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Grupa LOTOS S.A. - Integrated Annual Report 2012
Consolidated statement of cash flows
Consolidated statement of cash flows for 2012
| (PLN '000) | Note |
Year ended Dec 31 2012 |
Year ended Dec 31 2011 |
|---|---|---|---|
| Cash flows from operating activities | |||
| Net profit | 922,970 | 649,322 | |
| Adjustments: | 488,352 | 435,042 | |
| Corporate income tax | 10.1 | (561,768) | (97,943) |
| Share in profit of equity-accounted associates | 16 | - | (2,896) |
| Depreciation and amortisation expense | 21 | 666,590 | 608,608 |
| Foreign exchange (gains)/losses | (131,686) | 284,656 | |
| Interest and dividends | 197,801 | 145,912 | |
| (Gain)/Loss from investing activities | 981,752 | 182,728 | |
| Settlement and valuation of financial instruments | (117,772) | 130,430 | |
| Decrease/(Increase) in trade receivables | 21 | 449,852 | (372,659) |
| (Increase) in other assets | 21 | (201,167) | (138,173) |
| (Increase) in inventories | 21 | (108,783) | (1,352,908) |
| (Decrease)/Increase in trade and other payables | 21 | (644,199) | 983,674 |
| (Decrease)/Increase in other liabilities and provisions | 21 | (72,409) | 48,923 |
| Increase in employee benefit obligations | 30,141 | 11,608 | |
| Other adjustments | - | 3,082 | |
| Income tax paid | (64,242) | (182,005) | |
| Net cash from operating activities | 1,347,080 | 902,359 | |
| Cash flows from investing activities | |||
| Dividends received | 567 | 514 | |
| Interest received | 9,316 | 3,135 | |
| Sale of property. plant and equipment and other intangible assets | 27,727 | 13,676 | |
| Sale of non-current financial assets | 550 | 680 | |
| Repayment of loans advanced | 1,536 | 308 | |
| Loss of control over subsidiary. net of cash disposed of | 78,000 | 1,104 | |
| Other cash inflows on financial assets | - | 971 | |
| Other cash from investing activities | 138 | - | |
| Purchase of property. plant and equipment and other intangible assets | 21 | (757,925) | (677,995) |
| Purchase of non-current financial assets | (13,017) | (16,256) | |
| Loans advanced | - | (1,805) | |
| Acquisition of a subsidiary. net of cash acquired | 2 | (129,132) | (108,879) |
| Bank deposits for financing of overhaul shutdown | (45,721) | (38,106) | |
| Security deposits | 586 | (8,639) | |
| Funds contributed to the decommissioning fund | 31.1 | (1,886) | (1,898) |
| Settlement of derivative financial instruments | (8,790) | (13,749) | |
| Other cash used in investing activities | - | (4) | |
| Net cash from investing activities | (838,051) | (846,943) | |
| Cash flows from financing activities | |||
| Proceeds from borrowings | 542,530 | 876,876 | |
| Issue of notes | 362,367 | 572,712 | |
| Cash flows attributable to changes in interest in a subsidiaries not resulting in loss of control | (182) | (9,726) | |
| IOther cash from financing activities | - | 2,216 | |
| Repayment of borrowings | (1,171,040) | (597,082) | |
| Redemption of notes | (364,000) | (628,000) | |
| Interest paid | (205,132) | (137,075) | |
| Decrease in finance lease liabilities | (15,234) | (8,532) | |
| Settlement of derivative financial instruments | (32,534) | (106,912) | |
| Other cash used in financing activities | (53) | (59) | |
| Net cash from financing activities | (883,278) | (35,582) | |
| Total net cash flow | (374,249) | 19,834 | |
| Effect of exchange rate fluctuations on cash held | (27,958) | 23,485 | |
| Change in net cash | 21 | (402,207) | 43,319 |
| Cash at beginning of period | 21 | 161,552 | 118,233 |
| Cash at end of period | 21 | (240,655) | 161,552 |
