Cash flows

CONSOLIDATED STATEMENT OF CASH FLOWS

    Year ended
31.12.2011
Year ended
31.12.2010
A Cash flows from operating activities: 129,986 90,042
  Cash generated from operations 152,444 110,104
  Income tax paid (22,458) (20,062)
B Cash flows from investing activities: 18,528 130,190
  Purchases of property and equipment (20,717) (8,331)
  Proceeds from sale of property and equipment 178 131
  Purchases of intangible assets (4,579) (28,351)
  Sales of available-for-sale financial assets 30,040 159,631
  Purchase of available – for- sale financial assets (54,201) -
  Interest received 6,309 6,483
  Dividends received 61,517 486
  Other (19) 141
C Cash flow from financing activities: 34,971 (596,800)
  Dividends paid (135,029) (596,800)
  Proceeds from bonds issue 170,000 -
D Net increase / (decrease) in cash and cash equivalents 183,485 (376,567)
  Cash and cash equivalents at the beginning of the period 107,600 484,167
  Cash and cash equivalents at the end of the period 291,085 107,600

All amounts in pln thousand, unless otherwise stated.