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Cash Generated from Operations | 12 Months Ended
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Dec. 31, 2019
Text block [abstract] |
Cash Generated from Operations |
32. | Cash Generated from Operations
Cash flows from operating activities for the years ended December 31, 2017, 2018 and 2019, are as follows:
(In millions of Korean won) |  | 2017 |  |  | 2018 |  |  | 2019 |
1. Profit for the year |  | ￦ | 546,341 |  |  | ￦ | 719,412 |  |  | ￦ | 699,274 |
2. Adjustments to reconcile net income |  |  |  |  |  |  |  |  |  |  |  |
Income tax expense |  |  | 270,656 |  |  |  | 314,565 |  |  |  | 320,060 |
Interest income 1 |  |  | (108,639 | ) |  |  | (265,817 | ) |  |  | (303,722 | )
Interest expense 1 |  |  | 302,464 |  |  |  | 296,894 |  |  |  | 268,773 |
Dividends income |  |  | (4,785 | ) |  |  | (2,910 | ) |  |  | (3,408 | )
Depreciation |  |  | 2,802,531 |  |  |  | 2,735,413 |  |  |  | 2,567,754 |
Amortization of intangible assets |  |  | 635,150 |  |  |  | 629,526 |  |  |  | 660,705 |
Depreciation of right-of-use assets |  |  | — |  |  |  | — |  |  |  | 452,056 |
Provision for severance benefits |  |  | 218,966 |  |  |  | 245,926 |  |  |  | 256,525 |
Impairment losses on trade receivables |  |  | 45,704 |  |  |  | 113,064 |  |  |  | 60,193 |
Share of net profit or loss of associates and joint ventures |  |  | 15,480 |  |  |  | 5,912 |  |  |  | 3,252 |
Loss(gain) on disposal of associates and joint ventures |  |  | 979 |  |  |  | (3,737 | ) |  |  | 30 |
Gain on disposal of right-of-use assets |  |  | — |  |  |  | — |  |  |  | (1,853 | )
Impairment loss of associates and joint ventures |  |  | 3,662 |  |  |  | — |  |  |  | — |
Impairment losses on assets held for sale |  |  | — |  |  |  | — |  |  |  | 7,586 |
Loss on disposal of property and equipment and investment in properties |  |  | 150,293 |  |  |  | 68,688 |  |  |  | 49,284 |
Loss(gain) on disposal of intangible assets |  |  | 4,271 |  |  |  | (4,256 | ) |  |  | (1,248 | )
Loss on impairment of intangible assets |  |  | 116,095 |  |  |  | 12,997 |  |  |  | 61,899 |
Loss on foreign currency translation |  |  | (213,341 | ) |  |  | 68,952 |  |  |  | 75,998 |
Loss(gain) on valuation and settlement of derivatives, net |  |  | 268,094 |  |  |  | (92,210 | ) |  |  | (70,482 | )
Gain on disposal of financial assets at fair value through profit or loss |  |  | — |  |  |  | (1,712 | ) |  |  | (5,115 | )
Gain on valuation of financial assets at fair value through profit or loss |  |  | — |  |  |  | (10,768 | ) |  |  | (4,335 | )
Gain on disposal of financial assets at amortized cost |  |  | — |  |  |  | (44 | ) |  |  | 43 |
Impairment losses on available-for-sale financial assets |  |  | 9 |  |  |  | — |  |  |  | — |
Gain on disposal of available-for-sale financial assets |  |  | (89,598 | ) |  |  | — |  |  |  | — |
Others |  |  | (251,193 | ) |  |  | (55,969 | ) |  |  | 134,848 |
3. Changes in operating assets and liabilities |  |  |  |  |  |  |  |  |  |  |  |
Decrease(increase) in trade receivables |  |  | (303,340 | ) |  |  | (81,217 | ) |  |  | (433,292 | )
Decrease(Increase) in other receivables |  |  | (346,013 | ) |  |  | 356,643 |  |  |  | (79,130 | )
Decrease(increase) in other current assets |  |  | 11,792 |  |  |  | (123,258 | ) |  |  | 984 |
Decrease(increase) in other non-current assets |  |  | (43,790 | ) |  |  | 19,556 |  |  |  | (178,180 | )
Decrease(increase) in inventories |  |  | (205,403 | ) |  |  | (480,543 | ) |  |  | 240,488 |
Increase(decrease) in trade payables |  |  | 162,110 |  |  |  | (167,841 | ) |  |  | 44,354 |
Increase(decrease) in other payables |  |  | 214,689 |  |  |  | (448,301 | ) |  |  | (102,375 | )
Increase in other current liabilities |  |  | 288,553 |  |  |  | 291,548 |  |  |  | 43,384 |
Increase(decrease) in other non-current liabilities |  |  | 174,618 |  |  |  | 144,072 |  |  |  | (199,547 | )
Decrease(Increase) in provisions |  |  | (12,574 | ) |  |  | 85,946 |  |  |  | (12,164 | )
Decrease(Increase) in deferred revenue |  |  | (13,086 | ) |  |  | 48,201 |  |  |  | 641 |
Increase in plan assets |  |  | (203,420 | ) |  |  | (53,301 | ) |  |  | (375,499 | )
Payment of severance benefits |  |  | (118,391 | ) |  |  | (153,209 | ) |  |  | (119,716 | )
4. Cash generated from operations (1+2+3) |  | ￦ | 4,318,884 |  |  | ￦ | 4,212,222 |  |  | ￦ | 4,058,065 |
| 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 ￦ 21,018 million (2017: ￦ 15,561 million, 2018: ￦ 21,021 million) and related interest expense recognized as operating expense is ￦ 548 million (2017: ￦ 0 million, 2018: ￦ 21 million) for the year ended December 31, 2019.
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, 2017, 2018 and 2019, are as follows:
(In millions of Korean won) |  | 2017 |  |  | 2018 |  |  | 2019 |
Reclassification of the current portion of borrowings |  | ￦ | 1,416,066 |  |  | ￦ | 1,149,599 |  |  | ￦ | 1,030,056 |
Reclassification of construction-in-progress to property and equipment |  |  | 2,686,591 |  |  |  | 1,988,014 |  |  |  | 2,698,146 |
Reclassification of accounts payable from property and equipment |  |  | 225,601 |  |  |  | 122,185 |  |  |  | 685,859 |
Reclassification of accounts payable from intangible assets |  |  | (227,108 | ) |  |  | 584,595 |  |  |  | (356,911 | )
Reclassification of payable from defined benefit liability |  |  | 36,209 |  |  |  | (31,838 | ) |  |  | (19,053 | )
Reclassification of payable from plan assets |  |  | 43,035 |  |  |  | (9,497 | ) |  |  | (14,298 | )

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