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Integrated Annual Report
of ING Bank Śląski S.A. 2019

Cash flow statement

ing_002_pop1 ing_002_pop1
 Change currency: PLNEURUSD
for the year ended 31 December
Note 2019 2018
Net profit 1 658.7 1 523.8
Adjustments -1 894.1 -4 220.5
Share of profit (loss) of associates accounted for using the equity method -6.6 0.3
Depreciation and amortisation 8
2019 2018
Personnel expenses, including: 1 202.6 1 104.7
wages and salaries, including: 985.2 902.4
variable remuneration programme 34.2 33.3
ING Group’s incentive programme 0.2 0.3
retirement benefits 3.7 3.6
employee benefits 217.4 202.3
Cost of marketing and promotion 119.4 118.1
Depreciation and amortisation, including: 276.8 193.5
on property, plant and equipment 198.7 117.1
including depreciation of the right to use * 96.8 n/a
on intangible assets 7.1 76.4
Other general and administrative expenses, including: 898.6 910.5
IT costs 221.3 196.2
communication costs 51.0 51.1
transport and representation costs 37.0 46.7
maintenance, refurbishment and rental of buildings* n/a 197.2
maintenance and refurbishment of buildings* 100.0 n/a
costs of short-term leasing and low-value leasing * 22.0 n/a
obligatory Bank Guarantee Fund payments 202.3 165.2
advisory and legal services, audit costs 90.0 91.8
donations 5.0 3.9
disputed claims 0.6 12.0
other 169.4 146.4
Total 2 497.4 2 326.8

*Starting from 1 January 2019, the Group has implemented the new IFRS 16 Leasing standard. The Group applied a modified retrospective approach to its leasing contracts and did not transform comparative data. As a result of implementation, the costs of long-term rental were allocated to depreciation and interest costs, while the costs of short-term rental were moved to the line: Costs for short-term leasing and leasing of low-value assets. The costs of maintaining buildings present the costs associated with the maintenance and administration of real estate, as well as non-leasing elements not included in the calculation of the leasing liability, including VAT.

276.8 193.5
Interest accrued (from the income statement) 2
2019 2018
Interest income, including: 5 280.1 4 673.8
Interest income calculated using effective interest rate method, including: 5 276.0 4 668.5
Interest on financial instruments measured at amortized cost 4 841.9 4 272.7
interest on loans and receivables to other banks measured at amortised cost 42.0 36.4
interest on loans and receivables to customers measured at amortised cost 4 539.9 3 955.7
interest on securities measured at amortised cost 260.0 280.6
Interest on securities measured at fair value through other comprehensive income 434.1 395.8
Other interest income, including: 4.1 5.3
interest on loans and receivables to other banks measured at fair value through profit or loss 4.1 5.3
Interest expense, including: 986.2 914.5
interest on deposits from other banks 58.3 58.3
interest on deposits from customers 891.1 835.5
interest on issue of debt securities 9.8 7.6
interest on subordinated liabilities 19.7 13.1
Interest on lease liabilities* 7.3 n/a
Net interest income 4 293.9 3 759.3

The interest costs presented above relate to financial liabilities measured at amortized cost.

For impaired assets, interest income is calculated based on net exposure amounts, i.e. amounts that include write-offs for expected repayments.

In 2019, the amount of PLN 89.3 million represents interest income on financial assets for which impairment loss was recognised. In  2018, the amount reached PLN 70.3 million.

* Starting from 1 January 2019, the Group has implemented the new IFRS 16 Leasing standard. The Group applied a modified retrospective approach to its leasing contracts and did not transform comparative data.

-4 293.9 -3 759.3
Interest paid -990.7 -891.6
Interest received 5 323.1 4 516.9
Dividends received 5
2019 2018
Net income on the sale of securities measured at amortised cost 0.0 1.0
Net income on sale of securities measured at fair value through other comprehensive income and dividend income, including: 36.3 54.3
sale of debt securities 29.3 48.0
dividend income 7.0 6.3

Dividend income received in 2019 and 2018 comes from entities whose shares the Group maintained in its portfolio as at 31 December 2019 and 31 December 2018, respectively.

-7.0 -6.3
Gains (losses) on investing activities -8.6 -1.0
Income tax (from the income statement) 599.1 507.1
Income tax paid from the income statement -545.5 -548.0
Change in provisions 32
2019 2018
Provision for off-balance sheet liabilities 107.1 78.5
Provision for retirement benefits 55.9 41.4
Provision for disputes 18.1 32.5
Other provisions 24.6
Total 205.7 152.4
53.3 43.6
Change in loans and other receivables to other banks 14
2019 2018
Current accounts 258.3 378.4
Interbank deposits 74.1 5.0
Loans and advances 204.1 52.6
Placed call deposits 262.1 340.6
Total (gross) 798.6 776.6
Impairment losses / impairment for expected losses, including: -0.1 -0.1
concerning loans and advances -0.1 -0.1
Total (net) 798.5 776.5
-143.8 387.4
Change in financial assets held for trading 15
2019 2018
Valuation of derivatives  554.3 509.0
Other financial assets held for trading, including: 669.9 1 425.9
Debt securities: 498.4 790.5
Treasury bonds 480.6 771.6
European Investment Bank bonds 17.8 18.9
Repo transactions 171.5 635.4
Total 1 224.2 1 934.9
710.3 -430.5
Change in debt securities at fair value through other comprehensive income 18
2019 2018
Stage 1 Stage 1
gross expected credit loss allowance net gross expected credit loss allowance net
Measured at fair value through other comprehensive income (FVOCI), including: 21 248.2 -4.1 21 244.1 20 082.0 -4.7 20 077.3
debt securities, including: 21 137.5 -4.1 21 133.4 19 998.7 -47 19 9940
treasury bonds 18 686.2 -3.8 18 682.4 17 675.0 -4.6 17 670.4
treasury bonds in EUR 982.8 -0.2 982.6 903.1 -0.1 903.0
European Investment Bank bonds 1 021.5 0.0 1 021.5 985.6 0.0 985.6
Austrian government bonds 447.0 -0.1 446.9 435.0 0.0 435.0
equity instruments, including: 110.7 0.0 110.7 83.3 0.0 83.3
Biuro Informacji Kredytowej S.A. 63.8 0.0 63.8 57.7 0.0 57.7
Krajowa Izba Rozliczeniowa S.A. 14.7 0.0 14.7 11.9 0.0 11.9
other 32.2 0.0 32.2 13.7 0.0 13.7
Measured at amortised cost, including: 12 581.9 -1.5 12 580.4 11 862.3 -2.3 11 860.0
debt securities, including: 12 581.9 -1.5 12 580.4 11 862.3 -2.3 11 860.0
treasury bonds 5 963.7 -0.8 5 962.9 5 938.0 -1.3 5 936.7
treasury bonds in EUR 3 273.2 -0.5 3 272.7 3 144.5 -0.8 3 143.7
Bonds of Bank Gospodarstwa Krajowego 508.6 -0.1 508.5 513.0 -0.1 512.9
European Investment Bank bonds 2 606.5 -0.1 2 606.4 2 266.8 -0.1 2 266.7
NBP money market bills 229.9 0.0 229.9 0.0 0.0 0.0
Total 33 830.1 -5.6 33 824.5 31 944.3 -7.0 31 937.3

