Consolidated financial statements
Consolidated statement of cash flows
Consolidated statement of cash flows for the year ended December 31st 2010 and December 31st 2009
| (PLN '000) | Note |
Year ended Dec 31 2010 |
Year ended Dec 31 2009 |
|---|---|---|---|
| (restated) | |||
| Cash flows from operating activities | |||
| Net profit from continuing operations | 681,353 | 911,812 | |
| Adjustments: | |||
| Share in net profit of subordinated undertakings valued with equity method | 21 | (18,649) | (8,227) |
| Depreciation and amortisation | 31 | 389,901 | 284,793 |
| Foreign exchange (gains)/losses | 155,700 | (456,019) | |
| Interest and dividends | 58,344 | 37,390 | |
| (Profit)/loss on investing activities | 87,097 | 16,580 | |
| Income tax paid | (84,219) | (187,291) | |
| Current income tax | 13.1 | 40,586 | 197,796 |
| (Increase) in receivables | 31 | (298,709) | (187,480) |
| (Increase) in inventories | 31 | (1,483,647) | (575,767) |
| Increase in liabilities and accruals and deferred income | 31 | 1,156,657 | 692,711 |
| Increase/(decrease) in provisions | 31 | 9,851 | (48,866) |
| (Increase)/decrease in prepayments and accrued income | 31 | (6,969) | 19,045 |
| Settlement and valuation of financial instruments | 193,036 | (1,453) | |
| Other adjustments | (77) | - | |
| Net cash provided by/(used in) operating activities | 880,255 | 695,024 | |
| Cash flows from investing activities | |||
| Dividends received | 10,490 | 1,737 | |
| Interest received | 1,378 | 4,252 | |
| Sale/(purchase) of tangible and intangible assets | 31 | (1,009,937) | (3,072,664) |
| Sale/(purchase) of current financial assets | 83 | 2,758 | |
| (Purchase) of non-current financial assets | (14) | - | |
| Acquisition of Energobaltic Sp. z o.o., net of cash acquired | 20 | - | (1,526) |
| Other cash provided by financial assets | - | 6,050 | |
| Prepayments for tangible assets under construction | (57,064) | (258,581) | |
| Cash related to loss of control over subsidiary | - | (367) | |
| Other items, net | 1,168 | (15,278) | |
| Net cash provided by/(used in) investing activities | (1,053,896) | (3,333,619) | |
| Cash flows from financing activities | |||
| Increase in loans and borrowings | 1,262,315 | 2,263,790 | |
| Issue of bonds | 35 | 102,670 | - |
| Cash flows attributable to changes in interest in a subsidiary undertaking not resulting in loss of control over non-current financial assets | (11,554) | - | |
| Repayment of loans and borrowings | (630,530) | (195,696) | |
| Redemption of bonds | 35 | (50,000) | - |
| Interest paid | (97,804) | (100,446) | |
| Dividends paid | - | (15) | |
| Decrease in finance lease liabilities | (4,786) | (1,737) | |
| Settlement of financial instruments | (119,585) | 216,047 | |
| Other items, net | (3,020) | (478) | |
| Net cash provided by/(used in) financing activities | 447,706 | 2,181,465 | |
| Effect of exchange rate fluctuations on cash held | (1,970) | 2,339 | |
| Change in net cash | 272,095 | (454,791) | |
| Cash and cash equivalents at beginning of period | 31 | (155,660) | 299,131 |
| Cash and cash equivalents at end of period | 31 | 116,435 | (155,660) |
| - restricted cash | 30 | 42,319 | 20,420 |
This is a translation of a document originally issued in Polish
The notes to the financial statements, presented on following pages, are their integral part.
