Consolidated cash flow statement

in EUR '000

2018

2017

1

The non-cash income and expenses are primarily from the results of shares held in at equity consolidated companies and exchange rate changes.

2

The amount of cash and cash equivalents at the beginning and the end of period correlates with position cash and cash equivalents on the asset side and consists of cash on hand and overnight deposits.

Result of the period

367,952

372,591

Change in underwriting provisions net

111,856

806,992

Change in underwriting receivables and liabilities

-12,873

-14,829

Change in deposit receivables and liabilities as well as in reinsurance receivables and liabilities

32,651

-31,105

Change in other receivables and liabilities

78,313

-6,185

Change in financial instruments recognised at fair value through profit and loss (incl. held for trading)

7,008

144,389

Gain/loss from disposal of investments

-111,379

-98,818

Depreciation/appreciation of all other investments

177,991

207,821

Change in pension, severance and other personnel provisions

56,736

-36,438

Change in deferred tax asset/liability excl. tax liabilities

-33,573

-15,872

Change in other balance sheet items

-29,076

-36,988

Change in goodwill and other intangible assets

106,661

165,715

Other cash-neutral income and expenses and adjustments to the result of the period1

215,573

-187,394

Cash flow from operating activities

967,840

1,269,879

Cash inflow from the sale of associated companies

110,392

0

Payments for the acquisition of subsidiaries

-11,061

-37,610

Cash inflow from the sale of available for sale securities

2,248,144

2,975,505

Payments for the acquisition of available for sale securities

-3,388,440

-4,181,627

Cash inflow from disposals/repayments of held to maturity securities

280,454

224,339

Payments for the addition of held to maturity securities

-102,939

-154,812

Cash inflow from the sale of land and buildings

93,521

68,693

Payments for the acquisition of land and buildings

-432,587

-278,323

Cash inflow for the sale of intangible assets

4,241

4,313

Payments for the acquisition of intangible assets

-81,690

-61,746

Change in investments for unit-linked and index-linked life insurance

489,786

-713

Change in loans and other investments

-60,315

113,124

Cash flow from investing activities

-850,494

-1,328,857

Corporate actions, incl. hybrid capital

-198,017

0

Cash inflow from subordinated liabilities

0

450,000

Cash outflow from subordinated liabilities

0

-257,355

Dividend payments

-139,722

-130,090

Cash inflow from other financing activities

292,815

172,358

Cash outflow from other financing activities

-219,372

-272,786

Cash flow from financing activities

-264,296

-37,873

Change in cash and cash equivalents

-146,950

-96,851

 

 

 

Cash and cash equivalents at beginning of period2

1,497,731

1,589,941

Change in cash and cash equivalents

-146,950

-96,851

Additions/disposals from change in consolidation method

2,574

0

Effects of foreign currency exchange differences on cash and cash equivalents

-6,076

4,641

Cash and cash equivalents at end of period2

1,347,279

1,497,731

thereof non-profit societies

122,341

118,731

Additional information on the statement of cash flows
in EUR '000

2018

2017

1

Income tax payments, received dividends and received interest are included in the cash flow from operating activities.

2

Interest paid result primarily from financing activities.

Received interest1

767,633

751,197

Received dividends1

106,740

145,965

Interest paid2

97,409

94,610

Income taxes paid1

79,085

49,590

 

 

 

Expected cash flow from reclassified securities

10,539

16,323

Effective interest rate of reclassified securities

4.22%

4.24%

Reconciliation of liabilities from financing activities
in EUR '000

31.12.2018

Subordinated liabilities (including interests)

Liabilities to financial institutions

Liabilities from public funding

Financing liabilities*

*

Contains lease liabilities, derivative liabilities from financing liabilities and other financing liabilities

Book value as of 31.12. of the previous year

1,490,999

1,201,031

100,018

1,480,417

Cash changes

-64,266

15,038

4,753

24,206

Cash inflows

0

187,983

8,060

96,772

Payments

0

-158,090

-3,255

-58,027

Interest paid

-64,266

-14,855

-52

-14,539

Non-cash changes

64,106

14,532

372

15,619

Additions

64,263

14,532

372

22,396

Disposals

0

0

0

-9,844

Change in the scope of consolidation

0

0

0

4,613

Reclassifications

0

0

0

-1,176

Measurement changes

0

0

0

-333

Exchange rate differences

-157

0

0

-37

Book value as of 31.12.

1,490,839

1,230,601

105,143

1,520,242

Reconciliation of liabilities from financing activities
in EUR '000

31.12.2017

Subordinated liabilities (including interests)

Liabilities to financial institutions

Liabilities from public funding

Financing liabilities*

*

Contains lease liabilities, derivative liabilities from financing liabilities and other financing liabilities

Book value as of 31.12. of the previous year

1,265,009

1,304,900

91,049

1,528,828

Cash changes

131,660

-113,179

4,274

-23,327

Cash inflows

450,000

106,595

7,742

57,808

Payments

-257,355

-205,190

-3,418

-64,020

Interest paid

-60,985

-14,584

-50

-17,115

Non-cash changes

94,330

9,310

4,695

-25,084

Additions

59,852

12,352

5,210

17,579

Disposals

0

-11

-522

-10,436

Change in the scope of consolidation

0

0

0

-14

Reclassifications

33,326

341

0

-33,326

Measurement changes

0

-3,373

0

1,120

Exchange rate differences

1,152

1

7

-7

Book value as of 31.12.

1,490,999

1,201,031

100,018

1,480,417