Annual Report 2017

Consolidated statement of cash flows

(in millions of PLN)

Note Year ended 31 December 2017
Year ended 31 December 2016
Cash flows from operating activities
Profit/(loss) before tax 1,002 205
Adjustments for:
Share in (profit)/loss of the entities measured by the equity method (24) 52
Foreign currency (gains)/losses (17) 11
Amortization and depreciation 11.3 973 957
Net interest and dividends 268 259
(Profit)/loss on investing activities, including goodwill impairment allowance 30 (25) 611
Changes in working capital:
Change in receivables 30 113 (127)
Change in inventories 120 41
Change in liabilities excluding loans and borrowings 30 33 (104)
Change in prepayments and accruals (24) (29)
Change in provisions 30 (198) 176
2,221 2,052
Income tax (39) (270)
Net cash from operating activities 2,182 1,782
Cash flows from investing activities
Disposal of property, plant and equipment and intangible assets 15 11
Purchase of property, plant and equipment and intangible assets (1,280) (1,580)
Proceeds from deposits above 3m 125 -
Establishment of deposits above 3m (127) -
Sale of participation units in the ENERGA Trading fund 2 320
Disposal of subsidiary 43 -
Investments in associates and joint ventures measured by the equity method 2.2 (217) (443)
Other (6) 3
Loans granted (10) -
Net cash from investing activities (1,455) (1,689)
Cash flows from financing activities
Proceeds from debt incurred 2,313 1,286
Repayment of debt incurred (346) (575)
Redemption of debt securities (272) (578)
Dividends paid 23 (79) (203)
Interest paid (206) (204)
Grants received 49 -
Other (7) (13)
Net cash from financing activities 1,452 (287)
Net increase/(decrease) in cash and cash equivalents 2,179 (194)
Cash and cash equivalents at the beginning of the period 19 1,464 1,658
Cash and cash equivalents at the end of the period 19 3,643 1,464

See also