Annual report 2019

50 Železiarne Podbrezová a.s.: ANNUAL REPORT 2019 6 Consolidated Statement of Cash Flows For the year ended 31 December 2019 (in euros) Note Year ended 31 Dec 2019 Year ended 31 Dec 2018 OPERATING ACTIVITIES Profit/(loss) before taxation 10 145 254 24 031 481 Depreciation and amortisation and creation/reversal of provisions 6 15 612 503 15 642 026 Provisions for liabilities 17 (1 799) (590) Provisions for receivables, inventories and investments, net 22 268 228 126 205 Loss on impairment of property, plant and equipment 22 (58 689) 103 262 Unrealised foreign exchange differences 23 77 120 - Interest, net 1 124 237 1 023 506 Proceeds from sale of property, plant and equipment and non - current intangible assets 22 (434 722) (478 360) Employee benefits 16 818 717 730 552 Other non - cash items (115 784) (27 525) Cash flows from operating activities before changes in working capital 27 435 065 41 150 557 Change in receivables 11 21 602 773 (7 678 378) Change in inventories 10 (1 433 065) (15 726 461) Change in trade and other payables 18 (8 301 187) 3 094 767 Change in other assets and liabilities (37 265) (1 105 553) Cash flows from operating activities 39 266 321 19 734 932 Interest received 318 828 99 905 Interest paid (1 508 414) (1 157 625) Income taxes (paid)/received 24 (6 589 171) (2 889 330) Net cash flows from operating activities 31 487 564 15 787 882 INVESTING ACTIVITIES Proceeds from the sale of property, plant and equipment and non - current intangible assets 22 995 846 1 325 667 Acquisition of property, plant and equipment and intangible assets 6 (27 355 814) (21 740 497) Acquisition of financial investments (2 032 232) - Acquisition of additional interests in the existing subsidiaries - (40 550) Net cash flows used in investing activities (28 392 200) (20 455 380) FINANCING ACTIVITIES Proceeds from loans and borrowings 14 16 012 816 15 667 959 Expenditures for the repayment of loans and borrowings 14 (12 043 922) (4 076 585) Expenditures for paid obligations under finance lease 14 (1 474 650) (858 596) Dividends paid (4 734 143) (5 054 439) Net cash (used in)/generated by financing activities (2 239 899) 5 678 339 Net (decrease)/increase in cash and cash equivalents 12 855 465 1 010 841 Cash and cash equivalents at the beginning of the year 12 10 834 973 9 824 132 Cash and cash equivalents at the end of the year 12 11 690 438 10 834 973 CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2019 (IN EUROS)