ANNUAL REPORT 2020

Železiarne Podbrezová a.s. ANNUAL REPORT 2020 5 5 Separate Statement of Cash Flow For the year ended 31 December 2020 (in euros) Note 2020 2019 Cash flows from core business activities Profit/(loss) from ordinary activities (4 443 000) 7 125 891 Non - cash transactions affecting profit/loss from ordinary activities 8 405 022 9 364 045 Depreciation charges 7 949 626 7 962 203 Net book value of non - current assets 19 009 14 482 Write - off of receivables 1 266 1 102 Revenues from assigned receivables (3) (17) Provision for employee benefits 592 645 1 058 200 Change In temporary accounts of assets 11 519 195 196 Change in temporary accounts of liabilities 278 000 (286 144) Provisions for assets 564 982 542 953 Interest expense 618 533 516 918 Interest income (149 180) (318 827) Unrealised foreign exchange losses 58 503 11 083 Unrealised foreign exchange gains (12 357) (32 673) Gain/(loss) from the sale of non - current assets (451 267) (300 431) Other non - cash items (1 076 254) - Change in working capital 9 628 236 1 081 601 Receivables (6 602 989) 19 138 483 Payables 15 547 548 (16 001 025) Inventories 683 677 (2 055 857) Interest paid (608 930) (516 378) Interest received 243 296 267 059 Paid employee benefits (1 094 792) (370 407) Emission rights 478 225 (375 000) Items excluded from operating activities (3 481 895) (4 612 772) Dividends (3 486 031) (4 669 798) Expenditures recognised in respect of derivatives 5 039 3 842 Income recognised in respect of derivatives (903) (49) Foreign exchange losses 203 872 53 551 Foreign exchange gains (15) (318) Specific items (12 001) (3 541 199) Corporate income tax paid (12 001) (3 541 199) Net cash generated by operating activities 9 318 018 8 422 840 Cash flows from investing activities Expenditures for the acquisition of property, plant and equipment (12 066 393) (16 876 819) Acquisition of non - current intangible assets (80 242) - Acquisition of non - current tangible assets (13 369 923) (13 637 635) Acquisition of non - current financial assets (1 589 954) (2 032 232) Change in liabilities of investment nature 2 973 726 (1 206 952) Proceeds on the sale of non - current assets 1 061 841 741 023 Proceeds on the sale of non - current tangible and intangible assets 686 017 740 960 Proceeds on the sale of non - current financial assets 375 824 63 SEPARATE STATEMENT OF CASH FLOW FOR THE YEAR ENDED 31 DECEMBER 2020 (IN EUROS)