| (PLN ‘000) | Note | Year ended Dec 31 2008 |
Year ended Dec 31 2007 (comparable data) |
|---|---|---|---|
| (audited) | (audited) | ||
| Cash flows from operating activities | |||
| Net profit/(loss) | (389,933) | 814,147 | |
| Adjustments: | |||
| Share in net profit of subordinated undertakings valued with equity method | (26,033) | (22,276) | |
| Depreciation and amortisation | 315,012 | 306,224 | |
| Foreign exchange (gains)/losses | 366,730 | 4,091 | |
| Net interest and dividend paid | 13,028 | 855 | |
| (Profit)/loss on investing activities | 29,564 | (41,766) | |
| Income tax paid | (308,695) | (157,003) | |
| Current income tax | 41 | (114,285) | 190,347 |
| Decrease/(increase) in receivables | 25 | 164,938 | (252,733) |
| Decrease/(increase) in inventories | 25 | 141,685 | (883,218) |
| (Decrease)/increase in liabilities and accruals and deferred income | 25 | (109,199) | 253,101 |
| Increase/(decrease) in provisions | 25 | 35,511 | (4,276) |
| (Increase) in prepayments and accrued income | 25 | (44,883) | (17,987) |
| Settlement of financial instruments | 238,166 | (31,632) | |
| Other items, net | 64 | (44) | |
| Net cash provided by/(used in) operating activities | 311,670 | 157,830 | |
| Cash flows from investing activities | |||
| Dividend received | 27,661 | 47,318 | |
| Interest received | 30,655 | 19,036 | |
| (Purchase)/sale of property, plant and equipment and intangible assets | (1,699,582) | (368,681) | |
| (Purchase)/sale of current financial assets | 1,509 | 184,007 | |
| Repayment of non-current loans advanced | 17 | - | |
| Acquisition of Rafineria Nafty Glimar S,A,, net of cash acquired | 3,987 | - | |
| Acquisition of Krak-Gaz Sp, z o,o,, net of cash acquired | - | (15,829) | |
| Prepayments for tangible assets under construction | (778,953) | (681,601) | |
| Other items, net | (2,406) | (690) | |
| Net cash provided by/(used in) investing activities | (2,417,112) | (816,440) | |
| Cash flows from financing activities | |||
| Increase in loans and borrowings | 2,352,749 | 579,791 | |
| Repayment of loans and borrowings | (86,449) | (23,217) | |
| Interest paid | (61,517) | (21,603) | |
| Dividend paid to equity holders of the parent | - | (40,932) | |
| Dividend paid to minority interests | 29 | (2,578) | (8,593) |
| Decrease in finance lease liabilities | (737) | (942) | |
| Settlement of financial instruments | (238,166) | 31,632 | |
| Other items, net | (157) | (2,991) | |
| Net cash provided by/(used in) financing activities | 1,963,145 | 513,145 | |
| Effect of exchange rate fluctuations on cash held | 3,546 | (1,596) | |
| Change in net cash | 25 | (138,751) | (147,061) |
| Cash at beginning of period | 25 | 477,104 | 624,165 |
| Cash at end of period | 25 | 338,353 | 477,104 |
| - restricted cash | 24 | 84,160 | 17,296 |
Consolidated Cash Flow Statements 
