Consolidated Annual Statement of cash flows

for the year ended 31 December 2021

Notes 2021
BGN’000
2020
BGN’000
Cash flows from operating activities
Cash receipts from customers 1 656 161 1 376 047
Cash paid to suppliers (1 504 805) (1 341 304)
Cash paid to employees and for social security (146 239) (129 085)
Taxes paid (except income taxes) (74 454) (74 451)
Taxes refunded (except income taxes) 9 434 10 973
Income taxes paid (7 937) (7 947)
Income taxes refunded 43 78
Interest and bank charges paid on working capital loans (6 600) (9 195)
Foreign currency exchange gains/(losses), net (548) (2 271)
Other proceeds/(payments), net (1 018) (2 256)
Net cash flows used in operating activities (75 963) (179 411)
Cash flows from investing activities
Purchases of property, plant and equipment (20 349) (23 552)
Proceeds from sales of property, plant and equipment 1 055 1 770
Purchases of investment property —  (429)
Proceeds from sales of investment property 1 952 — 
Purchases of intangible assets (6 761) (3 032)
Purchases of equity investments 20 (22 338) (5 262)
Proceeds from sales of equity investments 2 040 56
Proceeds from dividends on equity investments 451 325
Payments on acquisition of subsidiaries, net of cash received 46 (2 338) 877
Proceeds from disposal of subsidiaries, net of the cash provided 47 (1 152) 71
Purchases of investments in associates and joint ventures 19 (20 800) — 
Proceeds from sale of investments in associates and joint ventures 213 1
Proceeds/(payments) on transactions with non-controlling interests, net (8 421) (4 715)
Loans granted to related parties (8 010) (4 532)
Loan repayments by related parties 10 795 37 151
Loans granted to third parties (1 367) (1 145)
Loan repayments by third parties 4 129 2 091
Interest received on loans and deposits 2 806 1 820
Proceeds from guarantorship contracts 30 -
Net cash flows used in/from investing activities (68 065) 1 495
Cash flows from financing activities
Proceeds from short-term bank loans (including increases in overdrafts) 19 554 14 407
Repayment of short-term bank loans (including decreases in overdrafts) (27 145) (35 683)
Proceeds from long-term bank loans 16 834 13 576
Repayment of long-term bank loans (19 405) (20 241)
Loans received from third parties —  273
Repayment of loans to third parties —  (365)
Proceeds under factoring agreement 193 905 243 935
Interest and charges paid under factoring agreement (568) (428)
Interest and charges paid under investment purpose loans (1 994) (1 732)
Lease payments (20 477) (16 790)
Proceeds from non-controlling interest in the issue of equity in subsidiaries —  38
Purchases of treasury shares (16 628) (463)
Proceeds from sales of treasury shares —  805
Dividends paid (63) (22 643)
Government grants 81 1 004
Proceeds/(payments) related to other equity components (warrants), net 12 512 — 
Net cash flows from financing activities 156 606 175 693
Net increase/(decrease) in cash and cash equivalents 12 578 (2 223)
Cash and cash equivalents at 1 January 25 139 27 362
Cash and cash equivalents at 31 December 27 37 717 25 139