ING Direct 2009 Annual Report Download - page 95

amounts in millions of euros 2009 2008 2007
Result before tax –1,525 –1,487 11,0 43
Adjusted for: – depreciation 1,701 1,492 1,382
– deferred acquisition costs and value of business acquired –1,131 –444 –1,338
– increase in provisions for insurance and investment contracts 3,829 16,363 26,494
– addition to loan loss provisions 2,973 1,280 125
– other 6,015 6,955 –3,897
Taxation paid –412 –49 –1,347
Changes in: – amounts due from banks, not available on demand 8,611 7,162 –8,690
– trading assets 47,963 32,386 2,997
– non-trading derivatives 864 –2,020 261
– other financial assets at fair value through profit and loss 2,196 3,174 –4,878
– loans and advances to customers 11,552 –76,215 –75,501
– other assets 6,948 –11, 847 –6,534
– amounts due to banks, not payable on demand – 67, 410 13,210 15,414
– customer deposits and other funds on deposit 21,073 6,831 28,640
– trading liabilities –54,366 3,501 20,916
– other financial liabilities at fair value through profit and loss –5,798 13,016 44
– other liabilities –10,483 –485 6,577
Net cash flow from operating activities –27,400 12,823 11,70 8
Investments and advances: – group companies –5 –1,725 –3,215
– associates –181 –1,034 –1,221
– available-for-sale investments –165,771 –228,291 –284,006
– held-to-maturity investments –314
– real estate investments –130 –905 –876
– property and equipment –640 –708 –575
– assets subject to operating leases –1,034 –1,401 –1,393
– investments for risk of policyholders –65,362 –64,735 –54,438
– other investments –338 –881 –316
Disposals and redemptions: – group companies 2,643 1,590 1,012
– associates 294 972 1,049
– available-for-sale investments 167,075 225,539 281,198
– held-to-maturity investments 1,675 1,640 822
– real estate investments 656 415 309
– property and equipment 82 137 151
– assets subject to operating leases 93 428 417
– investments for risk of policyholders 64,158 59,251 47,136
– other investments 24 19 13
Net cash flow from investing activities 53 3,239 –10,003 –13,933
Proceeds from issuance of subordinated loans 2,721 1,764
Proceeds from borrowed funds and debt securities 437,772 391,915 455,629
Repayments of borrowed funds and debt securities – 425 ,18 2 –354,015 –464,982
Issuance of ordinary shares 7,276 448 397
Issuance of non-voting equity securities 10,000
Repayment of non-voting equity securities –5,000
Payments to acquire treasury shares –101 –2,388 –3,446
Sales of treasury shares 118 252 846
Dividends paid (1) –1,030 –3,207 –3,039
Net cash flow from financing activities 13,853 45,726 –12,831
Net cash flow 54 –10,308 48,546 –15,056
Cash and cash equivalents at beginning of year 31,271 –16,811 –1,795
Effect of exchange rate changes on cash and cash equivalents –4 –464 40
Cash and cash equivalents at end of year 55 20,959 31,271 –16,811
(1) 2007 and 2008 include dividends paid on ordinary shares. 2009 includes payments on non-voting equity securities (payment of the 2008 coupon of
EUR 425 million, the repayment premium of EUR 346 million and the coupon in the repayment of EUR 259 million).
As at 31 December 2009 Cash and cash equivalents includes cash and balances with central banks of EUR 15,390 million
(2008: EUR 22,045 million; 2007: EUR 12,406 million). Reference is made to Note 55 ‘Cash and Cash equivalents’.
References relate to the notes starting on page 194. These form an integral part of the consolidated annual accounts.
2.1 Consolidated annual accounts
ING Group Annual Report 2009 93
Consolidated statement of cash flows of ING Group
for the years ended 31 December