The main items of the statement of financial position
The total assets of the PKO Bank Polski SA Group as at the end of 2017 amounted to PLN 296.9 billion, which represents an increase of 4.0% y/y.
The increase in the Group’s assets was mainly due to an increased volume of loans and advances to customers of PLN 5.0 billion y/y, cash and balances with the Central Bank of PLN 4.5 billion y/y and securities of PLN 2.7 billion y/y.
The increase in the total assets was mainly financed with an increase in amounts due to customers of PLN 13.7 billion y/y and an increase in liabilities in respect of securities issued of PLN 9.4 billion y/y.
Structure of assets (in PLN billion)
Loans and advances to customers
As at the end of 2017, the value of the portfolio of loans and advances to customers of the Bank’s Group was PLN 205.7 billion and it increased in annual terms by PLN 5.0 billion.
Net loans and advances to customers by type (in PLN billion)
*including transactions with a repurchase clause, debt securities and finance lease receivables
Housing loans are the main item in the structure of net loan portfolio by type (51.6% of the portfolio as at the end of 2017) and their volume remained on a stable level during the year. The increase in the portfolio of PLN housing loans was nearly fully offset by a decrease in the volume of the portfolio of foreign currency housing loans, which remained under a significant influence of the exchange rate effect. In 2017, the most profitable consumer loans increased by PLN 1.4 billion and business loans by PLN 3.6 billion.
Long-term loans played a dominant role in the maturity structure of loans and advances to customers (78.0% of the portfolio), the volume of which increased by 1 p.p. y/y compared with 2016, whereas short-term loans recorded a negative dynamics of -1 p.p. and their share in the structure amounted to 22%.
Securities
As at the end of 2017, the securities portfolio of the PKO Bank Polski SA Group amounted to PLN 54 billion and it went up by nearly PLN 3 billion compared with the end of 2016.
Securities portfolio (in PLN billion)
Debt securities issued by the State Treasury dominated in the structure of the portfolio by type, and they went up by over PLN 8 billion in 2017, at the expense of NBP bills (down by PLN 4.9 billion y/y).
Amounts due to customers
Amounts due to customers constitute the main source of financing the assets. Their balance as at the end of 2017 amounted to PLN 218.8 billion and it went up since the start of the year by PLN 13.8 billion. Amounts due to individuals are the main item in the structure of amounts due to customers by type (69.1% of the portfolio as at the end of 2017), which is accompanied by an increase in amounts due to corporate entities and amounts due to state budget entities.
The maturity structure of amounts due to customers changed in 2017. The balance of amounts due to customers maturing up to 1 month increased by PLN 22.7 billion and represented 72% of all amounts due to customers as at the end of 2017. In the remaining items of the maturity analysis there was a drop related to the migration of cash from term deposits to current deposits and to investment fund companies.
Amounts due to customers by type (in PLN billion)
External financing
The PKO Bank Polski SA Group is an active participant of the market of debt security issues, both local and international. These actions are intended to diversify the sources of financing of operations and to adapt them to regulatory requirements.
External financing (in PLN billion)
As at the end of 2017, there was a change in the structure of financing. There was a considerable decrease in the share of loans received from monetary financial institutions. These loans amounted to PLN 2.8 billion as at 31 December 2017 and went down by 84.1% y/y as a result of a considerably earlier repayment of the credit line from Nordea Bank AB (publ). It is an element of the transaction under which PKO Bank Polski SA acquired the assets of Nordea Group (the loan was obtained for the financing of the acquired portfolio of mortgage loans).
As at the end of 2017, issues of securities where the main item of the said sources of financing, and they went up by PLN 9.4 billion, i.e. by 65.1% compared with the prior year.
The decrease in the level of long-term sources of financing is mainly a result of:
- a considerable repayment of the credit line from Nordea Bank AB;
- utilizing the call option in respect of the subordinated loan of CHF 224 million;
accompanied by an increase in:
- issue of own Eurobonds of PKO Bank Polski SA as part of the EMTN programme launched in April 2017, of EUR 750 million and CHF 400 million;
- issue of debentures and short-term bonds by PKO Bank Hipoteczny SA, the balance of which as at the end of 2017 increased by PLN 5.6 billion and PLN 1.1 billion respectively.
The level of the external financing was also affected by ongoing repayments of instalments of other loans and the exchange rate effect.
