Consolidated Cash Flow Statement for the 2007 business year

			31 Dec. 2007 € 000	31 Dec. 2006 € 000
Net profit including minority interests
	Net profit		268,993	175,065
		of which interest and dividend payments	3,378	54,651
	Minority interests		–21,889	-23,165
Change in technical provisions			494,741	1,372,731
Change in deferred acquisition costs			–10,032	-55,965
Change in amounts receivable and payable from direct insurance			58,399	53,830
Change in other amounts receivable and payable			–61,491	121,029
Change in securities at fair value through profit or loss			97,082	-184,484
Realised gains/losses on the disposal of investments			–144,154	-468,225
Depreciation/appreciation of other investments			185,077	211,661
Change in provisions for pension and severance payments			–32,878	19,291
Change in deferred tax assets/liabilities			37,881	13,542
Change in other balance sheet items			465	-5,714
Change in goodwill and intangible assets			–32,078	1,737
Other non-cash income and expenses as well as accounting period adjustments			6,067	5,638
Net cash flow from operating activities			846,183	1,236,972
	of which cash flow from income tax		–45,599	-115,688
Receipts due to disposal of consolidated companies and other business units			207,869	59,807
Payments due to acquisition of consolidated companies and other business units			–53,403	-159,821
Receipts due to disposal and maturity of other investments			12,125,000	9,488,763
Payments due to acquisition of other investments			–12,272,398	-10,208,539
Change in investments held on account and at risk of life insurance policyholders			–517,443	-460,656
Net cash flow used in investing activities			–510,375	-1,280,446
Change in investments on own shares			0	0
Dividend payments			–41,800	-31,051
Receipts and payments from other financing activities			92,375	131,794
Net cash flow used in financing activities			50,575	100,743
Change in cash and cash equivalents			386,384	57,268
Change in cash and cash equivalents due to foreign currency translation			–2,666	911
Change in cash and cash equivalents due to acquisition/disposal of consolidated companies			252	12,961
Cash and cash equivalents at beginning of period			263,164	192,024
Cash and cash equivalents at end of period			647,133	263,164
	of which cash flow from income tax		–45,599	-115,688

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