Integrated Report of KGHM Polska Miedź S.A.
and the KGHM Polska Miedź S.A. Group
for 2020

8.4.2. Net debt changes

in PLN millions, unless otherwise stated

Liabilities due to borrowing

As at 31
December 2019

Cash flows Accrued interest Exchange differences Other changes As at
31 December 2020
Bank loans 2 386 (302) 109 (181) (18) 1 994
Loans 2 794 (175) 84 (15) (3) 2 685
Debt securities 2 001 (52) 51 2 000
Leases 692 (128) 35 2 55 656
Total debt 7 873 (657) 279 (194) 34 7 335
Free cash and cash equivalents 982 1 519 2 501
Net debt
6 891 (2 176) 279 (194) 34 4 834

 

Liabilities due to borrowing As at
31 December 
2018
Change in accounting policies – implementation of IFRS

As at 1 January 2019

Cash flows Accrued interest Exchange differences Other changes As at
31 December 2019
Bank loans 5 676 5 676 (3 759) 246 217 6 2 386
Loans 2 246 2 246 450 78 (4) 24 2 794
Debt securities 1 966 35 2 001
Leases 27 637 664 (86) 35 79 692
Total debt 7 949 637 8 586 (1 429) 394 213 109 7 873
Free cash and cash equivalents 949 949 33 982
Net debt 7 000 637 7 637 (1 462) 394 213 109 6 891

 

Reconciliation of cash flows recognised in net debt change to the consolidated statement of cash flows

from 1 January 2020
to 31 December 2020

from 1 January 2019
to 31 December 2019
Financing activities
Proceeds from borrowings 4 247 4 730
Proceeds from the issue of debt financial instruments 2 000
Repayment of borrowings (4 513) (7 746)
Repayment of lease liabilities (97) (52)
Repayment of interest on borrowings and debt securities (152) (215)
Repayment of interest on leases (13) (23)
 

Investing activities

Paid capitalised interest on borrowings (129) (123)
TOTAL (657) (1 429)

 

Currency risk and interest rate risk are related to borrowings. A description of exposures to financial risks may be found in Note 7.5.

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