46.3. Cash from/used in financing activities

Redemption of debt securities

Expenses related to the redemption of bonds in the amount of PLN 2 420 000 thousand, as described in detail in Note 35.2 hereto, included:

  • bonds with par value of PLN 1 750 000 thousand, redeemed within the deadline determined in the TPEA 1119 scheme bonds;
  • bonds with a nominal value of PLN 400 000 thousand, redeemed within the deadline determined in the bond issue scheme of 24 November 2015;
  • premature redemption of three series of bonds subscribed by BGK, with the total par value of PLN 270 000 thousand.

Repayment of borrowings and loans

Expenses related to the repayment of loans and borrowings, as presented in the consolidated statement of cash flows in the amount of PLN 867 360 thousand, result mainly from the Parent’s repayment during the year ended 31 December 2019 of the following:

  • two credit tranches under the agreement concluded with the Consortium of Banks in the amount of PLN 700 000 thousand;
  • instalments of the loan to the European Investment Bank in the amount of PLN 162 318 thousand.

Interest paid

Year ended
31 December 2019
Year ended
31 December 2018
Interest paid in relation to debt securities (315 954) (258 358)
Interest paid in relation to loans and borrowings (75 685) (30 355)
Interest paid in relation to the finance lease (5 129) (196)
Total (396 768) (288 909)
investment expenditure (184 212) (128 739)
financial expenditure (212 556) (160 170)

The Group’s consolidated statement of cash flows presents incurred borrowing costs which were capitalized in the current period in the value of assets as payments to acquire property, plant and equipment and intangible assets in cash flows from investing activities. In the year ended 31 December 2019, interest representing borrowing costs capitalized in the value of property, plant and equipment and intangible assets amounted to PLN 184 212 thousand.

Repayment of lease liabilities

The repayment of lease liabilities recognized by the Group in line with IFRS 16 Leases amounted to PLN 75 047 thousand. The total total cash outflow from leases (including short-term leases and leases of low-value assets, to which the Group applied a practical solution without recognizing them as at 1 January 2019 in line with IFRS 16 Leases) amounted to PLN 96 601 thousand.

Issue of debt securities

Proceeds related to the issue of debt securities in the amount of PLN 500 000 thousand, which is described in detail in Note 35.2 hereto, included:

  • issue of subordinated bonds subscribed by BGK in the amount of PLN 400 000 thousand;
  • issue bonds in the amount of PLN 100 000 thousand under the bond issue scheme of 24 November 2015.

Loans taken

Proceeds arising from contracted loans totaling PLN 5 150 000 thousand, as described in detail in Note 35.1 hereto, concerned;

  • providing loan tranches of PLN 1 000 000 thousand based on the arrangement concluded with Bank Gospodarstwa Krajowego;
  • providing loan tranches of PLN 4 150 000 thousand based on the arrangement concluded with the consortium of banks.

Proceeds from non-controlling interests

Proceeds from non-controlling interests of PLN 780 000 thousand are related to cash contribution paid by Fundusz Inwestycji Infrastrukturalnych — Kapitałowy Fundusz Inwestycyjny Zamknięty Aktywów Niepublicznych and PFR Inwestycje Fundusz Inwestycji Zamkniętych to assume shares in the increased capital of Nowe Jaworzno Grupa TAURON Sp. z o.o.

Search results: