Cash flow statement

Consolidated statement of cash flow of Budimex Group

Cash and cash equivalents included in the Statement of Cash Flow comprise cash on hand and bank deposits payable on demand and deposits easily converted into a given amount of cash or which are subject to a slight risk of value change.

In the Group, mainly cash items are included in cash of restricted use, representing:

• security for bank guarantees;
• amounts gathered on escrow accounts and blocked accounts of development companies;
• accumulated on the split payment accounts,
• amounts gathered on trust and current accounts in the part payable to partners implementing construction contracts in cooperation with a Group company.

Our capital Group entered the year 2019 with cash on hand and cash in bank amounting to a total of PLN 1,409,152 thousand. For the purpose of the Statement of Cash Flow, this amount was reduced by the amount of cash of restricted use of PLN 141,124 thousand. The net cash flow for 2019 was positive and amounted to PLN 72,615 thousand. As of 31 December 2019, the Group’s reported cash balance was PLN 1,515,977 thousand, of which the cash of restricted use was PLN 175,762 thousand.

In 2019, the cash from operating activities increased by PLN 574,369 thousand, mainly due to lower financial involvement of our companies and increased investors’ involvement in the executed projects.

The cash flow from investing activities came out to a negative balance of PLN 185,282 thousand, which was mainly a result of acquiring corporate bonds issued by Polish banks and acquiring shares in the subsidiary.

The cash flow from financing activities for 2019 showed a negative balance and amounted to PLN 316,472 thousand and were mainly the payment of dividend for 2018 and of lease and loan liabilities.