in PLN millions, unless otherwise stated

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CONSOLIDATED STATEMENT OF CASH FLOWS
from 1 January 2018 
to 31 December 2018
from 1 January 2017 
to 31 December 2017
 Cash flow from operating activities
 
Profit before income tax
2 4662 299
Note 9.3
Depreciation/amortisation recognised in profit or loss
1 7961 609
Note 6.1
Share of losses of joint ventures accounted for using the equity method
662474
Note 6.2
Gains due to the reversal of allowances for impairment on loans granted to joint ventures
(733)-
Note 6.2
Interest on loans granted to joint ventures
(257)(319)
 
Interest and other costs of borrowings
109148
Note 4.4
Other impairment losses/(reversal) of impairment loss on non-current assets
69503

Exchange differences, of which:
(36)
210

from investment activities and cash
593
1 461

from financing activities
(629)
(1 251)

Change in provisions and employee benefits liabilities
244(25)
 
Change in derivatives
(121)202
Note 12.9 
Other adjustments
62(68)

Exclusions of income and costs, total
1 7952 734

Income tax paid
(802)(983)
  Note 10.4
Changes in working capital
367(996)

Net cash generated from operating activities
3 8263 054

Cash flow from investing activities


  Note 9.1.3
Expenditures on mining and metallurgical assets, including:
(2 609)
(2 527)

Interest paid
(160)
(56)

Expenditures on other property, plant and equipment and intangible assets
(266)
(269)
    Note 6.1
Acquisition of newly-issued shares of joint ventures
(666)(461)

Other expenses
(83)(123)

Total expenses
(3 624)(3 380)

Proceeds
8540

Net cash used in investing activities
(3 539)(3 340)

Cash flow from financing activities

Proceeds from borrowings
2 2762 442
 
Other proceeds
196
 
Total proceeds
2 2952 448

Repayments of borrowings
(2 110)(2 072)
Note 12.2
Dividends paid to shareholders of the Parent Entity
-(200)
 
Interest paid and other costs of borrowings
(119)(157)
 
Other
-(1)
 
Total expenses
(2 229)(2 430)
 
Net cash generated from financing activities
6618
 
TOTAL NET CASH FLOW
353(268)

Exchange gains/(losses)
18(6)
 
Cash and cash equivalents at beginning of the period
586860
Note 8.5
Cash and cash equivalents at end of the period
957586

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