OP Financial Group cash flow statement

 

EUR million 2014 2013
Restated*
Cash flow from operating activities    
Profit for the financial year 607 665
Adjustments to profit for the financial year 168 724
Increase (-) or decrease (+) in operating assets -4,230 -5,828
Receivables from credit institutions 99 215
Financial assets at fair value through profit or loss 433 -326
Derivative contracts 65 26
Receivables from customers -2,617 -3,215
Non-life Insurance assets -199 -63
Life Insurance assets -698 -421
Investment assets -393 -2,297
Other assets -920 253
Increase (+) or decrease (-) in operating liabilities 3,799 -934
Liabilities to credit institutions 732 -907
Financial liabilities at fair value through profit or loss 0 1
Derivative contracts 60 -18
Liabilities to customers 1,006 530
Non-life Insurance liabilities 149 48
Life Insurance liabilities 1,284 189
Provisions and other liabilities 566 -777
Income tax paid -201 -173
Dividends received 102 106
A. Net cash from operating activities 244 -5,440
Cash flow from investing activities    
Increases in held-to-maturity financial assets - -4
Decreases in held-to-maturity financial assets 80 135
Acquisition of subsidiaries, net of cash and cash equivalents acquired -3 -5
Disposal of subsidiaries, net of cash and cash equivalents disposed 3 -
Purchase of PPP and intangible assets -214 -228
Proceeds from sale of PPE and intangible assets 6 17
B. Net cash used in investing activities -128 -85

Cash flow from financing activities
   
Increases in subordinated liabilities 60 -
Decreases in subordinated liabilities - -234
Increases in debt securities issued to the public 38,820 24,466
Decreases in debt securities issued to the public -35,953 -22,003
Increases in cooperative and share capital 2,432 183
Decrease in cooperative and share capital -1,278 -195
Dividends paid and interest on cooperative capital -76 -81
Returns to owner-members - -7
Holdings in Pohjola Bank plc purchased from non-controlling interests -2,422 -
C. Net cash used in financing activities     1,583 2,129
Net change in cash and cash equivalents (A+B+C) 1,699 -3,396

   
Cash and cash equivalents at period-start 2,476 5,873
Cash and cash equivalents at period-end 4,175 2,476

   
EUR million 2014 2013
Restated*
Interest received 2,765 2,533
Interest paid -1,697 -1,694
 
                               

Adjustments to profit for the financial year

 

Non-cash items and other adjustments  
Impairment losses on receivables 101 99
Unrealised net earnings in Non-life Insurance 50 108
Unrealised net earnings in Life Insurance -431 316
Change in fair value for trading 159 -214
Unrealised net gains on foreign exchange operations 79 2
Change in fair value of investment property 6 -12
Planned amortisation and depreciation 149 146
Share of associates' profits/losses -1 3
Other 48 262
     
Items presented outside cash flow from operating activities    
Capital gains, share of cash flow from investing activities 1 -3
Interest on cooperative capital 6 11
Other returns to owner-members 0 7
Total adjustments 168 724
     
Cash and cash equivalents    
Liquid assets** 3,942 2,179
Receivables from credit institutions payable on demand 233 298
Total 4,175 2,476

                               

* Comparative figures have been restated as a result of the adoption of IFRS 10 Consolidated Financial Statements.

** Of which Non-life Insurance liquid assets amount to 40 million euros (4) and Life Insurance liquid assets 13 million euros (3).