Consolidated Statement of Cash Flows

in € m.

2014

2013

2012

1

Includes net proceeds from issuance, repurchase and sale of Additional Equity Components.

Net income

1,691

681

316

Cash flows from operating activities:

 

 

 

Adjustments to reconcile net income to net cash provided by (used in) operating activities:

 

 

 

Provision for credit losses

1,134

2,065

1,721

Restructuring activities

133

399

394

Gain on sale of financial assets available for sale, equity method investments, and other

(391)

(493)

(627)

Deferred income taxes, net

673

(179)

723

Impairment, depreciation and other amortization, and accretion

4,567

2,443

3,236

Share of net income from equity method investments

(569)

(433)

(397)

Income adjusted for noncash charges, credits and other items

7,238

4,483

5,365

Adjustments for net change in operating assets and liabilities:

 

 

 

Interest-earning time deposits with banks

8,959

55,515

1,320

Central bank funds sold, securities purchased under resale agreements, securities borrowed

5,450

11,267

(3,429)

Financial assets designated at fair value through profit or loss

70,639

(27)

(6,561)

Loans

(26,909)

16,007

11,756

Other assets

(28,812)

12,048

32,249

Deposits

1,551

(42,281)

(25,995)

Financial liabilities designated at fair value through profit or loss and investment contract liabilities

(54,334)

(18,558)

(9,126)

Central bank funds purchased, securities sold under repurchase agreements, securities loaned

(2,963)

(23,080)

(4,202)

Other short-term borrowings

(17,875)

(9,529)

3,335

Other liabilities

22,183

(17,625)

(11,483)

Senior long-term debt

14,315

(22,056)

(5,079)

Trading assets and liabilities, positive and negative market values from derivative financial instruments, net

4,288

38,013

(9,310)

Other, net

(4,360)

3,007

(2,794)

Net cash provided by (used in) operating activities

(630)

7,184

(23,954)

Cash flows from investing activities:

 

 

 

Proceeds from:

 

 

 

Sale of financial assets available for sale

11,974

18,054

7,476

Maturities of financial assets available for sale

8,745

11,564

12,922

Sale of equity method investments

124

76

163

Sale of property and equipment

133

137

197

Purchase of:

 

 

 

Financial assets available for sale

(34,158)

(31,588)

(22,170)

Equity method investments

(78)

(21)

(14)

Property and equipment

(669)

(513)

(614)

Net cash received in (paid for) business combinations/divestitures

1,931

(128)

96

Other, net

(826)

(596)

(703)

Net cash provided by (used in) investing activities

(12,824)

(3,015)

(2,647)

Cash flows from financing activities:

 

 

 

Issuances of subordinated long-term debt

101

1,217

62

Repayments and extinguishments of subordinated long-term debt

(3,142)

(2,776)

(708)

Issuances of trust preferred securities

49

11

17

Repayments and extinguishments of trust preferred securities

(3)

(49)

(30)

Capital increase

8,508

2,961

0

Purchases of treasury shares

(9,187)

(13,648)

(12,171)

Sale of treasury shares

8,318

12,494

11,437

Net proceeds from Additional Equity Components1

4,619

0

0

Dividends paid to noncontrolling interests

(4)

(13)

(3)

Net change in noncontrolling interests

(17)

23

(67)

Cash dividends paid

(765)

(764)

(689)

Net cash provided by (used in) financing activities

8,477

(544)

(2,152)

Net effect of exchange rate changes on cash and cash equivalents

897

(907)

39

Net increase (decrease) in cash and cash equivalents

(4,080)

2,718

(28,714)

Cash and cash equivalents at beginning of period

56,041

53,321

82,032

Cash and cash equivalents at end of period

51,960

56,041

53,321

Net cash provided by (used in) operating activities include

 

 

 

Income taxes paid (received), net

377

742

1,280

Interest paid

11,423

10,687

15,825

Interest and dividends received

25,404

25,573

32,003

Cash and cash equivalents comprise

 

 

 

Cash and due from banks

20,055

17,155

27,877

Interest-earning demand deposits with banks (not included: time deposits of € 31,612 m. as of December 31, 2014, and € 39,097 m. and € 95,193 m. as of December 31, 2013 and 2012)

31,905

38,886

25,444

Total

51,960

56,041

53,321

The accompanying notes are an integral part of the Consolidated Financial Statements.


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