Statement of cash flows
               
        Finnvera Group Finnvera plc
        1–12 1–12 1–12 1–12
(EUR 1,000) 2017 2016 2017 2016
Cash flows from operating activities        
Withdrawal of loans granted -1,328,107 -1,936,675 -1,331,114 -1,934,860
Repayments of loans granted 1,053,337 1,541,358 654,726 1,179,111
Purchase of investments -2,145 -7,044 0 0
Proceeds from investments 5,178 3,351 0 0
Interest received 115,821 112,626 63,626 58,539
Interest paid -68,470 -53,076 -18,921 -12,240
Net interest subsidy received (+) / repaid to the State (-) -6,364 373 -6,364 373
Payments received from commission income 121,324 184,857 120,387 182,780
Payments received from other operating income 12,434 20,145 16,728 22,615
Payments for operating expenses -82,563 -63,983 -92,671 -69,807
Claims paid (-) and recovered amounts (+) -43,919 -200,202 -43,919 -200,202
Net credit loss compensation from the State 24,190 32,425 24,190 32,425
Taxes paid -2,511 -3,865 0 0
Net cash used in (-) / from (+) operating activities (A) 2 -201,793 -369,708 -613,332 -741,265
Cash flows from investing activities        
Purchase of property and equipment and intangible assets -3,011 -5,083 -3,011 -5,083
Sale of property and equipment and intangible assets 1 66 1 66
Short-term and other liquid investments 1 -5,343,620 -2,525,574 -5,343,620 -2,505,574
Proceeds and maturities of short-term and other liquid investments 1 4,085,992 2,548,670 4,065,992 2,533,670
Other investments -977 0 -977 -5,000
Proceeds from other investments 1,357 44,544 1,357 49,529
Dividends received from investments 15 296 15 21
Net cash used in (-) / from (+) investing activities (B) -1,260,243 62,919 -1,280,243 67,629
Cash flows from financing activities        
Proceeds from loans 2,060,448 1,363,366 2,304,006 1,587,230
Repayment of loans -647,017 -587,990 -483,529 -443,506
Repayment of subordinated liabilities -50,000 0 -50,000 0
Payments (-) / receipts (+) from derivative collaterals 65,710 -92,670 65,710 -92,670
Net cash used in (-) / from (+) financing activities (C) 2 1,429,141 682,706 1,836,188 1,051,055
Net change in cash and cash equivalents (A+B+C) increase (+) / (decrease -) -32,895 375,917 -57,387 377,418
Cash and cash equivalents at the beginning of the period 1 878,559 491,150 847,523 458,667
Translation differences 1 -24,218 11,493 -23,480 11,438
Cash and cash equivalents at the end of the period 1 821,445 878,559 766,656 847,523
               
1 The cash and cash equivalents have been adjusted for in the interim reporting for 31 Dec 2017 to more appropriately comply with the IAS 7 definition of cash and cash equivalents. The change has also been adjusted for in the comparison period presented. Cash and cash equivalents comprise of cash and investment accounts held in credit institutions and deposits with a maturity less than 3 months. Cash and cash equivalents are included in the balance sheet line item Loans to and receivables from credit institutions -payable on demand.
2  In the cash flow from operating activities in the financial statements for 2017, the State’s credit loss compensations received and returned are separated from the line item “Payments received from other operating income” to their own line item. In addition, with regard to the information of the comparison year, the items included in the cash flow from operating activities and the cash flow from financing activities have been adjusted for both the Group and the parent company so that they adhere more closely to the IAS 7 standard.
               
Cash and cash equivalents at the end of the period        
Cash and investment accounts held in credit institutions 588,883 878,559 534,093 847,523
Short term deposits 232,563 0 232,563 0
Total 821,445 878,559 766,656 847,523
               
               
Changes in liabilities arising from financing activities
               
    Finnvera Group 2017
(EUR 1,000) Opening balance 1.1. Cash inflows from financing activities Cash outflows from financing activities Fair value changes Foreign exchange differences Other changes Closing balance 31.12.
Liabilities to credit institutions 213,452       -25,843   187,609
Liabilities to other institutions 2,338,543   -395,853 -764 -168,246   1,773,680
Debt securities in issue 4,891,873 2,051,682 -259,471 -30,276 -174,633 3,881 6,483,055
Subordinated liabilities 70,025   -50,000       20,025
Security given for derivatives 1 -156,080 76,980         -79,100
Security received for derivatives 2 45,400   -11,270       34,130
Total 7,403,213 2,128,662 -716,593 -31,041 -368,722 3,881 8,419,400
               
    Finnvera plc 2017
(EUR 1,000) Opening balance 1.1. Cash inflows from financing activities Cash outflows from financing activities Fair value changes Foreign exchange differences Other changes Closing balance 31.12.
Liabilities to credit institutions 213,452       -25,843   187,609
Liabilities to other institutions 75,793 243,558 -232,364   -4,468   82,519
Debt securities in issue 4,891,873 2,051,682 -259,471 -30,276 -174,633 3,881 6,483,055
Subordinated liabilities 70,025   -50,000       20,025
Security given for derivatives 1 -156,080 76,980         -79,100
Security received for derivatives 2 45,400   -11,270       34,130
Total 5,140,463 2,372,220 -553,104 -30,276 -204,944 3,881 6,728,239
               
1 Included in "Prepayments and accrued income" in the balance sheet.
2 Included in "Accruals and deferred income" in the balance sheet.