ANNUAL REPORT 2021

Annual report 2021 Železiarne Podbrezová a.s. 58 6 Consolidated Statement of Cash Flows For the year ended 31 December 2021 (in euros) Note Year ended 31 Dec 2021 Year ended 31 Dec 2020 OPERATING ACTIVITIES Profit/(loss) before taxation 21 626 748 (3 790 505) Depreciation and amortisation and creation/reversal of provisions 6 17 559 832 15 829 939 Provisions for liabilities 17 299 362 (308 604) Provisions for receivables, inventories and investments, net 22 (1 020 319) 536 638 Loss on impairment of property, plant and equipment 22 395 731 (75 507) Unrealised foreign exchange differences 23 211 225 (246 464) Interest, net 1 451 932 1 167 672 Proceeds from the sale of property, plant and equipment and non - current intangible assets 22 (808 535) (587 935) Loss/(profit) from the sale of financial investments (424 423) (181 885) Employee benefits 16 767 519 (497 595) Other non - cash items (316 250) (495 346) Cash flows from operating activities before changes in working capital 39 742 822 11 350 408 Change in receivables 11 (31 486 300) (4 261 746) Change in inventories 10 (26 605 655) 3 641 016 Change in trade and other payables 18 19 993 220 2 607 759 Change in other assets and liabilities (1 522 605) 629 128 Cash flows from operating activities 121 482 13 966 565 Interest received 54 930 149 180 Interest paid (1 522 839) (1 304 729) Income taxes (paid)/received 24 (1 928 788) 106 778 Net cash flows from operating activities (3 275 215) 12 917 794 INVESTING ACTIVITIES Proceeds from the sale of property, plant and equipment and non - current intangible assets 22 2 634 000 1 179 185 Proceeds from the sale of financial investments, share in profit/loss of associates 518 810 - Acquisition of property, plant and equipment and intangible assets 6 (17 493 524) (20 718 723) Acquisition of subsidiaries net of cash and cash equivalents acquired (14 042) - Acquisition of financial investments - - Acquisition of additional shares in existing subsidiaries - (212 728) Acquisition of an investment in an associate (9 800) (12 000) Sale of subsidiaries net of cash and cash equivalents - 313 438 Decrease in shares in subsidiaries 327 856 - Payments for provided loans and borrowings (1 647 556) - Net cash flows used in investing activities (15 684 256) (19 450 828) FINANCING ACTIVITIES Proceeds from loans and borrowings 14 26 649 842 28 049 312 Expenditures for the repayment of loans and borrowings 14 (8 001 211) (14 489 836) Expenditures for paid obligations under finance lease 14 (2 199 326) (1 605 738) Dividends paid (242 261) (2 670 864) Net cash (used in)/generated by financing activities 16 207 044 9 282 874 Net (decrease)/increase in cash and cash equivalents 12 (2 752 427) 2 749 840 Cash and cash equivalents at the beginning of the year 12 14 440 278 11 690 438 Cash and cash equivalents at the end of the year 12 11 687 851 14 440 278 CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2021 (IN EUROS)