Indirect method (in thousands of Euro)

31.12.2011

31.12.2010

A. OPERATING ACTIVITIES

1. Operations

46.049

50.214

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

26.535

18.626

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

105

267

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

-

-

- profit/loss on hedging activities

-

-

- net value adjustments/revaluations due to impairment (+/-)

32.143

24.209

- net value adjustments/revaluations on property, plant and equipment and investment property and intangible assets (+/-)

2.958

2.509

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

644

40

- unpaid taxes (+)

15.300

11.235

- other adjustments (+/-)

(31.636)

(6.672)

2. Cash flows generated/absorbed by financial assets

(1.128.812)

(849.505)

- Financial assets held for trading

-

-

- Financial assets at fair value

-

-

- Available for sale financial assets

(882.098)

(424.242)

- due from banks on demand

(37.749)

(12.632)

- other due from banks

(50.135)

(32.522)

- due from customers

(181.965)

(348.775)

- other assets

23.135

(31.334)

3. Cash flows generated/absorbed by financial liabilities

1.095.671

764.600

- due to banks on demand

(64.125)

19.378

- other due to banks

1.313.402

(107.467)

- due to customers

(144.787)

892.396

- outstanding securities

-

(20.608)

- financial liabilities held for trading

600

-

- Financial liabilities at fair value

-

-

- other liabilities

(9.419)

(19.099)

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

12.908

(34.691)

B. INVESTMENT ACTIVITIES

 

 

1. Cash flows generated by:

92

152

- sale of investments

-

-

- dividends collected on investments

-

-

- sale of financial assets held to maturity

-

-

- sale of property, plant and equipment and investment property

92

128

- sale of intangible assets

-

24

- sale of business branches

-

-

2. Cash flows absorbed by:

(10.451)

(2.192)

- purchase of investments

-

-

- financial assets held to maturity

-

-

- purchase of property, plant and equipment and investment property

(6.392)

(1.287)

- purchase of intangible assets

(4.059)

(905)

- purchase of business branches

-

-

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

(10.359)

(2.040)

C. FINANCING ACTIVITIES

 

 

- issue/buyback of treasury shares

6.551

(349)

- issue/buyback of equity instruments

1.422

49.628

- distribution of dividends and other

(10.486)

(17.131)

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

(2.513)

32.148

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

36

(4.583)

RECONCILIATION

OPENING CASH AND CASH EQUIVALENTS E

31

4.614

NET CASH FLOWS GENERATED /ABSORBED DURING THE YEAR D

36

(4.583)

CASH AND CASH EQUIVALENTS: EXCHANGE RATE EFFECTS F

 

 

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

67

31