ING Direct 2008 Annual Report Download - page 88

2.1 Consolidated annual accounts
Consolidated statement of cash flows of ING Group
for the years ended 31 December
amounts in millions of euros 2008 2007 2006
Result before tax –1,487 11,0 43 9,940
Adjusted for – depreciation 1,492 1,382 1,298
– deferred acquisition costs and value of business acquired –444 –1,338 –1,317
– increase in provisions for insurance and investment contracts 16,363 26,494 17,6 89
– addition to loan loss provisions 1,280 125 103
– other 6,955 –3,897 –4,778
Taxation paid –49 –1,347 –1,739
Changes in – amounts due from banks, not available on demand 7,162 –8,690 3,117
– trading assets 32,386 2,997 – 48 ,168
– non-trading derivatives –2,020 261 –179
– other financial assets at fair value through profit and loss 3,174 –4,878 3,930
– loans and advances to customers –76,215 –75,501 –59,800
– other assets –11,847 –6,534 1,218
– amounts due to banks, not payable on demand 13,210 15,414 1,925
– customer deposits and other funds on deposit 6,831 28,640 47,521
– trading liabilities 3,501 20,916 38,821
– other financial liabilities at fair value through profit and loss 13,016 44 2,405
– other liabilities –485 6,577 –2,416
Net cash flow from operating activities 12,823 11,708 9,570
Investments and advances – group companies –1,725 –3,215 –2,358
– associates –1,034 –1,221 –449
– available-for-sale investments –228,291 –284,006 –295,086
– held-to-maturity investments –314
– real estate investments –905 –876 –1,588
– property and equipment –708 –575 –568
– assets subject to operating leases –1,401 –1,393 –1,16 4
– investments for risk of policyholders –64,735 –54,438 – 4 4 ,116
– other investments –881 –316 –250
Disposals and redemptions – group companies 1,590 1,012 490
– associates 972 1,049 459
– available-for-sale investments 225,539 281,198 271,983
– held-to-maturity investments 1,640 822 1,343
– real estate investments 415 309 1,294
– property and equipment 137 151 292
– assets subject to operating leases 428 417 402
– investments for risk of policyholders 59,251 47,136 37,9 45
– other investments 19 13 51
Net cash flow from investing activities 51 –10,003 –13,933 –31,320
Proceeds from issuance of subordinated loans 2,721 1,764 865
Repayments of subordinated loans –600
Proceeds from borrowed funds and debt securities 391,915 455,629 304,228
Repayments of borrowed funds and debt securities –354,015 –464,982 –283,728
Issuance of ordinary shares 448 397 5
Issuance of non-voting equity securities 10,000
Payments to acquire treasury shares –2,388 –3,446 –1,422
Sales of treasury shares 252 846 373
Dividends paid –3,207 –3,039 –2,716
Net cash flow from financing activities 45,726 –12,831 17,0 0 5
Net cash flow 52 48,546 –15,056 – 4,745
Cash and cash equivalents at beginning of year –16,811 –1,795 3,335
Effect of exchange rate changes on cash and cash equivalents –464 40 –385
Cash and cash equivalents at end of year 53 31,271 –16, 811 –1,795
Cash and cash equivalents as at 31 December 2008 of EUR 31,271 million (2007: EUR –16,811 million) includes cash and balances with
central banks of EUR 22,045 million (2007: EUR 12,406 million). Reference is made to Note 53 ‘Cash and Cash equivalents’.
References relate to the notes starting on page 179. These form an integral part of the consolidated annual accounts.
ING Group Annual Report 2008
86