Consolidated statement of cash flows

For the year ended 31 December 2019

 

Notes

2019

2018

    

Operational activities

   

Net profit

 

120,412

151,133

    

Adjustment for non-cash items:

   

- Result of associates

 

-11,077

1,802

- Unrealised (gains) losses arising from changes in fair value1

 

-11,945

12,782

- Unrealised (gains) losses arising from changes in foreign exchange rates

 

-44,166

18,924

- Unrealised (gains) losses arising from other changes2

 

19,858

7,178

- Amortization of premiums/discounts debentures and notes

 

4,923

6,208

- Impairments

 

91,928

22,998

- Depreciation and impairment of PP&E and intangible assets

(11),(12)

7,809

3,769

- Income tax expense/(gain)

 

-1,884

14,738

    

Changes in:

   

- Income taxes payable / receivable

 

-20,153

-62,909

- Loans

 

-345,187

-437,930

- Equity investments and investments in associates

 

-262,655

-126,855

- Other assets and liabilities3

 

79,357

119,453

- Short-term deposits > 3 months3

 

283,929

-261,630

- Short-term credits3

 

18,400

-50,377

Net cash flow from operational activities

(33)

-70,451

-580,716

    

Investment activities

   

Purchase of interest-bearing securities

(4)

-

-54,826

Redemption of interest-bearing securities

(4)

54,505

18,976

Investments in PP&E and intangible fixed assets

(11),(12)

-20,970

-6,714

Disinvestments in PP&E and intangible fixed assets

(11),(12)

376

629

Net cash flow from investment activities

(34)

33,911

-41,935

    

Financing activities

   

Proceeds from issuance of debt securities, debentures and notes

(15)

1,704,123

984,758

Redemption of debt securities, debentures and notes

(15)

-1,142,217

-1,006,646

Lease payments

(11)

-3,393

-

Dividend paid

 

-3,570

-14,039

Net cash flow from financing activities

(35)

554,943

-35,927

Net cash flow

 

518,403

-658,578

    

Cash and cash equivalents

   

Net foreign exchange difference

 

15,091

-16,411

Banks and short term deposits at January 1

 

904,609

1,579,598

Banks and short term deposits at December 31

(36)

1,438,103

904,609

Total cash flow

 

518,403

-658,578

    

Operational cash flows from interest and dividends

   

Interest received

 

350,697

317,235

Interest paid

 

-161,040

-129,493

Dividend received

 

29,645

26,172

Interest paid for lease liabilities

 

-185

-

  • 1 Unrealized (gains) losses arising from changes in fair value related to fair value changes in loans to private sector, derivatives, equity investments, debentures and notes.
  • 2 Unrealized (gains) losses arising from other changes relate to changes in accrual and amortizable fees of financial assets and liabilities.
  • 3 Movement is excluding foreign exchange results. Foreign exchange results are included in unrealized gains (losses) arising from foreign exchange rates.