Consolidated Statement of Cash Flows
for the year ended December 31st 2013
| (PLN m) | Note | Jan 1 – Dec 31 2013 | Jan 1 – Dec 31 2012 |
|---|---|---|---|
| audited | restated | ||
| Cash flows from operating activities | |||
| Net profit/(loss) | 1,920 | 2,240 | |
| Adjustments: | |||
| Share in net profit/(loss) of equity-accounted entities | 44 | (173) | |
| Depreciation and amortisation expense | 2,463 | 2,069 | |
| Net foreign exchange gains/(losses) | 169 | (142) | |
| Net interest and dividend | 207 | 234 | |
| Gain/(loss) on investing activities | 568 | 138 | |
| Current tax expense | 789 | 309 | |
| Other items, net | 33 | 430 | 470 |
| Income tax expense | (495) | (591) | |
| Net cash flows from operating activities before change in working capital | 6,095 | 4,554 | |
| Change in working capital: | |||
| Change in receivables | 33 | 1,310 | (1,734) |
| Change in inventories | 33 | (321) | (620) |
| Change in employee benefit obligations | 33 | 140 | 52 |
| Change in provisions | 33 | 299 | 140 |
| Change in current liabilities | 33 | 394 | 248 |
| Change in other assets | 33 | (89) | (22) |
| Change in deferred income | 33 | (15) | (66) |
| Net cash flows from operating activities | 7,813 | 2,552 | |
| Cash flows from investing activities | |||
| Proceeds from disposal of property, plant and equipment and intangible assets | 130 | 208 | |
| Proceeds from disposal of shares in non-consolidated entities | 1 | 5 | |
| Proceeds from disposal of short-term securities | - | 21 | |
| Purchase of property, plant and equipment and intangible assets | (3,290) | (3,788) | |
| Purchase of shares in non-consolidated entities | (2) | - | |
| Interest received | 1 | 3 | |
| Dividends received | 3 | 4 | |
| Purchase of shares in PGNiG TERMIKA SA | - | (3,021) | |
| Other items, net | 97 | 419 | |
| Net cash flows from investing activities | (3,060) | (6,149) | |
| Cash flows from financing activities | |||
| Increase in borrowings | 763 | 193 | |
| Proceeds from issue of debt securities | 1,475 | 8,649 | |
| Repayment of borrowings | (700) | (972) | |
| Repayment of debt securities | (4,322) | (3,354) | |
| Payment of finance lease liabilities | (57) | (44) | |
| Cash inflow from derivative financial instruments | 83 | - | |
| Cash outflow on derivative financial instruments | (116) | (111) | |
| Dividend paid | (767) | (1) | |
| Interest paid | (208) | (317) | |
| Other items, net | (25) | (3) | |
| Net cash flows from financing activities | (3,874) | 4,040 | |
| Net change in cash | 879 | 443 | |
| Exchange differences on cash and cash equivalents | 33 | - | - |
| Cash and cash equivalents at beginning of the period | 33 | 1,947 | 1,504 |
| Cash and cash equivalents at end of the period | 33 | 2,826 | 1,947 |