Detailed information on the issues carried out by the PKO Bank Polski SA Group is provided in Note 35 to the Consolidated financial statements of the PKO Bank Polski SA Group for the year ended 31 December 2017.
Information on business segments and geographical areas
Segment reporting
The PKO Bank Polski SA Group conducts business activities within segments offering specific products and services addressed to specific groups of customers. The manner in which the business segments are divided ensures consistency with the sales management model and offers customers a comprehensive product mix comprising both traditional banking products and more complex investment products, as well as services provided by the PKO Bank Polski SA Group entities. The segment note presented below is included in the internal reporting system, i.e. information presented to the Management Board of PKO Bank Polski SA, used to assess the achieved results and allocate resources. The segment report presented below reflects the internal organizational structure of the PKO Bank Polski SA Group.
The PKO Bank Polski SA Group comprises three basic segments: retail, corporate and investment, and transfer & other activities centre:
1. The retail segment offers a full range of services to individuals as part of retail, private and mortgage banking. It also comprises transactions concluded with legal persons, i.e. small- and medium-sized enterprises. The products and services offered to the customers in this segment comprise: current and savings accounts, term deposits, private banking services, combined investment and insurance products, credit and debit cards, electronic banking services. With regard to financing, this segment offers consumer loans, mortgage loans, including those offered by PKO Bank Hipoteczny SA, as well as business loans for small- and medium-sized enterprises, developers, cooperatives and property managers, and leases and factoring offered by the PKO Leasing SA Group. In addition, the results of the retail segment comprise the results of the following companies: PKO TFI SA, PKO BP Bankowy PTE SA, PKO Życie Towarzystwo Ubezpieczeń SA, PKO Towarzystwo Ubezpieczeń SA, PKO BP Finat Sp. z o.o. and ZenCard Sp. z o.o.
2. The corporate and investment segment includes transactions concluded with large corporate clients and financial institutions. This segment offers the following products and services: maintaining current accounts and term deposits, safekeeping of securities, currency products and derivatives, business loans, leasing and factoring offered by the PKO Leasing SA Group. In this segment, PKO Bank Polski SA also concludes, on its own or as part of syndicates with other banks, agreements for the financing of large projects in the form of loans and issues of non-treasury securities. Moreover, the segment comprises own operations, i.e. investing activities, brokerage activities, interbank transactions, transactions in derivatives and debt securities. The results of the corporate and investment segments also comprise the results of the companies operating in Ukraine, mainly KREDOBANK SA and the companies which conduct real estate development and real estate management activities.
3. The transfer and other activities centre comprises the result on internal settlements related to funds transfer pricing, the result on long-term sources of financing and the result on positions classified for hedge accounting, as well as the results not allocated to any other segment. Internal funds transfer is based on arm’s length transfer pricing. Transactions between the operating segments are conducted on an arm’s length basis. Long-term external financing includes issuing securities, including covered bonds, subordinated liabilities and loans received from financial institutions. As part of this segment, the results of PKO Finance AB are presented.
The PKO BP SA Group usually accounts for transactions between the segments as if they were transactions between unrelated entities – using internal settlements rates. Transactions between the segments are conducted on an arm’s length basis.
Accounting policies applied in the segment report are consistent with the accounting policies described in Note 3 to these financial statements.
Disclosed assets and liabilities are operating assets and liabilities used by the segment in its operating activities. The values of assets, liabilities, income and expenses of the particular segments are based on internal management information. Assets and liabilities as well as income and costs related to these assets and liabilities are assigned to particular segments.
The income tax expense in respect of the presentation of the financial result, and deferred income tax assets, current income tax receivables, current income tax liabilities and deferred income tax provision in respect of the presentation of the statement of financial position were recognized at Group level.
The following tables present data on revenues and results of individual operating segments of the PKO Bank Polski SA Group for the 12-month period ended 31 December 2017 and 31 December 2016, as well as assets and liabilities as at 31 December 2017 and as at 31 December 2016.
