Annual Report 2012 - The Cyprus Development Bank

annual report 2012CONSOLIDATED CASH FLOWS STATEMENTFor the year ended 31 December 20122012 2011Notes €’ 000 €’ 000CASH FLOWS FROM OPERATING ACTIVITIESGroup loss for the year (5.799) (6.393)Adjustments for:Interest from debt securities (2.598) (3.394)Interest on loan capital 813 817Loss on disposal of equipment 1 5Depreciation of premises and equipment 534 511Depreciation of intangible assets 421 387Exchange differences 107 (242)Provisions for impairment 4.531 5.434Permanent diminution in the value of equity investments 217 2.323Taxation 629 450Cash flows to operating activities before changes in workingcapital and other balance sheet items (1.144) (102)Increase in loans and advances (64.763) (84.334)Decrease in equity investments 1 2.640Increase in repurchase agreements 153 -Increase in client deposits 142.616 122.489Net increase in working capital and other balance sheet items (6.676) (3.257)Cash flows from operating activities 70.187 37.436Taxes and special contributions paid (665) (466)Net cash flows from operating activities 69.522 36.970CASH FLOWS FROM/(TO) INVESTING ACTIVITIESAcquisition of equipment (378) (1.276)Proceeds from disposal of equipment 1 -Acquisition of intangible assets (175) (286)Maturity/(acquisition) of investments in debt securities 8.245 (22.433)Interest from debt securities 2.598 3.394Net cash flows from/(to) investing activities 10.291 (20.601)CASH FLOWS TO FINANCING ACTIVITIESRepayment of loan capital (137) -Interest on loan capital (813) (817)Net cash flows to financing activities (950) (817)Net increase in cash and cash equivalents 78.863 15.552Effect of exchange rate fluctuations on cash and cash equivalents 200 1.024Cash and cash equivalents at the beginning of the year 80.821 64.245Cash and cash equivalents at the end of the year 30 159.884 80.821The notes on pages 19 to 62 are an integral part of the consolidated financial statements.17