OP Financial Group cash flow statement

















EUR million 2015 2014
Cash flow from operating activities

Profit for the financial year 853 607
Adjustments to profit for the financial year 1,431 168
Increase (-) or decrease (+) in operating assets -9,052 -4,230
Receivables from credit institutions 169 99
Financial assets at fair value through profit or loss 148 433
Derivative contracts 9 65
Receivables from customers -4,003 -2,617
Non-life Insurance assets -351 -199
Life Insurance assets -2,414 -698
Investment assets -3,071 -393
Other assets 462 -920
Increase (+) or decrease (-) in operating liabilities 8,121 3,799
Liabilities to credit institutions -120 732
Financial liabilities at fair value through profit or loss -4 0
Derivative contracts -4 60
Liabilities to customers 6,360 1,006
Non-life Insurance liabilities 70 149
Life Insurance liabilities 1,325 1,284
Provisions and other liabilities 495 566
Income tax paid -359 -201
Dividends received 94 102
A. Net cash from operating activities 1,088 244
Cash flow from investing activities

Increases in held-to-maturity financial assets -2 -
Decreases in held-to-maturity financial assets 85 80
Acquisition of subsidiaries, net of cash and cash equivalents acquired -27 -3
Disposal of subsidiaries, net of cash and cash equivalents disposed 0 3
Purchase of PPP and intangible assets -301 -214
Proceeds from sale of PPE and intangible assets 17 6
B. Net cash used in investing activities -227 -128



Cash flow from financing activities

Increases in subordinated liabilities 1,242 60
Decreases in subordinated liabilities -698 -
Increases in debt securities issued to the public 29,711 38,820
Decreases in debt securities issued to the public -27,444 -35,953
Increases in cooperative and share capital 3,238 2,432
Decrease in cooperative and share capital -2,395 -1,278
Dividends paid and interest on cooperative capital -30 -76
Holdings in Pohjola Bank plc purchased from non-controlling interests - -2,422
Other












0 -
C. Net cash used in financing activities 3,623 1,583
Net change in cash and cash equivalents (A+B+C) 4,485 1,699
POP Group banks' cash and cash equivalents 47 -



Cash and cash equivalents at period-start 4,176 2,476
Cash and cash equivalents at period-end 8,708 4,176



EUR million 2015 2014
Interest received 2,552 2,765
Interest paid -1,537 -1,697



Adjustments to profit for the financial year
















Non-cash items and other adjustments
Impairment losses on receivables 93 101
Unrealised net earnings in Non-life Insurance 77 50
Unrealised net earnings in Life Insurance 762 -431
Change in fair value for trading 26 159
Unrealised net gains on foreign exchange operations -117 79
Change in fair value of investment property 7 6
Planned amortisation and depreciation 162 149
Share of associates' profits/losses -6 -1
Other 427 48



Items presented outside cash flow from operating activities

Capital gains, share of cash flow from investing activities -2 1
Interest on cooperative capital 1 6
Total adjustments 1,431 168



Cash and cash equivalents

Liquid assets* 8,619 3,942
Receivables from credit institutions payable on demand 89 234
Total 8,708 4,176


* Of which Non-life Insurance liquid assets amount to 5 million euros (40) and Life Insurance liquid assets 33 million euros (13).