The value presented in the item equity instruments in the category of assets measured at fair value through other comprehensive income (FVOCI) includes investments in shares issued by entities that are considered to be material from the porspective of the Group’s operations. The approach to the fair value measurement of these instruments is described in the further part of the report in note 37. The fair value. In 2019 the Group received the related revenue in the form of a dividend in the amount of PLN 7.0 million, which was presented in the Consolidated Income Statement in item Net income on the sale of securities measured at fair value through other comprehensive income and dividend income.

In 2019, the Group did not make any sales from the equity portfolio. In 2018, the Group made a sale from the portfolio of equity securities valued at fair value through other comprehensive income of shares of one of the companies and achieved a result on this transaction in the amount of PLN 0.3 million.

-1 048.7 -2 271.5
Change in hedge derivatives 684.5 663.9
Change in loans and other receivables to customers 20
2019 2018
Measured at amortised cost 118 127.8 102 907.4
Measured at fair value through profit or loss 160.3 218.4
Total (net) 118 288.1 103 125.8

 

2019 2018
gross impairment for expected losses net gross impairment for expected losses net
Portfolio of loans, including: 118 312.3 -2 481.3 115 831.0  104 226.8 -2 270.0 101 956.8
Households 58 524.1 -1 239.2 57 284.9 48 631.3 -1 105.6 47 525.7
Business entities 56 769.0 -1 241.8 55 527.2 52 388.2 -1 164.3 51 223.9
The government and self-government institutions’ sector 3 019.2 -0.3 3 018.9 3 207.3 -0.1 3 207.2
Total (gross), including: 118 312.3 -2 481.3 115 831.0 104 226.8 -2 270.0 101 956.8
Corporate banking segment 63 300.5 -1 355.3 61 945.2 58 863.5 -1 261.5 57 602.0
loans in the current account 10 778.0 -463.0 10 315.0 10 782.9 -460.1 10 322.8
term loans and advances 36 616.6 -791.8 35 824.8 33 243.9 -726.6 32 517.3
leasing receivables 8 073.2 -59.8 8 013.4 7 165.0 -46.9 7 118.1
factoring receivables 5 328.1 -40.1 5 288.0 4 861.9 -27.4 4 834.5
corporate and municipal debt securities 2 504.6 -0.6 2 504.0 2 809.8 -0.5 2 809.3
Retail banking segment 55 011.8 -1 126.0 53 885.8 45 363.3 -1 008.5 44 354.8
mortgages 40 807.0 -209.6 40 597.4 33 371.7 -224.9 33 146.8
loans in the current account 1 382.5 -101.5 1 281.0 1 329.2 -105.8 1 223.4
leasing receivables 1 323.6 -2.3 1 321.3 979.1 -3.6 975.5
other loans and advances 11 498.7 -812.6 10 686.1 9 683.3 -674.2 9 009.1
Other receivables, including: 2 296.8 0.0 2 296.8 950.6 0.0 950.6
complex call deposits 1 598.6 0.0 1 598.6 733.0 0.0 733.0
other receivables 698.2 0.0 698.2 217.6 0.0 217.6
Total 120 609.1 -2 481.3 118 127.8 105 177.4 -2 270.0 102 907.4

 

Quality of loan portfolio

gross impairment for

expected losses

net
Corporate banking segment 63 300.5 -1 355.3 61 945.2
assets in stage 1 56 469.2 -51.7 56 417.5
assets in stage 2 4 257.0 -52.5 4 204.5
assets in stage 3 2 572.8 -1 251.1 1 321.7
including individually significant assets 1 487.10 -721.6 765.5
POCI assets 1.5 0.0 1.5
Retail banking segment 55 011.8 -1 126.0 53 885.8
assets in stage 1 49 309.2 -71.5 49 237.7
assets in stage 2 4 746.6 -396.6 4 350.0
– including CHF-indexed mortgage loans 907.0 -48.5 858.5
assets in stage 3 956.0 -657.9 298.1
– including CHF-indexed mortgage loans 8.9 -4.2 4.7
Total 118 312.3 -2 481.3 115 831.0
Total assets in stage 1 105 778.4 -123.2 105 655.2
Total assets in stage 2 9 003.6 -449.1 8 554.5
Total assets in stage 3 3 528.8 -1 909.0 1 619.8

The Group identifies POCI financial assets whose carrying value as at 31 December 2019 is PLN 1.5 million (PLN 0.0 million as at 31 December 2018). These are exposures due to impaired receivables acquired in connection with the acquisition of SKOK Bieszczadzka in 2017 and exposures that were significantly modified as a result of restructuring, which involved the need to remove the original credit commitment and re-recognition of the asset in the statement of financial position.

In 2019, credit exposures in the amount of PLN 1 144.0 million were subject to modification of contractual cash flows, which did not result in their exclusion and re-recognition of the financial asset.

Modifications to contractual cash flows that do not result in their exclusion and re-recognition of a financial asset, i.e. resulting in the recognition of gains or losses on modifications, result from business premises or credit risk events in the form of forbearance facilities granted to customers. In the event of business premises, the method of determining write-offs for expected credit losses does not change. Granting customers facilities (forbearance) indicates a significant increase in credit risk, resulting in classification to Stage 2, in the case of granting another convenience, classification to Stage 3 follows the principles of estimating impairment losses described in point 14.13. Impairment.

For financial assets where the contractual cash flows have changed during the reporting period, while the corresponding write-down for expected credit losses was valued at an amount equal to the expected lifetime credit loss, the amortized cost before modification was PLN 208.9 million PLN, and the net loss on modification amounted to -1.8 million PLN.

