Cash flow statement 1 January – 31 December

EUR 1,000NoteJan–Dec 2015Jan–Dec 2014
Cash flows from operating activities
Profit/loss from operating activities215,398210,211
Adjustments:
Unrealised gains/losses of financial assets held at fair value13,865-27,631
Depreciation and write-down in value of tangible and intangible assets8,7373,709
Change in accrued interest and fees (assets)6,61312,491
Change in accrued interest and fees (liabilities)-7,986-12,069
Impairment of loans2,50920,905
Adjustment to hedge accounting-20,6671,019
Other adjustments to the year’s profit376-641
Adjustments, total3,447-2,217
Lending
Disbursements of loans-2,715,757-2,273,619
Repayments of loans2,350,5322,005,001
Capitalisations, redenominations, index adjustments, etc.-51-69
Exchange rate adjustments-247,764-84,071
Lending, total-613,039-352,758
Cash flows from operating activities, total-394,193-144,763
Cash flows from investing activities
Placements and debt securities
Purchase of debt securities-2,168,290-2,555,763
Sold and matured debt securities1,614,9722,489,721
Placements with credit institutions-1,350-830
Other financial placements2,6991,663
Exchange rate adjustments, etc.-59,523-36,599
Placements and debt securities, total-611,491-101,808
Other items
Acquisition of intangible assets-1,005-1,637
Acquisition of tangible assets-2,551-861
Change in other assets5,67616,570
Other items, total2,12014,072
Cash flows from investing activities, total-609,372-87,736
Cash flows from financing activities
Debts evidenced by certificates
Issues of new debt4,276,1383,360,777
Redemptions-3,636,669-4,031,164
Exchange rate adjustments884,1741,272,741
Debts evidenced by certificates, total1,523,643602,354
Other items
Long-term placements from credit institutions18,000
Change in swap receivables-441,813-653,925
Change in swap payables218,769-277,680
Change in other liabilities3,186-1,334
Dividend paid-55,000-55,000
Paid-in capital and reserves
Other items, total-256,858-987,939
Cash flows from financing activities, total1,266,784-385,585
CHANGE IN CASH AND CASH EQUIVALENTS, NET(22)263,219-618,084
Opening balance for cash and cash equivalents, net767,1291,385,213
Closing balance for cash and cash equivalents, net1,030,348767,129
Additional information to the statement of cash flows
Interest income received345,394395,321
Interest expense paid-99,991-155,722

The cash flow statement has been prepared using the indirect method and cash flow items cannot be directly concluded from the statements of financial positions.