Statement of cash flows

  NoteFor the 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 11 2 414 3 058
Total adjustments to profit for the period: 2 439 2 107
Income tax recognised in profit or loss 948 1 138
Amortisation/Depreciation 818 768
Losses on sale of property, plant and equipment and intangible assets 8 34
Impairment loss recognised   32 95
Interest and share in profits (dividends) (63) (40)
Foreign exchange (gains)/losses (31) 3
Change in provisions 24 76 (14)
Change in assets/liabilities due to derivatives 736 791
Reclassification of other comprehensive income to profit or loss
as a result of realisation of hedging derivatives
(531) (450)
Other adjustments (1) (44)
Changes in working capital: 447 (174)
Inventories 55 560
Trade and other receivables 24 268 (777)
Trade and other payables 24 124 43
Income tax paid (853) (1 375)
Net cash generated from operating activities 4 000 3 790
Cash flow from investing activities    
Purchase of shares and investment certificates in subsidiaries (27) (129)
Purchase of property, plant and equipment and intangible assets (2 203) (2 174)
Advances granted for purchase of property, plant and equipment and intangible assets (31) (84)
Proceeds from sale of property, plant and equipment and intangible assets 13 13 33
Purchase of financial assets from mine closure fund and tailing storage facilities restoration fund (29) (38)
Loans granted (1 597) (239)
Repayments of loans granted 5 13
Interest received 2 2
Dividends received 45 36
Other investment (expenses)/proceeds (6) 33
Net cash used in investing activities (3 828) (2 547)
Cash flow from financing activities    
Proceeds from bank and other loans 1 974 1 546
Repayments of bank and other loans (1 135) (1 409)
Interest paid (21) -
Dividends paid 11 (1 000) (1 960)
Other financial expenses (40) (1)
Net cash used in financing activities (222) (1 824)
Total net cash flow (50) (581)
Exchange gains/(losses) on cash and cash equivalents 12 (3)
Movements in cash and cash equivalents (38) (584)
Cash and cash equivalents at beginning of the period 9 123 707
Cash and cash equivalents at end of the period 9 85 123

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