A brief presentation of the financial result (excluding equity-accounted companies) is included in note 29 (Financial result) of the notes to the consolidated financial statements (see PDF, pages 186-193).
Vienna Insurance Group earned a financial result of EUR 920.61 million in 2011, 17.2% lower than the previous year. The result was primarily negatively affected by developments in the stock markets. In addition, the entire Greek portfolio was written down to market value.
Profit before taxes
Vienna Insurance Group achieved a profit before taxes of EUR 559.01 million in 2011, equal to an increase of EUR 51.22 million, or 10.1%, over 2010. Vienna Insurance Group therefore achieved the targets it had set for 2011, namely an increase in profits of approximately 10%, in spite of the difficult economic environment that existed, particularly in financial markets.
Cash flow from operating activities was EUR 1,538.26 million in 2011, compared to EUR 2,094.67 million in 2010. Cash flow from investing activities was EUR -1,132.11 million (2010: EUR -2,011.94). Vienna Insurance Group financing activities produced a cash flow of EUR -244.00 in 2011 (2010: EUR -191.77 million). The Group had cash and cash equivalents of EUR 568.12 million at the end of 2011. Vienna Insurance Group received a total of EUR 952.10 million in interest and dividends in 2011. These changes were due to the accumulation of liquidity that would have been needed for a potential purchase of the WARTA insurance group.