All cash amounts presented in text are in million with currency specification, all amounts are in PLN million, except where otherwise stated.

  for the year ended
 Note31 December 2016 31 December 2015
Net profit 1,021.01,163.4
Adjustments for: 2,130.51,821.7
Depreciation, amortization, impairment and liquidation101,971.51,699.3
Payments for film licenses and sports rights (246.5)(238.1)
Amortization of film licenses and sports rights 230.7212.6
Interest expense 541.9763.6
Change in inventories 3.026.4
Change in receivables and other assets (329.9)(478.2)
Change in liabilities, provisions and deferred income (33.3)(118.0)
Change in internal production and advance payments (6.1)(3.9)
Valuation of hedging instruments 9.86.6
Foreign exchange losses, net 270.9222.0
Income tax1312.4169.0
Net additions of reception equipment provided under operating lease (153.0)(134.7)
Cumulative catch-up and early redemption costs31-(371.4)
(Profit)/net loss on derivatives (164.9)53.0
Other adjustments 24.013.5
Cash from operating activities 3,151.52,985.1
Income tax paid (292.7)(136.2)
Interest received from operating activities 25.938.8
Net cash from operating activities 2,884.72,887.7
Acquisition of property, plant and equipment (436.2)(417.8)
Acquisition of intangible assets (154.2)(165.3)
Concessions payments (268.5)(118.7)
Acquisition of subsidiaries, net of cash acquired37(144.4)(29.5)
Proceeds from sale of property, plant and equipment 9.516.9
Granted loans (11.6)(16.1)
Repayment of granted loans 0.1-
Other investing activities – derivatives (1.6)3.9
Other inflows 3.5-
Net cash used in investing activities (1,003.4)(726.6)
Repayment of loans and borrowings30(1,940.9)(9,222.2)
Loans and borrowings inflows305,500.06,820.0
Bonds (redemption)/issue31(4,484.0)1,000.0
Payment of interest on loans, borrowings, bonds, finance lease and commissions* (729.6)(978.9)
Acquisition of bonds (323.6)-
Early redemption fee31(262.1)-
Hedging instrument effect – principal 175.4-
Other outflows (6.0)(5.6)
Net cash used in financing activities (2,070.8) (2,386.7)
Net decrease in cash and cash equivalents (189.5)(225.6)
Cash and cash equivalents at the beginning of the period 1,523.7***1,747.9**
Effect of exchange rate fluctuations on cash and cash equivalents 2.51.4
Cash and cash equivalents at the end of the period 1,336.7****1,523.7***

* includes impact of hedging instruments and amount paid for costs related to the new financing
** includes restricted cash amounting to PLN 12.6
*** includes restricted cash amounting to PLN 11.7
**** includes restricted cash amounting to PLN 10.7