| 2023 € million | 2022 € million | |
|---|---|---|
| Net profit | 10,805 | 2,2941 |
| Non-cash items included in net profit and reconciliation to cash flows from operating activities | ||
| Depreciation, amortization, impairment losses, and reversal of impairment losses on assets, and other non-cash changes in financial assets and liabilities | 407 | 13,5371 |
| Non-cash changes in provisions | 1,229 | –1,5321 |
| Non-cash changes in insurance contract liabilities | 3,194 | –9,5941 |
| Other non-cash income and expenses | –4,213 | 8661 |
| Gains and losses on the disposal of assets and liabilities | –2,463 | –1,6561 |
| Other adjustments (net) | –22,352 | –19,6581 |
| Subtotal | –13,393 | –15,743 |
| Cash changes in assets and liabilities arising from operating activities | ||
| Loans and advances to banks and customers | –17,979 | –85,4251 |
| Other assets from operating activities | 1,019 | –6351 |
| Hedging instruments (positive and negative fair values) | –1,211 | 2,1121 |
| Financial assets and financial liabilities held for trading | 10,640 | 8,2471 |
| Deposits from banks and customers | –25,158 | 20,0351 |
| Debt certificates issued including bonds | 27,299 | 7,6231 |
| Other liabilities from operating activities | 575 | 2,9041 |
| Interest, dividends and operating lease payments received | 38,990 | 23,2991 |
| Interest paid | –14,120 | –3,4381 |
| Income taxes paid | –1,404 | –1,459 |
| Cash flows from operating activities | 5,258 | –42,480 |
| Proceeds from the sale of investments | 29,919 | 15,0581 |
| Proceeds from the sale of investments held by insurance companies | 26,841 | 40,1341 |
| Payments for acquisitions of investments | –29,043 | –15,968 |
| Payments for acquisitions of investments held by insurance companies | –30,222 | –35,3271 |
| Net payments for acquisitions of property, plant and equipment, and investment property (excl. assets subject to operating leases) | –1,920 | –2,372 |
| Net payments for acquisitions of intangible non-current assets | –158 | –131 |
| Changes in the scope of consolidation | – | –248 |
| Cash flows from investing activities | –4,583 | 1,146 |
| Proceeds from capital increases by shareholders of the Cooperative Financial Network | 951 | 1,629 |
| Dividends paid to shareholders of the Cooperative Financial Network | –497 | –458 |
| Dividends paid to non-controlling interests | –32 | –53 |
| Ausschüttung auf zusätzliche Eigenkapitalbestandteile | –8 | –4 |
| Other payments to non-controlling interests | –1 | – |
| Net change in cash and cash equivalents from other financing activities (including subordinated capital) | 829 | 1,2111 |
| Cash flows from financing activities | 1,242 | 2,325 |
| Cash and cash equivalents as at January 1 | 117,964 | 156,973 |
| Cash flows from operating activities | 5,258 | –42,4801 |
| Cash flows from investing activities | –4,583 | 1,1461 |
| Cash flows from financing activities | 1,242 | 2,3251 |
| Cash and cash equivalents as at December 31 | 119,881 | 117,964 |
1 Amount restated
The statement of cash flows shows the changes in cash and cash equivalents during the financial year. Cash and cash equivalents consist of cash on hand and balances with central banks as well as from cash and cash equivalents in the amount of €124 million (2022: €0 million) resulting from non-current assets held for sale and disposal groups. The cash reserve does not include any financial investments with a maturity of more than three months at the date of acquisition. Changes in cash and cash equivalents are broken down into operating, investing and financing activities.
Cash flows from operating activities comprise cash flows mainly arising in connection with the revenue-generating activities of the Cooperative Financial Network or other activities that cannot be classified as investing or financing activities. Cash flows related to the acquisition and sale of non-current assets are allocated to investing activities. Cash flows from financing activities include cash flows arising from transactions with equity owners and from other borrowings to finance business activities, particularly from subordinated capital.