in thousands of EUR

Reference1

2018

2017

1

References relate to the notes starting. These form an integral part of the consolidated annual accounts.

Cashflow from operating activities

 

 

 

Net profit

 

38,603

37,395

Adjustments for:

 

 

 

• depreciation

28

13,386

10,776

• value adjustments to receivables

29

3,512

1,841

• value adjustments to participating interests

7

532

–1,334

• value adjustments to participating interests

22

–3,765

–1,389

• value adjustments and exchange rate differences on property and equipment

9

164

427

• movements in provisions

16

2,160

1,230

• other movements in accrued and deferred items

 

17,040

–14,885

Cashflow from business operations

 

71,632

34,061

 

 

 

 

Movement in government paper

2

26,500

152,402

Movement in banks, deposits not on demand

3

–19,360

137,241

Movement in loans

4

–679,391

–891,404

Movements in shares

6

Movement in banks, liabilities not on demand

12

2,854

32,781

Movement in funds entrusted

13

836,315

697,268

Other movements from operating activities

 

–1,494

–1,324

Cashflow from operating activities

 

237,056

161,025

 

 

 

 

Cashflow from investment activities

 

 

 

Investment in interest-bearing securities

5

–227,687

–244,749

Disinvestment in interest-bearing securities

5

396,590

562,320

Investment in participating interests

7

–2,850

–51

Disinvestment in participating interests

7

4,044

Investment in intangible fixed assets

8

–13,814

–13,269

Investment in property and equipment

9

–37,014

–22,021

Disinvestment in property and equipment

9

54

Cashflow from investment activities

 

115,279

286,274

 

 

 

 

Cashflow from financing activities

 

 

 

Increase in equity

 

82,850

76,636

Payment of cash dividend

 

–4,322

–4,338

Purchases of depository receipts for own shares

 

Cashflow from financing activities

 

78,528

72,298

 

 

 

 

Net cashflow

 

430,863

519,597

 

 

 

 

Cash and cash equivalents at the beginning of the year

 

1,531,072

1,011,475

 

 

 

 

Cash and cash equivalents at the end of the year

 

1,961,935

1,531,072

On demand deposits with central banks

1

1,795,272

1,365,729

On demand deposits with banks

3

166,663

165,343

Cash and cash equivalents at the end of the year

 

1,961,935

1,531,072

 

 

 

 

Supplementary disclosure of the cashflow from operating activities

 

 

 

Interest paid

 

–26,828

–28,885

Interest received

 

192,924

182,796

Tax on profit paid

 

–8,654

–12,852

Dividend received from investments

 

373

186