Gross carrying amount at the end of the reporting period, financial assets that have been modified since initial recognition at the time when the write-down for expected credit losses was valued at an amount equal to the expected life-cycle credit loss, and for which the write-off for expected credit losses was during the reporting period, the change to an amount equal to 12 months of expected credit losses as at 31 December 2019 was PLN 25.9 million.

2018 gross impairment for expected losses net
Corporate banking segment 58 863.5 -1 261.5 57 602.0
assets in stage 1 51 733.2 -56.0 51 677.2
assets in stage 2 5 038.9 -62.8 4 976.1
assets in stage 3 2 091.4 -1 142.7 948.7
including individually significant assets 1 589.0 -808.5 780.5
Retail banking segment 45 363.3 -1 008.5 44 354.8
assets in stage 1 38 633.0 -58.2 38 574.8
assets in stage 2 5 916.7 -362.0 5 554.7
– including CHF-indexed mortgage loans 971.0 -17.5 953.5
assets in stage 2 813.6 -588.3 225.3
– including CHF-indexed mortgage loans 10.4 -6.7 3.6
Total 104 226.8 -2 270.0 101 956.8
Total assets in stage 1 90 366.2 -114.2 90 252.0
Total assets in stage 2 10 955.6 -424.8 10 530.8
Total assets in stage 3 2 905.0 -1 731.0 1 174.0
-15 205.9 -15 860.3
Change in other assets 266.6 -66.3
Change in liabilities to other banks 27
2019 2018
Current accounts 474.9 324.0
Interbank deposits 1 559.5 876.1
Loans received* 3 639.5 3 388.2
Repo transactions 31.1 0.0
Received call deposits 549.2 592.1
Other liabilities 1.9 15.4
Total 6 256.1 5 195.8

* The financing of the long-term leasing contracts in EUR (“the matched funding”) received by the subsidiary ING Lease Polska Sp. z o.o. from ING Bank NV and other banks not related to the Group is presented in item Loans received.

265.1 772.3
Change in liabilities at fair value through profit or loss 28
2019 2018
Valuation of derivatives 667.2 578.1
Other financial liabilities at fair value through profit or loss, including: 247.9 1 109.5
Book short position in trading securities 167.2 1 024.9
financial liabilities held for trading, including: 80.7 84.6
repo transactions 80.7 84.6
Total 915.1 1 687.6
-772.7 -214.8
Change in liabilities to customers 29
2019 2018
Deposits, including: 128 800.1 115 908.0
Households 87 643.7 78 255.5
Business entities 36 191.2 35 735.0
Government and self-government institutions’ sector 4 965.2 1 917.5
Total (gross), including: 128 800.1 115 908.0
Corporate banking 40 889.3 37 589.9
current accounts 28 415.4 25 478.6
savings accounts 10 937.4 9 969.3
term deposits 1 536.5 2 142.0
Retail banking 87 910.8 78 318.1
current accounts 21 998.5 18 051.2
savings accounts 63 387.7 57 948.1
term deposits 2 524.6 2 318.8
Other liabilities, including: 1 673.4 1 774.5
liabilities under cash collateral 400.1 329.5
other liabilities 1 273.3 1 445.0
call deposits 11.6 8.6
liabilities under repo transactions 0.0 0.0
other liabilities 1 261.7 1 436.4
Total 130 473.5 117 682.5
12 789.0 13 178.2
Change in other liabilities 161.5 -434.1
Net cash flow from operating activities -235.4 -2 696.7
Purchase of property plant and equipment -107.4 -132.2
Disposal of property plant and equipment 1.9 1.0
Purchase of intangible assets -86.6 -98.4
Disposal of intangible assets 26.7 0.0
Disposal of assets held for sale 15.1 11.5
Purchase of shares in associates -173.4 0.0
Purchase of equity instruments measured at fair value through other comprehensive income -34.8 -1.2
Purchase of debt securities measured at amortized cost -993.6 3 263.6
Disposal of debt securities measured at amortized cost 204.0 3 222.6
Dividends received 7.0 6.3
Net cash flow from investing activities -1 141.1 -254.0
Long-term loans received 2 543.8 1 746.2
Long-term loans repaid -643.4 -991.9
Interest on long-term loans repaid -26.5 -21.6
Interests from issued debt securities -7.6 -7.6
Repayment of leasing liabilities* -93.4 n/a
Proceeds from the issue of debt securities 400.0 0.0
Dividends paid -455.4 -416.2
Redemption of debt securities -300.0 0.0
Net cash flow from financing activities 1 417.5 308.9
Effect of exchange rate changes on cash and cash equivalents 67.3 73.6
Net increase/(decrease) in cash and cash equivalents 41.0 -2 641.8
Opening balance of cash and cash equivalents 1 956.4 4 598.2
Closing balance of cash and cash equivalents 1 997.4 1 956.4

* Starting from 1 January 2019, the Group has implemented the new IFRS 16 Leasing standard. The Group applied a modified retrospective approach to its leasing contracts and did not transform comparative data.

for the year ended 31 December
Note 2019 2018
Net profit 385.6 357.1
Adjustments -440.3 -989.1
Share of profit (loss) of associates accounted for using the equity method -1.5 0.1
Depreciation and amortisation 8
2019 2018
Personnel expenses, including: 279.6 258.9
wages and salaries, including: 229.0 211.5
variable remuneration programme 8.0 7.8
ING Group’s incentive programme 0.0 0.1
retirement benefits 0.9 0.8
employee benefits 50.5 47.4
Cost of marketing and promotion 27.8 27.7
Depreciation and amortisation, including: 64.3 45.3
on property, plant and equipment 46.2 27.4
including depreciation of the right to use * 22.5 n/a
on intangible assets 18.2 17.9
Other general and administrative expenses, including: 208.9 213.4
IT costs 51.4 46.0
communication costs 11.9 12.0
transport and representation costs 8.6 10.9
maintenance, refurbishment and rental of buildings* n/a 46.2
maintenance and refurbishment of buildings* 23.2 n/a
costs of short-term leasing and low-value leasing * 5.1 n/a
obligatory Bank Guarantee Fund payments 47.0 38.7
advisory and legal services, audit costs 20.9 21.5
donations 1.2 0.9
disputed claims 0.1 2.8
other 39.4 34.3
Total 580.5 545.3

* Starting from 1 January 2019, the Group has implemented the new IFRS 16 Leasing standard. The Group applied a modified retrospective approach to its leasing contracts and did not transform comparative data. As a result of implementation, the costs of long-term rental were allocated to depreciation and interest costs, while the costs of short-term rental were moved to the line: Costs for short-term leasing and leasing of low-value assets. The costs of maintaining buildings present the costs associated with the maintenance and administration of real estate, as well as non-leasing elements not included in the calculation of the leasing liability, including VAT.

