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Consolidated cash flow statement

Annual Report 2019 > Consolidated cash flow statement
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Best Pratices in PZU

Consolidated cash flow statement Note 1 January – 31 December 2019 1 January – 31 December 2018
Profit before tax   7 080 7 086
Adjustments   -6 032 -6 683
Movement in loan receivables from clients   -14 959 -15 972
Movement of liabilities under deposits   10 522 9 093
Movement in the valuation of assets measured at fair value   -837 -770
Interest income and expenses   -2 574 -2 276
Realized gains/losses from investing activities and impairment losses   1 823 1 664
Net foreign exchange differences   123 -184
Movement in deferred acquisition expenses   -28 -61
Amortization of intangible assets and depreciation of property, plant and equipment   1 293 1 103
Movement in the reinsurers' share in technical provisions   -344 -262
Movement in technical provisions   1 490 1 281
Movement in receivables   -644 -586
Movement in liabilities   1 113 -871
Cash flow on investment contracts   -13 -21
Acquisitions and redemptions of participation units and investment certificates of mutual funds   158 -126
Income tax paid   -2 084 -1 898
Other adjustments   -1 071 3 203
Net cash flows from operating activities   1 048 403
Cash flow from investing activities      
Proceeds   759 573 909 865
– sale of investment property   619 22
– proceeds from investment property    305 300
– sale of intangible assets and property, plant and equipment   87 51
– sale of ownership interests and shares   3 061 3 590
– realization of debt securities   157 856 204 645
– closing of buy-sell-back transactions   281 450 460 379
– closing of term deposits with credit institutions    289 755 208 469
– realization of other investments   24 678 30 645
– interest received   1 673 1 655
– dividends received   55 66
– increase in cash due to purchase of entities and change in the scope of consolidation   - 4
– other investment proceeds   34 39
Expenditures   -764 426 -900 694
– purchase of investment property   -198 -106
– expenditures for the maintenance of investment property    -139 -105
– purchase of intangible assets and property, plant and equipment   -903 -824
– purchase of ownership interests and shares   -2 633 -3 378
– purchase of ownership interests and shares in subsidiaries   -211 -29
– decrease in cash due to the sale of entities and change in the scope of consolidation   -32 -
– purchase of debt securities   -165 545 -192 342
– opening of buy-sell-back transactions   -282 273 -462 749
– purchase of term deposits with credit institutions   -288 342 -209 697
– purchase of other investments   -24 129 -31 436
– other expenditures for investments   -21 -28
Net cash flows from investing activities   -4 853 9 171
Cash flows from financing activities      
Proceeds   106 012 202 272
– proceeds from the issue of shares by subsidiaries (in the part paid up by holders of non-controlling interests)   - 13
– proceeds from loans and borrowings 38 4 300 4 284
– proceeds on the issue of own debt securities 38 8 820 6 396
– opening of repurchase transactions 38 92 892 191 579
Expenditures   -111 499 -203 072
– dividends paid to equity holders of the parent 40.2.1.1 -2 418 -2 159
– dividends to owners of non-controlling interests   -1 385 -1 659
– repayment of loans and borrowings 38 -3 415 -3 373
– redemption of own debt securities 38 -10 845 -3 384
– closing of repurchase transactions 38 -92 837 -192 217
– interest on loans and borrowings 38 -75 -45
– interest on outstanding debt securities 38 -227 -235
– expenditures on leases   -297 -
Net cash flows from financing activities   -5 487 -800
Total net cash flows   -9 292 8 774
Cash and cash equivalents at the beginning of the period   17 055 8 239
Change in cash due to foreign exchange differences   25 42
Cash and cash equivalents at the end of the period, including: 38 7 788 17 055
– restricted cash 38 89 25