FOR THE YEAR ENDED 31 DECEMBER 2017 | Continuing operations | |||
---|---|---|---|---|
Retail segment | Corporate and investment segment | Transfer centreand other | Total activity of the PKO Bank Polski SA Group | |
Net interest income | 6 975 | 1 403 | 228 | 8 606 |
Net fee and commission income | 2 373 | 602 | (6) | 2 969 |
Other net income | 449 | 448 | 91 | 988 |
Gains/(losses) on financial transaction | 5 | 46 | 3 | 54 |
Net foreign exchange gains/(losses) | 213 | 197 | 42 | 452 |
Dividend income | - | 12 | - | 12 |
Net other operating income and expense | 205 | 219 | 46 | 470 |
Income/(expenses) relating to internal customers | 26 | (26) | - | - |
Net impairment allowances and provisions | (1 085) | (535) | - | (1 620) |
Administrative expenses, of which: | (4 767) | (881) | (136) | (5 784) |
Amortization and depreciation | (727) | (117) | - | (844) |
Tax on certain financial institutions | (710) | (251) | 29 | (932) |
Shares in profits (losses) of associates and jointly controlled entities | - | - | - | 22 |
Segment profit/(loss) before tax | 3 235 | 786 | 206 | 4 249 |
Income tax expense (tax burden) | - | - | - | (1 140) |
Profit (loss) attributable to non-controlling shareholders | - | - | - | 5 |
Net profit attributable to the equity holders of the parent company | 3 235 | 786 | 206 | 3 104 |
AS AT 31 DECEMBER 2017 | Continuing operations | |||
---|---|---|---|---|
Retail segment | Corporate and investment segment | Transfer centre and other | Total activity of the PKO Bank Polski SA Group | |
Assets | 161 380 | 128 151 | 5 612 | 295 143 |
Unallocated assets | - | - | - | 1 769 |
Total assets | 161 380 | 128 151 | 5 612 | 296 912 |
Liabilities | 172 240 | 59 181 | 28 611 | 260 032 |
Unallocated liabilities | - | - | - | 624 |
Total liabilities | 172 240 | 59 181 | 28 611 | 260 656 |
FOR THE YEAR ENDED 31 December 2016 | Continuing operations | |||
---|---|---|---|---|
Retail segment | Corporate and investment segment | Transfer centre and other | Total activity of the PKO Bank Polski SA Group | |
Net interest income | 6 585 | 1 203 | (33) | 7 755 |
Net fee and commission income | 2 141 | 555 | (3) | 2 693 |
Other net income | 357 | 524 | 461 | 1 342 |
Gains/(losses) on financial transaction | 10 | 102 | 398 | 510 |
Net foreign exchange gains/(losses) | 266 | 175 | 62 | 503 |
Dividend income | - | 10 | - | 10 |
Net other operating income and expenses | 55 | 263 | 1 | 319 |
Income/(expenses) relating to internal customers | 26 | (26) | - | - |
Net impairment allowances and provisions | (1 088) | (535) | - | (1 623) |
Administrative expenses, of which: | (4 685) | (905) | - | (5 590) |
Amortization and depreciation | (706) | (95) | - | (801) |
Tax on certain financial institutions | (606) | (228) | 5 | (829) |
Shares in profits (losses) of associates and jointly controlled entities | - | - | - | 35 |
Segment profit/(loss) before tax | 2 704 | 614 | 430 | 3 783 |
Income tax expense (tax burden) | - | - | - | (907) |
Profit (loss) attributable to non-controlling shareholders | - | - | - | 2 |
Net profit attributable to the equity holders of the parent company | 2 704 | 614 | 430 | 2 874 |
AS AT 31 DECEMBER 2016 | Continuing operations | |||
---|---|---|---|---|
Retail segment | Corporate and investment segment | Transfer centre and other | Total activity of the PKO Bank Polski SA Group | |
Assets | 157 417 | 122 296 | 4 071 | 283 784 |
Unallocated assets | - | - | - | 1 789 |
Total assets | 157 417 | 122 296 | 4 071 | 285 573 |
Liabilities | 168 476 | 48 899 | 35 293 | 252 668 |
Unallocated liabilities | - | - | - | 336 |
Total liabilities | 168 476 | 48 899 | 35 293 | 253 004 |
Information on geographical areas
Additionally, the PKO Bank Polski SA Group divides its operations into geographical areas. The Group conducts activities in the Republic of Poland and in Ukraine through the KREDOBANK SA Group, ‘‘Inter-Risk Ukraina’’ Sp. z o.o. and Finansowa Kompania ‘‘Prywatne Inwestycje’’ Sp. z o.o., in Sweden through subsidiaries: PKO Finance AB and PKO Leasing Sverige AB, in Ireland through the subsidiary: ROOF Poland Leasing 2014 DAC, as well as through a corporate branch of PKO Bank Polski SA (PKO Bank Polski Niederlassung Deutschland) in the Federal Republic of Germany and through a corporate branch in the Czech Republic. For presentation purposes, the results of companies operating in Sweden and the results of the branches operating in Germany and the Czech Republic, which from the point of view of the scale of operations of the PKO Bank Polski SA Group are not significant, are included in the segment of Poland.
