Consolidated statement of cash flows of ING Group
for the years ended 31 December
| amounts in millions of euros | 2008 | 2007 | 2006 | |
|---|---|---|---|---|
| Result before tax | –1,487 | 11,043 | 9,940 | |
| Adjusted for | – depreciation | 1,492 | 1,382 | 1,298 |
| – deferred acquisition costs and value of business acquired | –444 | –1,338 | –1,317 | |
| – increase in provisions for insurance and investment contracts | 16,363 | 26,494 | 17,689 | |
| – addition to loan loss provisions | 1,280 | 125 | 103 | |
| – other | 6,955 | –3,897 | –4,778 | |
| Taxation paid | –49 | –1,347 | –1,739 | |
| Changes in | – amounts due from banks, not available on demand | 7,162 | –8,690 | 3,117 |
| – trading assets | 32,386 | 2,997 | –48,168 | |
| – non-trading derivatives | –2,020 | 261 | –179 | |
| – other financial assets at fair value through profit and loss | 3,174 | –4,878 | 3,930 | |
| – loans and advances to customers | –76,215 | –75,501 | –59,800 | |
| – other assets | –11,847 | –6,534 | 1,218 | |
| – amounts due to banks, not payable on demand | 13,210 | 15,414 | 1,925 | |
| – customer deposits and other funds on deposit | 6,831 | 28,640 | 47,521 | |
| – trading liabilities | 3,501 | 20,916 | 38,821 | |
| – other financial liabilities at fair value through profit and loss | 13,016 | 44 | 2,405 | |
| – other liabilities | –485 | 6,577 | –2,416 | |
| Net cash flow from operating activities | 12,823 | 11,708 | 9,570 | |
| Investments and advances– group companies | –1,725 | –3,215 | –2,358 | |
| – associates | –1,034 | –1,221 | –449 | |
| – available-for-sale investments | –228,291 | –284,006 | –295,086 | |
| – held-to-maturity investments | –314 | |||
| – real estate investments | –905 | –876 | –1,588 | |
| – property and equipment | –708 | –575 | –568 | |
| – assets subject to operating leases | –1,401 | –1,393 | –1,164 | |
| – investments for risk of policyholders | –64,735 | –54,438 | –44,116 | |
| – other investments | –881 | –316 | –250 | |
| Disposals and redemptions– group companies | 1,590 | 1,012 | 490 | |
| – associates | 972 | 1,049 | 459 | |
| – available-for-sale investments | 225,539 | 281,198 | 271,983 | |
| – held-to-maturity investments | 1,640 | 822 | 1,343 | |
| – real estate investments | 415 | 309 | 1,294 | |
| – property and equipment | 137 | 151 | 292 | |
| – assets subject to operating leases | 428 | 417 | 402 | |
| – investments for risk of policyholders | 59,251 | 47,136 | 37,945 | |
| – other investments | 19 | 13 | 51 | |
| Net cash flow from investing activities 51 | –10,003 | –13,933 | –31,320 | |
| Proceeds from issuance of subordinated loans | 2,721 | 1,764 | 865 | |
| Repayments of subordinated loans | –600 | |||
| Proceeds from borrowed funds and debt securities | 391,915 | 455,629 | 304,228 | |
| Repayments of borrowed funds and debt securities | –354,015 | –464,982 | –283,728 | |
| Issuance of ordinary shares | 448 | 397 | 5 | |
| Issuance of non-voting equity securities | 10,000 | |||
| Payments to acquire treasury shares | –2,388 | –3,446 | –1,422 | |
| Sales of treasury shares | 252 | 846 | 373 | |
| Dividends paid | –3,207 | –3,039 | –2,716 | |
| Net cash flow from financing activities | 45,726 | –12,831 | 17,005 | |
| Net cash flow 52 | 48,546 | –15,056 | –4,745 | |
| Cash and cash equivalents at beginning of year | –16,811 | –1,795 | 3,335 | |
| Effect of exchange rate changes on cash and cash equivalents | –464 | 40 | –385 | |
| Cash and cash equivalents at end of year 53 | 31,271 | –16,811 | –1,795 | |
Cash and cash equivalents as at 31 December 2008 of EUR 31,271 million (2007: EUR –16,811 million) includes cash and balances with central banks of EUR 22,045 million (2007: EUR 12,406 million). Reference is made to Note 53 ‘Cash and Cash equivalents’.
References relate to the notes to the consolidated statement of cash flows. These form an integral part of the consolidated annual accounts.
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