Annual Report 2013

Consolidated Statement of Cash Flows

Consolidated Statement of Cash Flows for the year ended December 31, 2013
(All amounts in thousands of US dollars)

  NOTES 2013 2012 (as restated*)
Operating activities      
Profit before tax   312,383 400,153
   
Adjustments to reconcile profit before tax to operating cash flows:  
Depreciation of property, plant and equipment   276,787 266,449
Amortisation of intangible assets 19 49,102 59,613
Loss on disposal of property, plant and equipment 7 5,861 17,255
Impairment of goodwill 19 1,080 -
Impairment of property, plant and equipment 18 4,243 8,406
Foreign exchange loss/(gain), net   49,189 (22,597)
Finance costs   252,247 297,099
Finance income 9 (7,164) (22,329)
Gain on disposal of subsidiary 12 (1,862) -
(Gain)/loss on changes in fair value of derivative financial instruments   (8,377) 7,436
Share of profit of assoсiates 13 (176) (41)
Allowance for net realisable value of inventory   1,246 6,399
Allowance for doubtful debts   15,628 9,711
Movement in provisions   (5,989) 12,261
Operating cash flows before working capital changes   944,198 1,039,815
Working capital changes:  
(Increase)/decrease in inventories   (65,273) 123,152
Increase in trade and other receivables   (158,946) (101,650)
Decrease in prepayments   22,900 6,005
Increase/(decrease) in trade and other payables   162,818 (53,482)
Decrease in advances from customers   (120,060) (7,866)
Cash generated from operations   785,637 1,005,974
Income taxes paid   (82,204) (77,455)
Net cash flows from operating activities   703,433 928,519
   
Investing activities  
Purchase of property, plant and equipment and intangible assets   (396,794) (445,296)
Proceeds from sale of property, plant and equipment   6,451 1,137
Acquisition of subsidiaries 12 (38,300) (33,017)
Disposal of subsidiary 12 (1,906) -
Issuance of loans   (580) (2,959)
Proceeds from repayment of loans issued   1,610 2,420
Interest received   3,456 6,240
Dividends received   2,674 14,256
Receipt of government grants   – 2,290
Net cash flows used in investing activities   (423,389) (454,929)
   
Financing activities  
Proceeds from borrowings   1,562,500 649,222
Repayment of borrowings   (1,655,971) (797,045)
Interest paid   (253,616) (263,701)
Reimbursement of interest paid   – 545
Payment of finance lease liabilities   (5,337) (4,789)
Acquisition of non–controlling interests   - (4,160)
Contributions from non–controlling interest owners   2,525 10,265
Dividends paid to equity holders of the parent   (52,727) (75,985)
Dividends paid to non–controlling interest shareholders   (4,185) (3,184)
Net cash flows used in financing activities   (406,811) (488,832)
   
Net decrease in cash and cash equivalents   (126,767) (15,242)
Net foreign exchange difference   (4,996) 9,710
Cash and cash equivalents at January 1   225,061 230,593
Cash and cash equivalents at December 31   93,298 225,061
 

* Certain amounts shown here do not correspond to the consolidated financial statements for the year ended December 31, 2012 and reflect changes in accounting policies.