DRAVA, KUPA, RJE»INA, LOKVARKA, LI»ANKA LIKA, DOBRA ...

HEP ANNUAL REPORT 2010
68
CHAPTER 6 - FINANCIAL STATEMENTS
CONSOLIDATED STATEMENT OF
CASH FLOWS ∑ HEP GROUP
FOR THE YEAR ENDED 31 DECEMBER 2010
2010 2009
HRK’000 HRK’000
Cash flows from operating activities
Profit for the year 1,435,366 154,422
Income tax expense recognised in profit 401,802 72,687
Net financial loss 373,745 340,541
(Gain) / loss from real estate fair valuation (19,865) 19,748
Loss on derivatives 1,871 2,271
Depreciation and amortization 1,721,472 1,688,750
Increase in provisions for doubtful receivables 332,139 275,006
Increase in provision for inventories 15,070 110,647
Increase in provisions 240,928 137,017
Operating cash flows before movements in working capital 4,502,528 2,801,089
Increase in trade receivables (568,478) (349,881)
(Increase) / decrease in inventories (163,810) 291,126
Decrease in other current assets 81,395 24,699
Decrease in trade payables (626,112) (430,450)
Increase in other liabilities (121,984) 30,666
Increase in long-term liabilities 217,942 555,613
Cash generated from operations 3,321,481 2,922,862
Income taxes paid (161,137) (126,470)
Interest paid (270,324) (336,952)
NET CASH FROM OPERATING ACTIVITIES 2,890,020 2,459,440
INVESTING ACTIVITIES
Interest received 14,480 7,529
Increase in property, plant and equipment (1,693,299) (2,359,657)
Write off property, plant and equipment 21,462 79,310
Increase of other assets 48,088 14,766
Change in the non-controlling interest and dividend payment to RWE (28,479) (33,971)
NET CASH USED IN INVESTING ACTIVITIES (1,637,748) (2,292,023)
FINANCING ACTIVITIES
(Repayments) / proceeds from issuance of bonds (46,155) 507
Received long-term loans 903,857 970,476
Repayment of long-term loans (956,881) (950,834)
Received short-term loans 566,692 710,092
Repayment of short-term loans (1,101,462) (1,064,341)
NET CASH (USED IN) / FROM FINANCING ACTIVITIES (633,949) (334,100)