EUR 1,000 Note Jan–Dec 2016 Jan–Dec 2015
Cash flows from operating activities    
Net profit for the year   211,810 215,398
     
Adjustments:    
Unrealised gains/losses of financial assets held at fair value   1,548 13,865
Depreciation and write-down in value of tangible and intangible assets   2,319 8,737
Change in accrued interest and fees (assets)   13,625 6,613
Change in accrued interest and fees (liabilities)   -11,506 -7,986
Impairment of loans   19,839 2,509
Adjustment to hedge accounting   -4,271 -20,667
Other adjustments to the year’s profit   -628 376
Adjustments, total   20,926 3,447
     
Lending    
Disbursements of loans   -3,373,252 -2,715,757
Repayments of loans   2,464,579 2,350,532
Capitalisations, redenominations, index adjustments, etc.   -32 -51
Exchange rate adjustments   -110,135 -247,764
Lending, total   -1,018,840 -613,039
     
Cash flows from operating activities, total   -786,103 -394,193
     
Cash flows from investing activities    
Placements and debt securities    
Purchase of debt securities   -2,287,945 -2,168,290
Sold and matured debt securities   1,843,682 1,614,972
Placements with credit institutions   -850 -1,350
Other financial placements   2,714 2,699
Exchange rate adjustments, etc.   -47,891 -59,523
Placements and debt securities, total   -490,290 -611,491
     
Other items    
Acquisition of intangible assets   -938 -1,005
Acquisition of tangible assets   -682 -2,551
Change in other assets   10,698 5,676
Other items, total   9,078 2,120
     
Cash flows from investing activities, total   -481,212 -609,372
 
Cash flows from financing activities    
Debts evidenced by certificates    
Issues of new debt   6,700,059 4,276,138
Redemptions   -3,823,944 -3,636,669
Exchange rate adjustments   380,563 884,174
Debts evidenced by certificates, total   3,256,678 1,523,643
     
Other items    
Long-term placements from credit institutions   -27 18,000
Change in swap receivables   265,363 -441,813
Change in swap payables   -86,468 218,769
Change in other liabilities   1,409 3,186
Dividend paid   -55,000 -55,000
Other items, total   125,277 -256,858
     
Cash flows from financing activities, total   3,381,955 1,266,784
     
CHANGE IN CASH AND CASH EQUIVALENTS, NET 2,114,639 263,219
     
Opening balance for cash and cash equivalents, net (24) 1,030,348 767,129
Closing balance for cash and cash equivalents, net (24) 3,144,987 1,030,348
     
Additional information to the statement of cash flows    
Interest income received   325,481 345,394
Interest expense paid   -81,553 -99,991

The accompanying notes are an integral part of these financial statements.