Consolidated Statement of Cash Flows for the year ended December 31, 2014
(All amounts in thousands of US dollars)
| NOTES | 2014 | 2013 | |
|---|---|---|---|
|
Operating activities Profit/(loss) before tax |
(201 373) | 31 238 | |
| Adjustments to reconcile profit/(loss) before tax to operating cash flows: | |||
| Depreciation of property, plant and equipment | 266 574 | 276 787 | |
| Amortisation of intangible assets | 17 | 37 081 | 49 102 |
| Loss on disposal of property, plant and equipment | 7 | 4 395 | 5 861 |
| Impairment of goodwill | 17 | 151 369 | 1 080 |
| Impairment of property, plant and equipment | 16 | 1 135 | 4 243 |
| Foreign exchange loss, net | 301 246 | 49 189 | |
| Finance costs | 232 685 | 252 247 | |
| Finance income | (6 641) | (7 164) | |
| Gain on disposal of subsidiary | 10 | – | (1 862) |
| Gain on changes in fair value of derivative financial instruments | (2 080) | (8 377) | |
| Share of profit of assoсiates | 11 | (273) | (176) |
| Allowance for net realisable value of inventory | 8 782 | 1 246 | |
| Allowance for doubtful debts | 7 943 | 15 628 | |
| Movement in provisions | 6 550 | (5 989) | |
| Operating cash flows before working capital changes | 807 393 | 944 198 | |
| Working capital changes: | |||
| Increase in inventories | (129 879) | (65 273) | |
| Increase in trade and other receivables | (75 990) | (158 946) | |
| (Increase)/decrease in prepayments | (20 801) | 22 900 | |
| Increase in trade and other payables | 41 362 | 162 818 | |
| Increase/(decrease) in advances from customers | 25 981 | (120 060) | |
| Cash generated from operations | 648 066 | 785 637 | |
| Income taxes paid | (53 316) | (82 204) | |
| Net cash flows from operating activities | 594 750 | 703 433 | |
| Investing activities | |||
| Purchase of property, plant and equipment and intangible assets | (293 061) | (396 794) | |
| Proceeds from sale of property, plant and equipment | 5 623 | 6 451 | |
| Acquisition of subsidiaries | (59 750) | (38 300) | |
| Disposal of subsidiary | – | (1 906) | |
| Issuance of loans | (557) | (580) | |
| Proceeds from repayment of loans issued | 1 765 | 1 610 | |
| Interest received | 3 196 | 3 456 | |
| Dividends received | 80 | 2 674 | |
| Net cash flows used in investing activities | (342 704) | (423 389) | |
| Financing activities | |||
| Proceeds from share capital increase | 29 (i) | 101 536 | – |
| Proceeds from borrowings | 1 576 886 | 1 562 500 | |
| Repayment of borrowings | (1 422 984) | (1 655 971) | |
| Interest paid | (250 654) | (253 616) | |
| Payment of finance lease liabilities | (7 117) | (5 337) | |
| Acquisition of non-controlling interests | 29 (vi) | (193) | – |
| Contributions from non-controlling interest owners | 27 | 1 013 | 2 525 |
| Dividends paid to equity holders of the parent | (46 950) | (52 727) | |
| Dividends paid to non-controlling interest shareholders | (4 083) | (4 185) | |
| Net cash flows used in financing activities | (52 546) | (406 811) | |
| Net increase/(decrease) in cash and cash equivalents | 199 500 | (126 767) | |
| Net foreign exchange difference | (39 900) | (4 996) | |
| Cash and cash equivalents at January 1 | 93 298 | 225 061 | |
| Cash and cash equivalents at December 31 | 252 898 | 93 298 |