Consolidated Statement of Cash Flows (indirect method)
For the year ended 31 December
| (CZK million) | Note | 2016 | 2015 |
|---|---|---|---|
| Cash flow from operating activities | |||
| Earnings before taxes from continuing operations | 6,043 | 6,302 | |
| Earnings before taxes from discontinued operations | – | (1,187) | |
| Earnings before taxes including loss from discontinued operations | 6,043 | 5,115 | |
| Adjustments for: | |||
Depreciation and amortisation | F.25. | 333 | 382 |
Amortisation of PVFP and impairment losses on goodwill and PVFP | F.25. | 11 | 16 |
Impairment and reversal of impairment of current and non-current assets | F.19., F.23. | 311 | 315 |
(Gains)/losses on disposal of PPE, intangible assets and investment property | F.20. | (3) | (1) |
(Gains)/losses from revaluation of financial securities, investment property and financial liabilities at FVTPL | F.17., F.19., F.23. | (1,664) | 32 |
(Gains)/losses on disposal of subsidiaries, associates and joint ventures | F.18. | – | (681) |
Interest expense | F.23. | 920 | 1,205 |
Interest income | F.19. | (3,555) | (3,795) |
Dividend income | F.18., F.19. | (219) | (215) |
Net interest income from financial instruments at FVTPL | F.17. | 233 | 292 |
Income/(expenses) not involving movements of cash | 576 | (1,317) | |
Share-based payments reserve | 16 | 9 | |
| Change in loans and receivables | (2,465) | (401) | |
| Change in receivables | 196 | 2,068 | |
| Change in reinsurance assets | F.4. | 88 | 140 |
| Change in other assets, prepayments and accrued income | (305) | 83 | |
| Change in payables | 154 | (2,530) | |
| Change in financial liabilities for investment contract with DPF | 4,736 | 6,872 | |
| Change in liabilities to banks | 5,185 | – | |
| Change in insurance liabilities | (2,459) | (9,104) | |
| Change in other liabilities, accruals and deferred income | 164 | 267 | |
| Change in other provisions | F.10. | (77) | (191) |
| Interest received | 2,448 | 2,021 | |
| Dividends received | F.19. | 214 | 210 |
| Purchase of financial assets at FVTPL | (1,577) | (1,664) | |
| Purchase of financial assets available for sale | (29,235) | (27,745) | |
| Proceeds from financial assets at FVTPL | 3,362 | 6,911 | |
| Proceeds from financial assets available for sale | 24,278 | 25,443 | |
| Cash flows arising from taxes on income | (935) | (1,198) | |
| Net cash flow from operating activities | 6,774 | 2,539 |
| (CZK million) | Note | 2016 | 2015 |
|---|---|---|---|
| Cash flow from investing activities | |||
| Purchase of tangible assets and intangible assets | (333) | (323) | |
| Purchase of investment property | (1,637) | (949) | |
| Net cashflow from acquisition of subsidiaries, associates and joint ventures, net of cash acquired | B.1. | (7) | 45 |
| Provided loans | (1) | – | |
| Proceeds from disposal of tangible and intangible assets | – | 15 | |
| Proceeds from sale of investment property | F.3.1. | 54 | – |
| Proceeds from disposals and other proceeds from subsidiaries, associates and joint ventures, net of cash disposed | – | 750 | |
| Net cash flow from investing activities | (1,924) | (462) | |
| Cash flow from financing activities | |||
| Proceeds from capital increases by non-controlling interests | 1,075 | 671 | |
| Repayment of capital to non-controlling interests | (14) | (44) | |
| Drawing of loans | – | 898 | |
| Repayment of loans | (604) | (1,170) | |
| Interest paid | (71) | (67) | |
| Dividend received | F.18. | 5 | 5 |
| Dividends paid to shareholders | F.9.1. | (3,684) | (3,272) |
| Net cash flow from financing activities | (3,293) | (2,979) | |
| Net increase (decrease) in cash and cash equivalents | 1,557 | (902) | |
| Cash and cash equivalents as at beginning of reporting period | F.7. | 4,143 | 5,050 |
| Effect of exchange rate changes on cash and cash equivalents | (6) | (5) | |
| Cash and cash equivalents as at end of reporting period | F.7. | 5,694 | 4,143 |