64.3 45.3
Interest accrued (from the income statement) 2
2019 2018
Interest income, including: 1 227.4 1 095.4
Interest income calculated using effective interest rate method, including: 1 226.5 1 094.1
Interest on financial instruments measured at amortized cost 1 125.6 1 001.4
interest on loans and receivables to other banks measured at amortised cost 9.8 8.5
interest on loans and receivables to customers measured at amortised cost 1 055.3 927.1
interest on securities measured at amortised cost 60.4 65.8
Interest on securities measured at fair value through other comprehensive income 100.9 92.8
Other interest income, including: 1.0 1.2
interest on loans and receivables to other banks measured at fair value through profit or loss 1.0 1.2
Interest expense, including: 229.3 214.3
interest on deposits from other banks 13.6 13.7
interest on deposits from customers 207.1 195.8
interest on issue of debt securities 2.3 1.8
interest on subordinated liabilities 4.6 3.1
Interest on lease liabilities* 1.7 n/a
Net interest income 998.2 881.0

The interest costs presented above relate to financial liabilities measured at amortized cost.

For impaired assets, interest income is calculated based on net exposure amounts, i.e. amounts that include write-offs for expected repayments.

In 2019, the amount of PLN 89.3 million represents interest income on financial assets for which impairment loss was recognised. In  2018, the amount reached PLN 70.3 million.

* Starting from 1 January 2019, the Group has implemented the new IFRS 16 Leasing standard. The Group applied a modified retrospective approach to its leasing contracts and did not transform comparative data.

-998.2 -881.0
Interest paid -230.3 -209.0
Interest received 1 237.4 1 058.6
Dividends received 5
2019 2018
Net income on the sale of securities measured at amortised cost 0.0 0.2
Net income on sale of securities measured at fair value through other comprehensive income and dividend income, including: 8.4 12.7
sale of debt securities 6.8 11.2
przychody z tytułu dywidend 1.6 1.5

Dividend income received in 2019 and 2018 comes from entities whose shares the Group maintained in its portfolio as at 31 December 2019 and 31 December 2018, respectively.

-1.6 -1.5
Gains (losses) on investing activities -2.0 -0.2
Income tax (from the income statement) 139.3 118.8
Income tax paid from the income statement -126.8 -128.4
Change in provisions 32
2019 2018
Provision for off-balance sheet liabilities 25.1 18.3
Provision for retirement benefits 13.1 9.6
Provision for disputes 4.3 7.6
Other provisions 5.8
Total 48.3 35.4
12.4 10.2
Change in loans and other receivables to other banks 14
2019 2018
Current accounts 60.7 88.0
Interbank deposits 17.4 1.2
Loans and advances 47.9 12.2
Placed call deposits 61.5 79.2
Total (gross) 187.5 180.6
Impairment losses / impairment for expected losses, including: 0.0 0.0
concerning loans and advances 0.0 0.0
Total (net) 187.5 180.6
-33.4 90.8
Change in financial assets held for trading 15
2019 2018
Valuation of derivatives  130.2 118.4
Other financial assets held for trading, including: 157.3 331.6
Debt securities: 117.0 183.8
Treasury bonds 112.9 179.4
European Investment Bank bonds 4.2 4.4
Repo transactions 40.3 147.8
Total 287.5 450.0
165.1 -100.9
Change in debt securities at fair value through other comprehensive income 18
2019 2018
Stage 1 Stage 1
gross expected credit loss allowance net gross expected credit loss allowance net
Measured at fair value through other comprehensive income (FVOCI), including: 4 989.6 -1.0 4 988.6 4 670.2 -1.1 4 669.1
debt securities, including: 4 963.6 -1.0 4 962.6 4 650.9 -1.1 4 649.8
treasury bonds 4 388.0 -0.9 4 387.1 4 110.5 -1.1 4 109.4
treasury bonds in EUR 230.8 0.0 230.7 210.0 0.0 210.0
European Investment Bank bonds 239.9 0.0 239.9 229.2 0.0 229.2
Austrian government bonds 105.0 0.0 104.9 101.2 0.0 101.2
equity instruments, including: 26.0 0.0 26.0 19.4 0.0 19.4
Biuro Informacji Kredytowej S.A. 15.0 0.0 15.0 13.4 0.0 13.4
Krajowa Izba Rozliczeniowa S.A. 3.5 0.0 3.5 2.8 0.0 2.8
other 7.6 0.0 7.6 3.2 0.0 3.2
Measured at amortised cost, including: 2 954.5 -0.4 2 954.2 2 758.7 -0.5 2 758.1
debt securities, including: 2 954.5 -0.4 2 954.2 2 758.7 -0.5 2 758.1
treasury bonds 1 400.4 -0.2 1 400.2 1 380.9 -0.3 1 380.6
treasury bonds in EUR 768.6 -0.1 768.5 731.3 -0.2 731.1
Bonds of Bank Gospodarstwa     Krajowego 119.4 0.0 119.4 119.3 0.0 119.3
European Investment Bank bonds 612.1 0.0 612.0 527.2 0.0 52.1
NBP money market bills 54.0 0.0 54.0 0.0 0.0 0.0
Total 7 944.1 -1.3 7 942.8 7 428.9 -1.6 7 427.3

The value presented in the item equity instruments in the category of assets measured at fair value through other comprehensive income (FVOCI) includes investments in shares issued by entities that are considered to be material from the porspective of the Group’s operations. The approach to the fair value measurement of these instruments is described in the further part of the report in note 37. The fair value. In 2019 the Group received the related revenue in the form of a dividend in the amount of PLN 7.0 million, which was presented in the Consolidated Income Statement in item Net income on the sale of securities measured at fair value through other comprehensive income and dividend income.

In 2019, the Group did not make any sales from the equity portfolio. In 2018, the Group made a sale from the portfolio of equity securities valued at fair value through other comprehensive income of shares of one of the companies and achieved a result on this transaction in the amount of PLN 0.3 million.

