Consolidated cash flow statement
in EUR '000 |
2019 |
2018 |
||||
|---|---|---|---|---|---|---|
|
||||||
Result of the period |
413,088 |
367,952 |
||||
Change in underwriting provisions net |
697,415 |
111,856 |
||||
Change in underwriting receivables and liabilities |
50,372 |
19,778 |
||||
Change in other receivables and other liabilities (excl. leases) |
96,646 |
78,313 |
||||
Change in financial instruments recognised at fair value through profit and loss (incl. held for trading) |
-14,292 |
7,008 |
||||
Gain/loss from disposal of investments |
-211,826 |
-111,379 |
||||
Appreciation/depreciation of investments |
125,734 |
177,991 |
||||
Change in provisions for pensions and similar obligations and other personnel provisions |
111,061 |
56,736 |
||||
Change in deferred taxes |
-4,081 |
-33,573 |
||||
Change in intangible assets |
189,028 |
106,661 |
||||
Change in right-of-use assets and lease receivables and liabilities |
44,995 |
|
||||
Change in other balance sheet items |
51,974 |
-29,076 |
||||
Other cash-neutral income and expenses1 |
-251,350 |
309,285 |
||||
Cash flow from operating activities |
1,298,764 |
1,061,552 |
||||
Cash inflow from the sale of associated companies |
0 |
110,392 |
||||
Payments for the acquisition of subsidiaries |
-68,631 |
-11,061 |
||||
Payments for the acquisition of associated companies |
-153 |
0 |
||||
Cash inflow from the sale of available for sale securities |
2,946,231 |
2,248,144 |
||||
Payments for the acquisition of available for sale securities |
-3,420,012 |
-3,388,440 |
||||
Cash inflow from disposals/repayments of held to maturity securities |
260,575 |
280,454 |
||||
Payments for the acquisition of held to maturity securities |
-64,117 |
-102,939 |
||||
Cash inflow from the sale of land and buildings |
70,834 |
93,521 |
||||
Payments for the acquisition of land and buildings |
-387,667 |
-432,587 |
||||
Cash inflow for the sale of intangible assets |
6,088 |
4,241 |
||||
Payments for the acquisition of intangible assets |
-170,239 |
-81,690 |
||||
Change in investments for unit-linked and index-linked life insurance |
120,203 |
489,786 |
||||
Change of loans |
-19,252 |
139,108 |
||||
Change in other investments |
-159,864 |
-199,423 |
||||
Cash flow from investing activities |
-886,004 |
-850,494 |
||||
Corporate actions, incl. hybrid capital |
0 |
-198,017 |
||||
Cash outflow from subordinated liabilities |
-64,917 |
-64,266 |
||||
Dividend payments |
-142,573 |
-139,722 |
||||
Cash inflow from other financing activities |
131,142 |
292,815 |
||||
Cash outflow from other financing activities |
-130,335 |
-248,818 |
||||
Cash outflow from lease liabilities |
-33,615 |
|
||||
Cash flow from financing activities |
-240,298 |
-358,008 |
||||
Change in cash and cash equivalents |
172,462 |
-146,950 |
||||
|
|
|
||||
Cash and cash equivalents at beginning of period2 |
1,347,279 |
1,497,731 |
||||
Change in cash and cash equivalents |
172,462 |
-146,950 |
||||
Change in the scope of consolidation |
-77,478 |
2,574 |
||||
Effects of foreign currency exchange differences on cash and cash equivalents |
1,095 |
-6,076 |
||||
Cash and cash equivalents at end of period2 |
1,443,358 |
1,347,279 |
||||
thereof non-profit societies |
0 |
122,341 |
||||
Additional information statement of cash flows |
2019 |
2018 |
||||
|---|---|---|---|---|---|---|
|
||||||
Received interest1 |
766,045 |
767,633 |
||||
Received dividends1 |
56,300 |
67,137 |
||||
Interest paid2 |
85,923 |
97,409 |
||||
Income taxes paid1 |
73,458 |
79,085 |
||||
|
|
|
||||
Expected cash flow from reclassified securities |
7,562 |
10,539 |
||||
Effective interest rate of reclassified securities |
4.60% |
4.22% |
||||
Reconciliation of liabilities from financing activities |
31.12.2019 |
||||||||
|---|---|---|---|---|---|---|---|---|---|
Subordinated liabilities (including interest)1 |
Liabilities to financial institutions |
Liabilities from public funding |
Lease liabilities |
Financing liabilities2 |
|||||
|
|||||||||
Book value as of 31.12. of the previous year |
1,490,839 |
1,230,601 |
105,143 |
|
1,520,242 |
||||
Cash changes |
-64,917 |
-10,602 |
2,695 |
-33,615 |
8,714 |
||||
Cash inflows |
0 |
81,663 |
4,344 |
0 |
45,135 |
||||
Payments |
-350 |
-81,766 |
-1,621 |
-33,615 |
-26,925 |
||||
Interest paid |
-64,567 |
-10,499 |
-28 |
0 |
-9,496 |
||||
Non-cash changes |
71,049 |
-1,004,581 |
-107,838 |
232,947 |
-1,454,417 |
||||
Additions |
64,490 |
10,628 |
218 |
317,485 |
13,526 |
||||
Disposals |
0 |
0 |
-180 |
-32 |
-16,432 |
||||
Change in the scope of consolidation |
6,000 |
-1,015,209 |
-107,876 |
-84,487 |
-1,420,785 |
||||
Reclassifications |
301 |
0 |
0 |
0 |
-31,077 |
||||
Measurement changes |
0 |
0 |
0 |
0 |
342 |
||||
Exchange rate differences |
258 |
0 |
0 |
-19 |
9 |
||||
Book value as of 31.12. |
1,496,971 |
215,418 |
0 |
199,332 |
74,539 |
||||
The lease liabilities column shows the lease liabilities reported in accordance with IFRS 16 starting as of 1 January 2019. Further information is available in the section titled “Changes in accounting policies” on page 84, in “Estimates and discretionary decisions” starting on page 92, and under “Leases” in “Accounting policies” starting on page 98.
The changes in the scope of consolidation were primarily due to the change in the consolidation method for the non-profit societies.
Reconciliation of liabilities from financing activities |
31.12.2018 |
|||||||
|---|---|---|---|---|---|---|---|---|
Subordinated liabilities (including interest)1 |
Liabilities to financial institutions |
Liabilities from public funding |
Financing liabilities2 |
|||||
|
||||||||
Book value as of 31.12. of the previous year |
1,490,999 |
1,201,031 |
100,018 |
1,480,417 |
||||
Cash changes |
-64,266 |
15,038 |
4,753 |
24,206 |
||||
Cash inflows |
0 |
187,983 |
8,060 |
96,772 |
||||
Payments |
0 |
-158,090 |
-3,255 |
-58,027 |
||||
Interest paid |
-64,266 |
-14,855 |
-52 |
-14,539 |
||||
Non-cash changes |
64,106 |
14,532 |
372 |
15,619 |
||||
Additions |
64,263 |
14,532 |
372 |
22,396 |
||||
Disposals |
0 |
0 |
0 |
-9,844 |
||||
Change in the scope of consolidation |
0 |
0 |
0 |
4,613 |
||||
Reclassifications |
0 |
0 |
0 |
-1,176 |
||||
Measurement changes |
0 |
0 |
0 |
-333 |
||||
Exchange rate differences |
-157 |
0 |
0 |
-37 |
||||
Book value as of 31.12. |
1,490,839 |
1,230,601 |
105,143 |
1,520,242 |
||||