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Financial Statements
Cash flow statement
The notes on pages 70 to 113 are an integral part of these financial statements.
for the year ended 31 December 2010
EUR Cash flows from operating activities Notes 31.12.2010 31.12.2009
Profit/(loss) for the financial year 7 232 055 (7 373 506) Adjustments for:
Depreciation and amortisation 4.5, 4.6 1 763 626 552 813 Impairment loss on shares and other variable income securities 4.3 4 533 526 5 196 867 Interest income on debt securities and other fixed income securities 7.1 (29 072 530) (23 885 776) Change in financial guarantees 2 554 636 11 487 834 Net gain/loss on sale of debt securities and other fixed income securities 7.4 (2 002 257) 1 328 508 Provision for financial guarantees 45 729 749 53 277 911 Provision for retirement benefit obligations (1 631 002) 0
29 107 803 40 584 651 Change in shares and other variable income securities 4.3 (24 262 193) (17 297 162) Guarantee calls paid 5.2 (5 267 313) 0 Change in other assets and liabilities 4.5, 5.4 (2 923 864) (10 178 372)
(32 453 370) (27 475 534)
Net cash from operating activities (3 345 567) 13 109 117
Cash flows used in investing activities
Acquisition of debt securities and other fixed income securities 4.2 (360 000 091) (449 476 970) Proceeds from sale of debt securities and other fixed income securities 4.2 283 974 537 128 167 142 Interest received on debt securities and other fixed income securities 25 518 245 19 242 953 Acquisition of intangible assets and property and equipment 4.5, 4.6 ( 18 745) ( 649 928)
Net cash used in investing activities (50 526 054) (302 716 803)
Cash flows from financing activities
Dividend paid 0 (14 044 432) Capital increase 20 994 580 26 178 746
Cash flows from financing activities 20 994 580 12 134 314
Cash and cash equivalents at the beginning of the year 4.1 106 266 117 383 502 584 Effect of exchange rate fluctuations on cash and cash equivalents 214 178 236 905 Net cash from
Operating activities (3 345 567) 13 109 117 Investing activities (50 526 054) (302 716 803) Financing activities 20 994 580 12 134 314
Cash and cash equivalents at the end of the year 4.1 73 603 254 106 266 117
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