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Consolidated Cash Flow Statement

for the year ended
Note 31 December 2013 31 December 2012
Net profit 525,445 598,298
Adjustments for: 334,290 244,920
Depreciation, amortization, impairment and disposal 10 256,416 243,066
Payments for film licenses and sports rights (222,456) (177,868)
Amortization of film licenses and sports rights 220,371 194,521
Gain on sale of property, plant and equipment and intangible assets (35,765) (111)
Cost of programming rights sold 6,407 9,244
Interest expense 183,811 205,185
Change in inventories 14,839 16,173
Change in receivables and other assets 60,908 (106,816)
Change in liabilities, provisions and deferred income (104,939) 67,872
Change in internal production and advance payments 6,477 2,093
Valuation of hedging instruments 14,404 (31,345)
Share of the profit of jointly controlled entity accounted for using the equity method (2,924) (2,897)
Foreign exchange losses/(gains), net 16,294 (111,076)
Income tax 13 67,376 97,349
Net additions of reception equipment provided under operating lease (158,859) (164,008)
Other adjustments 11,930 3,538
Cash from operating activities 859,735 843,218
Income tax paid (67,486) (78,733)
Interest received from operating activities 10,410 16,882
Net cash from operating activities 802,659 781,367
Acquisition of property, plant and equipment (60,845) (54,937)
Acquisition of intangible assets (62,041) (36,240)
Acquisition of subsidiaries, net of cash acquired 37 (64,266) (45,711)
Disposal of a subsidiary 48,736 -
Proceeds from sale of property, plant and equipment 2,064 751
Loans granted - (1,100)
Repayment of loans granted - 1,100
Dividends received 2,515 2,706
Net cash used in investing activities (133,837) (133,431)
Repayment of loans and borrowings 30 (431,117) (453,324)
Finance lease – principal repayments (330) (335)
Payment of interest on loans, borrowings, bonds, Cash Pool, finance lease and commissions* (165,017) (199,617)
Other net financing outflows - (71)
Net cash used in financing activities (596,464) (653,347)
Net increase/(decrease) in cash and cash equivalents 72,358 (5,411)
Cash and cash equivalents at the beginning of the period 270,354 277,534
Effect of exchange rate fluctuations on cash and cash equivalents (461) (1,769)
Cash and cash equivalents at the end of the period 342,251 270,354

* Includes impact of hedging instruments


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