-243.8 -532.4
Change in hedge derivatives 159.1 155.6
Change in loans and other receivables to customers 20
2019 2018
Measured at amortised cost 27 739.3 23 932.0
Measured at fair value through profit or loss 37.6 50.8
Total (net) 27 776.9 23 982.7

 

2019 2018
gross impairment for expected losses net gross impairment for expected losses net
Portfolio of loans, including: 27 782.6 -582.7 27 200.0 24 238.8 -527.9 23 710.9
Households 13 742.9 -291.0 13 451.9 11 309.6 -257.1 11 052.5
Business entities 13 330.8 -291.6 13 039.1 12 183.3 -270.8 11 912.5
The government and self-government institutions’ sector 709.0 -0.1 708.9 745.9 0.0 745.9
Total (gross), including: 27 782.6 -582.7 27 200.0 24 238.8 -527.9 23 710.9
Corporate banking segment 14 864.5 -318.3 14 546.2 13 689.2 -293.4 13 395.8
loans in the current account 2 530.9 -108.7 2 422.2 2 507.7 -107.0 2 400.7
term loans and advances 8 598.5 -185.9 8 412.5 7 731.1 -169.0 7 562.2
leasing receivables 1 895.8 -14.0 1 881.7 1 666.3 -10.9 1 655.4
factoring receivables 1 251.2 -9.4 1 241.8 1 130.7 -6.4 1 124.3
corporate and municipal debt securities 588.1 -0.1 588.0 653.4 -0.1 653.3
Retail banking segment 12 918.1 -264.4 12 653.7 10 549.6 -234.5 10 315.1
mortgages 9 582.5 -49.2 9 533.3 7 760.9 -52.3 7 708.6
loans in the current account 324.6 -23.8 300.8 309.1 -24.6 284.5
leasing receivables 310.8 -0.5 310.3 227.7 -0.8 226.9
other loans and advances 2 700.2 -190.8 2 509.4 2 251.9 -156.8 2 095.1
Other receivables, including: 539.3 0.0 539.3 221.1 0.0 221.1
complex call deposits 375.4 0.0 375.4 170.5 0.0 170.5
other receivables 164.0 0.0 164.0 50.6 0.0 50.6
Total 28 322.0 -582.7 27 739.3 24 459.9 -527.9 23 932.0

 

Quality of loan portfolio

2019 gross impairment for expected losses net
Corporate banking segment 14 864.5 -318.3 14 546.2
assets in stage 1 13 260.3 -12.1 13 248.2
assets in stage 2 999.6 -12.3 987.3
assets in stage 3 604.2 -293.8 310.4
including individually significant assets 349.2 -169.4 179.8
POCI assets 0.4 0.0 0.4
Retail banking segment 12 918.1 -264.4 12 653.7
assets in stage 1 11 579.0 -16.8 11 562.2
assets in stage 2 1 114.6 -93.1 1 021.5
– including CHF-indexed mortgage loans 213.0 -11.4 201.6
assets in stage 3 224.5 -154.5 70.0
– including CHF-indexed mortgage loans 2.1 -1.0 1.1
Total 27 782.6 -582.7 27 200.0
Total assets in stage 1 24 839.4 -28.9 24 810.4
Total assets in stage 2 2 114.3 -105.5 2 008.8
Total assets in stage 3 828.6 -448.3 380.4

The Group identifies POCI financial assets whose carrying value as at 31 December 2019 is PLN 1.5 million (PLN 0.0 million as at 31 December 2018). These are exposures due to impaired receivables acquired in connection with the acquisition of SKOK Bieszczadzka in 2017 and exposures that were significantly modified as a result of restructuring, which involved the need to remove the original credit commitment and re-recognition of the asset in the statement of financial position.

In 2019, credit exposures in the amount of PLN 1 144.0 million were subject to modification of contractual cash flows, which did not result in their exclusion and re-recognition of the financial asset.

Modifications to contractual cash flows that do not result in their exclusion and re-recognition of a financial asset, i.e. resulting in the recognition of gains or losses on modifications, result from business premises or credit risk events in the form of forbearance facilities granted to customers. In the event of business premises, the method of determining write-offs for expected credit losses does not change. Granting customers facilities (forbearance) indicates a significant increase in credit risk, resulting in classification to Stage 2, in the case of granting another convenience, classification to Stage 3 follows the principles of estimating impairment losses described in point 14.13. Impairment.

For financial assets where the contractual cash flows have changed during the reporting period, while the corresponding write-down for expected credit losses was valued at an amount equal to the expected lifetime credit loss, the amortized cost before modification was PLN 208.9 million PLN, and the net loss on modification amounted to -1.8 million PLN.

Gross carrying amount at the end of the reporting period, financial assets that have been modified since initial recognition at the time when the write-down for expected credit losses was valued at an amount equal to the expected life-cycle credit loss, and for which the write-off for expected credit losses was during the reporting period, the change to an amount equal to 12 months of expected credit losses as at 31 December 2019 was PLN 25.9 million.

 

2018 gross impairment for

expected losses

net
Corporate banking segment 15 656.4 -335.5 15 320.9
assets in stage 1 13 759.9 -14.9 13 745.0
assets in stage 2 1 340.2 -16.7 1 323.5
assets in stage 3 556.3 -303.9 252.3
including individually significant assets 422.6 -215.0 207.6
Retail banking segment 12 065.7 -268.2 11 797.4
assets in stage 1 10 275.6 -15.5 10 260.1
assets in stage 2 1 573.7 -96.3 1 477.4
– including CHF-indexed mortgage loans 258.3 -4.7 253.6
assets in stage 3 216.4 -156.5 59.9
– including CHF-indexed mortgage loans 2.8 -1.8 1.0
Total 27 722.1 -603.8 27 118.3
assets in stage 1 24 035.5 -30.4 24 005.1
Total assets in stage 2 2 914.0 -113.0 2 801.0
Total assets in stage 3 772.7 -4604 312.3
-3 534.8 -3 717.1
Change in other assets 62.0 -15.5
Change in liabilities to other banks 27
2019 2018
Current accounts 111.5 75.3
Interbank deposits 366.2 203.7
Loans received* 854.6 788.0
Repo transactions 7.3 0.0
Received call deposits 129.0 137.7
Other liabilities 0.4 3.6
Total 1 469.1 1 208.3

*The financing of the long-term leasing contracts in EUR (“the matched funding”) received by the subsidiary ING Lease Polska Sp. z o.o. from ING Bank NV and other banks not related to the Group is presented in item Loans received.

