• CLEAN AND ENVIRONMENTALLY FRIENDLY Natural gas is the cleanest and most environmentally friendly of all fossil fuels...Read more

  • WELL DRILLING PADThe size of a typical drilling pad is about 1 hectare. To compare, the floorage of an average shopping centre is 4.5 hectares... Read more

  • SECURING OF WELL DRILLING PADA drilling pad as well as the adjacent pool are reinforced and tightened with concrete slabs. Protective foil is additionally laid where necessary.

  • WORK NOISEWell drilling does not produce onerous noise. The intensity of sounds generated in connection with drilling work is lower than that generated by street traffic.Read more

  • SAFETY OF FRACTURING PROCESSIn Poland, exploration wells in shale rock are drilled to depths of over 2.5 km.Read more

  • COMPOSITION OF FRACTURING FLUIDFracturing fluid is 95% water. Read more

  • NO MAJOR LANDSCAPE INTERFERENCEIf gas production is launched, the land surrounding the isolated, secured zone, is subject to a reclamation treatment. Read more

Consolidated Statement of Cash Flows

for the year ended December 31st 2012

Note Jan 1 – Dec 31 2012 Jan 1 – Dec 31 2011
(PLN m)
Cash flows from operating activities  
Net profit/(loss) 2,234 1,755
Adjustments:
Share in net profit/(loss) of equity-accounted entities   (173)  (43)
Depreciation and amortisation expenses 2,069 1,574
Net foreign exchange gains/(losses)  (142)  (193)
Net interest and dividend 234  (25)
Gain/(loss) on investing activities 138 86
Current tax expense 308 143
Other items, net 33 456 527
Income tax expense  (591)  (396)
Cash flows from operating activities before changes in working capital 4,533 3,428
Change in working capital:
Change in receivables 33  (1,734) 12
Change in inventories 33  (620)  (1,031)
Change in employee benefit obligations 33 73 49
Change in provisions 33 140 1
Change in current liabilities 33 248 299
Change in other assets 33  (22)  (2)
Change in deferred income 33  (66)  (80)
Net cash flows from operating activities 2,552 2,676
Cash flows from investing activities
Proceeds from disposal of property, plant and equipment and intangible assets 208 21
Proceeds from disposals of shares in non-consolidated entities 5 153
Proceeds from disposals of short-term securities 21 18
Purchase of property, plant and equipment and intangible assets  (3,788)  (4,506)
Purchase of shares in non-consolidated entities –  (29)
Purchase of short-term securities –  (29)
Interest received 3 2
Dividends received 4 3
Proceeds from finance lease – 2
Purchase of shares in PGNiG Termika S.A.   (3,021) –
Other items, net 419 138
Net cash flows from investing activities  (6,149)  (4,227)
Cash flows from financing activities
Proceeds from borrowings 193 384
Proceeds from issue of debt securities 8,649 3,284
Repayment of borrowings  (972)  (59)
Repayment of debt securities  (3,354)  (1,091)
Payment of finance lease liabilities  (44)  (31)
Outflows on forward contracts  (111) –
Dividend paid  (1)  (678)
Interest paid  (317)  (111)
Other items, net  (3)  (16)
Net cash flows from financing activities 4,040 1,682
Net change in cash 443 131
Exchange differences on cash and cash equivalents – 1
Cash and cash equivalents at beginning of the period 1,504 1,373
Cash and cash equivalents at end of the period 1,947 1,504
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