Consolidated statement of cash flows

A A A

Consolidated statement of cash flows for 2013
prepared using the indirect method

PLN ’000 Note Year ended
Dec 31 2013		 Year ended
Dec 31 2012
(restated)
Cash flows from operating activities      
Net profit   39,428 927,876
Adjustments:  
1,409,414
483,446
Income tax
10.1
(101,407)
(561,535)
Share in net loss of equity-accounted associates 16 1,008 -
Depreciation and amortisation 9.1 656,065 666,465
Foreign exchange (gains)/losses   121,495 (131,686)
Interest and dividends    193,156 197,801
(Gain)/loss from investing activities   11,576 977,849
Settlement and valuation of financial instruments 9.5 (112,861) (117,772)
Decrease in trade receivables   23,023 453,082
Decrease/(Increase) in other assets   200,717 (197,483)
Decrease/(Increase) in inventories   232,696 (108,783)
Increase/(Decrease) in trade payables   238,465 (639,025)
(Decrease)/Increase in other provisions and liabilities   (70,378) (84,497)
Increase in employee benefit obligations   15,859 29,030
Income tax paid  
(12,346)
(64,242)
Net cash from operating activities   1,436,496 1,347,080
Cash flows from investing activities      
Dividends received   680 567
Interest received   6,988 9,316
Sale of property, plant and equipment and other intangible assets   9,429 27,727
Sale of shares   14,910 550
Repayment of loans advanced   - 1,536
Loss of control over subsidiary, net of cash disposed of   - 78,000
Sale of organised part of business   3,722 138
Purchase of property, plant and equipment and other intangible assets   (976,975) (757,925)
Acquisition of shares in related entities   (13,560) (13,017)
Acquisition of a subsidiary, net of cash acquired 2 - (129,132)
Bank deposits for financing of maintenance shutdown   - (45,721)
Security deposits (margins)   134 586
Funds contributed to the oil extraction facilities decommissioning fund 30.1 (1,654) (1,886)
Settlement of derivative financial instruments   17,912 (8,790)
Net cash from investing activities   (938,414) (838,051)
Cash flows from financing activities      
Proceeds from borrowings 27.1 963,045 542,530
Issue of notes 27.2 203,050 362,367
Cash flows attributable to changes in interest in subsidiaries not resulting in loss of control 2 (278) (182)
Repayment of borrowings 27.1 (1,263,548) (1,171,040)
Redemption of notes 27.2 - (364,000)
Interest paid   (176,361) (205,185)
Decrease in finance lease liabilities   (16,811) (15,234)
Settlement of derivative financial instruments   39,801 (32,534)
Net cash from financing activities   (251,102) (883,278)

Total net cash flow
 		  
246,980
 
(374,249)
 
Effect of exchange rate fluctuations on cash held   (1,553) (27,958)

Change in net cash
 		  
245,427
 
(402,207)
 
Cash at beginning of the period   (240,655) 161,552

Cash at end of the period
 
20
 
4,772
 
(240,655)