Cash flow statement

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€ thousand  1.1. to 31.12.
 Notes 2014 2013
Net profit  66,290 60,534
Non-cash items contained in net profit and transfer to cash flow from operating activities 
– Depreciation, loan loss provisions, additions to assets, change in provisions and net changes due to hedge accounting and trading  24,969 27,759
– Result from the sale of assets(31) – 5,226 – 9,485
– Other adjustments(26) – 103,147 – 123,796
Sub-total  – 17,114 – 44,988
Changes in assets and liabilities from operating activities after adjustment for non-cash items 
– Claims 
on banks(36) – 2,150,688 – 1,117,360
on customers(37) – 38,063 55,452
– Positive/negative fair values from derivative hedging instruments and trading assets(39), (48) 1,154 206
– Securities(40) – 95,052 68,296
– Other assets from operating activities(45) – 2,658 3,285
– Liabilities 
to banks(46) 13,779 231
to customers(47) 955,785 1,734,952
– Other liabilities and equity from operating activities(50), (52) – 37,647 – 13,211
Interest and dividends received(26) 236,103 245,084
Interest paid(26) –54,613 – 76,649
Income tax payments(34) –30,440 – 35,807
Cash flow from operating activities  – 1,219,454 819,491
Cash inflows from the disposal of fixed assets and intangible assets(33), (43) 3 – 48
Cash outflows for the acquisition of fixed assets and intangible assets(33), (43) – 16,462 – 16,291
Cash flow from investment activities  – 16,459 – 16,339
Dividend payment  – 50,839 – 62,137
Cash flow from financing activities  – 50,839 – 62,137
Cash and cash equivalents as of the end of the previous year  1,292,775 551,760
– Cash flow from operating activities  – 1,219,454 819,491
– Cash flow from investment activities  – 16,459 – 16,339
– Cash flow from financing activities  – 50,839 – 62,137
Cash and cash equivalents as of the end of the period  6,023 1,292,775

Cash and cash equivalents correspond to the balance sheet item “cash reserve” and include cash on hand and balances held with central banks.

The cash flow statement has only limited informative value for the comdirect group. It cannot substitute liquidity and financial planning and is not used as a performance indicator. It does not give any indication of the actual liquidity position. This is essentially dependent on operating activities and not on cash on hand and balances held with central banks.