COMMERZBANK AKTIENGESELLSCHAFT

Group Financial Statements
264
208 Commerzbank Annual Report 2011
Cash flow statement
€m Notes 2011 2010
Consolidated profit or loss 747 1,489
Non-cash positions in consolidated profit or loss and reconciliation with
cash flow from operating activities:
Write-downs, depreciation, adjustments, write-ups on fixed and
other assets, changes in provisions and net changes due to
hedge accounting 4,006 4,101
Change in other non-cash positions – 12,194 2,952
Gain or loss on disposal of assets (36) 343 – 108
Net gain or loss on the sale of fixed assets (38) – –
Other adjustments (31) – 7,373 – 7,466
Sub-total – 14,471 968
Change in assets and liabilities from operating activities
after adjustment for non-cash positions:
Claims on banks (46) 22,924 – 3,747
Claims on customers (47) 32,373 24,611
Trading securities (52) 12,393 – 4,323
Other assets from operating activities (53-56, 58-60) 1,906 – 3,231
Liabilities to banks (61) – 39,144 – 3,008
Liabilities to customers (62) – 7,483 – 1,791
Securitised liabilities (63) – 25,683 – 30,423
Other liabilities from operating activities (64-70) – 4,940 – 470
Interest received (31) 14,294 14,956
Dividends received (31) 115 53
Interest paid (31) – 7,036 – 7,543
Income tax paid (40) – 29 – 218
Net cash from operating activities – 14,781 – 14,166
Proceeds from the sale of:
Financial investments and investments in companies accounted for
using the equity method (36, 37, 53, 54) 17,783 15,274
Fixed assets (38, 56) 74 187
Payments for the acquisition of:
Financial investments and investments in companies accounted for
using the equity method (36, 37, 53, 54) – 335 – 504
Fixed assets (38, 56) – 296 – 492
Effects from changes in the group of consolidated companies
Cash flow from acquisitions less cash reserves acquired (45) – –
Cash flow from disposals less cash reserves disposed of (45) 83 298
Net cash from investing activities 17,309 14,763
Proceeds from capital increases (73) – 2,774 – 56
Dividends paid (73) – –
Net cash from changes in ownership interests in consolidated companies – 58 – 36
Net cash from other financing activities (subordinated capital) (71, 72) – 1,632 – 2,838
Net cash from financing activities – 4,464 – 2,930
Cash and cash equivalents at the end of the previous period 8,053 10,329
Net cash from operating activities – 14,781 – 14,166
Net cash from investing activities 17,309 14,763
Net cash from financing activities – 4,464 – 2,930
Effects from exchange rate changes 67 116
Effects from non-controlling interests – 109 – 59
Cash and cash equivalents at the end of the period (45) 6,075 8,053