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Cash Generated from Operations | 12 Months Ended
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Dec. 31, 2018
Text block [abstract] |
Cash Generated from Operations |
32. | Cash Generated from Operations
Cash flows from operating activities for the years ended December 31, 2016, 2017 and 2018, are as follows:
(In millions of Korean won) |  | 2016 |  |  | 2017 |  |  | 2018 |
1. Profit for the year |  | ￦ | 831,845 |  |  | ￦ | 546,341 |  |  | ￦ | 719,412 |
2. Adjustments to reconcile net income |  |  |  |  |  |  |  |  |  |  |  |
Income tax expense |  |  | 334,910 |  |  |  | 270,656 |  |  |  | 314,565 |
Interest income1 |  |  | (130,066 | ) |  |  | (108,639 | ) |  |  | (265,817 | )
Interest expense1 |  |  | 337,219 |  |  |  | 302,464 |  |  |  | 296,894 |
Dividends income |  |  | (3,926 | ) |  |  | (4,785 | ) |  |  | (2,910 | )
Depreciation |  |  | 2,821,779 |  |  |  | 2,802,531 |  |  |  | 2,735,413 |
Amortization of intangible assets |  |  | 599,721 |  |  |  | 635,150 |  |  |  | 629,526 |
Provision for severance benefits |  |  | 217,255 |  |  |  | 218,966 |  |  |  | 245,926 |
Impairment losses on trade receivables |  |  | 92,711 |  |  |  | 45,704 |  |  |  | 113,064 |
Share of net profit or loss of associates and joint ventures |  |  | (2,547 | ) |  |  | 15,480 |  |  |  | 5,912 |
Loss(gain) on disposal of associates and joint ventures |  |  | (1,450 | ) |  |  | 979 |  |  |  | (3,737 | )
Impairment loss of associates and joint ventures |  |  | 17,128 |  |  |  | 3,662 |  |  |  | — |
Loss on disposal of property and equipment and investment in properties |  |  | 74,913 |  |  |  | 150,293 |  |  |  | 68,688 |
Loss(gain) on disposal of intangible assets |  |  | 7,703 |  |  |  | 4,271 |  |  |  | (4,256 | )
Loss on impairment of intangible assets |  |  | 135,264 |  |  |  | 116,095 |  |  |  | 12,997 |
(In millions of Korean won) |  | 2016 |  |  | 2017 |  |  | 2018 |
Loss on foreign currency translation |  |  | 109,784 |  |  |  | (213,341 | ) |  |  | 68,952 |
Loss(gain) on valuation and settlement of derivatives, net |  |  | (117,181 | ) |  |  | 268,094 |  |  |  | (92,210 | )
Gain on disposal of financial assets at fair value through profit or loss |  |  | — |  |  |  | — |  |  |  | (1,712 | )
Gain on valuation of financial assets at fair value through profit or loss |  |  | — |  |  |  | — |  |  |  | (10,768 | )
Gain on disposal of financial assets at amortized cost |  |  | — |  |  |  | — |  |  |  | (44 | )
Impairment losses on available-for-sale financial assets |  |  | 966 |  |  |  | 9 |  |  |  | — |
Gain on disposal of available-for-sale financial assets |  |  | (22,695 | ) |  |  | (89,598 | ) |  |  | — |
Others |  |  | 64,863 |  |  |  | (251,193 | ) |  |  | (55,969 | )
3. Changes in operating assets and liabilities |  |  |  |  |  |  |  |  |  |  |  |
Decrease(increase) in trade receivables |  |  | 216,818 |  |  |  | (303,340 | ) |  |  | (81,217 | )
Decrease(increase) in other receivables |  |  | (779,803 | ) |  |  | (346,013 | ) |  |  | 356,643 |
Decrease(increase) in other current assets |  |  | 48,549 |  |  |  | 11,792 |  |  |  | (123,258 | )
Decrease(increase) in other non-current assets |  |  | (51,765 | ) |  |  | (43,790 | ) |  |  | 19,556 |
Decrease(increase) in inventories |  |  | 167,873 |  |  |  | (205,403 | ) |  |  | (480,543 | )
Increase(decrease) in trade payables |  |  | (114,838 | ) |  |  | 162,110 |  |  |  | (167,841 | )
Increase(decrease) in other payables |  |  | 706,771 |  |  |  | 214,689 |  |  |  | (448,301 | )
Increase in other current liabilities |  |  | 37,798 |  |  |  | 288,553 |  |  |  | 291,548 |
Increase in other non-current liabilities |  |  | 30,762 |  |  |  | 174,618 |  |  |  | 144,072 |
Decrease(Increase) in provisions |  |  | (12,583 | ) |  |  | (12,574 | ) |  |  | 85,946 |
Decrease(Increase) in deferred revenue |  |  | (69,179 | ) |  |  | (13,086 | ) |  |  | 48,201 |
Increase in plan assets |  |  | (224,244 | ) |  |  | (203,420 | ) |  |  | (53,301 | )
Payment of severance benefits |  |  | (121,835 | ) |  |  | (118,391 | ) |  |  | (153,209 | )
4. Cash generated from operations (1+2+3) |  | ￦ | 5,202,520 |  |  | ￦ | 4,318,884 |  |  | ￦ | 4,212,222 |
| 1 | BC Card Co., Ltd. and other subsidiaries of the Group recognized interest income and expenses as operating income and expenses, respectively. Related interest income recognized as operating revenue is ￦21,021 million (2017: ￦15,561 million) and related interest expense recognized as operating expense is ￦21 million (2017: zero) for the year ended December 31, 2018.
The Group made agreements with securitization specialty companies and disposed of its trade receivables related to handset sales (Note 20). Cash flows from the disposals are presented in cash generated from operations. Significant transactions not affecting cash flows for the years ended December 31, 2016, 2017 and 2018, are as follows:
(In millions of Korean won) |  | 2016 |  |  | 2017 |  |  | 2018 |
Reclassification of the current portion of borrowings |  | ￦ | 1,617,175 |  |  | ￦ | 1,416,066 |  |  | ￦ | 1,149,599 |
Reclassification of construction-in-progress to property and equipment |  |  | 2,212,324 |  |  |  | 2,686,591 |  |  |  | 1,988,014 |
Reclassification of accounts payable from property and equipment |  |  | 91,407 |  |  |  | 225,601 |  |  |  | 122,185 |
Reclassification of accounts payable from intangible assets |  |  | 668,564 |  |  |  | (227,108 | ) |  |  | 584,595 |
Reclassification of payable from defined benefit liability |  |  | 5,746 |  |  |  | 36,209 |  |  |  | (31,838 | )
Reclassification of payable from plan assets |  |  | (9,731 | ) |  |  | 43,035 |  |  |  | (9,497 | )

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