Annual Report 2012 - The Cyprus Development Bank

CASH FLOWS STATEMENTFor the year ended 31 December 20122012 2011Notes €’ 000 €’ 000CASH FLOWS FROM OPERATING ACTIVITIESLoss for the year (6.333) (4.868)Adjustments for:Interest from debt securities (2.598) (3.394)Interest on loan capital 813 817Loss on disposal of equipment 1 2Depreciation of premises and equipment 460 448Depreciation of intangible assets 419 384Exchange differences 78 (261)Provisions for impairment 4.521 5.353Permanent diminution in the value of equity investments 217 1.054Taxation 389 296Cash flows to operating activities before changes in workingcapital and other balance sheet items (2.033) (169)Increase in loans and advances (57.523) (73.982)Decrease in equity investments 14 2.640Increase in repurchase agreements 153 -Increase in client deposits 138.451 115.490Net increase in working capital and other balance sheet items (10.254) (10.723)Cash flows from operating activities 68.808 33.256Taxes and special contributions paid (425) (308)Net cash flows from operating activities 68.383 32.948CASH FLOWS FROM/(TO) INVESTING ACTIVITIESAcquisition of equipment (354) (1.144)Acquisition of intangible assets (175) (282)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 10.314 (20.465)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 77.747 11.666Effect of exchange rate fluctuations on cash and cash equivalents (7) 1.060Cash and cash equivalents at the beginning of the year 74.527 61.801Cash and cash equivalents at the end of the year 30 152.267 74.527The notes on pages 19 to 62 are an integral part of the consolidated financial statements.18