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Annual consolidated financial statements

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Explanations to the consolidated statement of cash flows

Change in provisions
 

For the period

 

from 1 January 2012

to 31 December 2012

from 1 January 2011

to 31 December 2011

restated

Change in provisions for other liabilities and employee benefits from the statement of financial position

851

75

Adjustment:

   

Provisions for decommissioning costs of mines recognised in property, plant and equipment

(559)

41

Provisions for employee benefits recognised in other comprehensive income

(210)

(82)

Provisions in companies acquired at the date of obtaining control

(30)

-

Exchange differences from translation of foreign operations statements

16

-

Other

-

2

Change in provisions recognised in the statement of cash flows

68

36

 

Change in inventories
 

For the period

 

from 1 January 2012

to 31 December 2012

from 1 January 2011

to 31 December 2011

Change in inventories from the statement of financial position

(1 111)

(436)

Adjustment:

   

Inventories in companies acquired at the date of obtaining control

838

-

Exchange differences from translation of foreign operations statements

(14)

-

Change in inventories recognised in the statement of cash flows

(287)

(436)

 

Change in receivables
 

For the period

 

from 1 January 2012

to 31 December 2012

from 1 January 2011

to 31 December 2011

Change in trade and other receivables from the statement of financial position

(2 483)

863

Adjustment:

   

Long-term loans granted of the statement of financial position

1 541

-

Other current and non-current financial receivables excluding payments to subsidiaries and derivatives

(56)

(283)

Receivables due to sale of property, plant and equipment and intangible assets

(1)

(5)

Advances granted due to purchase of property, plant and equipment and intangible assets

18

( 5)

Receivables in companies acquired at the date of obtaining control

744

-

Exchange differences from translation of foreign operations statements

(116)

-

Other

7

(2)

Change in receivables recognised in the statement of cash flows

(346)

568

 

Change in payables
 

For the period

 

from 1 January 2012

to 31 December 2012

from 1 January 2011

to 31 December 2011

restated

Change in trade and other payables from the statement of financial position

1 367

149

Adjustment:

   

Payables due to purchase of property, plant and equipment and intangible assets

(43)

(85)

Cash subsidies for the purchase of property, plant and equipment and intangible assets in the year of inflow of cash

(19)

-

Adjustment to liabilities accounted for through intangible assets due to recognition of CO2 emissions allowances

49

48

Payables in companies acquired at the date of obtaining control

(1 092)

-

Exchange differences from translation of foreign operations statements

46

-

Change in payables recognised in the statement of cash flows

308

112

 

Change in cash and cash equivalents
 

For the period

 

from 1 January 2012

to 31 December 2012

from 1 January 2011

to 31 December 2011

Change in cash and cash equivalents from the statement of financial position

(10 501)

10 043

Adjustment:

   

Exchange differences from the measurement

879

( 875)

Exchange differences from translation of foreign operations statements

( 48)

-

Change in cash and cash equivalents recognised in the statement of cash flows

(9 670)

9 168

 

Proceeds from sales of property, plant and equipment and intangible assets
 

For the period

 

from 1 January 2012

to 31 December 2012

from 1 January 2011

to 31 December 2011

Net carrying amount of sold property, plant and equipment and intangible assets and costs related to disposal

46

23

Losses on sales of property, plant and equipment and intangible assets

(6)

(9)

Positive change in receivables due to sales

2

5

Proceeds from sales of property, plant and equipment and intangible assets

42

19

 

Expenditures on exploration for and evaluation of mineral resources recognised in operating activities
 

For the period

 

from 1 January 2012

to 31 December 2012

from 1 January 2011

to 31 December 2011

Purchase recognised in profit or loss

(3)

(24)

(Negative)/Positive change in liabilities recognised in operating activities due to exploration for and evaluation of mineral resources

(4)

4

Total

(7)

(20)

 

Expenditures on exploration for and evaluation of mineral resources recognised in investing activities
 

