The adjustments to the previous year’s consolidated cash flow statement result from:
the change in accounting policies, as discussed in the chapter of the same name in the Notes,
a change in the presentation of interest for financial assets and
a further development of the determination methodology applied, which has been refined both conceptually and through additional technical analyses in order to ensure a more appropriate and consistent allocation of cash flows to the individual cash flow items. The adjustments made serve to improve the informative value and transparency of the cash flow statement.
Composition |
31/12/2025 |
31/12/2024 |
|---|---|---|
in EUR ‘000 |
|
|
Cash and cash equivalents according to the consolidated balance sheet |
1,368,363 |
1,748,124 |
Cash and cash equivalents of disposal groups held for sale |
2,623 |
0 |
Total cash and cash equivalents |
1,370,986 |
1,748,124 |
Cash and cash equivalents include liquid money and daily maturing cash.
Development |
2025 |
2024 |
|---|---|---|
in EUR ‘000 |
|
|
Cash and cash equivalents at beginning of period |
1,748,124 |
1,558,107 |
Change in cash and cash equivalents |
-362,939 |
194,139 |
Changes in scope of consolidation |
6,297 |
9,512 |
Exchange rate differences on cash and cash equivalents |
-20,496 |
-13,634 |
Cash and cash equivalents at end of period |
1,370,986 |
1,748,124 |
Change in cash and cash equivalents |
2025 |
2024 adjusted |
||
|---|---|---|---|---|
in EUR ‘000 |
|
|
||
Result for the period |
858,328 |
647,552 |
||
Amortisation, valuation and exchange rate differences of financial instruments |
-1,211,580 |
-772,148 |
||
Impairments of goodwill, Impairments of intangible assets and Reversal of impairments from intangible assets |
96,336 |
116,403 |
||
Scheduled depreciation of intangible assets |
117,800 |
114,403 |
||
Scheduled depreciation of right-of-use assets |
42,132 |
39,786 |
||
Scheduled depreciation of tangible assets (excluding real estate) |
48,672 |
40,332 |
||
Result from disposal of subsidiaries |
-9,168 |
0 |
||
Result from the disposals and depreciation of property |
127,163 |
86,582 |
||
Result from the disposal of financial assets incl. derivatives |
-58,304 |
-19,476 |
||
Share of profit of at equity accounted companies |
-27,096 |
-27,001 |
||
Dividends received included in the result for the period |
-76,607 |
-79,717 |
||
Interest included in the result for the period |
-1,046,046 |
-979,128 |
||
Taxes |
302,989 |
234,254 |
||
Adjusted result for the period |
-835,381 |
-598,158 |
||
Changes in: |
1,726,296 |
1,055,107 |
||
Financial assets incl. derivatives |
10,598 |
203,582 |
||
(Re-)Insurance contracts |
1,601,779 |
873,940 |
||
Contract assets and liabilities (IFRS 15) |
25,897 |
28,036 |
||
Right-of-use assets and lease receivables and liabilities |
6,595 |
-103 |
||
Receivables and liabilities (excl. leases) |
60,093 |
-9,206 |
||
Intangible assets |
1,362 |
2,411 |
||
Property |
-10,838 |
-2,034 |
||
Other balance sheet items (other assets, tangible assets (excl. property) and other liabilities) |
-74,813 |
-49,534 |
||
Provisions |
105,623 |
8,015 |
||
Other non-cash income and expenses* |
41,497 |
369 |
||
Paid and received income tax |
-90,156 |
-111,269 |
||
Cash flow from operating activities |
842,256 |
346,049 |
||
Received interest |
979,481 |
938,432 |
||
Received dividends |
76,607 |
79,717 |
||
Paid and received income tax |
-7,130 |
0 |
||
Cash inflow from sale of subsidiaries |
17,700 |
0 |
||
Payments for the acquisition of investments in associcates (equity-method) |
-21,576 |
0 |
||
Cash inflow from sale of financial instruments |
11,290,420 |
9,154,001 |
||
Payments for the acquisition of financial instruments |
-12,926,340 |
-9,558,124 |
||
Cash inflow from the sale of property |
5,346 |
2,452 |
||
Payments for the acquisition of property |
-207,872 |
-223,761 |
||
Cash inflow from the sale of intangible assets |
8,308 |
4,748 |
||
Payments for the acquisition of intangible assets |
-158,095 |
-139,742 |
||
Cash flow from investment activities |
-943,151 |
257,723 |
||
Cash inflows from subordinated liabilities |
300,000 |
0 |
||
Payments from subordinated liabilities |
-145,217 |
-91,748 |
||
Cash inflows from financial liabilities excl. subordinated liabilities and lease liabilities |
4 |
90 |
||
Payments from financial liabilities excl. subordinated liabilities and lease liabilities |
-83,885 |
-10,951 |
||
Payments from lease liabilities |
-48,793 |
-44,245 |
||
Paid dividends |
-222,372 |
-199,849 |
||
Paid interest |
-60,110 |
-62,930 |
||
Paid and received income tax |
-1,671 |
0 |
||
Cash flow from financing activities |
-262,044 |
-409,633 |
||
Change in cash and cash equivalents |
-362,939 |
194,139 |
||
|
||||