Erste Bank JPMorgan Merrill Lynch International

CONSOLIDATED CASH FLOW STATEMENT FROM 1 JANUARY 2007 TO 31 DECEMBER 2007
in EUR ’000
2007 2006
Profit for the period less minority interest . . . . . . . . . . . . . . . . . . . . . . . . . 312,618 260,902
Minority interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 36,253 3,419
Profit for the period before minority interest .................... 348,871 264,321
Net change in other underwriting provisions . . . . . . . . . . . . . . . . . . . . . . . 2,063,411 1,837,184
Changes in underwriting receivables and payables. . . . . . . . . . . . . . . . . . �66,060 �132.724
Changes in deposit receivables and payables, as well as in invoice
receivables and payables . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 42,789 �15,023
Changes in other receivables and payables . . . . . . . . . . . . . . . . . . . . . . . 150,612 128,351
Changes in financial investments held for trading. . . . . . . . . . . . . . . . . . . �151,992 �221,867
Realised gains and losses of investments . . . . . . . . . . . . . . . . . . . . . . . . �327,816 �162,304
Write up/down of all other investments. . . . . . . . . . . . . . . . . . . . . . . . . . . 113,109 89,255
Changes in provisions for pension, severance pay, and other personnel
expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . �135,428 �64,776
Changes in deferred tax assets/liabilities, excl, tax provisions . . . . . . . . . 11,100 25,059
Changes in other balance sheet items . . . . . . . . . . . . . . . . . . . . . . . . . . . �57,386 2,214
Changes in goodwill and intangible assets . . . . . . . . . . . . . . . . . . . . . . . . �4,977 �21,429
Other income and expenses affecting cash flow, and adjustments to net
income for the period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34,744 �82,903
Cash Flow from operating activities ........................... 2,020,978 1,645,358
Cash proceeds from the sale of affiliated and associated companies . . . . 5,125 434
Payments for the acquisition of affiliated and associated companies . . . . �58,384 �139,848
Cash proceeds from the sale of other ownership interests . . . . . . . . . . . . 38,640 35,012
Payments for the acquisition of other ownership interests. . . . . . . . . . . . . �457,783 �125,195
Cash proceeds from the sale of available for sale securities. . . . . . . . . . . 2,923,822 2,905,305
Payments for the acquisition of available for sale securities . . . . . . . . . . . �3,390,242 �4,169,853
Cash proceeds from the sale of securities held to maturity . . . . . . . . . . . . 47,555 30,429
Payments for the acquisition of securities held to maturity . . . . . . . . . . . . �99,123 �74,455
Cash proceeds from the sale of land and buildings . . . . . . . . . . . . . . . . . 84,668 39,519
Payments for the acquisition of land and buildings . . . . . . . . . . . . . . . . . . �242,448 �211,678
Changes in unit- and index-linked life insurance items . . . . . . . . . . . . . . . �608,243 �544,965
Changes in other investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . �202,624 780,506
Cash Flow from investing activities ........................... �1,959,038 �1,474,789
Minority interest in capital increase . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,952 0
Increase in subordinated liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,463 0
Dividend payments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . �101,855 �72,447
Cash proceeds from and payments for other financing activities. . . . . . . . 23,639 �174,870
Cash Flow from financing activities ........................... �62,801 �247,317
Net change in cash and cash eqivalents ....................... �861 �76,748
Cash and cash equivalents at beginning of period ............... 226,443 290,347
Cash and cash equivalents at end of period .................... 277,700 226,443
Including non-profit housing development corporations ............. 54,294 12,916
Change in scope of consolidation ............................ 49,117 18,449
Foreign exchange differences in cash and cash equivalents ....... 3,001 �5,605
Additional information
interest received . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 621,289 495,643
dividends received . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 142,619 130,780
interest paid. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 121,734 81,531
dividends paid . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 101,855 72,447
income taxes paid . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 59,007 55,730
F-6