Annual
report 2020
Annual
report 2020
(in PLN millions)
Next topic
Note
12 months ended
31 December 202012 months ended
31 December 2019
Restated
(see Notes 2.2, 33.4)
OPERATING ACTIVITIES
Net income
46
82
Adjustments to reconcile net income to cash from operating activities
Gains on disposal of assets
8
(61)
(270)
Depreciation, amortisation and impairment of property, plant and equipment, intangible assets and right-of-use assets
9,11,12,13.1
2,945
2,84
Finance costs, net
18
342
308
Income tax
26.1
16
25
Change in provisions and allowances
(150)
74
Operational foreign exchange and derivatives gains, net
(10)
(1)
Change in working capital
(Increase)/decrease in inventories, gross
(5)
29
Decrease in trade receivables, gross
14.1
383
367
(Increase)/decrease in contract assets, gross
14.2
26
(18)
Increase in contract costs
14.3
(46)
(75)
Decrease in trade payables
(64)
(67)
Increase/(decrease) in contract liabilities
14.4
(1)
24
Increase in prepaid expenses and other receivables
(22)
(96)
Increase/(decrease) in other payables
16.2
(33)
9
Interest received
33
40
Interest paid and interest rate effect paid on derivatives, net
(370)
(386)
Exchange rate effect received on derivatives, net
2
–
Income tax paid
(26)
(27)
Net cash provided by operating activities
3,005
2,858
INVESTING ACTIVITIES
Payments for purchases of property, plant and equipment and intangible assets
11,12
(2,015)
(2,272)
Investment grants received
16.2
177
136
Investment grants paid to property, plant and equipment and intangible assets suppliers
16.2
(221)
(153)
Exchange rate effect received on derivatives economically hedging capital expenditures, net
10
5
Proceeds from sale of property, plant and equipment and intangible assets
60
500
Cash paid for subsidiaries, net of cash acquired
4
(75)
(132)
Payments on other financial instruments, net
–
(3)
Net cash used in investing activities
(2,064)
(1,919)
FINANCING ACTIVITIES
Repayment of long-term loans from related party
21
–
(17)
Repayment of lease liabilities
21
(421)
(361)
Decrease in revolving credit line and other debt
21
(568)
(826)
Exchange rate effect received on derivatives hedging debt, net
21
–
58
Net cash used in financing activities
(989)
(1,146)
Net change in cash and cash equivalents
(48)
(207)
Effects of exchange rate changes on cash and cash equivalents
2
–
Cash and cash equivalents at the beginning of the period
22
404
611
Cash and cash equivalents at the end of the period
22
358
404
Consolidated Statement Of Changes In Equity