Statement of Cash Flows
For the year ended 31 December
| In CZK million | Note | 2015 | 2014 |
|---|---|---|---|
| Cash flow from operating activities | |||
| Profit before tax | 6,033 | 4,778 | |
| Loss from discontinued operations before tax | (1,187) | (411) | |
| Earnings before taxes including loss from discontinued operations | 4,846 | 4,367 | |
| Adjustments for: | |||
Depreciation and amortisation | F.24. | 816 | 432 |
Impairment and reversal of impairment of current and non-current assets | F.22.F.23. | 408 | 221 |
Profit/Loss on disposal of PPE, intangible assets and investment property | – | (52) | |
Profit/Loss on sale and revaluation of financial assets | (400) | 800 | |
Gains/losses on disposal of subsidiaries | (954) | (22) | |
Dividends received | (581) | (674) | |
Interest expense | 19 | 21 | |
Interest income | F.16. | (1,950) | (2,360) |
Income/expenses not involving movements of cash | (1,329) | (1,162) | |
| Share based compensation | 9 | (1) | |
| Change in loans and advances to banks | 2,248 | (3,892) | |
| Change in loans and advances to non banks | (50) | 37 | |
| Change in receivables | 94 | 308 | |
| Change in reinsurance assets | F.4. | 147 | 313 |
| Change in other assets, prepayments and accrued income | F.8. | (153) | (39) |
| Change in payables | (228) | (176) | |
| Change in liabilities for investment contracts with DPF | (104) | 10 | |
| Change in financial liabilities at FVTPL | – | (88) | |
| Change in liabilities to banks | – | (791) | |
| Change in insurance liabilities | (9,131) | (6,141) | |
| Change in other liabilities, accruals and deferred income | 77 | 120 | |
| Change in other provisions | F.11. | (132) | (197) |
| Interest on securities received | 1,231 | 2,194 | |
| Dividends received | 581 | 674 | |
| Purchase of financial assets at FVTPL | (1,664) | (1,410) | |
| Purchase of financial assets available-for-sale | (11,941) | (15,410) | |
| Proceeds from financial assets at FVTPL | 5,825 | 5,535 | |
| Proceeds from financial assets available-for-sale | 16,222 | 19,816 | |
| Income taxes paid | (1,151) | (660) | |
| Net cash flow from operating activities | 2,755 | 1,773 | |
| Cash flow from investing activities | |||
| Interest on loans received | 105 | 140 | |
| Purchase of tangible assets and intangible assets | (246) | (292) | |
| Acquisition of subsidiaries | (1,078) | (1,587) | |
| Acquisition of Branch´s insurance portfolio | – | – | |
| Loans granted | F.3.2. | – | (537) |
| Proceeds from disposals of tangible and intangible assets | 6 | 342 | |
| Proceeds from disposal of subsidiaries and other proceeds from subsidiaries | 1,000 | – | |
| Repayment of loans granted | F.3.2. | 183 | 841 |
| Net cash flow from investing activities | (30) | (1,093) | |
| Cash flow from financing activities | |||
| Repayment of loans | (2) | (3) | |
| Interest paid | (9) | (9) | |
| Dividends paid to shareholders | F.9.2. | (3,272) | (3,344) |
| Net cash flow from financing activities | (3,283) | (3,356) | |
| Net decrease in cash and cash equivalents | (558) | (2,676) | |
| Cash and cash equivalents as at 1 January | 2,504 | 5,199 | |
| Effect of exchange rate changes on cash and cash equivalents | – | (19) | |
| Cash and cash equivalents as at 31 December | 1,946 | 2,504 |