in thousands of EUR

Reference1

2019

20182

1

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

2

Prior year amounts were subject to accounting principle changes. For explanations see the general accounting principles.

Cashflow from operating activities

 

 

 

Net profit

 

38,751

34,669

Adjustments for:

 

 

 

• depreciation

27

16,391

13,637

• amortisation difference between acquisition price and redemption value regarding interest bearing securities

4

3,655

12,770

• value adjustments to receivables

28

3,944

3,480

• value adjustments to participating interests

6

–280

532

• realised value adjustments to participating interest

21

–3,765

• value adjustments and exchange rate differences on property and equipment

8

–18

164

• movements in provisions

15

–363

2,160

• other movements in accrued and deferred items

 

–11,869

7,288

Cashflow from business operations

 

50,211

70,935

 

 

 

 

Movement in government paper

 

26,500

Movement in banks, deposits not on demand

2

47,879

–19,360

Movement in loans

3

–943,444

–674,235

Movements in shares

5

Movement in banks, liabilities not on demand

11

2,806

2,854

Movement in funds entrusted

12

1,131,802

836,315

Other movements from operating activities

 

–15,263

–51

Cashflow from operating activities

 

273,991

242,958

 

 

 

 

Cashflow from investment activities

 

 

 

Investment in interest-bearing securities

4

–143,328

–233,724

Divestment in interest-bearing securities

4

374,467

396,590

Investment in participating interests

6

–1,226

–2,850

Divestment in participating interests

6

Investment in intangible fixed assets

7

–13,440

–13,814

Investment in property and equipment

8

–25,362

–37,014

Divestment in property and equipment

8

4

54

Cashflow from investment activities

 

191,115

109,242

 

 

 

 

Cashflow from financing activities

 

 

 

Increase in equity

 

53,656

82,850

Payment of cash dividend

 

–5,035

–4,322

Purchases of depository receipts for own shares

 

–126

Cashflow from financing activities

 

48,495

78,528

 

 

 

 

Net cashflow

 

513,601

430,728

Exchange results on cash and cash equivalents

 

–264

135

Net increase or decrease on cash and cash equivalents

 

513,337

430,863

 

 

 

 

Cash and cash equivalents at the beginning of the year

 

1,961,935

1,531,072

 

 

 

 

Cash and cash equivalents at the end of the year

 

2,475,272

1,961,935

On demand deposits with central banks

1

2,270,224

1,795,272

On demand deposits with banks

2

205,048

166,663

Cash and cash equivalents at the end of the year

 

2,475,272

1,961,935

 

 

 

 

Supplementary disclosure of the cashflow from operating activities

 

 

 

Interest paid

 

–29,622

–26,828

Interest received

 

215,533

196,907

Tax on profit paid

 

–8,352

–8,654

Dividend received from investments

 

679

373