Statement of Cash Flows, IFRS

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Statement of cash flows, IFRS
EURm 2017 2016
Operating activities
Profit before taxes 2,482 1,871
Depreciation and amortisation 29 18
Unrealised gains and losses arising from valuation 43 -223
Realised gains and losses on investments -489 -92
Change in liabilities for insurance and investment contracts 317 666
Other adjustments -1,199 -550
Adjustments total -1,298 -180
Change (+/-) in assets of operating activities
Investments *) 638 -1,184
Other assets -40 -95
Total 598 -1,280
Change (+/-) in liabilities of operating activities
Financial liabilities -81 20
Other liabilities -20 35
Paid taxes -413 -271
Total -514 -216
Net cash from operating activities 1,267 195
Investing activities
Investments in group and associated undertakings 546 356
Net investment in equipment and intangible assets -12 -13
Net cash from investing activities 534 343
Financing activities
Dividends paid -1,286 -1,192
Issue of debt securities 1,042 2,271
Repayments of debt securities in issue -1,395 -1,002
Net cash used in financing activities -1,639 78
Total cash flows 162 616
Cash and cash equivalents at 1 January 2,585 1,997
Effects of exchange rate changes -14 -27
Cash and cash equivalents at 31 December 2,734 2,585
Net increase in cash and cash equivalents 162 616
Additional information to the statement of cash flows: 2017 2016
Interest income received 360 432
Interest expense paid -127 -117
Dividend income received 124 122
*) Investments include investment property, financial assets and investments related to unit-linked insurance contracts.
The items of the statement of cash flows cannot be directly concluded from the balance sheets due to e.g. exchange rate differences, and acquisitions and disposals of subsidiaries during the period.
Cash and cash equivalents include cash at bank and in hand and short-term deposits (max. 3 months).
The consolidation of Topdanmark as a subisidiary at 30 September 2017 increased Group's cash at bank and in hand by EURm 45.
Note to the statement of cash flow
Business acquisitions 2017
Topdanmark is the second largest insurance company in Denmark, and is primarily engaged in providing life and non-life insurance products. Sampo Group has consolidated Topdanmark A/S as an associate since May 2011.
On 30 September 2017, Sampo gained the control in the company in accordance with the IFRS standards. Since then, Topdanmark has been consolidated as a subsidiary in the financial reporting of Sampo Group. The acquistion price in the Group was determined as EURm 1,398 which was the fair value of Topdanmark's shares on the acquisition date, 30 Sep 2017. The carrying amount of Topdanmark's shares at the same time was EURm 692. The difference EURm 706 was recognised through p/l as an increase of the carrrying amount. There were no transfer of cash assets or expenses incurred at the moment of gaining of control.