Consolidated Statement of Cash Flows

for the period ended December 31st 2011

(PLN ‘000) Jan 1 – Dec 31 2011 Jan 1 – Dec 31 2010
Cash flows from operating activities
Net profit/loss 1,626,184 2,457,184
Adjustments:
Share in profit/loss of equity-accounted entities (42,563) 695
Depreciation and amortisation 1,574,098 1,524,712
Net foreign exchange gains/losses (193,404) (64,525)
Net interest and dividends (24,617) (4,837)
Gain/loss from investing activities 85,536 (346,138)
Current income tax 85,603 478,915
Income tax paid (396,400) (216,075)
Other items, net 526,970 (44,835)
Net cash provided by/(used in) operating activities before changes in working capital 3,241,407 3,785,096
Change in working capital:
Change in receivables, net 12,427 (360,908)
Change in inventories (1,031,357) 217,016
Change in provisions 35,350 49,586
Change in current liabilities 314,544 239,310
Change in prepayments (23,967) (23,388)
Change in deferred income (80,499) (63,400)
 
Net cash provided by/(used in) operating activities 2,467,905 3,843,312
Cash flows from investing activities
Sale of property, plant and equipment and intangible assets 20,669 8,999
Sale of shares in non-consolidated entities 153,339 200
Sale of short-term securities 17,601 2,731
Acquisition of property, plant and equipment and intangible assets (4,297,872) (3,669,900)
Acquisition of shares in non-consolidated entities (28,756) (13,248)
Acquisition of short-term securities (29,271) (2,358)
Interest received 1,863 14,453
Dividends received 2,506 4,065
Proceeds from finance lease 2,274 15,865
Other items, net 138,409 80,354
 
Net cash provided by/(used in) investing activities (4,019,238) (3,558,839)
Cash flows from financing activities
Increase in loans and borrowings 384,352 1,028,544
Issue of debt securities 3,283,988 1,090,517
Repayment of loans and borrowings (59,407) (1,947,576)
Redemption of debt securities (1,090,517) –
Decrease in finance lease liabilities (31,347) (37,166)
Dividends paid (677,896) (132,006)
Interest paid (110,615) (61,477)
Other items, net (16,340) (48,707)
 
Net cash provided by/(used in) financing activities 1,682,218 (107,871)
Net change in cash 130,885 176,602
Net foreign exchange gains/losses 615 365
Cash and cash equivalents at beginning of period 1,372,918 1,196,316
 
Cash and cash equivalents at end of period 1,503,803 1,372,918

Consolidated Financial Statements for the 2011 Financial Year