KGHM POLSKA MIEDŹ S.A.
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Annual separate financial statements

 For the period
 

from 1 January 2011

to 31 December 2011

from 1 January 2010

to 1 December 2010

Cash flow from operating activities    
Profit for the period 11 334 520 4 568 589
Adjustments to profit for the period (1 281 495) 1 436 897
Income tax paid (1 284 903) (658 695)
Net cash generated from operating activities 8 768 122 5 346 791
Cash flow from investing activities    
Purchase of shares and investment certificates in subsidiaries (201 440) (731 224)
Proceeds from sale and liquidation of shares in subsidiaries 981 874 1 534
Proceeds from sale of shares in an associate 3 672 147 -
Purchase of available-for-sale financial assets (1 565 831) (1 296 141)
Proceeds from sale of available-for-sale financial assets 1 548 193 310 994
Purchase of property, plant and equipment and intangible assets (1 406 454) (1 156 709)
Advances granted for purchase of property, plant and equipment and intangible assets (59 374) (65 329)
Proceeds from sale of property, plant and equipment and intangible assets 6 280 4 717
Purchase of held-to-maturity investments financed from the resources of Mine Closure Fund (25 568) (20 567)
Establishment of deposits (450 000) (350 000)
Termination of deposits 800 000 -
Loans granted - (40 000)
Repayments of loans granted 5 030 71 162
Interest received 11 543 4 932
Dividends received 277 330 146 658
Other investment expenses (3 988) (5 273)
Net cash generated from/(used in) investing activities 3 589 742 (3 125 246)
Cash flow from financing activities    
Repayments of loans - (3 000)
Payments of finance leases liabilities (13 009) (3 118)
Interest paid (11) (76)
Dividends paid (2 980 000) (600 000)
Net cash used in financing activities (2 993 020) (606 194)
Total net cash flow 9 364 844 1 615 351
Exchange gains on cash and cash equivalents 875 626 4 980
Movements in cash and cash equivalents 10 240 470 1 620 331
Cash and cash equivalents at beginning of the period 2 595 529 975 198
Cash and cash equivalents at end of the period 12 835 999 2 595 529
including restricted cash and cash equivalents 3 036 1 751
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