Consolidated Statement of Cash Flows

Notes

2011

2010

Net profit

93,391

126,221

Adjusted for non-cash items:

  • Result of associates and subsidiaries

 

9,253

-4,320
  • Unrealised gains (losses)

 

19,710

13,493
  • Value adjustments

60,369

29,460
  • Depreciation and impairment of tangible fixed assets

1,891

2,795
  • Income tax expense

24,362

25,150

Changes in:

  • Income tax paid

-28,399

-2,525
  • Net movement (disbursements and repayments) in loans (including guaranteed by the State)

-328,298

-214,082
  • Purchase of and proceeds from equity investments and associates

-92,719

-89,797
  • Movement other assets and liabilities1)

73,090

-38,253
  • Movement in short-term credits1)

279,807

130,660

Net cash flow from operational activities

(35)

112,457

-21,198


Investment activities

Purchase of interest-bearing securities

-130,845

-152,424

Redemption/sale of interest-bearing securities

26,129

220,346

(Dis)investments in tangible fixed assets

-2,782

-1,304

Net cash flow from investing activities

(36)

-107,498

66,618


Financing activities

Proceeds from issuance of debt securities, debentures and notes

461,237

436,798

Redemption of debt securities, debentures and notes

-275,304

-487,763

Dividend paid

-1,864

-1,524

Net cash flow from financing activities

(37)

184,069

-52,489

Net cash flow

189,028

-7,069

 

 

 

Cash and cash equivalents

 

 

 

Banks and short-term deposits at January 1

 

351,873

358,942

Banks and short-term deposits at December 31

 

540,901

351,873

Total cash flow

 

189,028

-7,069

 

1) Movement is excluding foreign exchange results. Foreign exchange results are included in unrealized gains (losses).

35. Net cash flow from operational activities

The net cash flow from operational activities includes the company's portfolio movements, such as loans to the private sector and under guarantee of the State, equity investments, subsidiaries and associates. The net cash flow further includes the movements in working capital and current accounts with the State in regard to government funds and programs.

36. Net cash flow from investing activities

The net cash flow from investing activities includes the movements in the investment portfolio, such as the interest-bearing securities. The movements in tangible fixed assets are also included in the cash flow from investing activities.

37. Net cash flow from financing activities

The net cash flow from financing activities includes movements in the funding attracted from the capital market. Also included in the cash flow from financing activities are the additions to and reductions from the company's capital.

 

Back to top