Cash flow statement
Reference Areas:
Health
Investments
Banking
Best Pratices in PZU
| Consolidated cash flow statement | Note | 1 January – 31 December 2017 | 1 January – 31 December 2016 (restated) 1) |
| Profit before tax | 5,526 | 2,988 | |
| Adjustments | 9,896 | 1,249 | |
| Movement in loan receivables from clients | (13,222) | (5,159) | |
| Movement in liabilities under deposits | 19,478 | 3,964 | |
| Movement in the valuation of assets measured at fair value | (411) | (357) | |
| Interest income and expenses | (1,749) | (1,126) | |
| Realized gains/losses from investing activities and impairment losses | 960 | 935 | |
| Net foreign exchange differences | (589) | (98) | |
| Movement in deferred acquisition costs | (78) | (253) | |
| Amortization of intangible assets and depreciation of property, plant and equipment | 884 | 412 | |
| Movement in the reinsurers’ share of technical provisions | (260) | 107 | |
| Movement in technical provisions | 2,364 | 914 | |
| Movement in receivables | (554) | (2,299) | |
| Change in liabilities | 1,977 | 1,961 | |
| Cash flow on investment contracts | (89) | (152) | |
| Acquisitions and redemptions of participation units and investment certificates of mutual funds | (228) | 303 | |
| Income tax paid | (1,229) | (580) | |
| Gain from a bargain purchase of Bank BPH’s Core Business | - | (465) | |
| Other adjustments | 2,642 | 3,142 | |
| Net cash flows from operating activities | 15,422 | 4,237 | |
| Cash flow from investing activities | |||
| Proceeds | 904,328 | 1,030,990 | |
| - sale of investment property | 59 | 69 | |
| - proceeds from investment property | 301 | 279 | |
| - sale of intangible assets and property, plant and equipment | 13 | 14 | |
| - sale of ownership interests and shares | 3,115 | 4,470 | |
| - realization of debt securities | 200,893 | 183,612 | |
| - closing of buy-sell-back transactions | 369,251 | 351,307 | |
| - closing of term deposits with credit institutions | 235,593 | 367,893 | |
| - realization of other investments | 88,276 | 120,655 | |
| - interest received | 1,757 | 1,525 | |
| - dividends received | 37 | 61 | |
| - increase in cash due to purchase of entities and change in the scope of consolidation | 5,000 | 1,076 | |
| - other investment proceeds | 33 | 29 |
| Consolidated cash flow statement | Note | 1 January – 31 December 2017 | 1 January – 31 December 2016 (restated) 1) |
| Expenditures | (916,362) | (1,032,857) | |
| - purchase of investment property | (56) | (202) | |
| - expenditures for the maintenance of investment property | (179) | (174) | |
| - purchase of intangible assets and property, plant and equipment | (578) | (700) | |
| - purchase of ownership interests and shares | (1,817) | (4,336) | |
| - purchase of ownership interests and shares in subsidiaries | (6,867) | (1,852) | |
| - decrease in cash due to the sale of entities and change in the scope of consolidation | 2.4.8 | (54) | (7) |
| - purchase of debt securities | (214,622) | (188,304) | |
| - opening of buy-sell-back transactions | (366,738) | (351,016) | |
| - purchase of term deposits with credit institutions | (234,071) | (364,550) | |
| - purchase of other investments | (91,372) | (121,715) | |
| - other expenditures for investments | (8) | (1) | |
| Net cash flows from investing activities | (12,034) | (1,867) | |
| Cash flows from financing activities | |||
| Proceeds | 228,417 | 333,943 | |
| - proceeds from the issue of shares by subsidiaries (in the part paid up by holders of non-controlling interests) | - | 1,516 | |
| - proceeds from loans and borrowings | 1,605 | 2,883 | |
| - proceeds on the issue of own debt securities | 5,829 | 277 | |
| - opening of repurchase transactions | 220,983 | 329,267 | |
| Expenditures | (226,462) | (335,833) | |
| - dividends to equity holders of the parent | 37.1.1.1 | (1,209) | (1,796) |
| - dividends to owners of non-controlling interests | (1,823) | - | |
| - repayment of loans and borrowings | (1,530) | (38) | |
| - redemption of own debt securities | (150) | - | |
| - closing of repurchase transactions | (221,637) | (332,902) | |
| - interest on loans and borrowings | (6) | (994) | |
| - interest on outstanding debt securities | (107) | (103) | |
| Net cash flows from financing activities | 1,955 | (1,890) | |
| Total net cash flows | 5,343 | 480 | |
| Cash and cash equivalents at the beginning of the period | 2,973 | 2,440 | |
| Change in cash due to foreign exchange differences | (77) | 53 | |
| Cash and cash equivalents at the end of the period, including: | 35 | 8,239 | 2,973 |
| - restricted cash | 41 | 35 |
