Consolidated statement of cash flows
Consolidated statement of cash flows for 2016
prepared using the indirect method
| Note | 2016 | 2015 | |
|---|---|---|---|
| Cash flows from operating activities | |||
| Net profit/(loss) | 1,015,217 | (263,300) | |
| Adjustments: | 1,708,766 | 1,810,253 | |
| Income tax | 10.1 | 564,195 | 68,026 |
| Share in net profit/(loss) of equity-accounted joint ventures | 14 | (2,894) | 31,066 |
| Depreciation and amortisation | 9.1 | 1,067,894 | 714,568 |
| Foreign exchange (gains)/losses | 37,599 | 348,234 | |
| Interest and dividends | 174,988 | 177,702 | |
| (Gain)/loss from investing activities | 12,737 | 69,902 | |
| Impairment losses on property, plant and equipment and other intangible assets |
9.4 | 156,459 | 85,817 |
| Settlement and valuation of financial instruments | 9.5; 9.6 | 33,511 | (78,809) |
| (Increase) in trade receivables | (671,945) | (144,399) | |
| (Increase)/decrease in other assets | (126,840) | 54,473 | |
| (Increase)/decrease in inventories | (126,488) | 719,073 | |
| Increase/(decrease) in trade payables | 457,690 | (460,329) | |
| Increase in other liabilities and provisions | 130,134 | 187,754 | |
| Increase in employee benefit obligations | 1,726 | 37,175 | |
| Income tax paid | (70,103) | (58,884) | |
| Net cash from operating activities | 2,653,880 | 1,488,069 | |
| Cash flows from investing activities | |||
| Dividends received - equity-accounted joint ventures | - | 837 | |
| Dividends received from other entities | 1,972 | 907 | |
| Interest received | 11,441 | 16,053 | |
| Sale of property, plant and equipment and other intangible assets | 28,449 | 23,615 | |
| Sale of organised part of business | - | 2,600 | |
| Purchase of property, plant and equipment and other intangible assets | (1,243,660) | (758,582) | |
| Cash contributions - equity-accounted joint ventures | 14 | (24,365) | (3,898) |
| Cash for the EFRA Project | 433,357 | (433,357) | |
| Security deposit (margin) | (26,394) | (4,293) | |
| Funds for future costs of decommissioning of oil and gas extraction facilities |
(187,162) | (414) | |
| Security deposit under EPCM contract for the offshore production unit in the B-8 field |
16 | 10,620 | (10,488) |
| Option premium payment | - | (4,907) | |
| Settlement of derivative financial instruments | (7,435) | 10,554 | |
| Other cash used in investing activities | - | (602) | |
| Net cash from investing activities | (1,003,177) | (1,161,975) | |
| Cash flows from financing activities | |||
| Proceeds from bank borrowings | 23.1 | 379,313 | 798,209 |
| Proceeds from non-bank borrowings | 23.2 | 1,155 | - |
| Proceeds from issue of Series D shares in Grupa LOTOS S.A. | - | 981,268 | |
| Cash flows attributable to changes in interests in subsidiaries not resulting in loss of control |
- | (31) | |
| Repayment of bank borrowings | 23.1 | (1,499,446) | (1,161,456) |
| Repayment of non-bank borrowings | 23.2 | (11,611) | (10,781) |
| Redemption of notes | 23.3 | (19,209) | (19,350) |
| Arrangement fees paid under credit facilities | - | (57,202) | |
| Interest paid | (203,725) | (172,969) | |
| Decrease in finance lease liabilities | (31,218) | (19,957) | |
| Settlement of derivative financial instruments | 183,286 | (222,192) | |
| Other cash used in financing activities | - | (820) | |
| Net cash from financing activities | (1,201,455) | 114,719 | |
| Total net cash flow | 449,248 | 440,813 | |
| Effect of exchange rate fluctuations on cash held | 3,440 | 3,944 | |
| Change in net cash | 452,688 | 444,757 | |
| Cash at beginning of period | 278,070 | (166,687) | |
| Cash at end of period | 18 | 730,758 | 278,070 |
The Notes to the consolidated financial statements are an integral part of the statements.
(This is a translation of a document originally issued in Polish)