Page 88 - KELAG Annual Report 2019
P. 88

EARNINGS BEFORE INCOME TAXES                       138,322         118,357
                                     Non-cash adjustment to reconcile earnings
                                     before income taxes to net cash flow
                                       Amortisation, depreciation and impairment
                                       and reversal of impairment losses on   // 5      104,138          89,898
                                       intangible assets and property, plant and
                                       equipment
                                       Impairment and reversal of impairment
                                       losses on financial assets including share of       -37,980      -22,136
                                       profit/loss from investments accounted for
                                       using the equity method
                                       Gain/loss on the disposal of property, plant         67             608
                                       and equipment, and securities
                                       Interest expenses                    // 7         16,853          15,529
                                       Interest income                      // 7           -389           -986
                                       Derivative valuations                             -11,414         -1,456
                                       Other                                               -558           -313
                                     Taxes paid                                          -25,154        -16,010
                                     Dividends received                                  15,675          15,592
                                     Change in non-current provisions      // 23          4,322           5,496
                                     Change in construction cost subsidies    // 24        418            -367
                                     CASH FLOW FROM OPERATING ACTIVITIES
                                     BEFORE CHANGES IN WORKING CAPITAL                  204,299         204,213
                                     Change in inventories                 // 17          -2,227           674
                                     Change in trade receivables and other   // 18       15,440         -26,456
                                     receivables and assets
                                     Change in trade payables and other liabilities    // 28   -30,268   -38,555
                                     Change in current provisions          // 27          -9,756          7,735
                                     CASH FLOW FROM OPERATING ACTIVITIES                177,488         147,611
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