Consolidated financial statements of Aegon N.V. 128 Consolidated cash flow statement of Aegon N.V. For the year ended December 31  1  Trust pass-through securities.  2  Included in net increase / (decrease) in cash and cash equivalents are interest received (2013: EUR 6,731 million , 2012: EUR 8,091 million, 2011 and  EUR 7,407 million) dividends received (2013: EUR 1,021 million, 2012: EUR 1,069 million, and 2011: EUR 760 million) and interest paid (2013: EUR 347 million,  2012: EUR 1,261 million and 2011: EUR 273 million). 3  Amounts for 2012 and 2011 have been restated for the changes in accounting policies IFRS 10, 11 and IAS 19. Refer to note 2 for details about these changes. The cash flow statement is prepared according to the indirect method. Annual Report 2013 Amounts in EUR million Note 2013 2012  3) 2011  3) Income / (loss) before tax 971 1,918 938 Results from financial transactions (16,043) (12,955) 187 Amortization and depreciation 1,187 1,417 1,651 Impairment losses 322 198 483 Income from joint ventures - 13 - Income from associates (21) (26) (29) Release of cash flow hedging reserve (26) (62) (18) Remeasurements of defined benefit plans 562 (149) (583) Other (146) (175) (138) Adjustments of non­cash items (14,165) (11,739) 1,553 Insurance and investment liabilities (574) (3,227) (4,940) Insurance and investment liabilities for account of policyholders 18,787 10,801 (154) Accrued expenses and other liabilities (2,509) 550 140 Accrued income and prepayments (1,166) (1,731) (1,460) Changes in accruals 14,538 6,393 (6,414) Purchase of investments (other than money market investments) (34,100) (32,018) (29,612) Purchase of derivatives (850) (1,528) (1,350) Disposal of investments (other than money market investments) 31,176 33,742 34,924 Disposal of derivatives 182 507 1,599 Net purchase of investments for account of policyholders (1,395) 1,197 (1,577) Net change in cash collateral (1,414) (177) 2,180 Net purchase of money market investments 3,502 556 445 Cash flow movements on operating items not reflected in income (2,899) 2,279 6,609 Tax paid (164) 133 (375) Other (9) 19 (45) Net cash flows from operating activities (1,730) (997) 2,266 Purchase of individual intangible assets (other than VOBA and future servicing rights) (22) (36) (18) Purchase of equipment and real estate for own use (66) (63) (72) Acquisition of subsidiaries, joint ventures and associates, net of cash (291) (23) (99) Disposal of intangible asset - - 1 Disposal of equipment 15 10 18 Disposal of subsidiaries, joint ventures and associates, net of cash 811 276 823 Dividend received from joint ventures and associates 64 72 3 Other 5 1 (3) Net cash flows from investing activities 516 237 653 Issuance of share capital 2 2 913 Issuance and purchase of treasury shares (92) - - Issuance of non-cumulative subordinated notes - 271 - Proceeds from TRUPS  1) , subordinated loans and borrowings 2,011 6,453 5,627 Repurchase of convertible core capital securities - - (1,500) Repayment of share premium (401) - - Repayment of TRUPS  1) , subordinated loans and borrowings (3,519) (3,737) (4,342) Dividends paid (323) (207) (59) Coupons and premium on convertible core capital securities - - (750) Coupons on perpetual securities (194) (230) (237) Coupons on non-cumulative subordinated notes (28) (30) - Other (8) (11) (26) Net cash flows from financing activities (2,552) 2,511 (374) Net increase / (decrease) in cash and cash equivalents  2) (3,766) 1,751 2,545 Net cash and cash equivalents at the beginning of the year 9,497 7,717 5,174 Effects of changes in exchange rate (79) 29 107 Net cash and cash equivalents at the end of the year 31 5,652 9,497 7,826