Consolidated statement of cash flows

NoteFinancial period
from 1 January 2014
to 31 December 2014
from 1 January 2013
to 31 December 2013
Cash flow from operating activities
Profit for the period 2 451 3 033
Adjustments to profit for the period: 3 266 3 347
Income tax recognised in profit or loss 647 1 202
Amortisation/Depreciation 26 1 635 1 580
Impairment losses on goodwill 25 27
Losses on the sale of property, plant and equipment and intangible assets 14 46
Gains on the sale of available-for-sale financial assets - (24)
Impairment loss on property, plant and equipment, intangible assets,
investments accounted for using the equity method and available- for-salefinancial assets
61 444
Reversal of impairment loss on property, plant and equipment,
intangible assets and available-for-sale financial assets
(5) (36)
Share in profits of associates accounted for using the equity method 252 -
Interest and share in profits (dividends) (175) (116)
Foreign exchange losses/(gains) (27) 4
Change in provisions 98 (19)
Change in assets/liabilities due to derivatives 723 774
Reclassification of other comprehensive income to profit or loss
as a result of realisation of derivatives
(531) (450)
Exchange differences between investment activities and financing activities
in the statement of cash flows
(73) (8)
Other adjustments 26 29
Changes in working capital: 596 (106)
Inventories 118 357
Trade and other receivables 408 (242)
Trade and other payables 70 (221)
Income tax paid (868) (1 456)
Net cash generated from operating activities 4 849 4 924
Cash flow from investing activities
Purchase of subsidiaries, less acquired cash and cash equivalents - (1)
Proceeds from sale and liquidation of subsidiaries - -
Acquisition of newly issued shares in the increased share capital of investments accounted for using the equity method (502) (9)
Purchase of property, plant and equipment and intangible assets (3 434) (3 189)
Advances granted for purchase of property, plant and equipment
and intangible assets
(24) (84)
Proceeds from sale of property, plant and equipment and intangible assets 22 56
Purchase of available-for-sale financial assets - (42)
Proceeds from sale of available-for-sale financial assets 1 139
Purchase of financial assets from mine closure fund and tailing storage facilities restoration fund (32) (63)
Proceeds from sale of financial assets purchased from mine closure fund 17 197
Termination of deposits 7 40
Loans granted (1 628) (1 798)
Dividends received 35 37
Other investment expenses (6) (13)
Net cash used in investing activities (5 544) (4 730)
Cash flow from financing activities
Proceeds from payment to capital of a subsidiary from holders
of non-controlling interest
20 29
Acquisition of shares from holders of non-controlling interest (15) (30)
Proceeds from bank and other loans 2 641 1 597
Repayments of bank and other loans (1 222) (1 446)
Payments of liabilities due to finance leases (18) (16)
Interest paid (136) (144)
Dividends paid to shareholders of the Parent Entity 36 (1 000) (1 960)
Donations received 17 10
Other financial expences (39) (1)
Net cash used in financing activities 248 (1 961)
Total net cash flow (447) (1 767)
Exchange gains on cash and cash equivalents and on translation of foreign operations statements 58 2
Movements in cash and cash equivalents (389) (1 765)
Cash and cash equivalents at beginning of the period 15 864 2 629
Cash and cash equivalents at end of the period 15 475 864
including restricted cash and cash equivalents 27 108

The amounts in the table are expressed in million PLN, unless otherwise stated.