ZA OKRES ZAKOŃCZONY 31 GRUDNIA 2017 ROKU | Polska | Ukraina | Razem |
---|---|---|---|
Wynik z tytułu odsetek | 8 453 | 153 | 8 606 |
Wynik z tytułu prowizji i opłat | 2 915 | 54 | 2 969 |
Wynik pozostały | 975 | 13 | 988 |
Ogólne koszty administracyjne | (5 660) | (124) | (5 784) |
Wynik z tytułu odpisów aktualizujących z tytułu utraty wartości i rezerw | (1 595) | (25) | (1 620) |
Podatek od niektórych instytucji finansowych | (932) | - | (932) |
Udział w zyskach (stratach) jednostek stowarzyszonych i wspólnych przedsięwzięciach | - | - | 22 |
Zysk brutto | 4 156 | 71 | 4 249 |
Podatek dochodowy (obciążenie podatkowe) | - | - | (1 140) |
Zyski i straty udziałowców niesprawujących kontroli | - | - | 5 |
Zysk netto przypadający na akcjonariuszy jednostki dominującej | 4 156 | 71 | 3 104 |
31 GRUDNIA 2017 ROKU | Polska | Ukraina | Razem |
---|---|---|---|
Aktywa, w tym: | 295 133 | 1 779 | 296 912 |
niefinansowe aktywa trwałe | 6 249 | 94 | 6 343 |
aktywa z tytułu odroczonego podatku oraz należność z tytułu bieżącego podatku dochodowego | 1 764 | 5 | 1 769 |
Zobowiązania | 259 048 | 1 608 | 260 656 |
ZA OKRES ZAKOŃCZONY 31 GRUDNIA 2016 ROKU | Polska | Ukraina | Razem |
---|---|---|---|
Wynik z tytułu odsetek | 7 618 | 137 | 7 755 |
Wynik z tytułu prowizji i opłat | 2 649 | 44 | 2 693 |
Wynik pozostały | 1 340 | 2 | 1 342 |
Ogólne koszty administracyjne | (5 481) | (109) | (5 590) |
Wynik z tytułu odpisów aktualizujących z tytułu utraty wartości i rezerw | (1 589) | (34) | (1 623) |
Podatek od niektórych instytucji finansowych | (829) | - | (829) |
Udział w zyskach (stratach) jednostek stowarzyszonych i wspólnych przedsięwzięciach | - | - | 35 |
Zysk brutto | 3 708 | 40 | 3 783 |
Podatek dochodowy | - | - | (907) |
Zyski i straty udziałowców niesprawujących kontroli | - | - | 2 |
Zysk netto przypadający na akcjonariuszy jednostki dominującej | 3 708 | 40 | 2 874 |
31 GRUDNIA 2016 ROKU | Polska | Ukraina | Razem |
---|---|---|---|
Aktywa, w tym: | 283 861 | 1 712 | 285 573 |
niefinansowe aktywa trwałe | 6 685 | 83 | 6 768 |
aktywa z tytułu odroczonego podatku oraz należność z tytułu bieżącego podatku dochodowego | 1 780 | 9 | 1 789 |
Zobowiązania | 251 444 | 1 560 | 253 004 |
Consolidated statement of financial position
Note | 31.12.2017 | 31.12.2016 | |
ASSETS | |||
Cash and cash balances with the Central Bank | 19 | 17 810 | 13 325 |
Amounts due from banks | 20 | 5 233 | 5 345 |
Financial assets held for trading, excluding derivative financial instruments | 21 | 431 | 326 |
Derivative financial instruments | 22 | 2 598 | 2 901 |
Financial instruments designated at fair value through profit or loss upon initial recognition | 24 | 8 157 | 13 937 |
Loans and advances to customers | 25 | 205 628 | 200 606 |
Available-for-sale investment securities | 26 | 43 675 | 36 676 |
Investment securities held to maturity | 27 | 1 812 | 466 |
Investments in associates and joint ventures | 41 | 393 | 386 |
Non-current assets held for sale | 28 | 138 | 14 |
Inventories | 29 | 186 | 260 |
Intangible assets | 30 | 3 242 | 3 422 |
Property, plant and equipment | 30 | 2 915 | 3 086 |
Current income tax receivable | 2 | 10 | |
Deferred income tax asset | 17 | 1 767 | 1 779 |
Other assets | 31 | 2 925 | 3 034 |
TOTAL ASSETS | 296 912 | 285 573 | |
LIABILITIES AND EQUITY | |||
Liabilities | |||
Amounts due to the Central Bank | 6 | 4 | |
Amounts due to banks | 32 | 4 558 | 19 208 |
Derivative financial instruments | 22 | 2 740 | 4 198 |
Amounts due to customers | 33 | 218 800 | 205 066 |
