ANNUAL REPORT 2020

Železiarne Podbrezová a.s. ANNUAL REPORT 2020 50 6 Consolidated Statement of Cash Flows For the year ended 31 December 2020 (in euros) Note Year ended 31 Dec 2020 Year ended 31 Dec 2019 OPERATING ACTIVITIES Profit/(loss) before taxation (3 790 505) 10 145 254 Depreciation and amortisation and creation/reversal of provisions 6 15 829 939 15 612 503 Provisions for liabilities 17 (308 604) (1 799) Provisions for receivables, inventories and investments, net 22 536 638 268 228 Loss on impairment of property, plant and equipment 22 (75 507) (58 689) Unrealised foreign exchange differences 23 (246 464) 77 120 Interest, net 1 167 672 1 124 237 Proceeds from the sale of property, plant and equipment and non - current intangible assets 22 (587 935) (434 722) Loss/(profit) from the sale of financial investments (181 885) - Employee benefits 16 (497 595) 818 717 Other non - cash items (495 346) (115 784) Cash flows from operating activities before changes in working capital 11 350 408 27 435 065 Change in receivables 11 (4 261 746) 21 602 773 Change in inventories 10 3 641 016 (1 433 065) Change in trade and other payables 18 2 607 759 (8 301 187) Change in other assets and liabilities 629 128 (37 265) Cash flows from operating activities 13 966 565 39 266 321 Interest received 149 180 318 828 Interest paid (1 304 729) (1 508 414) Income taxes (paid)/received 24 106 778 (6 589 171) Net cash flows from operating activities 12 917 794 31 487 564 INVESTING ACTIVITIES Proceeds from the sale of property, plant and equipment and non - current intangible assets 22 1 179 185 995 846 Acquisition of property, plant and equipment and intangible assets 6 (20 718 723) (27 355 814) Acquisition of financial investments - (2 032 232) Acquisition of an investment in an associate (12 000) - Sale of subsidiaries net of cash and cash equivalents 313 438 - Net cash flows used in investing activities (19 450 828) (28 392 200) FINANCING ACTIVITIES Proceeds from loans and borrowings 14 28 049 312 16 012 816 Expenditures for the repayment of loans and borrowings 14 (14 489 836) (12 043 922) Expenditures for paid obligations under finance lease 14 (1 605 738) (1 474 650) Dividends paid (2 670 864) (4 734 143) Net cash (used in)/generated by financing activities 9 282 874 (2 239 899) Net (decrease)/increase in cash and cash equivalents 12 2 749 840 855 465 Cash and cash equivalents at the beginning of the year 12 11 690 438 10 834 973 Cash and cash equivalents at the end of the year 12 14 440 278 11 690 438 CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2020 (IN EUROS)