National Asset Management Agency - Annual Report 2013

CONSOLIDATED STATEMENT OF CASH FLOWS

Year ended 31 December 2013




Note



NARL
€'000

NAMA Group
(excluding
NARL)
€'000
Year ended
31 December
2013
NAMA Group
€'000
Year ended
31 December
2012
NAMA Group
€'000
Cash flow from operating activities

Loans and receivables
Value date to transfer date cash received2
   Receipts from loans acquired - - - 202,587
   Receipts from derivatives and fees acquired - - - 2,394
Receipts from loans3 - 4,240,638 4,240,638 4,187,780
Receipts from derivatives acquired - 58,045 58,045 82,965
Funds advanced to borrowers 20 - (664,952) (664,952) (308,409)
New loans issued / acquired (343) (19,425) (19,768) -
Funds in the course of collection - 51,377 51,377 -
Cash held on behalf of debtors - 2,191 2,191 -
AIB Tranche 9 partial settlement - - - 511
Fee income on loans with borrowers 5 - 5,042 5,042 29,650
Repayment of loan facility deed by joint Special Liquidators 1,225,000 - 1,225,000 -
Interest received on loan facility deed 189,047 - 189,047 -
Net cash provided by loans and receivables 1,413,704 3,672,916 5,086,620 4,197,478

Derivatives
Cash inflow on foreign currency derivatives 11 - 21,876,254 21,876,254 17,551,528
Cash outflow on foreign currency derivatives 11 - (21,980,877) (21,980,877) (17,806,902)
Net cash outflow on derivatives where hedge accounting is applied
-

(232,102)

(232,102)

(51,741)
Net cash inflow / (outflow) on other derivatives - 10,205 10,205 (55,439)
Net cash used in derivative activities - (326,520) (326,520) (362,554)

Other operating cash flows
Payments to suppliers of services (131,971) (131,971) (145,887)
Payments for due diligence costs - - - (8,742)
Interest paid on senior debt securities in issue (18,508) (111,979) (130,487) (443,557)
Interest received on cash and cash equivalents 244 12,724 12,968 26,438
Dividend paid by NAMAIL 15 - (2,162) (2,162) (3,457)
Payments of corporation tax by NAMAIL - (66) (66) (565)
Net inflows/(outflows) on amounts pledged as collateral with NTMA
16

(63,000)

411,000

348,000

(1,150,000)
Funds paid to acquire trading properties - (6,708) (6,708) -
Interest received on working capital loan to joint Special Liquidators
-

872

872

-
Rental income received on social housing units - 45 45 -
Fee income received on IBRC short term facility 5 - - - 14,628
Net cash (used in) / provided by other operating activities (81,264) 171,755 90,491 (1,711,142)

Net cash provided by operating activities 1,332,440 3,518,151 4,850,591 2,123,782

Cash flow from investing activities
Investments in equity instruments - (1,477) (1,477) -
Purchase of available for sale assets - (149,719) (149,719) (563,414)
Sale of available for sale assets - 267,750 267,750 827,001
Distributions received from investments - 97 97 -
Net cash provided by investing activities - 116,651 116,651 263,587

Cash flow from financing activities
Redemption of senior debt securities 30 (1,000,000) (2,750,000) (3,750,000) (3,500,000)
Net cash used in financing activities (1,000,000) (2,750,000) (3,750,000) (3,500,000)

Cash and cash equivalents held at the beginning of the year
16

-

2,235,822

2,235,822

3,346,986
Net cash provided by operating activities 1,332,440 3,518,151 4,850,591 2,123,782
Net cash provided by investing activities - 116,651 116,651 263,587
Net cash used in financing activities (1,000,000) (2,750,000) (3,750,000) (3,500,000)
Effects of exchange-rate changes on cash and cash equivalents
-

172

172

1,467
Total cash and cash equivalents held at the end of the year
16

332,440

3,120,796

3,453,236

2,235,822

Financial assets and cash collateral
Financial assets available for sale 17 - 145,138 145,138 257,932
Cash collateral placed with the NTMA 16 63,000 739,000 802,000 1,150,000

Total 395,440 4,004,934 4,400,374 3,643,754

2 Value date to transfer date cash received represents the net cash received on loans acquired by the Group from Participating Institutions in respect of the period between the loan valuation date and the loan transfer date. The net cash received represents disposal, non disposal and borrower derivative cash received less approved qualifying advances and a funding cost in respect of the acquired loans. This amount was settled net with Participating Institutions in 2012 following completion of due diligence of assets transferred. There were no settlements in 2013.

3 Includes non-disposal cash receipts of €0.79bn (2012: €1.2bn), proceeds from the disposal of collateral secured against loans and receivables of €3.2bn (2012: €2.5bn) and proceeds from the sale of loans of €0.3bn (2012: €0.5bn).