Consolidated statement of cash flows for the year ended december 31, 2018
(in thousands of USD, except as otherwise stated)
| Notes | Year ended December 31, 2018 | Year ended (restated) | |
| Cash flows from operating activities | |||
| Profit for the year | 268,111 | 472,029 | |
| Adjustments for: | |||
| Finance income | 20 | (13,597) | (15,059) |
| Finance costs | 9 | 73,095 | 72,461 |
| Share of profit in joint venture, net | 15 | (6,091) | (4,858) |
| Foreign exchange loss / (gain), net | 10 | 201,579 | (66,677) |
| Income tax | 11 | 65,362 | 114,660 |
| Depreciation and amortisation | 72,361 | 73,515 | |
| Change in defined benefit obligation | 721 | 715 | |
| Change in credit loss allowance | 18 | 1,151 | 4,386 |
| Loss on disposal of property, plant and equipment | 2,027 | 1,176 | |
| Impairment of construction in progress | 13 | 495 | 1,639 |
| Other adjustments | 2,836 | 574 | |
| 668,050 | 654,561 | ||
| Working capital changes: | |||
| Decrease / (increase) in inventories | 1,621 | (8,776) | |
| Increase in trade and other receivables | (19,311) | (25,062) | |
| Increase / (decrease) in liabilities | 6,445 | (6,512) | |
| Cash flows generated from operating activities | 656,805 | 614,211 | |
| Income tax paid | (68,066) | (80,992) | |
| Interest paid | (72,015) | (69,550) | |
| Net cash generated by operating activities | 516,724 | 463,669 | |
| Cash flows from investing activities | |||
| Proceeds from disposal of property, plant and equipment | 248 | 475 | |
| Purchases of property, plant and equipment | (85,069) | (148,917) | |
| Proceeds from disposal of other financial assets | – | 6,730 | |
| Interest received | 13,240 | 15,795 | |
| Dividends received from joint venture, net of dividend tax | 15 | 2,264 | 5,293 |
| Other investment fees | 19 | (5,670) | – |
| Other purchases | (4,477) | (1,018) | |
| Net cash used in investing activities | (79,464) | (121,642) | |
| Cash flows from financing activities | |||
| Proceeds from short-term and long-term borrowings | 22 | 10,732 | 2,571 |
| Repayments of long-term borrowings | 22 | (202,285) | (200,000) |
| Increase of ownership in subsidiary | – | (2,483) | |
| Dividends paid to the owners of the Company | 12 | (145,784) | (246,399) |
| Dividends paid to non-controlling interests | 12 | (3,171) | (3,613) |
| Advances paid under lease contracts | (13,825) | (11,602) | |
| Sale of treasury shares | 21 | 148 | – |
| Net cash used in financing activities | (354,185) | (461,526) | |
| Net increase / (decrease) in cash and cash equivalents | 83,075 | (119,499) | |
| Cash and cash equivalents at the beginning of the year | 20 | 121,528 | 234,138 |
| Effect of exchange rate changes on the balance of cash held in foreign currencies | (31,738) | 6,889 | |
| Cash and cash equivalents at the end of the year | 20 | 172,865 | 121,528 |