Cash Flow Statement

  • In 2015, cash flows from operating and investing activities of the Triglav Group and Zavarovalnica Triglav were positive, while cash flows from financing activities were negative.
  • The cash and cash equivalents grew as a result of higher net written premium, lower claims settled and the acquisition of Skupna pokojninska družba.  

In 2015, cash flows from operating activities of the Triglav Group were positive and equalled EUR 43.8 million (in 2014: EUR 9.0 million) due to higher net written premium and lower claims settled.

Cash flows from investing activities dropped by 23% to EUR 34.3 million nominally compared to the year before. Positive cash flow from investing activities primarily resulted from lower net cash outflows for the purchase of investments, in addition to interest income, dividends and profit distributions in other subsidiaries. 

Cash flows from financing activities were negative and reached EUR –66.6 million (index 112). The main reasons for higher cash outflows from financing activities were higher cash outflows for dividend payments, for the purchase of treasury shares (see also notes for the parent company in Section Cash flow statement – Zavarovalnica Triglav) and for the payment of financial liabilities on the basis of Avrigo’s leasing agreements. 

The item external acquisition in the amount of EUR 15.5 million refers to the acquisition of Skupna pokojninska družba.

The closing balance of cash and cash equivalents amounted to EUR 47.9 million, having climbed above the 2014 year-end figure by 110%. 

Summary cash flow statement of the Triglav Group


 

2015

2014

Index 

A.Cash flows from operating activities

 

 

 


Income statement items

42,999,877

3,631,368

1,184


Changes in net current assets – operating balance sheet items

803,846

5,319,558

15

 Total cash flows from operating activities

43,803,723

8,950,926

489






B.Cash flows from investing activities

 

 

 


Cash inflows from investing activities

2,302,278,368

2,562,368,993

90


Cash outflows from inveting activities

-2,267,948,841

-2,518,031,961

90

 Total cash flow from investing activities

34,329,527

44,337,032

77






C.Cash flows from financing activities

 

 

 


Cash inflows from financing activities

1,736,108

4,657,483

37


Cash outflows from financing activities

-68,356,145

-63,914,304

107


Total cash flow from financing activities

-66,620,037

-59,256,821

112






D.Opening balance of cash and cash equivalents

22,858,388

29,068,558

79

E1.Net cash flow for the period

11,513,213

-5,968,863

 

E2.Foreign exchange differences

-5,421

-124,381


E3.Closing balance of cash and cash equivalents

-1,893,950

-116,926


E4.External acquisition

15,456,538

0

 

F.Closing balance of cash and cash equivalents

47,928,768

22,858,388

210

 

Cash flows from operating activities improved compared to the previous year (EUR –4.6 million) and amounted to EUR 15.7 million. Positive cash flows were mainly a result of lower claims settled. 

Cash flows from investing activities stood at EUR 53.6 million, representing a 10% drop over the preceding year. The reasons are the same as for the Triglav Group; see Section Cash flow statement – The Triglav Group.

Cash flows from financing activities were negative and reached EUR –67.4 million (index 124). The main reasons for higher cash outflows from financing activities are dividend payments of EUR 56.8 million (index 150) and cash outflows for the purchase of ZT02 treasury bonds equalling EUR 8.9 million (index 169).

The closing balance of cash and cash equivalents increased by 34% over 2014 and totalled EUR 7.5 million.

Summary cash flow statement of Zavarovalnica Triglav

 

2015

2014

Index

A.Cash flow from operating activities

 

 

 


Income statement items

16,107,815

-7,642,466



Changes in net current assets – operating balance sheet items

-363,333

3,084,389


 Total cash flow from operating activities

15,744,482

-4,558,077







B.Cash flows from investing activities

 

 

 


Cash inflows from investing activities

1,805,247,899

2,097,680,038

86


Cash outflows from inveting activities

-1,751,691,675

-2,038,018,700

86

 Total cash flow from investing activities

53,556,224

59,661,338

90






C.Cash flows from financing activities

 

 

 


Cash inflows from financing activities

0

0



Cash outflows from financing activities

-67,401,961

-54,533,963

124


Total cash flow from financing activities

-67,401,961

-54,533,963

124






D.Opening balance of cash and cash equivalents

5,650,669

5,000,081

113

E.Opening balance of cash and cash equivalents (merger of Triglav Nepremičnine)

544

81,290

F.Net cash flow for the period

1,898,745

569,298

334

G.Closing balance of cash and cash equivalents

7,549,958

5,650,669

134