Annual report 2017

Železiarne Podbrezová a.s. CONSOLIDATED STATEMENT OF CASH FLOWS For the year ended 31 December 2017 (In whole euros) The accompanying notes are an integral part of the consolidated financial statements. This is an English language translation of the original Slovak language document. 6 Note Year ended 31 Dec 2017 Year ended 31 Dec 2016 Operating activities Profit/(loss) before taxation 9 525 465 (14 013 227) Depreciation and amortisation and creation/reversal of provisions 6 15 215 132 20 153 733 Provisions for liabilities 17 (3 320) 612 884 Provisions for receivables, inventories and investments, net 22 867 945 897 277 Loss on impairment of property, plant and equipment 22 222 814 8 151 Unrealised foreign exchange differences 23 - - Interest, net 735 308 1 060 066 Financial derivatives - - Proceeds from sale of property, plant and equipment and non- current intangible assets 22 (354 659) (214 169) Loss on sale of financial investments 23 - 12 021 992 Employee benefits 16 907 158 331 842 Other non-cash items 155 778 - Cash flows from operating activities before changes in working capital 27 271 621 20 858 549 Change in receivables 11 (15 410 931) 2 072 976 Change in inventories 10 (6 406 290) (563 264) Change in trade and other payables 18 (71 369) 8 291 743 Change in other assets and liabilities (352 828) (3 074 510) Cash flows from operating activities 5 030 203 27 585 494 Interest received 605 987 15 421 Interest paid (1 056 172) (1 375 487) Income taxes (paid)/received 24 (8 094 005) (1 408 196) Net cash flows from operating activities (3 513 987) 24 817 232 Investing activities Proceeds from the sale of property, plant and equipment and non-current intangible assets 22 789 101 416 567 Proceeds from the sale of financial investments - - Acquisition of property, plant and equipment and intangible assets 6 (12 241 542) (14 647 120) Acquisition of subsidiaries net of acquired cash and cash equivalents - (1 914 095) Acquisition of additional interests in the existing subsidiaries (755 640) (686 601) Sale of subsidiaries net of cash and cash equivalents - 58 374 936 Net cash flows used in investing activities (12 208 081) 41 543 687 Financing activities Proceeds from loans and borrowings 14 20 447 426 24 882 945 Expenditures for the repayment of loans and borrowings 14 (2 865 635) (63 976 892) Expenditures for paid obligations under finance lease 14 (618 542) (443 748) Dividends paid (2 704 734) (29 094 349) Net cash (used in)/generated by financing activities 14 258 515 (68 632 044) Net (decrease)/increase in cash and cash equivalents 12 (1 463 553) (2 271 125) Cash and cash equivalents at the beginning of the year (Note 12) 12 11 287 685 13 558 810 Cash and cash equivalents at the end of the year (Note 12) 12 9 824 132 11 287 685