Liabilities in respect of insurance activities | 34 | 2 999 | 2 944 |
Debt securities in issue | 35 | 23 932 | 14 493 |
Subordinated liabilities | 36 | 1 720 | 2 539 |
Other liabilities | 37 | 5 062 | 3 987 |
Current income tax liabilities | 588 | 305 | |
Deferred income tax provision | 17 | 36 | 31 |
Provisions | 38 | 215 | 229 |
TOTAL LIABILITIES | 260 656 | 253 004 | |
Equity | |||
Share capital | 39 | 1 250 | 1 250 |
Other capital | 39 | 32 236 | 28 701 |
Foreign exchange differences on translation of foreign branches | 39 | (257) | (221) |
Retained earnings | 39 | (66) | (19) |
Net profit or loss for the year | 39 | 3 104 | 2 874 |
Capital and reserves attributable to equity holders of the parent company | 39 | 36 267 | 32 585 |
Non-controlling interests | 39 | (11) | (16) |
TOTAL EQUITY | 36 256 | 32 569 | |
TOTAL LIABILITIES AND EQUITY | 296 912 | 285 573 | |
Capital adequacy ratio | 71 | 17,37% | 15,81% |
Book value (in PLN million) | 36 256 | 32 569 | |
Number of shares (in million) | 1 250 | 1 250 | |
Book value per share (in PLN) | 29,00 | 26,05 | |
Diluted number of shares (in million) | 1 250 | 1 250 | |
Diluted book value per share (in PLN) | 29,00 | 26,05 |
Statement of changes in consolidated equity
FOR THE YEAR ENDED 31 DECEMBER 2017 | Share capital | Other capital | Exchange differences on translating foreign operations | Retained earnings | Net profit or loss for the year | Capital and | Non-controlling interests | Total equity | |||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Reserves | Other comprehensive income | Total other capital and reserves | |||||||||||||
Supplementary capital | General banking risk fund | Other reserves | Share in other comprehensive income of associates and joint ventures | Available-for sale financial assets | Cash flow hedges | Actuarial gains and losses | |||||||||
As at 1 January 2017 | 1 250 | 24 491 | 1 070 | 3 607 | (1) | (347) | (109) | (10) | 28 701 | (221) | (19) | 2 874 | 32 585 | (16) | 32 569 |
Transfer from retained earnings | - | - | - | - | - | - | - | - | - | - | 2 874 | (2 874) | - | - | - |
Total comprehensive income, of which: | - | - | - | - | 1 | 619 | (7) | 1 | 614 | (36) | - | 3 104 | 3 682 | 5 | 3 687 |
Net profit | - | - | - | - | - | - | - | - | - | - | - | 3 104 | 3 104 | 5 | 3 109 |
Other comprehensive income | - | - | - | - | 1 | 619 | (7) | 1 | 614 | (36) | - | - | 578 | - | 578 |
Transfer from retained earnings to reserves | - | 2 883 | - | 38 | - | - | - | - | 2 921 | - | (2 921) | - | - | - | - |
As at 31 December 2017 | 1 250 | 27 374 | 1 070 | 3 645 | - | 272 | (116) | (9) | 32 236 | (257) | (66) | 3 104 | 36 267 | (11) | 36 256 |
FOR THE YEAR ENDED 31 DECEMBER 2016 | Share capital | Other capital | Exchange differences on translating foreign operations | Retained earnings | Net profit or loss for the year | Capital and reserves attributable to equity holders of the parent company | Non-controlling interests | Total equity | |||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Reserves | Other comprehensive income | Total other capital and reserves | |||||||||||||
Supplementary capital | General banking risk fund | Other reserves | Share in other comprehensive income of associates and joint ventures | Available-for sale financial assets | Cash flow hedges | Actuarial gains and losses | |||||||||
As at 1 January 2016 | 1 250 | 20 711 | 1 070 | 3 536 | - | 171 | (58) | (12) | 25 418 | (217) | 1 222 | 2 610 | 30 283 | (18) | 30 265 |
