Consolidated cash flows statement

Consolidated cash flows statement	Note	1 January - 31 December 2015	1 January - 31 December 2014 (restated)
Cash flows from operating activities
Inflows		20,868,278	19,770,097
- inflows from insurance premiums		18,103,916	16,813,033
- inflows from investment contracts		141,088	374,467
- inflows from reinsurance commissions and share in reinsurers profits		23,504	5,801
- inflows from reinsurers share in claims		75,981	57,799
- inflows from claims representative services		196,358	185,909
- inflows from sale of units by investment fund		945,897	1,309,017
- other inflows from operating activities	50	1,381,534	1,024,071
Outflows		(19,596,595)	(17,994,884)
- reinsurance premiums		(336,090)	(281,562)
- commissions paid and profit sharing due to reinsurance inwards		(34,801)	(6,665)
- claims and benefits paid		(10,526,619)	(8,913,766)
benefits paid from investment contracts		(698,661)	(1,389,107)
- acquisition outflows		(2,049,302)	(1,792,914)
- administrative outflows		(2,228,149)	(2,043,079)
- interest payments		(210)	(367)
- income tax payments		(662,131)	(643,411)
- outflows from claims representative services		(495,393)	(463,856)
- outflows from purchase of units by investment fund		(560,757)	(574,396)
- other operating outflows	50	(2,004,482)	(1,885,761)
Net cash flows from operating activities		1,271,683	1,775,213
Cash flows from investment activities
Inflows		645,441,193	656,131,136
- disposal of investment property		57,142	46,372
- inflows from investment property		245,718	161,875
- disposal of intangible assets and property, plant and equipment		6,025	11,456
- disposal of shares		4,877,722	5,684,627
- redemption of debt instruments		45,542,373	59,499,048
- inflows from buy sell-back transactions		312,776,047	322,415,856
- withdrawal of term deposits at credit institutions		192,354,486	230,591,875
- inflows from other investments		85,974,398	33,292,748
- interest received		1,413,031	4,273,948
- dividends received		53,325	85,347
- cash inflows due to sale of units and changes in consolidation scope		2,103,681	45,341
- other inflows from investments		37,245	22,643
Outflows		(640,588,049)	(657,879,173)
- acquisition of investment property		(311,749)	(674,638)
- outflows for maintenance of investment property		(168,095)	(152,702)
- acquisition of intangible assets and property, plant and equipment		(320,910)	(257,336)
- acquisition of shares		(4,771,041)	(6,309,465)
- acquisition of shares in subsidiaries	2.4.6	(1,347,728)	(1,573,516)
- decrease in cash balance due to sale of units and changes in consolidation scope	2.4.1 2.4.3	(226,584)	(16,108)
- acquisition of debt instruments		(43,041,422)	(60,179,445)
- opening buy sell-back transactions		(312,954,479)	(322,391,282)
- acquisition of term deposits at credit institutions		(191,287,851)	(229,791,689)
- acquisition of other investments		(86,152,061)	(36,528,980)
- other investments outflows		(6,129)	(4,012)
Net cash flow from investment activities		4,853,144	(1,748,037)
Cash flows from financing activities
Inflows		373,819,684	368,232,652
- inflows from loans		40,954	10,823
- inflows due to issuance of debt instruments		1,456,955	2,015,447
- opening sell buy-back transactions		372,321,775	366,206,382
Outflows		(377,853,538)	(368,542,449)
- dividends paid to owners of the parent entity	42.1.1.1	(4,058,594)	(1,468,133)
- repayment of loans		(126,389)	(39,815)
- inflows from sell buy-back transactions		(373,634,541)	(367,019,479)
- interest from loans		(4,602)	(14,718)
- interests from issued debt instruments		(28,771)	-
- other financial outflows		(641)	(304)
Net cash flow from financing activities		(4,033,854)	(309,797)
Total net cash flows		2,090,973	(282,621)
Cash and cash equivalents at the beginning of the financial year		324,007	569,157
Change in cash due to exchange differences		24,883	37,471
Cash and cash equivalents at the end of the financial year, including:	40	2,439,863	324,007
- not available for use		22,428	31,081

consolidated_cash_flows_statement_pzu2015.xlsx