Cash Flow Statement for the 2006 business year

			2006 € 000	2005 € 000
Net profit including minority interests
	Net profit		175,065	133,342
		of which interest and dividend payments	54,651	41,593
	Minority interests		-23,165	-25,581
Change in technical provisions			1,372,731	1,825,129
Change in deferred acquisition costs			-55,965	-49,026
Change in amounts receivable and payable >from direct insurance			53,830	28,798
Change in other amounts receivable and payable			121,029	154,983
Change in securities at fair value through profit or loss			-184,484	-884,970
Realised gains/losses on the disposal of investments			-468,225	-677,288
Depreciation/appreciation of other investments			211,661	-44,891
Change in provisions for pension and severance payments			19,291	56,404
Change in deferred tax assets/liabilities			13,542	10,620
Change in other balance sheet items			-5,714	-832
Change in goodwill and intangible assets			1,737	-9,272
Other non-cash income and expenses as well as accounting period adjustments			5,638	6,710
Net cash flow from operating activities			1,236,972	524,126
	of which cash flow from income tax		-115,688	-25,465
Receipts due to disposal of consolidated companies and other business units			59,807	6,088
Payments due to acquisition of consolidated companies and other business units			-159,821	-69,486
Receipts due to disposal and maturity of other investments			9,488,763	6,116,234
Payments due to acquisition of other investments			-10,208,539	-6,425,148
Change in investments held on account and at risk of life insurance policyholders			-460,656	-427,361
Net cash flow used in investing activities			-1,280,446	-799,673
Change in investments on own shares			0	118,261
Dividend payments			-31,051	-24,620
Receipts and payments from other financing activities			131,794	10,739
Net cash flow used in financing activities			100,743	104,379
Change in cash and cash equivalents			57,268	-171,168
Change in cash and cash equivalents due to foreign currency translation			911	342
Change in cash and cash equivalents due to acquisition/disposal of consolidated companies			12,961	7,495
Cash and cash equivalents at beginning of period			192,024	355,354
Cash and cash equivalents at end of period			263,164	192,024
	of which cash flow from income tax		-115,688	-25,465

The cash and cash equivalents correspond to item L. of the assets: Liquid funds.