CONSOLIDATED STATEMENT OF CASH FLOWS

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PKO Annual
Report Online
2020

Note 2020 2019
Cash flows from operating activities
Profit / (loss) before tax (1 696) 5 819
Income tax paid (1 552) (1 592)
Total adjustments: 36 244 900
Amortization and depreciation, including depreciation of property, plant and equipment under operating leases 1 172 1 049
(Gains)/losses on investing activities 49 (4) (11)
Interest and dividends 49 (1 278) (863)
Change in:
amounts due from banks 49 (258) (30)
hedging derivatives (524) 131
other derivative instruments 474 (619)
securities 49 (1 652) (2 028)
loans and advances to customers 49 6 018 (13 284)
reverse repo transactions 1 081 (1 030)
receivebles in respect of insurance activities 60 (186)
non-current assets held for sale 49 (116) 3
other assets 49 (236) 129
accumulated allowances for expected credit losses 49 2 040 (956)
accumulated allowances on non-financial assets and other provisions 49 831 179
amounts due to banks 49 491 (917)
amounts due to customers 49 26 186 17 447
liabilities in respect of insurance activities (37) 380
loan and advances received 49 403 1 115
liabilities in respect of debt securities in issue 49 1 374) (143)
subordinated liabilities 49 (14) (1)
other liabilities 49 244 387
Other adjustments 49 (11) 148
Net cash from/used in operating activities 32 996 5 127

Note 2020 2019
Cash flows from investing activities
Inflows from investing activities 65 807 218 185
Proceeds from sale of and interest on securities measured at fair value through other comprehensive income 63 742 209 689
Proceeds from sale of and interest on securities measured at amortized cost 1 871 8 061
Proceeds from sale of intangible assets, property, plant and equipment and assets held for sale 162 385
Other inflows from investing activities (dividends) 49 32 50
Outflows from investing activities (105 609) (232 357)
Purchase of shares in subsidiaries, net of cash acquired (275)
Purchase of securities measured at fair value through other comprehensive income (69 486) (218 318)
Purchase of securities measured at amortized cost (34 741) (12 433)
Acquisition of intangible assets and property, plant and equipment, including under operating leases (1 382) (1 331)
Net cash from/used in investing activities (39 802) (14 172)

Note 2020 2019
Cash flows from financing activities
Proceeds from debt securities in issue 6 838 13 079
Redemption of debt securities 49 (7 262) (10 665)
Taking up loans and advances 49 665
Repayment of loans and advances 49 (915) (3 353)
Dividend paid to shareholders 49 (1 663)
Payment of lease liabilities 49 (233) (221)
Repayment of interest on long-term liabilities 49 (602) (642)
Net cash from financing activities (2 174) (2 800)
Total net cash flows (8 980) (11 845)
of which foreign exchange differences on cash and cash equivalents 115 17
Cash equivalents at the beginning of the period 18 681 30 526
Cash equivalents at the end of the period 49 9 701 18 681

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