from investing activities and from:

64,149,036

84,623,552

- investment financed by insurance technical provisions

60,274,191

74,654,387

- other investment

3,874,845

9,969,165

Cash inflows from dividends received and profit sharing, arising from:

6,144,775

8,515,902

- investment financed by insurance technical provisions

3,469,353

2,812,918

- other investment

2,675,422

5,702,984

Cash inflows from the disposal of intangible assets financed by:

73,726

182,536

- insurance technical provisions

0

0

- other sources

73,726

182,536

Cash inflows from the disposal of property, plant and equipment financed by:

5,186,289

979,728

- insurance technical provisions

2,572,608

47,741

- other sources

2,613,681

931,987

Cash inflows from the disposal of non-current investments financed by:

1,173,716,746

1,187,092,559

- insurance technical provisions

1,040,761,431

1,095,182,263

- other sources

132,955,315

91,910,296

Cash inflows from the disposal of current investments financed by:

1,313,098,421

1,456,444,249

- insurance technical provisions

1,164,377,713

1,284,593,660

- other sources

148,720,708

171,850,589

Cash inflows from the disposal of investments in group companies, financed by:

0

835,760

- insurance technical provisions

0

0

- other sources

0

835,760

Cash outflows from investing activities

-2,518,031,961

-2,683,771,800

Cash outflows for the purchase of intangible assets

-8,331,470

-10,000,862

Cash outflows for the purchase of property, plant and equipment financed by:

-10,843,578

-10,925,815

- insurance technical provisions

-1,455,545

-1,156,461

- other sources

-9,388,033

-9,769,354

Cash outflows for the purchase of non-current investments financed by:

-1,254,008,992

-1,204,050,533

- insurance technical provisions

-1,107,503,560

-1,079,503,888

- other sources

-146,505,432

-124,546,645

Cash outflows for the purchase of current investments financed by:

-1,244,847,921

-1,458,108,584

- insurance technical provisions

-1,083,826,041

-1,302,947,035

- other sources

-161,021,880

-155,161,549

Cash outflows for the investments in group companies:

0

-686,006

- insurance technical provisions

0

-686,006

- other sources

0

0

Total cash flow from investing activities

44,337,032

54,902,486

C.

CASH FLOWS FROM FINANCING ACTIVITIES

Cash inflows from financing activities

4,657,483

39,263,813

Cash inflows from paid-in capital

0

0

Cash inflows from long-term loans received

2,116,378

7,751,222

Cash inflows from short-term loans received

2,541,105

31,512,591

Cash outflows from financing activities

-63,914,304

-95,034,085

Cash outflows for paid interest

-1,785,000

-2,790,308

Cash outflows for repayments of principal

0

0

Cash outflows for payments of long-term financial liabilities

-9,092,485

-11,860,759

Cash outflows for payments of short-term financial liabilities

-14,443,390

-34,978,986

Cash outflows from dividends paid and profit sharing

-38,593,429

-45,404,032

Total cash flow from financing activities

-59,256,821

-55,770,272

D.

Opening balance of cash and cash equivalents

29,068,558

17,251,420

E1.

Net cash flow for the period

-5,968,863

11,868,515

E2.

Foreign exchange differences

-124,381

-51,377

E3.

Cash transferred to non-current assets held for sale

-116,926

0

F.

Closing balance of cash and cash equivalents

22,858,388

29,068,558

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