ING Direct 2011 Annual Report Download - page 96

Consolidated statement of cash flows of ING Group
for the years ended 31 December
amounts in millions of euros 2011 2010 2009
Result before tax 7,248 4,19 6 –1,634
Adjusted for: – depreciation 1,514 1,723 1,701
– deferred acquisition costs and value of business acquired 277 1,159 223
– increase in provisions for insurance and investment contracts 4,239 4,278 2,585
– addition to loan loss provisions 1,670 1,751 2,973
– other –1,469 3,047 6,014
Taxation paid –1,353 –503 – 412
Changes in: – amounts due from banks, not available on demand 2,208 –4,333 8,611
– trading assets 1,754 –14,782 47,9 63
– non-trading derivatives 1,988 –1,590 864
– other financial assets at fair value through profit and loss 474 832 2,196
– loans and advances to customers –25,085 –16,926 11,552
– other assets –59 2,003 6,948
– amounts due to banks, not payable on demand –6,731 –9,831 – 67, 410
– customer deposits and other funds on deposit 27,019 21,202 21,073
– trading liabilities –369 9,804 –54,366
– other financial liabilities at fair value through profit and loss –207 1–5,798
– other liabilities –3,931 –6,806 –10,483
Net cash flow from operating activities 9,187 –4,775 – 27, 4 0 0
Investments and advances: – group companies –5
– associates –140 –165 –181
– available-for-sale investments –223,544 –163,038 –165,771
– held-to-maturity investments –141
– real estate investments –32 –73 –130
– property and equipment –499 –527 –639
– assets subject to operating leases –1,188 –1,284 –1,034
– investments for risk of policyholders –57,130 –52,370 –65,362
– other investments –340 –372 –338
Disposals and redemptions: – group companies 4,120 1,757 2,643
– associates 383 232 294
– available-for-sale investments 219,442 154,640 167,074
– held-to-maturity investments 2,370 2,620 1,675
– real estate investments 118 295 656
– property and equipment 67 96 82
– assets subject to operating leases 43 53 93
– investments for risk of policyholders 61,898 54,817 64,158
– other investments 936 111 24
Net cash flow from investing activities 53 6,504 –3,349 3,239
Proceeds from issuance of subordinated loans
Repayments of subordinated loans –2,356
Proceeds from borrowed funds and debt securities 428,381 412,804 437,772
Repayments of borrowed funds and debt securities –429,997 – 405,120 – 425,182
Issuance of ordinary shares 7,276
Repayment of non-voting equity securities –2,000 –5,000
Repurchase premium (1) –1,000 –346
Payments to acquire treasury shares –136 –101
Sales of treasury shares 41 92 118
Dividends paid (2) –684
Net cash flow from financing activities –6,931 7,6 4 0 13,853
Net cash flow 54 8,760 –484 –10,308
Cash and cash equivalents at beginning of year 20,740 20,959 31,271
Effect of exchange rate changes on cash and cash equivalents –200 265 –4
Cash and cash equivalents at end of year 55 29,300 20,740 20,959
(1)
2011 includes the repurchase premium paid on the repayment of EUR 2 billion non-voting equity securities. 2009 includes the repurchase premium paid
on the repayment of EUR 5 billion non-voting equity securities.
(2)
2009 includes payments on non-voting equity securities (payment of the 2008 coupon of EUR 425 million and the coupon in the repayment of EUR 259 million).
94 ING Group Annual Report 2011