7.2.5Consolidated statement of cash flows
Consolidated statement of cash flows
| (in € millions) | 2023 | 2022 restated |
|---|---|---|
| Cash and cash equivalents as at 1 January | 2,246 | 2,305 |
| | | |
| Cash generated from operating activities | | |
| Result before tax | 1,389 | -2,323 |
| | | |
| Adjustments on non-cash items included in result: | | |
| Revaluation through profit or loss | 26 | 5 |
| Retained share of result of associates and joint ventures | -5 | 23 |
| | | |
| Amortisation of intangible assets | 43 | 11 |
| Depreciation of property, plant and equipment | 50 | 37 |
| Amortisation of subordinated debts | 2 | 1 |
| Impairments | 34 | 1 |
| | | |
| Changes in operating assets and liabilities: | | |
| Net (increase) / decrease in investment property | 22 | 1,388 |
| Net (increase) / decrease in investments | 715 | 8,130 |
| Net (increase) / decrease in investments related to direct participating contracts | -2,192 | 1,662 |
| Net (increase) / decrease in derivatives | -2,274 | 5,529 |
| Net (increase) / decrease in savings deposits | 708 | - |
| Net (increase) / decrease in amounts due to banks | 1,348 | -3,477 |
| Net (increase) / decrease in reinsurance contracts | 65 | 141 |
| Net increase / (decrease) in liabilities arising from insurance contracts | 1,123 | -10,358 |
| Net increase / (decrease) in liabilities arising from direct participating contracts | 2,393 | -1,711 |
| Net (increase) / decrease in other operating assets and liabilities | 226 | 182 |
| | | |
| Income tax received (paid) | -90 | -202 |
| Cash flows from operating activities | 3,583 | -961 |
| | | |
| Cash flows from investing activities: | | |
| Investments in associates and joint ventures | -18 | - |
| Proceeds from sales of associates and joint ventures | 8 | - |
| Purchases of property, plant and equipment | -29 | -179 |
| Purchases of group companies (less acquired cash positions) | 2,255 | -13 |
| Proceeds from sales of property, plant and equipment | - | 1 |
| Purchase of intangible assets | -5 | -11 |
| Cash flows from investing activities | 2,211 | -202 |
| | | |
| Cash flows from financing activities: | | |
| Increase/ (decrease) of capital | - | 586 |
| Issue of subordinated debts | - | 987 |
| Proceeds from issues of loans | 1,165 | - |
| Repayment of loans | -741 | -5 |
| Repayment of lease liabilities | -12 | -8 |
| Dividend paid | -484 | -347 |
| Discretionary interest to holders of equity instruments | -48 | -48 |
| Non-controlling interests | -5 | 10 |
| (Purchase)/ sale of treasury shares | -5 | -71 |
| Cash flows from financing activities | -130 | 1,104 |
| | | |
| Cash and cash equivalents as at 31 December | 7,910 | 2,246 |
| | | |
| Further details on cash flows from operating activities: | | |
| Interest received | 4,205 | 1,439 |
| Interest paid | -2,274 | -383 |
| Dividend received | 280 | 176 |
| | | |
| Further details on lease payments: | | |
| Total cash outflow for leases | -11 | -7 |
The comparative figures for 2022 have been restated (see chapter 7.3.1).