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Statement of cash flows, IFRS

Statement of cash flows, IFRS
EURm 2014 2013
Operating activities
Profit before taxes 1,759 1,668
Adjustments:
Depreciation and amortisation 21 18
Unrealised gains and losses arising from valuation -64 -133
Realised gains and losses on investments -280 -231
Change in liabilities for insurance and investment contracts 874 730
Other adjustments -661 -715
Adjustments total -110 -331
Change (+/-) in assets of operating activities
Investments *) 389 -553
Other assets -146 -11
Total 243 -564
Change (+/-) in liabilities of operating activities
Financial liabilities -6 -14
Other liabilities 53 -276
Paid taxes -279 -253
Total -232 -543
Net cash from operating activities 1,660 230
Investing activities
Investments in group and associated undertakings 391 371
Net investment in equipment and intangible assets -15 -11
Net cash from investing activities 377 360
Financing activities
Dividends paid -913 -747
Issue of debt securities 1,199 1,214
Repayments of debt securities in issue -1,012 -1,307
Net cash used in financing activities -725 -839
Total cash flows 1,311 -249
Cash and cash equivalents at 1 January 785 1,031
Effects of exchange rate changes -22 3
Cash and cash equivalents at 31 December 2,074 785
Net increase in cash and cash equivalents 1,311 -249
Additional information to the statement of cash flows: 2014 2013
Interest income received 538 574
Interest expense paid -109 -120
Dividend income received 102 82
*) Investments include investment property, financial assets and investments related to unit-linked insurance contracts.
The items of the statement of cash flows cannot be directly concluded from the balance sheets due to e.g. exchange rate differences, and acquisitions and disposals of subsidiaries during the period.
Cash and cash equivalents include cash at bank and in hand and short-term deposits (max. 3 months).
Note to the Group's statement of cash flows
Acquisitions 2014
Suomi Mutual assigned its guaranteed interest group pension portfolio to Mandatum Life Insurance Company Ltd on 30 December, 2014. As a result, EURm 100 cash and cash equivalents were transferred.
Acquisitions 2013
If P&C Insurance Ltd. acquired the business of Tryg Finland on 1 May, 2013. The purchase price was EURm 15. The cash and cash equivalents transferred amounted to EURm 93. The transferred net assets totalled about EURm 15. The liabilities consisted mainly of insurance liabilities.
The acquired assets and liabilities did not have a material effect on the Group's income statement, balance sheet or cash flows.
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