Annual Report 2010 - ProCredit Bank

Statement of Cash Flows
For the year ended 31 December
in EUR
Note 2010 2009
Cash flows from operating activities
Loss for the year
Adjustments for:
(3,162,077) (5,192,936)
Depreciation and amortisation 18, 19 2,316,718 2,591,752
Net impairment on loans and advances to customers 11 1,513,246 2,061,684
Loans written-off 11 5,204,656 3,252,915
Loss on disposal of property and equipment 552,548 88,540
Accrued interest, deferred commission on debt securities (747,146) (2,039,759)
Income tax revenue 13 (369,679) (1,443,009)
Dividend income (1,794) (2,864)
Exchange rate differences 831,735 (1,060,767)
Operating profit/(loss) before changes in operating assets and liabilities 6,138,207 (1,744,443)
Change in minimum compulsory reserve 14 2,852 21,194,904
Change in loans and advances to customers (2,818,335) 30,370,679
Change in other assets 20 (97,963) 481,247
Change in deposits from banks 200,000 –
Change in deposits from customers 10,726,204 (17,141,505)
Change in other liabilities 23 (328,745) (871,557)
Net cash from operating activities 13,822,220 32,289,325
Cash flows from investing activities
Purchase of property and equipment and intangible assets 18,19 (1,466,851) (2,355,313)
Dividends received 1,794 2,864
Proceeds from sale of property and equipment 191,364 –
Net cash used in investing activities (1,273,693) (2,352,449)
Cash flows from financing activities
Financial Statements 51
Proceeds from issue of share capital 5,098,021 3,054,730
Proceeds from borrowings 14,770,000 19,955,537
Repayment of borrowing (56,887,607) (19,719,613)
Repayment of debt securities issued – 10,420,000
Net cash used in financing activities (37,019,586) (7,129,346)
Net increase in cash and cash equivalents
Cash and cash equivalents at 31 December 36,508,956 13,701,426
Net increase/(decrease) in cash and cash equivalents (24,471,059) 22,807,530
Cash and cash equivalents at 31 December 28 12,037,897 36,508,956
Cash flows from operating activities include:
Interest received 35,043,173 42,288,683
Interest paid (12,936,265) (23,455,301)
Fees and commissions received 3,050,115 2,937,534
Fees and commissions paid (508,182) (418,438)
24,648,841 21,352,478
The statement of cash flows is to be read in conjunction with the notes to and forming part of the financial statements set out on pages
52 to 74.