Statement of Cash Flows
For the year ended 31 December
| In CZK million | Note | 2014 | 2013 |
|---|---|---|---|
| Cash flow from operating activities | |||
| Profit before tax | 4,367 | 4,478 | |
| Adjustments for: | |||
Depreciation and amortisation | F.25. | 432 | 516 |
Impairment and reversal of impairment of current and non-current assets | F.16.F.23.F.24. | 221 | 444 |
Profit/Loss on disposal of PPE, intangible assets and investment property | (52) | — | |
Profit/Loss on sale and revaluation of financial assets | 800 | 656 | |
Gains/losses on disposal of subsidiaries | (22) | 2 | |
Dividends received | (674) | (547) | |
Interest expense | 21 | 38 | |
Interest income | F.16.F.18. | (2,360) | (2,612) |
Income/expenses not involving movements of cash | (1,162) | (1,477) | |
| Share based compensation | (1) | 1 | |
| Change in loans and advances to banks | (3,892) | (293) | |
| Change in loans and advances to non banks | 37 | (85) | |
| Change in receivables | 308 | 155 | |
| Change in reinsurance assets | F.4. | 313 | (543) |
| Change in other assets, prepayments and accrued income | F.8. | (39) | 70 |
| Change in payables | (176) | 524 | |
| Change in liabilities for investment contracts with DPF | 10 | 250 | |
| Change in financial liabilities at FVTPL | (88) | (29) | |
| Change in liabilities to banks | (791) | 1,106 | |
| Change in insurance liabilities | (6,141) | (2,892) | |
| Change in other liabilities, accruals and deferred income | 120 | (147) | |
| Change in other provisions | F.11. | (197) | (269) |
| Interest on securities received | 2,194 | 2,580 | |
| Dividends received | 674 | 547 | |
| Purchase of financial assets at FVTPL | (1,410) | (1,672) | |
| Purchase of financial assets available-for-sale | (15,410) | (19,547) | |
| Proceeds from financial assets at FVTPL | 5,535 | 2,774 | |
| Proceeds from financial assets available-for-sale | 19,816 | 23,383 | |
| Income taxes paid | (660) | (1,542) | |
| Net cash flow from operating activities | 1,773 | 5,869 | |
| Cash flow from investing activities | |||
| Interest on loans received | 140 | 47 | |
| Purchase of tangible assets and intangible assets | (292) | (485) | |
| Acquisition of subsidiaries | (1,587) | (1,018) | |
| Acquisition of Branch´s insurance portfolio | — | — | |
| Loans granted | F.3.2. | (537) | (1,349) |
| Proceeds from disposals of tangible and intangible assets | 342 | — | |
| Proceeds from disposal of subsidiaries and other proceeds from subsidiaries | — | 297 | |
| Repayment of loans granted | F.3.2. | 841 | 212 |
| Net cash flow from investing activities | (1,093) | (2,296) | |
| Cash flow from financing activities | |||
| Repayment of loans | (3) | (2) | |
| Interest paid | (9) | (10) | |
| Dividends paid to shareholders | F.9.2. | (3,344) | (3,400) |
| Net cash flow from financing activities | (3,356) | (3,412) | |
| Net increase/decrease in cash and cash equivalents | (2,676) | 161 | |
| Cash and cash equivalents as at 1 January | F.7. | 5,199 | 5,089 |
| Effect of exchange rate changes on cash and cash equivalents | (19) | (51) | |
| Cash and cash equivalents as at 31 December | F.7. | 2,504 | 5,199 |