Transfer from retained earnings | - | - | - | - | - | - | - | - | - | - | 2 610 | (2 610) | - | - | - |
Total comprehensive income, of which: | - | - | - | - | (1) | (518) | (51) | 2 | (568) | (4) | - | 2 874 | 2 302 | 2 | 2 304 |
Net profit | - | - | - | - | - | - | - | - | - | - | - | 2 874 | 2 874 | 2 | 2 876 |
Other comprehensive income | - | - | - | - | (1) | (518) | (51) | 2 | (568) | (4) | - | - | (572) | - | (572) |
Transfer from retained earnings to reserves | - | 3 780 | - | 71 | - | - | - | - | 3 851 | - | (3 851) | - | - | - | - |
As at 31 December 2016 | 1 250 | 24 491 | 1 070 | 3 607 | (1) | (347) | (109) | (10) | 28 701 | (221) | (19) | 2 874 | 32 585 | (16) | 32 569 |
Consolidated statement of cash flows
Note | 2017 | 2016 | |
Cash flows from operating activities | |||
Profit before income tax | 4 249 | 3 783 | |
Adjustments: | 13 500 | 3 313 | |
Amortization and depreciation | 844 | 801 | |
(Gains)/losses on investing activities | 47 | (117) | (186) |
Interest and dividends | 47 | (465) | (236) |
Change in: | |||
amounts due from banks | 47 | 700 | 325 |
financial instruments designated at fair value through profit or loss upon initial recognition and financial assets held for trading | 5 675 | 1 674 | |
derivative financial instruments | (1 155) | 1 020 | |
loans and advances to customers | 47 | (4 844) | (3 822) |
other assets, inventories and non-current assets held for sale | 47 | 45 | (1 311) |
amounts due to banks | 47 | (1 202) | (3 042) |
amounts due to customers | 47 | 15 337 | 8 592 |
debt securities in issue | 47 | (1 119) | 443 |
provisions and impairment allowances | 47 | (172) | (291) |
other liabilities and liabilities in respect of insurance activities | 47 | 1 124 | 1 101 |
Income tax paid | (972) | (918) | |
Other adjustments | 47 | (179) | (837) |
Net cash from/used in operating activities | 17 749 | 7 096 | |
Cash flows from investing activities | |||
Inflows from investing activities | 96 663 | 50 580 | |
Proceeds from sale and interest on investment securities | 96 415 | 50 294 | |
Proceeds from sale of subsidiaries | - | 134 | |
Proceeds from sale of intangible assets, property, plant and equipment and assets held for sale | 224 | 131 | |
Other inflows from investing activities (dividends) | 24 | 21 | |
Outflows from investing activities | (103 557) | (59 536) | |
Purchase of a subsidiary, net of cash acquired | (47) | (571) | |
Increase in equity of an associate | (23) | (1) | |
Purchase of investment securities | (102 862) | (58 208) | |
Purchase of intangible assets and property, plant and equipment | (625) | (756) | |
Net cash from/used in investing activities | (6 894) | (8 956) | |
Cash flows from financing activities | |||
Proceeds from debt securities in issue | 35 | 17 836 | 7 807 |
Proceeds from issue of subordinated bonds | 36 | 1 700 | - |
Redemption of debt securities | 35 | (7 278) | (4 747) |
Repayment of a subordinated loan | 36 | (880) | - |
Repayment of liabilities arising from subordinated bonds | 36 | (1 656) | - |
Taking up loans and advances | 311 | 460 | |
Repayment of loans and advances | 32;33 | (15 360) | (485) |
Repayment of interest on long-term borrowings | (494) | (473) | |
Net cash from financing activities | (5 821) | 2 562 | |
Total net cash flows | 5 034 | 702 | |
of which foreign exchange differences on cash and cash equivalents | (366) | 135 | |
Cash equivalents at the beginning of reporting period | 17 966 | 17 264 | |
Cash equivalents at the end of reporting period | 47 | 23 000 | 17 966 |