Consolidated Statement of Cash Flows (indirect method)
For the year ended 31 December
| (CZK million) | Note | 2015 | 2014 |
|---|---|---|---|
| Cash flow from operating activities | |||
| Earnings before taxes from continuing operations | 6,370 | 4,961 | |
| Earnings before taxes from discontinued operations | (1,187) | (411) | |
| Earnings before taxes including loss from discontinued operations | 5,183 | 4,550 | |
| Adjustments for: | |||
Depreciation and amortisation | F.23.F.25. | 382 | 481 |
Amortisation of PVFP and impairment losses on goodwill and PVFP | F.25. | 16 | 13 |
Impairment and reversal of impairment of current and non-current assets | F.19.F.23.F.25. | 315 | 184 |
Profit/Loss on disposal of PPE, intangible assets and investment property | F.20.F.25. | (1) | (58) |
Gain/loss from revaluation of financial securities, investment property and financial liabilities at FVTPL | F.3.F.17.F.19.F.23.F.25. | 32 | 2,173 |
Gains/losses on disposal of subsidiaries, associates and joint ventures | F.18. | (681) | (22) |
Interest expense | F.23. | 1,205 | 1,531 |
Interest income | F.19. | (3,795) | (4,090) |
Dividend income | F.18.F.19. | (215) | (709) |
Net Interest income from financial instruments at FVTPL | F.17. | 292 | 230 |
Income/expenses not involving movements of cash | (1,317) | (1,819) | |
Share based payments reserve | 9 | 1 | |
| Change in loans and receivables | (401) | (1,778) | |
| Change in receivables | 2,068 | (136) | |
| Change in reinsurance assets | 140 | 313 | |
| Change in other assets, prepayments and accrued income | 83 | (422) | |
| Change in payables | (2,598) | (131) | |
| Change in financial liabilities for investment contract with DPF | 6,872 | 6,803 | |
| Change in financial liabilities at FVTPL | – | (550) | |
| Change in liabilities to banks | – | (215) | |
| Change in insurance liabilities | (9,104) | (6,100) | |
| Change in other liabilities, accruals and deferred income | 267 | 106 | |
| Change in other provisions | (191) | (160) | |
| Interest received | 2,021 | 2,649 | |
| Dividends received | 210 | 709 | |
| Purchase of financial assets at FVTPL | (1,664) | (1,268) | |
| Purchase of financial assets available-for-sale | (27,745) | (32,552) | |
| Proceeds from financial assets at FVTPL | 6,911 | 5,644 | |
| Proceeds from financial assets available-for-sale | 25,443 | 28,508 | |
| Cash flows arising from taxes on income | (1,198) | (826) | |
| Net cash flow from operating activities | 2,539 | 3,059 |
| (CZK million) | Note | 2015 | 2014 |
|---|---|---|---|
| Cash flow from investing activities | |||
| Purchase of tangible assets and intangible assets | (323) | (125) | |
| Purchase of investment property | (949) | (30) | |
| Net cashflow from acquisition of subsidiaries, associates and joint ventures, net of cash acquired | B.1. | 45 | (1,105) |
| Provided loans | – | (1,074) | |
| Proceeds from disposals of tangible and intangible assets | 15 | 233 | |
| Proceeds from disposal and other proceeds from subsidiaries, associates and joint ventures, net of cash disposed | 750 | – | |
| Net cash flow from investing activities | (462) | (2,101) | |
| Cash flow from financing activities | |||
| Proceeds from capital increases by non-controllling interests | 671 | 174 | |
| Repayment of capital to non-controlling interests | (44) | – | |
| Drawing of loans | 898 | – | |
| Repayment of loans | (1,170) | (3) | |
| Interest paid | (67) | (10) | |
| Dividend received | 5 | – | |
| Dividends paid to shareholders | (3,272) | (3,344) | |
| Net cash flow from financing activities | (2,979) | (3,183) | |
| Net increase (decrease) in cash and cash equivalents | (902) | (2,225) | |
| Cash and cash equivalents as at 1 January | F.7. | 5,050 | 7,272 |
| Effect of exchange rate changes on cash and cash equivalents | (5) | 3 | |
| Cash and cash equivalents as at 31 December | F.7. | 4,143 | 5,050 |