61.6 181.0
Change in liabilities at fair value through profit or loss 28
2019 2018
Valuation of derivatives 156.7 134.4
Other financial liabilities at fair value through profit or loss, including: 58.2 258.0
Book short position in trading securities 39.3 238.3
financial liabilities held for trading, including: 19.0 19.7
repo transactions 19.0 19.7
Total 214.9 392.5
-179.6 -50.3
Change in liabilities to customers 29
2019 2018
Deposits, including: 30 245.4 26 955.3
Households 20 580.9 18 199.0
Business entities 8 498.6 8 310.5
Government and self-government institutions’ sector 1 166.0 445.9
Total (gross), including: 30 245.4 26 955.3
Corporate banking 9 601.8 8 741.8
current accounts 6 672.6 5 925.3
savings accounts 2 568.4 2 318.4
term deposits 360.8 498.1
Retail banking 20 643.6 18 213.5
current accounts 5 165.8 4 198.0
savings accounts 14 885.0 13 476.3
term deposits 592.8 539.3
Other liabilities, including: 393.0 412.7
liabilities under cash collateral 94.0 76.6
other liabilities 299.0 336.0
call deposits 2.7 2.0
liabilities under repo transactions 0.0 0.0
other liabilities 296.3 334.0
Total 30 638.4 27 368.0
2 972.9 3 088.5
Change in other liabilities 37.5 -101.7
Net cash flow from operating activities -54.7 -632.0
Purchase of property plant and equipment -25.0 -31.0
Disposal of property plant and equipment 0.4 0.2
Purchase of intangible assets -20.1 -23.1
Disposal of intangible assets 6.2 0.0
Disposal of assets held for sale 3.5 2.7
Purchase of shares in associates -40.3 0.0
Purchase of equity instruments measured at fair value through other comprehensive income -8.1 -0.3
Purchase of debt securities measured at amortized cost -231.0 -764.9
Disposal of debt securities measured at amortized cost 47.4 755.3
Dividends received 1.6 1.5
Net cash flow from investing activities -265.3 -59.5
Long-term loans received 591.3 409.2
Long-term loans repaid -149.6 -232.5
Interest on long-term loans repaid -6.2 -5.1
Interests from issued debt securities -1.8 -1.8
Repayment of leasing liabilities* -21.7 n/a
Proceeds from the issue of debt securities 93.0 0.0
Dividends paid -105.9 -97.5
Redemption of debt securities -69.7 0.0
Net cash flow from financing activities 329.5 72.4
Effect of exchange rate changes on cash and cash equivalents 15.6 17.2
Net increase/(decrease) in cash and cash equivalents 9.5 -619.1
Opening balance of cash and cash equivalents 454.8 1 077.6
Closing balance of cash and cash equivalents 464.3 458.5

* Starting from 1 January 2019, the Group has implemented the new IFRS 16 Leasing standard. The Group applied a modified retrospective approach to its leasing contracts and did not transform comparative data.

for the year ended 31 December
Note 2019 2018
Net profit 431.5 420.6
Adjustments -492.7 -1 165.0
Share of profit (loss) of associates accounted for using the equity method -1.7 0.1
Depreciation and amortisation 8
2019 2018
Personnel expenses, including: 312.9 304.9
wages and salaries, including: 256.3 249.1
variable remuneration programme 8.9 9.2
ING Group’s incentive programme 0.1 0.1
retirement benefits 1.0 1.0
employee benefits 56.6 55.8
Cost of marketing and promotion 31.1 32.6
Depreciation and amortisation, including: 72.0 53.4
on property, plant and equipment 51.7 32.3
including depreciation of the right to use * 25.2 n/a
on intangible assets 20.3 21.1
Other general and administrative expenses, including: 233.8 251.3
IT costs 57.6 54.2
communication costs 13.3 14.1
transport and representation costs 9.6 12.9
maintenance, refurbishment and rental of buildings* n/a 54.4
maintenance and refurbishment of buildings* 26.0 n/a
costs of short-term leasing and low-value leasing * 5.7 n/a
obligatory Bank Guarantee Fund payments 52.6 45.6
advisory and legal services, audit costs 23.4 25.3
donations 1.3 1.1
disputed claims 0.2 3.3
other 44.1 40.4
Total 649.7 642.3

* Starting from 1 January 2019, the Group has implemented the new IFRS 16 Leasing standard. The Group applied a modified retrospective approach to its leasing contracts and did not transform comparative data. As a result of implementation, the costs of long-term rental were allocated to depreciation and interest costs, while the costs of short-term rental were moved to the line: Costs for short-term leasing and leasing of low-value assets. The costs of maintaining buildings present the costs associated with the maintenance and administration of real estate, as well as non-leasing elements not included in the calculation of the leasing liability, including VAT.

72.0 53.4
Interest accrued (from the income statement) 2
2019 2018
Interest income, including: 1 373.6 1 290.1
Interest income calculated using effective interest rate method, including: 1 372.5 1 288.7
Interest on financial instruments measured at amortized cost 1 259.6 1 179.4
interest on loans and receivables to other banks measured at amortised cost 10.9 10.0
interest on loans and receivables to customers measured at amortised cost 1 181.1 1 091.9
interest on securities measured at amortised cost 67.6 77.5
Interest on securities measured at fair value through other comprehensive income 112.9 109.3
Other interest income, including: 1.1 1.5
interest on loans and receivables to other banks measured at fair value through profit or loss 1.1 1.5
Interest expense, including: 256.6 252.4
interest on deposits from other banks 15.2 16.1
interest on deposits from customers 231.8 230.6
interest on issue of debt securities 2.5 2.1
interest on subordinated liabilities 5.1 3.6
Interest on lease liabilities* 1.9 n/a
Net interest income 1 117.1 1 037.7

The interest costs presented above relate to financial liabilities measured at amortized cost.

For impaired assets, interest income is calculated based on net exposure amounts, i.e. amounts that include write-offs for expected repayments.

In 2019, the amount of PLN 89.3 million represents interest income on financial assets for which impairment loss was recognised. In  2018, the amount reached PLN 70.3 million.

* Starting from 1 January 2019, the Group has implemented the new IFRS 16 Leasing standard. The Group applied a modified retrospective approach to its leasing contracts and did not transform comparative data.

-1 117.1 -1 037.7
Interest paid -257.7 -246.1
Interest received 1 384.8 1 246.8
Dividends received 5
2019 2018
Net income on the sale of securities measured at amortised cost 0.0 0.3
Net income on sale of securities measured at fair value through other comprehensive income and dividend income, including: 9.4 15.0
sale of debt securities 7.6 13.2
przychody z tytułu dywidend 1.8 1.7

Dividend income received in 2019 and 2018 comes from entities whose shares the Group maintained in its portfolio as at 31 December 2019 and 31 December 2018, respectively.

