The Group generated positive cash flows from operating activities at PLN 126.9 million in 2012 compared to PLN 130.0 million in 2011.

The cash flows from investing activities were negative at PLN 38.2 million in 2012 and positive at PLN 18.5 million in 2011. The negative cash flows in 2012 were mainly due to the expenditure for the acquisition of 97.67% of PolPX shares, the redemption of Treasury bonds at PLN 58.0 million, and capital expenditure for property and equipment and intangible assets at PLN 26.2 million. The cash flows from investing activities in 2011 were driven mainly by the acquisition and redemption of Treasury bonds as well as a dividend paid by KDPW at PLN 61.1 million.

The cash flows from financing activities were negative in 2012, driven mainly by a dividend paid by WSE and by BondSpot to minority shareholders, receipts from the issue of series B bonds at PLN 75.7 million, as well as the payment of PLN 15.7 million of interest on the issued bonds.

The cash flows from financing activities at PLN 35.0 million in 2011 included a dividend paid to the shareholders of WSE as well as receipts from the issue of series A bonds at PLN 170 million.

Consolidated cash flows of WSE Group in 2011-2012
PLN'000 For the 12-month period
ended December 31,
  2012 2011
Cash flows from operating activities 126,927 129,986
Cash flows from investing activities (38,167) 18,528
Cash flows from financing activities (962) 34,971
Increase (decrease) in net cash 87,799 183,485
Cash and cash equivalents at
beginning of period
291,085 107,600
Cash and cash equivalents at end of period 378,883 291,085
Source: Consolidated Financial Statements, Company

 

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