For the period

 

from 1 January 2012

to 31 December 2012

from 1 January 2011

to 31 December 2011

Purchase

(130)

(71)

(Negative)/Positive change in liabilities recognised in investing activities due to exploration for and evaluation of mineral resources

( 5)

4

Total

(135)

(67)

  

For the period

Note

from 1 January 2012

to 31 December 2012

from 1 January 2011

to 31 December 2011

restated*

Cash flow from operating activities

     

Profit for the period

 

4 803

11 128

Adjustments to profit for the period:

 

3 588

(714)

Income tax recognised in profit or loss

 

1 645

2 307

Amortisation/Depreciation

 

1 453

913

Losses on the sale of property, plant and equipment and intangible assets

 

6

9

Losses on the sale and fair value changes of investment property

 

-

4

Gains on the sale of available-for-sale financial assets

 

-

(17)

Gains on the sale of subsidiaries and an associate

4,28,9

-

(2 311)

Impairment loss on property, plant and equipment, intangible assets, available-for-sale financial assets and allowances for impairment of loans granted

 

203

11

Share in profits of associates accounted for using the equity method

 

-

(188)

Interest and share in profits (dividends)

 

8

(23)

Foreign exchange losses/(gains)

 

852

(866)

Change in provisions

 

68

36

Change assets/liabilities due to derivatives

 

(5)

(542)

Reclassification of other comprehensive income to profit or loss as a result of realisation of derivatives

 

(333)

(242)

Other adjustments

 

16

(49)

Changes in working capital:

 

(325)

244

Inventories

 

(287)

(436)

Trade and other receivables

 

(346)

568

Trade and other payables

 

308

112

Income tax paid

 

(2 870)

(1 316)

Net cash generated from operating activities

 

5 521

9 098

Cash flow from investing activities

     

Purchase of subsidiaries, less acquired cash and cash equivalents

4

(7 010)

(117)

Proceeds from sale and liquidation of subsidiaries

4

-

892

Purchase of an entity accounted for using the equity method

 

(33)

-

Proceeds from sale of associates

 

-

3 672

Purchase of property, plant and equipment and intangible assets

 

(2 402)

(1 859)

Advances granted for purchase of property, plant and equipment and intangible assets

 

(93)

(68)

Proceeds from sale of property, plant and equipment and intangible assets

 

42

19

Purchase of available-for-sale financial assets

 

-

(1 586)

Proceeds from sale of available-for-sale financial assets

 

3

1 560

Purchase of mine closure financial assets

 

(93)

(26)

Establishment of deposits

 

(43)

(518)

Termination of deposits

 

66

800

Loans granted

32.2.4

(1 251)

-

Interest received

 

1

9

Dividends received

 

57

277

Other investment proceeds/(expenses)

 

(6)

(6)

Net cash (used in)/generated from investing activities

 

(10 762)

3 049

Cash flow from financing activities

     

Capital contributions to a subsidiary from holders of non-controlling interest

 

17

-

Proceeds from bank and other loans

 

1 439

141

Repayments of bank and other loans

 

(86)

(105)

Payments of liabilities due to finance leases

 

(11)

(24)

Interest paid

 

(139)

(12)

Dividends paid to shareholders of the Parent Entity

36

(5 668)

(2 980)

Donations received

 

19

-

Other financial proceeds

 

-

1

Net cash used in financing activities

 

(4 429)

(2 979)

Total net cash flow

 

(9 670)

9 168

Exchange (losses)/gains on cash and cash equivalents

 

(831)

875

Movements in cash and cash equivalents

 

(10 501)

10 043

Cash and cash equivalents at beginning of the period

15

13 130

3 087

Cash and cash equivalents at end of the period

15

2 629

13 130

including restricted cash and cash equivalents

 

99

10

* Details presented in note 2.1.2.

The accounting policy and the explanatory notes constitute an integral part of these financial statements.

Amounts in tables in million PLN, unless otherwise stated.

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