-1.8 -1.7
Gains (losses) on investing activities -2.2 -0.3
Income tax (from the income statement) 155.9 140.0
Income tax paid from the income statement -141.9 -151.3
Change in provisions 32
2019 2018
Provision for off-balance sheet liabilities 28.2 20.9
Provision for retirement benefits 14.7 11.0
Provision for disputes 4.8 8.6
Other provisions 6.5
Total 54.2 40.5
13.9 12.0
Change in loans and other receivables to other banks 14
2019 2018
Current accounts 68.0 100.6
Interbank deposits 19.5 1.3
Loans and advances 53.7 14.0
Placed call deposits 69.0 90.6
Total (gross) 210.3 206.6
Impairment losses / impairment for expected losses, including: 0.0 0.0
concerning loans and advances 0.0 0.0
Total (net) 210.3 206.5
-37.4 106.9
Change in financial assets held for trading 15
2019 2018
Valuation of derivatives  146.0 135.4
Other financial assets held for trading, including: 176.4 379.3
Debt securities: 131.2 210.3
Treasury bonds 126.6 205.2
European Investment Bank bonds 4.7 5.0
Repo transactions 45.2 169.0
Total 322.4 514.6
184.8 -118.8
Change in debt securities at fair value through other comprehensive income 18
2019 2018
Stage 1 Stage 1
gross expected credit loss allowance net gross expected credit loss allowance net
Measured at fair value through other comprehensive income (FVOCI), including: 5 595.0 -1.1 5 593.9 5 341.4 -1.3 5 340.1
debt securities, including: 5 565.9 -1.1 5 564.8 5 319.2 -1.3 5 318.0
treasury bonds 4 920.4 -1.0 4 919.4 4 701.2 -1.2 4 699.9
treasury bonds in EUR 258.8 -0.1 258.7 240.2 0.0 240.2
European Investment Bank bonds 269.0 0.0 269.0 262.1 0.0 262.1
Austrian government bonds 117.7 0.0 117.7 115.7 0.0 115.7
equity instruments, including: 29.1 0.0 29.1 22.2 0.0 22.2
Biuro Informacji Kredytowej S.A. 16.8 0.0 16.8 15.3 0.0 15.3
Krajowa Izba Rozliczeniowa S.A. 3.9 0.0 3.9 3.2 0.0 3.2
other 8.5 0.0 8.5 3.6 0.0 3.6
Measured at amortised cost, including: 3 313.0 -0.4 3 312.6 3 155.1 -0.6 3 154.5
debt securities, including: 3 313.0 -0.4 3 312.6 3 155.1 -0.6 3 154.5
treasury bonds 1 570.3 -0.2 1 570.1 1 579.4 -0.3 1 579.0
treasury bonds in EUR 861.9 -0.1 861.8 836.4 -0.2 836.2
Bonds of Bank Gospodarstwa     Krajowego 133.9 0.0 133.9 136.4 0.0 136.4
European Investment Bank bonds 686.3 0.0 686.3 602.9 0.0 602.9
NBP money market bills 60.5 0.0 60.5 0.0 0.0 0.0
Total 8 908.0 -1.5 8 906.6 8 496.5 -1.9 8 494.6

The value presented in the item equity instruments in the category of assets measured at fair value through other comprehensive income (FVOCI) includes investments in shares issued by entities that are considered to be material from the porspective of the Group’s operations. The approach to the fair value measurement of these instruments is described in the further part of the report in note 37. The fair value. In 2019 the Group received the related revenue in the form of a dividend in the amount of PLN 7.0 million, which was presented in the Consolidated Income Statement in item Net income on the sale of securities measured at fair value through other comprehensive income and dividend income.

In 2019, the Group did not make any sales from the equity portfolio. In 2018, the Group made a sale from the portfolio of equity securities valued at fair value through other comprehensive income of shares of one of the companies and achieved a result on this transaction in the amount of PLN 0.3 million.

-272.8 -627.0
Change in hedge derivatives 178.1 183.3
Change in loans and other receivables to customers 20
2019 2018
Measured at amortised cost 31 105.1 27 371.2
Measured at fair value through profit or loss 42.2 58.1
Total (net) 31 147.3 27 429.3

 

2019 2018
gross impairment for expected losses net gross impairment for expected losses net
Portfolio of loans, including: 31 153.7 -653.4 30 500.3 27 722.1 -603.8 27 118.3
Households 15 410.4 -326.3 15 084.1 12 934.9 -294.1 12 640.8
Business entities 14 948.3 -327.0 14 621.3 13 934.1 -309.7 13 624.5
The government and self-government institutions’ sector 795.0 -0.1 794.9 853.1 0.0 853.0
Total (gross), including: 31 153.7 -653.4 30 500.3 27 722.1 -603.8 27 118.3
Corporate banking segment 16 668.1 -356.9 16 311.2 15 656.4 -335.5 15 320.9
loans in the current account 2 838.0 -121.9 2 716.1 2 868.0 -122.4 2 745.6
term loans and advances 9 641.8 -208.5 9 433.3 8 842.2 -193.3 8 648.9
leasing receivables 2 125.8 -15.7 2 110.1 1 905.7 -12.5 1 893.3
factoring receivables 1 403.0 -10.6 1 392.4 1 293.2 -7.3 1 285.9
corporate and municipal debt securities 659.5 -0.2 659.3 747.3 -0.1 747.2
Retail banking segment 14 485.6 -296.5 14 189.1 12 065.7 -268.2 11 797.4
mortgages 10 745.2 -55.2 10 690.0 8 876.2 -59.8 8 816.3
loans in the current account 364.0 -26.7 337.3 353.5 -28.1 325.4
leasing receivables 348.5 -0.6 347.9 260.4 -1.0 259.5
other loans and advances 3 027.8 -214.0 2 813.8 2 575.6 -179.3 2 396.2
Other receivables, including: 604.8 0.0 604.8 252.8 0.0 252.8
complex call deposits 420.9 0.0 420.9 195.0 0.0 195.0
other receivables 183.8 0.0 183.8 57.9 0.0 57.9
Total 31 758.5 -653.4 31 105.1 27 974.9 -603.8 27 371.2

 

Quality of loan portfolio

2019 gross impairment for expected losses net
Corporate banking segment 16 668.1 -356.9 16 311.2
assets in stage 1 14 869.3 -13.6 14 855.7
assets in stage 2 1 120.9 -13.8 1 107.1
assets in stage 3 677.5 -329.4 348.0
including individually significant assets 391.6 -190.0 201.6
POCI assets 0.4 0.0 0.4
Retail banking segment 14 485.6 -296.5 14 189.1
assets in stage 1 12 984.0 -18.8 12 965.1
assets in stage 2 1 249.9 -104.4 1 145.4
– including CHF-indexed mortgage loans 238.8 -12.8 226.1
assets in stage 3 251.7 -173.2 78.5
– including CHF-indexed mortgage loans 2.3 -1.1 1.2
Total 31 153.7 -653.4 30 500.3
Total assets in stage 1 27 853.3 -32.4 27 820.8
Total assets in stage 2 2 370.8 -118.3 2 252.5
Total assets in stage 3 929.2 -502.7 426.5

The Group identifies POCI financial assets whose carrying value as at 31 December 2019 is PLN 1.5 million (PLN 0.0 million as at 31 December 2018). These are exposures due to impaired receivables acquired in connection with the acquisition of SKOK Bieszczadzka in 2017 and exposures that were significantly modified as a result of restructuring, which involved the need to remove the original credit commitment and re-recognition of the asset in the statement of financial position.

