Consolidated cash flow statement

in EUR ’000

Profit for the period less minority interest

312,618

260,902

Minority interest

36,253

3,419

Profit for the period before minority interest

348,871

264,321

Net change in other underwriting provisions

2,063,411

1,837,184

Changes in underwriting receivables and payables

–66,060

–132,724

Changes in deposit receivables and payables, as well as in invoice receivables
and payables

42,789

–15,023

Changes in other receivables and payables

150,612

128,351

Changes in financial investments held for trading

–151,992

–221,867

Realised gains and losses of investments

–327,816

–162,304

Write up/down of all other investments

113,109

89,255

Changes in provisions for pension, severance pay, and other personnel expenses

–135,428

–64,776

Changes in deferred tax assets/liabilities, excl, tax provisions

11,100

25,059

Changes in other balance sheet items

–57,386

2,214

Changes in goodwill and intangible assets

–4,977

–21,429

Other income and expenses affecting cash flow, and adjustments to net income
for the period

34,744

–82,903

Cash Flow from operating activities

2,020,978

1,645,358

Cash proceeds from the sale of affiliated and associated companies

5,125

434

Payments for the acquisition of affiliated and associated companies

–58,384

–139,848

Cash proceeds from the sale of other ownership interests

38,640

35,012

Payments for the acquisition of other ownership interests

–457,783

–125,195

Cash proceeds from the sale of available for sale securities

2,923,822

2,905,305

Payments for the acquisition of available for sale securities

–3,390,242

–4,169,853

Cash proceeds from the sale of securities held to maturity

47,555

30,429

Payments for the acquisition of securities held to maturity

–99,123

–74,455

Cash proceeds from the sale of land and buildings

84,668

39,519

Payments for the acquisition of land and buildings

–242,448

–211,678

Changes in unit- and index-linked life insurance items

–608,243

–544,965

Changes in other investments

–202,624

780,506

Cash Flow from investing activities

–1,959,038

–1,474,789

Minority interest in capital increase

5,952

0

Increase in subordinated liabilities

9,463

0

Dividend payments

–101,855

–72,447

Cash proceeds from and payments for other financing activities

23,639

–174,870

Cash Flow from financing activities

–62,801

–247,317

Net change in cash and cash eqivalents

–861

–76,748

Cash and cash equivalents at beginning of period

226,443

290,347

Cash and cash equivalents at end of period

277,700

226,443

Including non-profit housing development corporations

54,294

12,916

Change in scope of consolidation

49,117

18,449

Foreign exchange differences in cash and cash equivalents

3,001

–5,605

Additional information

interest received

621,289

495,643

dividends received

142,619

130,780

interest paid

121,734

81,531

dividends paid

101,855

72,447

income taxes paid

59,007

55,730