ING Direct 2013 Annual Report Download - page 96

Consolidated statement of cash flows of ING Group
for the years ended 31 December
amounts in millions of euros 2013 2012 2011
Result before tax (1) 4,425 5,363 7,274
Adjusted for: – depreciation 765 777 1,514
– deferred acquisition costs and value of business acquired 1,282 –484 277
– change in provisions for insurance and investment contracts –8,503 –3,174 4,239
– addition to loan loss provisions 2,289 2,125 1,670
– other 3,403 4,894 –1,523
Taxation paid –1,656 –745 –1,353
Changes in: – amounts due from banks, not available on demand –9,400 5,272 7,18 8
– trading assets 651 7,367 1,754
– non-trading derivatives –2,151 –1,779 1,988
– other financial assets at fair value through profit and loss 1,899 –2,417 474
– loans and advances to customers 6,090 531 –25,085
– other assets 2,542 –596 –59
– amounts due to banks, not payable on demand –10,266 –26,459 –6,731
– customer deposits and other funds on deposit 25,585 27,718 27,019
– trading liabilities –10,172 –24,031 –369
– other financial liabilities at fair value through profit and loss –3,429 –1,376 –207
– other liabilities –11,772 –2,246 –3,931
Net cash flow from operating activities –8,418 –9,260 14,139
Investments and advances: – associates –68 –26 –140
– available-for-sale investments –132,318 –143,681 –223,544
– real estate investments –200 –60 –32
– property and equipment –388 –423 –499
– assets subject to operating leases –82 –1,188
– investments for risk of policyholders –56,008 –67,986 –57,130
– other investments –343 –369 –340
Disposals and redemptions: – group companies –4,638 –6,536 4,120
– associates 462 92 383
– available-for-sale investments 129,243 137,418 219,442
– held-to-maturity investments 3,439 2,308 2,370
– real estate investments 265 290 118
– property and equipment 61 71 67
– assets subject to operating leases 43
– investments for risk of policyholders 65,528 72,201 61,898
– loans 4,309 7,268 927
– other investments 79 9
Net cash flow from investing activities39 9,269 576 6,504
Repayments of subordinated loans –1,470 –10 –2,356
Proceeds from borrowed funds and debt securities 156,663 332,492 428,381
Repayments of borrowed funds and debt securities –164,738 –333,165 –429,997
Repayment of non-voting equity securities –750 –750 –2,000
Repurchase premium (2) –375 –375 –1,000
Payments to acquire treasury shares –17
Sales of treasury shares 119 160 41
Proceeds of ING U.S.14 1,848
Net cash flow from financing activities –8,703 –1,665 –6,931
Net cash flow40 –7,852 –10,349 13,712
Cash and cash equivalents at beginning of year 24,150 34,280 20,768
Effect of exchange rate changes on cash and cash equivalents 882 219 –200
Cash and cash equivalents at end of year41 17,180 24,150 34,280
(1) Result before tax includes results from continuing operations of EUR 4,107 million (2012: EUR 4,074 million; 2011: EUR 6,459 million) as well as results from
discontinued operations of EUR 318 million (after tax EUR 345 million), for 2012 EUR 1,289 million (after tax EUR 1,197 million) and for 2011 EUR 815 million
(after tax EUR 815 million).
(2) 2013 includes the repurchase premium paid on the repayment of EUR 750 million (2012: EUR 750 million; 2011: EUR 2,000 million) non-voting equity
securities.
94 ING Group Annual Report 2013