Additional information to the extended consolidated ... - tauron

TAURON Polska Energia S.A.
Additional information to the extended consolidated financial report of the TAURON Group for the 1 st quarter of 2011
Specification (in thousands PLN) 1Q 2011 1Q 2010
Repayment of the loans / credits -152 215 -84 553
Dividends paid to non-controlling shareholders -2 -10
Interests paid -8 468 -17 396
Other -7 624 -465
Net cash from the financial activities -141 794 -72 728
Increase / (decrease) in net cash
and cash equivalents
-621 833 -260 326
Net exchange differences 338 -121
Cash and cash equivalents at the beginning of period 1 471 660 972 655
Cash and cash equivalents on the the end of the period, including 849 827 712 329
- with limited disposal possibilities 87 164 18 399
The balance of cash as of 31 March 2011 amounted to PLN 849.8 mln and was higher than at the
the end of the corresponding period last year by PLN 137.5 mln.
In the first quarter of 2011 there was a decrease in cash flows from operating activities - up to PLN
37.4 million, compared to PLN 210.6 million in the corresponding period last year. A drop in the value
of flows from operating activities is mainly due to decrease in liabilities other than credits.
Net negative cash flows from investment activities for the three months period of 2011 ended on 31
March 2011 and amounted to PLN 517.8 million and compared to the period which ended on 31
March 2010 were higher by about PLN 119.6 million. The balance of cash flows from investment
activities primarily consisted of expenditures for the acquisition of tangible assets and intangible assets
of the amount of PLN 509.8 million.
Net negative cash flows from financial activities for the three months period of 2011 ended on 31
March 2011 and amounted to PLN 141.8 million, compared to PLN 72.7 million for the period ended
on 31 March 2010. The increase of net expenditure from financing activities was primarily due to
higher repayments of loans and credits during the first quarter of 2011, compared to to the
corresponding period 2010.
3.4. Factors and occurences, particularly of untypical nature, significantly
affecting financial results
In the analyzed period, there were no factors or events of unusual character, having a significant
impact on the financial results.
3.5. Factors, which in the opinion of the Issuer will have an impact on its
financial results achieved within at least another quarter
The Issuer believes that the results of the Group's activities will be affected primarily, as they were in
the past, by the following factors:
the macroeconomic situation, especially in Poland, as well as the economic situation of the area
in which the Group operates, European Union and the global economy,
political environment, especially in Poland as well as on the European Union level,
changes in the regulation of the energy sector, the activities / decisions of the President of URE
(Energy Regulatory Authority),
amendment to the Energy Act and other laws relating to the obligation of public sale of electricity
by generators,
the introduction of the support system of electricity generation in high efficiency cogeneration in
units fired with methane,
electricity prices in the wholesale market,
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