-Indirect method

(in thousands of Euro)

31.12.2010

31.12.2009

A. OPERATING ACTIVITIES

 

 

1. Operations

50,214

44,231

- profit(loss) for the year (+/-)

18,626

17,216

- profit/loss on financial assets held for trading and on

financial assets/liabilities carried at fair value (-/+)

267

(2,321)

- profit/loss on hedging activities

-

-

- net impairment losses/reversal on loans (+/-)

24,209

20,218

- net impairment losses/reversal on property,

plant and equipment and investment property and intangible assets (+/-)

2,509

2,428

- net allocations to provisions for risks and charges and other costs/revenues (+/-)

40

96

- unpaid taxes (+)

11,235

8,759

- other adjustments (+/-)

(6,672)

(2,165)

2. Cash flows generated/absorbed by financial assets

(849,505)

(620,705)

- Financial assets held for trading

-

-

- Financial assets at fair value

-

-

- Available for sale financial assets

(424,242)

(379,490)

- due from banks on demand

(12,632)

30,530

- other due from banks

(32,522)

(6,287)

- Due from customers

(348,775)

(258,595)

- Other assets

(31,334)

(6,863)

3. Cash flows generated/absorbed by financial liabilities

764,600

599,415

- due to banks on demand

19,378

38,236

- other due to banks

(107,467)

(121,879)

- Due to customers

892,396

751,760

- Outstanding securities

(20,608)

(73,144)

- Financial liabilities held for trading

-

-

- Financial liabilities at fair value

-

-

- Other liabilities

(19,099)

4,442

Net cash flows generated/absorbed by operating activities A (+/-)

(34,691)

22,941

B. INVESTMENT ACTIVITIES

 

 

1. Cash flows generated by:

152

108

- sale of equity investments

-

-

- dividends collected on equity investments

-

-

- sale of financial assets held to maturity

-

-

- sale of property, plant and equipment and investment property

128

108

- sale of intangible assets

24

-

- sale of business branches

-

-

2. Cash flows absorbed by:

(2,192)

(3,293)

- purchase of equity investments

-

-

- purchase of financial assets held to maturity

-

-

- purchase of property, plant and equipment and investment property

(1,287)

(1,749)

- purchase of intangible assets

(905)

(1,544)

- purchase of business branches

-

-

Net cash flows generated/absorbed by investment activities B (+/-)

(2,040)

(3,185)

C. FINANCING ACTIVITIES

 

 

- issue/buyback of treasury shares

(349)

(5,721)

- issue/buyback of equity instruments

49,628

(368)

- distribution of dividends and other

(17,131)

(9,068)

Net cash flows generated/absorbed by financing activities C (+/-)

32,148

(15,157)

NET CASH FLOWS GENERATED /ABSORBED DURING THE YEAR D=A+/-B+/-C

(4,583)

4,599

RECONCILIATION

OPENING CASH AND CASH EQUIVALENTS E

4,614

15

NET CASH FLOWS GENERATED /ABSORBED DURING THE YEAR D

(4,583)

4,599

CASH AND CASH EQUIVALENTS: EXCHANGE RATE EFFECTS F

 

 

CLOSING CASH AND CASH EQUIVALENTS G=E+/-D+/-F

31

4,614