In 2019, credit exposures in the amount of PLN 1 144.0 million were subject to modification of contractual cash flows, which did not result in their exclusion and re-recognition of the financial asset.

Modifications to contractual cash flows that do not result in their exclusion and re-recognition of a financial asset, i.e. resulting in the recognition of gains or losses on modifications, result from business premises or credit risk events in the form of forbearance facilities granted to customers. In the event of business premises, the method of determining write-offs for expected credit losses does not change. Granting customers facilities (forbearance) indicates a significant increase in credit risk, resulting in classification to Stage 2, in the case of granting another convenience, classification to Stage 3 follows the principles of estimating impairment losses described in point 14.13. Impairment.

For financial assets where the contractual cash flows have changed during the reporting period, while the corresponding write-down for expected credit losses was valued at an amount equal to the expected lifetime credit loss, the amortized cost before modification was PLN 208.9 million PLN, and the net loss on modification amounted to -1.8 million PLN.

Gross carrying amount at the end of the reporting period, financial assets that have been modified since initial recognition at the time when the write-down for expected credit losses was valued at an amount equal to the expected life-cycle credit loss, and for which the write-off for expected credit losses was during the reporting period, the change to an amount equal to 12 months of expected credit losses as at 31 December 2019 was PLN 25.9 million.

gross impairment for expected losses net
Corporate banking segment 15 656.4 -335.5 15 320.9
assets in stage 1 13 759.9 -14.9 13 745.0
assets in stage 2 1 340.2 -16.7 1 323.5
assets in stage 3 556.3 -303.9 252.3
including individually significant assets 422.6 -215.0 207.6
Retail banking segment 12 065.7 -268.2 11 797.4
assets in stage 1 10 275.6 -15.5 10 260.1
assets in stage 2 1 573.7 -96.3 1 477.4
– including CHF-indexed mortgage loans 258.3 -4.7 253.6
assets in stage 3 216.4 -156.5 59.9
– including CHF-indexed mortgage loansF 2.8 -1.8 1.0
Total 27 722.1 -603.8 27 118.3
Total assets in stage 1 24 035.5 -30.4 24 005.1
Total assets in stage 2 2 914.0 -113.0 2 801.0
Total assets in stage 3 772.7 -460.4 312.3
-3 955.8 -4 378.0
Change in other assets 69.4 -18.3
Change in liabilities to other banks 27
2019 2018
Current accounts 125.0 86.2
Interbank deposits 410.6 233.0
Loans received* 958.3 901.2
Repo transactions 8.2 0.0
Received call deposits 144.6 157.5
Other liabilities 0.5 4.1
Total 1 647.3 1 382.0

*The financing of the long-term leasing contracts in EUR (“the matched funding”) received by the subsidiary ING Lease Polska Sp. z o.o. from ING Bank NV and other banks not related to the Group is presented in item Loans received.

69.0 213.2
Change in liabilities at fair value through profit or loss 28
2019 2018
Valuation of derivatives 175.7 153..8
Other financial liabilities at fair value through profit or loss, including: 65.3 295.1
Book short position in trading securities 44.0 272.6
financial liabilities held for trading, including: 21.2 22.5
repo transactions 21.2 22.5
Total 241.0 4489
-201.0 -59.3
Change in liabilities to customers 29
2019 2018
Deposits, including: 33 915.3 30 829.1
Households 23 078.1 20 814.3
Business entities 9 529.8 9 504.7
Government and self-government institutions’ sector 1 307.4 510.0
Total (gross), including: 33 915.3 30 829.1
Corporate banking 10 766.9 9 998.1
current accounts 7 482.3 6 776.8
savings accounts 2 880.0 2 651.6
term deposits 404.6 569.7
Retail banking 23 148.4 20 830.9
current accounts 5 792.6 4 801.2
savings accounts 16 691.1 15 413.0
term deposits 664.8 616.8
Other liabilities, including: 440.6 472.0
liabilities under cash collateral 105.4 87.6
other liabilities 335.3 384.3
call deposits 3.1 2.3
liabilities under repo transactions 0.0 0.0
other liabilities 332.2 382.1
Total 34 355.9 31 301.0
3 327.0 3 637.6
Change in other liabilities 42.0 -119.8
Net cash flow from operating activities -61.2 -744.4
Purchase of property plant and equipment -27.9 -36.5
Disposal of property plant and equipment 0.5 0.3
Purchase of intangible assets -22.5 -27.2
Disposal of intangible assets 6.9 0.0
Disposal of assets held for sale 3.9 3.2
Purchase of shares in associates -45.1 0.0
Purchase of equity instruments measured at fair value through other comprehensive income -9.1 -0.3
Purchase of debt securities measured at amortized cost -258.5 -900.9
Disposal of debt securities measured at amortized cost 53.1 889.6
Dividends received 1.8 1.7
Net cash flow from investing activities -296.9 -70.1
Long-term loans received 661.8 482.0
Long-term loans repaid -167.4 -273.8
Interest on long-term loans repaid -6.9 -6.0
Interests from issued debt securities -2.0 -2.1
Repayment of leasing liabilities* -24.3 n/a
Proceeds from the issue of debt securities 104.1 0.0
Dividends paid -118.5 -114.9
Redemption of debt securities -78.0 0.0
Net cash flow from financing activities 368.8 85.3
Effect of exchange rate changes on cash and cash equivalents 17.5 20.3
Net increase/(decrease) in cash and cash equivalents 10.7 -729.2
Opening balance of cash and cash equivalents 509.0 1 269.3
Closing balance of cash and cash equivalents 519.6 540.0

* Starting from 1 January 2019, the Group has implemented the new IFRS 16 Leasing standard. The Group applied a modified retrospective approach to its leasing contracts and did not transform comparative data.

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