Financial Position

Statement of Cash Flow

Cash and cash equivalents included in the Statement of Cash Flow comprise cash on hand and bank deposits which have a maturity period of 3 months or less and were not included under investing activities.

Included in cash of restricted use are mainly cash items representing:

• security for bank guarantees,
• amounts gathered on escrow accounts and blocked accounts of development companies,

provided their maturity does not exceed 3 months.

The Budimex Group entered the year 2013 with cash on hand and cash in bank amounting to a total of PLN 1 317 733 thousand. For the purpose of the Statement of Cash Flow, this amount was reduced by the amount of cash of restricted use of PLN 10 987 thousand. Net cash flow for the year 2013 was positive and amounted to PLN 319 016 thousand. As at 31 December 2013, the Group’s reported cash balance was PLN 1 658 783 thousand, of which the cash of restricted use was PLN 33 089 thousand.

In 2013, the balance of cash from operating activities increased by PLN 314 661 thousand.

Cash flow from investing activities came out to a positive balance of PLN 158 455 thousand, which was mainly a result of sale of Budimex Danwood Sp. z o.o.

Cash flow from financing activities for 2013 showed a negative balance which amounted to PLN 154 100 thousand and resulted mainly from the 2012 dividend payment.