Consolidated Statement of Cash Flows 1) 1 Jan-31 Dec 2008 1 Jan-31 Dec 2007 Euro mn Consolidated net income/loss 78 308 Write-downs, valuation allowances and write-ups on loans and advances 80 63 Additions to and reversals of loan loss provisions, net 10 16 Amortisation, depreciation, impairment and write-ups on non-current assets 89 24 Other non-cash changes -2,723 643 Gains/losses on the disposal of non-current assets 65 -197 Other adjustments 400 57 Subtotal -2,001 914 Changes in loans and advances to banks 1,089 444 Changes in loans and advances to customers 519 -1,923 Changes in trading assets ­ 0 Changes in other assets from operating activities 188 465 Changes in liabilities to banks 4,250 -417 Changes in liabilities to customers -599 164 Changes in certificated liabilities -1,323 722 Changes in trading liabilities 0 0 Changes in provisions -82 -102 Changes in other liabilities from operating activities -132 -260 Income taxes paid/income tax refunds -44 27 Interest received 1,632 2,668 Interest paid -1,837 -2,565 Dividends received 0 0 Cash flow from operating activities 1,660 137 Proceeds from the disposal of non-trading assets and investments accounted for using the equity method 591 2,748 Payments for the acquisition of non-trading assets and investments accounted for using the equity method -2,404 -3,028 Proceeds from the disposal of property and equipment, intangible assets and investment properties 22 194 Payments for the acquisition of property and equipment, intangible assets and investment properties -140 -218 Effect of changes in reporting entity structure ­ ­ Changes due to other investing activities ­ 0 Cash flow from investing activities -1,931 -304 Dividends paid -21 -21 Changes in subordinated equity -49 -72 Changes due to other financing activities -17 -20 Cash flow from financing activities -87 -113 Cash and cash equivalents as at 1 January 1,051 1,331 Cash flow from operating activities 1,660 137 Cash flow from investing activities -1,931 -304 Cash flow from financing activities -87 -113 Cash and cash equivalents as at 31 December 693 1,051 1) Please see Note (81) for general information on the consolidated statement of cash flows 118 Aareal Bank Group ­ Annual Report 2008 | Consolidated Financial Statements | Consolidated Statement of Cash Flows