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Cash Generated from Operations | 12 Months Ended
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Dec. 31, 2020
Text block [abstract] |
Cash Generated from Operations |
32. | Cash Generated from Operations
Cash flows from operating activities for the years ended December 31, 2018, 2019 and 2020, are as follows:
(In millions of Korean won) |  | 2018 |  |  | 2019 |  |  | 2020 |
1. Profit for the year |  | ￦ | 719,412 |  |  | ￦ | 695,868 |  |  | ￦ | 746,256 |
2. Adjustments to reconcile net income |  |  |  |  |  |  |  |  |  |  |  |
Income tax expense |  |  | 314,565 |  |  |  | 320,060 |  |  |  | 285,349 |
Interest income |  |  | (265,817 | ) |  |  | (303,722 | ) |  |  | (291,425 | )
Interest expense |  |  | 296,894 |  |  |  | 278,975 |  |  |  | 265,035 |
Dividends income |  |  | (2,910 | ) |  |  | (3,408 | ) |  |  | (4,442 | )
Depreciation |  |  | 2,735,413 |  |  |  | 2,567,754 |  |  |  | 2,635,307 |
Amortization of intangible assets |  |  | 629,526 |  |  |  | 660,705 |  |  |  | 628,154 |
Depreciation of right-of-use assets |  |  | — |  |  |  | 433,199 |  |  |  | 404,174 |
Provision for severance benefits |  |  | 245,926 |  |  |  | 256,525 |  |  |  | 255,615 |
Impairment losses on trade receivables |  |  | 113,064 |  |  |  | 60,193 |  |  |  | 139,957 |
Share of net profit or loss of associates and joint ventures |  |  | 5,912 |  |  |  | 3,252 |  |  |  | (18,041 | )
Loss(gain) on disposal of associates and joint ventures |  |  | (3,737 | ) |  |  | 30 |  |  |  | 111 |
Loss(gain) on disposal of right-of-use assets |  |  | — |  |  |  | 1,556 |  |  |  | 2,047 |
Impairment losses on assets held for sale |  |  | — |  |  |  | 7,586 |  |  |  | — |
Loss on disposal of property and equipment and investment in properties |  |  | 68,688 |  |  |  | 49,284 |  |  |  | 55,590 |
Loss(gain) on disposal of intangible assets |  |  | (4,256 | ) |  |  | (1,248 | ) |  |  | 246 |
Loss on impairment of intangible assets |  |  | 12,997 |  |  |  | 61,899 |  |  |  | 211,636 |
Loss(gain) on foreign currency translation |  |  | 68,952 |  |  |  | 75,998 |  |  |  | (138,011 | )
Loss(gain) on valuation and settlement of derivatives, net |  |  | (92,210 | ) |  |  | (70,482 | ) |  |  | 155,600 |
Loss(gain) on disposal of financial assets at fair value through profit or loss |  |  | (1,712 | ) |  |  | (5,115 | ) |  |  | 329 |
Gain on valuation of financial assets at fair value through profit or loss |  |  | (10,768 | ) |  |  | (4,335 | ) |  |  | (59,044 | )
Loss(gain) on disposal of financial assets at amortized cost |  |  | (44 | ) |  |  | 43 |  |  |  | (138 | )
Others |  |  | (55,969 | ) |  |  | 143,500 |  |  |  | 127,949 |
3. Changes in operating assets and liabilities |  |  |  |  |  |  |  |  |  |  |  |
Decrease(increase) in trade receivables |  |  | (81,217 | ) |  |  | (433,292 | ) |  |  | 66,462 |
Decrease(Increase) in other receivables |  |  | 356,643 |  |  |  | (79,130 | ) |  |  | 685,209 |
Decrease(increase) in other current assets |  |  | (123,258 | ) |  |  | 984 |  |  |  | 9,089 |
Decrease(increase) in other non-current assets |  |  | 19,556 |  |  |  | (178,180 | ) |  |  | (86,039 | )
Decrease(increase) in inventories |  |  | (480,543 | ) |  |  | 240,488 |  |  |  | 288,507 |
Increase(decrease) in trade payables |  |  | (167,841 | ) |  |  | 44,354 |  |  |  | (135,760 | )
Decrease in other payables |  |  | (448,301 | ) |  |  | (102,375 | ) |  |  | (1,232,646 | )
Increase in other current liabilities |  |  | 291,548 |  |  |  | 43,384 |  |  |  | 127,076 |
Increase(decrease) in other non-current liabilities |  |  | 144,072 |  |  |  | (199,547 | ) |  |  | (56,319 | )
Decrease(Increase) in provisions |  |  | 85,946 |  |  |  | (12,164 | ) |  |  | 2,264 |
Decrease(Increase) in deferred revenue |  |  | 48,201 |  |  |  | 641 |  |  |  | (1,948 | )
Increase in plan assets |  |  | (53,301 | ) |  |  | (375,499 | ) |  |  | (136,336 | )
Payment of severance benefits |  |  | (153,209 | ) |  |  | (119,716 | ) |  |  | (186,520 | )
4. Cash generated from operations (1+2+3) |  | ￦ | 4,212,222 |  |  | ￦ | 4,058,065 |  |  | ￦ | 4,745,293 |
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, 2018, 2019 and 2020, are as follows:
(In millions of Korean won) |  | 2018 |  |  | 2019 |  |  | 2020 |
Reclassification of the current portion of borrowings |  | ￦ | 1,149,599 |  |  | ￦ | 1,030,056 |  |  | ￦ | 1,229,359 |
Reclassification of construction-in-progress to property and equipment |  |  | 1,988,014 |  |  |  | 2,698,146 |  |  |  | 3,011,519 |
Reclassification of accounts payable from property and equipment |  |  | 122,185 |  |  |  | 685,859 |  |  |  | 22,052 |
Reclassification of accounts payable from intangible assets |  |  | 584,595 |  |  |  | (356,911 | ) |  |  | (345,675 | )
Reclassification of payable from defined benefit liability |  |  | (31,838 | ) |  |  | (19,053 | ) |  |  | 72,346 |
Reclassification of payable from plan assets |  |  | (9,497 | ) |  |  | (14,298 | ) |  |  | 66,046 |

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