54.1. Cash flows from operating activities
Profit before tax
|
Year ended 31 December 2022 |
Year ended 31 December 2021 (restated figures) |
|
| Profit before tax on continuing operations | 110 | 1 125 |
| Profit before tax on dicontinued operations | 23 | (450) |
| Total | 133 | 675 |
Amortisation and depreciation
|
Year ended 31 December 2022 |
Year ended 31 December 2021 (restated figures) |
|
| Amortisation and depreciation regarding continuing operations | 2 060 | 1 958 |
| Amortisation and depreciation regarding discontinued operations | 156 | 143 |
| Total | 2 216 | 2 101 |
Other adjustments to profit before tax
As part of other adjustments to profit before tax, the main item is an adjustment to the valuation of derivative financial instruments amounting to PLN 215 million in the current period and PLN (58) million in the comparable period.
Impairment losses of non-financial tangible fixed assets
|
Year ended 31 December 2022 |
Year ended 31 December 2021 (restated figures) |
|
| Impairment losses in continuing operations | 79 | 944 |
| Impairment losses in discontinued operations | 135 | 185 |
| Total | 214 | 1 129 |
Changes in working capital
|
Year ended 31 December 2022 |
Year ended 31 December 2021 (restated figures) |
|
| Change in receivables | (1 286) | (786) |
| Change in receivables from buyers in statement of financial position | (497) | (849) |
| Change in other financial receivables | (458) | 71 |
| Derecognition of subsidiaries | (336) | − |
| Other adjustments | 5 | − |
| Change in inventories | (707) | 313 |
| Change in inventories in statement of financial position | (575) | 331 |
| Derecognition of subsidiaries | (94) | − |
| Adjustment related to transfer of invetories to/from property, plant and equipment | (38) | (18) |
| Change in payables excluding loans and borrowings | 1 561 | 543 |
| Change in liabilities to suppliers in statement of financial position | 1 004 | 221 |
| Change in payroll, social security and other financial liabilities | 57 | 17 |
| Change in non-financial liabilities in statement of financial position | 270 | 143 |
| Change in liabilities arising from taxes excluding income tax | (305) | 219 |
| Adjustment of VAT change related to capital commitments | 62 | (45) |
| Adjustment of other financial liabilities for guarantee valuation | (27) | 12 |
| Acquisition of subsidiaries | (14) | − |
| Derecognition of subsidiaries | 546 | − |
| Other adjustments | (32) | (24) |
| Change in other non-current and current assets | (1 258) | 915 |
| Change in other current and non-current non-financial assets in statement of financial position | (787) | (125) |
| Change in receivables arising from taxes excluding income tax | (511) | 3 |
| Change in non-current and current CO2 emission allowances | (115) | 351 |
| Change in non-current and current energy certificates | 64 | 588 |
| Change in advance payments for property, plant and equipment and intangible assets | 115 | 99 |
| Derecognition of subsidiaries | (28) | − |
| Other adjustments | 4 | (1) |
| Change in deferred income, government grants and accruals | 293 | (87) |
| Change in deferred income, government grants and accruals in statement of financial position | 339 | 69 |
| Adjustmet related to property, plant and equipment, intangible assets and right-of-use assets received free of charge | (36) | (47) |
| Adjustment related to subsidies received and refunded | (37) | (111) |
| Acquisition of subsidiaries | (15) | − |
| Derecognition of subsidiaries | 43 | − |
| Other adjustments | (1) | 2 |
| Change in provisions | 1 468 | 358 |
| Change of short term and long term provisions in statement of financial position | 984 | 59 |
| Adjustment related to actuarial gains/losses from provisions for post-employment benefits charged to other comprehensive income | 96 | 118 |
| Adjustement related to provisions recognized in correspondence with property, plant and equipment and other non-financial assets | 97 | 170 |
| Acquisition of subsidiaries | (36) | − |
| Derecognition of subsidiaries | 331 | − |
| Other adjustments | (4) | 11 |
| Change of collaterals transfered to IRGiT | (557) | (47) |
| Total | (486) | 1 209 |
Income tax paid
In the year ended 31 December 2022, income tax paid amounted to PLN 540 million. Group companies paid PLN 914 million due to income tax advance payments for the year ended 31 December 2022. At the same time, the Group received a tax refund from the Tax Capital Group settlement for 2021 in the amount of PLN 374 million.
In the year ended 31 December 2021, income tax paid amounted to PLN 392 million, of which the amount of PLN 329 million related to the Tax Capital Group. The Tax Capital Group paid income tax in the amount of PLN 433 million on account of advance income tax payments and received a refund of the surplus of income tax for 2020 in the amount of PLN 104 million.
The companies belonging to the Tax Capital Group in 2021 settle income tax for 2022 individually, as further described in Note 50 to consolidated financial statements.