Annual Accounts and Report as at 30 June 2011 Draft - Mediobanca

MEDIOBANCA CASH FLOW STATEMENTDirect methodAmounts30/6/11 30/6/10A. Cash flow from operating activities1. Operating activities 1,920,687,012 1,646,766,622-interest received 3,770,191,647 3,513,887,930-interest paid (2,867,179,170) (2,626,255,495)-dividends and similar income 115,969,377 68,415,320-net fees and commission income 226,876,215 379,959,196-cash payments to employees (121,898,061) (82,240,655)-net premium income — —-other premium from insurance activities — —-other expenses paid (1,754,547,942) (664,661,002)-other income received 2,551,832,812 1,058,082,520-income taxes paid (557,866) (421,192)-net expense/income from groups of assets being sold — —2. Cash generated/absorbed by financial assets (2,975,389,796) (2,566,848,456)- financial assets held for trading 2,848,927,121 (2,288,572,050)-financial assets recognized at fair value — —-AFS securities (2,094,421,116) (781,629,874)-due from customers (1,358,013,370) 2,328,272,793-due from banks: on demand 744,128,007 14,379,690-due from banks: other (2,867,224,418) (1,721,258,830)-other assets (248,786,020) (118,040,185)3. Cash generated/absorbed by financial liabilities 1,523,439,828 1,017,308,459-due to banks: on demand 1,142,366,318 4,508,774,809-due to banks: other (500,218,768) (2,758,183,851)-due to customers (192,827,545) (992,491,309)-debt securities 484,348,590 (260,393,146)-trading liabilities 700,043,201 780,505,383-financial liabilities assets recognized at fair value — —-other liabilities (110,271,968) (260,903,427)Net cash flow (outflow) from operating activities 468,737,044 97,226,625B. Investment activities1. Cash generated from 173,394,856 70,796,921-disposals of shareholdings 72,000 55,041-dividends received in respect of equity investments 98,857,323 70,177,424-disposals/redemptions of financial assets held to maturity 74,342,533 476,032-disposals of tangible assets 107,000 88,424-disposals of intangible assets 16,000 —-disposals of subsidiaries or business units — —2. Cash absorbed by (498,277,759) (168,413,127)-acquisitions of shareholdings — (138,257)-acquisitions of held-to-maturity investments (483,127,000) (151,054,942)-acquisitions of tangible assets (2,920,000) (3,966,020)-acquisitions of intangible assets (12,230,759) (13,253,908)-acquisitions of subsidiaries or business units — —-Net cash flow (outflow) from investment/servicing of finance (324,882,903) (97,616,206)C. Funding activities-issuance/acquisition of treasury shares 244,215 392,661-issuance/acquisitions of equity instruments — —-dividends payout and other applications of funds (143,495,781) —Net cash flow (outflow) from funding activities (143,251,566) 392,661Net cash flow (outflow) during period 602,575 3,080286 –