Consolidated Cash Flow Statement from 1 January to 31 December 2008

			2008 € 000	2007 € 000
Net profit including minority interests
	Net profit		66,748	268,993
		of which interest and dividend payments	37,602	3,378
	Minority interests		–13,440	–21,889
Change in technical provisions (net)			188,581	494,741
Change in deferred acquisition costs			1,459	–10,032
Change in amounts receivable and payable from direct insurance			–26,021	58,399
Change in other amounts receivable and payable			–156,183	–61,491
Change in securities at fair value through profit or loss			293,276	97,082
Realised gains/losses on the disposal of investments			–446,831	–144,154
Depreciation/appreciation of other investments			522,715	185,077
Change in provisions for pension and severance payments			–73,063	–32,878
Change in deferred tax assets/liabilities			–80,115	37,881
Change in other balance sheet items			60,063	465
Change in goodwill and intangible assets			–1,778	–32,078
Other non-cash income and expenses as well as accounting period adjustments			–68,448	6,067
Net cash flow from operating activities			266,962	846,183
	of which cash flow from income tax		–43,177	–45,599
Receipts due to disposal of consolidated companies and other business units			449,309	207,869
Payments due to acquisition of consolidated companies and other business units			–928,619	–53,403
Receipts due to disposal and maturity of other investments			9,854,721	12,125,000
Payments due to acquisition of other investments			–9,687,349	–12,272,398
Change in investments held on account and at risk of life insurance policyholders			–172,123	–517,443
Net cash flow used in investing activities			–484,061	–510,375
Change in investments on own shares			184,375	0
Change in holding of own shares			–8,296	0
Dividend payments			–59,714	–41,800
Receipts and payments from other financing activities			8,698	92,375
Net cash flow used in financing activities			125,063	50,575
Change in cash and cash equivalents			–92,036	386,384
Change in cash and cash equivalents due to foreign currency translation			–215	–2,666
Change in cash and cash equivalents due to acquisition/disposal of consolidated companies			12,971	252
Cash and cash equivalents at beginning of period			647,133	263,164
Cash and cash equivalents at end of period			567,853	647,133
	of which cash flow from income tax		–43,177	–45,599

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